## ## |||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.||| |||||Cl
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CO Z 0|||||||||| ## ## ## |||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|