Club President Greg Dyke told members and guests at the annual dinner and presentation night that the ex-England and Gloucester star, now 42, would not be playing much rugby next winter.
He praised "Simmo" for his contribution to the club an "we are so grateful that the last three years of your career has been spent at Wellington".
Sims, who also played for Worcester, Exeter, Launceston and Taunton, has proved a popular player-coach since arriving at the Athletic Ground in the summer of 2009.
He is known to have had offers to join other clubs next season, including Taunton. However he has decided to stay at Wellington even though his playing appearences will be limited.
Mr Dyke also referred at the dinner to the retirement of two of the Jenkinsons. He said: "This season also sees the end of the Jenkinson axis of power - Tim is giving up the first team captaincy after seven years while dad Gerald is stepping down after a similar number of years as Chairman.
"I know from personal experience that you just can't give that level of commitment to the club without the support and encouragement of your family."
Mr Dyke singled out Rachel Smith for helping to raise so much money for the club.
He said "Thank you Rachel for willingly taking on the test role of Bodmin's apprentice and for charming so much money out of players and supporters throughout the season through our after match raffles."
The main playing awards went to Ben Williams (1st XV), Mike Perry (2nd XV), Rob Moysey (3rd XV) and Chris Kitto (Management Committee Player of the year).
Groundsman Nigel Davy was awarded the Clubman of the Year awrd for the second time.
Mr Dyke finished by wishing everyone good luck for next season and hoped that the captains and players enjoyed their rugby.
He concluded by warning the senior players about the number of talented players coming through the colts next season.
Photo: Dave Sims and his wife Gill.
Text coutesy of Barry Knott (WWN).