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2022-12-31-accounts

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

Annual
R		 eport ofthe Trustees
Coleg YBala Coleg Trefeca Candidates and
Training
DepartmentFund
Year Ended Year ended Year ended
31 December 2022 31 December 2022 31December 2022
5'000 6'000 5'000
Income
From Presbyterian Church ofWales 128 77 35
Charitable
Activities		 (incl course fees) 34 3
Investment income end interest 4 1
Other 21 403
187 484
Expenditure
Salaries and wages 48 57 40
Other 124 166 76
172 223 116
Surplus I(Deficit) 15 261 (72)
Coleg YBala Coleg Trefeca Candidates and
Training
Department Fund
31 December 2022 31 December 2022 31December 2022
6'000 5'000 6'000
Tangible
Fixed Assets		 87 286
Heritage Assets 279
Investments 320
Fixed Assets 87 565 320
Net Current Assets/(Liabilities) 154 226 302
241 791 622
Unrestricted Funds 241 512 622
Restricted
Funds		 279
TotalFunds 241 791 622

summa ry ofthe main categories of income is show n
below:
E'000 '/o
Ministry snd Mission
Contributions		 2,113 52.4
Donations, legacies and grants 88 2.2
Investment income and interest 354 8.8
Income from Colleges and Centres 425 10.5
Other 1,053 26.1
Total 4,033 100

summar y ofthe main categories of expenditure
an		 d their percentage
ofthe total is		 as follows:
E'000
Ministry benefits 4 109 75.3
Ecumenical and PCW contributions 769 14.1
Colleges and centres Costs 517 9.5
Other 63 1.1
Total 5,458 100

imated 7 5%ofthe portfolio will be direct holdings
a		 nd 25% via poo led funds led funds
Strategic Benchmark
Asset
Allocation
UK Equities 45% FTSE All Share Index
Overseas Equities 30% FTSEWodd (Ex UK) Index
Fixed Interest 15% FTSE Government
All
Stocks Index
Property 5% IPD Monthly Index
infrastructure 5% Bank of England Base Rate
(+2%)
Cash 0%

Note Unrestricted Restricted Total Total
funds funds funds funds
2022 2021
6'000 6'000 6'000 6'000
Income from generated
funds:
Ministry
and mission
contnbutions		 2,113 2,113 2,049
Donations 44 27 71 69
Legacies 6 6
Grants 7 11 30
Income from investments 157 197 354 413
Income from charitable activities:
Colleges and centres 425 425 28
Other income 1,041 12 1,053 1,498
Total 3,359 674 4,033 4,087
Expenditure
on:
Charrtable
activities:
Mlnisliy benefits 3,418 691 4,109 3,916
Ecumenica( and PCVVcontributions 542 227 769 685
Colleges and centres costs 111 406 517 385
4,071 1,324 5,395 4,986
Other 49 14 63 32
Total 4,120 1,338 5,458 5,018
Net income
/ (expenditure)
exceptional
item		 before (761) (664) (1,425) (931)
Exceptional
item
Settlement
and curtailment		 income
on closure to future accrual of 1,235 1,235
defined
beneiit pension scheme
Net income
/ (expenditure)
exceptional
item		 after 474 (664) (190)
Net gains
/ (losses) on investments		 12 (252) (952) (1,204) 1,156
Net income
/ (expenditure)		 222 (1,616) (1,394) 225
Transfers
between
funds		 (187) 187
Other recognised
gains
/ (losses)
Loss on disposal offixed assets
Valuation o/heritage
assets		 38 38 18
Actuarial
(/oss/lga/it
on defined
benefit pension scheme		 1,198 1,198 1,774
Net movement
on funds		 1,233 (1,391) (158) 2,017
Reconciliation
offunds:
Total funds brought
forward		 9,821 9,045 18,866 16,849
Total funds carried forward 11,054 7,654 18,708 18,866

onsolidated an d Parent Charity Balance Shee ts as at 31 December 2022
Group Charity
Note 2022
8'000		 2021
6'000		 2022
6'000		 2021
6*000
Fixed assets
Tangible fixed assets 10 381 581 224
Hentage assets 11 279 241
Investments 12 12,258 12,999 11,936 12,632
12,918 13,821 11,946 12,856
Current assets
Stock 13
Debtom 14 2,269 2,123 2,545 2,333
Short term deposits 224 264 12 12
Cash at bank and in hand 511 778 107 382
3,006 3,171 2,664 2,727
Creditors: amounts falling due
within one year 15 I794) I629) 1,176 (720)
Net current assets 2,212 2,542 1,488 2,007
Creditors: amounts
falling due
after more than
1 year		 15 (3,220) (2,256) (3,220) (2,256)
Net assets excluding
scheme asset		 pension 11,910 14,107 10,214
'		 12,607
Pension scheme surplus 9 6,798 4,759 6,798 4,759
Net assets 18,708 18,866 17,012 17,366
Funds
Unrestricted 4,256 5,062 4,256 5,062
Pension reserve 6,798 4,759 6,798 4,759
11,054 9,821 11,054 9,621
Restricted 17 7,654 9,045 5,958
Totalfunds 18,708 18,866 17,012 17,368

Note
2022 2021
8'000 6'000
Reconciliation
ofnet expenditure		 to net cash
generated
from /(used
by)
Net (expenditure) (1,425) (931)
Adjustments
for.
Investment
income		 3 (354) (413)
Pension
Fund		 9 394 436
Depreciation
charges		 10 94 96
Add.
Decrease
/ (Increase)
in		 stocks 13 4
Decrease
/ (increase)
in		 debtors 14 (146) (59)
Increase
in creditors		 15 165 59
Net cash generated
from/(used
activities		 by) operating (1,268) (812)
Statement ofcash flows
Cash flows from operating activities
Net cash generated
from/ (used by)		 operating activities (1,268) (812)
Cash flows from investing activities:
Interest from investments 354 413
Purchase ofinvestments (7,646) (1,052)
Proceeds from sale ofinvestments 7,398 1,052
Proceeds from sale offixed assets
Purchase ofproperty,
plant		 and equipment (109) (13)
Net cash provided
by investing
activities		 (1,271) (412)
Cash flows from financing activities:
Cash inflows from new borrowing 752
Net cash pmvided
by fusedin)
financing
Change
in cash and cash		 equivalents (307) 340
Cash &cash equivalents
at		 1 January 1,042 702
Cash 8 cash equivalents at 31 December 735 1,042
Cash equivalents
atthe year end		 comprise:
Short term deposits 224 264
Cash at bank and
in hand		 511 778
Cash 8 cash equivalents at 31December 735 1,042

2. Results ofConnected Charities *
(*excludes grani received from the Church) 2022 2021
E'000 E'000
Incoming
resources
Course fees 34 27
Shop sales 2
Donations,
grants
and legacies		 423 40
Investment
income		 10 14
HMRC Furlough
reclaims		 49
Sundry
mcome		 4
Total incoming
resources		 475 134
Resources Expended
Chantable
activities		 506 393
Other 7 5
Totalresources
expended		 513 398
Net outgoing resources i38) f264)

Group Charity
2022 2021 2022 2021
E'000 E'000 E'000 E'000
Investment Income
Unit trusts 21 16 20 15
Property unit trusts 4 4
Overseas fixed interest 8 8
Oversea equities 22 21
UK Fixed Interest and cash 36 22 35 21
UK Equities 197 304 190 294
Investment Property 66 71 66 71
354 413 344 401

Unrestricted Restricted Total Total
funds funds funds funds
2022 2021
E'000 E'000 E'000 E'000
Bank interest 6 6 2
Loan interest receivable 32 32 29
HMRC furlough reclaim 320
Profit on sales ofchapels and manses 916 916 1,076
Sundry income 10 24
Pension —interest 89 89 47
Total —Group 1,041 12 1,053 1,498

Staffcosts Other Total Total
6'000 costs 2022 2021
6'000 6'000 8'000
Ministry benefits 3,669 440 4,109 3,916
Ecumenical and PCW contributions 173 596 769 685
College and centre costs 49 72 121 99
Other 63 63 32
Total Charity 3,891 1,171 5,062 4,732
College and centre costs 106 290 286
Total Group 3,997 1,461 5,458 5,018
Staffcosts
Stipends, wages and salaries 2,491 2,664
Social security costs 243 225
Redundancy and termination costs 191
Pension costs 1,072 1,061
3,997 3,950
The total number ofemployees by function was: 2022 2021
Number Number
Ministers —full time 38 40
Ministem —part time 8 8
Field workers 42 45
Colleges and centres 6 7
Administration 16 21
110 121

otes to the financial statements
for		 statements
for		 the year ended 31 December 2022
The number ofemployees whose emoluments for the year fell within the following
bands were:
Total Total
2022 2021
No No
In the band E90,000 - F99,999 1
In the band f100,000- E109,999 1
The number of higher paid employees to whom retirement benefits were accruing
isas follows:
Total Total
2022 2021
No No

Unrestricted Restricted Total Total
funds funds 2022 2021
E'000 E'000 E'000 E'000
Stipends and salaries 1,698 628 2,326 2,281
Pastoral expenses 11 11
Support costs (note 8) 616 52 668 542
2,314 691 3,005 2,823
Pension costs:
Contributions paid 589 589 578
Current service pension costs 483 483 483
Pension audit 32 32 32
1,104 1,104 1,093
Total ministers benefits 3,418 691 4,109 3,916

Ecum enica l
and PC		 W Contribu tions
Unrestricted Restricted Total Total
funds funds 2022 2021
E'000 E'000 E'000 E'000
International 2 16 18 2
yyales/UK 83 34 117 101
Ministers,
workers,
candidates,
Presbyteries
and local churches		 Association, 65 144 209 237
Support costs (note 8) 392 33 425 345
227 769 685

Support c o sts
INinistry Allocation of College
Benefits Ecumenical and Total Total
and PCW Centm 2022 2021
6'000 Contributions costs e000 6'000
6'000 6'000
Salaries
&wages		 271 173 49 493 515
Travelling
&subsistence		 41 26 8 75 41
Utility costs 30 19 5 54 34
Property
&general		 insurances 24 15 43 37
Printing
& stationery		 29 18 52 36
Postage
&telephone		 25 16 46 35
Repairs, maintenance
improvements		 8 12 22 12
Leasing charges 19 12 35 31
Equipment
8, materials		 29 18 52 31
Legal & professional charges 143 91 26 260 140
Audit fees 24 16 44 38
Depreciation 4 7 11
Advertising
& publicity		 1 1 1
Coume fees 1 1
Bad debt charge 15 27 22
Publishing
costs		 2 1
668 426 121 1,214 686

e major c at egories ofassets as a percent age oftotal assets are as follows:
31 December 31 December
2022 2021
Equities 0% 32%
Other assets Os/o 6%
Fixed interest gilts 17% 0%
Index-linked gilts 44% 31%
Corporate bonds 28% 29%
Cash 11% 2%
Total 1QQ'/o 100'Yo

Amounts R ecognised in the Balance Sheet
2022 2021
K'000 eooo
Fair value ofplan assets 22,839 32,600
Present value offunded obligations (16,041) (27,841)
Surplus 8,798 4,759
Amounts Recognised in the Summary ofFinancial Activities over the year
2022 2021
6'000 5'000
Current service cost 571 804
Administrstwe
costs		 242 114
Interest on liabilities 490 361
Interest on assets (579) (408)
Past service cost 206 139
Settlement and curtailment cost (1,235)
Total (305) 1,010

Remeaaurementa
over the year
2021 2021
R'000 6'000
Loss / (gain) on scheme assets
in excess		 ofinterest 9,349 (1,019)
Experience losses /(gains)
on liabilities		 (1,137)
(Losses) / gains from changes to demographic assumptions (212)
(Losses) / gains from changes to financial assumptions (9,198) (755)
Total (1,198) (1,774)
Reconciliation
ofassets and Defined		 Benefit Obligation
The change
in assets over the year was:
2022 2021
6'000 6'000
Fair value ofassets at the beginning of the year 32,600 31,657
Interest
on assets		 579 408
Employer contributions 536 574
Contributions
by Scheme participants		 120 161
Benefits paid (net ofexpenses) (1,405) (1,105)
Administration
costs		 (242) (114)
Return on assets less interest (9,349) 1,019
Fair value ofassets at the end ofthe year 22,839 32,600

Actual
return
on scheme assets E8,770,000 (2021.E1,427,000)		 Actual
return
on scheme assets E8,770,000 (2021.E1,427,000)		 Actual
return
on scheme assets E8,770,000 (2021.E1,427,000)
The change
in defined
benefit liabilities over the year was:
2022 2021
8'000 6'000
Defined benefit liabilities at the beginning ofthe year 27,841 28,236
Current service cost 571 804
Contnbutions
by Scheme participants		 120 161
Past service cost 206 139
Interest cost 490 361
Benefits paid (net ofexpenses) (1,405) (1,105)
Changes
due to settlements		 and curtailments (1,235)
Experience
(gain) / loss on		 liabilities (1,137)
Changes
to demographic
assumptions		 (212)
Changes
to financial assumptions		 (9,198) (755)
Defined benefit liabilities at the end ofthe year 16,041 27,841

0.
Tangible fixed asse		 ts
Computer
equipmentl
Motor Land and fixtures snd Properly
vehicles buildings fittings improvements Total
Group F000 8'000 6'000 6'000 6'000
Cost
At 1 January 2022 13 232 526 1,384 2,155
Transfer to investment
property		 (232) (232)
Additions 17 92 109
At31 December2022 30 618 1,384 2,032
Accumulated
Depreciation
At 1 January 2022 13 17 412 1,132 1,574
Eliminated
on transfer		 (17) (17)
Charge for the year 25 67 94
At 31 December 2022 15 437 1,199 1,651
Net book value
At 31 December 2022 15 181 185 381
At 31 December 2021 215 114 252 581
Charity
Costi
At 1 January 2022 232 93 325
Transfer to investment
property		 (232) (232)
Additions
At 31 December 2022 98
Accumulated
Dspn.ciation
At 1 January 2022 17 84 101
Eliminated
on transfer		 (17) (17)
Charge for the year
At 31 December 2022 90 90
Net book value
At 31 December 2022
At 31 December 2021 215 224

2022 2021
f.'000 6'000
279 241

Group Charity
2022 2021 2022 2021
6'000 R'000 6'000 6'000
At 1 January 12,999 11,643 12,632 11,506
Transfer from fixed assets 215 215
Additions 7,646 1,052 7,395 1,016
Disposals (7,398) (1,052) (7,146) (1,016)
(Losses) IGains on investments (1,204) 1,156 (1,158) 1,126
At 31 December 12,258 12,999 11,938 12,632
Cost at 31 December 11,266 9,838 10,962 9,504
Investment property 2,777 2,138 2,777 2,138
Unit trusts 643 1,286 622 1,242
UK Fixed interest securities 546 1,164 529 1,124
UK Equities 3,335 7,557 3,224 7,303
UK Property 403 389
International fixed interest securities 499 406 482 392
International equities 3,152 127 3,045 123
Alternative assets 698 674
Investment company 108 104
Cash 203 213 196 206
Market value ofinvestments 12,268 12,999 11,938 12,632

13. Stock
Group Charity
2022 2021 2022 2021
E'000 E'000 E'000 E'000
Goods for resale and consumables
14. Debtors
Group Charity
2022 2021 2022 2021
Z'000 E.'000 E'000 E'000
Debtors less than one year:
Ministry
and mission		 contributions 248 220 248 220
Loans and mortgages 124 196 124 196
Other debtors and prepayments 813 802 1,089 1,012
1,185 1,218 1,461 1,428
Debtors more than one year:
Loans and mortgages 1,084 905 1,084 905
2,269 2,123 2,545 2 333

Group Charity
2022 2021 2022 2021
E'000 E'000 E'000 E'000
Creditors and accruals 424 249 806 340
Other liabilities 370 380 370 380
794 629 1,176 720

Group Charity
2022 2021 2022 2021
E'000 E'000 E'000 E'000
Loan from the Properties
Presbyterian
Church of		 Board ofthe
Wales		 3,220 2,256 3,220 2,256
3,220 2,256 3,220 2,256

6.
Movement		 in Un restricted
Fun		 ds
At Income Expenditure Gains/ Transfers At 31
1 January (losses) December
2022 K'000 6'000 6'000 6000 6000 2022 6000
Unrestricted
Funds		 5,062 3,270 (3,637) (252) (167) 4,256
Pension Reserve 4,759 89 (463) 2,433 6,798
Total Group and
Charity		 9,821 3,359 (4,120) 2,181 (187) 11,054
Prior year
At Income Expenditure Gainsl Transfers At 31
1January (losses) December
20216'000 6'000 6'000 6000 6000 2021 KOOO
Unrestricted
Funds		 4,507 3,459 (3350) 562 (116) 5,052
Pension Reserve 3,421 47 (483) 1,774 4,759
Total Group and
Charity		 7,928 3,506 (3,833) 2,336 (116) 9,821
7.
Movement		 in Restricted Funds
At Income Expenditure Gains/ Transfem At 31
1 January (losses) December
2022 6'000 6'000 f000 6000 2022
e000 FOOO
Ministnes
Department		 4,373 159 (757) (668) (53) 3,054
Robert Davies Trust 400 (46) 354
Histoncal
Sornety		 7 (2) 7
Christian
Aid		 1 1
Mission
Programme		 Fund 32 (62) 50 20
Moderators
Fund		 19 (7) 12
Device Lecture Trust 114 (23) 94
Sale ofTheological
College Fund		 1,471 (169) 1,302
Sale ofChapels
Fund		 1,128 (14) 1,114
Total Charity 7,545 164 (842) (906) (3) 5,958
Coleg y Bala 226 59 (172) 128 241
Coleg Trefeca 251 407 (223) 77 512
Howell Harris Museum
and Aitefacts		 241 38 279
Candidates
and Training
Department
Fund		 741 (101) (46) (15) 623
Welsh Calvinistic
Methodist Assurance 41 41
Trust
1,500 510 (496) (8) 190 1,696
Total Group 9,045 674 (1,338) (914) 187 7,654

At Income Expenditure Gainer Transfers At 31
1January
2021		 5'000 6'000 (losses)
f000		 f000 December
2021
f'000 6000
Ministries
Department		 4,397 388 (712) 422 (122) 4,373
Robert Device Trust 371 29 400
Historical Society 8 (3)
Christian
Aid		 1 1
Mission Programme Fund 43 10 (71) 50 32
Moderators
Fund		 22 (3) 19
Davies Lecture Trust 105 114
Sale ofTheological
College Fund		 1,364 107 1,471
Sale ofChapels
Fund		 1,126 1,126
Total Charity 7,439 (787) 565 (75) 7,545
Coleg y Bala 211 47 (129) 226
Coleg Tmfeca 301 63 (157) 44 251
Howell
Harris Museum
and Artefacts		 223 16 241
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 8,921 681 (1,185) 612 116 9,045

8.
Analysis o		 f Grou p Net As sets
Tangible and At 31
heritage fixed Other net December
assets Invesbnents assets I 2022
E'000 E'000 (liabilities) E'000
E'000
Unrestricted
funds		 5,742 (1,494) 4,256
Total 5,742 (1,494) 4,256
Restricted funds
Ministries
Department		 4,632 (1,578) 3,054
Robert Device Trust 320 34 354
Historical Society 7 7
Christian
Aid		 1 1
Mission Programme Fund 20 20
Moderators
Fund		 13 13
Device Lecture Trust 67 27 94
Sale ofTheological College Fund 1 177 125 1,302
Sale of Chapels
Fund		 1,114 1,114
Coleg YBala 87 154 241
Coleg Trefeca 286 226 512
Howell
Harris Museum		 279 279
Candidates
&Training		 Fund Chanty 320 302 522
Welsh Calvinistic
Methodist		 Assurance 41 41
Trust
Total 652 6,516 486 7,654
Total net assets (excluding
asset)		 pension 660 12,258 (1,008) 11,910

otes to the fin an cial statemen ts
for the ye		 ar ended 31 D ecember 202 2
Prior year
Tangible snd At 31
heritage fixed Other net December
assets
eooo		 Investments
f'000		 assets I
(liabilities)		 2021
5'000
POOO
Unrestricted
funds		 224 5,530 (692) 5,062
Total 224 5,530 (692) 5,062
Restricted funds
Ministries
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
Modeistors
Fund		 19 19
Device 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
8 Training		 Fund Charity 367 374 741
Welsh Calvinistic
Methodist
Trust		 Assurance 41 41
Total 598 7,469 978 9,045
Total net assets (excluding
asset)		 pension 822 12,999 286 14,107

Unrestricted Restricted Total
funds funds funds
2021
6'000 f.'000 6'000
Income from generated funds:
Ministi)i and mission
contributions		 2,049 2,049
Donations 44 25 69
Legacies
Grants 26 30
Income from investments 176 235 413
Income from charitable activities:
Colleges and centres 26 26
Other income 1,231 267 1,496
Total 3,506 581 4,087
Expenditure
on:
Charitable
activities:
Ministers
benefits		 3,256 660 3,916
Ecumenical snd PCVV coniributions 460 225 685
Colleges and centres costs 93 292 385
3,809 1,177 4,986
Other 24 6 32
Total 3,833 1,186 5,018
Net income I(expenditure) (327) (604) (931)
Net gains I(losses) on investments 562 594 1,156
Net income /(expenditure) 236 (10) 226
Transfers between
funds		 (116) 116
Other recognised
gains /(losses)
Loss on disposal offixed assets
Valuation ofheritage assets 16 16
Aciuanal gain on defined
scheme		 pension 1,774 1,774
Net movement
on funds		 1,893 124 2,017
Reconciliation
offunds:
Total funds brought
forward		 7,926 8,921 16,849
Total funds camed forward 9,821 9,046 18,866