TAFF WENALLT MINISTRY AREA FINANCIAL STATEhTENTS YEAR ENDED 31 DECEMBER 2023 ROBERT HUGH LIMITED cItARTERED ACCOUNTANTS CARDIFF
TAFF WENALLT MINISTRY AFEk FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Contents Pa Report and .qtr.trPrnFnt of the Trustees, Responsibilities io Independent Examiner, s Report li Statement of Financial Activities 12 13 Balance Sheet 14 15 Notes to the Financial Statements 16 29
TAFF WENALLT MINISTRY AREA REPORT AFID STATE1 OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 The financial statetnents have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity, s trust deed, the Charities Act 2011, Accounting and Rcporting by CharitlV5.' St&LeElltiit of Recommended Practice ISQRPI and the Church in Wales Accounting Regulations. REFERENCE AND ADMINISTBATIVE DETAILS Ragistered Charity Number 1130040 Registered Charity Address The Rectory 6 Penlline Road Whitchurch Cardif f CF14 2AD Trusteas and MeTDbers of the nIstrY Araa Council The Hinistry Area Council (MACI is the body containing the trustees of the Ministry Area IMA) With the exception OE the Clergyp the MAC rnenbers serve for l year, from the Annual Vestry AGM which 18 held before the end of April each year. The MAC membership for 2023 is shown below: Lay Chair Jayne Lewis Seeretary Jane Gill nistry Araa Treasurer John Hall Clergy The Rev'd John Davis The Rev, d Peter Mortimer The Rev, d Anna Harwood The Rec'd Andrew Highway The Rev, d Benedict Yates Geof f rey Foot Ministry Area Leader Team Vicar Team Vicar NSM vicar Assistant Curate Lay Reader Church Warden appointed by incumbent Alun Jones Ministry 21rea Leader, s Warden, also St Mary, s Church Treasurer nistry Area Church Watden elected Kath Lawley Ministry Area People, s Warden Elacted Church Répresontatives Jayne Lewis All Saints, Llandaff Nnrth. also Lay Chair Rosamund Evans All Saints, Rhiwbina Heather Jones Eddie Boyle St. Mary, s, also Property Liaison Officer St. Thomas,
TAFF TrIENALLT MINISTRY ABIA B£PORT AND STATEtsIENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Safeguarng O££iceT Cathryn Barr Lay Da¥toral ViaiÈor25 Leader Kath Lawleyi also Chllrch Warden elected Seconded Mallers David Gill Treasurer, St Thornas, Church Simon Magee John Ham Treasiarer, All Saints, Church, Llandaff North Tr@asurer. All Saints, Church, Rhiwbina Independent Examiner Robert Hugh, Bsc. FCA L5 Dan y Bryn Avenue Radyr Cardif f CF15 8DD STRUCTUBE, GOVERNANCE AND MANAGEbIWI The Taff Wenallt nIStry Area Ifozmar Rectorial Benefice of Whitehurch) Governing Document and Organisational Structure The Church in Wales is a Province within the Anglican Communion and seeks to advance the Christian religion through worldwide mission. The Taff Wenallt Ministry Area is part of the Diocese of Llandaff and includes f our churches: St Mary's in Whitchurch, St Thomas, Birohgrove, All Saints, in Rhiwbina, and All Saints, in Llandaff North. Induction and Training of New Trustees There is no formal induction training, trustees are already members of the church and so are aware of the goals and airns of the church. Their roles and responsibilities are collwAunicated verbally and through the use of leaflets from the Charity Commission. OBJECTIVES AND ACTIVITIES Objactives and Aims The Ministry Area Council IELZICI is the body containing the trustees of the Ministry Area. It is the responsibility of the tQJAC and the incumbent to work together and cooperate in all matters of concern and importance to the Ministry Area for the prornotion of the mission of the Church, pastoral, evangelistic, social and ecurnenical in the Ministry Area. s required by the Charities Act 2011, the MAC has given due regard to guidance published by the Charity Commission in respect of the operation of the public benefit requirement. The activities undertaken to fulfil the PCC'S purposes for the public benefit are described and detailed hereunder.
TAFF TrIENALLT MINISTRY ABEA BEPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Charitable Activities and Main Achievements Main Activities The Taff W•nallt Ministty Area The main activities of the E4inistry Area during the year have been to tell the joyful story of Jesus and spread the Gospel to the people of Whitchurch, Rhiwbina, Birchgrove, and Llandaf f North. We continue to provide pastoral support and prayer for our corcbmunities, visit the sick, and continued to provide worshipi weddings, baptisms, and funerals for those who live in our areas. We have actively engaged with young people by visiting local schools and setting up youth groups that meets weeklyi and by holding regular Messy Church services. Whilst Services continued in the individual churches, there were several occasions when the whole congregation of the Ministry Area came together to celebrate in one church, and such Services were held in each church during the year. The Ministry Area continued to use online streaming of Services, to reach as many people as possible in order to continue its mission. Our online services have been viewed around the world, and we regularly engage with more than 1000 people a week via social media. The Lay Px.qtoral Visiting tearn continued their highly valueLI IiuLiie visits, delivering the sacraments, of fering prayers and offering a chance to talk. vibrant Mother, s Union . IMUI continues. Charitable activity continued incorne raised fnr Tnany local, national and international charities, including Christian Aid and refugee projects. Particular effort was put into raising funds to support the people of Ukraine, and the people affected by the earthquake in Turkey and Syria. Food and household items and clothing were collected weekly to support food banks, hotlleless and disadvantaged people. A newsletter was published online regularly and distributed, by a small teaEn, to as many people as possible via hard copy and email. The Ministry Area has sought to support the coThrnunity by joining with community actLVlties, such as hosting a stall at the annual sunYTher fair and by holding cOllnUnal carol singing. Our mission is to be a light in the darkness, offering hope, love and practical care in Jesug, name. Up to date information about Taff Trlenallt. Minigtry Area and itl constituent churches can be found in the Edlinistry Area website: htt //twma. church/
TAFF WENALLT MINISTRY ARE BEPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Charitable Activities and Main Achièvements Main Activities All 8axrAÈa, 11]]iwbzna The past year saw the Church fully back into its stride after the pandemic, with most of the previous activities going ahead strongly and sorne new developments. Overall nurnbers attending services on a reqular basis remained around 30-40% lower than before the pandeic. However, Wednesday morning attendance figures and Messy Church figures returned to pre- pandemic leve13, indicating a change in Church attendance patterns. Messy Church has become rAonthly church attendance for a number of families. On the other hand, increased nurrbers were recorded at the Christmas services particularly the Fqine Lessons and Christingle Services. As in previous years, many people offered their services for the Church Committee and fifteen people were elected to the Church Cor(mittee, reflecting the strength of conunitment within the congregation. The Church Choir continued to support worship with a continually renewed repertoire of rftusic, including the prayer for Ukraine. Its embers provided the Choir Director and the large majority of the singers in the continuing Ministry Area Evensong services. The Sunday Club has been running well, with many children taking part and a renewed team of teachers and helpers. Messy Church has continued to welcome large numbers of people, with fifty people attending at Christmas. It has continued on the rnonthly basis introduced last year. The Lhurch continued to work towards the A Rocha Silver Eco Church Award and to develop its Cornmunity Garden Project. The gardens around the Church were well-maintained by a small group of volunteers in cooperation with the Rhiwbina Eco Team. Regular treatment continued to keep the localised infestation of Japanese Knotweed under control. The lawns outside the Church were given some free pampering by Green Thumb lawn management services. A nwnber of events were held both to raise rnoney for the Church and to reach out to the Community. These included an Outdoor Sale, a Fashion Show lin collaboration with Calonl a Craft Fair, Christmas Cof f ee Morning and a very enjoyable and well-supported joint concert with the Tenovus Choir. Once again, the Church was opened as a Warm Welcome Space frorn November. The Church also continued to help outside the local corDJnunityi through gifts of food for Cardiff Foodbank, Rainbow of Hope, and Ty Bronna.
TAFF WENALLT MINISTRY REPORT AND STATEM&NT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Charitable Activities and Main Achievements Main Activities All Sainta, RhxwbirAa (cont, dl Money was raised through the long-standing Clean Water Fund to provide most of the revenue needed for a latrine block for Bishop Ochiel Nyagidha Girls Secondary School, Kenya. tqhile fund-raising was part of most Church activities, a very haDPY social event for the Church family was organised in Whitchurch Golf Club in January reestablishing a pre-COVID tradition. The Church, s ecumenical partnership continued in 2023, worshipping and serving the conuThunity alongside Beulah URC and Bethany Baptist in many events and initiatives, including the Week of Prayer for Christian Unityi Christian Aid issues, March of Witness, meeting with our local MP, etc. Over the year, a considerable effort was put into coping with the E4yFundAccounting system, especially froEn our new land now departing) Treasurer John Ham, whose expert and dedicated involvement was much appreciated. This has now resulted in a new system for recording income, though the process of counting and banking it is unchanged. Another area of work was in Health and Safety and Fire Risk, Initiated in preparation for a forthco1]] AL"ea Dean, s Inspection. A new Health and Safety Policy was drawn up on the basis of an up-to-date template provided by Ecclesiastical Insurance. A significant amount of work was needed to meet current fire safety standards in the Hall, and a smaller amount in the Church itself. Regularly-required tests were carried out. Old files were sorted out and new files set UP WLth copies of relevant documents, including certif icates. Finallyi plans were set in motion to respond to the recollmendations of the recent Quinquennial review of the Church building. st Mary, s St Mary, s was part of the Churches Unlocked festival in June 2023. 'messy churchyard, event was held, including a bug hunt and a teddy bear, s picnic. Tower tours were organised during one afternoon. community partnership has been established between St Mary, s and the Additional Learning Needs Unit at Whitchurch High School. They have held a craft fair in the church hall, as well as an exhibition of photographs. Further events are planned. In July 2023, it was one hundred year.q .*inc6a the dedication of the War Memorial outside Whitchurch Library. A re-dedication service was held to rnark the anniversaryi using rnuch of the original liturgy.
TAFF WENALLT MINISTRY ABXA REPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Charitabla AetLVlties and Main Aehievements Main Activities (continued) St Mary, s (contl d) The weekly youth group continues to go from strength to strength. st Thomas, A review of the Church's finances at the end of 2023 may be best summarised as one of a holding position despite the significant increase in our sharp. of the quota compared with the previou5 year. However, whilst the fiscal position has been tight, balances are healthy at this tirlle, and the decision to transfer funds from the current account to the COIF account has been instrumental in helping keep the overall cash balance in the black at the year end. Despite the challenge mentioned, we were still able to undertake repairs including the replacement fire exit door to the link corridor and other minor repairs to electrical appliances. St Thomas Church cornmunity held several social events during the year Including hosting the Agape shared meal for the Ministry Area and introduced by the Reverend Anna Harwood. We also held a most enjoyable IOQ year birthday party in the church hall for our much loved and respected Dorothy Jones. An engraved silver Lavabo bowl and jug were purchased to commemorate this milestone birthday. The Church also hosted a successful Christmas concert presented by Accordia Choir to a capacity audience raising in excess of five hundred pound for the Rainbow of Hnpp. f.harity in Splott. The Church has raised funds for various disaster appeals around the world. collected for Christian Aid week and also some two hundred and fourteen shoe boxes for the Christmas Child appeal. As part of the National campaiqn to address the coqt. nf living crisis by providing warTh spaces, the church hall was opened to the local coJtbrnunity on Tuesday tllornings serving refreshments and providing a book exchange. Grateful thanks are exte.nded to St Thomas Church Cortllnittee for their outstanding team working throughout the year and to the congregation for their unstinting support and generous contributions. the Clergy for their ministry and Rhys, our organist. Thanks to all Last but not least, the congregation of St Thomas has begun to grow in number with several new mernbers joining us during the year.
TAFF WENALLT MINISTRY ABEA REPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 Charitable Activities and Main Achievements Main Activities (continued) All Saine8' Llandaff North This year at All Sa'.nts Llandaff North we have continued with regular Sunday worship and the mid-week Wednesday communion service continues to meet. Sunday school is going well with a creative and energetic COllLmitted group of children. As a Church we continue to take part in regular Messy Churches in partnership with Copleston Road Methodist Church. Collectiui"Ib of food are regularly given to those in need at the foodbank. A number of fanilies have been welcoTned for baptisms. Some families from our local cottllllunity enjoyed some sumer activities in the Church. We have said a fond farewell to little footsteps playgroup this year but look forward to exploring new uses for our Church hall. e had some successful fundraising efforts this year with a table top sale and well supported joyful concert in the Church. Some of our local Schools have visited the Church and we welcomed them for Carols at Christmas alongside our local cadet group. We do face some challenges going forward especially around the boiler but this congregation continues f aithf ul and caring congregation. to be cortllnitted, hardworkingp Public Benef it The benefit to the public is a feeling of spiritual stability and freedorn within the Ministry Area for the benefit of all God, s people Thi3 is exertyisèd LFIEough the provision of regular public worship and pastoral work, including visiting the sick and bereaved; the teaching of Christianity through sernons and small groups, and the taking of Assemblies in local schools," the promotion of Christianity through staging special services. Each church has a hall whare activitie3 take place fuL uloler people, uniformed organisations for young people, and other groups for people of all ages. The churches are welcoming spaces and we offer free, fast broadband connections in two of our churches.
TAFF T4ENALLT MINISTRY APEA BEPORT AND sTATEmT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW state e£ A££air8 The results for the year are set out in the statetnents of financial activities on pages 12 and 13. 12022: surplus £6351 The surplus for the year was £3,093 The financial position at the end of the year is set out in the balance sheets on pA¢Jp.q 14 and 15. The net aEset- 12022: £992, 8201 at the year end were £99Ji 913 Fixed Assets The trLovement in fixed assets is shown in note 9 to the accounts on page 22. At the year end the accounting net book value of fixed assets held was £698, 605 12022". £689, 1901 Investhents The movement in investrftents is shown in note 10 to the accounts on page 23. At the year end the value of investments held was £93,763 12022: £91,542) The investrnent is in The Church in Wales coon Investment Fund which is collective investment scheme that was established by The Representative Body of the Church in Wales (The Representative Body) under a scherfte approved by the Charity Commissioners on 11 December 2008, for the investment of monies belonging to or benefiting any charity for which the Representative Body is Trustee. The Representative Body is the Trustee of the Common Investment Fund, and has appointed its Investment Corrttnittee to oversee the Fund. The Investment Committee Treets four times a year, receives quarterly reports from the Fund Manager, and monitors the strategy and perf'orrnance of the Fund. The Corrmon Investrnent Fund is managed by the Fund Manager in accordance with an Investment Managernent Agreement, and is administered by the staff of the Representative Body. The Fund is suitable for investment by Areas where long term capital growth and a reasonable level of income and income growth are desired, and is not suitable for money that is liable to be needed in the near future. t4linistry Area funds and trusts from bequests and legacies invested in the Fund. can be Trusts held in the Fund are distinguished between expendable and non- expendable trusts. In most cases income from expendable trusts is accrued and either reinvested or paid out to the Area. trust income is usually distributed on a quarterly basis. Non-expendable
TAFF IIENALLT MINISTRY AREA BIPORT AND STATEblENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 InvestJllÈnes (eontinued) The Fund is considered to be a mediurll to long term investrnent vehicle for trusts and parish funds, and has the following aims and objectives: To achieve a balance between sustainable levels of income and capital growth," To optimise total returns without undue risk; To operate within the constraints of the Church in Wales, Ethical Investment Policy. Reserves Policy This is surnmary of the Ministry Area Reserves Policyi intended to facilitate an understanding of the policy. and is inforEllation is found within the main policy document. Background De£inition The Charity Conunission def ines reserves . that part charity's unrestricted funds that is freely available to spend on any of the charity's purposes" The reserves policy should assist in the objective and airn of the Benefice. Purposa 0£ Reserve The reserve fund serves several purposes: To facilitate short term smoothing when rnonthly income falls short of expenditure. To facilitate paying the 'Parish' Share by making up the short£all whcn one chuLch has iiibufficlent funds to contrLbute. To support emergency and urgent needs that arise frorn time to tirne. Other potential benefits of a reserve fund include: Funding routinc maintenanie. Reducing the annual quota for each church. Supporting church led initiatives and projects. Surplus of funds If there is a surplus the Ministry Area Committee will be asked to determine priorities. One option would be to reduce the quota for each church. Monitoring and zaview The finance corfmittee will review the reserve balances every quarter. Annually the finance committee wilL review the amounts held in reserve and report to the MAC. Annually the finance collmittee will review the reserves policy and make recollunendations to the MAC.
AFF WENALLT MINISTRY ARE BEPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2023 statement 0£ Trustees, Responsthilities Financial statements are required to be prepared for the Ministry Area for each financial year which give a tiue ¢aiid l(iir vlew of irs state or affairs at the balance sheet date and of the income and expenditure for the year then ended. These financial statements are required to be examined by independent examiners and parishioners. copies made available to In preparing these financial statements the trustees will have due regard to: selecting suitablg consistently applying making judgements and estiTrates that are reasonable and prudent observing applicable Accounting Standards preparing the financial statements on a going concern basis The trustees (who are members of the Ministry Area Councill are responsible also for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Ministry Area and for safeguarding its assets. The above report has been prepared in accordance with the Statement of Recomllllended Practice Accounting and Reporting by Charities. Approved by and signed on behalf 0£ the Board of Trustees. a n.nOLint ing poIicLe8 and them Trustee Date io
INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES TAFF TrJENALLT MINISTRY APEA YEAR EE4DED 31 DECEbIBER 2023 I report on the accounts of the Taff Wenallt Ministry Area which are set out on pages 12 to 29 and which have been prepared in accordance with the accounting policies set out on pages 16 to 19. Res ective res onsibilities of Trustéas and Ind endent Examingr The trustees Iwho are also rnembers of the Ministry Area Councill are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 144 121 of the Charitieq Ap.tr ?011 (the 2011 Act) l and that an indcpendent ekamination is needed. Having satisfied myself that an audit is not required, responsibility to: examine the accounts lunder section 145 of the 2011 Act) to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145151 Ibl of the 2011 Acti and to state whether particular matters have come to my attention. Basis of inion it is my My exarnination was carried out in accordance with the general Directions given by the Charity Couullission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. of any unusual It also includes consideration items or disclosures explanations from you as trustee in the accounts, and seeking r.nnr.g. rning any such rnattetg The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below. In connection with rfty examination, no rnatter has come to my attention: which gives Tfle reasonable cause to believe that in any material respect the requireThents: to keep accountlng records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with the accounting records and coJnply with the accounting requirements of the 2011 Act have not be&n met. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Robert Hugh FCA Independent Examiner 15 Dan y Bryn Avonuc, Radyr, CARDIFF CF15 8DD Date: 2t li
TAFF WENALLT MINISTRY AREA STATENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2023 SOFA Unrestrietad Designated Restricted funds funds funds Total 2023 Notes INCOME & ENDOWMENTS Donations and legacies Income f rom charitable activities Trading n.fiV1tieS Investments 151, 408 13,396 164, 804 6, 578 87, 9iJ9 3,870 6,578 90,098 15, 536 1, 508 9, 720 1,946 Total income 249,805 11,228 15, 983 277, 016 EXPENDITUBE ON: Raising funds Expenditure on charitable activities 46 262,076 16,205 278, 281 Total expenditure 262,076 46 16,205 278, 327 NET INCOME (EXPENDITUBE) 112,2711 11,182 12221 11,3111 Gross transfers between f unds 144,8021 138 44,664 OTHER RECOGNISRD GAINS/ (LOSSES) Gains/ Ilossesl on revaluation of investNLents io 4,404 4,404 157.0731 48,846 3,093 Reconciliation of £unds: Total funds brought f orward 16 310,574 43, 917 638, 329 992, 820 TOTAL FUNDS CAFIiIED 16 253,501 55,237 687, 175 995, 913 12
TAFF PIENALLT MINISTRY APEA STATEMiNT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2022 SOFA Unrestricted Des1¢ated Restricted funds funds funds Total 2022 Notés INCOM& & ENDOWMENTS Donations and Legacies IncorAe Erorn charitable activities Trading ar.t.i viti*s Investments 165,280 4,757 170, 037 7,987 7,987 82iu60 823 9,720 1,566 12,109 Total income 256, 650 9,720 6, 323 272, 693 EXPENDITUBE ON: Raising funds Expenditure on charitable activities 2, 312 2, 312 254, 124 3,432 2,934 260, 490 Total eXpentre 256,436 3,432 2,934 262, 802 NET INCONE (EXPENDITUBE) 214 6, 288 3, 389 9,891 TPANSFERS Gross transfers between f unds 120,5801 24,627 14,0471 OTHER RECOGbTTSED CIINs/ (LOSSES) Gains/ I losses) on revaluation of investments io 19, 2561 19, 2561 IAET MOVEMENT IN FUNDS 120.3661 30.915 IC), Q141 635 Reconciliation 0£ fund8: Total funds brought f orward 16 330,940 13, 002 648,243 992, 185 TOTAL FUWDS a4BRIED FORwAL) 16 310,574 43, 917 638,329 992, 820 All of the charity, s activities derive from continuing operations durlng the above two periods. in note 16 The funds breakdown for 2023 and 2022 is shown 13
TAFF WENALLT TrfiNISTRY AREA BALANCE SHEET 31 DECEMBER 2023 2023 UThrèBtricted D•glgrtated AstZLCted otal 2023 BALIINCS SHEET Not•9 FIYID ASSETS Tangible fixed asset Investments 190, 451 508, 154 698, 605 93,763 93,763 io 190, 451 601,917 792,368 CURRENT ASSETS Debtors and prepayments 11 Cash at bank and in hand 12 17,020 60,306 4,129 21,149 81, 129 196, 672 55,237 77,326 55,237 85,258 217, 821 LESS: CURBENT LIABILITIES Creditors and accruals Loan f rom the Representative Body 13 11,126 11,126 3,150 3,150 14,276 14,276 NET CuNT ASSETS 63, 050 55,237 85, 258 203, 545 NET ASSETS 16 253,501 55,237 687,175 995,913 Unrestricted funds Restricted f unds 16 253,501 16 55,237 308, 738 687, 175 687, 175 NET ASSETS 16 253, 501 55, 237 687, 175 995, 913 The financial statements on pages 12 to 29 were approved by the Board of Trustees. Trustee .17.11. .2o.7+, Date 14
TAFF TrIENALLT MINISTRY AREA BALANCE SHEET 31 DECEMBER 2023 2022 TJtsrnetz1Cd De8lwtsd Be8tElct&d Total 2022 BALANCE SHEET Nots8 FIXED ASSETS Tangible fixed asset Investments 9 177,094 io 512,096 689, 190 91. 542 91,-fj4?. 177, 094 603, 638 780, 732 CURRENT ASSETS Debtors and prepayrnents 11 12,683 Cash at bank and in hand 12 136, 157 12,683 34,691 214,765 43,917 148,840 43, 917 34,691 227,448 LESS: CURS£NT LIABILITIES Creditors and accruals Loan f rom the Representative Body 13 12,210 12,210 3,150 3,150 15,360 15, 360 NET CURRENT ASSETS 133, 480 43,917 34, 691 212, 088 T ASSETS 16 310,574 43, 917 638, 329 992, 820 Unrestricted funds Restricted f unds 16 310,574 16 43, 917 354, 491 638,329 638, 329 NET ASSETS 16 310, 574 43,917 638,329 992,820 15
TAFF TrIENALLT MINISTRY ABEA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Suzrarry 0£ 8>Lz£igant accountlng policie3 and kay accounting e8timates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all thp. years presentad, unless othcrwise stated. statement of compliance The accounts (financial staterrLentsl have been prepared in accordance with Accounting and Reporting by Charities: staternent of Recornrnended Practice I SORPI , the provisions of The Charities Act 2011 and the Church in Wales Accounting Regulations. b) Basis of preparation The accounts have been prepared under the historical cost convention with iterns recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. Going concern Thg financial statementts havc been prepared on the yuiiiy concern basis. The trustees assess whether the use of going concern is appropriate, whether there are any aterial uncertainties related to events or conditions that may cast significant doubt on the ability nf tho eharity to continue as a going concern. The trustees rnake this assessment in respect of a period of one year from the date of approval of the financial statements. d) Classif ication 0£ funds Funds are classified according to the manner in which they are allowed to be spent. Unrestricted funds deal with funds that can be spent generally for £urthering the religious and charitable work of the Rectorial Benefice. Designated funds are funds which have been set aside for specific purposes but which can be returned to the General Fund at any time if the trustees so decide. Restricted funds are funds whose use is restricted accordinq to the terms on whie.h trhp.y wpre received. Further details of each fund are described in note 16. 16
TAFF WENALLT MINISTRY ARE NOTES TO THE FINANCIAL STATEMEwrs YEAR ENDED 31 DECEMBER 2023 Inct)me and Expenditure All known incorLie aiia eApeii(liture Is reflectecl in the consolidated statement of f inancial activities. Incoming resouzces All incoming resources are included on the Statement of FinAnr.ial Activities when the entitled to the income charity 13 legally and the amount can quantif led with reasonable accuracy. Donations and legaeigs Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that the donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully rnet, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Deferred income D•fgrred incomè reprewcnto aTrounts received foL luLuL"e periods and is released to incoming resources in the period for which it has been received. only deferred when: Such income is The donor specifies that the grant or donation must only be used in future accounting perind.q," The donor has imposed conditions which rAU8t be met before the charity has unconditional entitlement. Expenditur All expenditure is recognised once there is a legal or Gonstructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. 11 costs are allocated to the applicable expenditure heading that aggregate sirnilar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. 17
TAFF TrIENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEbSBER 2023 Charitable activitias Charitable expenditu1 LUIIIE)L"1ses those costs incurred by the charity in the delivery of its activities and services for its benef iciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support thern. Support C03t8 Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs These include the costs attributable to the charity's compliance with constitutional and requirements, including statutory strategic independent examination, rnanagement and trustees, reimbursed expenses. meetings and £) Tangible fixed assat8 Depreciation is provided on the cost of tangible fixed assets, apart from freehold propertyi at the following rat.9. in nrder to writè off the CO4lt of each asset Less estitnated residual value over its estimated useful life. Church halls Benef ice of f ice Of f ice equipment Of f ice f urniture Chasubles and f rontals over 20 years over 20 years 25% reducing balance method 25% reducing balance mg.t.hn IO% reducing balance rnethod g) Investrnent¥ Investments are stated in the balance sheet at their rnid market value at the balance sheet date. All movements in value arising from investment changes or revaluation are recognised in the statement of £inancial activities. Gains or losses on investments disposed of are calculated as the difference between the disposal proceeds and the carrying value of the investment. Gains or losses on investments revalued are calculated as the difference between the carrying value at the beginning of the year and the end 0£ the year. 18
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DEER 2023 h) Debtors Debtors are amounts due for merchandise sold or services perforrned in the ordinary course of business. Debtors are recognised at the transaction price. initially They are subsequently measured less provision for i Tnpa i rpnt. A provision for thc impairment of debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and caLI deposits, and other short terrn highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. i) CLeditozE Creditors are obligations to pay for goods or services that have been acquired in the business from suppliers. ordinary course of Accounts payable are classified as current liabilities if the charity does not have an Linconditional right at the end of the period, to defer settlement of the creditor for at least twelve rnonths af ter the reporting date. It there an unconditional right to defer settlement for at least twelve onths after the reporting date, presented as non-current liabilities. they are Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the ef fective interest method, where applicable. TAXATION No taxation is payable by the charity for the year as it is able to make use of the tax exemptions on income and capital gains available to charities. 19
TAFF WENALLT MINISTRY ABEA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 3. DONATIONS AND LEGACIES Tu Ldl TDtal funds fund8 funds 2023 2022 Givingi of f erings, donations & appeals 116,304 HMRC receipts and gi f t direct Legacies Non-rectsrring grants 11,380 127, 684 129,931 33,457 1,000 647 33,457 1,000 2,663 26,728 2,409 10, 969 2, 016 151,408 13,396 164, 804 170,037 4. INC FROM CHARITABLE ACTIVITIES Unrestrict. funds Desig. Restriat. funds fund Total 2023 total 2022 Weddingy funeral, burial and other fees 6,578 6,578 7, 987 OTHER TRADING ACTIVITIES Unrestsict. funds Desig. funds Restrict. otsl 023 Total 2022 Fund raising and other funds generated Hall and building rental income MA share rebate 19,410 1,508 561 21,479 13,274 45,526 23,013 80 45,606 50, 862 18.d24 87, 949 1, 508 641 90,098 82, 560 INVESTMENTS Unrostsi¢t. funds Desig. fund8 R•strict. fLmd$ Total 2023 Total 2022 Investment income Bank interest Rent f rom investment property 28 3,842 1,946 1, 974 3,842 1,566 823 9,720 9,720 9,720 3,870 9,720 1,946 15,536 12,109 20
TAFF WENALLT MINISTRY ARE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 7 . EXPENDITUBE ON CHARITABLE ACTIVITIES UnzeBtrigt. D0¢5ig. funds funds RealL1L. ftsnds Total 2023 Total 2022 Maintenance of ministry: Quota Clergy expenses 151, 705 12,028 151,705 12,074 148, 143 11,009 Maintenance of serviee¥: Verger, choir, Music and organ Other maintenance of services 4,011 4,011 13,759 1,549 2,818 4,367 2,480 Genèral Area exp£n¥es . Salaries and fees Depreciation Other general Area expenses 24,259 7,082 24,259 10, 615 16,209 11,337 3,533 11,149 11,149 12, 831 Maintenance of ¢hurches". Light, heat & water 10,713 Insurance Repairs and 4,135 maintenance 10,713 4,135 9,202 3,290 4, 926 2, 493 7,419 5, 672 Maintenanca of propérty: Light, heat and water Insurance Repairs and 14,544 5,780 14,544 5,780 8, 826 5, 489 other maintenance of property 2,4Jl 3,144 5,575 8,200 7, 089 1,500 8,589 1,239 Mission 675 2,717 3, 392 2,804 262, 076 16,205 278,327 260,490 NET INCOMING {OTJTGOINGI RESOURCES Net resources are stated after charging: 2023 2022 Independent examination fees Accountancy f ees Depreciation owned assets 1,750 2,150 10, 615 1. 500 1,900 11,337 21
TAFF WENALLT MINISTRY AIIEA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIX8D ASSETS Cha¥ubles, frontals, o£fice equipment, fixtures & f ittings Freehold property Total Costs: At l January 2023 Additions Disposals 734, 714 107, 837 20,030 842, 551 20,030 At 31 Decernber 2023 734,714 127, 867 862,581 Depreciation: At l January 2023 Charge f or year On disposals 71,042 4,091 82,319 6, 524 153, 361 10, 615 At 31 December 2023 75, 133 88,843 163, 976 Net Book Value: At 31 December 2023 659, 581 39, 024 698, 605 At 31 Decernber 2022 663, 672 25,518 689, 190 The fixed asset balances were as follows: unrestricted fund £190, 451 12022: £L77, 0941 and restricted fund £508, 154 12022: £512, 0961 The freehold properties of the Benefice Inow Ministry Areal were professionally valued during the year ended 31 DeceEllber 2004 and these revaluations were reflected in the financial statements during that year. The properties currently owned were valued at £635, 000 at that date. The value of these properties was increased by £499,550 over cost with the creation of a revaluation reserve. 22
TAFF SqENALLT MINISTRY APEA NOTES TO THE FINANCIAL STATEM8NTS YEAR ENDED 31 DECEMBER 2023 io. INVESTMENTS 2023 2022 Valuation at l January CIF income received CIF income paid out Surplus on revaluation 91, 542 1,946 14, 1291 4,404 99,248 1,550 19,2561 Valuation at 31 December 93,763 91,542 Represented by:_ Shares in Corrmon Investment Fund Cash awaiting investment 83,343 10, 420 78,939 12,603 93,763 91,542 Shares in Conllnon InvestEnent Fund are valued at mid-market price on 3L De¢eller. All investments related to restricted funds in both 2023 and 2022. ii. DEBTORS AND PI4EPAYM&8 2023 2022 Debtors and accrued income Prepayments 18,865 2,284 10,822 1,861 21,149 12,683 Debtors and prepayments were as follows: unrestricted funds £17, 020 12022: £12, 6831 and restricted funds £4, 129 12022: £nill 12. Cash and bank balances were as follows: unrestricted funds £115,543 12022: £180, 0741 and restricted funds £81, 129 12022: £34, 6911 13. CBEDITORS AND ACCRUALS 2023 2022 Creditors Accruals 6,441 4,685 7,117 5,093 11,126 12,210 Creditors and accruals were as follows: unrestricted funds £11, 126 12022: £12, 2101 and restricted funds £nil 12022: £nill 23
TAFF IIENALLT MINISTRY APIA NOTES TO THE FINANCIAL STATEMEwrs YEAR ENDED 31 DECEMBER 2023 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible £ixed assets and investments Net current assèts Total Restrie.t.g.d fLinds Unrestricted funds 601, 917 190,451 607, 175 308, 738 118, 287 792,368 203, 545 995, 913 Unrealised gains included above Freehold property Investments 499, 550 37,299 499,550 37,299 Total unrealised gains at 31 December 2023 536,849 536, 849 15. 2023 2022 inistry Area St Mary, s Church St. ThoThas' Church All Saints, Church All Saints, Church Llandaff North Central 837, 736 63,696 58,133 26. OG2 10, 286 908,774 20,195 64,244 18, 9091 8,516 995, 913 992, 820 24
TAFF TrJENALLT MINISTRY ABEA NOTES TO THE FINANCIAL sTATENTs YEAR ENDED 31 DECEMBER 2023 16. euzrent Year Balance Illcollng Resources zesourees expended and reval . T/fers Balance 01.01.23 31.12.23 Unrestrieted funds . _ General f und 310, 574 Designated fund 43, 917 249, 805 11,228 1262,0761 144,8021 253,501 1461 138 55,237 354,491 261,033 1262,1221 144,6641 308,738 Restrictsd funds:_ Central: Freehold prop. 491, 675 11,0061 490,669 Area Of f ice 17,986 11,5071 16, 479 Disposal of properties 22, 403 22,403 Investrftents 90,427 6, 074 96,501 Youth club 1,295 1,295 st Thomas, . Church. hall refurbishment 15211 760 239 Friends 658 24 500 1,182 Grants 500 15001 Charities 238 120 358 st Mary, Church hall ref urbishTrent 1, 775 15041 1,271 byaintenance Churchyard Church & hall 1,292 1,274 8,375 11,8501 16,6371 716 47,721 45, 983 Investments 1, 190 62 1751 1,177 Organ f und 970 19701 Grants 1,500 1,290 12,7901 Charities 2,216 246 2,249 Balanee c/Ewd: 632, 8 30 18,514 114,0971 45,013 682,260 25
TAFF IIENALLT MINISTRY ABEA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Current Year Balance 01.01.23 Ineoming Resources resourees expended and Leval. T/f•rs Balancg 31.12.23 Restricted Funds {contl dl Balance b/£wd 6.3?. 18,514 114,0971 4S,013 682,260 All Saints, Church build. 873 873 Clearwater proj. 294 1, 078 17261 646 Organ f und 2,000 2, 000 Hand bell Ringers 845 1391 806 Ukraine 1,267 657 12, 0691 515 370 Bequests and collections 220 138 11381 220 638.329 20,287 116,4051 G67, 17J Total f unds 992, 820 281, 420 1278,3271 995, 913 Pravious Year Balance 01.01.22 Incominq Resoure&s resourees expended and reval . T/f•rs Ealanoe 31.12.22 Unrestricted funds:_ General f und 330, 940 Designated fund 13, 002 256, 650 9,720 1256, 4361 120, 5801 13,4321 24,627 310, 574 43,917 343,942 266, 370 1259, 8681 4,047 354,491
TAFF WENALLT MINISTRY ABE NOTES TO THE FINANCIAL STATEM&NTS YEAR ENDED 31 DECEhT8ER 2023 16. Previous Yaar Balance 01.01.22 Incoming Resources resouices expended and reval. T/£er3 Balance 31.12.22 Restricted funds:_ af f Trlonallt Central: Freehold prop. 491, 675 491, 675 Area Of f ice 19,493 11,5071 17,986 Disposal of freehold prop. 22, 403 22,403 Investrnents 98,001 1,550 19, 1241 90,427 St Thomas, Church hall and ref Urbi5hent 427 14271 Friends of St Thomas 78 580 658 Grants 500 500 st Mary, s: Church hall ref urbishment 2,446 16711 1,775 Churchyard rrLaintenance 1,292 1.2q2 InvestentS 1,304 17 11311 1,190 Organ f und 970 970 Grants 1,500 1,500 Balance c/fwd: 637, 041 4,615 111,8601 580 630,376 27
TAFF TrIENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Previous Year Balance 01.01.22 Incoming Resources resouree8 expended and reval . T/fét¥ Balance 31.12.22 Restricted Funds {cont' d) '. Balanea b/fwd 637. 041 4,615 111, 8601 580 G20, 376 All Saints, . Church build. 886 1131 873 Clearwater proj. 294 294 Organ f und 2,000 2,000 Hand bell Ringers 845 845 All Saints LN: Wall repairs 4,671 1441 14,6271 All churches, Bequests, special collections and charities 2,506 1, 708 12731 3,941 648,243 6, 323 112,1901 14,0471 638,329 Total f unds 992, L85 272, 693 1272, 0581 992, 820 17. MINISTRY APEA ACCUblULATED FtJND 2023 2022 General reserves: Balance b/fwd Surplus Idef icitl for the year Balance c/fwd 460, 375 11,3111 459, 740 635 459,064 460,375 Revaluation reserve: Balance b/fwd Revaluation during year Balance c/fwd 532,445 4,404 541,701 19, 2561 536,849 532, 445 Coll1ned reserves 995, 913 992,820 28
TAFF WENALLT MINISTRY AIIEA NOTES TO THE FINANCIAL STATEMEwrs YEAR ENDED 31 DECEMBER 2023 18. ANALYSIS OF NET CASH AND BANK FUNDS At a January 2023 At 31 Da¢ber 2023 Cashflow Cash at bank and in hand 14,765 118,0931 19G, G7L 214,765 IL8,0931 196, 672 At a January 2022 At 31 Decembar 2022 Cashf low Cash at bank and in hand 225, 576 110,8LII 214,765 225, 576 110,8111 214, 765 19. CAPITAL COMMITMENTS There were no capital coThtnitments at 31 December 2023 12022 nil) 20. CONTINGENT LIABILITIES There were no contingent liabilities at 31 Decener 2023 12022 nill 29