2020-12-31-accounts - Monmouth Diocesan Board Of Finance

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		Page
Trustees' report		1 - 11
Statement oftrustees'	responsibilities	12
Independent auditor's	report	13-16
Statement offinancial	activities	17-16
Balance sheet		19-20
Statement ofcash flows		21
Notes to the financial	statements	22- 36

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
		Notes		2020 8	2020	2020 8	2019 6	2019 8	2019f
	endowments		from
Donations and legacies			3	3,752,392	77,371	3,829,763	3,529,240	144,166	3,673,406
Charitable activities			4				20,000		20,000
Other trading	activities		5		99,906	99,906		111,608	111,608
Investments			6	86,839	12,305	99,144	95,619	13,132	108,751
Other income			7	23,810		23,810	1,316		1,316
Total income				3,863,041	189,582	4,052,623	3,648,175	268,906	3,915,081
Raising funds			8	15,056	855	15,911	15,835	913	16,748
Charitable activities			9	3,369,217	518,803	3,886,020	2,616,101	606,244	3,222,345
Total resources
expended				3,384,273	517,658	3,901,931	2,631,936	607,157	3,239,093
Net gains/(losses)		on
investments			13	(26,634)	(5,895)	(32,529)	221,609	13,419	235,028

Net incomingl
(outgoing) resources
before transfers		452,134	(333,971)	118,163	1,235,848	(324,832)	911,016
Gross transfers
between funds		(461,416)	461,416		(436,977)	436,977
Net (outgoing)/incoming
resources		(9,282)	127,445	118,163	798,871	112,145	911,016
Other recognised	gains and losses
Revaluation oftangible
fixed assets					90,000		90,000
Net movement in funds		(9,282)	127,445	118,163	888,871	112,145	1,001,016
Fund balances at 1
January 2020		4,352,423	403,071	4,755,494	3,463,552	290,926	3,754,478
Fund balances at	31
December 2020		4,343,141	530,516	4,873,657	4,352,423	403,071	4,755,494

				2020	2019
			Notes		6
Fixed assets
Tangible assets			14	401,566	403,947
Investments			15	2,753,843	2,824,366
				3,155,409	3,228,313
Current assets
Debtors			17	1,109,960	1,377,573
Cash at bank and	in	hand		1,785,151	913,831
				2,895,111	2,291,404
Creditors: amounts		falling due within
one year			18	(857,609)	(444,969)
Net current assets				2,037,502	1,846,435
Total assets less	current liabilities			5,192,911	5,074,748
Creditors: amounts		falling due after
more than one year				(319,254)	(319,254)
Net assets				4,873,657	4,755,494
Income funds
Restricted funds			20	530,516	403,071
lLnnr:gtggtgt(190dg
Designated funds			21	320,000	190,000
General unrestricted		funds		3,900,037	4,039,319
Revaluation reserve				123,104	123,104
				4,343,141	4,352,423
				4,873,657	4,755,494

					2020		2019
				Notes	6		5
Cash flows from operating		activities
Cash generated from operations				25		734,886		585,315
Investing	activities
Purchase	oftangible fixed assets				(704)		(132)
Purchase	of investments				(862,768)		(651,961)
Proceeds	on disposal of investments				900,762		430,184
Investment	income received				99,144		108,751
Net cash generated from/(used			in)
investing	activities					136,434		(113,158)
Financing	activities
Repayment	ofbank loans						(50,000)
Net cash	used in financing	activities						(50,000)
Net increase in cash and cash			equivalents			871,320		422,157
Cash and	cash equivalents	at beginning		ofyear		913,831		491,674
Cash and	cash equivalents	at end of		year		1,785,151		913,831

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2020	2020	2020	2019	2019	2019
		6	6		F	F	5
Donations and	gifts	3,752,392	77,371	3,829,763	3,142,539	144,166	3,286,705
Legacies receivable					386,701		386,701
		3,752,392	77,371	3,829,763	3,529,240	144,166	3,673,406
Donations and	gifts
Parish Share		2,203,766		2,203,766	2,223,062		2,223,062
RBBlock Grant		911,343		911,343	910,963		910,963
Other Grants		628,770	77,371	706,141		144,166	144,166
RBContribution	to
Diocesan Advisory
Committe		8,333		8,333	8,333		8,333
Parochical Contribution		180		180	181		181
		3,752,392	77,371	3,829,763	3,142,539	144,166	3,286,705

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2020	2020	2020	2019	2019	2019
	8	f	f	F		F.
Income from listed
investments	85,483	6,039	91,522	93,704	5,929	99,633
Interest receivable	1,356	6,266	7,622	1,915	7,203	9,118
	86,839	12,305	99,144	95,619	13,132	108,751

Unrestricted	Unrestricted
funds	funds
2020	2019
6	6
23,810	1,316

Unrestricted	Restricted	Total	Unrestdcted	Restricted	Total
funds	funds		funds	funds
2020	2020	2020	2019	2019	2019
8	8	8		F	F
15,056	855	15,911	15,835	913	16,748
15,056	855	15,911	15,835	913	16,748

			2020	2019
				8
Support for ministry			2,212,652	2,430,435
Support for parishes			1,091,720	300,003
Support for other	church property		42,967	46,801
Grants and other	financial support		161,652	154,358
Communications	and	publications	32,575	35,467
			3,541,566	2,967,064
Share ofsupport	costs (see note 10)		289,549	195,278
Share ofgovernance		costs (see note 10)	54,905	60,003
			3,886,020	3,222,345
Analysis by fund
Unrestricted funds			3,369,217	2,616,101
Restricted funds			516,803	606,244
			3,886,020	3,222,345

Support costs
	Support	Governance	2020	Support	Governance	2019
	costs	costs		costs	costs
		6			6
Staffcosts	259,024		259,024	152,781		152,781
Depreciation	3,085		3,085	4,798		4,798
Heat, Light and Water	2,729		2,729	2,797		2,797
Telephone, fax and
internet	3,537		3,537	3,255		3,255
Printing, Postage and
Stationery	2,719		2,719	5,602		5,602
Furniture and computer
expenses	5,550		5,550	5,867		5,867
Equipment leasing
charges	6,498		6,498	6,498		6,498
Repairs and Renewals	572		572	3,512		3,512
Caretaker/Cleaning	4,629		4,629	5,235		5,235
Miscellaneous	1,206		1,206	4,933		4,933
Audit fees		6,720	6,720		7,200	7,200
Legal and professional		40,574	40,574		28,081	28,081
Diocesan Insurance		6,039	6,039		6,100	6,100
Diocesan Conference
Costs		548	548		1,961	1,961
Governing Body
Expenses		1,024	1,024		16,661	16,661
	289,549	54,905	344,454	195,278	60,003	255,281
Analysed between
Charitable activities	289,549	54,905	344,454	195,278	60,003	255,281

The average	monthly number ofemployees during the	year was:
		2020	2019
		Number	Number
		12	14
Employment	costs	2020	2019
			8
Wages and	salaries	238,048	267,691
Social security costs		19,519	22,341
Other pension costs		27,616	25,006
Salary ofDiocesan Registrar		24,716	24,309
Total Costs		309,899	339,347

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2020	2020	2020	2019	2019	2019
		6	6	f	8
Revaluation	of
investments		(26,634)	(5,895)	(32,529)	221,609	13,419	235,028

Tangible fixed assets
		Freehold land	Fixtures and	Total
		and buildings	fittings
		6	6
Cost or valuation
At 1 January 2020		400,000	16,005	416,005
Additions			704	704
Disposals			(5,539)	(5,539)
At 31 December 2020		400,000	11,170	411,170
Depreciation and impairment
At 1 January 2020			12,058	12,058
Depreciation charged	in the year		3,085	3,085
Eliminated in respect ofdisposals			(5,539)	(5,539)
At 31 December 2020				9,604
Carrying amount
At 31 December 2020		400,000	1,566	401,566
At 31 December 2019		400,000	3,947	403,947


Fixed asset investments	(Continued)
	Listed
	investments
	8
Cost orvaluation
At 1 January 2020	2,824,366
Additions	862,788
Valuation changes	(32,529)
Disposals	(900,762)
At 31 December 2020	2,753,843
Carrying amount
At 31 December 2020	2,753,843
At 31 December 2019	2,824,366


16	Financial		instruments			2020 6	2019f
	Carrying	amount of		financial assets
	Instruments		measured	at fair value through	profit or loss	2,753,843	2,824,386
17	Debtors
						2020	2019
	Amounts		falling due	within one year:		8	6
	Trade debtors					498,267	564,829
	Other debtors					292,439	493,490
						790,706	1,058,319

17	Debtors					IContinued)
					2020	2019
	Amounts falling due	after more than one year:			6	8
	Due from Parishes re	Provincial Housing	Loans		260,250	260,250
	Due from Parishes re	Curates Housing	Loans		59,004	59,004
					319,254	319,254
	Total debtors				1,109,960	1,377,573
18	Creditors: amounts	falling due within	one year
					2020f	2019 8
	Accruals and deferred	income			857,609	444,969
19	Creditors: amounts	falling due after more than one year
					2020	2019
					8	8
	Representative body	loans			319,254	319,254
	Loans are repaid to the Diocese when the related property			has been sold.

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								Balance at	Balance at	Transfers	Balance at
								1 Januanl 201$ 1January 2020			31Decembel
											2020
											E
Leadership		Training						15,500	15,500		15,500
Children,	Youth and				Familiy		Ministry Projects	28,000	28,000		28,000
Pioneer	Ministry		and Mission				Project	16,500	16,500		16,500
100th Anniversary				planning		reserve		5,000	5,000		5,000
Contribution		to MA		Finance		Resource		5,000	5,000		5,000
Evangelism		Fund						120,000	120,000	130,000	250,000
								190,000	190,000	130,000	320,000

25	Cash generated from	Cash generated from	operations	operations	operations				2020	2019
									6	6
	Surplus for the year								118,163	911,016
	Adjustments for:
	Investment income recognised				in statement	offinancial	activities		(99,144)	(108,751)
	Fair value gains and	losses on			investments				32,529	(235,028)
	Depreciation and impairment			oftangible fixed assets					3,085	4,798
	Movements in working		capitak
	Decrease/(increase)	in	debtors						267,613	(185,089)
	Increase in creditors								412,640	198,369
	Cash generated from		operations						734,886	585,315
26	Analysis ofchanges		in net funds
								At 1January	Cash flows	At 31 Dacambar
								2020		2020
								6	6	6
	Cash at bank and in	hand						913,831	871,320	1,785,151
	Loans falling due after		more than one year					(319,254)		(319,254)
								594,577	871,320	1,465,897