Company Nurnber. 00211214 Charity Number= 235831 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
SWANSÉA & BRECON DIOCESAN TRUST INCORPORATED CONTENTS Page Report of the Trustees for the yeBr ended 30 Juntr 2024 Independent Examinerfs Reporl to the Members of Swan8ea & Breeon Diocesan Trust Incorporated 11 Statement tsf Fin8naal Activrties lincjuding Intrme and Expenditure Accounil 12 Balan Sheet as at 30 June 2024 13 Notes to the Financial Stat8rn8nts for the Year Ended 30 June 2024 14
SWANSEA & BRECON OIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (INCLUDING DIRECTORS REPORTI Roport ofthe Trnstee8 for the yearended 30 June 2024 The tnJstees ofthe Swansea & Brecon Diocesan Trust Inctsrporated (the Trust, the Chanty, the Companyl are pleased to prese1 their annual report fo9ett)er wrth the indeper)denty examined finanaal statemonts of thg charity for the year ended 30 June 2024. The trustees. who ale also directors lor the purposes of company law. are pleased to present Ihelr 8nnual diiectDrs' report together with the financial statements of Ihe charity for the year ending 30 June 2024 which are also prepared to meetthe requirements for 8 diiectots, report and aecounts for Companie5 Act puTpo$es. The financi81 statements have been prepared In attoidance wth the acmunbng poliaes Set out In the note5 to the financial statements and cOmY with Lhe charity's Memorandum and Arbdes ol Assoa.0, th8 Cornpanies Act 20( and "Accounting and Reporting by Charitses." Statement of Recommended Practice applIcae to rhanties prepafing their accounts In accordance wth the FinanGial Reporbng Stsndaid applicab18 In the UK and Republic of Ire18nd IFRS 1021 (effective 1 JanuAry 20191.. Chalvs Rwort As Chair ol Ihe Swansea and 8recon Diocesan Trust Ithe Trust) l arn ple3$ed present our annual report for the twelve month6 to 30th June 2024. Education Services In the Diocese remains a Priority for Ihe TtusL In this context we have Continued to piovide support and guidan to VA and VC Schools while mindful of our responsibility to ensure our finances are such that we CAn ctsntinue in this role lorthe fore$eeable future. DisSSiOnS wth fv40 schools in the Diocese that have e¥pfes8ed a wish to become Ghuith in Wales Schools have conbnued. Plans for a ll¢w school buildin9 for Christthurch VA School In Swansea have progressed through the year. The DIOan Director of Education is wntinuing to work dosely wlh the Local Authority Dn this important matter. We contsnue to insure our school buildings foF our 6 VA schools and B VC schools and to manage the Caprtal Repair Ènd maintenan Programrne ICRAMPI lor our sthools. in line with the directive from the Welsh Assembty Government Followng the dis8ppointment ol the closvre ol Llanbedr Schoo1 the trustees a deterniined to ensure that the maximum benefrt is obtained frorn the sale of the property 11 is expected thal the property wll be solcj in the near fvture and ttte funds reaS1sed u$ed to support Church Sthools auoss the Diocese. ThE dosure of Llanbedr School h35 meant that the b88is on whith this propety is VUed for the purpose of the accounts has changed to reflectthe change in $tslus. An Inclepen(Jenl property consultant assessed the market valueIthoUt planning pemiission of the part of the building and land owned by the Trust to be £200,000. This valuation has been used In Ihe current accounts and represents a £167,750 incxease trom tre Previou5 carrying value. An increase In the value ofthÈ Trust's propety portfollo of£394.625 has been recor¢ed h thls years aw)unts. The scaool properbes 3r¢ valued by applying a 7.5 Mlp11er to the rateable value ol each property. The Imp8¢t of updates of rateable values by the Valuation Office Agency during the yeAr has resulted in a net In¢aSe ol £226,875 in the recorded value ol sthool properties. The rern8ind¢r gf the increase is represente(J by th8 revaluation of Uanbedr School 51te as described above. The Tfust's inveslment porttolK* has provided posltlve retttms during the last months as markets have shrugged off some of the uncertsints'es associated vAth the COVID pandernia and high interest raie5. Re5poNsibility foroverseeing investment polioes 8nrl performance is vested In Swansea and Brecon DOCeSan Board of Finance Limited's Investment SukFCommittee on which the Trust is represented. The Investment manage and Ihe Investment sULcOmmittee meet on a regular basis to review investment incorne and investment values. Finalty the trustee5 wère pleased lo awaid a Iwo grants during the year on bèha11 of the Archde8con Bevan Memorial Fund to assist with projects researching history and herrtage in the Diocese.
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUD114G DIRECTORS REPORTI To condude I would like to extend my thanks lo the offir$ of the Trust 8nd Iheir assistants and also to my fellow tru51ee5. fot their cornmitment and cAre for Trust matters during the year. Mr Stuart 8¥tcup Chair r kl g- IJL¥
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUDING DIRECTORS REPORTI l¢ontinuedl Our pu¥p08e8 and aims The prinapal pvrpose tsfthe chaTity is the man8gement of those church trusts in the Diocese of Swansea and Brewn as vosted in the ch8nty as trustee8. The chaTity acts as custodian Iruslee for. Land and building5 held under these tru3ts. Funds held under these trustg 3nd also ensures that the individual funds are managed 8nd invested to the benefit ol the re$pÈdive administrative trustees. The charity achieves rts objethves ol the managernenl of the ¢huTch trusts through regular rneelings ol the trustees and regular inveslrnent reports. Returns on Investment are monitored In line with market con"0nS using benchmarking and the FTSE indicts. Oblectiv•g and 8Ctlvllle# for the publlc benellt During the year the Trust has contsnued to 8UPPOrt both rts Voluntary Aided and Volynlary Controlled Schools with their financ4al and e(tueational needs ty the provision ol granls 8nd 8dvice. Through this medium the children of the areas in which the schools a lrtated are nurtured In 8 safe an4J caring environment Th admissions poliaes applied by tre Governing Bodies at eaGh of the sd)ools are approved by the local education aLJthorities concemed and provide ihe Bppropri8te level of opportrjnity for those not affiliated to the Church in Wales to obtsin admtttan¢e to the schools. Church propety is made availabl¢ lo thtr public through comrnunity use which is enojuraged The IDJSI is of the opinion that it should assist cornmunilies, particul8Fly in rural areas where facile$ are either not otherwise available or are in8dequate to provide sUltabl¢ property. Through these aclions the Trust conslders that it fvlfils its responsibility to have regard to the public benefrt in its oper8b'on. The trustee5 have had regard to the Chanty Commission's guidan¢e on publK benefit in planning and ¢8trying OLrt the charity's programme. Fundral$lng aetSvMe# The Trust does not engage in fundraising activitses to finance its activities. Achl8vem•nts and p¢rformanet The tharity continues to support ils Voluntary Aided and Voluntary Controlled Schools with their educational and financial needs a8 de8(bed above. It also c4)ntinuesto as custodian tnjstee forindividual trusts vested th the charity and custodian trustees of 18nd owed by parishes. A full list tsl custodian trust fund3 andlor nds held on behalf ol Diocesan organisatr.ons is provid on pages 910.. The chanty has devolved the m#n8gement of invesimentsto Brthin Dphin Ltd as de5crild in the Investment Policy and Performance 59thon. The Investment portfolio achieved its benchm8rk rebjrns set by the Investrnent commrttee and the trustees are satisfied with Investment performance. The ¢hanty has supported rts Voluntary A'ded and Voluntsry Controlled Schoolswilh Sthool visits and financial 8ssistance.
SWANSEA & 8RECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUDING DIRECTORS REPORT contlnued Flnanclal R8vI•w Restrided funds net expenditure for the year wa5 £10,10512023 net expendrture.. £2.5621 befof$ gains on investrments and property revaluations. There were no property sales during the year. Funds Irorn the sale of sdTrool properties aye used to 5UPPOrt both Voluntsry Aided and Voluntary Controlled Schods. The Trust provided funding 01 £27,$4712023 £30,966) to the Swansea and Brecon Dioc*san Board ol Finance Limited to help SLtpport the work olthe Diocesan Director of Education. School bimlding insurance costs met by the Trust were £17,66812023'. £14.6741. The 1¥ Assembly Government IWAGI made available grant funding of £16,965 lor 2023-2412022- 2023.. £23.5161 through its Capital Repairs and maintenan Programme IGRAMPI for Voluntary ded Schools. The CRAMP Scheme runs on an annual basis from April to March. £16,965 was gIIoGqted during the Trust's finanrJ&l year. Education propertes are valued at £2.595.75012023.' £2.401,1251. The properties are valued by pplying a 7.5 multiplierto the rateable value of each proDerty. Amendments to rale8bla vglues by the Valuation Office Agency dunng the year reSued in a nel increase In the rateae values of educab'on properties of £26,100 which translates into a £226.875 inuease in the valuation of educab.on properties for the purposes of the frnancjal statements. Followng the closure of Ll8nbedr Church in Wale5 School on 31 August 2023 the property is has been valued al Tnarket value in the stat8ments. An independent propety consultant as$es5ed the m8rket value thout planning perrni3sion of the part ol the building and land owned by the Trust to be £200,000. This valu8bon has been used In the Tren( accounts and represents a £167.750 inuease from the previous carrying value The pnneipal tunding source is Ihe Trust's investment porttolio. Fiftancial markets perforTned p051tively during the year. This 15 ieflecled in an increase In the value of the Trust's Investment portfolio to £1,651,00412023. £1,527,371) deBPlte realising losses on investmen15 of £3.12112023'. realised gain £5,610). The Twst's investrnent incorlle decreased to £56,486 12023.. £59,8SOh is expected that Investment incorne will be m8intsined at the cJJrrenl levels in the next efve rnonths.
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (INCLUDING DIRECTORS REPORn l¢ontlnueil Key ptrrfom7ance Indlcato The trustees CnSider Ihe key performan indicators to be net In¢omelexpenditure before gaJn3Aosses on investment5 and property revaluations and the lotsl funds cafried forward at 30 June 2024 2024 2023 Net expenditure before gainsfjosses on investments and pioperty revaluations 110.1061 12,5621 Totaf funds CBTri8d lorward as at 30 June 4.528.779 4,012.882 Res8- Unréstrlcted Funds Th8 Wltst movements for the year on unrestricted fvnds are as follows".- 2024 Nel Incom B8lanc6 brought Iolward Balance carvied fOard 2,025 Results- Restdcted Fund8 The net mtsvements for the y&ar on restricted funds are 8$ follows.. 2024 Nel IexpendrtuI before gains on investments and revaluation of educab.onal prtsperties Net gains Dn revaluation and disposals of fixed asset investrnents aThJ education properties Net movement ln fund alance brought forward 88lance carriett forward 110,1051 516,897 4 010.057 The financial 5ts1ements are drawn up to comply wrth the Cornpanies Act 2006 and UK GAAP IFRS1021. The tTuslees are of thè opinion that tre resuKs for the year are satisfaclDry and that the financial position ol the charity remains sound, In¥egtsn•nt Pollcy and rtrart Th@ charity has devolved the management ol Ihe investments to R8C Brewn Dolphin Ltd. The board has iequested that the sums are Invested in low to mediurn risk Investments whilst maximising the retum they generate so as to provide income for the ¢harity so that it can 8chieve its objethves.
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUI)tNG DIRECTORS REPORT l¢ontlnu•d An irivestrnent cofflmrtt¢è Is responsible for the sgtbng and reviewing the strategy ol the Trust's investments, ancl for monitoring the perfom)ance of the TriJsl'5 Portfolios. The investments are made in full accordance with the Ethic81 Investment Policy adopted by the R8CIW. The investment portlolio was restructured dLSring the y6ar to reftect ttte changes to the RBCIW Ethical Investrnent Policy approved by the GovÈming Body in Apnl 2021. namely that no investments would be made in any cornpany deTwing more than 5°k of Its turnover from th production or the exlraction of fossil fuels. Rè8eNes Pollcy The charity asrns to rnaintain its levd ol Diocesan Church Sthools and Religious Education reserves in hjture years to enable it to to effecb'vely support its Voluntary Aided and Voluntary controll Schools with thr educalonal 8nd ffnanclol needs. The tharity's total reserves &re £4,528.77912023' £4.012.8821 of which £4.525,95412023.' £4.01 D,05n afe restricted fvnds Included In iestncted funds arg fixed assets In the form of 3th<xil properties valued at £2,595,750 12023.. £2,4Dfj,1251, former school propee$ valued at £200,000 12D23.' £nill and long-term investments valued at £1.651.004 12023.. £1,527,371). noted earlier in this report th¢ investrnents represent 8 long-term COTnmitment to support education in the Diocege 2nd hence the importance of maintaining an Investrnent portfolio to gener8te future income. The charity also hdds unrestrided funds of £2,82512023.. £2,825). PncIpal ri6k¥ and uneertalntles Oeliv8ry of a high-quality 8orvice continu8S to be a hi9h priorty for the trustees and ther8 is ongoing dialogue th Ihe benefiuaries of the charrty's fullds to ensure the serv$ provided are done 50 in an efficient manner. The trustees consider that the principle risk is a 51gnificant fall in global stk market price5 and deterioration of general economic conditions. Structure, Govemance and 141anag•mont standln9 Comrnrttee The thar*ty is rnanaged by the Standing Commrttee. AJI members of the stsnding Committee are trustees of the ch8rity and also directors of the th8rit&ble company. Method of appointlng Trustees The Standing Committee rnnsists of the Bishop lex-officiol And up to nine mernbers ele¢teiJ at the Annual General Meeting. Members ol the charity are appointed by the Bishop and are selecied for treir experb.se and experien¢È. All members of the Standing Committee are trustee5 and members of the charty. Inductlon and Training of Trustees Induction guidaTTrce 15 available for new trust8es. Training available frorn extemal providers is conlinually reviewed and offered to trustees as appropnAte. During the ye8r trustee5 are Invited to attencl the annual All W81es Chaflty GovemanG8. Low & Fin8nce Conl8r8nC8 which Includes guidance on being a trustee together with & wide variBty of informative sessions, offering p13Cti¢al advice and guidance from a range of experts. ¢u$t¢)dlan TnJ8tee The TTUSI hdds various ?9sets as CuSt(lan trustee. The tnJstee5 rn0nitor the risk5 asSOCl8ted with each asset and are in the process of puttlng In pla a series ol contro15 to safeguard the assets. The controls are regularfy rÈviewed and updated or 8mended accordingly when It is considered necessary.
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUDING DIRECTORS REPORTI Iconllnued Plan¥ for thg Futur• The long-term pl8ns of the trust are to o)nty"nue th8 veStment politry ol ensuring sutfioent retums. both Incorne and capital gr¢wth. lo be able to maintain a ste8dy Income stream lor education purposes and th¢ various trusts lor which such investments are hdd. Financial 8tstements The company 13 a registered chanty and so achievefflents cannot be measured by norrnal WmMei31 criten8. rdingly, the trustees consider it inappropriate to present 8 Profft and Loss Account in one of the forrnat$ set out in the Companies Act 20(. As permitted by the Cornpanies ACL in order lo relled the speria nature of the company's aLlivities, a Statement of Financial Activities has been presented R*f•ronce and admlni•trativ? detsils The fiJll name ol the charity is Swansea & Brecon Diocesan Trust Incorporated. The Swansea & Brecon Diocesan Trust Incorporated Ilhe company) 15 a multi-faceted struciure. 11 is." - A registered charity INo.2358311 A company lirnited by guararttee INO. 002112141 A trust estsblished under the Constrtulion of the Church in Wales. The company w8$ set up uncler the provision8 of the Gonsttution Df the Church in Wales, Chapter IV, and Paragraph 16. The company was incorpoial¢d as a charity limrted by guarafrtee on 20 January 1926. The thanty was registered wth thtr Charty Commission on 13 January 1965 and 58 exempt trom United ngdom income and corporaty'on tax. The govemFng document ol the Cornpany is the Memofandum and 'des ol Association. The company meets in general meeting three times per annum. The day-to-day rn8n8geTn¢nl of the company is delegated to the executive committee. whose members are the trustees of the charity and directors of the cornpany lor the purpose of company law. The compary does not have a share pits1. The trusteesldirectors guaranteè lo contr¢bute to the assets of ttte Cornpany. such amount as may be requiied not exceeding £1 per gu3r8ntDr. The number of guarantors at 30 June 2024 w85 912023.. 101. Board of Tru$ts•8lDlrectorTb Mrs F Bsrrow (resigned 22 November 20231 District Ju(Qe V S Batcup The Veaerable J B DavSes The Venerable A N Jevons Mr8. C. Kirby Mr G LevAs The Right Reverend J D Lomas Dr S Mitchell The Very Rev'd Dr A P Shackertey Mr R Wigley Company Secretary Mrs L A Pearson
SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (INCLUDING DIRECTORS REPORT conunued Soli¢ltor Mr J Davenport Reg18tered Offlce Swansea & 8recon Di058n Centre, Unil 11, Penyfan Business Park. FfThvdgrech Industrial Estate, Brecon. LD3 8L Independont Examlner Katherine Pa1n FCA A2et$ Audit Services, Ty Derw, Lime Tree Court, Cardfft Gate Business Park, Cardiff, CF23 8AB. PAnelpal Bankews CAF Bank Lirnited, 25 Kings Hill Avenue, King5 Hill. West Malling, Ken( ME19 4JQ_ Invè•tmènt Manager8 RBC Brewin Dolphin Ltd, 2nd Floor, 5 Callaghan Square. cari1. CF10 58T.
SWANSEA & 8RECON DIOCESAN TRUST INCORPORATEO REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUDING DIRECTORS REPORT leontlnued Fund8 Htrld ag Cu8todlan Trustge on Boh4lf of Others The various trusts and funds for which the Board acts as custodian trustee anfJlor veSt5 bJnds on behalf of the DIesan organisation are listed below.. Name of Fund NJivf0 01 Investment Mis Margaret Jones IHirw8unl Managed portfolio comprising equilies, fixed interest stocks and cash James Harner IHengwml Trust Managed portfolio comprising equitses, fixed interest stocks and cash Canon JaTne5 Griffiths Setuements Managed portfcdio compri51n9 equ11ies, fixed interest stocks and cash Miss Jane Watkins Imonufflentl Trust Managed portfojio comprising equities, fixed Interest stocks and cash Tnoma5 Wlliams Bequest No 1 Managed portfdio eomprising equities, fixed interest stocks and cash Thomas Williams Bequest No 2 Managed portfolio comwsing equities, fixed interèst stocks and cash Miss AM H Games Bequest M8na9ed portfolio compnsing equities, fixed Interest stocks and cash Miss EIiz8beth Williams Benefath'on Managed portfdio comprising equilies, fixed interest Stocks and cash Mi55 MA Lewis Trust Managed portfolio compnsing eqvilies, fixed Interest stocks and cash Bishop EL Bevan F8brfc Fund Man89ed porfolio comprising equilies, fixe¢ interest stocks and cash Bishop EL Bevan Trust Fund Managed portfoli¢ comprising equities. fixed Interest stocks Bnd cash Diocesan Moral Wellare Council Managed portfolio comprising equities, fixed interest Stocks and cash Mrs MA Rees Trust Fund Managed portfolio compnsing equities, fixed Interest stocks and cash Colonel Sir JJ Jones Benetscdon M8naged portf(Aio cornprising equities, fixed Interest stocks and cash WR Lewis Benefaction Managed portfolio comprising equities, fixed Interest Stocks and cash Hay Parish Hall Trust Fund Managed portfolio comprising equities, fixed interest stocks and cash Miss FE Davie5 Beneftsction Managed portfolio comprising equities, fixed interest stocks and cash CE Cl8ave5 Benefaction Managed portffolio cornprising equities, fixed interest Stocks and cash EW Morgan Trust Fund Managed portfolio comprising equities, fixed Inierest stocks and cash Thomas Wlliarns Bequest No 3 Manag¢d porttolio cornpnsing equities, fixed interest stocks and cash Ltewelyn House Trust Fund Managed porttolio comprising equrties, fixed interest Stock$ and cash Bishop EW Williamson's Beque81 Managed portfijio mprISIng equit5, fixed interest stocks and cash Rev OH Piaon Benefaction Managed porttollo compnsing equities, flxed Interest stod(G and cash Holy Tnnity Hall, Gorseinon Managed portfdio comprising equities, fixed Interest stod(s and cash Reynoldston Church Hall M8naged portfolio comprising equities, fixed interest stock5 and cash JM Munro Bequest Man8ged portfol0 comprisirig equitiès, fixed interest st(Kks and rash Miss MC Bowen Trust Managed portlolio cornpnsing equities, fixed interest stL5 and Gash Mi55 Bertha Ouncan Trust No 2 Managed portrolio comprising equities, fixed Inierest stocks and cash Miss Muriel Duncan Tnjst. Port Eynon Managed portfolio Gorllprising equitles, fixed interest Stocks and cash Penllerg8er Sunday School Tru51 Managed portfolio comprising equitie5, fixed Interest stocks and cash Uanddetty Tatybont Church Hall Trust Managed portfolio comprising equities, fixed interest stocks and cash K Glasnook Tru$l IPtrnllergaeTI Managed portfolio cornprising equities, fixed interest stocks and cash S&B Diocesan Council for Swal Work Managed prmtfolio comprising equities, fixed interest stocks and cash I Saints Church Hdl Trust. Ponterdawe Enoch Miles Legacy Fund MISS Margaret Graves Smith Leg8Cy Fund RE Vaughan Pnce Bequest. Cuelbren Managed portfolio comprlsing equits"es. fixe¢ interest stocks an¢J cash Managed porttdio comprising equities, fixed interest stocks and Gqsh Managed portfolio comprising equities, fixed interest stpcks and cash M8naged pcytfolio Gomprising equit5, fixed interest $tock8 and cash
10 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 IINCLUDtNG DIRECTORS REPORTI Icontlnuedl Col*e ol St Mary Swansea Benefathon Llywel Sunday School Fund Whrtton Churrj) Ha11 Fund Talybont-on-U5k School Fund Eastmoor Trust Fund The Ayres Trust Bryngwn Church Hall land Trust Oystermouth Church School Trust Gilwern Educab"on Trust St Mary's Church Swansea Parochlal Trust Dean & Chapter 8recon Cathedral Uanrhidian Parish Trust Oystermouth'TAP' Fund Reynoldston Church Hall Fund Glasbury Pansh Endonent Glasbury PaTish Investment AE Gough Trust Sw & Br Oiocesan Board of Finan St Mary's ChLJrch HoLtse 8recon Llang8tto¢k Community E(Jucation Twst- Cas Land at Blad(pill- Cash St Barn8bas Church Hall Trust Dr Susan RictrEdw8rds Bequest Uanbister Church H311 P3rish of Penllergaer OK)cesan Housing Assotyation- Investrnenl Fund St Gabriel's. Swansea- Inve51ment Fund Merthyr Cynog Pafish Room Llanbadam House & Hall Net Sale Proceeds Norton Old School Rrn Net Sale Proceeds Coed y Bolyn Common Net Sale Proceeds Church Hall, Arlais Road, Llandrindod Wells Net Sale PrtsedS Managed portfolio ¢¢xnprising equsti'es, fixed interesl 51o¢ks an(f ¢a$h Managed porttolio comprising equrties. frxed interest stocks and cas Managed porrfolio CDrnprising equitses, fixed interest stocks and cash Managed portfolio cornprising equities, fjxed interest stocJ¢s and rash Managed portfolio cornprising equrties. fixed interest stocks and c£sh Managed portfolio comprising equities, fixed interest stock$ Ènd CAS Managed portfolio ttsmprising equits'es. fixed interest 5tock$ ond cash Managed portfolio comprising equrties, fixed interest stocks and cash Managed porttolio cornwsing equib"es, fixed Interest stocks Bnd cash Managed portfolio cornprising equitses. fixed interest stock8 and cash Managed portfolio Gornpn51ng equits"es, fixed interest storJ(s and cash ManBged portfolio comprising equib"es. fixed Interest stocks and cash M8naged porttolio cornprssing equtb"e¥, fsxed interest stocks and cash Managed portfolio CDrnpnsing equities, fixed interest Stocks and c8sh Mana9ed portfolio comprising equities, fixed interest stocks and cash Managed portfollo cornpnsing equib"es, fixed inierest stocks and cash Managed portfolio comprising eouities, fixed Interest stocks and cash Man8ged portfolio comprising equibes. fiKed interest stocks and cash Managed portfolio COrnprsing equities, fixed Interest siocks and cash Managed portfolio comprising eqU"e3. fixed interest stocks and cash Managed porttolio cornprising equits"es, ftxed Interest stocks and c35h Managed portrolio cornpnsing equities, fixed interest Stocks 3rEd cA5h Managed portfolio compnsing equities, fixed interest stocks Bnd cash Managed portfolio comprising equib"es, fixed interest stocks and cash Managed portfolio cofnpn.sing equits"es, fixed interest Stocks and cash Managed porrfolio cornwising equib"es, fixed interest Stocks and cash Managed portfolio compnsing eqU.e3. fixed InteSt stocks snd Lash Cash Cash Cash ash Cash Man8ged portfolio ndS are held In separately identified accounts by the Investment Manager RBC Brewi Dolphin Ltd. C85h ndS are held in the DiD¢esan Trusts bank accounts.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWANSEA & 8RECON DIOCESAN TRUST INCORPORATED I report to the tnjstees on rny examination of the finanual 5taternents ol Swansea ond Brecon Dsocesan Trust lthe thartyl for th8 year ended 30 June 2024. RponSIbIlItIeS Aftd bagls of report As the trustees ol the charty land also rts directors for the purposes of compary lawl you aTe responsible for the preparaiion of the finanuol statements In accordance with thB requirernents ol the Companies Act 2006 Ith& 2006 Act) Having satlsfied myself that the financial statements ol the charty are not required to be audrted under Part 16 of Ihe 2006 Act and are eligible Ioi ifKlependent examination, I report in respect of my examination of the arity's financiel ststements rarr58d out under section 145 Dt the Chanties Act 2011 (e 2011 Act). In carrying out my examination I havÈ followed all the applicablg Dire¢bons given by the Charity Cornrnission under section 14515llbl of the 2011 Act. Independent èxamlnerf6 Statemont I have (x)mpleted my examination. I confimi that no rnatters have come to my attention in Connects wrth the examination giving me cause to believe that in any m8teiial respect accountsng iecords weie not kept in respert of the chavty a5 required by section 386 of the Act., or 2. ihe fin8noal staternenls do not aolord Wilh those records,. or 3. the financial statements do not comply with the awunling requirements of section W of the 28 ALt other Ihan any ¥equirement that the accounts give a true and fair viewwhich is not a matter considered as part of an Indep¢ndent examination, or 4. the financial statements have not been prepare(S in accoFd8n¢e with the methods and pnnGiplès of the Statement of Recommended Pr3ctste tor accounting and reporbng by ch3rities 8pp]icable to tharits'es preparing th&r accounts in aCrdnCe wth the Fin8ncial Reporb"ng Standard applicable in the UK and Rèpublic ol Ireland IFRS 1021. I have no con¢erns and have come acr03s no other matters in connecb'on with Ihe examination to which attenbon shoul¢J be drawn in this report In order to enable 8 proper understancjing of the fin8nual statements to be reached. Katherine Patkin FCA Azets Audii Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB United ngdorn 4t1 December 2024 Dated......................
12 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED STATEMENT OF FINANCIALACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI YEAR ÉNDÉD 30 JUNE 2024 Unregtslcted Funds Rogtrtctod Funds Total Fund5 2024 Total Funds 2023 Note Donations and leg3ries Charitsble 8cbvitie5 Inve5tTnents Tot¥1 Incomè 16,965 950 ,486 74.401 16,965 950 56,486 74,401 23,CIB5 950 59,850 83.885 ndliure on: Ralglng lunds.. Inv85trnenl managemert costs 7.744 7,744 7.871 Charltsblp AcVIties.. Funds Distributed Change to Sthool Property Values Support Costs GoveTn8nce Costs Total Charttable aclfvltle• $8,078 1394,6251 3,004 5,680 1317,8631 68.078 1391,62SI 3,004 5,680 1317.8631 68,831 1100,1251 3,005 6.800 121.4891 12 Total net expenditure {310,1191 1310,1191 113,6781 Gain&llL055e51 on investment assets Net movement funds 131,377 131.J77 13.8081 10 515,897 515,897 93.955 Reconclliation of fund¥: Totsl funds brought forward Total flsnds cariied fOard 17,19 17,19 2,825 2,825 4.010,057 4.525,954 4,012.882 4,528,779 3.918.927 4.012.882 Th# statement ol financial activities indudes all gains and losses [8gnised in ihe year. AJI income and expenditure is derived from (x)ntinuing actiwties. The statement of financial activibes also cornplies wrth the requiiemenis for an incorne and expenditure account under the Comp&nie5 Act 2006.
13 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED BALANCE SHEET AS AT 30 JUNE 2024 Note5 2024 2023 Flxed aets Tangiblo Assets Investrnents Total Fixed Asset5 12 13 2,795.760 2,401.125 1 527 371 3,928.49S 4,446.754 Current a890ts Debtoi$ Cash at B3nk and in hand Totsl euttent assets 14 59.129 51.115 67.976 119,091 110N59 Creditors. Amounts falling due ithin one year 34,70S N•t current Illabilktieslla88ets 82.025 84,386 Net a•$tts 4.012 882 The fund¥ ot the eharfty.. Restritted funds UnTestricted funds Totsl charlty lundg 17 19 20 4,525,gS4 4,010,057 4 528 779 4.012.882 The company 18 enbiled to the exemption trom the audrt requlrement contsined in section 477 of the Companies Ad 2006, lor the year ended 30th June 2024. Th¢ directors aCknedge their responsibilibes for complyi9 with the reqLJifftments ol the Companies Aut 20C6 with Tespect to accounting records and the preparation of finanaal statements. The members have not required Ihe company to obtain an audrt of its financial Staternents under Y)e requirements of the Companies A¢i 2006, for the year in quests'on in accordanrx wrth seLlion 476. These financi81 statements have been prepared in aCdanCe wrth the provisions aprjirabk to wmpaniBs subjed to the small companle5 regime. The finanrial statements were 8pproved by the Trustees on Mr Stuart Batcup Dire¢torlTrustee
14 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES YO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 GENERAL INFORMATION The Sw8nse3 & Brecon Dioce8an Trust Incorporated is a chanty. in¢orp¢raled in England and Wales. The rogisteied address is Swansea & 6recon Diocesan Centre. CathedreS Close. Brecon, LD3 9DP. Wales. PRINCIPAL ACCOUNTING POLICIES The prinopal ac¢ounting policies adopted, judgernents and key sources of estirnation uncertainty in th8 pr8paralion of the fjThan¢i81 stAtements are as fdlow8'. al Basis of wep3r8tion These financial stat8rnenls are prepared on the going concern basis under the historical cost convention. modified to include pfopees and certain financial Instruments at lair valve. The finanrial statements have been prepared in accordan wth the ch8nty'S Memorandum and Arbdes of A5so¢iation, the Companies Act 2006 8nd'A¢caunb"ng and Reporting by Charib"es". Statement QfRernended Practice applicable to char4bes preparing thcir aOUntS In accordance wrth the Financial Reporting Standard 8pplic8ble in the UK and Republic of Ireland IFRS 1021 leffect've 1 January 20191" The tharity Is a Public genefit Entity 8s defined by FRS 102. The financial ststemenls are prepared in sterling, wthich is Ihe lunctional cxrrency of the chanty. Monetsry amounts in these finanual statements are rounded tts the nearest £. The charity has tsken adv8ntage ol the provision5 in the SORP for charthes apYIng FRS 102 Update Bullets"n 1 not lo prepare a Statem8rFt ol Cash Flows. The preparation of financiJl statements requires the vse of rt81ft eJrtieAI accountwg estimate& li al80 requires management lo exercise itsjudgement in the process ol applying the cornpany's accounting policies. The areas involving a higher de9reo oliudgement or complexty, or areas where assumptions and esb"ms are signiftGant to the finanoal staternents. ale disdosed in note 4. bl Preparation of the financial stslements on a goin9 concern basis After making appropriate enquiries, the trustees arg ol the wew that the th8rty Is 8 going cuncem. c} Inwrne i¢cognibon policies- Tutno¥er is the amount derived from activities. Items of In¢ome are recognised 8nd induded in the fin8ncJ81 slatemerrts when all ol the following criteria are met The charity has entitlement to the funds. any perforrnance condllions attached to Ihg Ilern5 of income have been mel or are lulty ¥wthin the control of the charity. the Is suffiaent certainty that receipt of Ihe incorne is considered probable,. and the amount can be measured reliably. For legaaes, enuoen7enr Is TaKen as me eanier or the date on which the thaiity 15 8ware that probate h8s been g13ntéd. the estate has been hnalised and nob'ffiG"on has been made by the exeortorlsl to the Trust that a (5istribution will be m8de', or when a (Jistribution is received from the eslale.
15 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 30 JUNE 2024 contlnued PRINCIPAL ACCOUNTING POLICIES (conunul Receiptofa legacy, inwhdeorin part is only considered prob)lewhen the arnnt can be me85yred reliaLty, and Ihe charty has been notified of the exe(art(s Irrtention to make 8 distributron. Wnere legaaes have teen nobfied to tre chanty, or the charty is aw of the granting of Probate, and the crrteri8 income recognits'on have not been mel, thèn the legacy 18 a treated as a ct)nb"ngent asset and disdcBed if matena5. d) Grants receivable Grants are recognised in full the Ststsrnent of Finanri81 Activrtiès in the year in which they are re(£ivable. e) Donated servus and faulknes DOTrat seNce5 or fal'e8 are recognised as income when the tharty has ntrol over the rtem. any CDndib"ons associated with the donated rtem have been met. the receity ofe(nomic benefft from the use by the tharity olthe rtem Is prob8te and that ecxjnomic benefrt can be tneasured rellay. On receipt donated services and faalrties are recognised the basis ol the value of ¢he gift to the o*anty which is the arnount the ehanty WOL¢ld have been wlling to pay to obtsin seNceB or facllilies olequiv31ent economic neffit on the open market.. a c¢rre8ponding amount 15 then r6cognLsed in expendrtLJte In Ihe peri of receipt. Interest reeeNable Interest M ndS held on deposit is included when retaivable and the amount can be rneasurerj reliably by the tharty., this 18 normslly upon notification ol the interest paid or payable by the Bank. gl FUTKI accounting Gener81 Fund5 - these are funds Nvhich can be used in acr4)rdan¢è witFI the charitabk otyectives at the di8uebon of the trustees. Restrided Funds- these are fijnds which can be u$ed for particular restricted purposes wilhin the objects of the charity. Restrictions arise vthen specif ed by the donor oi vthen fiJnds are raised for parti¢ulai restricted purposes. h) Expenditure Expenditure Is recognised On there is 8 legal or construdive oblioation to m8ke 8 payment to a third paty, it is probable thatsetdementwill be required, and tho amount of the obligatson ran be Measu reliabty. ExpenditLre is dassified underthe follon9 actsvty heading5". Costs of r8I51ng fijnds comprise the costs of investment managers. £xp&nrlibJre on charit8Ne adwitits includes the disthbution of fund5, 5UPPOrt costs and govemance costs. il Mlocabon ol 5UPPOrt Costs Support costs are those funGknOnS that assist the worf( of the thafty but do not drethy undertake chaiitabfe athvfa'es. Support Costs indude salary and resated eXndItUre that support the Chanty's acbvthes. These cc6ts havè bèen allcrAt8d beeen a1Vity headsngs basès time sp8nL j) Cash at bank and in hond Cash at bank and cash In hand includes cash and short term highty liquid investments with a short-teTm rnarIty of three rnonths or less from the date of aGquisib"on or opening of the deposit or Similar account
18 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 l¢ontlnu&d kl Finanaal instruments The Charity has elected to apply the provisions of Secton 11 'Basic FInarK1 InstNments' Section 12'0ther Financid Insknjments Issues, of FRS 102 to all of its fjnangal Instnjmenls. Flnanclal instruments are recognSsed In the tharivs balance sheet when the chanty becA)mes party to the Contractual prtsvisions ol the instrurnent Financial assets and liabilib"95 are oftset, the net afflgunts wesented in the financial ateMents, when there is a legally enforceable rightto set off the recognised amounts and there IB an int8nbon to setle on a net basi5 or to realise the 8sset and setue the liability simultaneousty. Basic fin8noBI Bssets Basicfinanual assets. which indude debtors and cash and bank balanw, are inibally measured at transactson pnce Induding transathun costs 2nd are subseqLJentty carried at amortised cost Sing the effecttve interest melho(S unless Ihe arrangemènt constrtutes a fjnanryng tr8n$tion. where the transath.on 15 measured at the present value of the future receipts discounted at 8 market rate of interest. Finanaal assets dassified as receivable within one year 8rtt not amortised. Derecognilicjn of financial assets Financial assets are derecogn15ed only when the Contra81 rights to the cash flows trom Ihe asset expire or are setded, or when the charity transfers the financial asset and substants.alty all the risk5 and iewafds of ownership to another entity. or rf some significant risks and rewards of ownèrEhip are retsined but control of tho asset ha5 transferred to another paty that is able to sell the asset In Its enbrety lo an unrelated third paty. 8a&G financial li8bilrties Basic fin8naal liabilities, including creditors and bank loans are inib.ally iecognised at trans8ctson pnce Ljnless the aangement constitutes a finanLJng tranÈ8ction, wherethe debt Instrument is measured atthe present valu$ of the fulyre payments diswunte(J at a martet rate of inteiesi. FinancAal liabilities d85sIfied as payable wthin tsne year are not amorb58d. Trade creditors are obligations to Pay for goods or services that havÈ been acquired in the ordinary WLJrse of operations trorn suppliers. Amounts payable are dassified as current liabilities If payment is duewithin one year gr less. 11 not. thffy aTe presented as non<urrent liabilities. Trade cred[tO are rerognised initially at transaction pThce and subsequenJy measured at amortised cost using the efferxive interest metrod. D8reGognition of fin8lTC1811i8bilities Financial Iatri11"e5 are derecogni8ed when the charity's contractual okAig8ts"Ix)s expire or are disthargpd tsr Canlled. 11 Fi¥ed a38et Investments Fixed asset investments are inits"8lly measured al transaction price exduding trans8rton costs and are subsequently measured at tsir valu8 at eath reporbng d8te. Change5 in fair value are recognised in net tncomellexpenditurel for the year. Trans8Cton costs are expen¥ed as incurred. m) Land and buildin95 Educatlon Propertie8 Properties whose fair vue can be measLFred reliatAy are held unde[ the revaluation model and are (xrn8d at a revalued amount, being their lair value atthe date ol valuation less any 8ubsequent accumulated depreciation and subsequent accumul*ed wnpairment losses. Tho fair value ol die laTrd and buildings is usually considered to be theiT market value.
17 SWANSEA & BRECON DIOCESAN TRiIST INCORPOIiATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (contlnuedl Revaluation gains and losses are recognised in other recognised gains and 105ses and accurnulated In eouity, except to the extent that a revaluation gain reverses a revaluation loss previousSy recognised in net Incyjmellexpenditurel or a revaluation I¢8 exceeds the accurnulate revaluation gain5 iecognised in equity." suth gain5 and loss are re¢ognised In nel ncornellexpenditurel the year. I land and buildings held by the charity for education purposes are valued by applying 3 multiplier 01 7.5 to the property's rateable value. The valuation methodology has been adopted with relerence to the RICS Valuab"on- Global Standards published by the Royal Institute of Chartered Surveyors which provide$ gLJidelines for the valuation of propetties wth 8nb'cipat8d fflarkets.ng conytraints and th8 valuation of non-trading PTopertie5. Revorterg Where on the disposal of schools held by the ¢haiity as custodian trustee Teverters exlst, the proceeds of disposal. net of all costs and taxation. 8re remitted to the revertee. Investigation into the reverter status is made as gnc5 when local edueattm aUthOreS return such 0015 lo the custodian ItUStee. n) T8xation As 3 registered Gharity, the ¢hartty is enblted to the exemption from taxation In respe£A of Income and capital gains recewed sections 478-489 of ttte CoOration Tax Act 2010 8nd SeOn 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its thafitable objects purpose5 only. LEGAL STATUS OF THE COMPANY The Trust is a ttornpany limited by guarantee and has no thare capital. In the event ofthe charity being wound up, the liabilty in respect ol the guarantee 15 limited to £1 per member of the chaiity. JUDGEMENTS IN APPLYiNG ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY The ttustees are required to make judgtrments and esbm3le5 and 8s5umptions about the cavrying amount of assets and 118bilibes that are not readity apparerrt trom other sources. Thè estimates and associated assUrnPtion$ are based on historical expenen¢e and any other ts¢*ors that are considered to be relevant Actual resutts may differ from these estimates. The esbmates and underlying assumptions are reviewed on an ongoing basis. Remsions to acox)unb"ng estimates are recognised in the period in whi¢h the estimate Is vieWed If the rev1510n affects only that period OT in the period of rewsion and bjture pe¢d$ if the revision affects both current and fijture Ftriods. The followng critical judgements have been made in the procEs5 01 applying the Charity's acwunting ptsliGies and has the rnost 51gnificant effect on the arnounts reCLnISed in the financial statements the Tev8lualion of propertye5 as des¢ribed in note 2 ml abov8
18 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 Icontlnued DONATIONS AND LEGACIES 2024 2023 Grants CHARITABLE ACTIVITIES 2024 2023 Rental Incorne 950 950 IP4VESTMENTS 2024 2023 Investrnent Inwrne- List¢d Bank Inlerest 55,131 59.351 499 59,850 SUPPORT COSTS 2024 2023 Administration Fee other Support Costs 3.fy)0 3.000 GOVERNANCE COSTS 2024 2023 Administratron Fee ExaminerlAudilofS' Remuneration Companies House and 8ank Services Professional Indemnty Insurance 7SO 4,810 95 25 750 5.709 91 250 5,680 6.800 10 GAIN81LOSSES ON INVESTMENT ASSETS 3024 2023 Realised Ilossesllgains on investments Revaluation gainslllossesl ON inve51mEnts Gainslllossesl on Investment Assets (see Note 131 13,121 5,610
19 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 JUNE 2024 Icontinuedl 11 YOTAL EXPENDtruRE Diocesan chllh S¢hoo18 and R•ligioLE8 Elu¢ation Funds 2024 Total 2023 Tolal Investhient Manager Charges Education Propety Educat50n Support Cost5 Professional fee5 and other costs incurred in relation to the sale of propert18S Support Costs Governance Costs 7,744 34,632 27.647 7,744 34,632 27,647 7,811 37,865 30,966 3,004 5.680 3,004 3.005 6,800 86.447 78.707 12 TANGIBLE FIXEO ASSETS 2024 Edu¢atlo Properb&6 At 1 July 2023 G81n5 on Propety Revalu8tiDns At 30 June 2024 2,401,12S 394 626 750 Carying •mouTrt 30 June 2024 2 796 760 30 June 2023 2,401,126 Land And buildings with a carrying amount of £2.795.750 weTe valued on th& principles provided by an independent valuer. During the year.. The rateable value of all the Church in Wales schools was adju51ed in the year results.ng in a net increase In the valuation of Ihe kyoperties of £226,875. The closure of Llanbedr School has resuRed In a tharye to the basis on which thi8 pioperty i V81ueiJ for the purpose of the accounts An independent propety consultant 3Ss*ssed the market value wthout planniny permission of the part of the building 2nd land owned by the Trust to b £200,000. This valuabon has beèn used in the current arunt5 and Tepresents a £167.750 increase from the PTeviou5 carrying value. In 2021 a descendent of the original donor of Nantmd School contacted the Trust clairning an interest In the property under a reverter. Nantmel School h25 been removed from the education propertyes valuation for the purposfr5 tsf ihe finanual stslernents. The matter Is oTrgoing and iy+mership had not been transferred at the ts.me of the signing ofthe financi81 statement5. The Trust continues lo meet the costs ol maintaining the propety will be reimbursed on the sale or transfer ol the property. No depreuation is providéd for property as the trus'rtes are of the opinion that these buildings are maintained In sud) a state of rep8ir th8t Iheir residual value is at least equal to their fair value. A6 resuYI the corresponding deprooalion ch8rgewovld not be material and is therefore not charged to Ihe SOFA Trustees are $81isfied that the book value represents the fair value of the schools.
20 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEIR ENDED 3D JUNE 2024 Icontbnuedl 13 INVESTMENTS 2024 M¥rket Val 2023 Market Value Diocesan Ghur¢h Schools and Religious Education Fund Diocesan Trusts 1,640,736 1.517,861 1,6SI,004 1.527,371 Th• abovg Investments Can be an¥ty¥gd as follows: 2024 2023 Listed Investments Ca8h held ty investment managers 1,514684 1.491.901 35.470 1,527,371 1,651,Th)4 2024 Listed Investmèntg Tho movèment year on year •# followj.. At 1 July 2023 Adéibon5 Disposals Revaluation of Investments Cash movement At 30 Jung 2024 1,527,371 399,584 1378,1791 131.377 Tl7e market value of investments ha5 been taken 81 30 June 2024 and indudes all monies held on depDSrt In 8c¢¢rdancewith FRS102 the figures in the fin8nc4* statements 2re the fflarketvalue ol the investments Bt 30 June 2024. 14 DEBTORS 2024 2023 Other debtors Prep8yments 46.193 39.295
21 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 contlnuedl 15 CREDITORS.. AMOLINTS FALLING OUE VIITHIN ONE YEAR 2024 2023 Other Creditors Accruals 4.260 8.715 16 FINANCIAL INSTRUMENTS 2024 2023 Carrying amount of lfinanclAI assets Instruments measured at fair value thfough statement of financial activib"e8 1851,( 1.527,371 17 RESTRICTED FUNDS 2024 2023 Trust funds vestsd In Ihe Tn*t Dioc£san Church Schools and Religious Educatson Fund Dioce$8n Trust 4.482.475 3,944,976 4 472 744 3 954 486 Trust Ineome accounts Diocesan Church Schools and Religious Education Funds Di08n Trust 53,734 524 210 50,844 4 525,954 4 010 057 The capital ol a group of indiwdval ttusts and fiJnds has been in¥8Sted en 0C in Order to achieve a steady income and 811owing for capitsl growth. Investment deasions are taken in 8Ctord8n¢e wth advice given by the Trusts Investsnent M8n8gers. The use of these hjnds lor their designated purposes are as follows.. Group Trusts Maln.. Diocesan Trusts Group Trusts Education." Diocesan Churcb Schools 3nd Religious Educational Funds." For the construction 8ndlor repairs to church sthools in the Dio¢ese. 18 TRUSTEES AND EMPLOYEES No paymen15 were rnad¥ lo trustees during the year. The only key man8gemeni personnel are the tNstees. There were no emoYeeS dunng the year12023.' £Nill. No expenses were incurred by the tIUStees12023'. £Nill in connecbon with their duts.es
22 SWANSEA & BRECON DIOCESAN TRusf INCORPOFL4TED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 Icontinuod 19 ANALYSIS OF NET ASSETS 8EfwEEN FUNDS Unrestheted Restrict•d Totsl Unrestrrcted R8slri¢ted Total 2024 2024 2024 2023 2Q23 2023 Fund bslanees at 30 June 2024 are Tepresented by". Tangible assets Investments Current OSsetsllliabililie51 1795,7S0 2.796,750 1.651,004 1,651.004 2.401,125 2,401,125 1.527.371 1.527,371 2 825 4 525 954 4 $28 779 2.825 4,010 057 4 012 882 20 MQVEMENT IN FUNDS Unrel veste rus Rgliglous educatlon Rellglou8 Dloeesan Educatson Dlocosan General funds Totsl As al 1 July 2023 3.944.976 9,510 50.844 4,927 2,825 4.012,882 In¢ome 74,063 348 74,401 Expenditure 17,7441 (70,9631 15,7991 184,5061 Education Property Revaluations 394,625 394.625 Gains on Investments 130.618 759 131,37T At 30 June 2024 7S S24
23 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (contlnuedl Pre io nr ted nds Gener81 funds Fun svest din Ttus Religious education funds Religious Education Di0san DioGesan Total As at 1 July 2022 3.6.9 9,547 45,788 4,426 2.825 3.918,927 Income 83,386 499 &3,885 Expenditure 17,9171 178,S301 IPA,4471 Educ8tion Property RevalLJ8knons 100.125 1.125 Losses on Investments 13,S711 1371 13,6081 At 30 June 2023 50.644 2.825 4 012 882 21 RELATED PARTY TRANSACTIONS An amount of £3.75012023. £3,7501 was paid tts the Swansea & Brecon ot0s8 Board of Finan mited tsr admini5tratron lees which i¥ alloc8ted befvleen Support Costs and Govern8nr£ in the Statement of Financial Adivth"es. The Trust awarded £27,64712023". £30,966) to the Swanse8 & Brecon Diocesan Board of Finance Limited to contribute towards Education Ministy co¥ts Incuryed by the Cornpany. The total amount payable lo the Swansea & Brecon Diocesan BogTd of Finan Limrted at the year end w8s £13,43712023. £18.0021. The following directors were akso directors ofthe Swdnsea & Brecon Dioc£s8n B08rd of Finance Limited.. The Right Rev'd J O Lomas The Ven Neil Jevons The Very Revd Albert Paul Shackerley Gwynfor Lewis, FCA The Vell Jonathan Byron Davies The ujrrent 8ecre13ry. Louise Pearson. is an employee of this related cornpany and did not receive remuneration from the Trust or payment for services to the Trust