Dyfed Welsh Church Fund
(Carmarthenshire, Pembrokeshire & Ceredrgion)
Annual Report and Financial Statements
for the year ending 31st March 2024
Registered Charity no. 506583

CHARITY REGISTFIATION NUMBER- 506583
Charfty nam•.'
The County Council of Dyfed Welsh ChurGh Fund
Othernames ¢harlty is known by." Welsh Church Fund
For th• ffnan¢lal yearb8ginnlng.' 1 April 2023
For the financial yearendlnq."
31 March 2024
Charf￿$ prlnclpal address."
Corporate Service8,
County Hall,
Carmarthen.
Carmarthenshlre,
SA311JP.
Names of the Charity trustees."
cam￿rth8n8hlre County Council
Chri3 Moore
Pembrokeshlre County Councll
Jonathan Ha8vMII
Ceredigion County C￿nCil
Duncan Hall
Method ofAppolntmant of Thistees
The Trusteas are Section 151 Offi￿rS of &xh thal aullK)rlty and &l as Truslee reFxesentatives of their
own funds.
M•ellng of Tntstees
An update on any issues relatlrvJ to the Dyfed Welsh Church Fund werè diswssed at Irustee
meetlrvJ held on the 15 February 2024.
Gov•rnlng docun￿nt
Welsh Church Act 1914 Model Scheme
Investment Managers
BlackRock Investment Management (UK) Ltd. 12 Throgmorton Avenue. London, EC2N 2DL
Des¢rfption and obfvcll￿s of the Charlty
The Dfftd Welsh Church Fund Is a scheme that mainly awards grants towards the costs of maintalning
places of worship. However, reglstered charities which benefrt resldents may 8ppty for help towards
running cosis, or Gost of a specific woject or purchasing a piece of equipment. Be$￿e8 natK)nalty
re¢ogntsed charities. Charlty supports lo￿1 charities responslble for providing recreational fadil￿eS
or other services which are of benefrt to the Community.
AI Loc81 Governm?nt R8organlsalion 1996 the Charity was spllt three ways irfft) the new Unitary
Authorftie8 With the amounl avai18ble to each n8w Authority being calculated on Ihe following agreed
pe￿nts￿es.
Carmarthon8hire County Councll
Cerediglon County Council
Pembrokeshire County Councll
41%
251

It was however agreed that C8mi8rthenshire County Council would take resportslbility for administering
the investment portfolio.
8asts of pr¢paraHon of tho accounts
financial stalements have been prepared In accordance with the accounling policies sel out in the
notes to tty￿ a¢wunts and comply with the ch¥ity'8 governing documen( the Charities Act 2011, the
Charities (Accounts and Reports) RegulatIor￿ and the Charities Statement ol RecOmme￿jed Practtce
(FRS102).
Tre prep*ation of the accounts Is carried out by the Treasury and Pension Investments team.
Each Authorlty above includes in ils Slatement of Accounts a statement of the Dyfed Welsh Church
Fund Account for il8 area, The ALrthorilies' 8ccounts are audlted by their own internal auditors wrth final
approval by thelr appointed exterr￿1 auditors - Audit Wales.
Golng Concorn
Given the Charlvs net a88et value (£4.7m as at 31.3.24) 8nd market value of investm8nt8 {$ee
Investment PerfoTm8nte table in Notes below}, the trustees are COTffldenl Ihal the accounts cart be
prepared on a golng ¢oncem basis.
Charfty's activities and achlov•ments durlng the yearln r•lation to Its obJeGtiv•$.'
The Charity complled with the above objectives durfng 202&24 flnancial year. A total of £187,849.13
was award￿ in grants and investmant Income lotslled £95,781.92.
Revi•w of finanGl•l activitles and affalrs..
During Ihis financlal yeez, several grants awarded exceeded £1,000, a breakdown ￿ which Is included
In the annual accounts.
An analysis of Incomlng capit•l resources
The Dyfed Welsh Church Fund receNed £79,120.25 from Investments during 2023-24 wlth an addillonal
£16,661.67 from inlerest on eAsh balances held.
An annual Income of £13.875 was récesved In respect of rent at Scolton Manor. A revlew will take place
to detemine if this is a reasonable rental valu8 and to iderrtify any Implications on Ihese financ￿1
statgments.
Rlsk Management
The Trustees would be made aware of any possible issues that may affeGt th8 Charity. The Trustees
are 8180 aware that the value of investmènts can go down as well as up.
Future Alms
The Tnjstees wll continue to award grants and monitor investrnenls to gain the besl r8turns for the
Charty.
ReseThw Pollcy
The Charity holds a Revaluatlon Reserve. the currenl b8lance is £549.155 {2023: £503,757).
Adjustment5 are actioned when a revaluation of Scoilon Manor takes place. A revaluatfon adjustment
has been Carrled out in 2023-24 due to the value of Srxjlton Manor increasing by £45.398.

Welsh Church Fund Act Crilerfa and GuidanGe Notes
Carm*thenshke County CouEKil has establistr￿d the folk)wing criterla In order to ai(1 the admini8tratlon
of the We15h Church Fund under sectlon 19 of the Welsh Church Act 1914.
Ell
Churches & Chapels
Organisalions
Indlvlduals
Infomialty or forfflally constituted consoth working on a particular prolect Can al80 appty. All
Ihe organi5ation9 involved in an Informal consortKJm must be eligible in their own rlghl and must
provKle 8 copy of their constitulion or govemlng dowmenl. The application form should be
compl?t¢d by the lead organis£tion that wlll be legally responsible for the grant and will recerrfe
Ihe furKling, should the appllcalion be su￿SSfUl.
Organlsatlons must be dther local based, or If of a national or r8gbnal character rnusl be 8ble to
demonslrate that the money requested would be use(1 for a specfflc l¢¢al based project
OrganBation8 must elther:
Be registered as a clNgrity
Hold certffjicates of chartablo status
Or hav8 fvnds which are exempt from income tsx
Applications for granl support from indivkluals Iowards a specific athivlty wjll be consldered provided
appltcant is resident in the Cwnty.
ible e
rKlllurelG nt r8te
Applicants can appty for grant support ft)r the following purposes:
Advanc&ment of Education
Libraries, museums, art gallerfes, etc.
Rellef of poverty
AdVan￿rnent of rellgion
other purposes beneficial lo the Communlty
The degree of support to be offered will be at the absolute dlsGretion of the awardirvJ authorlty.
Grant Maklng Policy (CamMrth•nshlre only)
Carrnarthenshir8 County Councll process Wed Welsh Church Fund grants via their Community Bureau
and Cabinet Using the Welsh Church Fund Act Criteria as a basls for awording grants.
Grant Maklng Policy (Pembrokeshire only)
Pembrokeshre County Councll pro¢ess D￿ed Welsh Church Fund grants vla the Director of
Resources, Cablnet and Finance learn using the We15h Church Fund Act Criteria as a basls for
awarding grants.
Grant M•klng Pollcy (Cwedlgion only)
Ceredigion County Council FYoc888 Dyfed Welsh Church Fund grants vi8 their Ceredigion Community
Granl Scheme using the Welsh CFwrGh Fund Act Criteria as a basis for a￿arlIng grants.

statement of the TrustA•s' Res
nslbllltks
The Trustees are re5ponslble fcf preparing the Trusiees Annual Report and the financlal statements in
aGcordance with applicable law arrfj Unlted Kingdom Accounting Standards (United Klngdom Generally
AcGepted Accx)unting Practi￿).
The law applicabl& to charilies in England and Wale8 roquires the Trustees to prepare flnancial
stslements for 88ch fironcial year which glve a true and f8lr view of the state of affairs of Ihe charity and
of the incomlng ￿soUrceS and application of resources of the Gharty for d￿t Period. In p￿Paring these
financl81 statemerrts, the Trustees are required to:
select sultable aGGountlng policies ané Ih8n apply them Gonslstently;
observe the methods and principle8 in the Charit*s SORP,.
make Judgements ar￿ 88timates that are ￿asonable and prudent;
state whether applicable accounling Standards have been folkjwed. subject to any malerial
departures dlsdosed and eX￿ained In tha financial ststèments", an
pr8pare the financial siatements on the going concern basis urdess tt is inappropriate ta
presume that the charity wlll ￿ntinUe in buslness.
The Trustees are responslble for keeping proper accounting r¢cord8 that disclose wlth reasonable
accuracy at any tlme the financial position of the charity and 8nable them to Énsu￿ that the financial
ststernents c[x￿pIY with the Charities Act 2011. the Charfty (Accounts and Reports) Regulalions 2008
and the provisio￿ of the trust d88d. They are also responslble for sateguarding the assets of the Gharity
and hence for taking reasonable steps for the prevention arKI detection of fraud and other irr8gularities.
The TrLL8tees are responslble for the maintenance and integrity of the charity and financial Information
Ir¢luded on its website. Legislatlon In the United Kingdom gov6mlng the preparatlon and dissemin8tion
of financial ststements may dTrffer from legislation In other jurisdlGtions.
SIOn￿.
Chris Moore
Director ol Corporato S•rvtces
amarthonshir• Ctsunty CounGII
Slgnod:
Duncan Hall
Corporate Lead offi￿r. Flnance & Procurement
Cerndlglon County Coundl
Signed:1
Jonathan Ha8well
Dirèctor of Resour¢es
Pembrokeshire County Council

NOTES TO THE
YFED WEL
CHURCH FUND
cco
Dlsclosurn of Trustee Ramunerntlon
No expenses or remuneration have b￿n paKI to the Trustées of the ttyfed Wdsh Churth Fund.
Related Paty Dlsclosures
The Dyfed Welsh Church Fund's Trust888 are ca￿SrthenShlre, C8r8digion and Pernbrokeshlre County
Coundls who are therefore rel8t8d parties. TraI￿actIonS ￿th thes8 related parti&s are disclosed below:
Cer￿le10n
Pembrokeshlre
Total
County. CounGII Count Councll
Carniarthenshlre
Count Councll
C•ntral
R•char9es
16,422
1,600
6.500
24,522
Admimstratlve Expenses
Carmarthenshire County Council provides professlonal. lechnlcal and administrative assistance for
which it ck¢rges Ihe Chwily. Furlher manaoèment costs are irKurred in relation lo the f8es of
investment fund managers. together wÈlh costs In￿rred by both Ceredigion County Council and
Pembrokeshtre County CounGiI.
Inveslmont Perfornmnce
INVESTMEKr
' Market Value as Market Value as ?t
, at 31.3.22
31.3.23
BIBF {BlackRock Index | 1,690.241
1.212,658
Linked Fund)
CAIF (BlackRock
2,161,393
Charities UK Equity
Index Fund A Inc
TOTAL
Market Value as at
31.3.24
1,113,717
2.133.301
2,227,510
3 851,634
3.345.959
Investment Pmpwtios
Scdton Manor whiGh is a Victorian County House arKI park Iucated just outside Haverfordwest. It was
bought by Ihe Pembrokesh5re Welsh Church Act Fund In 1972 but ¢)wnership was transferred over to
the Dyfed Welsh Church Fund in 1996 following Local Governm8nt reorgar)i5ation, It Is operated by
Pembrokeshire County Councll. It is ￿rrentlY valued sl £999,155. The lasl valuatlon by th8 Valuation
office took place In 2014.
Anal
818 of fF
ures In
NoTrCurnnt Assets
All expendilure on Ihe acquisition. creation or 8nhancement of r￿n-current assets has been capltallsed
on an accruals basis in the accounts. Non4urreffjt assets are valued on the basis recommended by
CIPFA and in accordan￿ with the Statements of Asset Valuation PrIn(Xpl￿ and Guidance Notes issued
by The Royal Instltution of Chartered Surveyors {RlCS).

Inveslmgnt NonlurrentAMets
The investments 8hown In the net ass6ts statement *e shown at market value as al 31 March 2024.
Cuff•nt Assets
The accounts of the Council are mairbtained on an accruals basis with the Code d Prartice and
Accountlng and Rpporting by Charlties: FRS 102, Ihal is. sums due to the Councll during the year are
includeé whether or not Ihe cash has actually been received In the year.
Oebfors, Gredltors and Other Llablllues
The accounts of the Council are rnaintained on an accruals basis Wlth the Code of PradKe and
Accounting and Reporting by Charities: FRS 102, that 18, payments due from the Council duri￿ the
year are included whether or not the &qsh has aciually been paid during the year. The Charfty currenty
has no outstanding Debtors amounts 8nd there is no bad debl provlslon Included wlthln Ihe acwunts.

Grants to Instllutlons
Grants approved durfng 2023-2D24 flnanclal year over £1.000
CamMrthenshlrn 202>2024
Adul£m B8Ptist ChLKeh. F8llnfoel
mman Publlc Hall. Central h8ating s5tstem
Cylle Bulldlng Skills-25 new apwenllce Individual tool kils
st MaebJ'8 Church, Llandyfaelog
st Tello'8 ChurGh, Ll8ndello
MJTrydd Sion Chap81. Pen￿r0e9
Uanddarog Parlsh Church
pen￿nC WelfBre A$sociadon, Saron
Capel Bath18hem, Pwll Trap, St Clears
CarTnarthen & DlstslGt Youth Opwa (Our House pr￿¢t10Th)
3,(KiO.00
3,￿0.00
3.750.00
3.000.00
3,000.00
1,920.00
10.000.00
1.875.00
3,000.00
3.000.00
315￿00
C•redlglon 2023-2024
Canolf8n Deulu L18nbedr Pont Sleffan
Canoltsn Deukj Tregaron
Theatr Byd Bech
Cwmnl Arad Goch- ￿0T Drysau
Elft Cgjln
Cymd8ith85 Aredig Cerediglon
Canolfan Plant Jlg-so
The Aloud Charty
Clwb Pel4rn8d TrefAberystWh - TIM Mer¢hed
8,648.00
5,566.(
2,000,00
10,000.00
6,525.00
3,000.00
10,000.00
3.400.IXI
1.202.00
50.341.00
Pembrokeshire 202&2024
st Rhlans Church Llanthlan
Reserve for PDG pa￿￿ents lo FSM Famllles
St Issells Church Begoly
Jeffrayston Pwlsh Chur
4,026.00
1CKJ,ODO.00
3,516.00
5.000.00
111542.00

Cyngor Sir Gar
Carmarthenshire
County Council
sirgar.Ilyw.cymru
carmarthenshire.gov.wales
ch cyr l Yourret.
GOfyry)￿ om I Pkne osk I￿., Anthory P(ynel
Fy nghyf i My ref:
Dyddiod l Dot&',
28 Moy 2024
E-b05t l E-man: APon*ll@cormarthenshtre.gov.uk
Dear All
DYFED WELSH CHURCH FUND-
OING CONCERN
LICY
Please could you sign below:
The accounts have been revlewed on the following assumptlons:
The Charlty ha5 a current (2023-24) net asset value of £4.7m. Please see attached document
for details of thts and previous years, figures
No threat of liquldatlon for the foreseeable future
All obligations are met as they arise
Chris Moore
Trustee forthe Dyfed We15h Church Fund
Director of Corporate Services, Camiarthenshire County Council
Duncan Hall
Trustee for the Dyfed Welsh Church Fund
Corporate Lead Officer: Finance and Procurement, Ceredlglon County Council
Jonathan Haswell
Trustee for the DyFed Welsh Church Fund
D1￿Ctor of Resources Pembroke5hlre County Council
Chris Moore FCCA
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CHARITY COMMISSION
FOR ENGLAND AND WALES
Independent examiner's report on the
accounts
Section A
Independent Examiner's Report
Report to the trusteesl
members of
Charity Name
Dyfed Welsh Church Fund
On accounts for the year
ended
31st March 2024
Charity no (if any)
506583
Set out on pages
I report to the trustees on my examination of the accounts of the above
charity (°the Trust.) for the year ended 3110312024.
Responsibilities and
basis of report
As the charity's Irustees, you are responsible for the preparation of the
accounts in accordance with the requirements of the Charities Act 2011
("the Act.).
I report in respect of my examination of the Trust's accounts carried out
under s8clion 145 of the 2011 Act and in carying out my examination. I
have followed all the applicable Directions given by the Charity Commission
under section 145(5Xb) of the Acl.
Independent I have completed my examination. I confirm that no material matters have
examinerfs statement come to my attention in connection with Ihe examination (8th@￿t￿
dis619￿￿. which gives me cause to believe that in, any material
respect:
the accounting records were not kept in accordance with section 130
of the Charities Act. or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements
concerning the form and content of accounts set out in the Charities
(Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a Irue and fair, view which is not a matter
considered as part of an independent examination.
I have no concems and have come across no other matters in connection
with the examination to which attention should be drawn in this report in
order to enable a proper understanding of the accounts to be reached.
Please d81ete the words in the brackets rfthey do not apply.
Signed:
Date:
3￿ October 2024
Name:
Caroliné'sian Powell
Relevant professional
qualification(s) or body
(if any):
FCCA
Address:
Carmarthenshire County Council
IER
Oct 2018

County Hall
Carm8rthen
Section B
Disclosure
Only complete if the examiner needs to highlighi maieriai mallers ol concern
(see CC32, Independent examination of Gharity accounts: directions and
guidance for examiners).
Give here brlef details of
any items that the
examiner wishes to
disclose.
IER
Oct 2018