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2021-12-31-accounts

Page
Trustees'
report
Statement oftrustees' responsibilities 13
Independent
auditor's		 report
Statement
offinancial		 activities 18
Balance sheet 19-20
Statement ofcash flows 21
Notes to the financial statements 22- 36

Elected
The Revd Canon Jeremy
D Harris
Philip Masters
Christopher
Wray
George Hughes
Sarah Mulcahy
The Revd Kevin John Hasler
The Revd Mark Owen
Terence Cristofoli —retired September 2021
Co-opted
R D (Sandy) Blair C.B.E - September 2021
The Monmouth
Diocesan Parsonage		 Board
R D (Sandy) Blair C.B.E.(Chairman)
—retired
Alan David Jones (Chairman
ofthe Property		 June 2021
Board) - appointed		 September 2021
The Bishop of Monmouth
(ex		 officio)
The Archdeacon
of Newport (ex officio)
The Archdeacon
of Monmouth		 (ex officio) - Vacant until September 2021
The Archdeacon
ofthe Gwent		 Valleys (ex officio) - The Ven Sue Pinnington deceased July 2021
Peter E Lea (Chairman
ofthe		 Diocesan Board of Finance - ex officio)
The Revd Canon Anne Golledge
The Revd Chris Walters
Rod Davies
Ashley Rogers
Justin Telang
Executive Officer
Isabel Thompson
Company
Secretary
Bethan Davies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
Notes 2021 2021
6		 2021f 2020
6		 2020 2020
F
Inco n wments from
Donations
and		 legacies 3,501,716 171,786 3,673,502 3,752,392 77,371 3,829,763
Other trading
activities		 153,251 153,251 99,906 99,906
Investments 92,573 11,073 103,646 86,839 12,305 99,144
Other income 6 23,810 23,810
Total income 3,594,295 336,110 3,930,405 3,863,041 189,582 4,052,623
EZggndit~ure 0;
Raising funds 7 17,575 903 18,478 15,056 855 15,911
Charitable
activities		 8 3,022,927 773,935 3,796,862 3,369,217 516,803 3,886,020
Total resources
expended 3,040,502 774,838 3,815,340 3,384,273 517,658 3,901,931
Net gains/(losses) on
investments 12 255,614 12,436 268,050 (26,634) (5,895) (32,529)
Net incoming/
(outgoing) resources
before transfers 809,407 (426,292) 383,115 452,134 (333,971) 118,163
Gross transfers
between
funds		 (456,974) 456,974 (461,416) 461,416
Net movement in funds 352,433 30,682 383,115 (9,282) 127,445 118,163
Fund balances at 1
January 2021 4,343,141 530,516 4,873,657 4,352,423 403,071 4,755,494
Fund balances at 31
December 2021 4,695,574 561,198 5,256,772 4,343,141 530,516 4,873,657

2021 2020
Notes
Fixed assets
Tangible assets 13 402,961 401,566
Investments 14 3,467,097 2,753,843
3,870,058 3,155,409
Current assets
Debtors 16 866,076 1,109,960
Cash at bank and in hand 1,786,974 1,785,151
2,653,050 2,895,111
Creditors: amounts falling due within
one year 17 (1,006,086) (857,609)
Net current assets 1,646,964 2,037,502
Total assets less current liabilities 5,517,022 5,192,911
Creditors: amounts falling due after
more than one year 18 (260,250) (319,254)
Net assets 5,256,772 4,873,657
Income funds
Restricted funds 19 561,198 530,516
Unrestricted
funds
Designated
funds		 20 305,027 320,000
General
unrestricted		 funds 4,267,443 3,900,037
Revaluation
reserve		 123,104 123,104
4,695,574 4,343,141
5,256,772 4,873,657

2021 2020
Notes 6 6
Cash flows from operating activities
Cash generated
from operations		 25 405,211 734,886
Investing activities
Purchase oftangible
fixed assets		 (2,825) (704)
Purchase of investments (828,211) (862,768)
Proceeds on disposal of investments 383,006 900,762
Investment income received 103,646 99,144
Net cash (used in)/generated from
investing activities (344,384) 136,434
Financing activities
Repayment of bank loans (59,004)
Net cash used
in financing		 activities (59,004)
Net increase
in cash and cash equivalents		 1,823 871,320
Cash and cash equivalents at beginning ofyear 1,785,151 913,831
Cash and cash equivalents at end of year 1,786,974 1,785,151

Donations and legacie s
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
F E
Donations and gifts 3,501,716 171,786 3,673,502 3,752,392 77,371 3,829,763
Donations and gifts
Parish Share 2,198,754 2,198,754 2,203,766 2,203,766
RBBlock Grant 748,165 748,165 911,343 911,343
Other Grants 546,414 171,786 718,200 628,770 77,371 706,141
RBContribution to
Diocesan Advisory
Committe 8,333 8,333 8,333 8,333
Parochical Contribution 50 50 180 180
3,501,716 171,786 3,673,502 3,752,392 77,371 3,829,763

Restricted Restricted
funds funds
2021 2020
E E
Room letting and miscellaneous income 611 881
Rental ofPersonages 152,640 99,025
Other trading activities 153,251 99,906
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
E E E F E E
Income from listed
investments 92,413 5,634 98,047 85,483 6,039 91,522
Interest receivable 160 5,439 5,599 1,356 6,266 7,622
92,573 11,073 103,646 86,839 12,305 99,144

Unrestricted Unrestricted
funds funds
2021 2020
6
Other income 6 23,810

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
F 6 F F. f
Investment 17,575 903 18,478 15,056 855 15,911
17,575 903 18,478 15,056 855 15,911

2021 2020
6 6
Support for ministry 2,238,272 2,212,652
Support for parishes 779,124 1,091,720
Support for other church property 30,537 42,967
Grants and other financial support 420,547 161,652
Communications and publications 31,244 32,575
3,499,724 3,541,566
Share ofsupport costs (see note 9) 249,999 289,549
Share ofgovernance costs (see note 9) 47,139 54,905
3,796,862 3,886,020
Analysis
by fund
Unrestricted
funds		 3,022,927 3,369,217
Restricted funds 773,935 516,803
3,796,862 3,886,020

Support costs
Support Governance 2021 Support Governance 2020
costs costs costs costs
6 5
Staff costs 207,619 207,619 259,024 259,024
Depreciation 1,429 1,429 3,085 3,085
Heat, Light and Water 2,219 2,219 2,729 2,729
Telephone, fax and
internet 4,515 4,515 3,537 3,537
Printing,
Postage and
Stationery 3,144 3,144 2,719 2,719
Furniture and computer
expenses 8,949 8,949 5,550 5,550
Equipment leasing
charges 5,354 5,354 6,498 6,498
Repairs and Renewals 11,261 11,261 572 572
Caretaker/Cleaning 4,441 4,441 4,629 4,629
Miscellaneous 1,068 1,068 1,206 1,206
Audit fees 6,540 6,540 6,720 6,720
Legal and professional 2,137 2,137 40,574 40,574
Diocesan Insurance 5,526 5,526 6,039 6,039
Diocesan Conference
Costs 373 373 548 548
Governing Body
Expenses 5,946 5,946 1,024 1,024
Diocesan Registrar 26,617 26,617
249,999 47,139 297,138 289,549 54,905 344,454
Analysed between
Charitable activities 249,999 47,139 297,138 289,549 54,905 344,454


The average
monthly
number ofemployees
during the		 year was:
2021 2020
Number Number
12
Employment costs 2021 2020
6 6
Wages and salaries 204,168 267,691
Social security costs 17,366 22,341
Other pension costs 24,763 25,006
Salary of Diocesan Registrar 24,716 24,309
Total Costs 271,013 339,347

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021
6		 2021 2020
F		 2020f 2020
F
Revaluation of
investments 255,614 12,436 268,050 (26,634) (5,895) (32,529)

Tangible fixed assets
Freehold land Fixtures and Total
and buildings fittings
6 6
Cost or valuation
At 1 January 2021 400,000 11,170 411,170
Additions 2,825 2,825
Disposals (3,882) (3,882)
At 31 December 2021 400,000 10,113 410,113
Depreciation
and impairment
At 1 January 2021 9,804 9,604
Depreciation
charged		 in the year 1,430 1,430
Eliminated
in respect ofdisposals		 (3,882) (3,882)
At 31 December 2021 7,152 7,152
Carrying
amount
At 31 December 2021 400,000 2,961 402,961
At 31 December 2020 400,000 1,566 401,568

Fixed asset investments
Listed
investments
6
Cost or valuation
At 1 January 2021 2,753,843
Additions 828,211
Valuation changes 268,712
Movement (663)
Disposals (383,006)
At 31 December 2021 3,467,097
Carrying
amount
At 31 December 2021 3,467,097
At 31 December 2020 2,753,843

15 Financial instruments instruments 2021 2020
E E
Carrying
amount		 of financial assets
Instruments measured at fair value through profit or loss 3,467,097 2,753,843
18 Debtors
2021 2020
Amounts falling due within one year: E E
Trade debtors 373,490 498,267
Other debtors 232,336 292,439
605,826 790,706
2021 2020
Amounts falling due after more than one year: E
Due from Parishes re Provincial Housing Loans 260,250 260,250
Due from Parishes re Curates Housing Loans 59,004
260,250 319,254
Total debtors 866,076 1,109,960
17 Creditors: amounts falling due within one year
2021 2020
E E
Accruals and deferred income 1,006,086 857,609

18 Creditom: amounts
falling due after more than one year		 Creditom: amounts
falling due after more than one year
2021 2020
g 6
Representative
body loans		 260,250 319,254
Loans are repaid to the Diocese when the related property has been sold.
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Balance at Transfers Balance at Resources Transfers Balance at
1January
2020		 1 January 2021 expended 31 December
2021
6
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		 120,000 130,000 250,000 (16,251) 1,278 235,027
190,000 130,000 320,000 (16,251) 1,278 305,027
21 Analysis ofnet assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
2021 2021 2021 2020 2020 2020
6 6 6 6
Fund balances at 31
December 2021 are
represented
by:
Tangible assets 402,961 402,961 401,566 401,566
Investments 3,305,475 161,622 3,467,097 2,604,323 149,520 2,753,843
Current assets/
(liabilities) 1,247,388 399,576 1,646,964 1,656,506 380,996 2,037,502
Long term liabilities (260,250) - (260,250) (319,254) - (319,254)
4,695,574 561,198 5,256,772 4,343,141 530,516 4,873,657




under non-cancellable
operating
leases, which fall due a


s follows:
2021 2020
8
Within one year 2,946 911
Between two and five years 7,620 914
10,566 1,825

As the company
is limited
by guarantee,		 As the company
is limited
by guarantee,		 As the company
is limited
by guarantee,		 there is no share capital. there is no share capital. there is no share capital. The liability ofeach member in the event
ofwinding
up is limited		 to81.
25 Cash generated
from		 operations 2021 2020
8
Surplus for the year 383,117 118,163
Adjustments
for:
Investment
income recognised		 in statement offinancial activities (103,646) (99,144)
Fair value gains and losses on investments (268,050) 32,529
Depreciation
and impairment
oftangible		 fixed assets 1,429 3,085
Movements
in working		 capital:
Decrease
in debtors		 243,884 267,613
Increase
in creditors		 148,477 412,640
Cash generated
from		 operations 405,211 734,886

26 Analysis ofchanges in net funds
At 1 January Cash flows At 31December
2021 2021
6
Cash at bank and in hand 1,785,151 1,823 1,786,974
Loans falling due after more than one year (319,254) 59,004 (260,250)
1,465,897 60,827 1,526,724