## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND**
## **FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
**REGISTERED CHARITY NUMBER: 1071913**
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
The trustees present their report along with the Financial Statements of the charity for the year ended 31[st] March 2024. The Financial statements have been prepared in accordance with the accounting policies set out on page 10 and comply with thecharity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities (the FRSSE) (effective 1 January 2015).
## **Objectives & Activities**
The aim of the Trustee is to make grants in line with the governing document.
## **Achievements and Performance**
The Charity made the following grants in 2023/24:
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Hill Community Development Trust 1,000.00
Girls Friendly Society (GFS England and Wales) 2,500.00
Cerebra 2,000.00
Wales Air Ambulance Charitable Trust 2,000.00
Rocky Road Foundation 1,000.00
RSPCA Llys Nini 2,000.00
Swansea Bay Fibromyalgia Support Group 1,000.00
CUSP Swansea Exist Skate Park 2,000.00
Loughor Town Trust 5,000.00
Temple United Reform Church 1,000.00
York Place Baptist Church 1,000.00
Waterfront Community Church 1,000.00
Swansea Mosque 1,000.00
Ospreys Wheelchair Rugby 2,000.00
Clydach Cricket Club 3,000.00
Pontarddulais Cricket Club 3,000.00
Swansea Womens Aid 4,800.00
Manselton Youth Club 2,000.00
Swansea Pipe Band 1,000.00
Surf Therapy 3,000.00
Mond Valley Golf Club 3,000.00
Penclawdd Rugby Club 2,500.00
Jersey Bowls Club 3,000.00
St Andrews Church, Penrice 1,000.00
St Georges Church, Reynoldston 1,000.00
Friends of Craig Cefn Park 1,178.00
Total Grants Awarded 2023/24 52,978.00
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## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Financial Review**
## **Investment Policy and Performance**
The investor shall have power to invest all or any part of the said property and the income thereof from time to time not immediately otherwise required in furtherance of the said object in or upon such investments securities or property as the Trustee thinks fit. The Chief Executive shall act as the Clerk to the Trustee and the Director of Finance shall act as the Treasurer of the fund.
If the Trustee at any time decides that it is expedient to discontinue the fund any money held in the fund after the payment of all expenses or liabilities properly incurred shall be distributed among such exclusively charitable organisations operating within the City and County of Swansea, as the Trustee may determine.
## **Grant Making Policy**
The object of the Fund shall be to receive applications from organisations and charities for grant payments. Applications will not be considered for grants, which would normally be dealt with out of the annual budgets of the Council’s service departments or by public agencies or that would commit the Fund to regular payments for a particular purpose.
## **Structure, Governance and Management**
The City and County of Swansea Welsh Church Act Fund is a Registered Charity, number 1071913.
The Welsh Church Act Fund was established by a trust deed in 1914. It originally covered the old Glamorgan County Council area. The original Fund was apportioned in 1974, following Local Government Reorganisation to the 3 new Glamorgan Counties, South, Mid & West. Following further Local Government Reorganisation in 1996, the Fund of the former West Glamorgan County Council was apportioned on a population basis between the City & County of Swansea and Neath Port Talbot County Borough Council. This report covers the portion of the Fund now managed by the City & County of Swansea. The principal address is:
City & County of Swansea Finance Department Civic Centre Oystermouth Road Swansea SA1 3SN
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Structure, Governance and Management Continued**
## **Trustee**
The City & County of Swansea is the Corporate Trustee of the Charity.
## **Advisors**
The following advisors assisted the Trustee in the year:
## **Honorary Treasurer**
The role of Honorary Treasurer of the City & County of Swansea Welsh Church Act Trust Fund is undertaken by the Section 151 Officer of Swansea Council or his/her suitably qualified nominee.
The financial statements and annual report 2023/24 are signed and approved on behalf of the Trustees by Mr Ben Smith, Honorary Treasurer.
Mr Ben Smith Director of Finance & Section 151 Officer City & County of Swansea Civic Centre Swansea SA1 3SN
## **Independent Examiner**
Mr R Dolbear CPFA 11 Hen Parc Avenue Upper Killay Swansea SA2 7HA
## **Bankers**
Lloyds TSB Bank Plc Oxford Street Swansea SA1 3AF
## **Fund Manager**
Fieldings Investment Management Ltd Salisbury House London Wall London EC2M 5QS
For and behalf of the Trustee
(Honorary Treasurer)
08/10/2024
(Date)
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEE OF THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND**
I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 7 to 12.
## **Respective responsibilities of trustee and independent examiner**
The charity’s trustee is responsible for the preparation of the accounts. The charity’s trustee considers that an audit is not required for this year (under section 145(5) (b) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to:
- Examine the accounts (under section 145 of the Act) ;
- Follow the procedures laid down in the General Directions given by the Charity Commissioners
- (under section 145 (5) (b) of the Act ; and
- State whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
I conducted my examination in accordance with the General Directions for Independent Examination issued by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as trustee concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
I wish to record my thanks to the Board for its cooperation during the difficult circumstances arising from the pandemic. My audit relied on the electronic transfer of data rather than prime documents, never the less I was able to conclude all the neccessary checks to form my conclusions
## **Independent Examiner’s Statement :**
In connection with my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in any material respect the requirements :
- to keep proper accounting records in accordance with section 41 of the Act
- - to prepare accounts which accord with the accounting records and to comply with the
- accounting requirements of the Act,
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEE OF THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND CONT’D**
Name : Mr R Dolbear
Signature :
Relevant Professional Qualification : CPFA
Address : 11 Hen Parc Avenue, Upper Killay, Swansea, SA2 7HA
Date :
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
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Unrestricted Restricted Endowment Total Funds Total Funds Note
Funds Funds Funds 31/03/24 31/03/23
£ £ £ £ £
Income & Endowments from :
Donations Received
Charitable Activities
Other Trading Activities
Estate Rental Income 1,160 1,160 1,842 3
Investments Income 45,835 45,835 23,112 2
Bank Interest 454 454 0 2
Repayment of Grant 0 0
Other 2,747 2,747 876 4
Total 50,196 0 0 50,196 25,830
Expenditure On :
Raising Funds 1,542 1,542 6,213 6
Charitable Activities 52,978 52,978 24,000 5
Other 545 545 256 6
Total 55,065 0 0 55,065 30,469
Net Income (expenditure)
Transfers between funds
Net Income/Expenditure -4,869 0 0 -4,869 -4,639
Other recognised gains (losses):
Gains/(losses) on disposal/revaluation
0 12,377 10
of assets
Unrealised gains (losses) on
-1,688 -1,688 -13,131 7
investment assets
Total Other Gains & Losses -1,688 0 0 -1,688 -754
Net movement in funds -6,557 0 0 -6,557 -5,393
Reconciliation of funds :
Total funds brought forward 1,222,102 1,222,102 1,227,495
Total funds carried forward 1,215,545 0 0 1,215,545 1,222,102 8
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## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND BALANCE SHEET AS AT 31 MARCH 2024**
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Total Funds Total Funds Notes
31/03/2024 31/03/2023
£ £
Fixed Assets :
Intangible Assets
Tangible Assets 162,000 162,000 10
Heritage Assets
Investments 96,760 296,940 9
Total fixed assets 258,760 458,940
Current Assets :
Stocks
Debtors 122,158 11,989 12
Investments 790,000 720,000 9
Cash at bank and in hand 42,656 34,765 11
Total current assets 954,814 766,754
Liabilities
Creditors : Amounts falling due within one year 1,971 -3,591 13
Net Current Liabilities 1,971 -3,591
Creditors : Amounts falling due after more than one year
Provisions for Liabilities
Total net assets 1,215,545 1,222,102
The funds of the Charity
Endowment funds
Restricted Income funds
Unrestricted funds 1,215,545 1,222,102
Revaluation reserve
Total Unrestricted funds 1,215,545 1,222,102
Total charity funds 1,215,545 1,222,102 8
**----- End of picture text -----**
**-6,557**
**Net Movement in Funds**
**THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. Accounting Policies**
## **General**
The Financial statements have been prepared in accordance with the accounting policies set out in page 10 to 16 and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities (the FRSSE) (effective 1 January 2015).
## **Basis of Accounting**
The accounts have been prepared using the accruals basis.
## **Investments**
Investments have been valued at market value, in accordance with the SORP.
## **2. Investment Income and Income on Deposits**
## **Short Term Deposits**
The Welsh Church Acts Fund has investments managed by the City & County of Swansea. Previously this was invested wholly on seven days notice with the interest rate based on the Money Market’s SONIA (Sterling Over Night Index Average) Rate.
The interest rate applied on the seven days notice investment during 2023/24 was 3.89% with 1,560 the interest received being: The average interest rate applied on the fixed investment during 2023/24 was 5.02% with the 35,420 interest recevied being: The total interest accrued for the year was: 8,841 The Trust’s current account, used for operational purposes is with Lloyds Bank. Interest is currently earned on a credit balance, the interest recevied during 2023/24 was 454
## **Long Term Deposits**
The Welsh Church Act Fund has investments in Treasury Stock, which is managed by Fieldings Investment Management Ltd. Interest is received half-annually on these investments. The stocks held as at 31st March 2024 were as follows:
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Market Market Divide
Value Value nd
Holdings
31/03/23 31/03/24 2023/2
£ £ £
2.00% Treasury Gilt 2025 96,450 96,760 2,000
Total 96,450 96,760 2,000
**----- End of picture text -----**
The dividend income recevied during 2023/24 on the Welsh Church Act's Gilt Holdings was:
8,855
**THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Estate Rental Income**
|**4. Miscellaneous Income**
**5. Grants to Organisations**
**6. Management and Administration**
City and County of Swansea SLA Charge
LEI Registration Fee
Overseas Custody Charge in relation to External Investments
**Total Management and Administration Costs**
Management fees are paid to Fieldings Investment management Ltd for Broker
Services on a qusrterly basis. Fees are paid at 0.0025% of the Market Value of the
investments..
The total cost of management and administration for 2023/24 was £1,742 This was
made up of the following charges :
Auditors Fees of for an Independent Examination of 2022/23 accounts.
The Welsh Church Act Fund receives rental income from various properties. These
properties are mainly located in the Vale of Glamorgan and generated the following
income during 2023/24.
The Welsh Church Act Fund reclaimed from the City & County of Swansea for the VAT
element of invoices paid from the Fund during the year.
A total of £52,978 was paid out in Grants from the Fund in 2023/24. A comprehensive
list of grants appears on Page 2 of this report.
The Welsh Church Act Fund wrote off a creditor in relation to the Swansea Council SLA
Charge, the resulting credit was posted to the I&E as (non-cash) income.
The Welsh Church Act Fund wrote off a debtor in relation to Estate Rental Income, the
resulting debit was posted to the I&E as a miscellaneous expense.|£
1,160
247
2,500
52,978
£
0
1,371
200
117
54
**1,742**
**345**
|
|---|---|
## **Note**
A creditor provision has been made over the past few Financial Years for the Swansea Council SLA Charge under the assumption the charge is invoiced in arrears. However the charge is invoiced in year and the decision was taken to write off the creditor provision made during 2022/23, this has resulted in a Nil charge during 2023/24.
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **7. Unrealised Gains on Investments Assets and Revaluation on Disposal**
The unrealised loss on external gilts for 2023/24 was £1,688.36 – see Note 9 below Note 9 below.
## **8. Analysis of Funds**
|**Restricted**
**Funds**
WCATF|
**Balance @**
**01/04/23**
**Receipts**
**Utilised/**
**Realised**
**Transfer &**
**Losses**
**Unlrealise**
**d Gains &**
**Losses**
**Balance @**
**31/03/24**
1,222,102
50,196
-55,065
0
-1,688
1,215,545
**1,222,102**
**50,196**
**-55,065**
**0**
**-1,688**
**1,215,545**|
|---|---|
## **THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **9. Investments**
|Market Value as at 1st April 2023
Additions (MV)
Disposals (MV)
Net unrealised investment gains/(losses)
Market Value as at 31stMarch 2024
Book Cost as at 31stMarch 2024|**Treasury**
**stock**
**Short term**
**deposits**
**Total**
**£**
**£**
**£**
296,940
720,000
930,070
820,000
820,000
-198,491
-750,000
-948,491
-1,688
-1,688
96,760
790,000
799,891|
|---|---|
||92,070
790,000
882,070|
## **10. Tangible Fixed Assets**
|Valuation at 1st April 2022
Additions
Disposals
Revaluation
Valuation as at 31stMarch 2023
**11. Cash in Bank and In Hand**
As per Bank Statement 31st March 2023
**12. Debtors**
Debtor Balance 2022/23 b/f
CHARLES STANLEY CO
Income on Internal Investments to 31/03/23 (Unpaid Interest)
Income on External Gilts to 31/03/23 (Unpaid Interest)
City & County of Swansea - VAT Reclaim Fieldings
Estate Rental (Income not received during 2022/23 iro 2021/22)
CHARLES STANLEY CO
Income on Internal Investments to 31/03/24 (Unpaid Interest)
Income on External Gilts to 31/03/24 (Unpaid Interest)
Estate Rental (WCA0335 Payment recevied 2024/25)
CHARLES STANLEY CO - Reimbursement of National Grid Gilt
Swansea Council - VAT Reclaim Fieldings Invoice 20609
Debtor Write Off - Estate Rental (Income not received during 2023/24 iro 2021/22)|**Freehold**
**reversions**
**£**
162,000
0
0
0
**162,000**
**£**
**42,656**
**£**
11,989
-6,228
-4,133
-1,134
-148
-345
6,817
8,841
132
663
106,000
51
-345
**122,158**|
|---|---|
**THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **13. Creditors**
|Creditor Balance 2022/23 b/f
Audit Fee - WCA Accounts 2022/23
WCA SLA 2022/2
Professional Fees - Management Expenses to 31/03/23
Audit Fee - WCA Accounts 2023/24
Professional Fees - Management Expenses to 31/03/24
CHARLES STANLEY CO - Overseas Custoday Charge
Creditor Write Off - WCA SLA charged in year not in arrears|**£**
**3,591**
-200
-2,500
-891
200
304
25
-2,500
**-1,971**|
|---|---|
**THE CITY AND COUNTY OF SWANSEA WELSH CHURCH ACT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Commitments and Contingencies**
The Welsh Church Act Fund had no commitments and contingencies as at 31st March 2024
## **15. Related Party Transactions**
The charity’s trustee is the City and County of Swansea which is therefore a related party. The charity’s transactions and balances with the trustee were in relation to the charity’s short term deposits as set out in notes 2 and 9 and are summarised below;
|**Balance owed to charity at 1 April 2023**
New Investments during year
Withdrawal made during year
Transfer to Current Account
Interest income accrued on investment
Interest paid out to Charity
**Balance owed to charity at 31 March 2024**|**708,689**
860,000
-750,000
0
8,841
-32,272
**795,258**|
|---|---|