Company Number: 00211214 Charlty Numbor: 235831 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED ANNUAL REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 JUNE 2025 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED CONTENTS Report of the Truslegs for the year ended 30 June 2025 Independent Examiner's Report lo the Members of Swansea & Brecon Diocesan Trust InGorporaled 11 Statement of Financial Activitles (Including Income and Expenditure Account) 12 Balance Sheet as at 30 June 2025 Notes to the Financial Statements for the Year Ended 30 June 2025 14-23 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORTI Report of the Trustees for tho year ended 30 June 2025 The trustees of the Swansea & Brewn Diwesan Trust Incorporated (the Tru$t. the Charty. the Company) are pleased to present their annual report logelher with the independenWy examined financial slalemenls of the charity f(K the year ended 30 June 2025. The trustees. who are also dire¢lors for the purposes of company law, are pleased lo present their annual directors. report together with the financial slalements of Ihe charity for the year ending 30 June 2025 which are also prepared to meet the reqU1￿MentS for a directors. report and accounts for Companies Act purposes. The financial statements have been prepared In accordance with the accounting pollcies set out in the notes to the financial statements and compty ￿th the charity's Memorandum and Artides of Association, the Companies Act 2006 and °Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their atcounls in accordance wlh the Financial Reporting Standard applicable in the UK and Rewblic of Ireland (FRS 102) {effeclive 1 January 2019)". Chairfs Roport As Chair of the Swansea and Brecon D￿l￿an Trusl {Ihe Trust) l am pleased present our annual report for the tsvelve months to 30th June 2025. Education Servlces In the Diocese remains a prlorlty for the Trust. In this context we have continued to Fffovide support and guidance to VA VC Schools while mindfijl of our responsibility lo ensure our finances are such that we can continue in this role for the foreseeable future. Discussion5 With two schwls in the Diocgse that have expressed a wish lo become Church in Wales Schools have continued. Plans for a new school building for Christchurch VA School in SwaD5ea have Continued through the year. The Diocesan Director of EdLJcation is continuing to work dosely with the Local Authority on this important matter. We continue to ill5u￿ oJr school buildings our 5 VA schools and 8 VC s¢hods and lo manage the Capttal Repair and Maintenance Programme (CRAMP) for our schools, in line with the directive from the Wflsh Assembly Government. Following the disappointment of the closure of Llanbedr School th8 tru51ees a￿ determined lo ensure that the maximum benefit is obtained from the sale of the property. At the time of writing the property and land has been marketed 2fKI the trustees are hopeful that a sale will be agreed within the current financial year. The funds realiseil will be used to support Churth Schools across the Diocese. The school properties are valued by applytng a 7.5 multiplier to the raleable value of each property. There were no changes to r8teable values during the year and hence no change in the recorded value of sdK properties. The Trust's investment portfolio provided positive returns during the financial year. Responsibllty for oveTseeing investment policies aTrd performance is vested in Swansea and Brecon Diocesan Board of Finance Limiled's Investment Sutpcommittee on which the Trust is rep￿Sented. The Investment Managers and Ihe Investment Sub£ommitte8 m8el on a regular basis lo review 1nvestment income and investment values. To conclude I would like to extend my thanks lo the offi¢ers of the Trust and their asslslan18 and also to my fellow trustees, for their commitment and care for Trust matters during the year. Mr Stuart Batcup Chair SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORTI (continuod) Our purp0808 and aims The principal purpose of thè charlty Is the managfjff￿nt of those church trusts in the Diocese of Swansea and Brecon as vested in the char￿Y as Iiustees. The charity acts a$ ￿$t1)dian trustee for: Land and trAlldlngs held under these trusts. Funds held under these trusts arKI also ensures that the individual fund$ are managed and invested to the benefit of the reS￿tiVe administrative trustees. The charity achieves its objectives of Ihe management of the chJr¢h trusts through regular meetings of the trustees and regular investment reports. Returns on investment a￿ moniiored in line with market conditions using benchmarking and the FTSE indkes. Oblertives and actlvhles for the publlc benefft During the year the Trust has ￿ntInued to support both ils Voluntary Aided and Voluntary Controlled Schoo15 with their financial and educational needs by the provision of grants and advi￿. Through this medium the chil¢Jren of the areas in which the schools are located are nurtured in a safe and caring environment. The admissions policies appligd by the Governing Bodies at each of the schools are approved by the local education authorities concemed and provide the appropriate18vfjl of opportunity for those not affiliated to the Church in Wales to obtain admittance to the schools. Church property is rrbade avaitable to the public through Gommunlty use which is encouraged. The trust Is of the opinion that il should assist communities. particularly in Tural areas where facilities are either not otherwise available or are inadequate to provide suitable property. Through Ihese actions the Tru$1 considers that it fijffils Its resp)nsibility to have regard to the public benefrt in its operation. The trustees have had regard to the Charity Commlssion's guKlarKe on publi¢ benefit in ￿annIng and carryiTrJ out the chaiity's programme. Fundralslng activitl The Trust does not engage In fundraisiNJ &tivltles to finance tts activities. Achievemonts and performan¢0 The charlty conllnues to support Its Voluntary Aided and Voluntary Controlled Schools with Ihgir educational and flnancial needs as described above.11 also continues to act as custodian tru51egfor irKlividual trusts vested wllh the charity and custodian trustees of land owned by parishes. A full list of ￿¥tOdian trust funds andlor funds held on behaw of Diocesan organisations Is provided on pages 8-10. The charrty has devolved the managem8nt of investments to Brewin Dolphin Ltrl as described in the Investmerrt Policy and Performance sect￿. The Investment portfolio achieved its benchmark retums set by the investrnenl committee and the trustses a￿ satisf16d with tnveslment performance. Tts charity has supported its Voluntary Aid8d and.VolunW Controlled schc*￿$W1lh Schocl vtsils and financial assistance. SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORT) (contlnugdl Financial Rovi Restricted ￿ndS net expenditure for the year was £17,37012024 nel exFenditur8.' £10,105) before gains ¢)n investments and prop¥ty revaluations. There were no property sales during the y8ar. Funds from the sale of school properties are used to suppo.rt both Voluntary Aided and Voluntary Controlled Schools. The Trust Provided funding of £37.321 (2024.. £27,647) lo the Swansea and Bre¢on Diocesan 8o¥d of Flnance Limrted lo help support th¢ work of the Diocesan Director of Education. School building insurance costs m8t by the Trust were £17,311 (2024: £17.6681. The Welsh Assembly Govemment {WAGI made available grani funding of£24,418 for 2024-25 (2023- 24.. £16,965) through its Capital Repairs and Maintenance Programme ICRAMPI for Voluntary Aided Schools. The CRAMP Scheme runs on an annual basis from April lo March. £24.418 was alloG*ed during the Trusys financial year. Education propert￿ are valued at £2.595.750 {2024: £2,595,750). The properties are vaued by applying a 7.5 multiplier lo the raleable value of each propety- FollowirrfJ the closure of Llanbedr Church in Wales School on 31* August 2023 the property Is valued al market value in the financial statements. An independent property ¢onsult8nl assessed the market value wilhout planning permission of the part of the building and land owned by the Trust lo be £200,000. The principal funding sThJrce Is the Trust's investment portfolio. Finartcial markets performed positively during the yeaT. This is refiected in an increase in the value of the Tru51's inveslmenl p￿fOllO to £1.656,69312024.. £1,651,CH)4) despf(e realisin9 losses on investments of £76712024: realised losses £3.1211 and drawing down £35,OW to provide the cash funding lo meet the costs of the maintenance of Nanlmel and Llanbedr Schools. The Trust's investment income decreased slighUy10£54,547 12024.. £56,486). 11 is expected that investment incomg will be maintained at the current levels in the next twelve months. SWANSEA & 8RECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORTI (Gontinuod} Key perfomiance Indlcators The trustees consider the key performance Indicators to be net In￿melexpenditUre before gainsllosses on investments and property revaluations and the total funds carried forwar(l al 30 June 2025. 2025 2024 Nel expenditure before gainsllosses on investments an(1 propety revaluations (17,370> 110.105) Total funds carried forward as at 30 June 4,560.359 4.528,779 Rasults- UnreslriGtod Fund$ The net movements for the year on unrestricted fijnds are as follows: _ 2025 Net income Balance brought foThvard Balance cafried forward 2,825 2,825 R¢suft8- Ro8trlcted Funds Th6 net movements for the year on re$triGted funds are as follows: 2025 N81 lexpendilure) before gains on investments and revaluation of educational properties Nel gains on revaluats'on and disposalg of fLxed asset investments and education properties Nel movement in furKIs Balance brought forward Balar￿e carried foward 117J70 48,950 31,580 4 $25 954 The financial gtalements drawn up to comply with the Companies Act 2006 and UK GAAP (FRS102). The trustees are of the opinion that the results for the year ar8 satisfactory and that Ihe financial kX)silion of the charlty remains sound. Invo$tm&nt Policy and PerformanG• The charity has d8volved the management of the investments to RBC Brewln Dolphin Ltd. The b￿d has requested that the sums are invested in low lo medium risk investments whilst maximising the return they generate so as lo provide income for the charity $0 that It can achleve its objectives. SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORT} Icontinued) An investment committee is responsible for the setting and reviewing the strategy of the Trust's investments, and for monltorfng the ￿lorManCe of the Trust's portrolios. The investmen15 are made in full accordance with the Ethical Inveslmenl Policy adopted by the RBCIW. The inveslmenl portfolio was reslruclured during the year lo refiecl the changes to the RBCIW Ethical Investment Policy approved by the Governing Body in April 2021, namely that no investments would be made in any company deriving more than 5% of ils turnover from the production or the extraction of fossil fijels. Reser+Ms Poll¢y The charity aims lo maintain its level of Diocesan Church Schools and Religious Edur2tion reserves in future years lo enable il to conliNe to effeclivety support ils Voluntary Aided and Voluntary Controlled Schools with their educational and financial rEeds. The charity's lotal reserve5 are £4,560,359 (2024.. £4,528,779} of which £4,557,534 (2024- £4,525,954) are restricle(I funds. Included in restricted funds are fixed assets in the form of school properties valued al £2.595,75012024: £2,595.750), former s¢hool properties valued al £200,00012024: £200,000) and long-term investments valued al £1,656,693 {2024-. £1,651,004)- As noted earlier in this reF)Ort the investments present a long-lerin commrtment lo siipport education in the Dloeèse and hence the importance of maintaining an investment portfolto to generate future income. The charity also holds unrestricted fund$ of £2,82512024.. £2,825). Princlpal risks and unc•rtaintles Delivery of a high-quality service contlnues lo be a high priorty for the trustees and there is ongoing dialogue with the beneficiaries of the charity's funds to ensure the services provided are done so in an efficient manner. The Iruslees consider that the principal risk Is a signrflcant fall in global stock market pricos and deterloration of general economtc conditlons. Structure. Govemanco and Manag•rnent Standlng Commlttee The charity is managed by the Standing Commill&e. All mombers of the Standing Committee are trustees of Ihe charity and also directors of the charitsble company. Method of appolntlng Trusto•s The Slanding Committee consists of the 8ishop lex-officio) and up to nine members elected at the Annu21 General Meeting. Members of the charity are appointed by the Bishop and are selected for their expertise and experlence. All members of the Standing Committee are trustees and members of the charity. Inductlon and Tralnlng of Trust••s lTrducllon guldance is available for new trustees. Training available from exlemal providers Is continually revlewed and offered lo trustees as appropriate. During the year Iruste8s are invited lo atten(J the annual All Wales Ch8rlfy Go￿r￿anCe, Law & Finance Conference which includes guidance on being a trustee together vtrilh a wlde variety of informative sessions. offering practical advice and guidance from a range of experts. Custodlan Tru$té• The Trust holds various assets as custodian trustee. The trustees monitor the risks a550ciated wrth each asset are in the process of putting in place a series of controls lo safeguard the assets. Th& controls are regularly reviewed and updated ￿ amended accordingly when il is consldered necessary. SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORT) Icontinu•d) Plans for the Future The long-term plans of the trust are to conliwe with the investment policy of ensuring sufficient relums, both income and capital growth, to be able lo maintain a steady income stream for education purposes and the various trusts for which such investments are held. Financlal statements The company is a registered charty and $0 achievements cannot bg measured by normal commer¢lal crlteria. Accordingly, the trustees Conslder it inapproprk8ie to present a Profil and Loss Account in one of the formals sel out in the Companies Act 2006. As permitted by the Companies Act, in order to rellect the special nature of the companls activities. a Slalemenl of Finar￿181 Activilies has been presenled. Ref•ron¢e and adminlslratlve dots118 The fvll name of the charity is Swansea & BreGon Diocesan Trust Incorporated. The Swansea & Brecon DI￿San Trust Incorporated {the company) is a multi-faceted structure. It is: _ A registered charty (No.235831) A company Ilmited by guaranlee (No. 00211214) A trust established under the Constllulion of the Church in Wales. The company was set up under the provlsions of the Constitution of the Church in Wales. Chapter IV. and Paragraph 16. The company was incorporgled as a tharity limited by guarantee on 20 January 1926. The charity was registered wlh the Charity Commission on 13 January 1965 and is exempt from United Klngdom inwme and ¢orporation lax. The 9)verning dcrument of the Company is the M8morandum and Articles of Association. The company meet5 in general meeting l￿fe time5 p8r annum.. The day404ay management ofthe company is delegated io the executive commitiee, whose members are the trustees of the charity and directors of the company for Ihe purpose of company law. The company does not have a share capitsl. The trusteesldirectors guarantee io contribute to the assets of the Company. such amount as may be requyed not exceeding £1 per guarantor. The number of 9uarantors al 30 Jun8 2025 was 912024.. 91. Board of TrugteeslDlrectors District Judge V S Batcup The Venerable J B Davies The Venerable A N Jevong Mr5. C. Kirby Mr G Lewis The Right Reverend J D Lomas Dr S Mrtchell The Very Rev'd Dr A P Shackerley Mr R W￿leY Company Secretary Mrs L A Pearson SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORTI (continu￿) Sollcltor Mr J Davenport R8glstered Offlce Swansea & Brecon Diocesan Cenlre. Unlt 11, Penyfan Buslness Park, Ffrwdgrnch Industrial Estal8, Brecon. LD3 8LA. Indepvmlent Exarnlner Katherine Parkin FCA, Azets Audit Services, Ty Derw, Lime Tree Court, Cardiff Gate Business Park, Cardiff. CF23 8AB. Prlnclpal Bankgrs CAF Bank Limited, 25 Kings Hill Avenu8, Kings Hill. Wesl Malling, Kent. ME19 4JQ. Invg8tmont Managers RBC 8￿Win Dolphin Ltd, 2nd Floor, 5 Callaghan Square, Cardiff, CFIO SBT. SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORTI {Gontinufrd) Funds Held as Custodlan Trustee on Behalf of Othgrs The varioug trusts and funds for which the Board acts as custodian trus18e andjor invests funds on behalf of the Diocesan ￿ganiSatIon are listed below.. Name of Fund Natur• of Investment Mrs Margaret Jones (HI￿aun) Managed rLirtfolio comyising equities, fixed interest St￿kS and cash Managed portfolio comwising equities, fixed interest stock5 and cash Managed ￿￿0110 comprising equit*s. fixed interest stccks and cash Managed p(KtFolio comprlsing equit￿, fixed interest strKks and cash Managed p￿tt0110 comprising equities, fixed interest stocks and tash Managed portfolio comprising equities, fixed interest stocks and cash Managed portfolio comprising equities, fixed interest stocks and cash Managed portlolio comprisirrfJ equities. fixed Interest stocks and cash Managed portlolio comprising equities. fixed Interest stocks and cash Managed portfolio comprising equ1￿￿8, fixed interest sl(Kks and cash Managed portfoiio comprlsin9 equities, fixed interest slcKks and cash Managed portfolio comprtsing equitie$, fixed interest sl(tks and cash Managed portfolio comprising equities, fixed interest slwks and cash Managed portfolio comprising equities, fixed interest slctks and Gash Managed portfol￿ comprising fjquities, fLxed interest stocks and cash Managed portfolK) comprising equities, fixed interest stocks and cash Managed portfolio ¢omrrfising equities, fixed interest stocks and cash Managed portfolio comprising equilies, fixed interest stocks and cash Managed portfolio comprlsing equities. fixed interest stocks and cash Managed portfolio comprising equili8s. fixed interest slocks and cash Managed portfollo comprising equities. fixed inlerest stocks and cash Managed portfolio comprising equities, fixed interest stoths and cash Managed portfolio comprising equitie5, fixed inleregt st¢x*s and cash James Hamer {Hengwm) Trust Canon James Grtrriths Settlements Miss Jane Walkins {Monument) TN$l Thomas Williams Bequest No 1 Thomas Williams Bequest No 2 Miss AM H Games Bequest Miss Elvzabelh Williams Benefaction Miss MA Lewfis Trust Bl$hop EL Bevan Fabric Fund Blshop EL Bevan Trust Fund Dlocesan Moral Welfare Council Mrs MA Rees Tru51 Fund Colonel Sir JJ Jones Benefaction WR Lewis Benefactlon Hay Parlsh Hall Trust Fund MSSS FE Davies Benefaction CE Cleaves Benefaction EW Morgan Trust Fund TFw)mas Williams Bequest No 3 Llewelyn House Trust Fund Rev DH Pi¢ton Benefaclton Holy Trinity Hall, Gorseinon SWANSEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 20251INCLUDING DIRECTORS REPORTI Icontlnued) Reynoldston Church Hall Managed F)Ortfolio comprising equities, r￿ed inleresl stocks and cash Managed portfolio comprFsing equities, fixed Inte￿$1 stocks and cash Managed portfolio comprising equities, fixed interest stocks and cash Managed portfolio comprising &quities, fixed inteiest stocks and cash Managed portfolio comprising equities, fixed interest stocks and cash Managed portfolio comprising equitles, fixgj interest stocks and cash Managed portfolio comprising equities. fixed interest stocks and cash Managed portfolio comprising equities. fixed interest stocks and cash Managed portfolio comprising equities. fixed interest stocks and cash Managed portfolio ¢ompri$ing equities. fixed interest stocks and cash Manag8d portfolio comprising equities, fixed interest stocks and cash Managed portfolio comprising equities, fixed interest stocks and cash Managed portfolio Gomprising equities, fixed interest stocks and cash Managed portfolio Gomprising equities, fixed inlerest St￿kS and cash Managed portfolio comprising equities, fixed interest stocks and cash Managed portfolio Gomprising equities, fixed Inte￿51 stocky and cash Managed F)Ortfolio ￿mprISIng equities, fixed inlerest stocks and cash Managed portfolio comprising equities. frAed inleresl stocks and cash Managed px)rtfolio comprising equitTes. ftxed interest stocks and cash Managed portfolio comprising equities. fmed interest stocks and cash Managed portfolio comprising equities. fued interest strKks and cash Managed portfolio comprising equllles. fixed Inte￿$t St￿kS and cash Managed portfolio comprising equitles. fixed interest stocks and cash Managed portfolio comprising equities, f￿ed interest stocks and cash Managed portfoliti comprislng equities, fixed interest stocks and cash Managed portfollo comprising equitie5. fixed interesl stocks and cash Managed portfolio comprising equities. fixed interest stocks and cash JM Munro Beque51 Miss Bertha Duncan Trust No 2 Miss Muriel Duncan Trust, Port Eynon Penllergaer Sunday School Trust Llanddety Tatybont Church Hall Tntst K Glasnook Trust (Penllerw) S&B Diocesan cour￿11 for Social Work I Saints Church Hall Trust, Ponterdawe Mlss Margaret Graves Smith Legacy Fund RE Vaughan Price Bequest, Coelbren College of St Mary Swansea Benefactson Llywel Sunday School FurKI Whitton Church Hall Fund Ta￿bOnt-On-Usk School Fund Easlm(xy Trust Fund The Ayres Trust Bryngwyn Church Hall land Trust Oyslermouth Chur¢h School Tnjst Gilwern Education Trust si Mary's Church Swansea Parochial Trust Oyslermoulh TAP, Fun Reynoldston C￿TCh Hall Fund Glasbury Parish Endowment Glasbury Parish Investment AE Gough Trust Sw & Br Diocesan Board of Finance 10 SWA14SEA & BRECON DIOCESAN TRUST INCORPORATED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 (INCLUDING DIRECTORS REPORT) l¢onllnued) St Marfs Church House Bre￿ft Managed wrtlolio comprising equities, fued interest stocks and cash Llangattock Community EdU￿￿10n Trust Managed portfolio comprising equities, fixed Interest stocks - Cash and cash Managed PL*tfolio comprising equrties. fixe(l interest stocks and cash Manageé portfolio comwising equilies, fixed interest stocks and cash Manag&d portfolio comprising equities. fixed interest stocks and cash Managed portfolio comprising equities. fixed interest stocks and cash Managed Fthfdio comprising equities, fixed interest stocks and cash Managed prfolio comprising equities, fLxed interest stocks and cash Managed portfolio comprising equities, fLxed interest SIc￿kS and cash Cash Land al Blackpill - Cash St Barnabas Church Hall Trust Dr Susan Rice-Ethvards Bequest Llanbisler Church Hall Parish of Penllergaer Diocesan Housing Association- Investment Fund St Gabri81's, Swansea- Investrnenl Fund Merthyr Cynog Parlsh Room Uanbadarn House & Hall Nel Sale Proceeds Norton Old Schwl Room Nel Sale Proceeds Coed y Bolyn Common Net Sale Proceeds Church Hall, Arlars Road, Llandrindod Wells Net Sale Proceeds Cash Cash Cash Cash Managed portfolio funds are held in separately identified accounts by the Investment Manager RBC Brewin Dolphin Ltd. Cash funds are held in the Diocesan Trust's bank accounts. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWANSEA & BRECON DIOCESAN TRUST INCORPORATED I report to the trustees on my examination of the financial statements of Swansea and Brecon Diocesan Trust (Ihe charity) for Ihe year ended 30 June 2025. Rosponslbllftles and l>a$is of r•port As the trustees of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of the finan¢ial statements in actordance with the requirements of th& compan￿ Act 2CNJS (Ihe 2006 Act). Having satisfied myself Ihat the flnanclal slalements of the charty are not required to be audited under Part 16 of the 2006 Act and are ellgible for independent examination. I report in respect of my examinalDn of the charity's financial stslements carried OLrt under section 145 of the Charities Act 2011 (the 2011 Act). In carrying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ibl of the 2011 Act. Independènt examlnerf8 Statement I have cornpleled my examination. I confim that no matters have come to my attention in ¢onnection with Ihe examination giving me cause to believe Ihal in any material re$pect.' 8ccounling records were rw)t kepl in respect of the charity as r￿UIred by section 386 of the 2fK16 Act. or 2. the financial statements do not accord with those records- or 3. the financial statements do r￿1 comtJy with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the accounts glve a true and fair view which is not a matter considered as part of an independent examination- or 4. the financial statements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practice fly accounting and reporting by charities appli¢able lo charities preparing their &counls in accordance with the Financial Reporting Stsndard applicable in UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examlnallon to which attention should be drawn In this report in order to enable a proper understanding of the fflnanclal statements to be reached. KP Katherine Parkin FCA Azets Audlt Swvices Ty Derw Lime Tree Court Cardiff Gate Business Park Cardt CF23 8AB United Kingdom 28 November 2025 12 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED STATEMENT OF FINANCIAL AcTIV￿lEs (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 JUNE 2025 Unrostrlcted Funds Restrlcted Fund8 Total Funds 2025 Total Funds 2024 Note Income from: Donations and Segacies Charitable activities Investments Total Income 24,418 950 54,547 79,915 24,418 950 54.547 79,915 16.965 950 56,486 74,401 Ex enditure on: Raising funds.. Investment management Gosts 8,261 8.261 7.744 Charltabl• Acllvltles: Funds Distributed Change to School Property Values Support Costs Governan￿ Costs Total charitablo activitles 79.050 79,OSO 68,078 {394,625) 3,004 5.680 {317,863> 12 3,007 6.967 89,024 3,007 6,967 89,024 Total expenditure 97285 97,285 {310.119) Net Incomè l {oxpendltufe) 117,370) 117,370) 384.520 Gains on investment assets Not movement In funds 10 48,950 31,580 48.950 31.580 131,377 515,897 RgGonciliation of funds: Tolal funds brought forward Total funds ¢arrled forward 17.19 17.19 2,825 2,825 4.525.954 4557.534 4,528.779 4,560,359 4.012,882 4.528.779 The statement of finan¢lal activities i￿ludeS all gains and losses re¢ogni$ed in the year. All income and expenditure Is derived from continuing 8clivilie8. The 5tstement of financial activlties also complies with the requirement5 for an income and expendibjre accounl urKler the Companies Act 2006. 13 SWANSEA & 8RECON DIOCESAN TRUST INCORPORATED BALANCE SHEET AS AT 30 JUNE 2025 Notes 2025 2024 Flxed a$$ots Tangible Asse15 12 1795,750 2.795,750 Investments Total Flxed As$•t$ 13 1 656.693 4,452.443 1,651,004 4,446,754 Cuirent auets Debtors Cash at Bank and in hand Total Current assèts 14 85,209 49,115 134324 59,129 51,330 110,459 dilors.. Amounts falling due within one year 15 N•t currenl (liabilitiesplassets 107.916 82,025 N•t assets 4.560,359 4,528 779 The funds of th• Gharity: R85lricled funds Unrestricted funds Total charlty fund$ 17 19 20 4557,534 2,825 4 560.359 4,525,954 2,825 4 528 779 The company 1$ entitled to the exemption from the audit requirement contained in sectlon 477 of the Companies AGI 2006, fcff the year ended 30th June 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wth respect to accounting records and the preparation of financial statements. The members have not required the company to obtsin an audit of ils financial statement5 under the requirements of the Companies Act 2006, for Ihe year in question In accordance with section 476. These financial ststements have been prepared in accordance with the provlslons applicable lo ¢ompanle8 subject lo the small companies regime. The financlal statements were approved by the Trustees on ... Mr Stuart Batcup Directorrrrv¥lee 14 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 GENERAL INFORMATION The Swansea & Brecon Diocesan Trust Incorporated is a charity, incorporated In England and Wales. The registered address is Swansea & Brecon Di0￿¥an Cenlre, Cathedral Close, Bre¢on. LD3 9DP, Wales. PRINCIPAL ACCOUNTING POLICIES The principal accounting policies adopled. judgements and key sources of esllmalth ur￿ertaInty in the preparation of the financial statements are as follows- a) Basls of pr8paratKJn These financial statements a￿ wepared on the going concern basis under the historical Cost ctfynvenlion, modffied lo include properties and certain financial instruments at fair value. The financial statements have been prepared in ac¢ordan¢e with the charity's Memorandum and Artides of Association, the Companies Act 2006 and"Accounting and Reporting by Charities.. Statement of Recommended Practice app.licable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and R8public of Ireland {FRS 102) (effective 1 January 2019)". The charity is a Public Benefrt Entity as defined by FRS 102. T￿￿ financial statements are prepared in steding, which is the functional currency of the charty. Monetary amounts in these finartial sL*ements are rounded to the nearest £. The charity has taken advantag8 of the provisions in the SORP for charit*$ applying FRS 102 UFKlate Bulletin 1 not to prepare a Statement of Cash Flows. The preparation of finanGi4 Statements requires the use of certain critical accounting estimales. 11 also requires management to exercise ils judgement in the process of applying the company's a¢(x)unting policles. The areas involving 8 higher degree of judgement or complexity. or areas where assumptions and estimates are signifKant to the financial statements, are dlgclosed In note 4. b} Preparation of the financial statements on a going concern basi$ After making appropriate er￿ul￿eS, th8 trustees are of the view that the charity is a 90ing ¢on¢grn. c) Incomg rwnition ￿lIci@s - Income is the amount derived from acllvltles. Items of income are recognised and Included In the financial statements when all of ihe following crltsda are met: The charity has entitlement to Ihe funds. any perfomiance condrtions attached to the Items of income have be8n met or are fully within the control of the charty. there is sufflclent certainty that receipt of the income is COns￿er8d probabl8', and the amount can be measured reliabty. For leg*ies, entiuemenl is taken as Ihe earlier of: the date on which the charlty is awar8 that probate has been granted. the estate has been finalised and notification has been made by the execulor(s) to the Trust that a distn"bution will be made,. or when a distribution is received from Ihe estate. 15 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 {contlnued) PRINCIPAL ACCOUNTING POLICIES (continuéd) Reeeiptof a legacy, in whole or In part, is 0nlyconside￿d probable ￿en the amount CAft be measured relk9bly, and the charity has been notfied of the execulorfs inlenlion to make a distribution. Where legacies have been notrfied lo the charity. or the charlty Is aware of the granting of probale, and the uileria for income recogn￿0￿ have not been mel, then the legacy Is a treated as a conlirKJenl asset and disclosed rf materkql. d) Grants receNable Grants are recognised in full in the Ststement of Financial Activities in the year in which they are receivable. 8) Donated services and facilities Donated services or facilities are recognlsed as income when the charity has contrc4 over the item. any conditions &8sociated with the donated item have been mel, the re￿Ipl of ecor¥)mic benefrt from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated servi(Es and facilities are recognised on the basis of the value of the gift lo the charity vthich is the amount the chaTfy would have been willing to pay lo obtain services or facilities of equivaenl economic benefrt on the open mwket.. a correspondlNJ amount is then recogni$￿ in expenditure in the period of recelpt. Inleresl recelvable Interest on fund5 held on deposit Is included when re￿ivable and the amount can be measured reliably by the charity". this is nonnally upon nol7ficalion of the Inte￿$1 paid or payable by the Bank. g) Fund accounting General Funds - thes8 are fund$ whlch can be used in acc￿lanCe with the charitable objectives al the dis¢retion of the trustees. Restricted Funds- these are funds which can be used for particular ￿$tricted purpo$e5 WrthSn the objects of the charity. ReStr￿lonS arise when $pecified by the donor 01 when funds are raised for particular restricted purposeg. h) Expendlture Expenditure is recconised once there is a legal or cons1rL￿l¥e obligatN)TTr to make a payment lo a third paty, It IS probable that setuemenl will be r4uired, and the amount of the obligation can be measured reliably. Exp8ndilure is dasslfÈd under the following a¢tivity heading5: Costs of raising funds comprise the costs of investment managers. Expenditure on charitable aclivities includes the distrlbulton of funds, support costs aTh governance c051s. i) Allocation of support costs Supp)rt costs are tlvjse functions that assist the work of the charity but do Th)1 diredy undertake charitable actfvities. Support costs include salary and related expenditure that suppc*t the Charl￿$ aGtiv¢ties. These &)sts have b88n allocated b8tMfftn activty heading5 based on time spent. l) Cash al bank and In hand Cash at bank and cash in hand includes ¢a$h and short lgfm highly liquid inwestments with a short4erm maturity of three months or less from the date of acquisition or op8ning of the deposit or similar account. 16 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (conlinued) k) Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and s￿tIOn 12'0ther Financial Instruments Issues. of FRS 102 to 811 of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charty become5 party lo the Contractual provisions of ts inslwment. Financial assets and liabilities are offset, with the net amounts kyesented In the financial statements, when there is a legally enforceable Tight lo set off th8 rgcognised amounts and the￿ is an intention to S8ttk8 on a nel basis or to reallse the asset and settle the liability 5imullaneously. Basic ffnancial assats Basic financial assets, which indude debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method un18ss the arrangement conslitules a flnancing transaction, where the transaction 15 measured al the present value of th& fijture receipts discounted at 2 market rale of interest Financlal assets classrfied as receivable within one year are not amortised. DerecOgnit￿￿ of finanGi?l assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financtal asset and substantially all the risks and rewards of ownership to another entty, or rf some significant risks and rewards of ownership are retained but control of th8 asset has transferred lo another party thal is ab￿ lo sell the asset in its entirety to an unrelated third paty- Basi¢ flnancl81 liabilit￿S Basic financial liabilities, in¢luding creditors and bank loans are initially recognised at transaction price unless the aThangefflent constitutes a financing transaction, Whe￿ the debt instrument is measured at the prwnt value of th& future payments discounted al a market rale of interest. Financial liabilities classifigd as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordlnary course of operations from suppliers. Amoun15 payable are classTf*d as current Ilabilitles rf payment is due wthin one year or less. If not, they are wesented as nonrycurrent liabilities. Trade ¢redilors are recognised initially at Iransaclion price and subsequently measured at amortised cost usirKJ the effective interest melh(wJ. DerecognrtThi of financlal liabilities Financial liab￿ltieS are derecognised when the charity's cOntr￿tUal obligatsons explre or are discharged or cancelled. l) Fixed asset investments Fixed asset investments are initially measured at transactlon wlce excluding transaction Gosts and are SubSequen￿Y measured at fair value at each reporting dale. Changes in fair value are recognisgj in net incomel(expendilure} fcff the year. Transa¢tion costs are expensed as incurred. m) Land and buildings Edu¢atlon Propgrti05 Properties whose fair value can be measured reliably are held under the revaluation model arKI are carried at a revalued amount. being their fair value at the date of valuation less any subsequent a¢¢umulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. 17 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (contlnued) Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equty, except lo th8 exlenl that a revaluation gain reverses a revaluatlon loss previously recogr)ised in net incomell8xpenditure) or a revalualion loss exceeds the accumulated revaluation gains recognised in equty. such gains and loss are recognised in net incomellexpenditure) for the year. Al land and tMJildings held by the charity for education purposes are valued by applying a multiplier of 7.5 to the property's raleable value. The valuation methodology has been adopted with reference lo the RICS Valuation - Global Standards published by the Royal InstrLule of Chartered Surveyors which provides guidelines for the valuation of properties with anlicipated marketing constraints and the valuation of non-trading properties. Reverters Where on the disposal of schools held by th8 Charity as custodian Iruslee revgrtgrs exist. the proceeds of disposal, net of all Costs and taxation, are remltted to the revertee. Investigation into the reverter status is made as and when local education authorilles relum such schools lo the custodlan trustee. n) Taxation As a registered charity, the charity is entitléd to the exempts'on from taxation In respect of income and capltal gains received with sections 478489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains A¢1 1992 to the exlenl that these are applied lo its charitable objects purposes only. LEGAL STATUS OF THE COMPANY The Trust is a Company limited by gvaranlee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee Is limited to £1 per member of the charity. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY The Iruslees are required lo make judgements and estimates and assumptions about the carying amount of 8ssels and liabilities that are rKIl readily apparent from Other sources. The estimates and associated assumptions are based on historical experience and any other factors that are considered to be relevant. Actual results mgy drffer from these e$limales. The eslimales and underlying assumptions are r8viewed on an ongoing basis. Revisions lo accounting estimates are recognised in the perK)d in which the 8slimale is revlawed rf the revision affects only that perDd or in the pgriod of revision and fu￿re periods if the revision affects both current and future periods. The following c1￿C81 judgements have been made in the pro¢ess of ap￿YIng the Charity's a¢counting policies and has the most sI￿￿Can1 effect on the amounls recognised in financial statements the revaluation of woperties as described in r￿te 2 m) above. 18 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 {contlnuod> DONATIONS AND LEGACIES 2025 2024 Grants 24,418 CHAR￿ABLE ACTIVITIES 2025 2024 Rental Income 950 950 INVESTMENTS 2025 2024 Investment Income- Listed Bank Interest 53,419 1,128 54.547 55,131 1.3SS 56,486 SUPPORT COSTS 2025 2024 Administration Fee Other Support Cost$ 3,000 3.007 3.004 GOVERNANCE COSTS 2025 2024 Administrakn"on Fee Independent Examiner's Remuneration Companies House and Bank Services Professional Indemnty Insurance 750 5,970 66 181 750 4.810 95 25 6,967 5,680 10 GAINSILOSSES ON INVESTMENT ASSETS 2025 2024 Realised losses on Investments Revaluation gains on investments Gains on Investment Assets (see Note 131 12.0751 51.025 (3,121) 134.498 48.950 131,377 19 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 {contInu￿) 11 TOTAL EXPENDITURE Dlocesan Church Schools and Raligious Edu¢atlon Funds 2025 Total 2024 Totsl Investment Manager Charges Education Property Education Support Costs Support Costs Governance Costs 8.261 41.729 37.321 3,007 6,967 97,283 8,261 41,729 37,321 3,007 6.967 97,28S 7,744 34,632 27,647 3,004 5.680 78,707 12 TANGIBLE FIXED ASSETS 2025 Education Proporties Al 1 July 2024 G8lns on Property Revaluati￿8 AI 30 June 2025 2,795.750 2.795.750 Carrylng amount 30 June 2025 2,795.750 30 June 2024 2.795.750 Land and buildiThJs with a carying amount of £2,795,750 were valued on the princlples provhled by an independent valuer. Ttrwe were no changes in the raleable values of the Church in Wales s¢hools In the year and hen no changes in the valuations of the properties. The closure of Llanbedr School in 2023 resulted in a change lo the basis on which this property is valued for the purpose of the accounts. In 2024 an independent propety consultant assessed the market value without planning pemiission of the part of the building and land owned by the Twst lo be £200.000. This valuation has been used in the current accounts and the trustees are satIsf￿d that Ihwe has been no material chang8 in the value of the property. In 2021 a descendent of the original donor of Nanlmel School contacted the Trust claiming an interest in the property under a reverter. Nantmel School has been removed from the education propert￿$ valuation for the purposes of the financial statements. The matter is on-going and ownership had not been transferred at the time of the signing of the financial statements. The Trust continues to meet the costs of maintaining thè propety which wll be reimbursed on the sale or transfer of the propety- No depreciation is provided for property as the trustees are of the opinion that these buikjings are maintained in such a stale of repair that their residual value is at least equal to their fair value. As a result the corresponding depre¢iation charge would not be malerialand is therefore not charged to the SOFA. Trustees are satisfied that the b¢y)k value represents th8 fair value of the schools. 20 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 {continuodl 13 INVESTMENTS 2025 Markot Valuo 2024 Market Value DioGesan Church Schools and Religious Educatlon Fund DI0￿san Trusts 1.646,118 10,575 1.656.693 1.640,736 10.268 1,651.004 The above Investmonts ran be analysod as follows: 202S 2024 Listed investments Cash held by invgstment managers 1.656,693 1.644,684 6,320 1,651,004 1.656,693 2025 Listed Investments Th6 movement ygar on year Is as follows: Al 1 July 2024 Additions Disposals Revaluation of investments Cash movemernl 1,651,004 366,966 (405.981) 51,025 At 30 June 2025 1856 693 The markel value of investments has been tsken al 30 June 2025 and Includes'all monies held on deposlt at cost. In accordance with FRS102 the figures In the financial statements are the market value of the Investments al 30 June 2025. 14 DEBTORS 2025 2024 Other debtors Prepayments 71.397 13,812 46,193 12,936 85.209 59,129 21 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 30 JUNE 2025 {GontInu￿) 15 CREDITORS.. AMouTrifs FALLING DUE WITHIN ONE YEAR 2025 2024 Other Creditors Accruals 3,845 22.563 4,260 24.174 28,434 16 FINANCIAL INSTRUMENTS 2025 2024 Carrying amount of financlal assets Instruments measured at fair value through statement of financial activities 1656 693 1,651,004 17 RESTRICTED FUNDS 2025 2024 Trust funds vested In the Trust Diocesan Church Schools and Religious Education Fund DiL)cesan Trust 4,502,857 4.462.475 10,575 10.269 4,513N32 4.472,744 Trugt Income accounts Diocesan Church Schools and Rdiqious Education Funds Diocesan Trust 44,324 222 44,102 53.734 524 53,210 4557,$34 4.525,954 The c8pftal of a group of Indlvldual trusts and funds has been invested en bloc in order to achiève a slea(ty income and allowing for capital growth. Investment decisions are taken in accordance with advice given by the Trust's Investment Managers. The use of these funds for thelr designated purposes ar8 as follows.. Group Trusts Main.. Diocesan Trusts Group Tru51s Education.. Diocesan Church Schools and Religious Educationa Funds- For the ¢onslruclion andlor repairs lo church schools in the Diocese. 18 TRUSTEES AND EMPLOYEES No payments We￿ made lo trustees during the year. The On￿ key management personnel are the Iruslees. There were ￿ employees during the year (2024.. £Nill. No expense$ were incurred by the Iruslees12024.. £Nil) In connection wth their duli8S 22 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 {¢onilnued) 19 ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Unr•strlcted Restrlctgd Total Unrestricted Restricted Total 2025 2025 2025 2024 2024 2024 Fund balances al 30 June 202S are represented by.. Tangible as5els Investments Current assetsllliabllit￿> 2,795,750 2.795.750 1,656,693 1,656,693 2.795.750 2,795,750 1,651.004 1,651,004 2,825 105.091 107,916 2.825 4 557 534 4.$60,359 2.825 79,200 82,025 4,525.954 4,528,779 20 MOVEMENT IN FUNDS Unrestri Funds vosted In the Trust Rellglous oducatlon Trust in¢omo funds Rellglous DloGosan Educatlon Dlocosan Goneral funds Total As at 1 July 2024 4,462,475 10.269 53,734 {524) 2.825 4,528,779 Income 79,613 302 79,915 Expendlture 18,262) {89,023) (97285) Education Property Revaluations Gains on Investments 306 48.950 At 30 June 2025 4,502,857 10.575 44.324 222 4 $60 359 23 SWANSEA & BRECON DIOCESAN TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 (contlnued) Unreslric led funds General funds Funds vested in the Tr Religious education Trust income funds Religious Educatlon Diocesan Diocesan Total As a11 July 2023 3,944.976 9,510 50,644 4,927 2,825 4,012,882 Income 74,053 348 74.401 Expenditure 17,7441 {70,963) 15.799) (84,506) Educatlon Property RevaluaUons 394.625 394,625 Gains on Investments 130.618 759 131,377 AI 30 June 2024 4.462.475 10,269 53,734 524 2,825 4,528,779 21 RELATED PARTY TRANSACTIONS An amount of £3.750 12024: £3,750} was paid to the Swansea & Brecon Diocesan Board of Flnance Limited for administration fees which is allocated betsveen Support Costs and Governance in the statement of Financial Aclivilies. The Trust awarded £41.729 {2024: £27.647) to the Swansea & Brecon DioG8san Board of Finance Limited to contribute towards Education Ministry costs irturred by the Company. The total amount payable to the Swansea & Brecon Diocesan Bo8r