TAFF TrIENALLT MINISTRY AREA FINANCIAL sTATEMTs YEAR ENDED 31 DECEMBER 2024 ROBERT HUGFI LIMITED CHARTERED ACCOUNT21NTS CARDIFF
TAFF WENALLT MINISTRY AREA FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Content5 Report and Staternent of the Trustees, Responsibilities Independent Examiner, s Report io statement of Financial Activities 11 12 Balance Sheet 13 14 Notes to the Financial Statements 15 28
TAFF WENALLT MINISTRY AREA REPORT AND STATEMENT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 'L'he tinancial statements have been prepared in accordance with the accounting policies set out in note I to thc account8 and cornply with the charity, s trust deed, the Charities Act 2011, Accounting and Reporting by Lharities: Statement of Recomr(Lended Practice ISORP} and the Church in Wales Accounting Regulations. BEFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1130040 Registered Charity Address The ReLLoLy 6 Penlline Road Whitchurch Cardif f CF14 2AD Trustees and Members of the nistry Area Council The Ministry Area Council IMAC) is the body containing the trustees of the Ministry Area (MA) . With the exception of the Clergyi the mernbers serve for l year, from the Annual Vestry AGM. Ministry Area Council Membership (Trustees) . Lay Chair Jayne Lewis Secretary Heather Jones Also St Nary, s representative and Property Liaison Of f icer Clergy The Rev'd John Davis The Rev'd Peter Mortitner The Rev, d Ilnna Harwood The Rec, d Andrew Highway The Rev'd Benedict YaLeb The Rev'd Henry Grover Geof f rey Foot Ministry Area Leader Team Vicar Team Vir.Ar NSM vicar Assistant Curate Assistant Curate Lay Reader Church Warden appointed by incumbent Alun Jones Ministry Area Leader's Warden, also St Mary, s Church Trcaaurer Ministry Area Church Warden elected Kath Lawley Ministry Area People, s Warden Elected Church Representatives Jaynp. L@.wis Val Bradshaw All Saints, Llandaff North, alao Lay Chair All Saints, Rhiwbina Heather Jones Nick Goss St. Mary's, also Property Liaison Officer St. Thomas,
TAFF WENALLT MINISTRY ARE REPORT AND sTATET OF THE TRUSTEES continued) YEAR ENDED 31 DECEbf8ER 2024 Saf eguarding Of f icer c.athryn Barr Lay Pastoral Visitors Leader Kath Lawley, also Church WGrden elected Mlnistry Area Treasurer John FIAI I Seconded Members David Gill Treasurer, St Thomas, Church Simon Magee John HclLtL Treasurer, All Saints, Church, Llandaff North Treasurer, All Saints, Church, Rhiwbina Independent Examiner Robert Elugh, BSC. FCA 15 Dan y Bryn Avenue Radyr Cardiff CF15 8DD The Taff Wenallt nIstrY Area Governing Document and Organisational Structure The Church in Wales is a Province within the Anglican CoTtmuninn anrl seeks to advance the Christian religion through worldwide mission. The Taff Wenallt Ninistry Area is part of the Diocese of Llandaff and includes f our churches: St Mary's in Whitchurch, St Thomas, in Birchgrove. Al I Saints, in Rhiwbina, and All oaints, in Llaiiddff North. Induction and Training of New Trustees There is no forrrkal inducEion trainingi trustees are already rnembers of the church and so are aware of the goals and aims of the church. Their roles and responsibiliti63..8 are cotnmunicated verbally and through the use of leaflets from the Charity Commission. OBJECTIVES AND ACTIVITIES Objectives and Auos It is the responsibility of the MAC and the incumbent to work together and cooperate in all matters OE CUIiLern and importance to the Ministry Area for the promotion of the mission of the Church, pastoral, evangelistic, social and ecumenical in the Ministry Area. As required by the Charities Act 2011, the MAC has given diie regard to guiclance published by the Charity Commission in respect of the operat.ion of the public bencfit requirement. Tlie activltles undertaken to fulfil the MAC, s purposes for the public benefit are described and detailed hereunder.
TAFF WENALLT MINISTRY AREA REPORT AND STATEbfENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 Charitable Activities and Main Achievements Main Activitios The Taf f wenallt nistry Area The main activities of the Ministry Area during the year have been to tell the joytul story of Jesus and spread the Gospel to the people of hitchurch, Rhiwbina, Birchgrove, and Llandaf f North. We continue to provide pastoral support and prayer for our comrnunities, visit the sick, and continued to provide worship, weddings, baptisms, and funerals for those who live in our areas. We have actively engaged with young pp.npl?. by visiting loral schnnls and setting up youth groups that Meet weeklyi and by holding regular Messy Church serviceb. Whilst Services continued in the individual churches, there were several occasions wheii Lhe wlirile Luiigieg¢ltion of the Ministry Area carne together to celebrate, 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 bccn viewed around the world, and we regularly engage with more than 1000 people a week via social media. The Lay Pastoral Visiting team continued their highly valued horne visits, delivering the sacraments, offering prayers and offering a chance to talk. A vibrant Mother, s Union IMU) continues. Charitable activity continued incorne raised for rnany local, national and international charities, including Christian Aid, and refugee projects. Particular effort was put into raising funds to support the people of Ukraine. Food and liuuseFiul(l iLeffls and clothing were collected weekly to support food banks, homeless and disadvaniaged people. A newsletter was published online regularly and distributed, by a small team, to as many people as possible via hard copy and ernail. The Mini- -try Area ha3 sought to support the CorrUnItY by joining with COTnrnunity activities, such as hosting a stall at the annual sulluner fair and by holding cor(munal carol singing. Our rnission is to be a light in the darkness, offering hope, love and practical care in Jesus, name. Up to date information about Taff Wenallt Ministry Area and it, s constituent churches can be found in the Ministry Area website: htt //twma. church/
TAFF WENALLT MINISTRY ABEA REPORT AND STATEME OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 Charitable Activities and Main Achievements Main Activiti@s All Saints , B1wbIna The hall continues to run at a profit, thanks to the efficiency and enLliusiasm of our Hall Manager. The new church boiler was installed and working most efficientlyi offering a warrn place for the congregation and our outreach projects. The boiler room has been cupboards. re-furbished, stocked with racking and Appeal. All was paid for by the generous response to our Gift Day The Committee rneet f undraising events. regularly to monitor f inances and organise UNICEF Clean Water Appeal, which has been replaced by WASH (Water, Sanitation and Hygiene) , overseas rnission. Fidb proved to be an excellently supported chutneys . The income is from the sale of jam.s. marmalades and Future plans will be the development of the church as a dernentia f riendly warm place. st Mary. s st Mary's was part of the Churches Unlocked festival in June 2024 and we opened the Tower for Tower Tours five tirnes throughout the year. We hosted 5eveLdl bLhool vlsits, and continue with our comrnunity partnership between St Mary's and the Additional Learning Necd- 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 Nr)vember 2024 we hosted thc town's Act of ReMe[[raIlLe and we have opened a Parents and Tot's group alongside our Youth Club in the church hall. st Thomas, The ernphasls this year has involved further upgrading of essential facilities in the church hall togp.tr.her with minor repairs to thc church. Where finance is concerned preparations have been undertaken in readiness to merge all finance functions into one central rninistry area account along with the three other churches in the Ministry Area. Improved facilities in the churili liall inclucle new heating boilers and separate hot water boiler together with the removal of the external chimney vent and repairs to the roof. The new heating improvernents also include WiFi control of the use of heat that is controlled externally to ensure heat is not wasted when not required.
TAFF WENALLT MINISTRY AREA REPORT AND STATEMwf OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 Charitable Activities and Main Achievements Main Activities st ThollLa3' (continued) The fire alarrn control board has been upgraded and also operates via WiFi. Reydirs have been conducted to the fire doors and external fire exit door. The church hall continues to be well used providing rnuch welcome income for the Church Other activities have included tundraising for Christian Aid and the annual collection point for Samaritan, s Purse Chri- -tmas Child ohoebox appeal. Accordia Choir held a concert in the church to raise funds for Papyru3, a teenage suicide prevention charity. The congregation of the church has continued to grow with weekly attendancebJ regularly in the Lliirties. We are starting to attract young families and there is a very well used childrp.n' s area at the back of the church. The children are encouraged to participate in the nnduct of services and their presence 15 a gLeat joy to the congregation. All Saints, Llandaf£ North With an average weekly attendance of 21, the members of All Saints Llandaff North are working very hard towards keeping the church viable, increasing costs of heating the church, building repairs, boiler repairs etc. requires comtnitment to giving and, where possible, increasing our wg.p.kly giving to enable u- to continue. OUL rnetnbers of Sunday School are regular attendees for Sunday morning activities, and although they are low in number, their enthusiasrn is a pleasure to watch as they offer their own interpretations of God's work, which is taught by Mrs Marylin Davidson and parental helpers. Outreach.. we continue to make regular collections of donations for the following groups The Rainbow of Hope Ty Bronna The Shoebox Appeal gpecial thanks again 3hould be made Lu Mrs Marilyn Davidson who is our ain point of contact and so eagerly arranges the collection and distribution of donations. We have experienced a number of set backs in the past 12 rnonth£, unclerfloor leak at the West door area caused considerable darnage to flooring and required pipe repair and restoration of Llie flooring burglary through the vestry window caused damage, however there were no iterns stolen other than a few coins from the votive collection box and damage to a wall mounted collection box. Repairs have been cornpleted and there have been no further issue.
TAFF WENALLT MINISTRY AREA REPORT AND STATE1 OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 Charitable Activities and Main Achievements Main Activities (continued) All Saints, Llandaff North (Contlled) Funds have been allocated Eor a replacement boiler for tme main Church. The Church Hall has undergone a vast improvernent in décor and plans are continuinq for the Childrens, playgroup to be run rlijring Morning sessions, this is organised by Mrs Debbie Percival. Working together as part of the Taff Wenallt Ministry Area, we continue to grow and support each other, sharing fellowship as we celebrate services at other churches in our ministry area. We otter our thanks to the parishioners, members of the Clergy and Lay TJlturgy who support us with Prayer, guidance, advice, and encouragement, as we continue to spread a joyful story. Public Benefit The benefit to the public is a feeling of spiritual stability and freedotn within the Ministry Area for the benefit of all God, s people. This is exerci.86>d t.hrough tne provision of regular public worship and pastoral work, including visiting the sick and bereaved,. the teaching of Christianity through sermons and small groups, and the taking of ssernblies in local schools,. the promotion of Christianity through staging special services. Each church has a hall where activities takp_ plRc.o. for older people, uniformed organisations for young people, and other groups for people of all ages. The churches are welcotning spaces and we offer free, fast broadband connection- in two of our churches.
TAFF WENALLT blINISTRY ABEA REPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 FINANCIAL BEVIEW State of Af fairs The results for the year are set out in the statements of financial activities on pages 11 and 12. 12023: surpl.ii.s £2, 093) The deficit for the year was £33,790 The financial position at the end of the year is set out in the balance sheets on pages 13 and 14. {2023: £995, 9131 The net assets at the year end were £962,123 Fixed Assets The movetnent in fixed assets is shown in note 9 to the accounts on page 21. At the year end LEie accounting net book value of fixed assets held was £689, 069 12023: £698, 605) Investments The movernent in investments is shown in note IQ to the accounts on page 22. At the year end the value of investments held was £100,381 12023: £93,763) The investment is in The Church in Wales CoTnmon Investrnent Fund which is collective investment scheme LliaL was established by 'I'he Representative Body of the Church in Wales (The Representative Bc)dyl, under a scherne approved by the Charity Collmissioners on 11 Decernber 2008, for the investment of monies belonging to or benefiting any charity for which the Representative Body is Trustee. The Reprp.gp.ntative Body is the Tru- -tce of the Common Investtnerit Fuijd, and has appointed its Investntent Committee to oversee the Fund. The Investrnent CoTtmittee meets four tunes a year, receives quarterly reports from the Fund Manager, and monitors the strategy and performance of the Fund. The Common Investment nind is managed by the Fund Nanager in accordance with an Investrnent Management Agreement, and is administered by the staff 0£ the Representative Body. The Fund is suitable for investment by Areas where long term capital growth and a reasonable level of incorne and income growth are desired, and is not suitable for money that is liable to be needed in the near future. Ministry Area funds and trusts from bequests and legacies can be invested in the Fund. Trusts held in the Fund are distinguished between expend2blp. and non- expendable trusts. In most cases income frorn expendable trusts 2c.rrued and either reinVeted or paid out to tFie Area. trust income is usually distributed on a quarterly basis. Non-expendable
TAFF WENALLT MINISTRY ABEA REPORT AND STATEMEwf OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 Investments (contxnuad) The Fund is considered to be a medium to long term investrnent vehicle for trusts and parish tunds, and has the following aims and objectives: To achieve a balance between sustainable levg1..8 of inc.otne and capital growth,. To optirnise total returns without undue risk- To operate within the constraints of the Church in Wales, Ethical nvestrnent Policy. Reserv¢as Policy This is surnrnary of the Ministry Area Reserves Policy, intended to facilitate an understanding of the policy. and is information is found within the main policy document. Background Def inition Th?. Charity Commission def ines rCerveS a3 - 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 Bp.np.fice. Purpose of Reserve The reserve fund serves several purposes: To £acilitate short term smoothing when monthly incorne falls short of expenditure. To f acilitate paying the 'Parish' Share by rnaking up the shortfall when one church has insufficient funds to contribute. To support emergency and urgent needs that arise from time to time. other potential benefits of a reserve fund include: Funding routine maintenance. Reducing the annual quota for each church. Suppor Liiig 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 review The finance cornmittee will review the reserve balances every quarter. Annually the finance committee will review the arnounts held in reserve and report to the MAC. Annually the finance collllnittee will review the reserves policy and make recommendations to the MAC.
TAFF TrIENALLT MINISTRY AREA BEPORT AND STATEMENT OF THE TRUSTEES (continued) YEAR ENDED 31 DECEMBER 2024 statement of Trustees, Responsthilities Financial statements are required to be prepared for the Ministry Area for each financial year which give a true and fair view of its state of affairs at the balance sheet date and of the incorne and expenditure for the year then ended. These financial statements are required to be examined by independent examiners and parishioners. COPle3 made available to In preparing these financial statements the trustees will have due regard to: selecting suitable consistently applying mdkiiig judgements and estimates that are reasonable and prudent observing applicable Ar.r.ounting Standards preparing the financial statements on a going concern basis The trustees {who are tnembers of the Ministry Area Council) are responsible also for keeping proper accounting records which disclose with reasonable accuracy Llie financlal position of the Ministry Area and for safeguarding its assets. accounting policies and them The above report ha- Recommended Practice been prepared in accordance with tlle Statement or Accounting and Reporting by Charities. pproved by and signed on behalf of the Board of TLubLeeb. Trustee Date
INDEPENDENT EXAMINERS, PEPORT TO THE TRUSTEES TAFF WENALLT MINISTRY APE YEAR ENDED 31 DECEMBER 2024 I report on the accounts of the Taff Wenallt Ministry Area which are set niit. on pages 12 to 29 and which have been prepared in acco£ddIlLe with the accounting policies set out on pages 16 to 19. Res ective res onsibilities of Trustees and Inde endent Examiner The trustees (who are also members of the Ministry Area Council) are responsiblp fnr the preparation of the account- The trustees consider that an audit is not required for this year (under section 144121 of the Charities Act 2011 (the 2011 Act) ) and that an independent examination is needed. Having bdtisfied myself that an audit is not required, responsibility to: exarnine the accounts {under section 145 of the 2011 Act), to follow the procedures laid down in the general Directions given by the Charity Comrnission (under section 145151 Ibl of the 2011 Act) and to state whether particular matters have come to my attention. Basis of o inion it is rny My examination was carried out in accordance with the general Directions given by the Charity Cornmis.qion. An examination includeo a review of the accounting records kept by the charity and a comparison of the account5 pLeseiiLed with those records. of any unusual items or disclosures It also includes consideration in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently nn opinion is given as to whether the accounts present a true and fair view and the report is limited to those matter3 8et out in the sLdLement below. inion In connection with my examination, no matter has come to rny attention: which gives me reaTrJonable cause to believe that in any material respect the requirernenES: to keep accounting records in accordance with section 130 of the 2011 Act," and to prp.pare accounts which accord with the accounting reLvrds and comply with the accounting requirements of the 2011 Act have not been met; or to which, in rny opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Robert Hugh, 15 Dan y Bryn FCA Independent Examiner enue, Radyr, CARDIFF CF15 8DD Date: 22 (VIj2D?5
TAFF 14ENAILT MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 2024 SOFA Notes Unrestricted Designated Restricted funds funds funds Total 2024 INCOME & ENDOTrIMENTS Dviiations and legacies Income f rom c.haritable activities Trading activities Investments 166, 471 1, 036 61 167, 568 8,207 96,465 20,981 8,207 100,215 23,033 889 2,861 2,052 Total income 292,124 1, 925 4,974 299, 023 EXPENDITURE ON: Rai3ing funds Expenditure on charitable activities 2,264 2,264 303, 159 20,000 11, 955 335, 114 Total expenditure 303, I_sg 20.000 14,219 337,378 NET INCOME (EXPENDITURE) (11,035} (18,075) (9,245) (38,355) TRANSFERS Gross transfers between funds 36, 620 (33,0031 {3, 6171 OTHER RECOGNISED GAINS/ (LOSSES) Gains/ (_'. oss?.8) on revaluation of invebtrnents 10 4,565 4,565 25,585 (51,078) (8,2971 (33,790) Reconciliation of funds . Total funds brought forward 16 253, 501 55,237 687, 175 995, 913 TOTAL FUNDS CARRIED 16 279,086 4,159 678,878 962, 123 11
TAFF WENALLT MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 2023 SOFA Notes Unre8tricted Designated Restricted funds funds funds otal 2023 INCOME & ENDOTrIMWTS Donations and legacies Incorne f rorrL charitabLe activities Trading activities Investtnents 151, 408 13,396 164,804 6,578 87,949 3,870 6,578 90,098 15,536 1, 508 9,720 641 1, 946 Total income 249,805 11,228 15, 983 277,016 EXPENDITURE ON: Raising funds Expenditure on charitable activities 262,076 16,205 278,281 Total expenditure 262,076 16,205 278,327 NR T INCOME (EXPENDITUDE) (12,271) 11,182 {222} 11,311) TRANSFERS C.7ross transfers betwccn f unds (44,802) 138 44,664 OTHER BECOGNISED GAINS/ (LOSSES) Gains/ (losses) on revaluation c)f investments 10 4,404 4,404 157,0731 11,320 48,846 3,093 Reconciliation of funds . Total funds brought f orward 16 310, 574 43, 917 638,329 992,820 TOTAL FUNDS CARRIED FORWARD 16 253, 501 55,237 687, 175 995, 913 12
TAFF WENALLT MINISTRY AREA BALANCE SHEET 31 DECEMBER 2024 2024 Vnrestricted De$i9nated R•$tricted funds fund8 Total funds 2024 BALANCE SHEET Note8 FIXED ASSETS Tangible f ixed asset Invp. qtments 181,786 507,283 689,069 100,381 100,381 10 181,786 607, 664 789, 450 Debtors and prepayments 11 18,175 Cash at bank and in hand 12 100, 178 18,175 71,214 175,551 4,159 118,353 4,159 71,214 193,726 LESS: CURRENT LIABILITIES Creditors and accruals Loan frorn the Representative Body 13 17,903 17,903 3,150 3,150 21,053 ?.1, n53 NET CURSENT ASSETS 97,300 4,159 71,214 172,673 NET ASSETS 16 279,086 4,159 678,878 962, 123 Unrestricted f unds Restricted funds 16 279, 086 16 4,159 283,245 678, 878 678,878 NET ASSETS 16 279,086 4,159 678,878 962,123 The financial statements on pages 12 to 29 were approved by the Board of Tru3tees. Trustee Date 13
TAFF WENALLT MINISTRY AREA BALANCE SHEET 31 DECEMBER 2024 2023 Tmrestrictsd De¥i¢wwted Restricted fLmds Total 2023 BALANCE SHEET Notes FIXED ASSETS Tangible f ixed asset Investments 190,451 508, 154 698, 605 93,763 93,763 10 190,451 601,917 792,368 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 85,2i8 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 CUBRENT ASSETS 63,050 55.237 85,258 2C).3, 545 NET ASSETS 16 253,501 237 687,175 995,913 Unrestrict_g.d funds Restricted funds 16 253, 501 16 55,237 308,738 687, 175 687,175 ET ASSETS 16 253, 501 55,237 687,175 995, 913 14
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 AccouwrING POLICIES Sumllwry of signif icant accounting policies accounting estuftates and key The principal accounting policies applied in the preparation of these f inancial statements are set uut below. These policies have been consistently applied to all the years presented, unless otherwise stated. statement of compliance The acrniints IEinancial statements) have bccn prepared in accordance with Accounting and Reporting by Charities: SLaLernent of Recommended Yractice ( SORP I 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 hlstorical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{sl to thee accounts. Going concern The financial statements have been prepared on the going concern basis. The trustees assess whether the use of going concern is appropriate, whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a <Joing concern. The trustees make this assessment in rp.spect of a period of one year frorn the date of approval of the financial statements. Classif ication of funds d) 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 furthering 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 bo decide. Restricted funds are funds whose use is restricted according to the terms on which they were received. Further details of each fund are described in note 16. 15
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Incomo and ExPenture All known income and expenditure is reflected in the consolidated staternent of f inancial activities. Incoming resources All incorning resources are included on the Staternent of Financial Activities when the charity is legally enEltled to the income and the quantif led with reasonable accuracy. amount can Donations and lègaeies Donations ale 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 iequire a level of perforrnance by the charity before the charity iq entitled to the funds, the income is deferred and not recognised until either those condition8 are fully met or the fultilment 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. Def erred income Deferred incorne represents amounts received for future periods and is released to incoming resources in the period for which it has been received. only deferred when: Such incorne is The donor specifies that the grant or donation must only be used in future accounting periods," or The donor has imposed conditions which tnust be met bef ore the charity has unconditional entLtlernent. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settleTnent is requi rpd and tFLe amount can be measured reliabl y. All costs are allocated to the applicablc expenditilLe 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. 16
TAFF TrIENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMEwrs YEAR ENDED 31 DECEMBER 2024 Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benef iciaries. It includes both Gosts that can be activities and those allocated directly to such costs of an indirect necessary to support them. nature Support costs Support costs include central functions and have been allocated to activi ty cost categories on consistent with the use of resources. ba313 Governance costs The3e include the ivbts attributable to the charity's compliance with constitutional and requirements, statutory strategic including independent examination, management and trubLees' reirnbursed expenses. meetings ancl f ) Tangible fixed assets L)epreciation is provided on the c05t of tangible fixed assets, apart from freehold propertyi at the following rate in order to write off the cost of each asset, less estimated residual value over its estullated useful life. Church halls BeTief ice of fice Of f ice equipment Of f ice f urniture Chasubles and frontals over 2 0 years over 20 years 256 reducing balance method 256 reducing balance rnethod IO% reducing balance rnethod g) Inves tments Investments are stated in the balance sheet at their mid market value at the balance sheet date. All movements in value arising from investment changes or revaluation are recognised in the statement of financial activities. Gains or 1033es on investnienLs disposed ol 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 ditterence between the carrying value at the beginning of the year and the end of the yea£. 17
TAFE TrIENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMEWTS YEAR ENDED 31 DECEMBER 2024 h) Debtors Debtors are amounts due for merchandise sold or services performed in the ordinary course of business. Debtors price. rocognised initially at the transaiLivii They are subsequently measured less provision for impairment . A provision for the impairment of debtors is established when there is objective evidence that the charity will not be able to collect all amounts due accoLdiIig to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and otb.er short term highly liquid investrnents that are readily cuiivertlble to a known amount of cash and are subject to an insignifir.ant risk of change in value. CretOrS rreclitors are obligations to pay £ui goods or services that have been acquired in business trom suppliers. the ordinary courso Accounts payable are classif led as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months the reporting aate. If theLe an unconditional right to defer settlement for at least Lwelve months atter the reporting date, presented as non-current liabilities. they are Creditors are recognised initially at the transaction price and subsequently measured at amOrtICd cost Using the ef f ective 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. 18
TAFF TrIENALLT MINISTRY ABE NOTES TO THE FINANCIAL STATEMEIs YEAR ENDED 31 DECEMBER 2024 3. DONATIONS AND IEGACIES Unrestrict. Desig. Restrict. funds funds funds Total 2024 Total 2023 Givingi of ferings, donations & appeal3 12Jft454 HMRC receipts and gift direct Legacies Non-recurring grants 1,036 126, 551 127, 684 29,903 2,441 8,673 29,903 2,441 8,673 33,457 1,000 2,663 166, 471 1,036 61 167.568 164, 804 4 . INcCE FROM CHARITABLE ACTIVITIES Unréstrict. funds Desig. Restrict. funds funds Total 2024 ToEal 2023 Wedding4T funeral. burial and other fees 8,207 8.207 6, 578 OTHER TRADING ACTIVITIES Unrestrict. Desig. Restrict. funds funds funds Total 2024 Total 2023 Fund ra1Ing and otheL f unds generated Hall and building 33,231 rental incorne share rebate 889 2.861 .36. q81 21,479 53,241 9,993 53,241 9, 993 45,606 23,013 96,465 889 2,861 IOQ,215 90,098 . INVESTMENTS UnrÈ3trict. Desig. Restrict. funds funds funds Total 2024 otal 2023 Inveb Lment income Bank interest Rent f rorn investment property 30 5,0?.1 2,052 2,082 5,021 1,974 3,842 15, 930 15,930 9, 720 20,981 2,052 23,033 15,536 19
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 7 . EXPENDITURE ON CHARITABLE ACTIVITIES Unrestriet. Desig. Restrict. funds funds funds Total 2024 Total 2023 Maintenance of ministry.. 156, 162 15, 115 Clergy expenses 156, 162 15, 115 151, 705 12,074 Maintenance of service8: Vergcr, Choir, music and organ other maintenance of services 11, 875 181 12,056 4.Qll 649 649 4,367 General Area expenses . Salaries and tees Depreciation Other general Area expenses 18,179 6, 030 18,179 9,536 24,259 10,615 3. 506 11,218 11,218 11,149 Maintenance of churches: Light, heaE & water Insurance Repairs and maintenance 8,376 4,253 8,376 4,253 10,713 4,135 15,777 4,983 3, 900 24,660 7,419 Maintenance of property: Light, heat and water Insurance Najor building repairs Repairs and Illdintenance Other maintenance of property 12,093 7,246 12,093 7,246 14,544 5,780 13, 343 10,000 1,860 25,203 io, ooi 5, 017 15, 018 5,575 7, 956 7,956 8,589 ssion 4,886 2,508 7,394 3,392 303, 159 20.000 11,955 33.fj,114 278,327 NET INCOMING (OUTGOING) RESOURCES Net resources are stated after charging: 2024 2023 Ind¥pviiiJent examlnatlon fees Accountancy f ees Depreciation owned assets 1,850 2,250 9,536 1,750 2,150 10,615 20
TAFF WENALLT MINISTRY ARE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 TANGIBLE FIXED ASSETS Chasubles, f rontals , of f ice equipment, fixtures & f ittings Freehold property Total Costs- At l January 2024 Additions Di3P03als 734, 714 127,867 862,581 At 31 Decentser 2024 734, 714 127, 867 862,581 Depreciation: At l January 2024 Charge f or year On disposals 75,133 3,404 88,843 6, 132 163,976 9,536 At 31 Decernl)er 2024 78ii37 94,975 173,512 Net Book Value: At 31 December 2024 656, 177 32,892 689, 069 At 31 Decernber 2023 659,581 39, 024 698, 605 The fixed asset balances wprp. as follows: unrestricted fund £181,786 12023: £190,451) and restricted fund £507,283 12023: £508, 1541 The freehold properties of the Benefice (now Ministry Slreal were professionally valued during the year ended 31 DeceTnber 2004 and these revaluations were reflected in the finann.ial 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. 21
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 10. 2024 2023 Valuation at l January CTF income received CIF income paid out Surplus on revaluation 93, 763 2, 053 91,542 1,946 (4,1291 4,404 4,565 Valuation at 31 Dece)er 100,381 93,763 Represented by:_ hares in CollOn Investment Fund Cash awaiting investrnent 87,909 12,472 83,343 10,420 100,381 93, 763 Shares in Common Investment Fund are valued at mld-market price on 31 DeCener. All investments related to restricted funds in both 2024 and 2023. 11. DEBTORS AIID PBEPAYMwrs 2024 2023 Debtors and accrued income Prepayments 15,494 2,681 18,865 2,284 18,175 21, 149 Debtors and prepayments were as follows: unrestricted funds £18,175 {2023: £17,0201 and restricted funds £nil 12023: £4,129) 12. Cash and bdILk balances were as lollows: unrestricted funds £104,337 (2023: £115,543) and restricted funds £71,214 (2023: £81,129) 13. CREDITORS AND ACCRUALS 2024 2023 Creditors Accruals 11,539 6,364 6,441 4,685 17.903 11,126 Creditors and accrual- were as follow5: unLestiicLed funds £17, 903 12023: £11,126) and restricted funds £nil (2023: £nil) 22
TAFF TrJENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets and investments Net current assets Total Restricted funds Unrestricted funds 607, 664 181,786 71,214 122,512 678, 878 283,245 189,450 193,726 962,123 Unrealised gaiiib included above Freehold property Investments 499, 550 41.864 499,550 41,864 Total unrealised gain3 at 31 Decernber 2024 541,414 541,414 15. 2024 2023 Ministry Area SL Mary, s Church St. Thornas, Church All Saints, Church All Saints, Church Llandaff North Central 829,517 60,871 16,243 45, 978 9,514 837,736 63, 696 58,133 26,062 10,286 962, 123 995, 913 23
TAFF WENALLT MINISTRY AREA NOTES TO THE FINANCIAL sTATEmErs YEAR ENDED 31 DECEMBER 2024 16. Current Year Balance 01.01.24 Incoming Resources resources expended and reval . T/fers Balance 31.12.24 Unrestrictéd funds . _ General f und 253, 501 Designated fund 55, 237 292,124 1, 925 (303,159) 36, 620 {20,000) 133, 0031 279,086 4,159 .Br)8. 738 294,049 1323, 1591 3, 617 283,245 RestLicted funds . _ Central . Freehold prop. 490, 669 490, 669 Area Of f ice 16,479 18281 15, 651 Disposal of properties 22,403 22,403 Investrnents 96, 501 6,553 13. 916) 99, 138 Youth club 1,295 220 {620) 895 Hand Bell Ri ngers 441 441 st Thomas, . Church hall refurbishment 239 (239) Friends 1, 18?. (1,182) Charities 358 60 (250) 168 St Mary's: Church hall ref urbishrnent 1,271 953 Maintcnance Churchyard 716 Church & hall 47,721 716 41,478 16,243) Investments 1.177 65 1.24?. Charities 2,249 2,249 Balance c/fwd: 682, 260 7.339 {9,6801 (3, 916) 676,003 24
TAFF 14ENALLT MINISTRY AREA NOTES TO THE FINANCIAL STATEMEwrs YKAR ENDED 31 DECEMBER 2024 Current Ygar Balance Incollng ResouLces resources expended and reval . T/£eTS Balance 31.12.24 01.01.24 Restricted Funds (eontl d) . Balance b/fwd 682, 260 7,339 19,6801 (3, 916) 676,003 All Saints, Cliurch build. 1,860 (2,0781 655 Clearwater proj . 646 728 11,650) 276 Organ fund 2,000 2,000 Hand bell Ringers 806 (441) (356) (9> Ukraine 370 53 1455) 32 Bequests and collections 220 220 687, 175 9,539 (14,2191 {3,617) 678, 878 Total f unds 995, 913 303, 588 {337,378) 962, 123 25
TAFF WENAILT MINISTRY AREA NOTES TO THE FINANCIAL STATEMEwrs YEAR ENDED 31 DECEMBER 2024 16. Previous Year Balance 01.01.23 Incoming Resources resources expended and reval . T/fers Balance 31.12.23 Unrestrictsd funds ". - General f und 310,574 Designated fund 43, 917 249, 805 11,228 (262,076) (44,802) 253,501 (46) 138 55,237 354,491 261.033 1262,122) (44, 664) 308,738 Restricted funds . _ Central . Freehold prop. 491, 675 {1,006) 490,669 Area Of f ice 17,986 11.5071 16, 479 r)i.qposal of properties 22,403 22,403 Invest.rnents 90,427 6, 074 96,501 Yvuth club 1,295 1,295 st Thomas, . Church hall ref urbishment 15211 760 239 Friends 658 24 500 1,182 Grants 500 1500} Charities 238 120 358 st Mary, s: Church hall ref urbishrnent 1,775 (504) 1,271 Maintenance Lhurchyard ChLirch & hall 1,292 1,274 8,375 (1,8501 16,637) 716 47, 121 45, 983 Investments 1,190 62 (75) 1, 177 Organ fund 970 (970) Grants 1.500 1,290 {2,790} Charities 2,216 1213} 246 2,249 Balance c/fwd: 632, 830 18,514 114,097} 45, 013 682,260 26
TAFF WENALLT MINISTRY AIIEA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Previou8 Year Balance 01.01.23 Inc(Jlling Resources resources expended and reval . T/fers Balance 31.12.23 Restricted Funds (contl d) . Balance b/fwd 632, 830 18,514 (14,097) 45,013 682,260 All Saints, . Church build. 873 873 Clearwater proj . 294 1,078 1726> 646 Organ fund 2,000 2,000 Hand bell Ringers 845 13YI 806 Ukraine 1,267 657 12,069) 515 370 Bequests and collections 220 138 {138) 220 638,329 20,387 116,205) 44,664 687,175 Total funds 992,820 281, 420 1278,3271 995,913 17. MINISTRY AREA ACCUMUIATED FUND 2024 2023 C7P.ne.ral reserves- Balance b/fwd Deflcit £or the year 459,064 (38,355) 460,375 (1,311) Balance c/fwd 420,709 459, 064 Revaluation reserve= Balancè b/£wd Revaluation during year 536,849 4,565 532, 445 4,404 Balance c/fwd 541,414 536,849 Cornbined reserves 962,123 995,913 27
TAFF TrIENALLT MINISTRY ABE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 18. ANALYSIS OF NET CASH AND BANK FUNDS At a January 2024 At 31 December 2024 Cashf low Cash at bank and in hand 196, 672 121,1211 175, 551 196, 672 (21,121) 175,551 At a January At 31 December 2023 Cashf low 2023 Cash at bank and in hand 214,765 (18,093) 196, 672 214,765 {18,093) 196, 672 19. CAPITAL COMMITMEwrs There were no capital COnLtMentS at 31 DeCeller 2024 12023 nil) 20. CONTINGENT LIABILITIES There were no contingent liabilities at 31 December 2024 (2023 nil) 28