The former head of a Swansea homeless charity has admitted forging invoices for £1.3m into his own bank account.
Robert Davies, 50, of Swansea, worked for Cyrenians Cymru when he committed the offence between June 2008 and November 2014.
He was arrested in December 2014 and, two months later, the charity was forced to declare itself insolvent and went into administration.
Davies admitted one count of fraud at Cardiff Crown Court on Thursday.
The court heard he used the money to travel abroad.
Carl Harrison, for the prosecution, said the fraud was "a major factor in the charity ceasing to exist".
David Leathley, for the defence, said Davies was a father and a "man of good character".
But he added: "I'm accepting that the charity was ruined and there couldn't be anything more devastating."
The Recorder of Cardiff, Judge Eleri Rees QC, said Davies faced a "lengthy" jail sentence.
The case was adjourned for sentencing on 25 April and Davies was remanded in custody.