2024-12-31-accounts - The Llandaff Diocesan Board Of Finance

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED COMPANY NUMBER: 00488549 (England and Wales) REGISTERED CHARITY NUMBER: 242452

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LLANDAFF DIOCESAN BOARD OF FINANCE

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

LLANDAFF DIOCESAN BOARD OF FINANCE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

		Page
Report of the Trustees	1	to	12
Report of the Independent Auditors	13	to	15
Statement of Financial Activities		16
Balance Sheet		17
Cash Flow Statement		18
Notes to the Cash Flow Statement		19
Notes to the Financial Statements	20	to	37
Detailed Statement of Financial Activities	38	to	39

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are contained in its Memorandum, namely to organise and provide funds for work in the following areas:

training for the ministry of The Church in Wales
maintenance of clergy and other persons of the ministry
provision and upkeep of parsonages
support and provision of pensions for the clergy and other persons of the ministry plus widows, widowers, orphans and dependents
provision of sites for churches and church halls
religious education
other purposes within the mission and ministry of the Church in Wales in the Diocese of Llandaff

The Board provides financial support to the Diocese of Llandaff whose Vision Statement is "Faith Matters". Our shared aims are: Telling a joyful story, Growing the kingdom of God and Building our capacity for good.

The Board's main continuing function is to finance the provision of parochial clergy within the Diocese. The policies concerning clergy, their remuneration, pension, benefits and housing provision are determined by the Bench of Bishops and the Representative Body of the Church in Wales. The Board's responsibility is largely to finance the costs out of funds received both from the Ministry Areas within the Diocese by means of Fairer Share and from grants received from the Representative Body of the Church in Wales. During 2024 the DBF implemented a new process in place of the old Fairer Share system based on church attendance, and asked Ministry Areas to pledge contributions to a Common Fund to cover the costs of the ministry of the church together, distributing funds throughout the diocese and from year to year.

Page 1

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES Key Events of 2024 Diocesan Vision and Evangelism Fund

In her address to Diocesan Conference in 2023, Bishop Mary simplified the strapline of the Diocesan Vision to Faith Matters, and focused our attention across the Diocese on these four drivers of the Diocesan vision being: Prayer-Engagement-Learning-Mission, as symbolised by the four legs of the Majestas in Llandaff Cathedral, and delivered through considering the pathway of faith, from engagement, through invitation and welcome, to nurture.

Throughout 2024 the Bishop's Council and diocesan staff continued to provide support and advice to Ministry Areas. This year has been a year of settling into new ways of working and many Ministry areas are beginning to live into the opportunities that this new method of working provides.

Colleges have continued to meet to strengthen Ministry Areas, to support those in key roles and enable them to share their experiences, challenges and solutions. These colleges have continued to give feedback and suggest ideas or support that the diocese can most helpfully provide. The Bishop convened Colleges of Ministry Area Leaders and Vicars, the DBF Chair convened the College of Ministry Area Lay Chairs, and the Director of Finance, HR and Administration convened the College of Ministry Area Treasurers. These proved helpful in providing support on practical and conceptual matters as well as guiding Ministry Areas in developing their own strategic plans.

The Archdeacons' visitations focused on evangelism this year and steered our MACs to consider how they would develop their own mission plans. Significantly, there have been more applications to the DBF Mission Grant fund than in recent years as MACs identify opportunities to reach out into their local communities in a variety of ways. Slowly, we are beginning to see signs of new growth shoots as more and more Ministry areas focus on their outward facing ministries afresh.

Mission

Citizen Church:

The church has experienced a very challenging time in 2024. In March 2024 the then Vicar Rev Ryan Forey resigned his position. The Associate Vicar, the Revd Mark Simpson, was invited by the Bishop of Llandaff to become Acting Vicar. Revd Mark Simpson was licensed by the Bishop as Vicar of St Teilo's on 17th September 2024. Both Rev Simpson and the PCC have remained committed to the vision statement of the church: to play our part in the evangelisation of the nation, the revitalisation of the church and the transformation of society.

Students continued to be a major focus of outreach and ministry, especially in the Cathays and Pontypridd locations. Students can be linked with mentors within the church, to serve as volunteers on various teams, to lead or join weekly small groups, or to consider baptism. Children and youth provision has expanded to include Pontypridd, and the Youth work has continued to thrive. Alpha remains foundational to their activities as a church, with courses running in Cathays, Pontypridd and Senghenydd and both HMPs Cardiff and Parc in Bridgend throughout the year. Discipleship groups met regularly across multiple locations in homes and other spaces, with a successful programme of Summer Groups, meeting over a short period during the summer. The internship programme continued, giving interns a breadth of experience across the church's activity. Interns were enrolled on the Church in Wales Apprenticeship in Christian Ministry at St Padarn's, which gives them a Level 4 qualification. Currently 7 members of the congregation are exploring ordination.

Prison services are held regularly in HMP Cardiff and HMP Parc, at the invitation of the chaplaincy teams. SPEAR has continued to run in 2024, in partnership with Resurgo, building to a cohort of 10 by the end of the year. SPEAR helps young people facing barriers to employment to develop the mindset and skills needed to get into work. Citizen Coffee continued in the Cathays location, as a social enterprise offering barista training to refugees and asylum seekers, in partnership with other local charities and social enterprises. It is a key place of welcome for many people.

Despite a challenging year there is a regular congregation of 400+ across all the services and sites per week and special events attract 500+ people.

Young Faith Matters:

Currently the YFM team regularly engages with 8 secondary schools. Engagement varies from school to school but includes the delivery of the Flourish Programme in three schools and Christian Unions, Youth Alpha and discipleship courses in others. The challenge remains in the majority of MAs in how to make strong connections between the churches and the schools. Similarly, although some areas of the Diocese are confident to engage with Primary Schools many are not. The YFM team run Flourish in 15 Primary Schools with up to 6 cohorts being run across a year in a single school. This is proving to be very popular with schools as it addresses the mental health and wellbeing agendas amongst children. Church in Wales School staff, clergy and our team all facilitate sessions in other settings as well.

Page 2

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

Like other Churches, and Anglican dioceses across Wales, Llandaff Diocese continues to be challenged by little provision for young people. Cardiff has a number of Youth Groups run by the churches with other provisions located in Penarth, Port Talbot and Aberdare. This relies heavily upon a good volunteer base and although there is a willingness in some areas to start such provision this is limited by capacity. The team have had requests for assistance to run their clubs even in well established areas.

The YFM team frequently work in partnership with like minded organisations. Message Wales facilitates a regular youth gathering which has been well attended by members of CinW youth groups from Cardiff. A band night in Pontypridd attracted young people from Aberdare and the Pontypridd area. The YFM team have supported our churches in being part of this.

Over 100 schools are visited regularly with over 12700 young people involved with faith activities including Flourish. Over this year they have seen over 1200 young people and children engaging in church activities with 75 young leaders which are developing mainly in the South of the Diocese. The Experience 'approach' e.g. Experience Christmas, Easter, Pentecost etc has proved very popular. Churches are gaining confidence to deliver these themselves which enables the team to work alongside churches that are less confident. Encouraged by the team volunteers are now learning to take the chance to invite participants to special services, targeted at young people.

Growth Enablers:

The Growth Enablers have engaged with every Ministry area this year. Relationships have been key to this engagement, gaining trust, firstly leading and then empowering others through coaching, modelling and supporting. There has been an emphasis on pathways and what's next which has been helpful for MAs to move away from one off events. We have throughout the year led and facilitated over 15 courses (with more planned) such as

-	Alpha
-	The Bible course
-	The Romans Course
-	Everybody Welcome
-	Taking the plunge

In some areas these courses have had over 20 people a session, with demand for two sessions a week, and we have empowered churches with coaching to deliver further sessions themselves. Through specific support 9 churches across the Diocese have reported an increase in attendance at worship services.

Outreach and Social Justice:

Ruth Young our outreach worker has worked on pre-school activities. She has worked with Rev Lizzie Tremble to develop resources to help those setting up a baby and toddler. A month of prayer was launched for toddler groups, plus a weekly blog post about the work baby and toddler groups do, as well as highlighting resources. The month ended with a zoom gathering to pray for baby and toddler groups with 5 different churches and groups represented. Churches were supported in setting up baby and toddler groups and a mailing list was created to send out termly info and resources and to encourage them to share faith through their groups. Ruth also took on responsibility for Christians Against Poverty and Restored across the diocese, liaising with organisations and with clergy in these key partnerships addressing issues of social justice. During the year we bade farewell to Christoph Auckland, our Outreach and Social Justice lead, to answer the call to ordained ministry, and in early 2025 Ruth started a full time role with East Cardiff Ministry Area in Monmouth diocese. Although sad to see them go we wish them all the best and many blessings, and we are sure our paths will cross again.

The Diocese partners with the Church Army 'Centre for Mission' which currently has a trainee pioneer evangelist and a lead evangelist focused at St John's in Cardiff City centre on their Good Company initiative and the Grace Café for those who find themselves on the fringes of society. This demands a huge commitment and the support from volunteers from the Cathedral and St John's helps enormously. This missional endeavour has created space for these people to engage with regular services and a recent Christingle service enabled many unchurched to access church in a comfortable way.

The leads for each of these teams are members of our 'Integrated Mission team', along with the Head of Communication, our Lead Children's adviser and our Head of Education. Rev Canon Tim Jones, Director of Ministry and Discipleship is also a part of this team to ensure that the connection between mission and ministry is secure. This team reviews the deployment of resources across the Diocese ensuring that there is a good understanding of what is being delivered and how cross-pollination can take place effectively. The Integrated Mission team focuses on the strategy, reinforced by the Archdeacon's visitations of engage, invite, welcome, nurture.

There are many challenges ahead as MAs consider what they will prioritise in their Evangelism plans. Hopefully a renewed focus on being more intentionally missional as God's church will reap further fruit as, based on a foundation of prayer, we tell the joyful story, build our capacity for good and grow the kingdom of God together.

Page 3

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

Ministry & Discipleship

Within the Ministry Team a central event of 2024 was the departure of Canon Ryan Green, the Diocesan Director of Ordinands and Canon Theologian at the Cathedral. Ryan left in November in order to explore his own vocation to Benedictine monastic life with the Community of the Resurrection in West Yorkshire. Ryan had not quite been in post for two years, but did a great deal in that time to restructure the diocesan vocations programme following the inevitable disruption of the vocations pipeline caused by the pandemic. Over 2024 there were 10 ordinations to the priesthood, and 8 ordinations to the diaconate, most of them at Petertide. Six new Llandaff ordinands began their period of formation at St Padarn's, bringing the total number of Llandaff ordinands to 10, eight of whom are training for stipendiary ministry. In preparation for Ryan's departure, Bishop Mary invited the Revd Rhys Jenkins to act as Assistant DDO then Interim DDO. Rhys will continue in that role until Canon Ian Hodges, currently Ministry Area Leader of the Pedair Afon MA and Area Dean of Bridgend Deanery, takes up his new appointment as DDO early in March 2025: we are grateful indeed for the calm wisdom that Rhys has brought to the role. There are currently about a dozen enquirers actively exploring the possibility of a call to ordained ministry. Gratitude is also owed to Dr Julie Davies in her role as Ministry Development Officer. The transition into ordained life can be challenging, and much of Julie's time in 2024 has been taken up with the care of Newly Licensed Ministers.

The five-yearly Clergy School took place in May 2024: most stipendiary clergy, many self-supporting clergy, and several other diocesan staff in various ministry roles spent four days in York. The theme was the Ascension, and the School was addressed by several excellent ministry practitioners and theologians: Ian McIntosh, David Moffatt, Michael Leyden, and Simon Oliver. For much of our worship together we were hosted by Bishop Glyn Webster at St Mary's Bishophill Junior. We were very well cared for by two visiting chaplains, Frankie Ward and Peter Powell. The weather was kind, and we generally enjoyed a good and useful week together.

There were other significant visiting theologians to the diocese in 2024. Jessica Martin explored Eucharistic theology; Jordan Hillebert explored the nature and purpose of prayer, and its relationship to Scripture; and Sharon Dirckx explored apologetics in the context of the advent of Artificial Intelligence. These were all generally well attended and appreciated.

Given the investment of time and resources in Clergy School, there was only one gathering of the College of Clergy in 2024. This concentrated on Clergy Wellbeing, which remains a significant focus of Bishop Mary's agenda. The Ministry team took on responsibility for the administration of the Ministry Development Review programme in the autumn of 2024. In this we are grateful for the assistance of Bernie Bettison, of the diocesan admin team.

The Llandaff Retired Clergy Association has been ably led for some years by the Revd Bernard Lewis Jones. Bernard stepped back from this role in the Spring, and has been succeeded by the newly-retired Archdeacon Mike Komor. The RLCA produces a good regular newsletter, arranges social events, and has advocated in 2024 for a smoother process for using and reimbursing retired clergy to cover services in Ministry Areas across the diocese.

In July the Festival of Prayer took place, again at St Teilo's Church in Wales High School in Cardiff. There were several speakers of note: Rowan Williams, John Bell, Anne Spalding, Trystan Hughes, Debbie Orriss, Darren Middleton, Aidan Hart and Jeff Hankins. Attendances at the Festival of Prayer have never quite reached the pre-pandemic levels. A steering group has decided to experiment with holding the Festival of Prayer at a different time of year: July makes it very difficult for students to participate. The aim is therefore to hold the next Festival of Prayer in the spring of 2026.

After some 20 years of dedicated service, the Revd Roy Saunders stepped back from preparing the regular diocesan prayer intentions. Only then was it quite realized what a significant regular task this had been, and how much time and effort had been given by Roy over the years, for which the diocese owes him a debt of gratitude. The significant ministry of revising and preparing a regular prayer calendar has been picked up by the Revd Ceri John.

Although we are unable to appoint someone to the anticipated Lay Ministry Development Officer post, the development of lay ministry will be a significant priority for 2025. Although there was some good work done to train and commission people as Pastoral Visitors and Lay Worship Leaders, much more needs to be done to promote and strengthen licensed lay ministry, particularly Readers. I am grateful indeed to Penny Williams, Duncan Ballard, Iwan Russell-Jones and Amanda Russell-Jones for all of their efforts in support of the development of Reader ministry.

Page 4

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT

Financial position

The principal aim of the Board is to generate sufficient income to fund its activities, predominantly the support of ministry within the Diocese which constituted approximately 83% of its unrestricted expenditure in 2024. Conscious of the need to keep demands on Ministry Areas to that which is perceived as affordable by those Ministry Areas, all expenditure is rigorously scrutinised. The Board budgeted to cover any shortfall in income in 2024 from its reserves. As in previous years the Board intended to use its reserves to fund the Diocesan Vision while the requirement for ministry covered by Common Fund is likely to rise year on year. We gratefully benefited from continued financial support from the Representative Body in Partnership Funding towards core costs, and Structural Resilience Funding to provide support across the diocese.

Total incoming resources of £7.09 million included: approximately £1.1 million received from the Representative Body; £4.6 million collected by Fairer Share and £0.6 million grants received for investment in new and improved church school buildings. Total resources expended were £8.1 million and included £4.84 million for support of the ministry, £1.1 million in support of Ministry Areas, £1.3 million on church property including church schools and £0.1 million in grants.

All funds have sufficient income to meet their obligations.

From time to time the charity reviews its fixed assets to ensure that they are all in good condition. This process is ongoing and in the Board's opinion there is no need to amend the value of the fixed assets.

The Board's investments are under the discretionary management of the stockbrokers i.e. movement within the portfolio is undertaken by them without prior reference to the Board. The Board's Budget & Investment Committee is responsible for monitoring investments. Appropriate benchmarks are set against which performance of the funds is measured. Reasons for any shortfall are discussed at quarterly meetings held with the investment managers.

Investment policy and objectives

The trustees, having regard to the liquidity requirements of the diocese have kept funds that are required at short notice with the Charities' Official Investment Fund (COIF) and with the Board's bankers. Further deposits are held with several banks on various instant access and fixed term deposits. Long-term investments, which include money held in trust, are in government stock and equities. The stockbrokers produce a quarterly report and attend sub-committee meetings as required to answer questions on the performance of the portfolio and their activities in the preceding period.

The brief to stockbrokers in their handling of all long-term funds is to make such investments as will produce growth in the capital base by either capital appreciation or reinvestment of income. Instructions in respect of specific trusts are dictated by the requirements of each individual trust.

The Board adopts the same ethical policy in regard to its investments as does the Representative Body of the Church in Wales, in that it does not invest in companies with a significant involvement in armaments, tobacco, pornography, gambling, the production of alcoholic beverages, oil & gas, or predatory lending.

Details of investments are disclosed in the notes to the financial statements (note 13). Investments are recorded at their market value. All gains and losses are recorded in the Statement of Financial Activities. The investment policy document is reviewed and updated annually by the Board.

Page 5

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Financial review

Reserves policy

General reserves are held specifically to ensure that expenditure requirements are met, principally stipends, salaries and property costs. The level of reserves holding is monitored and reviewed annually by the trustees, and the policy is kept under regular review in the light of changing financial market conditions, which affect both the resources available and the calls upon them. The level of reserve holding as at 31st December 2024 is £24.8. million. This total includes £14.7 million of restricted and endowment income. The Board therefore holds £10 million of unrestricted reserves.

The unrestricted reserves include designated reserves of £2 million and fixed asset value of £0.34 million which would not be quickly realisable to liquid funds. The current designated reserves are:

Diocesan Vision: These funds are set aside by the Diocesan Board of Finance to implement the Diocesan Vision over 5 years from 2020-2025.
Curate Housing Support: These funds are set aside by the Diocesan Board of Finance to cover housing costs of newly ordained stipendiary curates.
Clergy School: Annually designated funds are set aside to fund the triennial Clergy School, which was held in May 2024. The next Clergy School is due to be held in 2027.
Ministry Area Transition Support Fund: These funds are set aside by the Diocesan Board of Finance to provide support required to facilitate the transformation from parishes to Ministry Areas.
School: These funds are set aside to held schools fund future projects
- St Mary's Briton Ferry

Therefore, the level of free reserve (excluding fixed assets and revaluation reserve) holding at the 31st December 2024 is £8.66 million which represents 12 months of unrestricted expenditure.

The trustees believe that a level equivalent to a minimum of six months' expenditure should be maintained. The current excess over the minimum six months' policy is to ease the expected reduction in the Representative Body block grant. This was restructured during 2023, and from 2024 was delivered in two parts, as Partnership Funding (£170,000 per diocese) and Structural Resilience Funding (allocated by formula considering diocesan population, church buildings, schools and deprivation). These will be reviewed in 2027.

The trustees consider that there are no material uncertainties related to events or conditions that may cast doubt about the ability of the company to continue as a going concern. The DBF is in the fortunate position of holding substantial reserves which are in excess of the charity's reserves policy, giving the Trustees confidence in the DBF as a going concern.

Grant making policy

Grants are allocated by the Board in pursuance of its objects. A new Grant Committee was introduced towards the end of 2020. The Committee meets on a quarterly basis and makes decisions on grant distributions.

Future plans

The Board will continue to undertake its main functions as described in the objectives and activities. Ministry Areas continue to grow together and develop greater senses of working as teams to deliver effective ministry and mission in their areas. The Board continues to deploy clergy as appointed by the Bishop and agreed by Archdeacons and senior staff to care for congregations in the Ministry Areas (MAs) and reach out to new members, and to provide appropriate housing, and funding to the Representative Body to cover their stipends. A continuous review of requirements for clergy is undertaken by the Bishop and her senior staff, together with a consideration of the age profile of serving clerics and the needs and opportunities for the training of new ordinands.

Diocesan Vision and Rebuilding the Church for the Future

The Diocese remains committed to its Vision, Faith Matters. During 2024 the DBF recruited an accountant to support the Ministry Area Finance Advisory Officer in providing support to MAs on their accounts. The Board intends to appoint a further book-keeper in this team, as the support is proving useful and popular, as well as a Stewardship and Fundraising Officer to help MAs with their generosity plans and stewardship. During 2024 we recruited two buildings surveyors and a Grants and Funding adviser who joined the DAC Secretary to form , and also to recruit a joint Property team working across the Dioceses of Monmouth and Llandaff to help MAs care for their church buildings.

2025 will be the final year of the current Vision budget and Evangelism Fund grant (from the Representative Body of the Church in Wales) so in 2024-5 the Board undertook a review of the activities and impact of the projects implemented in that budget, including church planting in Citizen Church, as well as initiatives facilitated by the YFM Engagement Workers, Mission Enablers, Outreach Workers, and Communications to help Ministry Areas in evangelism and mission, and in service to the community. . This will inform the future direction of the diocesan Vision, along with discussions at Diocesan Conference, Archdeacon's Visitations and Deanery Conferences, developing plans that are reflective of local needs, desires and capacity. From those consultations we will develop projects and workstreams, applying to the Church Growth Fund of the Representative Body of the Church in Wales as appropriate, to work further towards our goal of transforming lives and societies in the love of Jesus, building a future in Llandaff because Faith Matters.

Page 6

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Llandaff Diocesan Board of Finance is a registered charity and a company limited by guarantee. It is governed in its activities by its Memorandum and Articles of Association dated 8th January 2021.

Principal Objective

Its principal objective is to promote, aid, and further assist the charitable objects and work of the Church in Wales within the Diocese of Llandaff.

Membership

The membership of the company is a maximum of 19 members, being:

Up to six Ex-Officio Trustees being: the Bishop, (and his or her Assistant Bishop), the Archdeacons of the Diocese and the Chair of Llandaff Diocesan Parsonage Board whilst they respectively hold such offices;
The Chair of the Charity appointed by the Bishop
Up to six Elected Trustees, elected in accordance with "Election Rules" made by the Charity to regulate their election. Elected Trustees shall serve for a term of 3 years. Each of the two Archdeaconries of the Diocese of Llandaff shall each elect two people to be Lay Members and one cleric to be a Clerical Member of the DBF
Up to six Co-opted Trustees appointed by the Trustees and who shall hold office for a term of three years after their appointment.

The number of Trustees shall not be less than 6.

The members of the Board each hold one guarantee share of £1.

Appointment of Trustees

The trustees are such members of the Board as are appointed at the Annual General Meeting. All members of the Board shall be trustees unless the Board resolves otherwise.

New trustees have the opportunity to attend an induction course in relation to their trustee responsibilities and are provided with Charity Commission guidance including "CC3: The Essential Trustee" and Church in Wales publications about the structure and governance of the Church. They may also avail themselves of the opportunity to visit the diocesan offices for informal briefings on the day-to-day work of the organisation and are encouraged to attend relevant external training courses.

The Board of Trustees meets four times a year and appoints committees where appropriate. Day-to-day management of the charity's affairs is delegated to the Secretary to the Board.

All decisions made by staff are made within policies determined by the Board which are reviewed annually. Any decisions required outside of existing policies are made by reference to the Board Chair and/or other senior trustees and are endorsed at subsequent Board meetings.

Related Parties

Llandaff Diocesan Board of Finance is committed at all times to maintaining the highest standards of honesty, openness and accountability to ensure that transactions are not influenced by board members or senior staff that would be to interests other than those of the charity.

The charity has a policy which includes that all trustees must declare an interest if a related party transaction occurs. The policy was reviewed and agreed by the Board in November 2023.

The Board additionally maintains a conflict of interest register which is updated annually by trustees and senior staff which records any conflicts that could potentially arise. Also, at the start of each meeting of the Board, any conflicts of interest are noted in relation to the business to be discussed and are recorded within the minutes of that meeting.

All financial transactions are made within an agreed financial policy framework which was reviewed and agreed in November 2023. The only trustees with the ability to approve financial transactions within this framework are the Chair of the Board and the Chair of the Property Group in her capacity as Chair of the Llandaff Parsonage Board. None of the trustees receive remuneration or any other benefit from their work with the charity.

Page 7

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Board is one of six Boards of Finance operating within the Province of the Church in Wales, and regular meetings of the Board Chairs and Secretaries with the Representative Body of the Church in Wales are held to discuss matters of mutual concern and where a commonality of approach is required. Other meetings at officer level are held as necessary during the year.

Much of the policy for the Church in Wales is determined under its Constitution by the Bench of Bishops, the Governing Body of the Church in Wales, and the Representative Body of the Church in Wales (who are responsible for the management of the Church's central funds, out of which grants are made to the six Diocesan Boards of Finance). The Board works closely with these bodies and, in its main functions concerned with the maintenance of ministers and clergy, parsonages and churches, it is largely responsible for administering the policies developed by them.

Public Benefit

The trustees confirm that they have complied with the duty in section 4(1) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, "Charities and Public Benefit".

The Board believes that by promoting the work of the Church in Wales in the Diocese of Llandaff it helps to promote the whole mission of the Church (pastoral, evangelistic, social and ecumenical) more effectively, both in the Diocese as a whole and in its individual parishes, and that in doing so it provides a benefit to the public by:

providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and
promoting Christian values, and service by members of the Church in and to their communities, to the benefit of individuals and society as a whole.

Key management remuneration

The trustees consider that the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the Board on a day to day basis.

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing and controlling the activities and finances of the diocese. During 2024 they were considered to be the Diocesan Secretary and Director of Finance, HR and Administration.

The Trustees have agreed a remuneration policy the objective of which is to ensure that all its staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the organisation. The appropriateness and relevance of the remuneration policy is reviewed and updated by the People Committee as necessary and at least annually for any immediate issues that may impact on staff retention and/or recruitment. Note 15 provides further information in relation to staff costs.

Page 8

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Trustees have a risk management strategy which comprises:

An annual review by the full Board of the principal risks and uncertainties that the Board face,
The establishment of policies, systems and procedures to mitigate those risks,
The implementation of procedures designed to minimise or manage any potential impact on the charity should they materialise.

The Board allocates the risks to its Committees who have responsibility for reviewing the risks, assessing the controls in place and amending them as appropriate in their sphere of operation. Committees also agree on actions to mitigate the risk and allocate actions to individual risk holders. The risk holder is also responsible for reporting back to the Committee on the current status of the risk.

The Board reviews the overall register (of risks as raised to it by the Committees) and undertakes a detailed review of any key risks as deemed necessary.

The Trustees have assessed the major risks facing the Board and the mitigation of those risks:

Falling congregational numbers and giving - diocesan officers have been appointed in key areas of mission, discipleship, vocations, financial support and stewardship (planned) to assist Ministry Areas into growth, while the Bishop and Archdeacons seek to recruit quality clergy to lead Ministry Areas into growth. It is hoped that as MAs decide their contribution to Common Fund after considering their budgets, they are less likely to default. A continuing programme of Archdeacons Visitations in autumn 2024 focused on evangelism and mission, in order to continue building for growth in attendance, finances and impact.
Safeguarding, including allegations, cases, and historic cases with corresponding financial claims. This is mitigated by adhering to the Provincial Safeguarding Policy and Procedures, and seeking the support of the excellent Provincial Safeguarding Team. We have insurance cover, and encourage the use of MyChurchPeople to track DBS checks and safeguarding training which is regularly rolled out, and provide support to Ministry Areas through regular meetings of the College of Safeguarding Officers.

The Trustees recognise that the Board could face reputational risk as a result of independent bodies which are nevertheless associated with it in the public's mind.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00488549 (England and Wales)

Registered Charity number

242452

Registered office

The Diocesan Office The Old Rectory The Court Coychurch Bridgend CF35 5EH

Page 9

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

Llandaff Diocesan Board of Finance: Trustees and Directors

Reverend Mary Kathleen Rose Stallard The Venerable Mark Richard Preece (appointed 7 January 2024) The Venerable Rod Green The Venerable Michael Komor (resigned 7 January 2024) Mrs Marie Brousseau-Navarro (resigned 19 March 2024) Ms Anna Cory The Reverend Martyn Hywel Evans (resigned 4 August 2024) Mr Martyn Haydn Evans The Reverend Simon Freeman The Reverend Michael Gable Mr Gareth Jones (resigned 23 March 2025) Mrs Jane Jones (resigned 30 September 2024) Mr Michael Lawley Mrs Catherine Biles (nee Nightingale) Mrs Jenna Shiells (resigned 1 April 2025) Ms Catrin Walters

Company Secretary

Mr James Laing

Key management personnel

Key management personnel
The Secretary to the Board	Mr J Laing
Diocesan Director of Finance, HR and Administration	Miss M Henry

Auditors

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Solicitors

Berry Smith Haywood House, Dumfries Place, Cardiff CF10 3GA

Advisers Principal Bankers

National Westminster Canton, Cardiff (B) Branch, 277 Cowbridge Road East, Cardiff CF5 1WX

Stockbrokers

Rathbones Investment Management 10 Queen Square, Bristol BS1 4NT

Page 10

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE DETAILS Funds held as custodian trustee

Below are the various trusts for which the Board acts as a custodian trustee:

Name of Trust	Nature of investments held
Aberdare - land for Sunday School	Equities and fixed interest stocks
Edward H Lee Bequest	Equities and fixed interest stocks
Ivor May Bequest	COIF deposit
Jane Minnie Reid Legacy	COIF deposit
Mariam Lucretia David Trust	COIF deposit
Mrs E M Haslewood Bequest	Equities and fixed interest stocks
Parish of Miskin	Unit trusts
Pearce Memorial Trust Fund	COIF deposit, equities and fixed interest stocks
Reverend J E Middlehurst Legacy	COIF deposit
St David's Ton Pentre (Parr Memorial)	COIF deposit
St David's Ton Pentre Endowment	COIF deposit
St David's Ton Pentre Trust	COIF deposit
Wingfield Trust	COIF deposit
Briton Ferry	COIF deposit
St Martin's Church Hall	COIF deposit (see note below)

All trusts are held for church or churchyard purposes. Funds held on deposit are held in separately identified accounts.

The St Martin's Church Hall Trust holds money received in November 2011 from the sale of the church hall. The apportionment of the proceeds between the Parish and the Educational Endowment Fund is under review by the Charity Commission. The value of the deposit at 31st December 2024 was £554,742. The appropriate proceeds will be added to the Schools Fund at a date once a decision is reached.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Llandaff Diocesan Board Of Finance for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 11

LLANDAFF DIOCESAN BOARD OF FINANCE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

.......................................................................... M A Lawley - Trustee

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LLANDAFF DIOCESAN BOARD OF FINANCE

Opinion

We have audited the financial statements of Llandaff Diocesan Board Of Finance (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LLANDAFF DIOCESAN BOARD OF FINANCE

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to;
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;
- Management override of controls; and
obtaining an understanding of the legal and regulatory frameworks that the charity operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the charity, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 14

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LLANDAFF DIOCESAN BOARD OF FINANCE

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Jones (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: .............................................

Page 15

LLANDAFF DIOCESAN BOARD OF FINANCE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 5,813,311 Charitable activities 4 Charitable activities 39,556 Investment income 3 264,424 Total 6,117,291 EXPENDITURE ON Raising funds 5 26,893 Charitable activities 6 Charitable activities 5,995,885 Total 6,022,778 Net gains/(losses) on investments 480,616 NET INCOME/(EXPENDITURE) 575,129 Transfers between funds 20 (779,672) Net movement in funds (204,543) RECONCILIATION OF FUNDS Total funds brought forward 10,155,265 TOTAL FUNDS CARRIED FORWARD 9,950,722	Restricted funds £ 637,527 160,272 167,914 965,713 10,330 2,078,118 2,088,448 68,413 (1,054,322) 779,672 (274,650) 14,944,114 14,669,464	Endowment funds £ - - 6,159 6,159 14,215 - 14,215 (9,801) (17,857) - (17,857) 208,090 190,233	2024 Total funds £ 6,450,838 199,828 438,497 7,089,163 51,438 8,074,003 8,125,441 539,228 (497,050) - (497,050) 25,307,469 24,810,419	2023 Total funds £ 6,649,536 148,864 372,587
				7,170,987
				53,102 7,913,347
				7,966,449
				543,390
				(252,072) -
				(252,072) 25,559,541
				25,307,469

The notes form part of these financial statements

Page 16

LLANDAFF DIOCESAN BOARD OF FINANCE

BALANCE SHEET 31 DECEMBER 2024

Unrestricted funds Notes £ FIXED ASSETS Tangible assets 12 344,986 Investments Investments 13 8,224,543 Investment property 14 275,000 8,844,529 CURRENT ASSETS Debtors: amounts falling due within one year 15 443,198 Debtors: amounts falling due after more than one year 15 880,763 Cash at bank 1,162,714 2,486,675 CREDITORS Amounts falling due within one year 16 (1,038,082) NET CURRENT ASSETS 1,448,593 TOTAL ASSETS LESS CURRENT LIABILITIES 10,293,122 CREDITORS Amounts falling due after more than one year 17 (342,400) NET ASSETS 9,950,722 FUNDS 20 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS	Restricted funds £ 13,169,881 117,343 325,000 13,612,224 111,869 - 1,208,891 1,320,760 (263,520) 1,057,240 14,669,464 - 14,669,464	Endowment funds £ - 173,847 - 173,847 - - 16,386 16,386 - 16,386 190,233 - 190,233	2024 Total funds £ 13,514,867 8,515,733 600,000 22,630,600 555,067 880,763 2,387,991 3,823,821 (1,301,602) 2,522,219 25,152,819 (342,400) 24,810,419 9,950,722 14,669,464 190,233 24,810,419	2023 Total funds £ 14,024,108 8,451,624 480,000
				22,955,732 411,293 923,303 2,672,248
				4,006,844 (1,282,707)
				2,724,137
				25,679,869 (372,400)
				25,307,469
				10,155,265 14,944,114 208,090
				25,307,469

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. M A Lawley - Trustee

The notes form part of these financial statements

Page 17

LLANDAFF DIOCESAN BOARD OF FINANCE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Sale of investment property Revaluation of investment properties Interest received Repayment of investment loans Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2024 £ (636,652) (636,652) - (2,110,375) 2,144,273 - (120,000) 438,497 - 352,395 - - (284,257) 2,672,248 2,387,991	2023 £ 125,211
		125,211
		(4,818) (3,485,438) 2,298,410 543,390 - 372,587 (22,500)
		(298,369)
		(92,455)
		(92,455)

		(265,613) 2,937,861
		2,672,248

The notes form part of these financial statements

Page 18

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received (Increase)/decrease in debtors Increase in creditors Net cash (used in)/provided by operations	2024 £ (497,050) 509,241 (98,007) (438,497) (131,234) 18,895 (636,652)	2023 £ (252,072) 511,187 (543,390) (372,587) 529,131 252,942
		125,211

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Debt Debts falling due after 1 year Total	At 1.1.24 £ 2,672,248 2,672,248 (372,400) (372,400) 2,299,848	Cash flow £ (284,257) (284,257) 30,000 30,000 (254,257)	At 31.12.24 £ 2,387,991 2,387,991 (342,400) (342,400) 2,045,591

The notes form part of these financial statements

Page 19

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations (including those raised through volunteer fundraising) are recognised when income has been received. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Gift Aid income on donations is accrued when there is a valid declaration from the donor.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure is classified by activity. The costs of each activity are made up of total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office premises 2.5% per annum on cost Land No depreciation Fixtures and fittings 10% and 25% per annum on cost School buildings 2% per annum on cost

Page 20

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Page 21

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 22

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. DONATIONS AND LEGACIES

	Unrestricted funds	Restricted funds	Total	Total

	2024	2024	2024	2023
	£	£	£	£

Donations and gifts	5,813,311	637,527	6,450,838	6,649,536


Donations and gifts
Fairer share	4,606,089	-	4,606,089	4,400,832
RB Block grant	358,621	-	358,621	495,215
Other grants	693,280	615,823	1,309,103	1,716,811
Ministry Area and school contributions	-	149	149	462
Donations and external grants	155,321	21,555	176,876	53,869

	5,813,311	637,527	6,450,838	6,649,536

3. INVESTMENT INCOME

	Unrestricted funds	Restricted funds	Endowment funds general	Total	Total
	2024	2024	2024	2024	2023
	£	£	£	£	£

Rental income	20,000	116,368	-	136,368	135,882
Income from listed investments	204,425	2,694	6,159	213,278	211,559
Interest receivable	39,999	45,852	-	88,851	25,147

	264,424	167,914	6,159	438,497	372,588

Page 23

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

4. INCOME FROM CHARITABLE ACTIVITIES

Support for ministry	Support for Ministry Area	Church property	Church property		Total	Total	Total
2024	2024	2024			2024	2023
£	£	£			£	£

-	-	-			-	3,643
36,556	36,247	-			72,803	34,521
-	18,686	-			18,686	17,715
9,100	-	-			9,100	10,070
-	-	99,239			99,239	82,075
-	-	-			-	840


45,656	54,933	99,239			199,828	148,864




39,556	-	-			39,556	6,643
6,100	54,933	99,239			160,272	141,381


45,656	54,933	99,239			199,828	148,864




3,000	6,100		-		9,100		10,070


3,000	6,100		-		9,100		10,070

					2024 £ 51,438
					2024
					£

				4,786,588
				1,340,409
				1,282,426
				127,787
				81,542


				7,618,752

				393,231
				62,020


				8,074,003



				5,995,885
				2,078,118


				8,074,003

Page 24

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

7. SUPPORT COSTS

	Support costs	Governance costs	2024	2023
	£	£	£	£

Staff costs	269,819	-	269,819	227,885
General office costs	123,412	-	123,412	96,993
Audit fees	-	24,700	24,700	12,000
Legal and professional fees	-	1,089	1,089	1,775
Diocesan conference costs	-	7,791	7,791	7,587
Meeting and other sundry costs	-	3,240	3,240	24,294
Diocesan register	-	25,200	25,200	24,000

	393,231	62,020	455,251	394,534


Analysed between charitable activities	393,231	62,020	455,251	394,534

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	2024	2023
	£	£
Auditors' remuneration	24,700	12,000
Depreciation - owned assets	509,241	511,187

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

During the year, expenses totalling £13,724 were paid to two trustees (2023: £5,911).

10. STAFF COSTS

The average monthly number of employees during the year was:

	2024	2023

	30	26


Employment costs	2024	2023
	£	£

Wages and salaries	978,528	800,348
Social security costs	96,785	70,915
Other pension costs	104,054	62,517

	1,179,367	933,780

Key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing and controlling the activities of the diocese. During 2024 they were considered to be the Diocesan Secretary, the Directors of Finance, Education and Communication, the Project Manager and Senior Buildings Inspector. In the prior year it was only the Secretary and Director of Finance.

Total employee costs (including salaries, pension and national insurance costs) of the key management personnel of the Board were £154,947 (2023: £139,562).

Page 25

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

10. STAFF COSTS - continued

The number of employees whose annual remuneration was more than £60,000 is as follows:

£70,000 to £79,999 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 5,520,626 1,128,910 Charitable activities Charitable activities 7,483 141,381 Investment income 247,033 118,406 Total 5,775,142 1,388,697 EXPENDITURE ON Raising funds 46,743 5,485 Charitable activities Charitable activities 5,211,956 2,701,391 Total 5,258,699 2,706,876 Net gains/(losses) on investments 537,453 6,197 NET INCOME/(EXPENDITURE) 1,053,896 (1,311,982) Transfers between funds (985,521) 992,669 Net movement in funds 68,375 (319,313) RECONCILIATION OF FUNDS Total funds brought forward 10,086,890 15,263,427 TOTAL FUNDS CARRIED FORWARD 10,155,265 14,944,114		2024		2023

		1		1

		Endowment funds £ - - 7,148 7,148 874 - 874 (260) 6,014 (7,148) (1,134) 209,224 208,090		Total funds £ 6,649,536 148,864 372,587
				7,170,987
				53,102 7,913,347
				7,966,449
				543,390
				(252,072) -
				(252,072) 25,559,541
				25,307,469

Page 26

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

12. TANGIBLE FIXED ASSETS

Freehold property Land £ £ COST At 1 January 2024 and 31 December 2024 633,871 61,757 DEPRECIATION At 1 January 2024 276,164 - Charge for year 15,726 - At 31 December 2024 291,890 - NET BOOK VALUE At 31 December 2024 341,981 61,757 At 31 December 2023 357,707 61,757 13. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by: Valuation in 2024	School buildings £ 24,586,148 10,986,301 491,723 11,478,024 13,108,124 13,599,847	Fixtures and fittings £ 36,237 31,440 1,792 33,232 3,005 4,797		Totals £ 25,318,013 11,293,905 509,241 11,803,146 13,514,867 14,024,108 Listed investments £ 8,451,624 2,110,375 (2,024,273) (21,993) 8,515,733 8,515,733 8,451,624 Listed investments £ 8,515,733

The original cost of the above investments at 31 December 2024 was £6,250,440 (2023: £6,086,067). The above investments are valued at mid-market valuation on 31 December 2024. All investments are in listed securities and the investments are all less than 20% of the appropriate listed company. In 2014 an additional fund was set up with the stockbrokers to hold funds on a medium term basis for income yield, but which is realisable to cash on short notice.

Page 27

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE At 1 January 2024 Revaluation At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	£ 480,000 120,000
	600,000
	600,000
	480,000

The property of Heol Fair is valued on an open market valuation basis as defined under current RICS Practice statements and guidelines subject to the existing lease for educational purposes. The property had a professional valuation in 2018 by Cooke & Arkwright. The property on Cowbridge Road was transferred to the Board at historic depreciated cost in 2017. In 2024 a review of the valuation was carried out and it was agreed that the valuation of both properties should be increased by 25% to closer reflect the rise on the house price index Wales over this period. The current valuations are considered to be reasonably stated.

Fair value at 31 December 2024 is represented by:

Fair value at 31 December 2024 is represented by:
		£
Valuation in 2024		600,000
DEBTORS
	2024	2023
	£	£
Amounts falling due within one year:
Trade debtors	437,768	287,979
Other debtors	5,430	24,790
Prepayments and accrued income	111,869	98,524
	555,067	411,293
Amounts falling due after more than one year:
Retired clergy loans	880,763	923,303
Aggregate amounts	1,435,830	1,334,596

15. DEBTORS

Loans from The Representative Body Of The Church In Wales

The loans to the parishes and retired clergy are received from the Representative Body of the Church in Wales and capital repayments are made to the Representative Body of the Church in Wales when they are received from the parishes and retired clergy. The Diocesan Board of Finance pays the same rates of interest to the Representative Body as is received from the loans to parishes and retired clergy, shown above.

Security is held over the properties.

Governor Loans

Loans are provided to Governors of diocesan schools to assist with the management of their 15% liability to school capital projects, and for other large projects. No interest is charged on such loans, with the length of term usually 5 or 10 years. Loans which are as a result of 15% liability capital projects with contribution received from the Welsh Government are matched with a deferred income provision.

Page 28

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£
	Trade creditors	835,537	742,008
	Other creditors	319,545	508,963
	Accruals and deferred income	146,520	31,736
		1,301,602	1,282,707
17.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2024	2023
		£	£
	Other loans (see note 18)	342,400	372,400
18.	LOANS
	An analysis of the maturity of loans is given below:
		2024	2023
		£	£
	Amounts falling due between two and five years:
	Retired clergy loans	342,400	372,400

Loans from The Representative Body Of The Church In Wales

Security is held over the properties.

Governor Loans

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year Between one and five years	2024 £ 4,433 3,409 7,842	2023 £ 1,948 5,357
		7,305

Page 29

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS

Unrestricted funds General fund Designated fund - Transformation Funds (DBF) Designated fund - Vision Funding Designated fund - Clergy School Designated fund - Covid Support Fund Designated fund - Curate Housing Pilot Designated fund - School Buildings fund Designated fund - St Mary's Briton Ferry Restricted funds Retired clergy Parsonage board External grants Accumulated funds Sundry trusts Landscapes/Journeys in Faith Community Development RB Evangelism fund W.O.D.S. Endowment funds Restricted clergy fund Miss DJN Evans Trust Anonymous fund TOTAL FUNDS	At 1.1.24 £ 7,784,777 18,272 1,951,240 19,000 265,876 116,100 - - 10,155,265 69,006 - 13,958,890 425,404 58,707 10 365,819 (5,604) 71,882 14,944,114 121,323 42,092 44,675 208,090 25,307,469	Net movement in funds £ 1,178,676 - (535,908) (45,614) (22,025) - - - 575,129 - (779,425) (491,723) 92,281 4,514 (257) 96,862 23,883 (457) (1,054,322) (14,699) (5,533) 2,375 (17,857) (497,050)	Transfers between funds £ (1,035,485) - - 86,614 - - 50,000 119,199 (779,672) - 779,425 - - - 247 - - - 779,672 - - - - -	At 31.12.24 £ 7,927,968 18,272 1,415,332 60,000 243,851 116,100 50,000 119,199
				9,950,722 69,006 - 13,467,167 517,685 63,221 - 462,681 18,279 71,425
				14,669,464 106,624 36,559 47,050
				190,233
				24,810,419

Page 30

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Designated fund - Vision Funding Designated fund - Clergy School Designated fund - Covid Support Fund Restricted funds Parsonage board External grants Accumulated funds Sundry trusts Landscapes/Journeys in Faith Church Improvement fund Community Development RB Evangelism fund W.O.D.S. Endowment funds Restricted clergy fund Miss DJN Evans Trust Anonymous fund TOTAL FUNDS	Incoming resources £ 6,114,291 - 3,000 - 6,117,291 56,312 - 400,654 1,481 - 9,375 42,805 452,013 3,073 965,713 4,474 1,685 - 6,159 7,089,163	Resources expended £ (5,416,231) (535,908) (48,614) (22,025) (6,022,778) (835,737) (491,723) (308,373) (380) (257) (9,375) (10,943) (428,130) (3,530) (2,088,448) (10,327) (3,888) - (14,215) (8,125,441)	Gains and losses £ 480,616 - - - 480,616 - - - 3,413 - - 65,000 - - 68,413 (8,846) (3,330) 2,375 (9,801) 539,228	Movement in funds £ 1,178,676 (535,908) (45,614) (22,025) 575,129 (779,425) (491,723) 92,281 4,514 (257) - 96,862 23,883 (457) (1,054,322) (14,699) (5,533) 2,375 (17,857) (497,050)

Page 31

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Designated fund - Transformation Funds (DBF) Designated fund - Vision Funding Designated fund - Clergy School Designated fund - Covid Support Fund Designated fund - Curate Housing Pilot Restricted funds Retired clergy Parsonage board External grants Accumulated funds Sundry trusts Landscapes/Journeys in Faith Church Improvement fund Community Development RB Evangelism fund W.O.D.S. Endowment funds Restricted clergy fund Miss DJN Evans Trust Anonymous fund TOTAL FUNDS	At 1.1.23 £ 7,015,327 18,272 2,534,176 46,000 357,015 116,100 10,086,890 63,467 (141,343) 14,550,523 358,720 60,656 10 (48,309) 343,257 9,672 66,774 15,263,427 125,279 41,629 42,316 209,224 25,559,541	Net movement in funds £ 1,754,971 - (582,936) (27,000) (91,139) - 1,053,896 - (741,921) (591,633) 66,684 (1,949) - (50,557) 22,562 (15,276) 108 (1,311,982) 1,583 2,072 2,359 6,014 (252,072)	Transfers between funds £ (985,521) - - - - - (985,521) 5,539 883,264 - - - - 98,866 - - 5,000 992,669 (5,539) (1,609) - (7,148) -	At 31.12.23 £ 7,784,777 18,272 1,951,240 19,000 265,876 116,100 10,155,265 69,006 - 13,958,890 425,404 58,707 10 - 365,819 (5,604) 71,882 14,944,114 121,323 42,092 44,675 208,090 25,307,469

Page 32

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Designated fund - Vision Funding Designated fund - Clergy School Designated fund - Covid Support Fund Restricted funds Parsonage board External grants Accumulated funds Sundry trusts Church Improvement fund Community Development RB Evangelism fund W.O.D.S. Endowment funds Restricted clergy fund Miss DJN Evans Trust Anonymous fund TOTAL FUNDS	Incoming resources £ 5,773,809 - 3,000 (1,667) 5,775,142 61,954 - 179,613 1,374 42,500 25,836 1,075,329 2,091 1,388,697 5,539 1,609 - 7,148 7,170,987	Resources expended £ (4,556,291) (582,936) (30,000) (89,472) (5,258,699) (803,875) (591,633) (112,929) (7,840) (93,057) (3,274) (1,090,605) (3,663) (2,706,876) (635) (239) - (874) (7,966,449)	Gains and losses £ 537,453 - - - 537,453 - - - 4,517 - - - 1,680 6,197 (3,321) 702 2,359 (260) 543,390	Movement in funds £ 1,754,971 (582,936) (27,000) (91,139) 1,053,896 (741,921) (591,633) 66,684 (1,949) (50,557) 22,562 (15,276) 108 (1,311,982) 1,583 2,072 2,359 6,014 (252,072)

Page 33

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Designated fund - Transformation Funds (DBF) Designated fund - Vision Funding Designated fund - Clergy School Designated fund - Covid Support Fund Designated fund - Curate Housing Pilot Designated fund - School Buildings fund Designated fund - St Mary's Briton Ferry Restricted funds Retired clergy Parsonage board External grants Accumulated funds Sundry trusts Landscapes/Journeys in Faith Church Improvement fund Community Development RB Evangelism fund W.O.D.S. Endowment funds Restricted clergy fund Miss DJN Evans Trust Anonymous fund TOTAL FUNDS	At 1.1.23 £ 7,015,327 18,272 2,534,176 46,000 357,015 116,100 - - 10,086,890 63,467 (141,343) 14,550,523 358,720 60,656 10 (48,309) 343,257 9,672 66,774 15,263,427 125,279 41,629 42,316 209,224 25,559,541	Net movement in funds £ 2,933,647 - (1,118,844) (72,614) (113,164) - - - 1,629,025 - (1,521,346) (1,083,356) 158,965 2,565 (257) (50,557) 119,424 8,607 (349) (2,366,304) (13,116) (3,461) 4,734 (11,843) (749,122)	Transfers between funds £ (2,021,006) - - 86,614 - - 50,000 119,199 (1,765,193) 5,539 1,662,689 - - - 247 98,866 - - 5,000 1,772,341 (5,539) (1,609) - (7,148) -	At 31.12.24 £ 7,927,968 18,272 1,415,332 60,000 243,851 116,100 50,000 119,199
				9,950,722 69,006 - 13,467,167 517,685 63,221 - - 462,681 18,279 71,425
				14,669,464 106,624 36,559 47,050
				190,233
				24,810,419

Page 34

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Gains and	Movement
	resources	expended	losses	in funds
	£	£	£	£
Unrestricted funds
General fund	11,888,100	(9,972,522)	1,018,069	2,933,647
Designated fund - Vision Funding	-	(1,118,844)	-	(1,118,844)
Designated fund - Clergy School	6,000	(78,614)	-	(72,614)
Designated fund - Covid Support Fund	(1,667)	(111,497)	-	(113,164)
	11,892,433	(11,281,477 )	1,018,069	1,629,025
Restricted funds
Parsonage board	118,266	(1,639,612)	-	(1,521,346)
External grants	-	(1,083,356)	-	(1,083,356)
Accumulated funds	580,267	(421,302)	-	158,965
Sundry trusts	2,855	(8,220)	7,930	2,565
Landscapes/Journeys in Faith	-	(257)	-	(257)
Church Improvement fund	51,875	(102,432)	-	(50,557)
Community Development	68,641	(14,217)	65,000	119,424
RB Evangelism fund	1,527,342	(1,518,735)	-	8,607
W.O.D.S.	5,164	(7,193)	1,680	(349)
	2,354,410	(4,795,324)	74,610	(2,366,304)
Endowment funds
Restricted clergy fund	10,013	(10,962)	(12,167)	(13,116)
Miss DJN Evans Trust	3,294	(4,127)	(2,628)	(3,461)
Anonymous fund	-	-	4,734	4,734
	13,307	(15,089)	(10,061)	(11,843)
TOTAL FUNDS	14,260,150	(16,091,890 )	1,082,618	(749,122)

Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Transformation Fund

These funds are set aside by the Diocesan Board of Finance to match fund from reserves the grant receivable from the RB to fund 20:20 Vision fund initiatives.

DBF Vision Fund

These funds are set aside by the Diocesan Board of Finance to fund Diocesan Vision initiatives.

Clergy School

Annually designated funds are set aside to fund the triennial Clergy School. The next Clergy School is due to be held in 2027.

Covid-19 Support Fund

These funds are set aside by the Diocesan Board of Finance to provide support as a result of the Covid-19 pandemic.

Curate Housing Support

These funds are set aside by the Diocesan Board of Finance to run a new project to assist parishes with housing costs of newly ordained stipendiary curates.

School Buildings Fund

These funds have been set aside for unexpected or emergency capital works to school buildings.

St Mary's Briton Ferry

Proceeds from Hall sale to DBF, allocated 50% to a property or mission project in Afon Nedd Ministry Area, and 50% to a project anywhere in the diocese in line with the vision of growth.

Page 35

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Restricted funds

The purposes of the restricted funds shown in the following analyses are as follows:

Retired clergy fund

This fund represents the accumulated unspent income from the endowment fund set up by the Diocese to assist with housing and expenses of retired clergy in need.

Parsonage Board fund

This fund is held for the purpose of maintaining and repairing parsonages in the Diocese. The Board of Finance provides the funding for parsonage maintenance agreed under the terms of the Constitution of the Church in Wales and this sum is included as a transfer from unrestricted funds to the Parsonage Board fund.

Schools funds

This fund is held in two parts: - Grants received from external sources, mainly Welsh Government, for the purpose of building or extending church schools; and

Accumulated funds from the sale or rental income of properties no longer used as schools. The rental income in this part of the fund may be spent on insurance and maintenance of schools, together with administration and management costs.

Widows', Orphans' and Dependents' Society (W.O.D.S.)

Monies are held to provide financial assistance to the widows and dependents of clerics in the Diocese. Where a grant is made from unrestricted funds it is shown as a transfer between funds.

Sundry trusts

These are several smaller trusts in respect of which the Diocesan Board of Finance are managing trustees. All the funds have assets adequate for the requirements of the individual funds.

Bishop's Mission and General Fund

Donations are made to this fund primarily from collections taken at induction and confirmation services, and Gift Aid is claimed where appropriate. All monies received are paid over to the Bishop to be used at her discretion.

Transformation Fund (Representative Body Grant)

The Representative Body of the Church in Wales committed to providing the Diocese with £500,000 over a three year period from 2015-2017 to be used for 20:20 Vision initiatives.

Community Development Fund

The assets of the Llandaff Diocesan Board For Social Responsibility were transferred to Llandaff Diocesan Board of Finance early 2017 and are to be used for the same charitable purposes focusing on community development projects within parishes.

Community Mental Health Chaplaincy

This fund represents grant money received from All Churches Trust to provide a Community Mental Health Chaplain in the diocese. The project ended in 2019, with all restricted funds being utilized in 2018.

Landscapes/Journeys in Faith

This fund represents grant monies received from All Churches Trust and Visit Wales to provide projects in the diocese in the areas of building a picture of the landscapes of faith across the diocese. The projects will result in key areas being identified throughout Wales and will engage with parishes on a diocesan level.

Church Improvement Fund

The Representative Body of the Church in Wales provide an annual allocation to the diocese to be used specifically for church improvements which are allocated to parishes in the form of grants by the Diocesan Advisory Committee.

Restricted Donations

This fund represents donations received to the diocese for special campaigns which are utilized for the purposes stated within the campaign.

RB Evangelism Fund

The Representative Body of the Church in Wales have committed to provide the diocese with a grant award payable in tranches over a 5 year period to invest in Young Faith initiatives and Citizen Church.

Page 36

continued...

LLANDAFF DIOCESAN BOARD OF FINANCE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

20. MOVEMENT IN FUNDS - continued

Transfers between funds

The following fund transfers have been made in the year

Designated funds

Clergy School	£86,614 has been transferred from the general fund for the next clergy school
School Buildings Fund	£50,000 has been transferred from the general fund in anticipation of future projects on
	schools
St Mary's Briton Ferry	£119,199 has been transferred from the general fund to be used to support Ministry
	Areas
Restricted funds
Parsonage Board	£779,425 has been transferred from the general fund to cover the parsonage board
	costs in the year
Landscapes/Journeys	£257 has been transferred from the general fund due to a small overspend in the year
in Faith

21. RELATED PARTY DISCLOSURES

During the year the following related party transactions took place

Reverend Mary Stallard, Michael Lawley, Michael Komer and Mark Preece are trustees of The Llangasty Retreat House Trust. During the year payments of £13,350 were made to them. The is also an outstanding loan debtor of £163,125.
Roderick Green and Michael Lawley are both trustees of the Representative Body of the Chuch in Wales. During the year there was income of £987,681 and expenditure of £2,569,442. At the year end there is an outstanding debtor balance of £91,759 and an outstanding creditor balance of £657,446.
Reverend Michael Gable is a trustee of the Port Talbot Ministry Area Council. During the year there was income of £194,172 and expenditure of £2,740. At the year end there was an outstanding debtor of £144,360.
Mark Preece is a trustee of the Dean and Chapter of Llandaff Cathedral. During the year there was income of £21,229. At the year end there was an outstanding debtor balance of £15,817.
Anna Cory is a trustee of East Vale Ministry Area. During the year there was income of £84,331 and expenditure of £21,902. There is an outstanding creditor balance of £1,023 at the year end.

Page 37

LLANDAFF DIOCESAN BOARD OF FINANCE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Deposit account interest Curr asset inv income Charitable activities Grants Total incoming resources EXPENDITURE Raising donations and legacies Investment management Charitable activities Stipend fees and pensions Property costs Clergy expenses Training Support for ministry areas Parsonages Property costs - churches Church schools Grants to CIW Grants to others Communication Support costs Support costs Wages Auditors' remuneration Sundries Legal fees General office costs Diocesan conference expenses Diocesan registrar Meetings and other sundry cost Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Carried forward	2024 £ 6,450,838 136,368 88,851 213,278 438,497 199,828 7,089,163 51,438 3,352,092 1,186,723 167,516 80,257 1,340,409 9,776 320,085 952,565 124,287 3,500 81,542 7,618,752 269,819 24,700 1,235 1,089 122,177 7,791 25,200 3,240 455,251 8,125,441 (1,036,278) 120,000 (916,278)	2023 £ 6,649,536 135,809 25,219 211,559
		372,587 148,864
		7,170,987 53,102 3,094,881 1,092,023 145,891 44,389 874,936 29,936 311,264 652,873 1,079,498 10,994 182,128
		7,518,813 227,885 12,000 - 1,775 96,993 7,587 24,000 24,294
		394,534
		7,966,449
		(795,462) - (795,462)

This page does not form part of the statutory financial statements

Page 38

LLANDAFF DIOCESAN BOARD OF FINANCE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£
Realised recognised gains and losses
Brought forward	(916,278)	(795,462)
Realised gains/losses investments	419,228	543,390
Net expenditure	(497,050)	(252,072)

This page does not form part of the statutory financial statements

Page 39