Company R•gistral•on Number: 924585 IEwiand and Wales) Charity Reglstrdtion Numb¢r: 249810 Swansea and Brecon Diocesan Board of Finance Limited (The) Annual Report and Financial Statements For the Year Ended 31 December 2023 Swansea and Brecon Diocesan Board of Finance Limited (The) Contents Pag•s Trust¢es' reyl 1-12 Independent audilorn. Tyort 13-15 Statement of fin•n¢lal *ctlvltl 16-17 Balanc• sh••t 18 Cash Ilow stalem•nt 19 Not•# to th• Ilnancial statements 20-42 Swansea and Brecon Diocesan Board of Finance Llmited (The> Trustees. and Directors. report for the year ended 31 Decefflbei 2023 Secreiary's R?port During 2023 our Diocese restructured Inl0 14 Miqisiry Areas Ipfeviousiy 211 and removed the layers of ParisP.es Benefices and DeanEries lo create 14 legal enlibes wrthin our 2 Archdeaconnes. Swansea and Brecon Diocesan Board ol Finance staff supported Ouf C￿rgy and laily through Ihis iransrtM)n penod. Dy prov￿Ing advce. support. nd guidance hrtinistry Share was apportioned directly lo Ministry Area5 (rather than Deaneries as In previous years) wh￿￿ removed the op￿rtunIty lor Inter-deanery subsidy Together with the full removal ol the Gower precept. this ie5ulled In some Ministry Areas ieceiving large perceniage Increases In share apportionrT*nl, the greatest being the East Radnor MA with a 19% Increase The challenge this presents Is recognvled and communication Is ongoing with the new Minisiry Aiea Trustees io Supl￿ Ihose with Ihe iaf9esl.ncreases Mindful ol Ibe pressures ol esiablishing new relaibonships and co-operative working. the Diocese wefe keen lo encourage good governance and Consliuclive disCuss￿nS over the potent￿4 lor disputes about finances. The Ministry Share Working Group (previously represented by Deanery) was suspendeQ pending formation ol the new Mirnistry Areas These 18ctofs afe evidenl In the lower Colleclion iale In Ministry Shale 0179.5% In 202312022 137 2U/o The Ministry Share Working Group was reconvened in January 2024 with Ministry Are¥ represenialion In aiydition lo its remit for analysis and Pfomobng paymenl ol Minislry Shafe. It has been tasked wrth expbring and sharing ¢1 slewartlship resources In 2022 The RepresentalNe Body announced the cessètion ol Ihe Block Granf fund (which was no longer fil low purp05el and Its review of a new 5UPPOrt fund Partnership Funding Penéing a full analysis ol thè apportitsnmenl ol the fund we received an Initial annual pay￿rtt 01 £400.000 lor 2023 In adQitson the Represenlalive Body announced a 10-year Siructural Resilience Fund of £3 7 mill￿n per year Again. in lieu ol an agreed apportionment. Swansea and Brecon Dmxesan 8oard of Finance received an inilial payn￿￿1 01 £589,926 in 2U2J I he Qisiriouiion IOT Dom funds has suDsequenity reeTI dyle￿I dlKS disliiUutPJTI Luiiirl￿I7u￿U Iii January 2024 Partnership Funding 15 based on the estimated cost L)13 core DBF 51aff with the Cathedral elemtrnl paid éITe¢tly io the Cathedral Irather than via the D￿e$an Board of Financel The Sliuclural Resilience Fund Is shared across Ihe province weighled In relation lo levels ol Deprwalttjn Population. Open Chur¢he5. and Schools In each Di¢xese The Represenlatwe Body also lauTr¢hed Its Church Growih Funa ￿ £100 million. available over 10 years Swansea and Brecon Oiocesan Board ol Finance are toflunate to have been awaideQ one ol the firsl releases ol this fund. £6 4 mi1110n lo be r¢ceivetJ over 10 years Commencirg in January 2023 this fund has been secufed lo strengthen our Ministry Areas by Ibnding Minis;ry Area Aorninistrators a progfam of Clergy SuccessKJn Planning and stalf dire¢tty supporting M.'5sion and Minisiry wilhin Minisiry Afeas. In 2023 we rereivecl £659.332 The Church {iro￿n kuno Is now open 10 applulions from Ind¢vidual CThurche5. Mlni5tiy A¢edS. Cn the 1 5th ol November 2023 we welcomed Mr Jeffrey 8rown a$ Ihe new Chaif of Swansea and Brecon Diocesan Board ol Finance Mr Brown has experEnce and qualif￿110n5 In bolh 5eniDr managernenl, and leadership Including experience ol change rnanagement Mr Brown 5 careei has predominately been wilhFn Ihe Education seclor specifically univefslties. and L5 curwntty undertaking a degree in Theology Mr6 Loul86 Pearson Secretary of ihe Swansea •nd Br•¢on DÉocesan 8oard of Finance Limited Swansea and Brecon Diocesan Board of Finance Limited {The} Trustees. and Directors. report for the year ended 31 December 2023 The Iwstees present their fèport and finar￿￿1 slatew￿llts fow the year enE1ed 31 December 2023 The financwl slatemer)ts have been prepared In accordance wrth the accoun•ing Policies sel out in note 1 to the nancial statements and comply with Ihe Company's governing dccun*nt. the Companies Act 20C6 and "Acctsunlin9 and Reporting by Charrties Stslernent ol Recommended Pi%lice appluble to chall1￿5 pieparing eli accounlb Ill t￿L￿1￿cir1Ce Yiith the Fi￿￿al Reportlvlg Standard applicabk ill the UK and Flepubltc ol IrgL4nd IFRS 1021 ieffeclive l January 20191-. Legal and admini$trati¥e det•ils Th¢ Swansea 8ie¢on Dio¢esen ot Finance Limited i-lhe Company'l wa$ sèt up under the PTOVl8ion8 ol ihe Con5titulion ol Ihe Church In Wales. Chapter IV. and Paragraph 16 The Company was Incorporate¢ as a charity Iirrwled by guaranlee on 13 December 1967. The Charity was iegistere(J with Ctta¥ity Commission on 17 April 1968 an(1 Is exempl from Uniiea Kingdom Income and Corp￿allon tax The governing documenl ot thè Company ts the Mem(Mandum and Art￿leS of AgSOCl8tion The Company ffeels in general meeting ￿ annually. The day-to-day management of the Company Is dele9aled to the Execulive Committee. whw membefs are the Irustees of the tharity and direciors ol the Company lor the purposé ol company Law The Company does not have a share caprtal The Irustee51director5 guaranlee to contnbul¢ to the assets of the Company. such amouril as may be iequired noi exceeding £1 per 9uaranlof The number ol guaranlDrs at 31 December 2023 was 6 Our Purpo8•5 and Aims The purposes of Ihe Charity ar8. To maintain a sustaina￿e and translorming Chiisban mmi$ty a¢ros$ the Diocese. To enable all lo acl justly lo Eove rrwcy and to walk humbly with God. Our activities are Inspi￿rt by a shared Diocesan Vision lo becornrt a l•mlly. rooted In Chrllt comrnilled lo translormlng Ilv•8 by Gatherlng. as God 5 people Growing. more like Jesus Going Out. In the pciwer of the S¢iirt At the heart ol our mtsswi-shaped vtsion is the comrNimenl to see INes Iran51orry*d. this is ltteretore lh¢ lundamental Purpose lo which fvn¢in9 ￿ direcied Thc tFUSlee￿dlrÈ¢Iors are awar¢ that a Éuccwls Ihrough th4 mi%sK)n and ministry of its parlshès, 118 Senior clergy. and Its bishop Through slriving lor the highest slandafds ol financ￿1 management the trusleesldirecrors aim lo create the condilioris in which Ihe m155ion and minBlry ol the diocese can flourish and be rnaximised Obj￿11¥e8 and A¢tlvities for the Publk B¢n•frt In shaping ltte obiecbves lor the year and planning OUT actNI1￿$. the trusleesldirectors have considered the Charity Commissk?n guidance on pubk bene The IrusleesldirectOf5 acknOw￿(b3e the Charity CommissK)n s guidance set out In The Advancemenl ol Religion lor Ihe Public Benelil and have had regard lo Il In ihe admrnistratK)n of the Company. The trustees reler to Ihe guidance In the Charity Commission genwal guidan¢e on pub'￿ benefrt when ￿VIewIng the aims and objectives ol the chaTity and planning future xlivrt Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees. and Dlrectors. report for the year gnqled 31 December 2023 (Continutd The Inisleesldirectois believe thal by promoting. f¥ilrtatsng. and supportbng Ihe work of Ihe Churcx In Wales in the Oi(*ese ot Swansea and Br￿n. It helps io prO￿le ihe whole m15sKJn ofthe Church Ipasioii21, ev¢lngelislic, social and ecumenicall more effectively. both In the Di¢)cese as a vrfhde and in 115 Individijal parishes. and that by doing so Il provides a benefit lo the public by Promoling Christian values. and Serv￿ by mèmbers of Ihe Church In an¢J lo their wmrnunities. lo the benefit ol Individuals and society as a whole. and Providing lacilities lor public worship pastoral care. and spntual. moral, and Intellectual developmenl, boih for Its rnembers and for arty0￿ who w4shes to benefit trom what the Church offers The memorandum ol asKLwtion ol the Company pemits rt lo make grants In pursuance ol ils obpcts. and the nature ol grants made In 2023 i% indi¢aled In nole 6 4 to the financtal stalery*nis R¢vlew ol Achl•vem•nl8 and Perfornian¢• Thc truslaesldirector8 inl•rpro: th•ir rcl• broadty. ¢ontribubng lo Ihe 6trat•9￿ 1oad&iAhip nl th• fJirJrth$4, balancing carelul stewardship with a nexible arKJ proactive approath I ne main acDvilies are.. The maTh•jer￿1 of d￿San funds In the SUPFQrt of clergy, parBhes. and Iheii comrwnrties Secuiing and providing ihe fina￿t the deveWTh*nt and InWernentstvJn of Ihe Diocasan VisKin lo encourage mission and church growth slrateg*s ConiribubrvJ 10 th• n*t￿rIal work 01 th• Chufch In Wales Secufing fijnos In surport ofwider Dttesan and ￿￿rtfvide Miss+cn For 2023, the main objectives were To sustain and grow Diocesan nwnisty ty managing actNibes to achseve lon9 term financial sta￿￿ty and sustwnability To SUp￿rt Ihe formation aThJ licensing of min￿lry Afea$ Training and Support ol ordai￿ arKI Lay Minislr To provide sUPPOrt and advKe lor Parishes lo assist In their transiti￿ lo Minislry Areas. TD continue lo support a Diocesan MisS￿n fund to provide luncling lo.. Miss￿n projects whbch aim io reflecl tne DK)cesan vis￿1 Including assistance lo miligale the Impact of the osl of living crisis and Ihe develLwment and gro*lh of the Dwesan Resource Church. Monitoring Aehlevèments Susfaininy Dioc•san minlstry by m•intaininq finanelal st•bllfty.' The trvsleesldirectors continue lo monilow 11)come and experdilure levels closely to en5UTe loig lefm financia stability and suslainability and remain particvL4rly mindful ol chal*rges taced ty MinElryAreas The Imp&t of the COVltk19 pandem¢ has receQed in lerms ol Ihe d11ect Impact rt has on actNIlEs tr￿Ver the legw renwins evidenl In changed aNiludes to partaking In publ￿ gatheiings and re(Juced chufch attendar￿* ￿lIe the cos:"s of Minisiry reqvesled in the forn) ol Ministry Share remained consistent prevK>U5 years. Ine aDlllty of Ministy Areas io generate funding In SOr￿e cases remains redoced The IrusleesldirectNs are grateful for the financrdl sJppon from the Representative Bo(ty ol the Church Jn Wales IRBCIWI whth piovided addrth)nal lunding In the lofm ol Structur4 ResilEnce Gran15 01 £598.926 12022. £264 0001 and Church Growlh Grants of £659.332 12022. £nill lo help wEet costs of Ihe Oictese In the year In the longei term the trustees are aware that the Charity and the Dtoeese must seek to achieve financial sustainatmlity The R8CIW have indicated thal the StrJcttsral Resilience Fund will close in 2032 and U)at the Church Growth Fund availability will be Iimile¢ 10 ren years The I￿enSIfig ol Ministry Areas during 2023 Is intended lo enable clergy and13y volupleer5 to on missN)n and growirng their churches Iof and assist with the financial viabilty ol providipg Ministry In the Dwe5e The Church Growth Funding has been applied lo support Ministry Areas by aiding su¢¢ession planning through early recrutmenl ar3d placing of clencs In Ministry Areas funtting Ihe Cliildieri Yuulli diid Families Min151ry the prov15ion ol adrnini$tTthve support In the foim of èmployod Mirs¢stry Ale8 Administrator$ Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees. and Directors, report for the year ended 31 December 2023 (Continued Supporting the liténslng of Ministry Areas.- Ministry Areas were I￿enSed across the whole Diocese during 2023. The tTUst8e￿dIre¢toiS 61¢ commitled to pioviding SUPPCWt to Minrstry Areas through the recruitmenl and funding of Ministry AJea Adminstralors to work wrth Ministry Areas and the allrLalion ol key persrnnel to facilitate Ihe licensing and Iransrbon prccess Training and Support ol Ord•lned and L•y Ministn"es.- In collaboraiion with St Padarn's. the IrusteesldiTeclofS are pleased lo be able to ￿ntin￿e to support and tra￿ candidates for sliperKl*ary and non- $tipendiary ministry. alongside a pro9ramffe ol lay minisierial Ifaining For 2023 ordained FThnislries the￿ was one ordained slipendiary Deacon and 2 tydainea slipendwry Prie51s One ordinanrj St Padarn's lo te ordameij as a Deacon and 5 new ordinands enrolw ￿ the college OTre is training lor slipen¢iary ministry and lour f¢r non-slipendiary minstry To provide advice •nd support ft)r Mlnlstry Areas in all •sp•cts dl thelr •ctlvltl•s.. The Irusleesldireclors conlinLJe lo endorse the ongoing provision of practKal and Iinarcial SUPFM)rt to Ministry Areas across the DK)cese Ihiough the provision ol advice arsd support ir, managing ap.d Tr.ainlaining buildings, ac¢e5s lo grant tunding and the availability 013 ne￿Ork of support staff In key areas To continue to support • Dlo¢es•n Mission Fund to provide lundlng for projects which alm ro r•fl•¢t the Dlocesan Vlslon.. The tnJ51eesldireclors again budgeted a signrficanl lund for miSs￿n propcls and were pleased lo award grants lo Ihe value 01 £79,75512022 £52.2221 Financial Revltw Al the year end tne financial Statements iewrt an Increase In the value oflolal net assets of 10.OOA10£6.704.851 12Q22. £O.095.7291 The principal airn ol the Company Is to genefale SUff￿ent Incoff* to fttnd rts athrties, predoMin￿lIY the supporl ol Ministry wilhin Ihe Diocese which xcounled loi approximalely 63 6% 12022. 73 1%) of unreslricled eX￿ndItUre for 2023. Incom• The Company's maiof Income sources and receipts increased wilh higher Minislry Share fl5ing and new funding available from the RBCIW Total Inconing resour¢es oi i4 +iV2 Yyb" IIU22 LJ.t*lU LIJOI Incluaea tk.002.768 12022 £2.321,2051 collectatye ministry stsiE. £400.fX)0 12022 £387.4751 in Ihe form ol the RBCIW annual Partnership Funding. £59B.926 12022 £264.cooI Re511*nce Fund gtants fvoiTi 117e RBCIW. £859,332 12022.. £Nill Church Growth funding Iram the RBCIW and Inveslrneni Income ol £156, 10612022 £139 7501 Exp•nditur• Total rgsourt•s expende¢ were £4.266,78212022' £3.591,4921. Support lof minislry continues lo tje Ihe major area ol exFendilure Icr the Company wilh loial costs 01 £2.818 195 12022 £2.699 2861 After re￿￿vir￿j cos15 related to uncoiiected Ministry Shale and Parsonage 8oar¢Y expenditure. support lor ￿1n￿try costs 01 £1.995.76912022. £1.7￿.748} showeo a 1 OQ/o increase In comparison with 2022 only part ol which reflects the awardtng ol a 5% Increase In sbpends lor 2023 The driver in Ihe increase In cos15 wa5 CoM￿ncerneD1 ol a suttessK>n planning initolive lund ed by the RBCIWS Church Growth lund which enabled clergy to te recruiled In a(IvarKe ot retirements .'n Ministry Areas At the year end the full Iirne Clergy headcounl In the Diocese had Increased by fvdo compared to the prev￿u5 year The cost ol maintaining Parsonage Board properties fell 10 £475.75512022" £626.2281 reflecting chan9e In ptslicy whereby the cosls of major reno¥ation projects are lunded from the D#xes¥n Improvemènt Fund held and administered by thp RRf.Iw Costs related to unctsllecled Minislry Share rose lo £431.94412022 £292.2271, the Increase being at least parttslly attributabk lo the endiThJ In 2023 of the finanaal support for Mintstry Areas lo assisi In meeting Ministry Share cosls Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees. and Directors. report for the year ended 31 December 2023 {Continued) Support lor Parishes expendilure of £701.647 12022 £468,470) Increased 51gnIf￿anIlY as a nurnbw of new Iniliatives were Implemenled Rural Lile Ministry costs ol El 7 46U 12UL2 170.6421 Increased as the bisnop"s Officer lor RuTal Life role was In role throughout ihe year. Social Responsibility support costs Increased with appointr*nl of a Bishop's Offrer fcK Faith In Familts dunng the year The introduction and fundiTrg of Proied Touchline for Church Schools Increased Statuiory Edu¢alK)n costs Evangeltsm and Outreach costs £40 798 12022 £29.6001 increased as the ieskL)nsibililies of Bishop's Officer lor Ihis sector were Iiansleired lo a newty created Direcior ol Mission rok Children Youth and Family Ministry costs £155.72112022" £132.9871 Increased as the contracted hours for one Officer were Increased at the start 012023 Ministry Area Development Support costs Increased with eight Ministry Area Adminisfralors and one Ministry Area Adminislralor bèiro recruiied and In post al irye year end Addilion31ty the Archdeacon with Responsibility loi Min15try Area5 was In rok lor the lull year having been appoinleij In November 2022 The cosls ol employment and sbpends for Ministry Are3 DeveSopmenl Support were fundeQ from Ihe RBCIWChurch Growth Fund Brecon Diocesan Centre costs were highei al £64.370 12022 £34 0761 tjue to the co¥ts invdved in renting and WTK)ving lo new offte r¥emises during the year Church property costs rtreased lo £122.36912022 £61.7821 wilh Ihe apwnln*nt of a Dic￿San Churches Inspector In the year Other hnancial SUPPDrt cosls inuease(J In 2023 to £541.537 12022 £288,351) A lull bieakclown ot Financial Support Is provided In note 6 4 A new reciw'ent was the Oiocesan Re$oui¢e Church Grants 01 £123.959 weie awarded to the Church and this was Paflly funded with £22 000 from the Svrfansea and Brecon Diocesan Trust Eastmoor Fund and £30.000 from the Designated Regeneration Fund A large nuniber ol appIl￿tionS lor grants lo assist Churches In meeiin9 C05t of living challenges In their communilies were received aryd a lolal ol £106.20212022 £ 15.5251 was awarded In the year miss￿￿ Fund Increased to £79,75512022 £52,222) Support Costs- Management and Adminlslfatlon Total management and administralron support costs Isee note 6 61 increased by 22% 10 £435.754 12022". £356.3771 The rise m salafies and associaled c051S resulted from"step- Increasès awarded to renecl IfKiease experience In the ro￿. a geneial salary Inuease that was awardecl lo all staff an¢J an Increase ln working hours lor some existing staff Staff and office cosis Increased In 2023 lolbowip.g the cornpietion ol esseniial repair and Improvemenl work al the Diocesan Centre In 2023 antj an allocation of costs for the Dhxesarn Centenary oncert Support ¢osls are alkncaled xross the slaiement of fina￿￿1 aclNthes I￿adIr￿S as s￿)W￿ in noie 6.6. Do•lgnated Fund* Designated Repair Fund An uniestrided designated repair lurKI of £200.000 was e5tsblished In 2015 lo provide ¥ hjnd lo n*et the costs ol renovating and repairing the DicKesan Cenlre buil¢ing ar.d Ihe lemporary relocaiioty o15iaff k1uring the periotj ol renovations In 2019 £53.￿9 wa5 allocated from Ihis fund Charges of £9 499 weie rnade againsl the fvnd in 2023 and, with thè provision ol office latililipg arr3napd Inr lh• mp(Iiiim ip.rm. the tiuslees approved the Iransler remaining balance al the year end to unrestncied ieseryes Regeneralion Fund The Regeneration Fund was èstablisheo In 2021 to assist Ministry Areas in recovery. reconstruct￿. an¢y regeneration subsequent to thÈ lifting ol COVID 19 ￿$￿.¢tIOnS on activitie5 £30.000 was charged agansl the Fund In 2Q23 to support the Diocesan Resour￿ Church It Is expectett that the Fvnd will be used lo continlse io SUPPON Resource Churcn aclivitses. min￿lry Shale Assistance The hrtinislry Share As￿stanCe Fund was e51aNtshed to assist Benefices and Ministry Areas In nwlirbg their annu81 Minislry Share allocations wk*re unfofeseen circumstances Impacted on their ability to pay. £27.761 W35 distnbuted from the Ftjnd In Ihe form ol Minisiry Share Assistance Grants Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees, and Directors. report for the year ended 31 December 2023 {Continued) R￿tricted Fund5 Parsonag0 The restneied Income ftjnd relating to Ihe aciivii*S ol Ihe Pawnage 8oard has a surr4us balance of £23.328 al the year-end12022 surplus £68 6421 Ttte tola CDsls funded from the reslflcted Parsonage Income fund lor renovations. repair5 and maintenance. a#ministration and interest Charges on the outstanding Impiovement Fund balance was £475.75512022 £626.2281 A¢kJilional lunding of £682.90112022. £47.4491 was drawn down from the Dic(esan lrnprovemenl Fund held by the RBCIWlo lurthj long-tefm renovatKJn works in de5vJnaied key woperties that became vacanl due to derul lumover. Net Income Nel unrestricted income after Ifansfeis belween hjnds and b*f¢ye 9ain81llossesl on investmènts shows a surplu5 01 £621,431 12022 surplus £8.1891. The Company doe$ not plan or budgei wilh the Inlention of reFtsting s*jnIf￿anl def￿118 or surpluses The Company notes that the reported IrKrease In nel assets lor the yèaf 01 £609. 122 Indudes £1.258,258 financial support provided by Ihe RBCIW In the torms of Re511ience and Chufch Gr￿￿h Funding and lolal realised and unrealised gains on Inveslmenls of E272.908 11 the RBCIW I￿nding and Investrnénl gains are remove(J from Ihe re5u115, Ihe Conwany accounls would sh¢)w a deliol of £922.044 lor Ihe year Ctturch Growlh Funding Is provkled by the RBCIWquarterty In adv8nce to help A￿t the costs ol specificagroed projects involving rninislry area &JmInistral￿n. church growlh and suC￿Ssion planning. At 31, De￿rnber the Company had received funding Church Gr￿￿¥th Funding 01 £659.332 and Incurred project costs qualifying lor funaing vf £) l 7.001 Inv•itm•nt• Total nel realised and unrealise¢J gains on InveS1￿nIS during the year were £272,90812022 kjss £659,117 02) was challenging lor most of tne year for ylutr%bl fin#riLS&ll lu t1￿ ¥v¢i(iiiuiiiy viib¢ildjiilies about the Impacl ol high Inflation. Increase5 In Interesi raies and Ihe e¢￿orniC fallout from Russia's invasion ol Ukraine. however markeis did rally signif.￿n1¢Y In Ihe final Ouaner The trusleesldireclof5 are satisfied ihat the inve51rnenls continue to ￿ Managed Pfuoenlly and In IIDe wilt) pararneiers sel by the Inveslmenl Sub- Committee bul remain aware of the risk ol lurther market volalility In the short lo wlium iem) lulure Overall, the fynancial posiion of The Dic¢8se on 3111 December 2023 15 consldeted to be sallslactory In¥o#tm•nt Poll¢y and P•rformanc• The Execulwe Commrtlee. whi15t reiaining overall iespoThsibility l(K Ihe company's Investments. has devolved the management ol the Inve51rnentS 10 Ihe Investment Sutrcommitteè In conjunction with the Company's appointed Investment Managers, BrewiTr Dolphin Limrted. The ExeGuDve Commiltee has 51ipuk',ed that Invesfftnls are Imrted lo ffedium nsk assets, within paiamele15 Sel by the Irivestment Sub-CorrKnrttee. whblsl generating a tsrgel ￿ve1 of lundiThJ The InveStn￿ntS ale macje In full a￿[dance vnth the Ethical Invesimenl Polw adopted by the RBCIW namety Ihal no inveslmenls would be marje n any Company derwing rnre than 5% of ts twrThier fv(xn the productson cy the extraction offossil fveLs. The currenl inveslmenl policy per￿ts distributK7n of a p￿￿rtIOn of wofil from caprtal gains lo ¢onlribule towards the target cash (jislrlbuli￿ of 3¢h ol the ptyttolio value al Ihe tonrnncemenl of each hnanoal year Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees. and Directors. report for the year ended 31 0e¢ember 2023 (Continued) COVID.19 1115 ie¢ognised that ￿ kgacy ofthe COVID-19 pandemic coftlinues to irrpact on Company and related ci"oces3n organisatsons and to both rrI￿lIor arm# MIt￿Jate ihe long-terrn finarKwl Impacl the Company" _ Has wepare(I budgets lor 2024 that reflect the ono)ing cknallenges In ￿ collectKJn ol Ministry Share. Is moniioring the Irro￿t on reserves ol the reductwjn ol ftel assets Has advised the C¢)mpanys Investment Managers Ihai a drawfjown ol fvnds from the Company's Inveslmenl p¢yfftAio may be required in the short to mEdium term and Identified the bas￿ on whth any CIr£￿doWn ol lunds be n￿￿1 wthoul causing undue djsruplion to t￿* T￿* prnfiw. ol thp Cxjmpany's investment portlolio R8CIW F￿ndIng The RBCIW provided financial support lo lle Company In Ihe fcffii of a number of grants d￿rIng the yeai for wh,Gh thè dirèctnrs woiild like ¢0 r•¢ord their appreciation. Partnership Funding t400.OCQ 12022. £387.4751 lor Ihe purposes ol as51gling with the cosls ol key personn81 an(J aciivitrs Slruciural Resil*nce Funding £598 926 12022 £264.C(101 for the purposes ol supporting Diocesan aclivitjes It Is cuirenily advised that Ihis lun¢J will close In June 2032. Church Growlh Fundiro £659.332 12022. £nill lo help fund IniliaiNes specifKalty targeted al growing Churches and Ministry. Church Ins￿¢101 Conlribulion Funding £22.500 12022 £nill To reflect services prov￿ed by Cl'ocesan Church Inspectors lo RBCIW propety team. Res•pi•• Policy The reserves poli¢y ￿¥ViTe$ lunds equivalent lo ai bast g r￿nthS of opeiatiryJ èxpenditure should tre held as rc¥+¢rve At 31 December 2023. the balance held m unre$1r￿ied lunds was £5.235,233 representing the equivalent 011 S rnonlhs operaiirto expenditure * 2023 levels. The trustees a￿ aware th•t the curyenl Icvcl ol ￿SerVeS remains m•twially >bovg lh• r•s•Fv95 wjicy A$ Jn 2022 th4 moverrenls In rèserves diiiino th8 y&Ar WftfP. the result o,. evenls beyond Ihe Imrnedwte conlrol ol the tmslees namely the Financial support provided by t4e RBCIW and the Increase In the value of Inveslments thoul the benehi of the financial support provided by Ihe RBCIW Ihe net defi¢it movemenl ol unrestricleo funds would be £922.044 for the year The Irustees expect the Iinancial condilws Ip be challenging In the shon lo me#ium lerm future and are Ihe'.elore comfortable with the cvffeni kvel of reseives as rt Is expected they will De require¢J lo finance nei spending irtr 2024 Pl•n8 for the Futur• For 2024. the main otfclNes we.. To suslain Dirtesan Ministry by slnving lor financial stabilty and sew-sustsinabilrty To acttvely suppoil the lian￿lIon io Min15try Areas To provide a programme of iiaining and suppon ot Ordained and Lay Ministries To provide support advice Ministry Afeas in all aspects of ltreiT aclivilies To continve 10 monitoi the allccalion of Ministry Share apportionment lo ensure It 15 equitable and considefs Ihe requirements ol all stakeholdeis. To continue to support a DK)cesan Mission fund to Pfovioe fvn1y￿g for mtssion projects which aim to reflect the Diocesan Vis￿n. To establish a strategy for evafvJelism and outreach for the whole DKicese Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees, and Dlre¢lors' report for the year ended 31 December 2023 {Continued) Stru¢lur•, Governance and Managom•nt M•mbgrship- Cornp05rfion Members of the Company are appointed lor a three-yeai lefm. a￿1 there are four calegores of membeiship as sel out Iri the ME￿oran￿LIM and art￿leS ol assoualion ex Off￿[0 members. which Indude the Bishop ol the Diocese. senior clergy, and Dic¢esan oth'cers. up lo len members nominole(l tsy the 815hop ol the Diocese up lo tèn mèmbors co-opted by the Company ted memb(*rs- one cleric and ky mÈmbÈrs dected by each ￿e8 Deanery Conlerence Execuliv• Commrtl•• The ¢Jay-lo-rtay management of the Ctsmpany has been de￿galed to Ihe Execulwe Comm+ttee The Execulive Committee s*all nol exceed 15 FT*mbers Every effoii IS made lo ensure that those elecled tD se￿e have skills and 4xp•ri•nc• appror)riaie lo the nèèds and respons.bl1￿eS of tl* Comff¥tle•. Oth•r Committe The cons111ulion ol Ihe Church In Wales stales that there shall be esiabltshed In each Di(tese. a Parsonage 8oarcl and a Churches and Pastoral Committee The Execulive Comnittee has established principal sub. ¢ommittees. Including the Ass%slance Committee. Inveslment Committeè, Funding CommiNee, and a Widows. Orphans and Oependants Committee Membe15 of committees are appointed for a three-year term Parnon4ge Board The Parsonage 808rd has respoftybilty for the managemenl ol dKxes3n par5vn3ge$, their upkeep and repair, nd lor buying and selling houses as dppropriate The am ol ihe Parsonage Boaid ts to provi¢Je adequate and cornlortablè accommodation for clerKs in the D￿se Church•s Ind Pa•t¢xal Commlttg• The Committee is re5pon5ible lor ping ehureh t￿IldIn0$ iinrtpr r•vipw In rp.IAlx)r to pas1￿al need and lo advise thè 8ishoD and Dwesan Conference accorrjinqly Adv15Ing on grants arbd loans for maintainino church prOp￿Y 3n¢ adminislering U)e Dhxesan Chuiches Gwanl Fund The adminislralK)n ol the schemè lof Inspection of churches and hal Overseeing the process reouired tjeclaring a church redurdanl. Assistance C¢mmlil•• The Assisiance Committee was ck)se(I during Ihe year and Ils role and ￿PonsIbl111￿S were amalgamated Into the Min151ry Share worxing Group. There remaln5 a lund 15 Sel Iv 4•>>f•l M¥rii>tsy Alva> Ilidl ale faiii)g financial difhcullie5 Applicat*M can ￿ mth lor help with paying the Ministry Share andlor church Insurance pren)iums Inv•8tm•nt Commltt•¢ The Committee Is reSpOn￿ble lor setting and re¥iewing the strategy lor Ihe Company s Inveslrrents. antt lor monilor>ng the perfoirnance of the 8oartJ's ponlolK) The Commiltee acts for Ine Di¢xesan Trusl and the Cathedral Cnow EndOwn￿nI a5 well as the Oio¢esan Board ol Finance. Fundlng Committèès The fvndin9 Committee is responsible for ¢￿SIdering and awarding Thltemal grants in ￿spoct of Parksh, 8ene,Ke oi Ministry Area projects. and NovpJino and gu￿ants. as necessary. Swansea and Brecon Diocesan Board of Finance Limited (The) Trusiees, and Directors. report for the year ended 31 DeLeiriber 2023 Icontirbutd) Widows. 0￿h4n$ and Dèpendants Comrnittee The W(IDWS Orpnans and Dependaftts Commrtlee Is funded by wsonal Oonath)ns from Ihose who, In gratitude loi the dedicated service gwen by clerts. wish lo make sufe Ihal no clef9y wJdt)w or dewndanl should find Ihemselves In financial need The Cornmittee Is also able lo offer assistance In particular circumstances, and Il is a sincere intention that no clergy widow. wdower depeThJanl or orphan should find Ihemselves in any stlualion of financial need Induction and Trainlng ol Trustees The Charity commiss￿ guidanee has been adopled as a training resource loi all Iruslees an¢J is a Standard agenda item Induction lor new trusiees is currently on an Infom￿1 ba51s. Trusiees are also encouiageo lo attend appropriate Icaining semnar3 ol which rJetasl$ 8re )rcubted. Risk Manag•rn¢nl The Company has a risk managen*nt system to Kjenlify and assess sign51icanl risks and lo pul In place èpproprwle mitlgatsng Pfocedures The Oi¢xèsan Audit Cornmitteè ¢s chargeo with reviewing the effecliveness and robusin05s of these systems and reporting the￿0￿ to the Execulwe Committee Apart from the irnpacl ol general economic condilions. the principal n5ks to which Ihe Company 1$ exposed are the collection ol Ministry Share required 10 fund lh8 cost$ ol mivislry in the Dictsse and the eflect of ¢nanges In equity piKes and inltrrest rates The risk of any non-Col*d￿ffj of ministry Share ts regularly considered by the Execuknve Committee and Is Inclu¢Jed on the risk registef A provision for do(Ibiful debts has been made 8nd Is Included in Ihe financial sialemenis Inveslmenl pertormance Iisk Is managed Dy c￿Se nTrJniioring ol Invesimersi perloimance LIquKlIty risk Is milgaled Ihrough the maintenance of appropfiale levels of bank and smort-term deposits Pay policy for ts•nlof staff The Iruslees consider that the senior managon*nl team ￿mplISe the key mana9emenl personnel ofihe charity in charpe of Jiiecling and conlrollir¥J. iunning. and operating the Board on a day-to-day ba51S. The ￿mUneration of Ihe key manaqerr*nt personnel ts sei In line with the Dpxesan Pay and Grad￿9 Structure The key mana9emenl personnel ol the Company are the Dic¢esan Secfèt8ry and Ihe Finance 01f￿eT K•y perfomiance indlcators Tts Irusieesldireclors wnJider Ihe key perf¢rmanee Indtotor= 10 ￿ the p3fiEh sharg eelloelion. n•t incomin9iioulgoingl resources Icrf Ihe financial yeai the level ol Un￿sIrtCte# re5eTve5 hekl. and the number ol clergEs In ￿st wrthin the Diocese 2023 2022 Minislry Share ColleclKJn 79.5% 872% Nel income lor the yeai on unresirtled lunds tef0￿ gainsJk)sses on investmenls and èftef transfer5 befv4een lunds 621.431 8, 189 Value ol genera Un￿StrICted resewves S.235,233 4.391.026 Clergy positionj: Slipendiary Non-slipendiary House lor duty S2 17 50 17 Swansea and Brecon Diocesan Board of Finance Limited (The> Trustees, and Dlrectors, report for the year ended 31 December 2023 {Continued} Reference and administrative details The lull ol the Coffpany 15 Swansea arKJ Bre￿n Ehc¢esan Board ol Fffta￿e tsmrted The Swansea ano Brec￿] Dh?cew Board of Financ4 Limrte(I Ilhe Coryanyl ￿ a m￿ll-face1ed Structu￿ 11 ts.. A registèod charity INO 2498101 A company Iirnited by guarantee (No (M}924￿51 A Board ol Fjnanee estaNisW undw thè ConstrtLbtf>n of the Church In Wales Oetails of Ihe Iruslees and directois ltrusieesldweclorsl who seThe¢ ¢uring the ygaT, seuetsry, regisiered office. reglstered auditors. pn¥Kipal Dankers. and stockbrokefs a￿ sel OL'I beb)w Boanl ol Trust•oslDlrector4 JeNtey Brown lappoinled 15 November 20231 The Veneiaole Jonalhan Byron Davies The Venerable Alan Neil Jevons Sonia Jones Ireswned 28" February 20231 Gwynfor Lewis. FCA The Right Reverend Jobn OerrKk Percy L¢)mas The Very Revewend Albert Pavl Sha¢ker*y ConsullJnt5 The Von Allred James Randclph Thomas Company S•cr•tary Louis• Ann• Pèafsc R•giSt•red Offic• Oiccesan Cenlfe. Calhedral Cb5e. Brecon, Powys, LD3 90P Indep•nd•nt Audltorn 2ets Audit Services. Ty Derw. Lime Tree Court. Cardiff Gale Business Park. Car¢Jrtf. CF23 BAB Princlpal Banker5 HS8C, Portlano Slreel Branch. Swansea, SA130F. InV￿lM•fit Man•g•rn R8C Brewin Dolphin Limited, 2nd Flcoi. 5 CalLighan Square. Caraiff. CF10 $8T. 10 Swansea and Brecon Diocesan Board of Finance Limited (The) Trustees, and Dlrectors. report for the year ended 31 December 2023 (Continued) Staternent of Trusl¢es' respon$ibillties In r•spect ol the Annual Report and the financial $tatément6 The Iruslees, who are also the direc￿r$ of Swansea and 8recon Oiocesan Board ol Finance Limited IThel lor Ihe purpose of company law. are responsible lor prepanng the Trustèes. Re￿)rt and Ihe Iinancial statements In accordance wilh aopli¢able Law and Uniled Kingdom ACC￿ntIr0 Siandar¢Js (United Kingdom Generally Accepted Accounting Practicel Company Law requires Ihe Iru5tees to pfepare financial statements lor each financial year wh￿h give a Irue nd lair view ol Ihe stale of affairs of the chaTIty and of the Incoming res0￿re@S and application of resnurces. Includino thè income and expendiltsre ol the chaiiiable comoany for that year In prepanT)g these Iinancial 5taternents the tfuslees are requifed to. select suilable accounting py)licies and then apply ttrem con51Stenlly observe the methods and piinciples In the Charilies SORP make iudgemenis and estimaies thal are reasonable and Pfudent, and PTeoafe the financ￿1 Statements on the g(yng concern basis ynless Il IS ￿appropriate lo presume that the eharity will continue In Operat￿n. The Irustee3 8re responsiblc for keeping adequate accounting rgcords Ihal disclose ￿th fea50vable accuracy al any time Ihe finarcial position ol the charity and enafie them lo ensure Ihai the financial slalement5 compty with the Companies Act 20Q￿ They ale also responsible for safeguarding the assels of the charity and hence lor taking reasgnable steps lor the prevent￿ aThJ detecbon of fraLKI and other irfegularilies. By order of th• 8oard of Trusieè8 41 wn Trusi•e Date: 28" May 2024 C* O 5 a Swansea and Brecon Diocesan Board of Finance Limited (The) Balance sheet as at 31 December 2023 Note 2023 2022 Fixed Assets Investl￿nIS Long Term Loans 5,1B6,979 335.000 5,521,979 4,932,415 335 000 5.26741S 10 Current A5$ets Debtors due wlhin one year Cash al bank and trn hand Tol•l euff•nt ass•ls B28.894 1202 573 2.031.467 5&3,439 1.081 153 1.634 $92 12 Liabilltl•8 Creditor5 lalling due within one year Net ¢urrnnt assets 13 1513.5951_ 1 517 872 471.278 1.163314 Total ass¢ts1gs5 current liabillti•s Creditors falling due after mre than one ye Not assets 7.039,851 (335,000)_ 6 704 8S1 6 430 729 335.000 6.095 729 14 The lund* ol th• ¢harlty Unrestricled Funds De$i9naled Fund5 Total unr•8trict•d funds 15 15 5,23S,233 115,806 5.351039 4,39102S 319998 4711024 Re8tri¢t•d funds Restriclets Inconie Funds (Parsonage Mainienance Fund and Church Mainienance Funds) Le9acy and Benelactions Account and Trust Funds IReJlricled Capital Ctydowment fund¥l Totsl reslricied funds 15 116,553 198 578 15 1 237 269 1,353,812 1 186.127 T•t•l Chority fund• 6 704 861 6 006 729 The company is entitled to the exemplKJn from the audil requirement conlain&J bn section 477 of the Companies Act 2006. for the year endeo 31X Decembei 2023. allhough an audjl ha5 been carried oul under section 144 01 Ihe Charities Acl 2011 The directors acknowledge Iheif ￿spOnsibl11118S for ccrfnptying wilh the requirements ofthe Companies Acl 2006 wilh respeci 10 accovnling record5 and the PTeparatron ol Iinancial statements The m?mbers hove noi requircd the company io obtain an audit of ifg financial stalemenls undw Ih requirements of the Companie5 Aet 2006. tor the year in qUes￿n in accordance wrth sectson 476 These Iin8nck41 slaternents have been pfepared in xcordance wrth the provisions applicable io companies suDieci io ihe smaii companies regirne. The Iinpnc￿I statements were approved by Ihe TfLl$tees on 2W May 2024 J•ff r Chai own Date: 28" May 2024 17 Swansea and Brecon Diocesan Board of Finance Limited {The) Cash flow slatement for the year ended 31 December 2023 2023 2022 Nel cash outtlow5 from operating activities (29.286). 329.063 N*1 ¢a$h flows ynerat•d from Invg$tSng •Ctiviti Dividend and Interest from Inveslmenls Purchase ol investments Proceèds from salÈ of Investments Investment Managemeni Fees Nei decrease in cash balance5 he￿ by Investn*nt Managers N•1 ¢••h g•n•fat•d by In¥•$ting acti¥itlè* 156.106 11,364.565) 1.240.071 123.7441 142,838 139,750 1735.7171 761 122 119.4751 17.122 162 802 Cash Ilow from financlng activitles Repaymevls of loans recelvable Fi?paymentJ of 108n$ rep8yable Net ¢a5h provldod byl Iu8ed In} g•n•rated by financlng activities Change in cash and cash •quivalents In thè year Cash and Cash •qubval•nts al the beglnnlng ol th• r•portlng perlod 121,420 1186,2811 1081,153 1.247.414 Cash and 9qulv*l•nii ai the end ol the reportlng perlod 1 202 573 1 081 153 R•conclllatlon of n•t In¢om• lo net cash Ilow gener•ted Irom operating a¢tlvltl•s Net in¢¢mell•xp•ndbtuiel for th• r•portlng perlod las p•r $lalement ol flnan¢i•l a¢tlvitl•sl Ilncreasel In (Jeblor$ IncreasellDe¢reasel In credilois IGain5llLosses on Investments Dividends and Inlwest from Inveslrnents Investment management fees N•t cash inflowslloutllowsl qen•r*t•d from ¢p•rJtin9 actlvttlos 609,122 1275.45$) 42.317 1272,9081 1156.1061 23.744 29.286 1640 5791 1188,8051 1311.5211 659.117 1139,7501 329 063 18 Swansea and Brecon Diocesan Board of Finance Limited (The) Nole$ to the financial ststements for the year ended 31 December 2023 Prlnclpal accounting policles Charity Information Swansea and 8recon DiKesall Board of Financè Limited s a private company lirniled by guaranlee incorporated in England In Wale5 The registered office is The Dioce$3n Cenlre. Calhedral Close. Brecon Powys. Wales. LD3 9DP TThe princtpal accounting ￿l¢le5 adopleLf, judgeryEnts and key Sour￿ of eslimalion uncertainty in the preparat￿)n ol the financial stslerrent5 are as follows a) Aceounling C￿Vent￿n The financial Slate￿￿￿ts have bÈen prepared In accofoance wrth the charity s govefning document the Companies Acl 2006 and "Acc¢xJntin9 and Reporting by Chaflt*s Statement ol Recommended Praclice applicable lo charities prepènng their accounts In accordance with Ihe Financial Reporting Slandard applicatsle .n the UK gn¢ Rcpublic of Ireland IFRS 1021 ieffeclivg 1 January ?0191' The charity 14 a publ￿ 8•n•lil Enlity as delined by FRS 102 The financial staten*nis have been prepared unJJer the histC￿c8l cost convention With the exception ol Investments. which are Included at markel value The ￿Map31 xcourtling WKies adopted are sel oul below bl Preparation ol the linancBI stalements on a going ￿￿ern basis After making approprialè enqu￿0$. Ihe Iru$lees are ol ihe view ihal Ine charity $ a going concern Income recoqnitson pOl￿￿S Items of In¢ome are recognised Included In the financial slalements when all Ihe foll￿1ng Cl￿ter￿ are mel Ine Company ha¥ efl1llleii￿1II Iv any perforrnance condit￿nS altached to Ihe ilems of inco￿* have tttn mel Of afe lully wilhin the conirol ol the Company there Is su11￿le￿I certainty that receipt of the income Is cons41ered probable. and the amount can be rr*asured relBbly For legacies. entitlement Is taken as the earl￿1 of Ihe date on which the Company is aware that probate has been granled. the eslale has been Iinalised and notifical￿n ha5 been made by the execulorl51 lo the chanty Ihal drslributitin will be made, or when a distribut￿ Is received from the eslaie Recept ol a È9acy, in whc4e N in par( Is onty conskJ•red probab￿ when Ihe arrrfjunl can be measured reliably. aThl Ihe Company ha5 been nobfied ol the eyeculor'5 Intenlion to make a dislnbubon ￿Ere legacies have been notified lo Ihe Company. or Ihe Company is aware olthe grènbng ol KKobale and the cnteria for [￿￿jnIt￿ have not t￿en then the leg3cy Is a trealed as a contingent asset and disdosed Il mèlenal 19 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 20231continued) dl Blcck Grant A blc¢k grant Is provided to Ihe Company by the RBCIW. This arranger￿ent has applied since 2008 and expeclett to apply for subsequent year5 The provision of a bl¢xk 9ranl has ¢nabled Certain additional outgoings by the Company 10 be financed The blc¢k grant ts crediie£11o the Slal8rn8nt ol Financial ActiVrt￿s In the year to whieh It relates. Donatèd services and faolrt 0<￿81ed servicÈs or lacilrt￿s are fecognised as Incorre when tt* Company has ¢cmtrd Ovèr the rtem. any Conditions associated wrth ltr* donated iiem ha¥e been n*t. the receipt of oconoTThC Wefil trom the use by the charity ol the Item Is probable and t￿31 Èeenomic benefil can be rT*asufÈd rèliab￿ On recèipt. donated services and facilit￿S are fecogT115ed on the tiasis ol the value ofme gift lo Ihe Company wh￿h is the amount Ihe Company would have been wlling lo pay lo obtain serv￿eS or facilities ol eguivaleul econom￿ trenefil on the open market, a corresptsnding amount is then recognised in expenditure in the rerbd ofiecelpl. Interest feceivabk Interest on fvnds hekl on deposil is InclLvJ8d when reeavable and the an￿Unt can be rneasured feliatly by the Company.. this Is normally upon notifKaiJon ol the Interest pahl or payable by the Bank gl Fund accounbng Unrestricted funds ale available lo spend on a¢tivil*s that furttter any of the purpL>5es ol +he Company. Designaiea fun05 ale uiiiesirLieU fuiids uf t1￿ c￿11￿￿TiY wlILl* Iliv Iiusiees l)ave ¢JeGided al their discretion lo set aside to use tor a specif￿ puiwse Restr￿le￿ lunds are donation$ whKh Ihe donor has specified are to be solely used for particular area$of Ihe Company's work Of lor specific pioFcts tsndertaken by the Company. h) ExpendrtUT• Expendilure Is iecc>Jnised L)nce th￿e 1$ a legal or c(￿StruCtive Dbkn3aiDn lo make a payment to a :hircl party. it 1$ probab.'e thai setllemeni will be required. and tne *rounl ofthe OL4￿at￿n cl￿ be ff*asured re￿ably. ExpendiluF¢ classifie(J U￿Yer the following actNty headings Costs of raising funds ccKnprise the costs ot Invesimeni mana2ws Expenditure on charitable aclivilies Includes the costs of sbpportin9 the min￿try. supporl lor parishes. and other fir)ancial support ¢ost$ to lurther the purpose ol tne Company Other expendilure represenis t￿.{ytse ilems noi falling Into any olhei heading. Allocation o15upp¢yI costs Support costs a￿ Ihose functions thal asgst the of Ihe Company bul do nct dwectty undertake charrtable octivrtios Support coglÈ inelud• sa&ry and r•&l•d •Y￿￿￿ltUre Ihat suppori thg C¢ywany's activrties These costs have been albcaled f*tween athvty he•Jmgs based on srent Deblcffs Trade and other (Jeblors are recognJserJ at the seltknenl amunt due after any Iiade discount offered Prepaymen15 arè valued at Ihe anKJunt prepaid after taking x¢ounl of any trade discounts due. 20 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial ststements for the year ended 31 December 2023 (continued k) Cash at bank and fft hand Cash al bank and cash in hand Include5 cash and shon term highty IIquKJ investn*nls with a short.lerm maturFIy ol three rnonlhs or less from the date of acquisrfKXb or OFening ol the deposit or similar account Creditor5 and provisKJns Cred¢lors and provisions are recognised wheie ihe Coryyny ha5 a pie5enl Obligat￿)￿ resulting Irom a pasl event Ihal will probably result In ttte liansler olfunds lo a Ihird party and ihe amount due to setlle Ihe obligation can t* m@a5Lired or estim31od reliably cr￿ltO[S and provI￿onS are noirnally recc4Jntsed ai Iheir seiiiemenl amount after aiiowirrfJ for any trade discounts due m) Financial Inslrvments The Company ￿lY has finanoal assets and finanual IiabililE$ of a krnd Ihal qualify as basic financial Inslrurnents Basic Iinancbal irnslruments awe inilialty recognised al transaction value and subsequently measured al their mathel value. FIKed assel irvestmer)Is Fixed asset InVe51T￿nIS. (including Ihos& Invesimènls hehj in the Restr￿ted Capi131. Endowment Funds). are slated at market value OT at Trusieesldirector5 best es•imate ol market value at +he balance sheet gale. with gain5 or losses on revalUat￿n bein9 Included In the Staten*nl ol FinarK￿l klivibes. Ernployee bèrèlils The ¢osls ol short-lerm employee benefits aTe reco9nised as a liability and an expense, unless those oJt> are required lo be reca9nised as parl ol the cO*￿t ol •tock 0¢ fixod aGGetÈ The cost ol any unused holiday enlitlement Is recc*Jnised in lh8 period m which the employge's services are feoeived Termination benelils are recognised Immedialety as an expense when the charity Is demtrnslrably comnitted to lermnaie the empioyn*nt ol an ern￿OYee u to provKle lerminat￿n tenefils. pl Pension contribulions Conlnbulion5 are made lo define(I conliibulton (money purchase) pension aiTangemenis In respect ol certain employeety of the company. The 0$￿ts ol tho rTh)ncy pureha6è pension arvan9•rngn¢s •r• h•ld s•parately frorn thos• of th• company In Independeniiy admin¥*l@r•d filnrts Thp dplinpd c.anlribulh)ns lo the money Durchase pension airangernents are charged to the sts[en￿nI ol Financial Aclivilies a5 Incurfed Taxation The Company Is a registered charity and. as such. Is enlrtled to ¢ertAin lax exemptions on Income and prolits from Investmenls and surpluse5 on any tr4¢Jing auivilies carried on in furtherance ol the Charity's primary obieclives Il these prolits and surpluses are applied solely lor ¢hantable purgoses 21 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 (continued) ConcesvLOrtsry loap)È Concessionary103ns Tecewect from the Representatwe Body Church li Wales and payable to clergy are initially recogni$ed at the amount rec*ved or paKI wllh the cairying amount aojuslèd In subsequent years 10 feflecl repaymen¢. and any #cerued Interest and adjusted. bf fi¢￿8$8ry. for Impairment 2 Log•1 status of the company I he Lompany chanty is 3 ￿MpanY limited ty guaraniee an¢J nas no snare capital In ine eveni of the charity bein9 wound up, ihe Iiabilily In fespecl ol the guarantee Is lirTuled 10 £1 per memtei of the chaTIty 3 Crltlcal a¢¢ountlTrg e¥twn•te# and judgem¢nt$ In App1..eat￿On of Ihc Company's accounting po￿1￿8. Iho tru6108s are r8quir*d to mak• 5iidoftm•nls, esiimales and assumptions abovl Ihe carrying ar1￿Unt ol assets and IiabAiiie$ Ihat afè noi feadily appafenl from other Sources. The eslimaies and associated assumpiions are tyase(l on historical experience ancj other laclors Ihat are consldered lo be rele¥ant Aclual resufts fr￿Y differ from these e$timales. The e$lirnates and underlyiog assuMpt￿nS are reviewed on an ongoiThJ basis Revisions to accounting estimaies are recognisÈd In the ￿rIOd In which the e51imale is revised where the reViS￿n affects only that per￿)￿, or in the perth ol the revision and lulure perioas where the reVI5￿n affects both curfenl and future perb)d$. Tumovtr The Company doès not undertake trading on It5 (Mn account I he 8Ctivity ol Ihe Company Ls the rnanagemertl ol such finances ol the Diocese of Swansea and Brecon as a￿ vested In or afe payable lo Ihe company 22 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the finantial statements for the year ended 31 December 2023 Icontinued Income Toial Funds 2022 Totèl Fund8 202J 5.1 Donat￿n5 and legacie¥ hllnlsiry Share a3¥¢s¥ed by Ihe OBF Contributions from the Repi•8entallve Body: Partnership Funding Church Growth Funding Strtsciural ResilieiiLe FuriJiiiy Church Impfovement Grant Church Inspeci¢y Giant Diocèsan ArtVl80ry Cornmitlee Widow5. Orphans and Oependenls Grant Grants and Oonations re¢eiv•d: Easlmoor Trust Gow¢r Deanery M.nistry Share Assistance Contributi*Jn Benelacl Trust Irestricted lun¢ see nole 161 Isla Johnson Trust Diocesèn Trust Parsonage Repair Grants Irestncled fvnd see note 161 Othei Gianls and Don3tions 2.602,768 2,321,205 400.000 6S9,332 599.926 387,475 36.250 22,Sty) 8,333 22.000 100,122 33.171 19,925 3,000 34.669 5,964 17,434 3,000 39,352 3,780 4 372 784 3 214 314 Gr8nts received for church irnprovemeni ol £NIl12022 £36,250). for educalional purFoses and iraining ol clergy £3.00012022 E3.0001 and lof pafsonage repair of £3.78012022. £5.Wl. are credited lo the resI1￿ted in¢Dme lunds The Gower Minislry Oeanery dorated £NIl12022. £33. 17 11 lo assist Benefices In ihe Diocese which were un8ble lo pay Iheir Ministry Sharè This Is also credited to rest[￿lea Income A bequest 01 £1.000 was eredfleo io Restr￿10￿ Légacy and Benefactions Accouni ana Trust FuDtJ512022 £nil All other in¢ome is cre¢Yrted lo unre5t1￿led funds 23 Swansea and Brecon Diocesan Board of Finance Limlted (The) Notes to the financial statements for the year ended 31 December 2023 l¢ontinued) Toial Funds 2023 Tot31 Fund5 2022 Ch&rfjlxbl• Aetl¥ltl•s Re50Urte Centres- Admlnlstrauvo Servi¢•s Diocesan Cerstre, Brecon Parsonage Rental In¢om• Irestricled fund- see note 161 Contribution from Parishes Contributions Ifom Dio¢esan oryanlsatlons Marri89• Li¢en¢e Fe•$ Oth•r In¢ome 4.701 S5.600 2,776 3,638 72,638 3,533 2,640 720 457 83,626 720 725 In¢oming resources Irom Chanlable Acthvil*s irKludes Res1¥￿ted Paisortage Renlal Ineome cf £55.80012022.' £72.6381 Total Funds 2023 Tolol Fund5 2022 Investments- A$.%et Inwe*tm•ftts and 8anlr$ Income from fixed asset Inveslments - listed Income from Representalive Bchly ComnK)n Inveslrrent Fund Units Bank and money market Inleresl Other Interest Income Irom Inveslment ol 8equesls (£4712022. £191 reStr￿ted lun¢J - see note 161 107,564 103,395 1,554 8,061 4,139 1.237 1.899 878 34.788 32.341 139,750 24 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 Icontinuedl Total Fvnds 2023 Tolal Funds 2022 Oth•r Income Insurance Clairns - reslricled 9,584 9.584 172 340 172 340 Expondltur• Total Funds 2023 Total Funds 2022 Support for Ministry Stipends & F84S Slipen(J5 and allowances Vacancy lee5 Council Tax P•r$onagoJ Maintenance ol Parsonages (re51r￿led fund see notp 1RJ Insurance ot Varsonage Houses Custodians, expenses Pioperty Rental Clergy Expeiises Archaeacons, expenses Aiea Deans. expenses Removal and d6lurbance amowances Travel and olher expenses Traiftlng Orttinands Continuing Ministerial Educabon Readers Support Costs Prov*sion against uncollected Minislry Share Write off ol vrtcdlectable Ministry Shafe General Fund (see note 6 61 Reslricfed Parsonage Fund 1,466.225 3,44Q 130.787 1.4Cf ,737 6,299 126.479 384.482 19,007 21.241 571625 1s,e10 16,070 9.944 9,862 9.250 9S2 27 553 2.297 43,727 3.325 9,194 22.920 634 8,357 113.1421 267 437.944 9,000 156.994 91,273 2.818.195 292.227 38,686 125 462 54.603 2.699 286 01 the gbtsve costs. cosls for Ihe m8int•nanc• ol parsonag44 of £384 482 12022. £571.625I. support costs ol £91.27312022. £54.6031 ond vafiOUS additional costs of £19 38412022. £19.5671 are charged to the iesiTicled Income fund. 25 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 20231continued) Toui Fwnds 2023 T￿31 Funds 2022 6.2 Support lor Parlshe8 Sxtor Alinistries Rural Lrfe Ministry Social Responsitslity W￿,,￿ M155i0n Spirituality Inlertaith Older People Other Sector Minislries Evangelism and Outreach Statut¢yy Educat Chiklren, Youth and Famity Dloe•san Exp•ns•s Ministry Ale3 Devel¢)pment Support Diocesan Archivist Eastmoor Cenire Diocesan Centre Support Co$ts fs8e not• 6.6) 17,460 37,745 1,727 1,474 1,023 1,073 921 40,788 50.963 155.721 10.642 21.851 1.534 870 1.408 1.884 163 29.600 43,7¢JO 132,987 169,180 200 4.100 64,370 154,902 701647 47 033 200 10 089 34 076 132.343 468 470 01 the above costs. £9,499 is funded by from the Desynated Repair Fund12022 £ nil Total Total Funds 2022 2023 6.3 Church Property In5pe.-tions ol Churches and Hams Dhxesan Advisory Commrttee expenses Churches and Pastoral Commsttee expenses Support Costs Is4e note 6.6J 4,152 13,809 1,693 15.404 4B.915 58.Q50 122,J69 61 782 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 (continued) Totsl Funds 2023 Total Funds 2022 6.4 Othcr Financlal Support Dlo¢esan Bodies Resource Church Grants BrecDn Cathedral Grar,t Diocesan klission Fund Church Repair Grants Representalive Body - Ernergery Repatrs Fund Par1sh Assistance Fund Social Responsibility Granis Widows Orrrtians & Dependanls Grants Curate Support Grant lo Parishes Relired Clergy Anollean, Ecumenlcal, and other l)odlos World M.$$￿n Grants Cost of Lwin9 Grants Llangasiy Retreal Heuse Gfanl Other Grants Support Costs (s•• note 6.6J 123.959 41.190 79.755 66.65Q 8,333 27,761 40.024 6,217 6.000 234 41,190 52,222 42,626 16,667 52,065 36,418 16,581 10,500 99 16,930 106,202 5,000 1.000 12,282 541 537 18,500 15,525 5,000 1,500 9,458 288 351 Of the above costs £NIl1£33 1711 ffj fvn¢8d by the Oesonaied Ir￿orne Assistance Fund £27 761 1£18.894115 f￿nde(l by Ihe 0esigr.aled I￿oMe Assislance Fun#. £48 02D 12022". £3.4501 ¢s hjnded by the Re51ricled Income Church Improvement Fund and £30.00012022 £NIll Is funded by the Cjesignaied Oiccesan Re9enerali¢n Fun MaterK41 gfanls In the context ol to￿1 expendilure are. 2023 2022 Re￿)ulLe Cliuiili Giaiits Cost ol L1ving Assistance Grants Faith In Families (Social Resronsibility Granis) Brecon C¥th¢dr•l Support Grant 123,959 106,202 64.038 41.190 58.269 41.190 Total Funds 2023 Total Funds 2022 Lommunicaiion$ Communications and Media Mewsletteis and Diocesan Publications Support Co$is (see note 6.6) 1,167 4.597 1.311 3,831 48 986 54 128 27 Swansea and Brecon Diocesan Board of Finance Limited (The) Noles to the financial statements for the year ended 31 December 2023 Icontinuedl To￿1 Funds 2023 Toiai Funds 2022 6.6 Support Costs - managern￿nt and Adminlstration Salaries Including ￿n$10￿$ and penS￿n scheme contributions (see note 7 11 Stsfl and Office expenses 337,862 97,892 435,754 282.607 75.770 358.377 Total supi)ort costs are charged to the Stateffenl of Financial AclNitss as loll¢)WS Total Funds 2023 Toiai Funds 2022 Support lor Ministry Support lor Par15hes Church Proporty Other Financial Support CommunKar 156,994 154,902 58,050 12,282 53,526 125,462 132,343 42.128 9.458 48.986 3SB.377 Other than for SUPPDrt costs wh￿￿ afe speesfic to Ibe actwrfies shown me support C051s. including sabries and relai•d costs. afe allxaleo lo ¥knvity headings based cn lime spenl. 6.7 Governante C06ts Tot•1 Funds Tolal Funds 2023 2022 C(rfnpany expenses Audit fees Diocesan Conference and s￿ndIng ComfTh 815hop 5 Enttrronemenl Governing Body Meeting expÈnsès 13 14.618 2.046 13 12.059 167B 3.032 25,931 42.713 24,200 40.877 Govgrnance cosis ar• Indvded within and nffM*. *X￿.n￿ in nntp 6 6 28 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial ststements for the year ended 31 December 2023 (¢ontinuedl Staff Cosi8 7.1 Analysis ol stsff costs and trustees. remuneration and expons•s Tolal Fund$ 2023 Total Funijs 2022 Salaries In¢luOing pensionB *nd p•nslon yKheme ¢ontribution$ 5alawbe5 Socia1 secunty costs Pensions PenS￿n scheme ¢JelJngd contnbutions Isee below) 581,319 43,309 5,749 82,933 713,310 462.012 33.272 5.425 65.969 566 678 Pension scheme defined conlrityjltons are made In respect of Ceflain employees ol Ine charity The contributions are pay4)ble by the company lo lunds. the assets of which ale held separalely fTOrn those ol the Company urne employee earnea mre iexuuaing employer pwro￿lI w¥l¥l LI￿17 £eO.000 ¢h¢ year ended 31 December 202312022 nil) The average weekly numbef ol persons employed duriftg the year was 2712022. 191. K•y manageffl8nt p•rnonn•l Key rnanagen*nl personnel are (leeff￿d lo be those having abthorily an(1 responsibility. delegated lo them by rple iruslees for Janning. Qirecbng. and conlfollirwJ ihe activities ol Ihe diocese During 2023 they were considered to be the D￿Ces3n Secretary and the Finance Managef Key managemenl per3oni*l costs Iinduding 3Jlalles, pension? and employer's national insurance conlrityjtionsl in 2023 amounted to £131.2e612022' £125.6521. One rnember ol the key management personnel {2022 nil) received employee t*nefi15 lexcluding ernpbyer pension costs) of nK)re than £60.000 29 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 (continued) TfUStees' Emolumen18 No remunerabon was Pa￿ to members of tho Board ot Trnslees for the year ended 31 December 2023 or loi the previous year. Except for as described beb)w no truslee5' expenses We￿ dawned In Ihe ye3r12022 ~ £nill For clergy WI￿ are members ol the Board ol Tcusrees. expenses were In¢urTea by the cttarty in conneciKJn wilh th￿1 LleriL¢l1 Fw the year 31 Oecemtjer 2023 the expense• •moLtnled to t9 41612022 £7,453). For the year ended 31 Decembei 2023 tof clergy members of the Board ol Tiuslees slipend5 amounl Ir) £125 226 12022 £119,261) and national Insurance conlnbutions of £13.516 12022 £13,389) These amounls are Includerj In the iolal IN slipends anos allowances which Is shown ￿ Note 6 1 Net Income 2023 2022 Net Income is stsled after charging ILosÉ•sl on dis￿•1 ol inv•slm•Ats G8inslibssesi on ievalualion ol Investments Audit lee 111.0È21 283.990 14.618 ?7.166 1686,2831 12.058 3Q Swansea and Brecon Diocesan Board of Finance Limited (The> Notes to Ihe financial statements for the year ended 31 December 2023 Icontinued Inve#tm#nts Lbsièj Cash in port1￿ Tot81 and ¥•lu• Al l jon￿ary 2023 Addrfions 4 774 665 1.J64.505 157 750 4 932.415 1.J64.5SS 11,251.15) 1142.83Jl SP058L4 move￿nI 1142.8Jll Vilu*ion ch*fig¢S At 31 1)•c•mb¥ 2023 S 1•6 979 Fix¢d assét In¥osbrnDts •r• h•kJ 8$ loYr*5 2023 2022 H•ld In G•n•r•l UnrnBlvi¢t•d FthJb Ll8ied In¥•3tm&nl$ 3.9J).708 3,$90.901 h•1 InvestmeM* ¢orr¢iMe H•ld In G•ntr•l Ursrttirtt•d Fynd¥ 29.6)2 12022 29 ty>21 uoay Invé$ini•ni FuTrd Unrts 8rewdn CJsb DoposAAe¢*unl G•nerol UnrMtrict•d FurK H•ld in Rairf¢t•d C•pll•l. Endty*Trrni Pund• L•g•¢y 8•nfrlactlgro AtttyJr* •nd Tiu•¢ Fur*J• •kJ by S*an5e• an(18o¢on Trull Mekj Dy Itie RÈpieseNaiNt Doay HOPJ )y lh• Bo•td of FID¥nce R•siricled Cipllal. Endo*rn•nl Fun Total Other Invoimerts 8$.606 62.lJg 219 889 S8•.J40 $74.1•1 569.yo 513.050 1 17Z.7$4 1.2S3 271 5.186 979 121 622 Toi81 In¥•$im•nts 4932415 Resiricled Capital Endowment Funds Include Inveslmenls held by the Swansea and Brecon DI￿esOn Tiusl and by the RBCIW Of Ihe aojregale Investments hel4 by the Swansea and Brecon Dvxesan Trust units are allocatett as being held on behall of Company The carrying value shown under thi5 heading above ropresenls this allocation Unrts held at 31 DecembÈf 2023 are 337.091 12022. 337.0911 Invesfmenis nesa by Ihe Represeniaiive Body on tseiiaif of the CotfVÉlliy 411¥ iii respect ol Legac￿8 and Trust Funds These Invesin*nts are held as a numbeT ol units In the Repfesentalive Btrjy Funds The aggregate number ol unrts al 31 Decèmber 2023 are 259,517 12022 259.5171 The carrying valtje ol Inveslments held In the ReStr￿:ed Capital. Endowrnent Funds is stated in accordance with the accounting polKy in noie l of these financial state￿ntS 31 Swansea and Brecon Diocesan Board of Finance Limited (The Notes to the financial statements for th8 year ended 31 December 2023 Icontinuedl 10 Concesslonary loans 2023 2022 G•n•ral Unrestricted Funds Loans lunded by representatNe Dc*Jy'. Relired clergy equily linked l)ousing loans Reliie(I ckrgy non equity linked housing l)ans 300.000 3S.000 300,000 35,000 335,000 Funds recejved Ihe RBCIW aro appl*d to provide k)ans for reliTed clergy housing (see Note 1 $1. Interest Is receivable by the Coryany and the ComDany pays an equIva￿￿t amount ol Interest to the R8CIW There are no Specif￿ lerm5 for Ihe repayn￿l ol the loans. 11 Oebtors.. dutt wlthln on• year 2023 2022 G•n•ral Unrestrlct•d Funds Ministry share Granl in¢om8 receivable Payments In advance Parocbial loans Bank Inlerest and inveslment irt Miscellancous Piovision lor ttoubllul debls 1.746.255 1.251,830 100,122 25,194 30,286 27,493 41,527 11,226.451) 250,001 35.034 30,286 35,133 45,759 1:684,39JS.- 228,072 R•strlcted Funds: Parsonage Malnl•nanc• Fur Insurance claim Income Represoniative Body - 1mpfoveft￿Trl Fund repayrr*nt 339.194 261.628 600,822 255,989 47,449 303.438 Oebtors du• wllhln on• y•*r 028.894 553,439 These are anatysed as follows. 2023 2022 Other debtors Piepaymenls and accrued incoff 758,726 70,168 828,894 400.631 152.808 553.439 32 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 (continued) 12 Cash at bank and in hand 2023 2022 CAF Gold Account Other cash balances 497.852 704.721 1.202.573 351 361 729 792 1 081 153 For lurthef anatysis see note 19. 13 Cr•dbtors l*lllng due withln one y••f 2023 2022 G•n•fo1 Unrostrici•d Funds Creditors C¢)ntrol Represenlative Body of Chuf¢h Ln Walas Ministry Share Paid In Advan Iniernalfy Investett Reslricled Funds Oelerre(J Incorne Accruals Sundry creditors 10.829 284,976 1.819 9.232 99,403 S3.952 16,176 476.387 15,337 306.845 84,950 9.232 27,883 463 194 Restricted Funds.. Par50n•g• Maintenane• Fund lrnstricted income fund) Creditors Conlrol Sundry creditors 19,529 8,084 37,200 8,084 Cr•dltorn falling du• wlthln on• y••r 513 595 471278 2023 2022 se are anayysed as loll¢)ws'. Tratje creditors Delerned Income Other credilofs and xcrual$ 315.333 343,403 98,859 757.595 330,266 141,012 411,278 Movements In ministry share P8id in a(Ivance In the perK)d are analysed ès folk)ws 2023 2022 Ministry Shafe paKI In wlvarlce al stsrt of year Movemenl In yeaf Ministry share paMI ID &Yvance ai eno of Ibe year 84.950 97.898 12 948 84.950 Deferred Income represent5 Structural Re$¥lien￿ Funding provided In advance by the RCIW 33 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial ststements for the year ended 31 December 2023 (continued) 14 Creditors lalling due aftef more than one year 2023 2022 G•n¢ral Unrestricied Funds Loans from the R8CIW Retired clergy equily linked hou51ng klans Retired clergy non equity linked housing loans 300,000 35.000 300.000 35.ClOO 335.000 Loans receNed fvom the RBCIWaie applied lo fund loans fof Retired clergy housing and general support Isee Note 101 Inlefesl ranging behveen 4 5% and 6 25°/¢ was payable on the nOn-eq￿l1Y linked housing loans. lo the Cgrnpony Tho Company pays an eqtsivaient amount of ￿teres1 to the RBCIW Th8r8 ar• ne 6pficific torms for the repayment after more Ihan one year of the loans due io ihe Repfesenlalive Body The IiaDilIty lo repay the Reyesenlalive B(yJy is Independent of the recovery of bans made lo Parishes and clergy 4 * 0 ¢4 • o) ryj o) *D st ¢D ¢ Swansea and Brecon Diocesan Board of Finance Limited (fhe) Noles to the financial slatements for the yèar ended 31 December 2023 (continued) 16 Summary of Parsonage Maintenan¢e Fund Ireslricled income lundl for the year Ind￿ 31 Decemb•w 2023 2023 2022 Income Conlribtstions from Oicce5an 8oard ol Finance GertÈral Unrestricted Income Fund Income from Rented Propert*s Insurance Claims Grants and Pafochol coniributsons Total Ineorn• 361,477 $6,600 417,829 72.638 172.340 5.964 668.771 430,441 Exp•nd•tur• MainleNance of Parsorage5 Mainlonance conlracls 376,274 8,208 384,482 SS.4J9 35,834 4YS,7J3 S47 ¢X11 24.624 571.625 52.882 1.721 626.228 Administration Intere51 on Improvew*nl FuThJ Toial eX￿￿￿￿Ule Nel Idelicilllsurplus lor Ihe year Fund baloinc• bro¥9ht forward at 1 January Fund balance ¢arrled fon¥afd at 31 0¢c•mb•r 145.3141 611.642 42.543 26.099 66.642 The parsonages ar• (Mned by the R8CIW and Improvements are funded Ifom the Parsonage Improvernent Fun¢ The iotal spenl on Improvements and maintenance is as 2023 2022 Mainterance costs Improvemenl costs Ibome by the RekYesenlatNe 8odyl 384,482 681.9U1 1067 383 571.625 41.44Y 619.074 38 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2023 (continued 17 Related party Iransactions In adJrtKsn lo transactions wrth Ihe RBCIW. thefe were the folk￿￿9 related party trafiSaCt￿ns In the yeai ended 31 Decèmbèr 2023 and 2022. Swansea & 8rn¢on Dio¢e$an Tn￿t Incorporalod The Swansea & Brecon Dvxesan Trust Incorpcwated pahl the Company £7,500 12022 £7.500I lov administrattvc and èceountanry providoo lo the Trn$t. Thè Swansea & Bfecon D￿Cesan Trust Incorporaled COntr￿uled £31,85212022 t27,3691 lowards the Educalp)n costs Incurred by Ihe Company In Ihe year The lollowin9 direclcws are also diredors of Ihe Swansea & Breeon Dtiesan Trust Incorporated" The Ven Jonathan 8yion Dav*s The Ven Alan Neil Jevons Gwynlor Lewis FCA The Righl Rev'd John Lomas The Very Revd Albert Paul Shxker Ea$tmoor Trust Fund The Easimoor Trust Fund agreed to provide the Company wrth lundtng of £22.000 duvrrf) the year lo e.nnlrihilt* Irwarrts Ihp. rrJ*i* at Rpsouice Chuwch Grants 12C122" £101.12211o Conlribule lowaids the ¢osls ol Ihe Children Youth aftd Famity Minislryi. The Right Rev d John Lomas. a direaor of the Company has aulhority to approve distributions from the Eastrnc￿ Tfust Fund by virtue ol hts posrtw as Ihe Bishop ol the DKcese of Swansea & Brew. 18 Fln*n¢lal Inslrum•nt8 c¢)mpris• th• lollowiD9'. 2023 2022 Flnancial assets Investments measured at mafkel value Ihougtt the stalen￿1 ol financLal achvity 5.186,979 4,932,415 39 Swansea and Brecon Diocesan Board of Finance Limited (The) Notes to the financial statements foi the year ended 31 December 2023 Icontinued) 19 Anatysis ol nei assets between funds Unre$lricted funds Designated lunds Restri¢tod funds Total Investments Long Term Loans Debtor5 due within Dne year Cash Creditors dtje within one year Creditors due In more than one vear Total 3.933.708 335.000 226,072 1,549,840 1476.3871 1.253,271 5,186.979 335.000 600,822 828,894 1463,0731 1,202.573 137.2081 1513.595 115.806 1335,000) 5.235 233 (335.OOOL 6 704 851 11 806 1353,812 Unrestncled luThJs C)8swnatea Restricted fvnds lunds Total Investment$ Long Term Loans D¢btors due within one yeaf Cash CTedilors due within one year Creditois due In mole than one year Total 3.810.793 335.￿0 250 001 793 426 1463.1941 1 121.622 4.932415 335.000 303,438 553 439 132.27 11 1.081 153 18.084) 1471.2781 319.998 -[335,000￿ _ 4.391026 335 Oly) 1 384 705 6.095 729 40 Swansea and Brecon Diocesan Board of Finance Limited (The) 20 Statement of Financial Activities 2022 li Jrdi 1022 22 2ts22 liom.. Y.IYS.919 713•5 3211.J14 chAnLlO*èCtiYity•S 10.fr8B 72.638 31.440 11826 139,750 Oth* incoff* ?72.340 Tot•1 InGr¥r 32$$ 227 J54 20> J610.0 E*p•Dd*uw•' 79479 19,475 1947$ 59.475 Supprwtfry KlillL51ry 2053 491 0¢5.M 2 899.2e6 &JpwrtfoT Panw•i CThJrrh 401 075 44,J•2 488.470 11 762 1.712 o.Jsi Otn•f finwKwi wpwr. 2112SS 55.202 S4 12 y.Iz• 2 719 7J4 e4￿2 997 J.572.017 10.894 JI? 198 997 3 $91.4•2 Nvl ioiomeii•xyndilunl 161 )921 18.53 41 Swansea and Brecon Diocesan Board of Finance Limited (The) 20 Slat•m•nl of Financial Aetbvltles 2022 Ictd) Tty cr* 2022 N•t knLaffiplEAPEpditur* brwphl 40.011 11LI.••I IM.39 1922 380) fiJ6.7JSl (fj59 117 N•t t7•.Je iu.JoJ) 1440.57•J 1437 Wgl 417.4 Noi rno¥•mM** ith Iu Is 164.394 7363$ {lJ6 7Jll (610 5791 1 322 eso 8738.X41 Totbl knds Drou￿1 Iw¥e 4W531J 31U•WZ I24￿) lor*arf 1131 D•c•mblf 4.J•1.021 Ifi•.$71 21 Op•f•tlng Loa8• Commltm•nt8 2023 2022 thin orne year Betmeen and fNe years Over hve year5 16.217 84,426 728 2,137 1.425 Al the reporting en¢ date the Ctrarity had outstanding comrThlrnenls for futu￿ minimum ease paymonls under nonllcancellable operating leases. whKn fell due as sel oul above 42 Swansea and Brecon Diocesan Board of Finance Limited {The Independent auditors. report to the Members of the Swansea and Brecon Diocesan Board of Finance Limited Oplnlon We hAv* èudiltd the financial statements ol Sw￿$89 and Brecon DKKesan Board of Finance Itl*'¢haiity'l lor Ihe year ended 31 December 2023 which ccffjprise Slalemenl of finan¢t81 aclivilie5. Ihe balance sheet, the stalemenl ol cash ￿tsw$ and It* noles lo Ihe financial sratements. Includin9 a Summary ol si90ificanl accoLmling policies The financial reporting framework that has bee4 aptysed in pieparalion Is appl.cable law ana United Kingdom Accounting Standards. Includin9 Financia. Reporling StaThYa¥d 102 The Financial Reponing Siandw¢ athicabse In the UK and RepubliG tsl Iieland (United Kin9dom Generally Accepted Accounling Practitel In OLK opinion. the fin￿091 si*ements". give a twe and lair ol Ihè state of the charitat4e company's affairs as of 31 DKember 2023 arxl of 115 Incorrir#J re50Lbrces w applicalion ol fesources, for the year Ihen ended. havè been Dropefly prepared sn accordance wlh Unrted KingJcKn Generally Accepl8d Accounting Pr8di¢e. and hav• been prepareil Ir #¢ordwc& the rewiremen15 Ot the CLMnpaTh¢$ Aci 20&8. Basls lor oplnlon We Conducted wr audit in ￿col￿Or￿¢t wlh Internal￿1 Slandards cn A￿aLling IUKI IISAS IUKII and 8pplic¥)le law Our fe$p¢n*bililies under Ih05e Standards afft fufher described in Ihe Audilor's iesoonsibik.lies Iof the audil tsl Ihe rinanci81 sl8¢em*nl$ section ot our repc￿l Vve are irtdeFena*nt of the In accof(Jance Wlh ltte eihical ￿qUIremen1$ Ihal are relevant to wr audil ol the finar(ial 5tatement5 ￿ the VK. In0￿jIng Ihe FRC'S Ethical SlJnd8rd. 8n¢J we have fulfilled ow other ethbcal f&$ponsibili1￿$ In occordancé ￿th these requiiemeTrts We bdieve that the gudil ewid•nca wo have oblainèd Is sulfiuent appfopnate io pro¥idè a Dass for w o￿n Concluslong relollnv lo going conc•m In audilirKJ the fina￿1￿1 statement5. we have concluded thai the trustees use ofthe C￿1￿ ba81s ol aCC￿n￿r￿ in Ib• prèDaration ol the finanoal statement5 15 apwomate Based on the Work we h&v• Fertornien Ih• N4q1s nl lfrt*W financial siaiemenls. A further desuipi￿n of ow reSponsi￿li11es Is av*lable on Ihe Finanoal Reporting Council's web51te at.. https frc ory uklauditcrye$pon%bilities This desuiplion lorms part ol audit¢fs report Extent to whkh the audit wa8 conskl•r•d ¢•pable of d•t•clSng Irr•gularltlo8. Including fr¥ud Irreoularilies. including fraud. ar• InSt￿ceS of n0n.(LNn￿larh¢e wilh lawrt and f•gulatKJns We dÈsw pr¢xedure$ line with our i•sFQnsiblit￿$. oullined above and on tho Finanaal RerKJrtin9 Counul's website. io detect m¥terial misslalemeThts In iespecl Ot Irregblanties inc11￿ing Iiaud. We obtain ￿p￿ale our un(tefStanding of the entity rts aclmbes. lis contrd enwronmenl #nd likety lulufe devèlopmenls. Including In relalion lo the legal and regu,a1￿ Iramework aptyicable and how the enlity 15 cornplwng with Ihal frarnework Based on t￿"S under5tsndsng. we Idenlty and assess ine ¥1sks ol niaterial rnisstalement of the rirtancial ¥lalem¢nt¥ thetrter bd¥t pioc•dLKeS rosp￿S4¥• to Ihtss@ ri$k8 and obtain audit evidernce that 15 Suffic￿￿1 and appropfTrale to prp¥ide a b3sis IOT oul opinion. This Include5 consideration ol the r15k ol a¢ls by the entily that were contrary lo applicatAÈ lavls and regulatlDn5. Including fraud 13 Swansea and Brecon Diocesan Board of Finance Limited (The) Independent audito￿, report to the Members of the Swansea and Brecon Diocesan Board of Finance Limited In response to Ihe risk ol Irregula￿lieS and and regulatK)ns. ifKluding fraud, we ¢Jesigned procedures which induded Enquiry ol managemenl and those charged tmth govemance wourKI Ktual and polenti¥ litwJation and c 8ims 88 well as 8¢lual suspected. and alle9e¢ trau Reviewing min￿e$ ol meetings ol those char￿￿ with govemance Assessing the extènt ol compliance wrth the Laws and fegulats.ons conwdered 1¢ h8¥e 8 th"r•ct matefial effect on the Itnancial staiernents or the Operat￿n$ ol the entrty enqtsiry and inspecb Reviewing financial statement disck)sures anÈ leslirng to supForung ¢o¢umeniation to a55ess ec¥npliance wilh applicable laws and fe9ulat1c￿S Perfofming audit work over Ihe iisk ot management lyas and ovemde of conirols. Inclu¢ing lesling of ioumal eriries and olhef adiuslments apFwoprialenetss. evaluatin9 the bjsiness ralimak of signilicant Iransaction$ the ncrfmal courm ol business. reviewiry aee£thing èsbmales lor Ir*Jwtor$ of ￿tentIal tNaS Because of the Inherent Iimitdli¢Ms ol an aJdil. there Is a r'sk IhaT we wll nol eelecl all l￿e9vI3r1tIt$. Including Ihose ièaaing ro a rnatenal rn155iJ¢ernent tn Ihe financeal Jt**ments Ey p.gn-cofftpliance W1￿ legula1￿￿ Thi$ risk In¢ieo$*S the more Ihal Compli￿Ge wlh a law or regblation Is iemove¢ Irryn the events and transactions iellecle¢ In the financial slatemenls. as w8 will be less likely lo become aware ol Inslances of non-compliance The risk of not delecling material mi5518lerneni resulting from fraud Is higher than lor one resulling from efior. &s tr#uo may inV￿Ve callusiorn. forgery. Interntion* omissicffls. mwepresen¢alions, ty o¥emde ol Iniemal conliol. ilJ• of aur f•porL Thls reporl Is made solely to Ihe charrty'5 Iru5tee5 os a body. In acc(wdance wilh part 4 of the Charrfies (Accounts Jnd Report51 Regulations 2008 Our audit work h¥$ been undertaken so Ihal we might $18ie 10 the chayty's IrLislees Ihose matters wa ai• ieQLtired io stale to them In an 8LwJil¢ys' rewt and lor no oU)èr Durw To the fullest exlent permrtted by law, we do rol Kcepl ￿ assurne fesponyblity lo anyone olttw ihan the charity arnd the ehanly's tru5tee3 as a body. lof our audit ¥wrk. for Ilws I*￿t. ￿ fof Ihe O￿n￿n5 * have formed Atov hthF A2•t• Audlt S•fvl¢•4 27 June 2024 Chartered Accounlanls Stalutory Auditor TyDe Lirne Tree CoLKt Caidiff Gate Bu51ness Pwk Cardiff CF23 8A8 A2ets Audil SeThi¢es Is eligible appo"trfmeN a$ aLKlitcrf of the ¢hanty by ol Its eli9itrflty for appointment as audilor ol 8 company un¢Yer of section 1212 01 ihe CompaThes Act 2L 14