Company Reglstrath)n Numbèr: 924565 (England and Wales) Charity Registration Number: 249810 Swansea and Brecon Diocesan Board of Finance Limlted (The) Annual Report and Finanelal Statements For the Year Ended 31 December 2024
Swansea and Brocon Dlocesan Board of Finance Limlted (fhe) Contents Pages Trustees. rèport Independent audltors, report 13-15 SLthmènt of financial adivities 16-17 Balanco sheet 18 Cash flow ststement 19 Notès to the flnanGial statemenls 20-43
Swansea and Brecon Diocesan Board of Flnance Llmitsd (The) Trustees, and Directors, report for the year ended 31 December 2024 S¢er•tsry's Report Swanséa and Brecon DioeAsan Board of Finance staff coniinued lo support our laityand clergy in their transition to the new Ministry Area structure. Al the of writiri9 seven of our fourteen Ministry Areas are registered as Charitsble Incorporated Organisations with the Charities Commisslon. ar several mor8 applicAlions ar8 31 the point of submisslon. Through 2023 there was an emphasis on estsbli5hino gcxNI working relationships, sound governance and conslwtive discussions within lh6 MinistryAreas. This contsnued to be prioritised ahead of financial (Siscussions and paym8nt of ministry Share through 2024. The COVID-19 subsleS of 2020 - 22 masked the increases in Ministry Share forthose areas affected by the phased 18mov81 of the Gower precepl12018- 20221. National, the cost-of-living crisis and significant inueases in utility bills Ifrorn 2022 onwards) increased church ovetheads. These, amongst other factors, contributed to a lower collection rate in Ministry Share of 75.30A in 2024 (2023.. 79.5%). A re-emphasis of the imwrtsnce of Ministry Share payments and the to increa56 income generation is being messaged th¥oughoul the Diocese. Th& Diocese continues to receive financS8l support from the Representative Body of the Church in Wales IRBICWI in the forrn of Pather5hip Funding, £215,000 in 202412023.. £400,000) and Structural Re5ilien¢è Fund £396,39) in 202412023.. £598,926). In 2023 we were awarded £6.4 milln to be provided over 10 years as an Inception Church Growtr Fund. Secured to strengthen our Ministry Are85 by funding Ministry Area Administrators. CrgY Succession Planning and Mission and Ministy focussed rol8s. We dr8w down £569,820 in 202412023.. £659.3321. We were award a further four Church Gr¢Mth Funds in 2024.. St MarYs Ministor IS yr prole¢t duration - £2,820,929), Gower W811b6ing15 yr project duralion - £763,278), Mat8mity Leave11 yr- £9,084) and chUh Groth Fund Project Management15 yr project duration-£432,8691. In tot£l. Church Growth Fund awards from the RBICW amount to £10,426,100, a signifi&qnt investment in the Dw)cese arKI its Minlstry Ar&as. Once again, we are vory grateful to the RBICW lor its continued SUPF)Qrt. On the 6 May 2025 MrJeffrey Blown resigned as the Chair of Sw8ns68 and Bwon Diocesan Board of Finan¢e. Due to dramatic increase of workload in his teaching and leciuring duties Mr Brown fe he was Unab to dedicate the time and support that the rok requlred. Our thanks go to Jeff 8rown for his lime as our Ch8ir and we wish him all the very best in his continuing university career. Our focus for 2025 is to Cntinue supporting our Ministry Areas in streruthgnng thalr govemance, outreach, and mission, alongsvje htslping to explore opportunilie5 to yncrease incomes andlor reduce èxpènditurès. Louise Pearson Diocesan se¢tary and Chief Ex8CUtive Officer Swansea and Brecon Diocesan Board of Finance
Swansea and Brecon Diocesan Board of Flnance Llmited (The) Trustees, and Directors, report for the year ended 31 December 2024 The trustees presenl their rgport and financ1 stalern8nts for thg yèar endad 31 December 2024 The financial statements have been prepared in accordance with the accountlng policies set out in note 1 to the fjnandal slalements atyl comply with the Companls governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slatement of Recommended PraCte appliCae to charities preparing their accounts in accordance with the Financial Rewrting St8ndard applicable in the UK and Republic of Ireland IFRS 1021 laffeclive 1 January 20191". Legal and administrative detalls The Sw8ns8a and Brecon Disan Board of Finance Limitedllhe Companfl was set up under the provisions of the Constitution of the Church in Wales, Chapter IV. and P8r¥graph 16. The Company was incorporated as a charity limited by guarantee on 13 December 1967. The CharTty was r8gist8red wth the Charity Commissi¢Y) on 17 April 1968 and is exempt from Unlted Kingd(Mn income and corporation tax. Tha goveming document of the Cornpany is the Memorandum and Articles of Association. The Company rneels in general rneetiThJ lce annualty. The daY-tdaY management of the Company Is delegated to the Execulive Cornmittee, whose members are th8 trust885 of Ihè charity and directors of the Company for the purpose of company law. The Company d$ not have a share capital. The Irusteesldirectors guarantee to contribute lo the assets of the Company. such amount as may be reqLJired not exceeding £1 per guarantor. The number of guarantors al 31 Dec8mb8r 2024 was 6. Our Purposes and Aims Th8 purpos8s ol the Charity are.. To maintain a sustslrpble and transfcrning Christian rnini5try across the Diocese. To enable all to act just, to love mercy and to walk hurnbly with G¢XI. Our activities are inspired by a shared DicKesan Vision to bècome a family. rooted in Christ cmmitted to transforn)ing lives by.. Gatheringi as God's people Growing. more like Jesus Going Out. in the wwèr of the Ssirit. At the heart ol our mission-shaped vlslon 1s Ihe rA)mmitment to See livés tr8nsform8d', this is therefore the fund8mental purpose to which funding is directed. The trust8esldiiector5 are aware that a diocese succ88ds through the mission and ministry of its parishes. its Senior clergy, and its bishop. Through striviNJ for the highest stsndards of financial management th6 trusteesldirectors aim to create the wnditions in which the mission and minlsty of the diocese can flourish and be maximised. Objectlves and Act6viti?s for thg Publlc Benefft In shaping the objectiv&s for the year and p18nning our aciivities, the Irusteesldirect(*s have ccmsSdered the Charity Commission guidance on public benefrt. The trusteesldirectors acknow18dge the Charity Commission's guid8nc¢ set out in The AdvancementofReluion for the PublK Benefftand have had regard to it in the adminislration of thè Company. The trustees refer to the guidance in thé Charty Commiss¢on general guidance on public benefit when reviewing the aims and objectives of the charity and plannlng futuie actbviti'es.
Swansea and Brecon Diocesan Board of Flnance Limited (The) Trustees, and Directors, report for the year ended 31 December 2024 {Continuedl The trusteesldirectors believe that by promoting, f8cilitsting. and supporting the work of the Church in Waks in the Diocese of Swansea and Brecon,11 helps to promote the whole mission of the Church Ipasloral, evangelisbc, SOCI81, And act1nnal1 more effectively, both in tha DiocEse as a whole and in its indiwdual parishes, and that by doing so it provides a benefit to the public by.. Promong GhrL8llan values, arKJ servtce by mernb8rs of Church in and tr& thèir communities, to the benefit of individuals and soci8ty as a whole. and ProvKling facilities for public wDrship, pastoral care, and spiritual, moral, and intellectual dev6lopment, both for members and fcf anyone who wishe8 to benefit from what the Chur¢h offers. The memorandum ol 8swkotion ol the Company to make grants in pursvance of ts ci)lects, and the nature of grants made in 2024 Is Indl¢ated in nole 6.4 to th8 financial statèm6nts. Review of AGhl?v?ments and Perfomiance Th8 trusteesldirectors int8rwet their role broadty, contributing to the strategic leadership of the Diiwe. balancSng CArelul stewardship with a flexible and proactive approach. The main activities are.. The management of diwes8n funds in the supFort ol CrgY. parishes, and Iheir communitEs SecuriThJ and providing the finance ft the devek4)ment and imp18ment8tion of the Disan VIS k) encourag8 miss#)n and church gr(Avth strategies CoriiributiTvJ to ihe nationgl work of tt)e Church in Wales Securiro funds in support ofwder DeSan and Wortdwide Mission F 2024, the mtln objeetwes were.. To sustain grow Diocesan ministy by managlng activities to athieve bng tem finandal stsbility and sustainability. To support and assist Minisiry Areas Training and Support of Ordained and Lay Ministries. To idenllty and supp(t projects within th8 Dic>c8se that aligned with both the goals of the Church in Wales Growth Fund and the Dwesan Mission and to assist th059 projects in developiThJ their vis 8nd app9 and securing funding from the Church in Wales Growth Fund. To en8blg mlsslon proj8cls which aim to reflect the Dhxes8n Visith including the development and growtrh of the Dio¢es8n ReS0rCe Church via Ihe provlsion ol fundlNJ frun the DcSan Mission FurKI. monit1ng Achievements Sustalnlng Dtocesan mlnlstry by maintaining finanelal stability.. The trusteesldirectors monitor income and expenditure levels ck}se to ensure long teTm fin8nryal stability and sustainabilty and remain partKuLIty mindful ol the challenges fa¢xd by Mlnistry Areas. The impacl of the COVID-19 pandemic has receded in terms of the dir8Ct ifflpact, the legacy remains evident in reduced church attendance. Whlle the costs of Ministry requested in the form of Ministy Share remained broadly consistentwth previous years, the 8bilty of MinistryAreas to generate funding in some cases rnainS redLred. The tru3teesldir8Ctors are grateful for the financial support from the Represèntative Body of the Church in Wales IRBCIWI which pr(NKJed additional fijnding in th8 form of Structural Resilience Grants of£396,39012023.' £598.9261, Church Growth Grants of£569,82012023.. £659,332) and Safety Nel Funiling £82.11312023.' £Nill to help meat the CA)sts ol the Diwese in the year. In the longer terrn the trustees are aware that the Charity and the Dio¢ese must seek to achieve financial sustsinabilty. The RBCIW hsve irKlicat8d that the Structural Resilience Fund will close in 2032 and that the Church Grc*Wth Fu1 availabilty will b8 limited to ten years. The licensing of Ministry Areas during 2023 was intended to enab clergy and lay volunteers to focu5 on m¢ssion and growing their churches which in the longer term is hoped to increase the financial viability of providing Ministry in the Dioc858. The Church Growlh Funding has been appli8d to support Ministry Areas by aiding succession planning through early recruttmenl and placing of ¢lerics in Ministry Arsas, funding the Children, Youth and Families Ministry and the provislon of alministrative support in the lom of employed Ministry Area Admirbistrators.
Swansea and Brecon Dlocesan Board of Finance Limited lThe) Truste88' and Dlrectors, report for Ihe year ended 31 December 20241Continued) Supporting of Mini3ty Are85.- The trusteesldirectors are (mMItted to provkling meaningfvl and consistent SUPPOrt to Ministry Areas. During thé year fijnding was provided to support VariOU5 Seclor Mlnistries including Chiklren, Youth and Families, St3lutory Education and Mission, Evangelism arKI Outr8ach. Further backing to Ministry Areas was provided through the recruitment and fundino of Ministry Area Administralors to work wth Ministry Areas and the alloc8llon of key peonn01 to facilitate the licensing and transition proc&ss. rralnln9 and Support of Ordalned and Lay Mlnlstrles.. In CollaratIon wllh Sl P8d8rn's, th8 Iwsleesldir8Ctors are pleased to be ab lo continue to support and train candidates for stipendiary and )n- stipendiary ministry, alongsi(Je a programme of lay ministerial trainlng. In 2024 two dean$ w8ie ordained lone stipendiary, on8 non4tipendiaryl and one priest Istipendk4ry1. There are Gurrenlly fwe Students training for ordained ministy. To provide advice and support for MlnlstyAr8as In all aspects of their gctivitigs." The trustee51diractors continue lo endorse the ongoing provision of practical and financial support to MinistryAreas across the Dioces8 through the prowsion of advice and support in managing and mainiaining bLJldings. &cess to grant tsnding and the availability of a network of support si8ff in key areas. To contlnue to support a Diocesan Mission Fund to provlde funding for projects which alm to refigct the Dlocesan Vlslon.. The trusleesjdirectors again budge18d a significant fijnd for mission projects arKI were pleased to awaid gr8nls lo th8 value 01 £72.25612023= £79.7551. Flnanclal Revlew Al the year 8nd the financI81 ststentS report a reduction in iho valuè of total net assets of 6.5% to £6,270,884 12023.. £6.704,8511. The prfn¢ip81 aim of the Company is to generat8 sufficiant income tofijnd its aclivilie5, predOman11Y the support of Ministry vAthin the Diocese which COUnted for approximately 69.1°k12023.' 63.6%) of expend(ture for 2024. Income The Gornp8ny'8 income decreased by 9°A compared lo the pravlous year. While Ministry Share Iorne remained consistent and RBCIW funding declining in the year. Total incoming resources of £4,211,13812023'. £4,602,996) included £2,637.981 12023.. £2.602,7681 colleclable ministry share, £215,00012023'. £400,000) in the form ofthe RBCIW annual Partnership Funding, £396.39012023.. £598,926) RBCIW RÈsili8nce Fund grants, £569.82012023'. £659.3321 RBCIW Church Growth and investment income of £157.318 (2023.. È156.1061. Exp&ndlture Tot81 resources expendad were £4,948,84512023". £4.266.7821. Supportfor ministry continuestr) be the major area ofexpenditure forthe Company wth total C4)Sts of£3,404,840 12023.. £2.818,1951. After removing costs related to uncollected Klinistry Share and Parsonage Board 8xpenditure, support for ministy rx)sts of£2.217,16712023= £1,995,769) showed 8 11% increase comparison with 2023. only part of which reftects the awarding of 8 50A increase in stipends for 2024. The driver in thè increase in costs was continuation of a sucTrssion planning initiative funded by the RBCIW'S Church Growth fund which enables clergy to be re¢rnited In advance of retirern8nts in Ministy Areas. While clergy headcounl rèmain8d consistent there were slgnificant increases in associated costs including interest payable on the outstanding balance of the RBCIW Improvement Fund, Council Tax on Parsonage propertias and removal and disturban¢ts allowances. The cost of maintaining P8isonag8 Board properties increased to £700,649 (2023.. £475,75SI. Costs related to uncollected Ministry Share rose to £632,23012023 £437,944).
Swansea and Brecon Diocesan Board of Finance Llmlted (The) Trustees, and Directors, report for the year ended 31 December 2024 (Continued) Support for Ministry Areas expenditure of £888,612 12023.. £701,647) increased as new InillateS were implemented or conb.nued to be rolled out. Ministy Area Development Support eosls increased to £335,951 {2024'. £169,180) as the recruitment of Ministry Area Administrators continued through the year. The costs of employmenl and stlP8nds for Ministy Area D8v8loprNent Support were lunded from the RBCIW Church Growth Fund. Social Responsibility support costs increasad with thè Bishop's OffIr for Falth In Familias beiw in role for th8 full 12 mc>nlhs following appointment in 2023. The continuation af Project Touchline for Church Schools increased Stalutory Education costs. Church propety costs increased to £133.03112023 £122.369) as the Di¢xesan Church¢s Inspectrjr lappoint&J 20231 was in role for the full 12 monlhs. Oth6r finanoal support costs reduced in 2024 to £442,98212023.. £541,537). A full breakdown ol Financial Support is provided in note 6.4. There was a r&focussing of funding in 2024. The Cosl Livin9 Grant Fund was closed at the end of 2023 in response lo a reducts.on in applications during the year. Church Repair Grant awards Increased io £147,U2412023". £66,650) with the grants being awarded b)th to assi8t wth the costs of church repalrs and also to meet the costs of an ongoing programme of asbestos surveys for church8s in the Dioc8se. Dlocesan Resource Church Granis of £119.669 12023 £123.9591 w8rè awarded to Swansea St Thcimas Re50Lirce Church and thes8 were partly funded wth £16,995 IE2023'. £22,000) from the Swansea and Brecon Dioeegan Trust Eastmoor Fund aWKI £30,00012023-. £30,000) from the DesKJnaled Regen8ration Fund. Support Costs - Manag¢m•nt and Admlni8tratlon Total management and administratiijn 5UPPOrt costs Isee note 6.61 decreased by 12.2°% to £428.79512023.' £435.7541. The rfse in salaries and asSated eA)sts resulted from"slep" increases awarded lo reflect increased experience in the role, a S°kn g&n&rnl salary increase that was awarded to all staff and the recruitment of on part time administrative role. St8ff and office expenses reduced in 2024 as one-off costs were incurred in 2023 including essential repair and irnproverrenl work al the Dioc8san Centre and an allocabon of costs for Ihe Diocesan Centenary concè Support costs 8re allocated across the statement ol financial actMti•s headings as sknwn in note 6.6. Designated Funds RegeneratK)n Fund The Regeneration Fund was established in 2021 to assist Ministy Areas In recovery, reconstructron, and reganeration subsequent to the lifting of COVID 19 re8trictions on aclivities. £30.000 was charged against Ihe Fund in 2024 to support the Oiocesan Rèsource Church. It is expected thal the Fund will be u$8d to continue to support Resource Church activities_ Minlstry Share Assistance The Ministry Sharè Assistance Fund wa5 èstsbllshed to assist Benefic85 and Ministry Area5 in meeting Ihelr annual Ministry Share allOcatnS where unforeseen CArcumst8nces impacted on Ihelr ability to pay.
Swansea and Brecon Diocesan Board of Finance Llmlted lThe) Trustees, and Directors. report for the year ended 31 December 2024 (Continued) Restricted Funds Par50nage The restricted income fund relating to the activities of lh8 Par50nage 8oard has a deficit balance of £312,984 at the yearnd[2023.' surplus £23,328). The total costs funded from the r8strid8d Parsonage income fund for renovations, repairs and maintenancè, administration and interest chèrges on the outstanding Improvement Fund balance was £706,65012023.' £475,755}. Additional funding of £9Q2,09312023." £682,901) was drawn down fro the Diocesan Improvement Fund held by th& RBCIW io fund bng-term renovation works in designated key propèrtias that became vacant due to clerical tumover. The increase in costs and activity rofl8Cts the unLJsually high level of clerical iumv8r and recruitment during the year which in turn reflacts the numb&r of aclyal tsr notified clergy reiirements. The trustees recgnIse the factors around succession planning that have resulted in the year end deficyl of £312,984 on the Parsonag8 Restricted Fund and have agreed to fund the balan wilh a transfer from unrestricted funds in the ¢urr8nt year. Net IncomelExpenditur• Net UmstriCted expenditure after translers between funds and before 98insllbssesl on investments i8 £303.94112023'. surplus £621.431). Tha Cornpany do85 not plan or budget with the intention Df r8porknng signfficant deficits or surpluses. The Company notes that the port&d dacraas8 in nel assets for tha year of £433,967 includes £966,210 financial support provided by the RBCIW in the forms ol Resilience and Church Growth Funding and total realised and unrealised gains on investments of £303.740. If the RBCIW funding and investment 98in5 ara removed from the resuks. thè Company accounts would show a deficit of£1,703,917 foi the year. Church Growth Funding is provid1 by Ihg RBCIW quarterly in advan to help m88t th8 costs of speufic agreed projects involving ministry area administration, church growth and succession planning. In 2024 the Company had received Church Growlh Funding of £569.820 It659,3321. The Teduction in funding is a resull of a change in the bas on which aiJv8n¢8d fundirKJ Is awarded rather than a r8dLtiOn in qualifying costs or aclivities. Inve¥tments Total n8t r881ised and unrealised gains on investments during the yearwere £303,74012023.' g8in8 £272.9081. 2024. For global financkql Mafkets it was a year of 18110 calm following recent uncertainties in resp8Ct high inflation, Sncreased interest r8t85 and economicfallout from Russia's invasion of Ukraine. The trusteesldirectors ar8 satisfied that the investments continue tts be managed prudenlty and in line wth P8T8meters s8t by the Inveslm8nl Sutpcommittee but remain aware of the risk of furiher markel volatility in the short to rn8dium tèm fuiure. In the October 2024 Ihe trustees approved a drawdown of £450,000 from th8 Inv8strn8nt rx)rtfolio to provide lundlng to meét th8 cost of on.going actNiti8s in 2025. Invgstment Policy and Performance Th8 Executive Committee, whilsl retaining overal responsibilty for the company5 investrngnts. ha5 d8volved the managem8nl of the investments io the Investment Sul>Committee in o)njunction with the CompÈnYs appointed Investrnent Managets, Brewin DO11n Limited. The ExectJtNe Committee has st1puted that investments a limlted to medium risk assets, vthin pararreters set by the Inv&stment SutFCommtilee, whilst generatiThJ a target level of funding. Thts investmonts are made in lull acrdance with Ethul Investmenl Pokyadopted by lh8 RBCIW, namely that no investments would be mad8 in any company deriving more than 5% cl its tUrverfrOM the pr(Kluction or the extraction of fossil fvels. Tha current investmenl policy p8rn1ts distribulion of a proporbon of profft from e2pital gains to contribute towards th6 tsrget cash distribukn'on of 3°A of the FKXtrolio value at the commencement of eath finar181 yea
Swansea and Brecon Diocesan Board of Flnance Llmited (fhe) Trustees, and Directors, report for the year ended 31 December 2024 {Continuedl COVID-19 It i% recognised that the legacyofthe COVID-19 pandemic ojntinues to impact on Company and relatsd D?an organisations and lo rnonitor and mitsgale the long-tem) finanual impact the Company.. - H&% prepared tsgets for 2025 that reflect the ongoing ChaIngeS in the colledlon of ministry Share. Is rnonitoring the inN)act on reserves of Ihe reduction of net asseis Has advised the Cornpany's Investmenl Managers Ihal a drawdown of fijnds from th& Companls investment portfc4io will be requirad in the short to medium temi and identified the basis on which any drawdown of fijnds can made without USIng undue disruption lo the risk profila of the Companls investment portfolu. RBCW Fundlng Th8 RBCIW provided financk81 support lo the Company in the fom of 8 numbèr of grants during ihe year for which the directors would like to record their appr¢ciation= Partnership Funding £215,LXIO 12023.. £400,OCXJI for the purposes of assisting wilh the costs of key peOnnel and activities. Structural Resilience Funding £396,390 12023: £598.9261 for the purposes of supporting Diocesan activities,. it is currently advised that this fund will cSe in June 2032. Church Growth Funding £569,820 12023-. £659.3321 to help fund In8188 sp8cIfical targeted at growing Churches and Ministry. Church Irispector Conlrfbvtion Funding £22,500 12023= £22,500) to reflect serv$ providwj by Diocèsan Church Inspectors lo R8CNN property team. Safety Net Funding £82,11312023.' £nill one off distribution of share of undaimed Str8legic Re8ilienc Funding, Church Improvement Grant £36,25012023.' £nill to be made availab to churches in the Diocese for the purpose of church premises improvements. Rgservès Policy The reserves policy requires funds equNalent to 81 least 9 months ol operating exp8rKliture should be held as reserve. At 31 December 2024, Ihe balance held in unr•strt1 funds was £5,168,665 representing the equivalent of 13 months operating expenditure al 2024 levels. The trustees are aware that the surrent level of reserve5 remalns materially above the resèrves pdiw. As In 2023 the movements in reserves durlng the year We the result of ev8nts bèyotyj the immediate control of th8 trustees namely thè financial support provided by the RBCIW and the increase in the value of investments. Without the benefit of the financial support provided by the RBCIW the nel defKit movement of unresM¢ted funds would be £1,786,030 for the year. The tnJstees expect th8 financial conditions to be challeThJing in th shtsrt to medium lem futur8 and are therefore comfortable with the current level of reserves as it 15 expected they will be required to finance net spending in 2025.
Swansea and Brecon Dlocesan Board of Flnance Limited (The) Trustees, and Dlrectors, report for the year ended 31 December 2024 (Continued) Plans forth• Future For 2025, the maln objectives are- To sustain Diocesan Ministry by strwirvj for financial stability and Se-Sus1aln8bllfjty- To work with the RBCIW and Diocesan organisations to invest in eVangelM and devek)p programmes and initiatives to grow th8 church In the Diocese and Wales using funding provided by the RBCIW Church GrovAh Fund. To continue to support the transition to Ministy Areas. To provide a programme of training and SUPFDrt of Ordained and Lay Ministries To provide support and advlce for Mlnislry Areas in all aspects of their activilie5 To continue to monitor the alloc8lion of Ministry Share apportionment to ensuro It Is equltable and considers tho raquiremenls of all stak8holders, To continue to support 8 DI(San Mission fvnd to provide funding for mission projects which aim to reflect the Diocesan Vision. To establish a strategy for evangelism and outreach for the whole DI0Se. Structure. Governanee and Management Memb¥rshlp- Composition hA8mbers of the Company are appointed for a three-yearterm, and there are four categories of momrShIp as S81 oul in the m8mor8ndum and acleS of associ81ion'. ex officio members, which include the Bishop of the Diocese, senior dergy. and Diocesan offrS. up to ten members nominated by the Bishop of the Diocese. up to ten members w-opted by the Company. elected mernbers- one cleric and two lay members elected by each Area Deanery Conference Exacutlve Committee The day-to48y managèment of the Company has been deleoaled to the ExecutNe Committee. The Executlv8 Committee shall not exceed 15 members. Every effort is made to ensur6 that those elected to serye have skills and experience appropriate to the negds and spOnSibl1rtles of the Committe8. Other Cornmltt•ès The Constitulion ol the Church in Wales states that there shall bè e5t3blished in each Dw)cese. a Parsonage Board and a Churches and Pasloial CommSttee. The Executive Comrnitte8 has 85tabllsh6d principal sub-. comvnittees, induding the Assistancè Commiitee. Investment Committee, Fundlnu Committee, and a Widows, Orphan8 and Dependants Committee. Member8 of (xjmmittees are appoinleAJ for a Ihree-year tgrm. Paw50nage Board The Parsonage Board has responsibility for the managetnent of diocesan parsonages, their upkèep and paIr, and for bLJying and selling houses as approprtate. The Bim of the Parsonage Board is to provkle adequate and comfortable aw>mrndation for clerics in the DiLKese. Churchès and Pastoral Committee The Committeg is r85ponsible for.. Keeping church buih4ing8 under vIeW in relation to pastoral need aThJ to a(fvSse the Bishop and Diocesan Conl¢rence accordingly Advising on gr8nts and loan5 for mainlaining church propgty and administering Ihe Diocesan Churches Grant Fund The administration of the sch8rn8 for inspection of churches and hall$ Ov8rse¢ing the process required for decl41ing a church redundant.
Swans8a and Brecon Diocesan Board of Finance Limited {Th•) Trustees, and Directors, report for the year ended 31 December 2024 (Continued) Assistsncg Commlttee The Assistance Committee was closed during the year and its role and responsibiffties were am81gam8ted into the Ministry Share Working Group. There rem8ins a fund is set aside to assisi Ministry Areas that ar8 facing financial difficJJIt$. Awlicatkn G9n b8 made for help wilh paylng the MSnistry Share andlor church insuranca premiums. Investment Commlitea The Committee is responsible for setting and reviewing the strategy for the CoMpanS investmanls, 8rKI lor monitoring the perfomance of the Board's porlfolio. The Committse acls for the Diocasan Trust and the Caihadral Choir Endowm8nt 85 W811 as Ihe Diocesan Board of Finance. Fundlng Commlttaas The Funding Committee Is resPolbIe for nsIdering and awarding internal grants respgct of Parish, Beneffice or Mlnlstry Area projects, and provlding advice and guhyance, as nécassary. Wldows. Orphans and Dèndants Commlttee The Widows, Orphans and Dependanls Cthimittee is funded by personal donations from those who, in grattiude ror the dedicated s8rvice given by dgrics, wish to fflake suro that no clergy widow or d8pendant should flnd them$61ves in financial need. The ComrDitt¢e is Blso a8 to offer aS&sta$ In particuEar circumstances, and it a sincere intenth)n that no Crgy w¥Jow, wdower dependant or orFthan should find thèmsalvès in any situatKJn tsf financial need. IndU10n and Tralnlng of Trust9 The Charity Commission guidanc£ has been adopted as a training rescwrce for all tr{teeS and is a standard agenda item. Inducl#)n for new trustees is currently on an inftwmal basis. Trustees are also encouraged to attend approw'ate training semtnars of which details are circulated. Rlsk Management The Company has a rrsk management syslern lo identify and assess signrficanl risks and lo put in p¢8ce appropriate mitigating procedures. The Diocesan Audit Committee is Gharged with reviewing the effectivene8S and robustness of these systems and reporting thereon to the ExecLrtive Commitlee. Apart from the impact of general economic conditions, thé principal risks to which Ihg Company is exposed are th8 callection of Ministry Share requirod to fund the costs of ministry in the Oiocese and the effectof changes in equity prices and interest rates. The risk of any non-collection of mSnistry share is regulaty eonsKl6red by the Executive Commltte8 and Is included on the risk register. A provision for doubfful debts has b88n madè and is included in the financial slatemenls. Invèstmènt P8rformance risk is managed by dose monitoring of investment performance. Liquidty risk is mitigated through the maintenance of appropri8le18vel8 ol bank and short-term deposhs. Pay policy for s•nior staff The trustees consklerthat the seniormanagementtèam comprise the key management personnel of the chafty in charge ol directing and controlling, ruming, ancj oper*ing ihe Board on a day-to-day basis. Th8 remuneralion olthe key management personnel is set in line wlth the Diocesan Pay and Grading Structure. The key mar)agemgril personnel of the Company are the Di¢x85an Secretary and the FInar Officer.
Swansea and Brecon Diocesan Board of Flnance Llmlted IThel Trustees, and Directors, report for the year ended 31 December 2024 (Continued) Key p8rfDrmance indicalors The trusleesldirectors eon5tder the key performance indicators to be the parish share collection, net incomingl{outgoingl resources for financial year. ihe level of unreslrict8d r858rv8s held, th8 numb of dèrgl85 in post within the Diccese: 2024 2023 Ministy Share Collection 75J% 79.54 Nel (expendureYin(xjrn& for the year on unrestrict8d funds b8for8 gainsllosses on investments and after trsIerS tretsveen funds 1£303.9411 £621,431 Value of g8neral ufftstricted reserves £5.168.665 £5,235,233 Clgrgy positions. Stipendiary Non-stipendBry House for duty 52 18 52 17 10
Swansea and Brecon Diocesan Board of Flnance Llmlted (The) Trustees, and Directors, report for the year ended 31 December 2024 (Continued) Reference and admlnlslratlve delalls The fvll name of thè Company is Swansea and 8rÈeon Di0san Board of Finance Limited. The SwJn8ea arwJ Brecon DkKesan Boar£J of FiTh9nce Limited (the Company) is 8 Multf8Ceted structure. It is.. Aregistered charty (No. 2498101 Acompany limited by guarantee (No. 009245651 A Board of Finance established uThr the Ctsnslitution ofth8 Church in W81&8. Details of the trustees and directors Itru51eesldireciorsl served during thè year, secAetsry, registered office. regislered 8udrtors. pri1paI bankers, and stockbrokers are set out bebJv. Bo¥rd of TrtteeSlD1rectO1S Jeffrey Brown Iresigned 6 May 20251 The Venerable Jonathan Byron Davies The Vènerable Alan Neil Jevons Gwynfor Lews, FCA The Right Reverend John Dèrrick Percy Lomas Very Reverend Albert Paul Shackerl8y Consultants The Von Alfred James Randolph Thomas Company Secretsry Lout3e Anne Pearsc Rogistered Office DIesan Centre. Unit 11 Penytan 8185S Park. Ffrwdgrech Industrkql Eslate, 8recon. Powys, LD3 8LA. Independent Auditoys Azets Audit Serwces. Ty Oerw, Li Tree Court, Cardrff Gate Busine85 P8ik. Cardiff. CF23 8AB Prlnclpal 8anker5 HSBC. Poruatvj Street Branch, Swanse8, SA13DF. Invgstment Managers RBC Brewn Ddphin Llmited, 2nd Floor, 5 Callaghan Squ8re. Cardiff. CF10 5BT.
Swansea and Brécon Dlocesan 8oard of Flnance Limited (Thal Trustees, and Directors, report for the year ended 31 December 2024 (Continued) Statement of Trustee5' responslbiliti•s in respecl of the Annual Report and the financial statements tiustaes, who are alsoi the directors of Swan58a and Biecon Di$9 Board of Financ8 Limitad (The) for the purpose of company law, are respc¢nsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom ACunting Slandards Iunlted Klngjom Generally Apted Accounting Practice). Comp8ny Law requires the trustees to prepare financial statements for each financial year whith gwe a true and tsir view of the state of affairs of tha charity and of thé incoming resources and application ol resourcas. Includi the incom8 and 8XP8ndrture, of the charitat4e MpanY for that year. In preparing these financial ststements, the trustees are required to.. select suitabl8 accounting poliGies and then apply thgm consistentty. observe the methods and principles in the Charities SORP. - make judgements and 851im8tes that are reasonable and prud8nt,' and prèpare the financial stalements on Ihe going concem bas unless it is inappropriate to pr8surne that the charity wll conb'nue in operation. The trustees are responsibl8 for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statetll8nts ccmnply th the Companies Act 2006. They are also re5ponsibb for safeguarding the assets of the charity and henr for tsking reasonabl8 steps for the prevention and deleclion of fraud and other irregularities. y order of the Board of TnEstg9$ JL AL. The Right R•ver¢nd John Lomas Trusteo Date.. .2nd June 2025.............. 12
Swansea and Brecon Dlocesan Board of Finance Limlted (fhe) Independent audltors, report to the Members of the Swansea and Brecon Diocesan Board of Finance Limited Opinion We have audited the firbancial statements of Swan88a and Brecon Diocesan Board of Finanee Itae 'charity'l for the year ended 31 D6mber 2024 which cornprise the stalemenl of financial 8Ctivities, the balance sheet, the Statement ol c2sh flows and the notes lo the financial statements, Indu(fing a summary of significant accountsng poliries. The financAal Teporb'ng framework Ihai has been applied in Iheir preparation is applicabl8 law and United Kingdcm Accounting Standards, including Finarnclal ReportiwJ Standard 102 Th8 Financial Reporting Standard applicable In the UK and Republic Ll Ireland (United Kingdom Generally Accepled Accounting Practice). In our cpinlon, the financial statements.. gNe a Iwe and fair vlew ol the slate of the th8rit8ble Gompanrfs affairs as of 31 D8C8mbar 2024 and of its irKLning resources arKI application of restyjr, for the yearthen ended. have been properly pr8par8d in aGcorclance wth United King(Jorn Generally Auepted Accwnting P0Ce,. and have been pr8parad In accordancg With the requirem8n15 ofthe Ccmpani8s Act 2006. Basls for oplOn We conducted our audit in acujrdance wilh hternatitsnal Slandards on Auding IUKI IISAS IUKII and ap1¢able law. Our responsibilrti8s under those slandards are futher described the ALJditoffs responsibilities fcw Ihe audit of th8 financial statements section of our report. We are independent of the in accordanco wlh th8 ethical requirernents that ar8 r8levant to our audlt of the financi81 statements in the UK, induding the FRC'S Ethical Stsndard, and we have lfilled our other elhical teswjnsibilitses in accordance with these requirernents. We believe that the audit eviden we have obtsined sufficient and appropriate to provide a basis for our opinion. Concknions relaling to golng concern In auditirfj the ffinancial statements, we have concluded that the twstees use of the wr¥J concem basis of accounb'rvj in the proparalion of th8 financial statements is appropri3t8. Based on the work we have perfomied, we hav8 riot identthed any materkgl uncertainties relatittg lo events or condiOoThs that, Individually ColltivelY, may cast significant doubt on the chartys ability to continue a5 a witvJ concem for 8 peri of at least trjefve months from when the financial ststements are authodsed for issue. Our responsibilit and the r8sponsi1Ities of the trustees with respectto g)iNJ cDnc8m are descn7)8d in thè levant SectiOr ofthi8 report. other Information The other inf0mlatn comprises thè infom10t Inrjuded in th8 annual report other Ihan Ihe financial statèmants and ourauditorfs report theon. The trustees are responsible for the other infomi8tion contained 4th1n the annual report. Our opinion on the finanaal slalements does not wver the other infom)ation and we do llot express any form of a5suranGe CA)ndusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the oth8r infortnation is materially inwnsislent th the financial staternents, or our kno¥edge obtained in the course of Ihe audit. or olhenmse appears to be materially mi55tated. If we identify 5uth rnaterial incon5i5tencies or apparent material misstatements, we ar8 required to determinewhetherthisgwas rise to a material misstatement in the financial slat8rn8nts thernSees.II, based on the work we have perfom)ed, we u)nclude Ihat there is a material misststement of Ihis other inf0mlatfft. we are requlred to réport that fact. We hgv8 fK)thing to report in this regard. 13
Swansea and Brecon Diocesan Board of Flnance Llmited {The) Independent auditors, report to the Members of the Swansea and Brecon Diocesan Board of Finance Limited matte on which we are requlred to r8pct by ex¢•ptlon W8 hava nothlng to report In resp8Ct of Ihe lollowing rnatte in relabon to whith the Charities (Accounts and Report81 Regulations 2008 requlre us to r8tMJrt to yw if. in our opin.. the information given In the finawiel ststements is inconsistent in any tnaterial respect ¥th the trusleos. report.. or sufficient accounting rewrds have not been kept, or the financial statemellts are not in agreement wth the 8CCA)unting records,. or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As exptsin8d more fuW the ststement of trustees, responsibilihes, the trustees, who are also Ihe directors of Ihe Charity for the puipose ol company law, are responsible for the preparation of the financial statements and for being sati8fied that they give a true arKJ fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstal8menl, whether due to fraud orerror. In preparing the financial ststements, the Irustees are re5PDnsible for assessing the tharity's 8bilify to conlinue a5 a going coric8rn, di5c105ing, a5 applicaNe. matters related lo going concem and usiw the going concern basi5 of ac£ovnting unl885 the trustees eithei intend to liquidate the ¢harit8ble company or to cease operations. or have no realistic alternative bth to do so. Audltorfs responsibilities forthe audlt of the financial 8t8t8ments We have been appointed as auditor under section 144 of the Chatibes Act 2011 and report in accordance with the Act and r8levant regulat5 Tnade or having effect Iher8under. Our objectives are lo obtsin reasonab assurance about whelher the financial statements as a We are free from material mis51atem8nt. whether due lo frdwl or erTDI, and to issue an auditoffs report that inrJud8s our opinion. Reasonab 8ssurance is a high level of assurance bul is not 8 guarantee that an aj11 o)nducted in a(fA)rdance with ISAS IUKI VAII always detect a material rnisstatementwhen It exists. Misstatemenls can ari58 frorn Irdud or enor and are considered rnaterial if, indivKlually or in the ag0gate, they could reasonabty be expected to inllu81 tho economic d8¢i&ons of user5 taken on the basis of the$8 ffinancial statements. A further descrlptlon ol our respsIbilitieS 15 available on the Finanri81 ReportiNg Council's Wete at.. https..Il.frc.0r.Uk1aUdrt0rsreSponSIbltie8. This description forms part ot our altO¢S report. Extent to whlch the audlt consldered Capablo of detsctlng Irregularlt5e& Ineludlng fraud Irregu18riti85, including fraud, are instances of non-compliancè with laws and regUlatn$. We des3n procedures in line with our r8sponsibilitie5, Outlined above and on the Financial Reportlng Counul's website. io detect m8terial Misstatements in resw of irr8gul8riti&s, indudlng fraud. We obtsin and update our under51anding ol the entity. it5 actwilies. It5 control environment, and likely future developments. includino in relation to the legal and regulaiory framework appl¢c8ble and how the entity is COmp.n9 with thal framework. Based on this understanding, we identlfy and assess the risks of material mi&%tsternent ol the n8ncial 5tat8ments, whether due lo fraud or error, d8sign and perfomi audit procedwes responsiv8 to those risks, and obtain audit 8vid&nce that 15 5uffitsent and appropriate to proMde a ba515 lor our opinion. This includes considetation of the risk of ads by the entity Èhat were contrary io applicable laws and regulation5. including fraud. 14
Swansea and Brecon Dlocesan Board of Finance Llmited (The) Independent auditors, report to the Members of the Swansea and Brecon Diocesan Board of Finance Llmlted In response to th8 risk of irregularitias and non•¢ompli8nce wilh Laws and regulatws, induding fraud, we designed procedures whlch inchjded.. Enquiry of management and those charged wlth govemance around athu818nd potent1 litvJallon and claims as well as actu81, Suspected, and alleged fraud. Revieuring minutes of rneetings of those charge(I with governan. Assessing the exlenl ol compliance Wth the laws regulatrons considergd to have a dlrect material effed on the financial slalemenls or th8 operations of the enlily through enquiry and inspection. ReviewirrfJ finanual statement disclosu$ and testing lo supwrbru d(utnentation to Bssess compliance with applicable laws and regulations. Perfwning audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjustments for appropnateness. evaluabng the business fdtioriale of significant transactions outside the ral course of business. and reviewing a¢countirYJ estimates for irKli¢alor8 ol potential bia5. Because of the Inhent limitab'orts of an audit, there is a risk that we will not d8t8Ct all irregularities. induding those leadiThJ to a materkql rnisslatement In the financial statement5 or n-COr[li9nce wth regulabon. Thi5 risk increases the rnore thatcomp1ianWth a lawor regulation is rernovpd from the events and transactions reflected in the financ481 StatentS. as we will be le55 like lo become aware of instances of non-¢omplianc8. The risk of not deteeting a material misstatement re3uthng from fraud 15 higher than for on8 r8sulting from error. as fraud may involve collusion, forgery, int8ntw)nal orni55ion5, misrepresentations. orthe override of intsmal control. Us8 of our report. This reFK)rt 15 rnade solely to charity's trustees, as a body, in acwrdan¢e vmth part 4 of the Charities (Accounts and Reports) R8gul8tions 2008. audSt work has been undertaken so Ihal we might stale lo the charivs trustees Ihtsse matters we ar8 required to State to them in an auditDrs' r8POrt and for no other purwse. To the fullest exlent perrnitted by law, we do not ac£ept or assuma r8spon5ibility to anyone other than the charity and the charity's trustees as 8 bcmly, for our audft work, lor this report, or for the opinK)ns we have formed. A12¥ hthF Azets Audit SeTViC8S Chartered Accountants statutory AEMlltor 06 June 2025 Ty De1 Lime Tree Court Cardifl Gate Business Park Cardiff CF23 8AB Azets Audit Services 15 eligible for appointment as 8uditor of the Gharity by virtue of its eligitAIty for appointment as auditor of a c4)mpany under of sectron 1212 01 the Compani85 Act 20e6. 15
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Swansea and 8recon Dlocesan Board of Flnance Limited (fhe) Balance sheet as at 31 December 2024 Note 2024 2023 Fixed Assets Investments Long Term Loans 5.220,657 335,0(rfJ 5,555,657 5,186.979 335,000 5.521,979 10 Currant Assets D8btors.' due within one year Cash at bank and in hand Totsl current assets 941.141 946,916 1,888,057 828.894 1,202,573 2,031,467 12 Liabilities Creditor5 falling duè within one year Net Curn2 assets 13 837.83Q 1,050.227 L513.595 1,517,872 Total assets lèss current liabilities Creditors falling due aft8r more than one year Nèt assets 6.605,884 335,000 6.270.884 7.039,851 335.000 6.704,851 14 The funds of thé eharlty Unrestricled Funds D85ignatéd Funds Totsl unrestrlcted funds 15 15 5,168,665 85,806 5.254.471 5.235,233 115,806 5,351.039 R85tricted funds Restricted Income Funds (Parsonage Mainlenanca Fund and Church M8intenancè Funds) Legacy and Benefactions Account and Trust Funds (Restricled Capital Endowmenl Funds) Tolal reslrided funds 15 (287.213} 116.553 15 1.303.626 1,016,413 1,237,259 1,353,812 Total Charity funds 6.270,884 6,704,851 The company is 8nlllled to Ihe exemption from the audit Tequirement contained in sectlon 477 of thè Companies Act 2006, for the year ended 31 December 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknow18dg& their responsibilf(ies formping With the requirements ofthe Companies Act 2006 with respect to accountlng records and the prepar8tion of financial statements. Thè mèmbers have not required the company to obtain an audit of its financial gtatemenls Uer ihe requirernents <rf the Companies Act 2006. for the ygar in quesiion in accordance with seGtion 476. These financial statements have been rKepared in accordance wSlh the provisions applicable to wmpaTrifjs subject to the small companies r+3gim8. The financial staten*ntS W? approved by the Trustees on ..Snd June 2025.... Th¢Ri Trustee evernnd John Lomas Datè: .2nd June 2025.... Company number: 924565 18
Swansea and Brecon Dlocesan Board of Flnance Limited {The) Cash flow statement for tho year ended 31 December 2024 2024 2023 Met cash outflows from operatlng activitieg 29.286 Net cash flows generated from invo$ting aetlvltlgs Dividend and interest frorn investments Purchase of investrnents PrtsedS from sale of investments Inveslment Management F885 Net decrease in c8sh b8lanc8s hold by Investment Managers Net cash generated by Investing activitie¥ 157,318 {671.0051 940,008 {20,1611 156,106 11,364.5651 1.240.071 123,7441 142,838 150 706 407,219 Cash flow from financlng actlvltles Repayrnents of loans r8c6ivab Repayments of loans repayable Net Cash provided byl lused in) gengrdled by financlng activities Change in cash and cash èquivalènts in the year Cash and cash equlvalents at the beginnlng of the reporting period (255.6571 121.420 1202 573 1081 153 Cash and cash equivalgnts at thg end of the reportlng period 1,202 573 Reconciliation of nèt Inetsm• to not Gash flow gen8rat8d from operating activitles Net incomellexpendlturel for the reportlng perlod las per stst8ment of financlal activitlesl Il¥icr88sel in debtors InaSe1(DeCreasal in creditors IGainsyLosses on inv8stments Dividends and Interest from Investments Investment management fees N?t cash Inflowslloutflowsl g•nerated from ap•ratlng activities (433,9671 (112,2471 324,235 (303,7401 <157,3181 609,122 1275,455) 42,317 1272,9081 1156,106) 19
Swansea and Brecon Dlocesan Board of Finance Limited (fhe) Notes to Ihe financlal statements for the year ended 31 December 2024 Principal aeeountlng polleles Charity Infomialion Swansea and Brecon Di0san Board of Finance Limited Is a private company limited by guarantee incorpor818d in EngL4nd in Wales. The registered office 15 The Dlocesan Centre, Cathedral Close. Brecon. Povry5. Wales, LD3 9DP The principal acLounting policies adopted, judgements and key sources of eslimation uncertainty irb the preparatK)n of the financial statements are as folk)ws'. Accounting convention The financial statements have been wepared in ac¢x)rdarKe wlth the charity's wveming docajment. the Cornpanies Act 2006 and "Accounting and Reporting by Charit185'. Statement ol Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 102) {effeetive 1 January 2019)". The charity is a Public Benefit Entity 5 dgfined by FRS 102. The f5nancial statements have been prepared under the historical cost convention with th8 eXpIlO of investments. which are induded 8t mark8t value. The principal accounting polides adopted are sel out b810w. bl Preparation of the financial 8tatements on a going ojncern basis After maklng appropriate ewuiries, the trustees are of the vlew that the charfty Is a golng cAJncem. Income recognition policlas Items ol income are recognis8d and includ8d in the financial statsments when all the following criteria are mel.. the Company has enttrl8rnent to the funds. any perfomiance conditions attached to tho itams of income have been mel or are lulty wlhn the control ofthe Company. theré is SLJffiaent certainty that recept of the Income Is (x)nsidered probable.. the amount can be MeasUd rdiably. For legacies. entI1ment is taken as the earlier of.. the dale on which the Company is aware that probate has been granted. the estste has been finalsed and notffji¢atSon has been made by the executor(s) to the charity that a distribution will be made., or then a distributton is received from the eststg. Recelpt of a legacy, in whole or in part. is onty (Kinsidered probable when the amount can be measured rdiabty. and tha Company has been not[fi Df the 8xecutorfs intention to make a disth'bub'on. Where legacies have been notrfied to the Company. orthe Company is8wareof thé granting of probate, and the crrterva forinc0 recognition have not been met. then the legacy is a treatwl as a conlngenl asset and ddoSed if material. 20
Swansea and Brecon Diocesan Board of Flnance Llmlted ffhe Notes to the flnanclal statements for the year ended 31 December 2024 (contlnu8d) d) Block Gr8nt A block granl is provided to th& Company by the RBCIW. Thts arrangemenl has applied sincè 2008 and 1$ expecied lo apply for subsequent years. The provision of a Ock grant has nabd cartain additional outgoings by the Company to be financed. The block grant Is ¢r8dited to the Staternent of Financi41 Activities in the year lo whh it relates. Donated swvice8 and facilitles Donatèd seNces or facilities are rocognised as income en the Company has control over the rfem. any conditsorts assoclated with the donated item have been rr*t, the receipt of economic benefrt from th8 use by th8 charity of the item is probable and Ihat e(x)nomic benefit can be mèasured reliably. On receipt, donated services and facilrties are recognised on the basES ofthe value ofthe gift to the Cornpany whh is the amount the Company wouw have been willing to pay to oblain services or facilities ol equivalent econornic ben8fit on Ihe open market. corresponding arrK>unt is then rewgnised in expendiiure in Iha ptri(hJ of receyt. Interest recefvable Interesl on funds htrld on deposit is included whén récèivab and the amount tan be measured Teliably by th& Company- this Is ftormally upon nolTrlcation of the interest paid or payable by tt)e Bank. g) Fund ac¢ounling Unrestricted funds are available to spend on adivities that further any of the purposes ol the Company. Designated funds are unrestricted fund5 of Ihe Company which the trustees have ae¢ided at their discretion to sel aside to use lor 8 specific purpose. Reslricted funds ar8 donations which the donor has spg¢ified are to b& solely used for particulararoas of the Company's work orfor specific projacts being undertaken bythe Company. h} Expenditure Expenditure Is recognised once there is a I?1 or constructive obligation lo make 8 payment to a third party. it is probable that sett18m8nt will be required. and the amount of the otrAigaticm be measured reliably. Expendilura classified under the folbwing activity headings.. Costs ol raising funds comprise the costs of investrnent managers Expenditure on charitable activities includes the e4Jsts of supporting the ministry, suFyort for Minlslry Areas, and other financial support costs to further the purpose of the C(x))pany. Olher expenditure represents those itgms not falling into any other heading. Allocation of support C03ts Support costs are se functions thal assist the wcrt of th8 Company trljt do not directty undertake tharitable activitiès. Support costs include salary and related expenditure that SUP[rt the Cimpanws actwibes. TIe costs have been alk)c8ted bthegn activity headings basad on sp8nt. Debtors Trade and otrer debtors are recognised at the settlemènt amount due after any trade discount offered. Prepayments are valued at the amount prepaid aft8rtaking aCunt ol any trade discL)unts due. 21
Swansea and Brecon Dlocèsan Board of Finance Limited lThel Notes lo the financial statements for the year ended 31 December 2024 {continued) k) C8sh at bank and In hand Cash at bank and cash in hand includes cash 8nd short iemi highty liquid investments with a short-term maturity of three months or less from the date of aGqu15ition or opening of the deposit or simllar account Creditors and provisions Creditors 8nd provisions are iecognised where the CorTJpany has 8 present obllgation resuttlng fr¢)m a past evenl that will probably r8suIt in the transferof lunds to a third patyand the amount due to settle the oblgation can be measured or estimated reliably. Creditors and prowsions are nomially recLyJnis at their selmemenl arnount after allovAng for any trade discounts due. ml Fknancial instrUnts The Company only has financial 8SS8ts and financial liabilities ol a kind that qualify as basic financkgl instruments. Basic financial instruments ar8 inibalty r8ctNJnised at transaction value and subsequently measured at their rnarket value. Fixed asset investsnents Fixed asset inveslments, linciuding those investmerbts held in the Restricted Capitsl, Endowment Funds). are stated at market value or at Tru5teesldirectors best 8Stimatè of market value al the balance sheet date, wlh gains or losses on revaluatlon being induded in the Stat8rn8nt ol Flnaneial Actiwlies. Employee b8n8fits The costs of short-term employee bènefits are r8cognised as a liability and an expense, unless tIM)s8 costs are required to be recognised 8S Part of the cost of stock orfixed assets. The c(J3t of any unused hollday entrtlement is recognised in the perood in which the employee's setmces ara received. Termination benefits are recognised imm8diat8fy as expensè when the charrty is demonstrably commiited tts terminate Ihg employment of an employee or to provide lerminatlon b8n8fils. p) Pension contributions Contrlbuik)ns are made to defined contribut Imoney purchasel penslon arrangaments in respect of rtain empk>yees ofthe company. The assets ofthe money purchase pension arrangèménts 818 h8ld s8parat8ty from those of th8 trnmpany in independently administered funds. The defined contributions to the tnoney purchase pension arrangements are charged lo th8 Ststom¢nt ol Financial Activilie5 as incurr. q) Taxation The Company is a registered charity and, as such. is entitled to certain tax exemptions on int& and profits from investments. and surpluses on any trading aGlivilie5 Garri8d on in furtherance of the Charity's primary objectives, if these profits 8Nb surpluses are awlied solely for ch8ritsble Purpo$. 22
Swansea and Brecon Diocesan Board of Finance Limitsd IThel Notes to the flnanclal slatements forlhe year ended 31 December 2024 (contlnued) Concessionary k)ans CoTbcessionary loans re1Ved from the Repr8S8ntative Body Church in Wales 8nd pay8ble lo clergy are initially recogr4sed al the arnounl receSved or paid with the carrying amount adjusted in subsèquent years to reflect repayment. and any 8ccru8d interest and adjusted, if necessary, for impairment. 2 Legal status ol the comppThy Th8 Company chaTty i8 a cA)mpany Ilmiled by guarantee and has no sharé capital. In the event of tha chaitty being wound up. the liability in respect of the guardntee is limited lo £1 per member of the charity. 3 Critical accounting e5tlmat8s and judgemènts In thè application ol the Company's accounting policies, Ihe trustees arè réquired to make judgements, estimates and assumptions about the carrwng amount of ass8ts and liabilities that are not rtsadily appaAt from other sources. The estimates and associated assumptions are based on historical experience and other factors that are wnsidared to be relevant. Actual results may diff8r from these estimates. The edmates and uThJedying assurnptions 8re reviewed on an onoolng basis. Revisions lo accounting esEimales ar$ recognised in the period in which the estimate is revised where the revision affects onty that period. or in the period of the revision and future periods Whe the revision affecls th current and future P8ri0ds. 4 Tumover The Company does not undertake tradlng on its own account. Th8 8¢tivity of the Company is the managernenl of such financ88 of the Diocese of Swansea and Brècon as are vested in or ar8 payable to the company. 23
Swansea and Brecon Dlocesan Board of Finance Limited (The) Notes to the financial statements for the year ended 31 December 2024 {continued> Income Total Funds 2024 Total Funds 2023 5.1 Donatlons and legacles Ministry Share ¥5s85sed by the DBF Contrlbutlons from th• Representative Body- Partnarship Funding Church Growth Funding Strura1 Resilienc8 FurKling Safely Net Funding Church Improvement Grant Church Inspector Grant Widows. Orph8ns and Dependents Grant Grants and Donatlons rècèlved: EastmJN Trust Gower Deanery Ministry Share Assistance Contribution Benefact Trust (restricted fund see note 161 Isla Johnson Trust Dioc8san Trust Parsonage Repair Grants Irestricted fvnd see note 161 Other Grants and Donations 2,637.981 2,602,768 215.000 569.820 396,390 82,113 36,250 22,SOO 400,000 $59,332 598,926 22,500 194 16,995 22.000 14,994 3,000 41,578 5,370 4,714 17,434 3.000 39.352 3,780 3,498 4.372.784 Grants received forchurch improvgm8nt of £36,25012023'. £ Nill, for educational purposes and training of GrgY £3,00012023'. £3,000) and IOT parsonage repalr ot £5.37012023.' £3.7801. are credited to the restricted income funds. All other Incomè Is credited to unrestrfcted funds. 24
Swansea and Brecon Dlo¢esan Board of Finance Llmitsd (The) Notes to the financial statements for th? year ended 31 December 2024 (contlnued) Totsl Funds 2024 Total Funds 2023 Charltable Aclivities Resour¢e Centres- Admlnistrativg SeNces Parsonage Rental Incotne {restricted lund- see notè 161 Contribution from Ministy Areas Contributions from Dioc8san organisations Marriage LinCe Fees Other Income 3.530 37,612 1,965 4,701 55,6QO 2.776 720 725 64,522 1,636 44.743 Incomlry resources from Charitable ActwilS iludeS Restrct8d Parsonage Rent81 Income of £37.61212023". £55,600>. Total Funds 2024 Total Fund5 2023 Investments: Flxed Asset Investments and Banks Income from fixed asset investments- listed Income from Representstive Body Common Inv89trRent Fund Units Bank and money market interest Othèr intèrest Incoffl8 froFFT Inveslrnent of Bequ88ts l£njl12023." £47) restricted fund) 109,921 107.564 1.639 8.723 3,131 1.554 8.061 4.139 33.904 157 318 34,788 156,106 25
Swansea and Brecon Diocesan Board of Flnance Llmited (fhe) Notes to the flnanelal statements for the year ended 31 December 2024 (continued) Total Fund 2024 Total Funds 2023 S.4 Other Incom0 Insurance Claims- reslrided 37,628 37,628 9,584 9,584 Expenditure fotsl Fund$ 2024 Total Funds 2023 Support for Mlnlstry stITpends & F885 Stipends and alk)wances Vacancy fees Goun¢il Tax Porson8g8S Maintenanc8 of Parsonages (restricted fund sea nole 161 Insurance (rf Parsthage Houses Custodians, expenses Propety Rentsl Clergy Expènsès Archdeaeons, expenses R8moval and disturbance allowances Travel and other expenses Tralnlng Ordinands Continuing Ministerial Educal Readers Support Costs Provision against uncollected hAinisty Share Write off of uncollect8ble Ministry Share General Fund Isee note 6.61 Rgstricled Parson Fund 1,569,889 2,665 148,723 1.466,225 3.440 130,787 555,443 18.998 26,245 16,914 384,482 19.007 21.241 8.340 11,936 64,273 18.162 9,662 43.727 3.325 9,119 22.347 9,194 22,920 634 632.230 437,944 9,000 156.994 91,273 2,818,195 156.690 151 206 Of the above costs. cos18 for the maintenance of parsonages of £555,44312023.. £384,482), sUPPOrt costs of £151.206 (2023.. £91,273) and various 8ddthonal costs of£18.00412023'. £19.3841 are charged to th8 rostrfcted Income fund. 26
Swansea and Bre¢on Diocesan Board of Finance Limited {The) Notes to the financial statements for the year ended 31 December 2024 (continued) Totsl Funds 2024 Total Funds 2023 6.2 Support for Mlnlstry Areas Sectormlnlstries Rural Life Ministy Social Responsibility Qlher Sector Ministries Klission, Evangelism and Outreach Statutory Education Childrèn, Youth and Family Diocesan Expenses Ministry A3 Developn*nt Support Dioce8an Archivist Eastrnoor C8ntre DIesan Centre Support Costs (see note 6.6) 17,594 57.750 5,170 43,798 62,525 149.717 17.460 37.745 6.218 40.788 50.963 155,721 335.951 200 3.177 57,493 155,237 888.612 169,180 200 4,100 64,370 154,902 701,647 Oflhe above costs, £Nil is funded by from the Design8te<l Ropair Fund12023.' £9,4991- Total Funds 2024 Total Funds 2023 6.3 Church Proporty Dioc85an Advisory Committee expenses Churches and Pasioral Committee Èxpènses Support Cosls (s8• note 6.6) 16,165 64,328 52,538 133.031 15.404 48.915 58,050 122,369 27
Swansea and Brecon Dlocesan Board of Finance Limiled (The) Notes to the flnanclal ststements for the year ended 31 December 2024 (contlnued) Total Funds 2024 Total Funds 2023 6.4 Other Financial Support Dlocesan 8odies Resource Church Grants 8recon Cathedral Grant Diocgsan MissK)n Fund Church Repair Grants Representative B(xly- Emergency Repairs Fund Ministry Area Assistance Fund Social R8sponsibility Grants Bishop's Fund Widows Orphans & Dependants Grants CLJraté Support Grant to Ministry Areas R8tired Clergy Anglican. Ecuménlcal, andotherbodies World missil Grants Cost of Limng Grants Llangasty Retreat House Grant Other Grants Support Cosls (see note &6J 119,669 123,959 41,190 79,755 66.650 8,333 27,761 40.024 72.256 147,024 42.545 12,000 11,694 3,500 207 6.217 6.000 234 14,103 16,930 106.202 5,000 1,000 12.282 541.537 5,000 3,894 11,090 442,982 Of the above costs £110,091 12023." £48,020) is funded by the Restricted Incornè Church Improvement Fund, £30.00012023' £30,000) isfunded by the Designated DIDsan Regeneratn Fund and £11.69412023.. £6.2171 is funded by Restrict&J Widows, Orphans and Dependerits Rgstrictèd Income Fund. Material grants in the ctsntext of total expenditijre are.. 2024 2023 Résourcé Church Grants Cost of Livtng Asslstanc8 Grants Faith in Fgmili8s (Social ResponsSbility Grants) Brecon C8thedral Support Grant 119,669 123,959 106,202 64,038 41,190 68,072 Totbl Funds 2024 Total Funds 2023 6.5 Communlcètlon$ Communic8tiori3 8nd Medi8 Newslellers and Dlooesan Publications Support Cosls (see note 6.6J 2,695 3,284 1,167 4,597 53,526 $9,219 28
Swansea and Brecon Diocesan Board of Finance Llmlted (The) Notes lo the financial statements forthe yearended 31 December 2024 (continued) Total Funds 2024 Tot81 Funds 2023 6.6 Support Costs - Managemènt and Administratlon Salars including p8nsions and pension scheme contributions1588 noté 7.11 Staff and Office expenses 390,941 37,854 428.799 337.862 97,892 435,754 Total supwrt costs are charged to th8 Staternent of Financial Activthes as folk)ws.' Total Funds 2024 Tolal Funds 2023 Support for Ministry Support for Ministry Areas Church Prop8rty Other Financial Support Communicats'on IS6,690 155,237 52,538 11,090 53,240 428,795 156,994 154,902 58,050 12,282 53,526 435,754 Other than for support costs which are specTfic to the activities shown, the support costs. induding salaries and related costs, are allwated to activity headlngs based on tim8 spent. 6.7 Governance Costs Total Funds 2024 Total Funds 2023 Cornpany expenses Audit fees DIesan Conference and Standing Commlttee Governing Body Meeting exp8nses 13 14,618 2,D46 16,500 5.591 3,240 Governance costs are included within Stsff and Office expenses in note 6.6. 29
Swansea and Brecon Diocesan Board of Flnance Llmlted (The) Notés to the financial statements for the year ended 31 December 2024 (contlnued) Stsff Costs 7.1 Analysis gf staff costs and trusts•s' remuneTation and expèn Total Funds 2024 Total Funds 2023 Salaries including pensions and pension schem8 ¢ontrSbutions Salaries Social security o)sts PansnS Pens¥Fn scherne defined contributions (see below) 745,179 58.307 6,405 105 833 915 724 581,319 43,309 5,749 713310 Pgnslon scheme defined contributions are made in respect of<*rtsin amployees ofthe charity. The conEributions are payable by th8 company to funds. the assets of which are held sep8rately from those ofthe company. Onè amployé8 eamad (excluding employer pension costs) than £60,OCQ for the year ended 31 December 202412023.. 11. The average weekty number ol r50S employed during the year was 31 12023.. 271. Key management personnél Key rnanagement personn81 are deemed to be those hawng 8UthoMty 8nd rèsponsibility, delegated to Ihem by the trustees fr)r plannlng, dSrecting, and controlling the activities of th8 diocese. DurirvJ 2024 Ihey were considered to be the Di(88n Secretary. and the Finance Manager. Key management personnel cosls lilding sal8ri¢s. penslons and employerfs national insurance contributions) in 2024 arllounted to £141.38712023'. £131,266). 1 mémb8r ofthe key management personnel12023.. 11 recaivad employ88 benefits (exduding emF4oyerpension costs) of more than £60,CMJO.
Swansea and Brecon Dlocesan Board of Finance Llmitsd (The) Notes to the flnanclal statements for the year ended 31 December 2024 (contlnued) Trusteès, Emolumènts No remuneration was paid to members of the Bc>ar(l of Truste85 for Ihe year ended 31 Decembèr 2024 or for the previous year. Except for as desuibed below no Irustee5' expgn585 were claimed in the year12D23.. £nill. For clergywho are rnembers ol Ihe Board ofTrustees, expenses were incurred by thè charity in o)nnection with Iheir clerical dulles. For the year ended 31 Dec8rnber 2024 the expenses amounted to £8,01612023'. £9,416). For the year ended 31 De¢ember 2024 foF dergy members ofthe Board ofTrusteps stipends amount to £87,278 12023.. £125,226) and national insurance contributions 01 £9,53412023.' £13.5161 These ank)unts are Included in the lotsl for stipends and allowances whh is shown in Nc>tè 6.1. Net incgmè 2024 2023 N¢1 Income Is stated after charging.. ILossÈsl on disposal of nivestments Gainslllosses) on revaluation of investments Audit fee (16,6481 320,388 16,500 111,0821 283,990 14,618 31
Swansea and Brecon Diocesan Board of Finance Limited lThe) Notes to the financial statements for thè year ended 31 December 2024 (continued) 9 Investments LiEiI SwestrDeM8 Cash Sn PortTolh) Tol81 Book m•rk•l valuo At l J8tyJary 2024 Addit Disposa FAovenwl ValuatiDn th8ng8S At 31 Tr¢cernber2024 4172,067 671,1 I#S6,6561 14,912 5.186.979 671,alS 1gS6,fj561 11,0591 11.fy591 804 Fixed asset hvestrTrwts Are as folbw&' ZD24 2023 Hqld lth GeD¢ral Unr¢th¢tsd Funds Llsied Irfrfestmerts 0lhEr Inveslmrt CxNnpri&a'. H•ld In Gonaral Unreslrfctsd Fund$ 29.65212023.. 29,6521 Rgpresgnlale Bc Inveslm8nt Fund Un 3,8N232 3,933,708 69.1VJ 13,&S3 65,SJ5 14,912 80.517 Brewin EhJlphiD Cash D81 AThI G•ntral UnrestsScLOd Funds Hew In Reskncted Capital Endrpwm•nt Funds Llley And B4nolxtlons Account Tru#t Funds Hdd by Swansea and Br DiEre$aN frust Hek4 by the RepresentsiNe Body Held by the Board of Flrwice Raslwlcied C•pWaL Endrv4fflnt Fun Totsl Other Investments 623.BDI fjilJ40 589,340 574,181 232 1247.373 1.172.754 1,253,271 5.186,979 Totsl Inveslmerthb &220.657 Restricted C8Pit81, Endowmènt Funds include investrnents ld by the Swansea and Brecon Diocesan Trust and by the RBCIW. Of th8 aggr8g8te irweslmenls held by the Swansea and Brecon Diocesan Trust, units are 8IIcx8ted as being held on behaN of Company. The carrying value shown under thES hgading above represents this allocation. Units held at 31 Decefflr 2024 are 337.091 12023.. 337,0911, Investments held by the Representalive Body on behalfofthe Company are in respect of Legatyes and Trust Funds. These investments are held as a number of units In the Represenlalive Body Funds. Th8 aggr8gate number of units at 31 08cernbar 2024 are 263,24712023-. 259.5171. The carying v8lue of Investments held in Restred catal. Endowmenl Funds is slated in accordanc$ wilh the accounting polw In not8 1 of these financial st3t8m8nts.
Swansea and Brecon Dlocesan Board of Finance Llmlted (The) Notes to the financial statements forthe year ended 31 December 2024 (continued) 10 Concesslonary loans 2024 2023 Gon•ral Unrestrfcted Funds Loans funded by r8pr8sÈntatnia body: Retired dergy equity linked houslng loans RetSred dergy non equity linked housing loans 300,000 35,000 335,000 300,000 35,Otx) 335,000 Funds recewed from the RBCIW are applied to provide loans for retired clergy housing (see Note 151. Interest Is recewable by the Company and the Company pays an 8qUIV8l¢nt amount of interest lo Ihe RBCIW. There ale rKTr specific temis for the rep3ym8nt of the loans. 11 D8btors- due within one year 2024 2023 Ganeral Unrestrlct•d Funds Mlnistry share Grant Sn¢ome receivab Payments in advance Paro¢hial k)ans 8ank interest and investment income Miscèllaneous ProSon for doubttul debts 2,335,231 1,746.255 29,405 30.286 32,403 51,016 2 296,626 181715 35,034 30,286 35,133 45,759 1,664,395 228.072 Restrlcted Funds: P¥rsonage Malntenance Fund Represenlative Body- Improvemènt Fund repayment Insurance claim incom8 591,391 168 035 759,426 339,194 261628 600.822 Debtors duo within one year 941 141 828 894 ThE5e are anatysed as follows.. 21)24 2023 Other debtors Prepayments and ac¢wj Income 911,736 29,405 758,726 828,894 33
Swansea and Brecon Diocesan Board of Flnance Llmlted (The) Notes to the financial statements for the year ended 31 Decomber 2024 (continued) 12 Cash at bank and in hand 2024 2023 CAF Gold Account Other (xsh balanc88 271,688 675,228 946,916 497,852 704,721 1,202,573 For further an851S se8 note 19. 13 Credltors falllng duo wilhin one year 2024 2023 General Unrestricted Funds Creditors Control Representative Body of Church in Wales Ministry Share Paid in Adv8nGe Inlemally Invested R8slridgd Funds Deferred Income Accruals Sundry credttors 8.878 609,032 10,829 284.976 1.819 9.232 ,403 53,952 16,176 476,387 9,232 99,098 40,500 Restrlct8d Funds: Parsonage Malntenance Fund {restrictod income fund) Creditors Control Sundry creditors 7,634 19,529 17,679 37,208 56,446 Cr•ditors falling due wrthln one yDar 513,595 2024 2023 These are anatysed as follows.. Trade creditors Deferred Income Other exe(litors and acCalS 625.544 99,098 113.188 837.830 315.334 99,403 98,858 513,595 Mov8m8nts in ministry share pahJ in advance In the petlod are analysed as follows 2024 2023 Ministy Share paid in advance at slart (rf year Movemenl in year Ministy Share paid in advancé at end of the year 1,819 84,950 1.819 34
Swansea and Brecon Diocesan Board of Finance Limitsd {The} Notes to the financial stalements for the year ended 31 December 2024 (continued) Creditors falllng du• wllhln one year Icontinuedl Deferred income 2024 2023 Deferred incotne at stsrt of year Released from previous periods Resources deferred in the year Dekned income at end oflhe y8ar 99,403 199.4031 99.098 99,403 99,403 Deferred Income represents Slruclural Resili8n¢e Funding provlded In advance by the RCIW. 14 Creditors falllng duo aft&r moro than on8 year 2024 2023 G•n8rdl Unrostricted Funds Loans trorn the RBCIW Retired clergy equity linked housing loans Retired clergy rion 8quity linked housing loans 300,000 35,000 335,000 300,000 35,0110 335,000 Loans recewed from the RBCIW a applied to fund loans for Retired dergy housing and general support (see Note 101. Interest ranging beeen 5.75P/o and 6.25°/J Wa5 payable on the non-equity linked housing k>ans, to the Company. The Company pays an equivalent amount of interest to the RBCIW. There are no sp1 terms for the repayment after more than one year of Ihe loans due lo the R8presentaisve Body. The liability lo repay the R8presentatNe Body is independent of Ihe recovery of loans made lo Ministry Areas And Clergy. 35
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Swansea and Brecon Diocosan Board of Finance Limited lThel Notes to the flnanclal statements for the year ended 31 December 2024 (contlnued) 16 Summary of Parsonage Maintenance Fund Irestrfct•d Income fund) forth• y•ar ond•d 31 December 2024 2024 2023 Income Contribulicn5 from Dk)cesan Board of Finance General Unrestricted Income Fund Income frorn RentÉd Properties Insurance Claims Grants gnd Parochl81 contributions Total Income 361983 37.612 137.6281 361,477 55.600 370 337 430,441 Expenditure Maintenance of Parsonage$ Maintenanc8 contracts 513,392 42,051 555,443 60,689 376,274 8208 384,482 55,439 35,834 475 755 Administration Intar8St on Improvement Fund Total 8xpendlture Nel Ideficitllsurplus for the year Fund balance brought forward at 1 January Fund balance carri8d forward at 31 D0mber 1336,312) 23,328 312984 {45,3141 68 642 The parson8g8s are owned by the RBCIW and improvetnents are fijnded from the Parsonage Improvement Fund. The lotsl Spent on improvemtS ond maintenance Is as follows: 2024 2023 Maintenance costs Improvement C4Jsts Ibome by Ihe Representative Body) 555,443 902.093 1457 536 384.482 682.901 1,067 383 38
Swansea and Brecon Dlocesan Board of Finance Limited ffhe Notes lo the flnancial staternents for the yearended 31 December 2024 (continued) 17 Rel•tsd party transaction5 In addon to Iransactions with the RBCIW, Ihere were th¥ following reLaled party transa0nS in Ihe yoar ended 31 December 2024 and 2023. Swansea & Brèeon Dloeesan Trust Incorporated The Swansea & Brecon DIe88n Trust Incorporated paid the Company £7,500 {2023.' £7.5001 for administrative and 8¢tountancy services provided to the Trust. The Swansea & Brecon Di0$8n Trust Incorporated conlributéd £34.07512023.' £31,852) towards the Education costs incurred by the Company in the year. The lollowing directors are also dlreciors of the Swansea & Brecon D¥Jcesan Trust Irhcorporal8d.. The Ven Jonathan Byron Davies The Ven Alan Neil Jevons nfor Lewis FCA The Right Rev'd John Lomas The Vw Revd Albert P8uI Shackedey E#8tsnoor Trust Fund The Eastmoor Trust Fund aged to provide the Company wilh funding of £16,995 during the year trj contribute towards the costs of Resource Church Grants12023'. £22.0001. Th8 Right Rev'd John Lomas, a director of the Company. has authority to approve distributions from the Eastmoor Trust Fund by virtue ofhis positson as the Bishop ofthe Diocese of Swansèa & Brecon. 18 Flnancial instruments comprfse the following: 2024 2023 Financial assèts Investments measured 81 market value though the slalemenl ol financol activity 5.220.657 5,186.979 39
Swansea and Brecon Diocesan Board of Finance Limited IThe) Notes to the financial statements for the year ended 31 December 2024 (continuedl 19 Analysi$ of nèt assèts betWn funds UnTr$trlet•d funds Deslgnated funds Restrlcted funds Totsl Investmenls Long T8mi Loans D8btors du8 Wlthin ona year Cash Creditors due wlhin one year Credrtors dué in more than one year Totsl 3,973,284 335.000 181.715 1,795.050 1781,3841 1,247,373 5,220,657 335,000 759,428 941,141 1933,9401 946,916 156,446) (837.8301 85.806 335,000 5,168,665 335,0001 6,270,884 85,806 1,016,413 PreVS ar Unr&8lricted funds Designated fund5 Restricted funds Total Investments Long Temi Loans Debiors du8 Wlthin one year Cash Creditors due within one year Cr8diiors duè in mora than one year Total 3,933,708 335,000 228,072 1.549,840 1476,3871 1,253,271 5,186,979 335,000 600,822 828,894 1463,0731 1,202,573 37,2081 1513,5951 115.806 335,000 5.235,233 335.QOO 6,704,851 115.806 1.353,812
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Swansea and Brecon Dlocesan Board of Finance Limitsd (The) Notes to the financlal ststements for the year ended 31 December 2024 (continued) 21 Operating Leaso Commitments 2024 2023 Within one year Beeen Iwo and five years Over five years 15,769 48,060 16,217 64,426 728 At the reporting end date the Charity had outstanding comrnitments for fulure rninimum lease payments under non-cancellable operating leases. which fell due as set out atrrf)ve 43