OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Page
Trustees, officers and advisers
Annual
Report ofthe trustees
Statement of Trustees'
Responsibilities		 14
Independent
Auditors'
report		 15
Consolidated
Statement
of Financial		 Activities 18
Consolidated
and Parent Charity Balance Sheets		 19
Consolidated
Cash Flow Statement		 20
Notes to the financial statements 21

The trustees,
who served
d
financial statements,
are as		 uring
the year to 31 December 2021, and up to t
follows:		 uring
the year to 31 December 2021, and up to t
follows:		 he date of approval he date of approval
Mr Idris 0Hughes Chair ofthe Resources
Department
and Properties		 Board and
Deputy Chair ofTrustees —retired 26 July 2021
Mrs Kathryn
Morris		 Treasurer ofthe Association
in the South
Rev Brian H Jones Chair ofthe Ministries
Department
and
Chair ofTrustees
Rev Michael Ward Clerk ofthe Association
in the East —retired		 9 November 2021
Rev Elwyn Richards Clerk ofthe Association
in the North
Mr Hywyn
Pritchard
Rev J Paul Morgan		 Treasurer ofthe General Assembly
Treasurer ofthe Association
in the East
Rev Marcus Robinson Moderator ofGeneral Assembly
retired —21		 September 2021
Mr Dewi Lewis-Jones Treasurer ofthe Association
in the North
Rev T Evan Morgan Moderator ofGeneral Assembly —appointed 21 September 2021
Mr Stephen
Wynn		 Chair ofthe Resources
Department
and Properties		 Board —appointed
Mr lan Hayward 26 July 2021
Clerk ofthe Association
in the East- appointed
9		 November 2021
Mr Anthony
Platt		 Clerk ofthe Association
in the South —appointed
29 July 2021
Mr Cliff Williams Co-opted
Rev Dafydd Andrew Jones Co-opted past Moderator and Clerk ofthe Association in the South
retired 3August. 2021
Rev Brian Matthews Co-opted past Moderator —retired 3August 2021
Rev Neil Kirkham Co-opted past Moderator —retired 3August 2021
Rev Trefor Lewis Co-opted past Moderator —retired 3August 2021
Rev Robert Roberts Co-opted past Moderator —retired 3August 2021

nnual
 R eport ofthe T rustees
Coleg YBala Coleg Trefecs Candidates snd
Training
DepartmentFund
Year Ended Year ended Year ended
31December 2021 31December 2021 31December 2021
6'000 5'000 6'000
Income
From Presbyterian Church ofWales 97 92
Charitable Activities (ind coume fees) 7
Investment income snd interest 2 12
Other (incl grants and furlough reclaims) 38 13
144 107 117
Expenditum
Salaries end wages 48 46 47
Other 81 111 55
129 157 112
Surplus I(Deficit) (50)
Coleg YBala Coleg Trefecs Candidates and
Training
Department Fund
31 December 2021 31December 2021 31December 2021
5'000 5'000 5'000
Tangible
Fixed Assets		 28 329
Heritage Assets 241
Investments 367
Fixed Assets 28 570 367
Net Current Assets/(Liabilities) 198 (78) 374
226 492 741
Unrestncted Funds 226 251 741
Restricted Funds 241
Total Funds 226 492 741

summary ofthe main categories of income is show n
below:
6'000 '/o
Ministry snd Mission Contributions 2,049 50.1
Donations, legacies ahd grants 99 2.4
Investment income and interest 413 10.1
Income from Colleges and Centres 28 0.7
Other 1,498 36.7
Total 4,087 100

summar y ofthe main categories ofexpenditure
an		 d their percentage
ofthe total is		 as follows:
5'000
Ministry benefits 3,916 78.0
Ecumenical and PCW contributions 685 13.7
Colleges and centres Costs 385 7.7
Other 32 0.6
Total 5,018 100

anagers.
The benchmark
is base		 d on mid points ofasset allocation
parameters.
Asset Allocation 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%)

for the year ended 3 1 Decem ber 2 021
Note Unrestricted Restricted Total Total
funds funds funds funds
2021 2020
6'000 6'000 6'000 6'000
Income from generated funds:
Ministry
and mission
contributions		 2,049 2,049 2,183
Donations 44 25 69 73
Legacies
Grants 26 92
Income from investments 178 235 413
Income from charitable activities:
Colleges and centres 28 28 26
Other income 1,231 267 1,498 1,624
Total 3,506 581 4,087
Expenditure
on:
Charitable
activities.
Ministry benefits 6 3,256 660 3,916 3,531
Ecumenical and PCW contributions 7 460 225 685 677
Co//egos
and centres costs		 93 292 385 438
3,809 1,177 4,986 4,646
Other 24 8 32 38
Total 3,833 1,1I85 5,018 4,684
Net income
/ (expenditure)		 (327) (604) (931) (340)
Net gains
/ (losses) on investments		 12 562 594 1,156 (835)
Net income I(expenditure) 235 (10) 225 (1,175)
Transfers
between
funds		 (116) 116
Other recognised
gains
/		 {losses):
Loss on disposal offixed assets
Valuation ofhen'/age
assets		 18
Actuarial (lossjlgain
on defined
bener/ pension scheme		 1,774 1,774 (1,241)
Net movement
on funds		 1,893 124 2,017 (2,416)
Reconciliation
offunds:
Total funds brought
forward		 7,928 8,921 16,849 19,265
Total funds carried forward 9,821 9,045 18,866 16,849
The statement
offinancial activities incorporates		 the statement of comprehensive income.

onsolidated an d Parent Charity Balance Shee ts as at 31 December 2021
Group Charity
Note 2021
6'000		 2020
6'000		 2021
8'000		 2020
8'000
Fixed asseis
Tangible fixed assets 10 581 664 224 222
Heritage assets 11 241 223
Investments 12 12,999 11,843 12,632 11,506
13,821 12,730 12,856 11,728
Current assets
Stock 13
Debtors 14 2,123 2,064 2,333 2,268
Short term deposits 264 229 12 12
Cash at bank and in hand 778 473 382 48
3,171 2,772 2,727 2,328
Creditors: amounts falling due
within one year 15 629 570 720 606
Net cunent assets 2,642 2,202 2,007 1,722
Creditors: amounts
falling due
after more than
1 year		 15 (2,256) (1,504) (2,256) (1,504)
Net assets excluding pension
scheme asset 14,107 13~28 12,607 11,948
Pension scheme surplus 9 4,759 3,421 4,759 3,421
Net assets 18,866 16,849 17,366 18.367
Funds
Unrestricted 16 5,062 4,507 5,062 4,507
Pension reserve 4,759 3,421 4,759 3,421
9,821 7,928 9,821 7,928
Restricted 17 9,045 8,921 7,545 7,439
Total funds 18,866 18,849 17,366 16,367

Note
2021 2020
8'000 8'000
Reconciliation
ofnet expenditure		 to net cash
generated
from /(used
by)
Net (expenditure) (931) (340)
Adlustments
for:
Investment
income		 3 (413) (346)
Pension
Fund		 9 436 59
Depreciation
charges		 10 96 97
Aijd:
(Increase)
in stocks		 13
Decrease
/ (increase)		 in debtors 14 (59) 41
Increase in creditors 15 811 628
Net cash generated
from/(used
activities		 by) operating (60) 139
Statement ofcash flows
Cash flows from operating activities
Net cash generated
from/		 (used by) operating activities (60) 139
Cash flows from investing activities:
Interest from investments 413 346
Purchase of investments (1,052) (1,252)
Proceeds from sale ofinvestments 1,052 1,252
Proceeds from sale offixed assets
Purchase of property,
plant		 and equipment (12)
Net cash provided
by investing
activities		 400 334
Change
in cash and cash		 equivalents 340 473
Cash &cash equivalents at 1 January 702 229
Cash &cash equivalents at 31December 1,042 702
Cash equivalents
atthe		 year end comprise:
Short term deposits 264 229
Cash at bank and
in hand		 778 473
Cash &cash equivalents at 31December 1,042 702

2. Results ofConnected Charities *
(*excludes grant received from the Church) 2021 2020
6'000 8'000
Incoming
resources
Course fees 27 25
Shop sales 1
Donations,
grants and legacies		 40 59
Investment
income		 14 12
HMRC Furlough
reclaims		 49 69
Sundry
income		 4
Total incoming
resources		 134 166
Resources Expended
Charitable
activities		 393 433
Other 5 5
Total resources expended 398 438
Net outgoing
resources		 (264) (272)

Group Charity
2021 2020 2021 2020
8'000 6'000 f000 6'000
Investment Income
Unit Trusts 16 37 15 36
Fixed Interest and cash 22 54 21 52
Equities 304 191 294 184
Investment Property 71 64 71 64
413 401 336

Other Income
Unrestricted Restricted Tots I Total
funds funds funds funds
2021 2020
5'000 6'000 6'000 6'000
Bank interest 2 2 3
Loan interest receivable 29 29 27
HMRC furlough reclaim 75 245 320 441
Profit on sales of chapels and menses 1,072 1,076 1,039
Sundry income 16 24 15
Pension - interest 47 47 gg
Total —Group 1231 267 1898 1,624
Staffcosts Other Total Total
6'000 costs 2021 2020
6'000 6'000 6'000
Ministry benefits 3,625 291 3,916 3,531
Ecumenical and PCW contributions 180 505 665 677
College and centre costs 52 47 gg 96
Other 32 32 38
Total Charity 3,857 875 4,732 4,342
College and centre costs 93 193 342
Total Group 3,950 1,068 5,018 4,684
Staffcosts
Stipends, wages and salanes 2,664 2,614
Social security costs 225 221
Pension costs 1,061 735
3,950 3,570

The total number ofemployees by function was: 2021 2020
Number Number
Ministers —full time 40 40
Ministers —part time 8 8
Field workers 45 43
Colleges and centres 7 8
Administration 21 21
121 120

Unrestricted Restricted Total Total
funds funds 2021 2020
6'000 6'000 6'000 5'000
Stipends and salaries 1,650 631 2,281 2,236
Pastoral expenses 4
Support costs (note 8) 513 29 542 526
2,163 660 2,823 2,765
Pension costs:
Contributions paid 578 578 577
Current service pension costs 483 483 158
Pension audit 32 32 30
1,093 1,093 765
Total ministers benefits 3,256 660 3,915 3,531

Unrestricted Restricted Total Total
funds funds 2021 2020
5'000 5'000 6'000 6'000
International 2 2 30
Wales/UK 81 20 101 112
Ministers,
workers, candidates,
Presbyterian
and local churches		 Association, 51 186 237 200
Support costs (note 8) 326 19 335
460 225 685 577

Support co sts
Ministry Allocation of College
Benefits Ecumenical and Total Total
and PCW Centre 2021 2020
6'000 Contributions costa rf000 8'000
K'000 6'000
Salaries &wages 283 180 52 515 500
Travelling
&subsistence		 23 14 4 41 26
Utility costs 19 12 3 34 30
Property
&general insurances		 20 13 4 37 37
Printing
&stationery		 19 13 4 36 59
Postage &telephone 19 12 35 30
Repairs, maintenance 8 12 15
improvements
Leasing charges 17 3 31 24
Equipment
&materials		 17 11 3 31 26
Legal & professional charges 77 49 14 140 104
Audit fees 21 13 4 38 50
Depreciation 6 1 11 11
Advertising
& publicity		 1 1 1
Course fees 1 1 1
Bad debt charge 12 22 35
Publishing
costs		 1 8
642 345 99 9SS 967

e principal
a		 ctu ar ial
assumptions
u		 sed to calculate Scheme liabilities are sed to calculate Scheme liabilities are :
31December 31December
2021 2020
Discount rate 1.80% 1.30%
Inflation: RPI 3.65% 320%
Inflation: CPI 3.20% 2.70%
Pension increases in payment:
Discretionary increase 0.00% P PP%
CPI capped at5.0%per annum 3 10% 260%
CPI capped at2.5%per annum 2 20% 2.00%
Salary Increases 3.70% 3.20%
Retirements All members retire at National Retirement Age (NRA)
2021 95%ofthe S2PA tables with the CMI 2017pmjections
Post retirement mortality using a long-term
202095%ofthe		 rate ofimprovement
S2PA tables with the		 of1.25%psr annum.
CMI 2015prolections
using a long-term rate ofimprovement of1.25%per annum.

e major cat egories ofassets as a percen tage
oftotal assets are as follows:
31 December 31 December
2021 2020
Equities 32% 32%
Other assets 6% 4%
Index-linked gilts 31% 29%
Corporate bonds 29% 32%
Cash 2% 3%
Total 100% 100%

Amounts
Recognised		 in the Balance She et
2021 2020
6'000 6'000
Fair value ofplan assets 32,600 31,657
Present value offunded obligations (27,841) (28,236)
Surplus 4,759 3,421
Amounts
Recognised		 in the Summary of Financial Activities over the year
2021 2020
6'000 6'000
Current service cost 804 573
Administrative
costs		 114 121
Interest on liabilities 361 469
Interest on assets (408) (568)
Past service cost 139 34
Total 1,010 629
Remeasurements
over		 the year
2021 2020
6'000 6'000
Loss / (gain) on scheme assets in excess of interest (1,019) (2,914)
Experience losses / (gains) on liabilities
(Losses) / gains from changes to demographic assumptions
(Losses) / gains from changes to financial assumptions (755) 4,155
Total (1,774) 1,241

The change
in assets over the year was:
2021 2020
6'000 6'000
Fair value ofassets at the beginning
ofthe year		 31,657 28,624
Interest on assets 408 568
Employer contributions 574 570
Contributions
by Scheme partiopants		 161 159
Benefits paid (net ofexpenses) (1,105) (1,057)
Administration
costs		 (114) (121)
Return on assets less interest 1,019 2,914
Fair value ofassets at the end ofthe year 32,600 31,667
Actual return on scheme assets f1,427,000(2020:E3,482,000)
The change
in defined
benefit liabilities over the year was:
2021 2020
6'000 6'000
Defined benefit liabilities at the beginning ofthe year 28,236 23,903
Current service cost 804 573
Contributions
by Scheme participants		 161 159
Past service cost 139 34
Interest cost 361 469
Benefits paid (net ofexpenses) (1,105) (1,057)
Experience (gain) Iloss on liabilities
Changes to demographic
assumptions
Changes to financial assumptions (755) 4,155
Defined benefit liabilities at the end ofthe year 27,841 28,236

0.
Tangible fixed asse		 ts
Computer
equlpmenu
Motor Land and fixtures snd Property
Group vehicles
8'000		 buildings
6'000		 fittings
6'000		 improvements
6'000		 Total
f'000
Cost/valuation
At 1 January 2021 13 219 526 1,384 2, 142
Additions 13 13
At 31 December 2021 13 232 526 1,384 2,155
Accumulated
Depreciation
At 1 January 2021 13 12 389 1,064 1,478
Charge for the year 5 23 68 96
At 31 December 2021 13 17 412 1,132 1,574
Net book value
At 31December 2021 215 114 252 581
At 31 December 2020 207 137 320 664
Charity
Cost/valuation
At 1 January 2021 219 312
Disposals
Additions 13 13
At 31 December 2021 232 93 325
Accumulated
Depreciation
At 1 January 2021 12 78 90
Charge for the year 5 6 11
At 31 December 2021 17 101
Net book value
At 31December 2021 215 224
At 31 December 2020 207 15 222

2021 2020
8'000 6'000
241 223

Gmup Charity
2021 2020 2021 2020
6'000 6'000 6'000 6'000
At 1 January 11,843 12,678 11,506 12,309
Transfer fmm fixed assets
Additions 1,052 1,252 1,016 1,209
Disposals (1,052) (1,252) (1,016) (1,209)
(Losses) / Gains on investments 1,156 (835) 1,126 (803)
At 31December 12,aaa 11,843 12,632 11,506
Cost at 31 December 9,838 9,709 a,604 9,379
Investment property 2,138 1,846 2,138 1,846
Unit trusts 1,286 1,286 1,242 1,242
UK Fixed interest securities 1,164 1,717 1,124 1,659
UK Equities 7,557 6,812 7,303 6,583
International Fixed interest securities 406 392
International Equities 127 123
Investment Company 108 104
Cash 213 182 206 176
Market value ofinvestments 12,999 11,843 12,632 11,506

. Stock
Group Charity
2021 2020 2021 2020
E'000 E'000 E'000 E'000
Goods for resale and consumables
. Debtors
Group Charity
2021 2020 2021 2020
E.'000 E'000 E'000 E'000
Debtors less than one year:
Ministry
and mission		 contributions 220 244 220 244
Loans and mortgages 195 123 196 123
Other debtors and prepayments 802 672 1,012 876
1,218 1,039 1,428 1,243
Debtors more than one year.
Loans and mortgages 905 1,025 905 1,025
2i123 2,064 2,333 2,268

Group Charity
2021 2020 2021 2020
E'000 E'000 E'000 E'000
Loan from the Properties
Presbyterian
Church of		 Board ofthe
Wales		 2,255 1,504 2,256 1,504
2,256 1,504 2,256 1,504

6.
Movo		 mont
in		 Unrestricted
Fu		 nds
At Income Expenditure Gains/ Transfers At 31
1January
2021 6'000		 6'000 2'000 (losses)
KOOO		 6000 December
2021 KOOO
Unrestricted Funds 4,507 3,459 (3,350) 562 (116) 5,062
Pension Reserve 3,421 47 (483) 1,774 4,759
Total Group
Charity		 and 7,928 3,606 (3,833) 562 (116) 9,821

At Income Expenditure Gains/ Transfem At 31
1January
20206'000		 2'000 6'000 (losses)
6000		 6000 December
20206000
Unrestricted Funds 4,652 3,551 (3,356) (183) (157) 4,507
Pension
Reserve		 4,721 gg (155& (1,241) 3,421
Total Group
Charity		 and 9,373 3)650 (3i514) (1 424) (157) 7928

At Income Expenditure Gains/ Transfers At 31
1 January
2021		 6'000 2'000 (losses)
6000		 6000 December
2021
K'000 6000
Ministries
Department		 4,397 388 (712) 422 (122) 4,373
Robert Davies Trust 371 29 400
Historical Society 8 (3) 7
Christian
Aid		 1 1
Mission
Programme		 Fund 43 10 (71) 50 32
Modemtors
Fund		 22 (3) 19
Davies Lecture Trust 105 114
Sale ofTheological
College Fund		 1,354 107 1,471
Sale ofChapels Fund 1,128 1,128
Total Charity 7,439 403 (787) (75)
Coleg y Bala 211 47 (129) 97 226
Coleg Trefeca 301 63 (157) 44 251
Howell Harris Museum
and Artefacts		 223 18 241
Candidates
and Training
Department
Fund		 707 67 (112) 29 50 741
Welsh Calvinistic
Methodist Assurance 40 41
Trust
1,482 178 (398) 47 191 1,500
Total Group 8,921 581 (1,185) 612 116 9,045

At Income Expenditure Gains/ Transfers At 31
1January
2020		 6'000 6'000 (losses)
KOOO		 December
2020
6'000 6000
Ministries
Department		 5,191 423 (657) (464) (96) 4,397
Robert Davies Trust 403 (32) 371
Historical Society 6 8
Christian
Aid		 1 1
Mission Programme Fund 19 64 (65) 25 43
Moderators
Fund		 24 (2) 22
Davies Lecture Trust 116 (8) (6) 105
Sale ofTheological
College Fund		 1,482 (118) 1,364
Sale ofChapels
Fund		 1,128 1,128
Total Charity 8,370 492 (733) (620) (71) 7,439
Coleg y Bala 192 73 (146) 92 211
Coleg Trefeca 344 66 (195) 66 301
Howell Harris Museum
and Artefacts		 223 223
Candidates
and Training
Department
Fund		 723 63 (97) (32) 50 707
Welsh Calvinistic
Methodist Assurance 40 40
Trust
1,522 202 (438) (32) 228 1,482
Total Group 9,892 694 (1,170) (652) 157 8,921

8.
Analysis
o		 f Grou p Net As sets
Tangible and At 31
heritage fixed Other net December
assets Investments assets I 2021
6'000 6'000 (liabilities) 6'000
6'000
Unrestricted
funds		 224 5,530 (692) 5,062
Total 224 5,530 (692) 6,062
Restricted funds
Ministriss
Department		 5,300 (927) 4,373
Robert Device Trust 366 34 400
Historical Society 7 7
Christian
Aid		 1 1
Mission Programme Fund 32 32
Moderators
Fund		 19 19
Davies Lecture Trust 90 24 114
Sale ofTheological College Fund 1,346 125 1,471
Sale ofChapels
Fund		 1,128 1,128
Coleg Y Bala 28 198 226
Coleg Trefeca 329 (78) 251
Howell Harris Museum 241 241
Candidates 6Training Fund Charity 367 374 741
Welsh Calvinistic
Methodist
Trust		 Assurance 41 41
Total 7,469 978 9,045
Total net assets (excluding
asset)		 pension 822 12,999 286 14,107

otes to the fina n cial statemen ts
for the ye		 ar ended 31 D ecember 202 1
Prior year
Tangible and At 31
heritage fixed Other net December
assets Investments assets I 2020
6'000 5'000 (liabilities) 5'000
6'000
Unrestricted
funds		 223 4,969 (655) 4,507
Total 223 4,666 (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 2
Davies Lecture Trust 83 22 105
Sale ofTheological College Fund 1,239 125 1,364
Sale of Chapels
Fund		 1,128 1,125
Coleg YBala 56 155 211
Coleg Trefeca 385 (84) 301
Howell Hams Museum 223 223
Candidates
&Training		 Fund Charity 337 370 707
Welsh Calvinistic
Methodist		 Assurance 40 40
Trust
Totsi 6,874 1,383 8,621
Total net assets (excluding
asset)		 pension 887 11,843 698 13,428

tements.
The majority		 offunds are managed
by Ba		 rclays Wealth and the total funds held are:
2021 2020
6'000 6'000
Multi asset class investments 16,447 15,237
Higher yield bonds 1,018 1,095
Investment
grade bonds		 3,268 3,351
Cash and short mstunty bonds 3,698
Debtor from Presbyterian Church ofWales 2,256 1,504
Cash held by Presbyterian Church ofWales 1,061 744
Totalfunds 27,748 25,413

Unrestricted Restricted Total
funds funds funds
2020
6'000 6'000 6'000
Income from generated funds:
Ministry
and mission
contributions		 2,183 2,183
Donations 41 32 73
Legaaas
Grants 88 92
Income from investments 152
Income from charitable activities:
Colleges and centres 26 26
Other income 1,270 354 1,524
Total 3,650 694 4,344
Expenditure
on:
Charitable
activities:
Mini sters bene)Its 2,920 611 3,531
Ecumenical and PCW conlribuiions 482 195 677
Colleges and centres costs 91 347 438
3,493 1,153 4,846
Other 21 17 38
Total 3,514 1,170 4,684
Net income I(expenditure) 136 (476) (340)
Net gains i(losses) on investments (183) (652) (835)
Net income I (expenditure) (47) (1,128) (1,175)
Transfers between
funds		 (157) 157
Other recognised
gains i		 (losses):
Loss on disposal offixed assets
Va/uation
ofheritage assets
Actuan'ai gain on defined
scheme		 pension (1,241) (1,241)
Net movement
on funds		 (1,446) (9'71) (2,416)
Reconciliation offunds:
Total funds brought
forward		 9,373 9,892 19,255
Total funds carried forward 7,928 8,921 16,849