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2020-12-31-accounts
|
Page |
| Trustees, officers and advisers |
3 |
| Annual Report ofthe trustees |
5 |
| Statement ofTrustees’ Responsibilities |
13 |
| Independent Auditors’ report |
14 |
| Consolidated Statement of Financial Activities |
16 |
| Consolidated and Parent Charity Balance Sheets |
17 |
| Consolidated Cash Flow Statement |
18 |
| Notes to the financial statements |
19 |
resbyterian Church ofWa
nnual Report oftheTrustees |
les |
|
|
|
Coleg Y Bala |
Coleg Trefeca |
Candidates and
Training |
|
|
|
Department Fund |
|
Year Ended |
Yearended |
Year ended |
|
31 December2020 |
31 December2020 |
31 December2020 |
|
£‘OOO |
£‘OOO |
£‘OOO |
| Income |
|
|
|
| From Presbyterian Church ofWales |
92 |
86 |
85 |
| Charitable Activities (mci course fees) |
10 |
16 |
- |
| Investment income and interest |
2 |
1 |
10 |
| Other (md grants and furlough reclaims) |
61 |
49 |
18 |
|
165 |
152 |
113 |
| Expenditure |
|
|
|
| Salaries and wages |
52 |
47 |
42 |
| Other |
94 |
148 |
55 |
|
146 |
195 |
97 |
| Surplus I (Deficit) |
19 |
(43) |
16 |
|
Coleg Y Bala |
Coleg Trefeca |
Candidates and |
|
|
|
Training |
|
|
|
Department Fund |
|
31 December 2020 |
31 December2020 |
31 December2020 |
|
£‘OOO |
£‘OOO |
£‘OOO |
| Tangible Fixed Assets |
56 |
385 |
- |
| Heritage Assets |
- |
223 |
- |
| Investments |
- |
- |
337 |
| Fixed Assets |
56 |
608 |
337 |
| Net CurrentAssetsl(Liabilities) |
155 |
(84) |
370 |
|
211 |
524 |
707 |
| Unrestricted Funds |
211 |
301 |
707 |
| Restricted Funds |
- |
223 |
- |
| Total Funds |
211 |
524 |
707 |
| summary ofthe main categories of income is show |
n below: |
|
|
£‘OOO |
|
| Ministry and Mission Contributions |
2,183 |
50.2 |
| Donations, legacies and grants |
165 |
3.8 |
| Investment income and interest |
346 |
8.0 |
| Income from Colleges and Centres |
26 |
0.6 |
| Other |
1,624 |
37.4 |
| Total |
4,344 |
100 |
| summary ofthe main categories ofexpenditure and |
theirpercentage ofthe total is |
as follows: |
|
£‘OOO |
% |
| Ministry benefits |
3,531 |
75.4 |
| Ecumenical and PCWcontributions |
677 |
14.4 |
| Colleges and centres Costs |
438 |
9.4 |
| Other |
38 |
0.8 |
| Total |
4,684 |
100 |
| enchmark are noted togetherwith |
the previous in brackets: |
|
|
|
|
AssetAllocation |
Benchmark |
|
|
Parameters |
|
| UK Equities |
75% |
- 85% (70%
- 80%) |
80% (75%) |
| Fixed Interest |
15% |
- 25% (15%
- 25%) |
20% (20%) |
| Cash |
0% - 5% (0%
- 10%) |
|
0% (5%) |
| rthe year ended 31 Decem |
ber20 |
20 |
|
|
|
|
Note |
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
|
|
2020 |
2019 |
|
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Income from generated funds: |
|
|
|
|
|
| Ministry and mission contributions |
|
2,183 |
- |
2,183 |
2,308 |
| Donations |
|
41 |
32 |
73 |
114 |
| Legacies |
|
|
|
|
2 |
| Grants |
|
4 |
88 |
92 |
23 |
| Income from investments |
3 |
152 |
194 |
346 |
476 |
| Income from charitable activities: |
|
|
|
|
|
| Colleges and centres |
|
|
26 |
26 |
125 |
| Other income |
4 |
1,270 |
354 |
1,624 |
928 |
| Total |
|
3,650 |
694 |
4,344 |
3,976 |
| Expenditure on: |
|
|
|
|
|
| Charitable activities: |
|
|
|
|
|
| Ministiybenefits |
6 |
1,320 |
2,211 |
3,531 |
3,641 |
| EcumenicalandPCWcontributions |
7 |
482 |
195 |
677 |
892 |
| Colleges andcentres costs |
|
91 |
347 |
438 |
529 |
|
|
1,893 |
2,753 |
4,646 |
5,062 |
| Other |
|
21 |
17 |
38 |
28 |
| Total |
|
1,914 |
2,770 |
4,684 |
5,090 |
| Net income I (expenditure) |
|
1,736 |
(2,076) |
(340) |
(1,114) |
| Net gains/(losses) on investments |
12 |
(183) |
(652) |
f835) |
1,093 |
| Net income I (expenditure) |
|
1,553 |
(2,728) |
(1,175) |
(21) |
| Transfers between funds |
|
(1,757) |
1,757 |
- |
- |
| Other recognised gains / flosses): |
|
|
|
|
|
| Losson disposaloffixedassets |
|
— |
— |
— |
(1) |
| Valuation ofheritage assets |
11 |
- |
- |
- |
8 |
Actuarial (loss)/gain on defined
pension scheme |
9 |
(1,241) |
- |
(1,241) |
1,749 |
| Net movement on funds |
|
(1,445) |
(971) |
(2,416) |
1,735 |
| Reconciliation offunds: |
|
|
|
|
|
| Total funds brought forward |
|
9,373 |
9,892 |
19,265 |
17,530 |
| Total funds carried forward |
|
7,928 |
8,921 |
16,849 |
19,265 |
| onsolidated and Parent |
Charity |
Balance Shee |
ts as at |
31 December |
2020 |
|
|
Group |
|
Charity |
|
|
Note |
2020
£‘OOO |
2019
£‘OOO |
2020
£‘OOO |
2019
£‘OOO |
| Fixed assets |
|
|
|
|
|
| Tangible fixed assets |
10 |
664 |
749 |
222 |
234 |
| Heritage assets |
11 |
223 |
223 |
- |
- |
| Investments |
12 |
11,843 |
12,678 |
11,506 |
12,309 |
|
|
12,730 |
13,650 |
11,728 |
12,543 |
| Currentassets |
|
|
|
|
|
| Stock |
13 |
6 |
6 |
- |
- |
| Debtors |
14 |
2,064 |
2,105 |
2,268 |
2,011 |
| Shortterm deposits |
|
229 |
228 |
12 |
12 |
| Cash at bank and in hand |
|
473 |
1 |
48 |
59 |
|
|
2,772 |
2,340 |
2,328 |
2,082 |
| Creditors: amounts falling due |
|
|
|
|
|
| within one year |
15 |
(570) |
(696) |
(606) |
(853) |
| Net currentassets |
|
2,202 |
1,644 |
1,722 |
1,229 |
Creditors: amounts falling due
after more than 1 year |
15 |
(1,504) |
(750) |
(1,504) |
(750) |
| Netassets excluding pension |
|
|
|
|
|
| schemeasset |
|
13,428 |
14,544 |
11,946 |
13,022 |
| Pension scheme surplus |
9 |
3,421 |
4,721 |
3,421 |
4,721 |
| Netassets |
|
16,849 |
19,265 |
15,367 |
17,743 |
| Funds |
|
|
|
|
|
| Unrestricted |
16 |
4,507 |
4,652 |
4,507 |
4,652 |
| Pension reserve |
|
3,421 |
4,721 |
3,421 |
4,721 |
|
|
7,928 |
9,373 |
7,928 |
9,373 |
| Restricted |
17 |
8,921 |
9,892 |
7,439 |
8,370 |
| Total funds |
|
16,849 |
19,265 |
15,367 |
17,743 |
|
Note |
|
|
|
|
2020 |
2019 |
|
|
£‘OOo |
£‘OOO |
| Reconciliation of netexpenditureto netcash |
|
|
|
| generated from I(used by) |
|
|
|
| Net (expenditure) |
|
(340) |
(1,114) |
| Adjustments for: |
|
|
|
| Investment income |
3 |
(346) |
(476) |
| Pension Fund |
9 |
59 |
134 |
| Depreciation charges |
10 |
97 |
98 |
| Add: |
|
|
|
| (Increase) in stocks |
13 |
- |
(1) |
| Decrease / (increase) in debtors |
14 |
41 |
(129) |
| Increase in creditors |
15 |
628 |
911 |
| Net cash generated from/(used by) operating |
|
139 |
(577) |
| activities |
|
|
|
| Statement ofcash flows |
|
|
|
| Cash flows from operating activities |
|
|
|
| Netcash generated from/ (used by) operating activities |
|
139 |
(577) |
| Cash flows from investing activities: |
|
|
|
| Interest from investments |
|
346 |
476 |
| Purchase ofinvestments |
|
(1,252) |
(1,085) |
| Proceeds from sale ofinvestments |
|
1,252 |
909 |
| Proceeds from sale offixed assets |
|
- |
1 |
| Purchase of property, plant and equipment |
|
(12) |
(33) |
| Net cash provided by investing activities |
|
334 |
268 |
| Change in cash and cash equivalents |
|
473 |
(309) |
| Cash & cash equivalents at 1 January |
|
229 |
538 |
| Cash & cash equivalents at 31 December |
|
702 |
229 |
| Cash equivalents attheyearend comprise: |
|
|
|
| Shortterm deposits |
|
229 |
228 |
| Cash at bank and in hand |
|
473 |
1 |
| Cash & cash equivalents at 31 December |
|
702 |
229 |
| Results ofConnected Charities * |
|
|
| (*excludesgrant receivedfrom the Church) |
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Incoming resources |
|
|
| Course fees |
25 |
120 |
| Shop sales |
1 |
3 |
| Donations, grants and legacies |
59 |
23 |
| Investment income |
12 |
14 |
| HMRC Furlough reclaims |
69 |
- |
| Sundry income |
|
5 |
| Total incoming resources |
166 |
165 |
| Resources Expended |
|
|
| Charitable activities |
433 |
541 |
| Other |
5 |
5 |
| Total resources expended |
438 |
546 |
| Netoutgoing resources |
(272) |
(381) |
| Investmentincome |
|
|
|
|
|
|
|
|
Group |
|
|
Charity |
|
|
2020 |
|
2019 |
2020 |
|
2019 |
|
£‘ODD |
|
£‘OOO |
£‘OOO |
|
£‘OOO |
| Investment Income |
|
|
|
|
|
|
| Unit Trusts |
37 |
|
53 |
36 |
|
51 |
| Fixed Interest and cash |
54 |
|
74 |
52 |
|
72 |
| Equities |
191 |
|
298 |
184 |
|
288 |
| Investment Property |
64 |
|
51 |
64 |
|
51 |
|
346 |
|
476 |
336 |
|
462 |
| Other Income |
|
|
|
|
|
Unrestricted |
Restricted |
Total |
Total |
|
funds |
funds |
funds |
funds |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Bank interest |
- |
3 |
3 |
3 |
| Loan interest receivable |
27 |
- |
27 |
36 |
| HMRC furlough reclaim |
91 |
350 |
441 |
- |
| Profit on sales ofchapels and manses |
1,039 |
- |
1,039 |
770 |
| Sundry income |
14 |
1 |
15 |
28 |
Pension
- interest |
99 |
- |
99 |
91 |
| Total—Group |
1,270 |
354 |
1,624 |
928 |
| Total resources used |
|
|
|
|
|
Staffcosts |
Other |
Total |
Total |
|
£‘OOO |
costs |
2020 |
2019 |
|
|
£‘OOO |
£‘OOO |
£‘OOO |
| Ministry benefits |
3,246 |
285 |
3,531 |
3,641 |
| Ecumenical and PCW contributions |
175 |
502 |
677 |
892 |
| College and centre costs |
50 |
46 |
96 |
118 |
| Other |
- |
38 |
38 |
28 |
| Total Charity |
3,471 |
871 |
4,342 |
4,679 |
| College and centre costs |
99 |
243 |
342 |
411 |
| Total Group |
3,570 |
1,114 |
4,684 |
5,090 |
| Staffcosts |
|
|
|
|
| Stipends, wages and salaries |
|
|
2,614 |
2,542 |
| Social securitycosts |
|
|
221 |
216 |
| Pension costs |
|
|
735 |
668 |
|
|
|
3,570 |
3,426 |
| The total |
numberofemployees by function was: |
2020 |
2019 |
|
|
Number |
Number |
| Ministers |
— full time |
40 |
39 |
| Ministers |
— parttime |
8 |
9 |
| Field workers |
|
43 |
39 |
| Colleges |
and centres |
8 |
7 |
| Administration |
|
21 |
23 |
|
|
120 |
117 |
| o received emoluments in the following range |
s was: |
|
|
2020 |
2019 |
|
Number |
Number |
| £0to10,000 |
14(14*) |
18(18*) |
| £10,001 to20,000 |
20 (19*) |
15 (14*) |
| £20,001 to £30,000 |
39 (18*) |
40 (16*) |
| £30,001 to £40,000 |
40 (2*) |
37 |
| £40,001 to £50,000 |
7 (1*) |
7 (1*) |
| £50,001 tof6O,000 |
0 |
0 |
|
120 (54*) |
117(49*) |
| Ministry benefits |
|
|
|
|
|
Unrestricted |
Restricted |
Total |
Total |
|
funds |
funds |
2020 |
2019 |
|
£‘OOO |
£‘OoO |
£‘OOO |
£‘OOO |
| Stipends and salaries |
55 |
2,181 |
2,236 |
2,189 |
| Pastoral expenses |
- |
4 |
4 |
21 |
| Support costs (note 8) |
500 |
26 |
526 |
737 |
|
555 |
2,211 |
2,766 |
2,947 |
| Pension costs: |
|
|
|
|
| Contributions paid |
577 |
- |
577 |
443 |
| Current service pension costs |
158 |
- |
158 |
225 |
| Pension audit |
30 |
- |
30 |
26 |
|
765 |
- |
765 |
694 |
| Total ministers benefits |
1,320 |
2,211 |
3,531 |
3,641 |
| Ecumenical and PCW Contribution |
s |
|
|
|
|
Unrestricted |
Restricted |
Total |
Total |
|
funds |
funds |
2020 |
2019 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| International |
24 |
6 |
30 |
38 |
| Wales/UK |
80 |
32 |
112 |
126 |
Ministers, workers, candidates, Association,
Presbyteries and local churches |
59 |
141 |
200 |
313 |
| Support costs (note 8) |
319 |
16 |
335 |
415 |
|
482 |
195 |
677 |
892 |
| Supportcosts |
|
|
|
|
|
|
Ministers |
Allocation of |
College |
|
|
|
Benefits |
Ecumenical |
and |
Total 2020 |
Total |
|
|
Contributions |
Centre |
£‘OOO |
2019 |
|
£‘OOO |
£‘OOO |
costs |
|
£‘OOO |
|
|
|
£‘OOO |
|
|
| Salaries&wages |
275 |
175 |
50 |
500 |
469 |
| Travelling & subsistence |
14 |
9 |
3 |
26 |
177 |
| Utility costs |
17 |
10 |
3 |
30 |
31 |
| Property & general insurances |
20 |
13 |
4 |
37 |
34 |
| Printing & stationery |
32 |
21 |
6 |
59 |
120 |
| Postage & telephone |
16 |
11 |
3 |
30 |
40 |
Repairs, maintenance &
improvements |
8 |
5 |
2 |
15 |
33 |
| Leasing charges |
13 |
9 |
2 |
24 |
18 |
| Equipment & materials |
14 |
9 |
3 |
26 |
38 |
| Legal & professional charges |
57 |
37 |
10 |
104 |
240 |
| Audit fees |
28 |
17 |
5 |
50 |
48 |
| Depreciation |
6 |
4 |
1 |
11 |
12 |
| Advertising & publicity |
1 |
- |
- |
1 |
6 |
| Course fees |
1 |
- |
- |
1 |
2 |
| Bad debt charge |
20 |
12 |
3 |
35 |
1 |
| Publishing costs |
4 |
3 |
1 |
8 |
1 |
|
526 |
335 |
96 |
957 |
1,270 |
| e principal actuarial assumptions use |
d to calculate Scheme liabilities are: |
|
|
31 December |
31 December |
|
2020 |
2019 |
| Discount rate |
1.30% |
2.00% |
| Inflation: RPI |
3.20% |
3.25% |
| Inflation: CPI |
2.70% |
2.40% |
| Pension increases in payment: |
|
|
| Discretionary increase |
0.00% |
0.00% |
| CPI capped at 5.0% per annum |
2.60% |
2.30% |
| CPI capped at2.5% per annum |
2.00% |
1.90% |
| Salary Increases |
3.20% |
2.90% |
| Retirements |
All members retire at National RetirementAge (NRA) |
|
| e majorcategories ofassets as a perce |
ntage oftotal assets are as follows: |
|
|
|
31 December |
31 |
December |
|
2020 |
|
2019 |
| Equities |
32% |
|
33% |
| Otherassets |
4% |
|
5% |
| Index-linked gilts |
29% |
|
28% |
| Corporate bonds |
32% |
|
32% |
| Cash |
3% |
|
2% |
| Total |
100% |
|
100% |
| Amounts Recognised in the Balance Sheet |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Fairvalue of plan assets |
31,657 |
28,624 |
| Present value offunded obligations |
(28,236) |
(23,903) |
| Surplus |
3421 |
4.721 |
| Amounts Recognised in the Summary of Financial Activities over the year |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Current service cost |
573 |
448 |
| Administrative costs |
121 |
118 |
| Interest on liabilities |
469 |
606 |
| Interest on assets |
(568) |
(697) |
| Pastservice cost |
34 |
97 |
| Total |
629 |
572 |
| Remeasurements overthe year |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Gain on scheme assets in excess ofinterest |
(2,914) |
(3,350) |
| Experience losses / (gains) on liabilities |
- |
(395) |
| (Losses) Igains from changes to demographic assumptions |
- |
(429) |
| (Losses) Igains from changes to financial assumptions |
4,155 |
2,425 |
| Total |
1,241 |
(1,749) |
| e change in assets over the year was: |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Fairvalue ofassets atthe beginning ofthe year |
28,624 |
25,234 |
| Interest on assets |
568 |
697 |
| Employer contributions |
570 |
438 |
| Contributions by Scheme participants |
159 |
155 |
| Benefits paid (net ofexpenses) |
(1,057) |
(1,132) |
| Administration costs |
(121) |
(118) |
| Return on plan assets less interest |
2,914 |
3,350 |
| Fairvalue ofassetsatthe end oftheyear |
31,657 |
28,624 |
| e change in defined benefit liabilities overthe yearwas: |
|
|
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Defined benefit liabilities atthe beginning ofthe year |
23,903 |
22,128 |
| Current service cost |
573 |
448 |
| Contributions by Scheme participants |
159 |
155 |
| Past service cost |
34 |
97 |
| Interestcost |
469 |
606 |
| Benefits paid (net ofexpenses) |
(1,057) |
(1,132) |
| Experience (gain) / loss on liabilities |
- |
(395) |
| Changes to demographicassumptions |
- |
(429) |
| Changes to financial assumptions |
4,155 |
2,425 |
| Defined benefit liabilities atthe end ofthe year |
28,236 |
23,903 |
| . Tangiblefixed assets |
|
|
|
|
|
|
|
|
Computer |
|
|
|
|
|
equipment! |
|
|
|
Motor |
Land and |
fixtures and |
Property |
|
|
vehicles |
buildings |
fittings |
improvements |
Total |
| Group |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Cost/valuation |
|
|
|
|
|
| At 1 January 2020 |
13 |
219 |
514 |
1,384 |
2,130 |
| Additions |
- |
- |
12 |
- |
12 |
| At31 December2020 |
13 |
219 |
526 |
1,384 |
2,142 |
| Accumulated Depreciation |
|
|
|
|
|
| At 1 January 2020 |
13 |
8 |
365 |
995 |
1,381 |
| Charge forthe year |
- |
4 |
24 |
69 |
97 |
| At 31 December 2020 |
13 |
12 |
389 |
1,064 |
1,478 |
| Net book value |
|
|
|
|
|
| At31 December2020 |
- |
207 |
137 |
320 |
664 |
| At31 December2019 |
- |
211 |
149 |
389 |
749 |
| Charity |
|
|
|
|
|
| Cost/valuation |
|
|
|
|
|
| At 1 January 2020 |
- |
219 |
93 |
- |
312 |
| Transferto investments |
|
|
|
|
|
| Disposals |
|
|
|
|
|
| Additions |
|
|
|
|
|
| At 31 December 2020 |
- |
219 |
93 |
- |
312 |
| Accumulated Depreciation |
|
|
|
|
|
| At 1 January 2020 |
- |
8 |
70 |
- |
78 |
| Charge forthe year |
- |
4 |
8 |
- |
12 |
| At31 December2020 |
- |
12 |
78 |
- |
90 |
| Net book value |
|
|
|
|
|
| At 31 December 2020 |
- |
207 |
15 |
- |
222 |
| At31 December2019 |
- |
211 |
23 |
- |
234 |
| 2020 |
2019 |
| £‘OOO |
£‘OOO |
| 223 |
223 |
| 12. Investments |
|
|
|
|
|
Group |
|
Charity |
|
|
2020 |
2019 |
2020 |
2019 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| At 1 January |
12,678 |
11,136 |
12,309 |
10,802 |
| Transferfrom fixed assets |
- |
273 |
- |
273 |
| Additions |
1,252 |
1,085 |
1,209 |
1,054 |
| Disposals |
(1,252) |
(909) |
(1,209) |
(878) |
| (Losses) /Gains on investments |
(835) |
1093 |
(803) |
1,058 |
| At31 December |
11,843 |
12,678 |
11,506 |
12,309 |
| Cost at 31 December |
9,709 |
10,133 |
9,379 |
9,788 |
| UKInvestments |
|
|
|
|
| Investment property |
1 ,846 |
1,732 |
1,846 |
1,732 |
| Unit trusts |
1,286 |
1,369 |
1,242 |
1,323 |
| Fixed interest securities |
1,717 |
1,798 |
1,659 |
1,737 |
| Equities |
6,812 |
7,711 |
6,583 |
7,451 |
| Cash |
182 |
68 |
176 |
66 |
| Marketvalue ofinvestments |
11,843 |
12,678 |
11,506 |
12,309 |
| The Charity has recognised realised gains on sales ofinvestmentsofnit (2019: £nil). |
The Charity has recognised realised gains on sales ofinvestmentsofnit (2019: £nil). |
|
| The following represent investments valued at greater than 5% ofthe total market value ofquoted |
|
investments. |
|
2020 |
2019 |
| Merian Investment Management UK mid cap |
5.56% |
- |
| Unilever Ordinary Shares |
5.62% |
5.09% |
| UK Government Fixed Interest 1.75%, 2022 |
5.65% |
5.16% |
|
|
|
|
|
Group |
|
Chanty |
|
|
|
|
|
|
2020 |
2019 |
2020 |
2019 |
|
|
|
|
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Goods |
for |
resale |
and |
consumables |
6 |
6 |
- |
- |
| . Debtors |
|
|
|
|
|
Group |
|
Charity |
|
|
2020 |
2019 |
2020 |
2019 |
|
£‘OOO |
£‘OOO |
£‘OOO |
£‘OOO |
| Debtors less than one year: |
|
|
|
|
| Ministryand mission contributions |
244 |
195 |
2 |
195 |
| Loans and mortgages |
123 |
108 |
123 |
108 |
| Otherdebtors and prepayments |
672 |
684 |
876 |
590 |
|
1,039 |
987 |
1,243 |
893 |
| Debtors more than one year: |
|
|
|
|
| Loans and mortgages |
1,025 |
1,118 |
1,025 |
1,118 |
|
2,064 |
2,105 |
2,268 |
2,011 |
|
|
Group |
|
|
Charity |
|
|
2020 |
|
2019 |
2020 |
|
2019 |
|
£‘OOO |
|
£‘OOO |
£‘OOO |
|
£‘OOO |
| Creditors and accruals |
227 |
|
358 |
263 |
|
515 |
| Other liabilities |
343 |
|
338 |
343 |
|
338 |
|
570 |
|
696 |
606 |
|
853 |
|
|
Group |
|
|
Charity |
|
|
2020 |
|
2019 |
2020 |
|
2019 |
|
£‘OOO |
|
£‘OOO |
£‘OOO |
|
£‘OOO |
Loan from the Properties Board ofthe
Presbyterian Church ofWales |
1,504 |
|
750 |
1,504 |
|
750 |
|
1,504 |
|
750 |
1,504 |
|
750 |
| . Movement in Unrestric |
ted Funds |
|
|
|
|
|
At |
Income |
Expenditure |
(Losses) |
At31 |
|
1 January |
|
|
Igains |
December |
|
2020 £‘OOO |
£‘OOO |
£‘OOO |
£000 |
2020 £000 |
| Unrestricted Funds |
4,652 |
4,578 |
(4,540) |
(183) |
4,507 |
| Total Group and Charity |
4,652 |
4,578 |
(4,540) |
(183) |
4,507 |
|
At |
Income |
Expenditure |
GainsI |
At 31 |
|
7 January 2020 |
|
|
(losses) |
December |
|
£‘OOO |
£‘OOO |
£‘OOO |
£000 |
2020 £000 |
| Ministries Department |
5,191 |
2,023 |
(2,353) |
(464) |
4,397 |
| Robert Davies Trust |
403 |
|
- |
(32) |
371 |
| Historical Society |
6 |
2 |
- |
|
8 |
| Christian Aid |
|
|
|
|
|
| Mission Programme Fund |
19 |
89 |
(65) |
|
43 |
| Moderators Fund |
24 |
- |
(2) |
|
22 |
| Davies Lecture Trust |
116 |
3 |
(8) |
(6) |
105 |
Sale ofTheological College
Fund |
1,482 |
|
|
(118) |
1,364 |
| Sale ofChapels Fund |
1,128 |
- |
- |
- |
1,128 |
| Total Charity |
8,370 |
2,117 |
(2,428) |
(620) |
7,439 |
| Coleg y Bala |
192 |
165 |
(146) |
- |
211 |
| Coleg Trefeca |
344 |
152 |
(195) |
- |
301 |
Howell Harris Museum and
Artefacts |
223 |
- |
- |
- |
223 |
Candidates and Training
Department Fund |
723 |
113 |
(97) |
(32) |
707 |
Welsh Calvinistic Methodist
AssuranceTrust |
40 |
- |
- |
- |
40 |
|
1,522 |
430 |
(438) |
(32) |
1,482 |
| Total Group |
9,892 |
2,547 |
(2,866) |
(652) |
8,921 |
|
Tangible and |
|
|
At 31 |
|
heritage fixed |
|
Other net |
December |
|
assets |
Investments |
assets I |
2020 |
|
£‘OOO |
£‘OOO |
(liabilities) |
£000 |
|
|
|
£‘OOO |
|
| Unrestricted funds |
223 |
4,969 |
(685) |
4,507 |
| Total |
223 |
4,969 |
(685) |
4,507 |
| Restricted funds |
|
|
|
|
| Ministries Department |
- |
4,878 |
(481) |
4,397 |
| Robert Davies Trust |
- |
337 |
34 |
371 |
| Historical Society |
- |
- |
8 |
8 |
| Christian Aid |
— |
— |
1 |
1 |
| Mission Programme Fund |
- |
- |
43 |
43 |
| Moderators Fund |
- |
- |
22 |
22 |
| Davies Lecture Trust |
- |
83 |
22 |
105 |
| Sale ofTheological College Fund |
- |
1,239 |
125 |
1,364 |
| Sale ofChapels Fund |
- |
- |
1,128 |
1,128 |
| Coleg Y Bala |
56 |
- |
155 |
211 |
| Coleg Trefeca |
385 |
- |
(84) |
301 |
| Howell Harris Museum |
223 |
- |
- |
223 |
| Candidates & Training Fund Charity |
- |
337 |
370 |
707 |
| Welsh Calvinistic Methodist Assurance |
- |
- |
40 |
40 |
| Trust |
|
|
|
|
| Total |
664 |
6,874 |
1,383 |
8,921 |
| Total netassets (excluding pension |
887 |
11,843 |
698 |
13,428 |
| asset) |
|
|
|
|
| tements. The majority offunds are managed by Ba |
rclays Wealth and the total |
funds held are: |
|
2020 |
2019 |
|
£‘OOO |
£‘OOO |
| Multi asset class investments |
15,237 |
6,310 |
| Higheryield bonds |
1,095 |
1,095 |
| Investment grade bonds |
3,381 |
2,237 |
| Cash and short maturity bonds |
3,452 |
12,184 |
| Debtorfrom Presbyterian Church ofWales |
1,504 |
750 |
| Cash held by Presbyterian Church ofWales |
744 |
1,524 |
| Total funds |
25,413 |
24,100 |
|
Unrestricted |
Restricted |
Total |
|
funds |
funds |
funds |
|
|
|
2019 |
|
£‘OOO |
£‘OOO |
£‘OOO |
| Income from generated funds: |
|
|
|
| Ministry and mission contributions |
2,308 |
- |
2,308 |
| Donations |
45 |
69 |
114 |
| Legacies |
2 |
- |
2 |
| Grants |
4 |
19 |
23 |
| Income from investments |
184 |
292 |
476 |
| Income from charitable activities: |
|
|
|
| Colleges and centres |
- |
125 |
125 |
| Other income |
923 |
5 |
928 |
| Total |
3,466 |
510 |
3,976 |
| Expenditure on: |
|
|
|
| Charitable activities: |
|
|
|
| Ministers benefits |
1,419 |
2,222 |
3,641 |
| EcumenicalandPCWcontributions |
536 |
356 |
892 |
| Colleges and centres costs |
107 |
422 |
529 |
|
2,062 |
3,000 |
5,062 |
| Other |
20 |
8 |
28 |
| Total |
2,082 |
3,008 |
5,090 |
| Net income I (expenditure) |
1,384 |
(2,498) |
(1,114) |
| Netgains on investments |
352 |
741 |
1,093 |
| Net income I (expenditure) |
1,736 |
(1,757) |
(21) |
| Transfers between funds |
(2,055) |
2,055 |
- |
| Other recognised gains I (losses): |
|
|
|
| Loss on disposaloffixedassets |
(1) |
— |
(1) |
| Valuation ofheritage assets |
- |
8 |
8 |
Actuarialgain on definedpension
scheme |
1,749 |
- |
1,749 |
| Net movement on funds |
1,429 |
306 |
1,735 |
| Reconciliation offunds: |
|
|
|
| Total funds broughtforward |
7,944 |
9,586 |
17,530 |
| Total funds carried forward |
9,373 |
9,892 |
19,265 |