Company number 00188626 Charity number 233140
THE ST ASAPH DIOCESAN BOARD OF FINANCE TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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## THE ST ASAPH DIOCESAN BOARD OF FINANCE
## CONTENTS
|CONTENTS|||||
|---|---|---|---|---|
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|Trustees' report||||1-5|
|Auditors report to the Trustees||||6-10|
|Statement of Financial Activities||||11|
|Balance Sheet|;|||12|
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|Statement of Cashflow||||13|
|Notes to the Accounts||||14-22|
|General Fund Revenue Account||||23-25|
|Churches Fund Revenue Account||||26|
|Property Income Fund||||26|
|Bangor Hostel Fund||||26|
|Pilgrim Church Fund||||26|
|Transformation Fund||||27|
|Diocesan Readers Fund Revenue Account||,||27|
|Parsonage Board Revenue Account||||27|
|Education Trust Fund Revenue Account||||28|
|Cathedral Fund||||28|
|Widows, Orphans & Dependants Fund||||29|
|Ruth Roberts Fund||||29|
|Mrs BJM Smith Fund||||29|
|SW Tanganyika Fund||||29|
|Winifred
| Thomas Fund||||30|
|HopeStreetFund||||30|
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## TRUSTEES REPORT
The objective of the Board is ‘to promote and assist the work and the purposes of the Church in Wales and in particular the Diocese of St Asaph’. A significant programme of wide-reaching culture change is now underway in the Diocese as we refocus on serving Wales in the 21st Century and making the most of our rich resources and heritage. Our Mission Areas are now well established, and we have completed a process of detailed Mission Area Reviews in partnership with the local leadership during 2021. This programme of intentional change management has been extremely valuable, especially in the fight of the global pandemic and its consequences that continued to dominate our shared life in 2021. The impact of these events has had a significant and probably lasting impact on the life of the diocese. The financial markets stabilised during 2021 as we moved to a different phase of the pandemic and the Board was able to recover some ofthe losses that were experienced in 2020. This is reflected in the Balance Sheat that has strengthened by 16% or £1.4m. £1.2m of this is a result of ravaluations and of six former School Houses that have been added to the Balance Sheet as restricted assets for the Education Trust Fund. In 2021, we budgeted for a small surplus of £8k as part of a 5-year Financial Plan to deliver a balanced budget. The final reported surplus on operations is £188,432. This is chiefly as a result of savings that have been made in planned expenditure due to the restrictions imposed by the pandemic and subsequent lockdowns. The Board has maintained its ongoing commitment to frontline ministry, although there were some delays in recruitment due to lockdown restrictions.
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The fargest element of our diocesan budget continues to relate to clergy costs. Work continues to ensure that our clergy and all those in licensed ministry are deployed
as effectively as possible to deliver mission, ministry and evangelism across the Diocese. The board also allocates funds to support the work of the Diocesan Steering
Groups in the vital areas of Developing, Engaging and Nurturing all the people of God. It also funds the work of the Diocesan Administration Team which provides
sustained support to the life of our Mission Areas. | should like to record our thanks and appreciation for all the faithful work that is carried out by so many psople across
the diocese.
The Board awarded the following significant grants in 2021
-Church Emergency Support Fund Grants to churches that had experienced exceptional financial hardship because of the pandemic (£101,000)
+ Mission Area Administrator Grants to support clergy and laity in meeting administrative requirements, releasing time and energy for mission and ministry (£70,900)
* Cathedral grant to support the Cathedral in its role as Mother Church of the Diocese and to assist with maintenance and upkeep (£67,600)
* Coronavirus Emergency Support Grants to support our communities that have been the most significantly affected by the global pandemic (£17,775)
+ Transformation Fund Grants to support initiatives for positive change in the Mission Areas (£32,149)
* Widows, Orphans and Dependents Fund Grants to support diocesan clergy widows, widowers and their families (£15,000)
« Social Engagement Grants to support local issues that affect our communities (£2,000) .
Our local churches continue to meet a significant part of the total costs of running the Diocese and the Board is grateful to them for their ongoing support of mission and
ministry. There was no increase in the Mission Area Share in 2021 and there was no increase in clergy stipends or lay salaries. There was a significant change to the
annual block grant from the Representative Body of the Church in Wales that was introduced with effect from 1 July 2021. The Representative Body now funds the full
cost of the clergy pension scheme but has reduced the Block Grant by a corresponding amount. There is therefore no net financial difference to the diocese.
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
FRUSTEES REPORT . Mission Area Finance is now welkestablished across the diocese, with Mission Area Treasurers and Church Treasurers working prayerfully and constructively together to ensure the sustainability and flourishing of our churches. This structure was of significant value during 2021 as the Mission Areas were able to respond to rapidly changing financial circumstances in a swift and agile manner. This cooperation between churches and Mission Areas ensured that all the Mission Areas paid thelr Share in full and on time, qualifying for the maximum discount payment.
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|Our response|to|the|global|pandemic|and|consequent|lockdowns|has|been|united|and|determined|across|all|parts|of the|Church. We|have|been|called|to|live|out the|
|principles|of Christian|discipleship|and|generosity|upon|which|our|Mission|Area|Financial|Strategy|has|been|built|in|new and|unexpected ways.|The|programme|of|
|Mission|Area|Reviews|has|been|central|to|this|as|we|have|worked|with|Bishop|Gregory|and|the|Diocesan|Standing|Committee|to|develop|a|sustainable,|coherent,|and|
|compelling|strategy|for the|future.|This|is now presented|as|the|diocesan|manifesto|for the|future|under our|three|key values|of “Growing|Faith,|Bringing|Hope,|
|Demonstrating|Love”.|
|In|this|challenging|and|rapidly|changing|context,|the|Board|will ensure|that financial|resources|are|managed|wisely|and|to|sustain|the|continued|financing|of|the|ministry,|
|mission,|structures|and|buildings|that|support|the|life|of the|Diocese.|
|Description|of Funds|
|The|General|Fund|holds|funds|from|the|Board's|investments|for the|primary|purpose|of funding|the|mission|and|ministry|of the|church|In|the|diocese,|
|The|Churches|Fund|is|granted|from the|Board|for|assistance|with|restoration|of churches|within|the|diocese.|
|The|Diocesan|Readers|Fund|Is|held|on|behalf|of|the|Readers.|
|The|Parsonage|Board|Fund|is|held|to|fund|the|repair and|maintenance|of parsonage|houses.|
|The|Property|Income|Fund|holds|rental|income|from parsonages|that|are|not|currently|required|as|clergy accommodation|and|is|used|for the|purpose|of funding|mission|
|and|ministry|in|the|diocese.|
|The|Education|Trust|Fund|holds|Section|2|of The|Education|Act|1944|funds|for|statutory|education|purposes.|
|The|Cathedral|Fund|is|held|on|trust|by|the|Board|for the|maintenance|of the|Cathedral.|
|The|Widows,|Orphans|and|Dependents|Funds|are|held|on|trust|by|the|Board|to|support|Diocesan|clergy|widows,|orphans|and|dependents.|
|The|Ruth|Roberts|Fund|is|to|be|used|exclusively|for|the|training|of male|clergy.|
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|The|Winifred|| Thomas|fund|is|an|endowment|fund|whereby|the|income|only|is|te|be|used|for|the|“the|Incumbent|and|Churchwardens|for|the|time|being|of|St|John’s|
|Parish|Church|Rhosllanerchnugag’.|Only|the|income|is|to|be|utilised,|the|capital|sum|is|to|be|invested|by|the|Board|of Finance.|St|John’s|Church|has|since|been|
|closed|and|it|is|the|clear|objective|of Miss Thomas|that the|income|should|then|be|utilised|for the|Incumbent and|Churchwardens|of whichever church|becomes|a|parish|
|church|of|Rhosllanerchrugog|
|The|aim|of the|South West|Tanganyika|Fund|is|to|enhance|the|ministry and|mission|of|both|dioceses|by|enriching|our|understanding|of Christ’s|teaching.|The|Fund|for|
|the|Association|is|dedicated|to|developing ways|for|both|dioceses|to|offer one|another|practical|support,|develop|community|projects|and|involvement and|increase|our|
|joey|and|enthusiasm|for|life|and|for God,|
|The|Mrs|B|J|M|Smith|Fund|is|to|provide|financial|help|with|regard|to|removal|fees|for|retired|clerics|only.|
|The|Bangor|Hostel|Fund|is|to|be|used|to|support|chaplaincy work|across|the|diocese|as|designated|by|the|trustees.|
|The|Pilgrim Fund|has|been|established|to|maintain|Pilgrim Churches,|these|are|redundant|churches|which|the|Church|in|Wales|has|decided|to|retain|as|simple,|wayside|
|places|for visitors.|Retaining|such|buildings|incurs|costs|such|as|insurance|and|repairs|and|these|costs|will|be|recovered|by joint|cooperation|between|province.|diocese|
|and|local|churches.|
|The|Transformation|Fund|offers|grants|to|Diocesan|organisations|and|Mission Areas|to|contribute|to|new|initiatives|which|encapsulate|the|2020|Vision,|and which|enable|
|change|for growth|and|the|development|of|Mission|Areas.|It|is|designed|for new|initiatives|which|provide|opportunities|for|modelling|what|the|Church|can|become.|
|The|Hope|Street|Fund|is|to|support|the|renovation,|development|and|operation|of the|Hope|Street|community|church|in|Wrexham,|that|is|intended|in|time|to|resource|
|churches|across|the|diocese.|
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## TRUSTEES REPORT
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|The|Members|of the|Council have|complied|with|their duty|in|section|17(5)|of the|2011|Charities|Act to|have|due|regard|to|the|guidance|published|by the|Charity|
|Commission.|
|Name|of|Charity:|The|St Asaph|Diocesan|Board|of|Finance|
|Governing|Instrument:|Memorandum|and|Articles|of Association|
|Company|Registration|No:|188626|of 20|March|1923|
|Registered|charity|no:|233140|
|Names|of|Directors/Trustees|
|Rt|Revd|Dr Gregory|Cameron|.|
|Very|Revd|Nigel|Williams|
|Ven|John|Lomas|
|Ven|Dr|Barry Wilson|
|Ven|Andrew Grimwood|
|Revd|Hermione|Morris|
|Revd|Huw|Butler|
|Revd|Christine|Owen|
|Mrs|Sam|Allin|
|Dr|Lynne|Ash|
|Mrs|Mavis|Bartlett|
|Mrs|Helen|Jones|(Resigned|09.10.21)|
|Mr|Cliva|Myers|
|Mr|Stuart|Richardson|
|Mr Trevor|Trevor|DL|
|Mr Glyn|Williams|
|Mr|Phillip|Williams|
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Appointment of Trustees
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|The|Bishop,|The|Dean|and|the|three|Archdeacons|are|ex-officio|members.|Two|lay members|and|one|clerical|member are|elected|by|the|Standing|Committee|of the|
|Diocesan|Conference|from|each|of the|three|archdeaconries|to|serve|for a|term|of 3|years.|Elections|were|held|accordingly|in|June|2020|for the|triennium|2020|to|2023.|
|In|addition,|the|Board|can|co-opt up|to|four members.|There|are|currently|2|co-opted|members,|Mr Stuart|Richardson|and|Mr|Glyn|Williams.|
|Trustee|induction|and|training|
|The|Chair of the|Board|is|responsible|for|ensuring|the|induction|training|of any|new members.|
|All|matters|relating|to|the day|to|day|administration|of the|Board|affairs|are|passed|to|the|Diocesan|Secretary|and|the|Diocesan|Administration|Team.|
|Key management|personnel|
|Secretary:|O McCarthy|
|Finance|Officer:|.|S|Davies|
|Finance|Assistant:|A|Taylor|
|Reference|and|administrative|details|
|Registered|Office:|The|Diocesan|Office,|High|Street,|St Asaph,|Denbighshire,|LL17|ORD|
|Country|of|incorporation:|Incorporated|in|the|UK,|registered|in|Wales|
|Bankers:|National|Westminster|Bank|pic,|§|Queen|Street,|Rhyl,|Denbighshire,|LL18|1RS|
|Solicitors:|Swayne|Johnson|Ltd,|High|Street,|St Asaph,|Denbighshire,|LL17|ORF|
|Auditors:|Sage|& Company,|102|Bowen|Court,|St Asaph|Business|Park,|St Asaph,|LL17 JE|
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## THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
TRUSTEES REPORT
Investment Advisors: Rathbone Investment: Management Limited, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Edentree Investment Management Limited, 24 Monument Place, London, EC3R 8AJ Investment Powers | The Board is empowered to invest monies in or upon such investments, securities or property as may be thought fit. The investment portfolio of the diocese of St Asaph complies fully with the Ethical Investment Policy of the Church in Wales and reviews this policy regularly and itwas updated in March 2019 and March 2020. Obiect of the Board: The Board is established for the purposes expressed in the Memorandum of Association (available at the registered office), and in particular to promote the organisation of finance for the purposes of the Church in Wales in the Diocese of St Asaph. Related Parties The main charity with which the Board Is connected is: The Representative Body of the Church in Wales 2 Callaghan Square Cardiff : CF10 SBT The Diocese receives some funding from this organisation and is also represented on it.
The following are members of the Representative Body of the Church in Wales:
Mrs Helen Jones (Resigned 09.10.21)
The Very Revd Nigel Williams
The other related charities are The Dean and Chapter of St Asaph Cathedral and the 21 Mission Areas into which the Diocese has been divided.
Charity organisation The charity is governed by the directors who pass the day to day administration to the Diocesan Secretary. Mrs Diane McCarthy. Reserves pol cy it is the pollcy of the directors to maintain unrestricted reserves, which are the free reserves of the Board, at a level that equates to approximately 9 months unrestricted expenditure. This provides sufficient funds to cover administration costs. Reserves have been accumulated as the charity's funding Is in the process of being re- organised and ultimately reduced, Grant making policjes Each grant application is presented to the Trustees who pass the responsibility for the allocation of funding to the Diocesan Grants Committee. This Committee considers the merit of each application when aligned with the objects of the respective fund. Investment policy Investments are managed by Rathbones Investment Management Limited and Edentree Investment Managers Limited and the Board decides the level of investment to be held for each fund.
Riskmanagement The directors have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks,
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THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMBER 2021
TRUSTEES REPORT
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ee
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Euture Plans — Priorities for 2022 and beyond
Support for a refreshed diocesan strategy that is based on a vision of:
FAITH: our engagement with God, and our experience of his guiding hand on our life HOPE: being confident about the future, because it is in God's hands, and “if God is on our side, who can be against us?" LOVE: fulfilling the command of Jesus to be servants for the sake of God’s love to reach out to alll in the world to bring healing, help and fullness of life Generous and enabling support for our churches and communities that encourages new initiatives in growth, including the Mission Hub Churches and Digital Ministry A review of the Mission Area Share system to ensure that it supports the delivery of the diocesan strategy and vision Focused financial management and forward planning to support the effective delivery of diocesan strategy, including the move to become net carbon zero by 2030 Prudent financial management and protection of reserves to ensure the financial security and sustainability of our Diocese and our Church.
Directors’ responsibilities in relation to the financial statements
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The trustees, who are also the directors of The St Asaph Diocesan Board of Finance for the purpose of company law, are responsible for preparing the Trustees Report
and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of
affairs of the charity and of [the] [incoming] [resources] [and] [application] [of] [resources] [of][ the] [charity] [for] [that] [year,]
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
~ observe the methods and principles in the Charities SORP;
~ pay regard to the Charity Commision's guidance on public benefit;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, ‘subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concem basis unless it Is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable
them to ensure that the accounts comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
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The trustee are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website.
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Disclosure of information to auditors
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Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have
further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information,
This report is prepared in accordance with the small company regime (Section 419(2) of the Companies Act 2008)
Mrs Sam Allin .
Chair of the Diocesan Board of Finance
Date: 17th May 2022
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## THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ST ASAPH DIOCESAN BOARD OF FINANCE
## Opinion
We have audited the financial statements of St Asaph Diocesan Board of Finance (the ‘charity’) for the year ended 31 December 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
. giveresourcesa trueandandapplicationfair view ofof resources,the state offorthethecharitableyear then ended;company's affairs as at 31 December 2021 and of its incoming
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. !f we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
## We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit:
THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## INDEPENDENT AUDITORS REPORT
TO THE TRUSTEES OF THE ST ASAPH DIOCESAN BOARD OF FINANCE
the information given in the trustees report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors' report included within the trustees report has been prepared in accordance with applicable legal requirements.
## THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ST ASAPH DIOCESAN BOARD OF FINANCE
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
. adequatenot visitedaccountingby us; or records have not been kept, or returns adequate for our audit have not been received from branches - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take
- - advantage of the small companies' exemptions in preparing the trustees report and from the requirement to prepare a strategic report.
## Responsibilities of Trustees
As explained more fully in the statement of trustees responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows;
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable tov the company through discussions with directors and other . management;
## THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMBER 2021 :
## INDEPENDENT AUDITORS REPORT
## TO THE TRUSTEES OF THE ST ASAPH DIOCESAN BOARD OF FINANCE
.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial
- ~ statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment legislation;
- we assessed the extent of compliance with the jaws and regulations identified above through enquires of management and
- - inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances
- . of non-compliance through the audit.
## THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ST ASAPH DIOCESAN BOARD OF FINANCE
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|making|enquires|of management|as|to where|they|considered|there was|susceptibility|to|fraud,|their|knowledge|of actual,|
|.|suspected|and|alleged|fraud;|
|-|considering|the|internal|controls|in|place|to|mitigate|risks|of fraud|and|non-compliance|with|laws|and|regulations;|and|
|-|understanding|the|design|of the|company’s|remuneration|policies.|
|To|address|the|risk|of fraud|through|management|bias|and|override|of controls,|we:|
|-|performed|analytical|procedures|to|identify|any|unusual|or|unexpected|relationships;|
|-|tested|journal|entries|to|identify|unusual|transactions;|
|.|assessedbias;|and|whether|judgements|and|assumptions|made|in|determining|the|accounting|estimates were|indicative|of potential|
|-|investigated|the|rationale|behind|significant|or|unusual|transactions.|
|In|response|to|the|risk|of|irregularities|and|non-compliance|with|laws|and|regulations,|we|designed|procedures|which|included,|but|
|were|not|limited|to:|
|-|agreeing|financial|statement|disclosures|to|underlying|supporting|documentation,|and|
|-|enquiring|of management|as|to|actual|and|potential|litigation|and|claims.|
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that rise due to fraud can be harder to detect than these that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Clare Porter BA FCA (Senior Statutory Auditor) for and on behalf of Sage & Company Business Advisors Ltd
Chartered Accountants
.
Statutory Auditor 102 Bowen Court
St Asaph Business Park Denbighsire LL17 OJE
## Date: 20th September 2022
Sage & Company Business Advisors Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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## THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMBER 2021
## STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Designated|Endowment|Total|Funds|Total|Funds|
|Funds|Funds|Funds|Funds|2021|2020|
|As|restated|
|INCOME|Note|£|£|£|£|£|£|
|Donations|and|legacies|19|4,072,892|64,326|-|-|4,137,218|6,665,789|
|Income from|trading|activities|19|-|258,196|-|-|258,196|243,782|
|income from|charitable|activities|19|-|383,299|-|-|383,299|374,996|
|Investment income|19|99,685|70,586|-|-|170,271|87,048|
|Other incoming resources|19|1,426,530|4,274,101|-|-|2,700,631|1,417,654|
|Total|Income|5,599,107|2,050,508|:|:|7,649,615|8,759,269|
|EXPENDITURE|
|Charitable|Activities|
|Support|for|ministry|20|3,481,697|52,803|-|-|3,534,500|3,994,453|
|Support for parishes|20|193,084|122,823|-|-|315,907|380,680|
|Church|property|20|137,566|974,976|-|-|1,112,542|994,875|
|Grants|and|other financial|support|20|1,479,555|133,357|-|-|1,612,912|1,403,338|
|Communication|20|$2,143|-|-|-|52,143|61,525|
|Mission|Areas|20|4,610|-|-|-|4610...|5,909|
|Support costs charged|to|charitable|activities|21|44,193|-|-|-|44,193|38,684|
|Investment managers|costs|17,827|12,996|-|-|30,823|4,094|
|Total|expenditure|5,410,675|41,296,955|:|:|6,707,630|6,883,557|
|Net income/(expenditure)|488,432|753,553|-|-|941,985|1,876,712|
|(GainsViosses|on|investments|
|Realised|ua|21,712|(4,000)|-|-|17,712|35,569|
|Unrealised|11|(240,659)|(190,265)|(20,365)|(8,769)|(457,058)|277,493|
|218,947|194,265|20,365|§,769|439,346|(313,062)|
|Transfers|between|funds|15,403|(15,403)|-|-|-|-|
|Net movement|in funds|422,782|932,415|20,366|§,769|1,381,331|1,562,650|
|Fund balances as|at|1|January|2021|4,398,012|4,496,730|340,200|87,774|9,322,716|7,760,066|
|Fund balances as|at 31|Decernber 2021|4,820,795|5,429,146|360,565|93,543|40,704,048|9,322,746|
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities.
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
|BALANCE SHEET||||||||
|---|---|---|---|---|---|---|---|
|NN||||||||
||Note|£|2021|£
£|2020||£|
|||||As restated||As restated||
|NON-CURRENTASSETS
Tangiblefixedassets
Investment properties
Investments|3
4
5|||1,811,257
1,683,753
5,035,276|||1,853,651
459,753
4,827,360|
|||||8,530,286|||7,140,764|
|CURRENTASSETS||||||||
|Debtors falling aftermore thanoneyear
Debtors falling duewithin one yaar
Cash atbank and in hand|6
6|96,000
4,871,329
1,447,215||130,500
2,076,839
723,618||||
|NON CURRENTASSETS||3,214,544||2,930,957||||
|CREDITORS: amounts duewithin one year
PROVISIONS|7
27|(865,281)
(175,500)||(749,005)||||
|NETCURRENTASSETS||||2,173,763|||2,181,952|
|NETASSETS||||10,704,048|||9,322,716|
|FUNDS||||||||
|Unrestricted Funds
GeneralFund|1|||4,744,968|||4,313,369|
|Churches Fund|1|||59,473|||66,553|
|PropertyIncome Fund|11|||16,355|||18,090|
|Designated Funds||||||||
|Bangor Hostel|ah|||360,565|||340,200|
|Restricted Funds
PilgrimChurchFund|1|||7,556|||3,723|
|Transformation Fund|ah|||7,949|||33,934|
|Diocesan Readers Fund|1|||6,353|||6,634|
|ParsonageBoard|1|||380,375|||389,941|
|Education Trust Fund|11|||2,688,018|||1,405,999|
|Cathedral Fund|11|||184,066|||167,989|
|Widows, Orphans & Dependants Fund|11|||357,594|||316,250|
|Ruth Roberts Fund|41|||203,019|||190,498|
|MrsBJMSmith Fund|1|||121,280|||413,800|
|SWTanganyika Fund|1|||12,025|||11,181|
|HopeStreetFund|1"|||1,460,910|||1,856,781|
|Endowment Funds
Winifred
|Thomas Fund|11|||93,543|||87,774|
|||||10,704,048|||9,322,716|
|These accounts have been prépared in accordancewiththe provisions applicable tocompanies subject tothe small companies’|||||regime.|||
|Thecompany is entitled tothe exemption from the audit requirement contained in section477 oftheCompaniesAct2006, forthe yearended
December2021, although an audit has been carried outunder section 144 ofthe Charities Act 2011. No member ofthecompanyhas
notice, pursuant to section 476, requiring an audit ofthese accounts under the requirements oftheCompanies Act 2006.||||||ended 31
deposited a||
|TheTrustees responsibilities forensuring thatthe charitykeeps accounting recordswhichcomplywith section 386 ofthe Actand forpreparing
accounts which give a true and fairviewofthe state ofaffairs ofthecompanyas attheand ofthe financial yearand of its incoming resources and
application ofresources, including its incomeand expenditure, forthe financial year inaccordancewiththe requirements ofsections 394and 395 and
which otherwisecomplywith the requirements oftheCompaniesAct2006 telating to accounts, sofaras applicable to the company.||||||||
|ThefinancialstatementswereapprovedbytheBoardforissueon17thMay2022.||||||||
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D. McCarthy AUC
Secretary UMe-
Company registration No: 00188626
Charity registration No: 233140
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
## STATEMENT OF CASHFLOW
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|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|Note|£|£|
|As|restated|
|Cash|used|in|operating|activities|22|1,754,644|666,009|
|Cash|flows|from|investing|activities|
|Interest|Income|4,837|4,202|
|Dividend|Income|166,115|241,212|
|Purchase|of|investments|(166,525)|(460,734)|
|Proceeds|from|sale|of|investments|146,902|533,701|
|Purchase|of fixed|assets|(2,377)|(832,302)|
|Purchase|of|investment|properties|(1,180,000)|:|
|Increase/(decrease)|in|cash|and|cash|equivalents|in|the year|723,596|52,088|
|Cash|and|cash|equivalents|at the|beginning|of the|year|723,618|671,529|
|Total|cash|and cash|equivalents|at the|end|of the|year|1,447,215|723,618|
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THE ST ASAPH DIOCESAN BOARD OF FINANCE
## YEAR ENDED 31 DECEMBER 2021 nO NOTES TO THE ACCOUNTS
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|1|ACCOUNTING|POLICIES|
|The financial|statements have been prepared|in|accordance with Accounting|and Reporting by|Charities:|Statement|of|Recommended|Practice|applicable to|charities|preparing|their|
|accounts in|accordance|with|the Financlal|Reporting|Standard|applicable|in|the UK and Republic|of|Ireland (FRS|102)|(eflective|1|January 2015)|- (Charities SORP|(FRS|102)),|the|
|Financial|Reporting|Standard|applicable|in|the UK and|Republic|of Ireland|(FRS|102)|and the Companies Act 2008.|
|St|Asaph|Diocesan Board|of Finance meets the|definition|of a public|benefit|entity under FRS|102,|Assets|and|fiabliities|are initially recognised|at Netorical|cost|or transaction|value|
|Theunless charity'sotherwisepresentationalstated|in|thecurrencyrdevantisaccounting pounds sterlingpolicy and notes}.all amounts stated within|the financial|statements|are rounded|to|the|nearest pound,|.|
|St Asaph|Diocesan|Board|of Finance|is a private company Emited|by gurantes incorpored|in England and Weles.|
|The registered|office is Diocesan|Office,|High|Street,|StAsaph,|Denbighshire,|LL17 ORD|
|(a)|Accounting|Convention|
|The|financial|statements|have|been|prepared|on|the|historical|cost|basis|of|accounting,|as|modified|by|the|annusi|revaluation|of stock|exchange securities.|
|Net movements|on the revaluation|of|investments|are not taken|to|a|revaluation|reserve|but,|as with|net surpluses|end|deficits|arising|on|realisation|of|fixed|assets.|are taken|directly|to|
|the|relevant|funds.|
|At the time|of approving the accounts,|the trustees have a reasonable|expectation|that the charity has adequate resources|to continue|in operational|existence for the|foreseeable|future.|
|Thus the|trustees|continue to|adopt|the|going concem|basis|of|accounting in|preparing the|accounts.|
|(b)FreeholdPropertyland|held by the Diocese|at|the balance|sheet date has had no value|attributed|to|it.|Proceeds|of|sales|of land|are credited to the appropriate funds|and purchases|are charged|
|to|the|funds.|
|Freehold|property|is|capitalised|and hekd|at|cost less|accumulated|depreciation|within|the balance|sheet.|
|(c)|Investments|
|Stock|axchange|securities|are|stated|at|market|values,|based|on|middle|market|prices.”|
|Surpluses and|deficits|on sales of investments|are calculated|by reference to market value|at the|start|of the year where the investments were held|at|that|date,|and|to cost where|the|
|investments|were|acquired|during the|yeer.|
|Income from|Investments|and|associated|tax|credits|are|Included|in the|accounting|pesiod for which they are|recetvable.|
|(d)|Grants|receivable|
|Grants for the|building and refurbishment|of|properties and as contributions|towards costs are|included m the accounting|period|for which they are|receivable.|With|regard|to Widows,|
|Orphans|and|Dependants,|the|grants|are provided on an|individual|basis,|dependent upon the information|provided by the|individual|widows,|orphans|or dependants.|
|Income from|government and|other|grants, whether|‘capita!’|grants|or ‘revenue’|grants|is recognieed when|the charity has entitlement to the funds,|any performance|conditions attached|
|have been|met,|it is|probable|that the income|will|be|received|and the amount can|be|measured|Tellably and|is|not|deferred,|
|(e)|Furniture,|fixtures|and|fittings|
|Expenditure|on|furniture,|fixtures|and fittings|is written|off in the|period|in which the|expenditure|is incurred,|except for|larger items,|as noted|in|point|{j)|below.|
|{f)|Incoming|resources|
|Income is recognised when the charity has|entitlement to the funds,|any conditions attached to the item(s)|of income have been|met,|it|is probable|that the income will be received and|.|
|the|amount|can|be|meagured|reliably.|
|Grants|receivable|are|allocated|to|the funds|to which|they|relate|and|are|treatad|accordingly.|
|For|legacies,|entitlement|is taken|as the|earlier|of the|date|on which|either:|the charity|is aware that probate has bean|granted,|the estate has been finalised and|notification|has been|
|made by the executor(s)|to|the|charity|that|a distribution|will|be made,|or when|a distribution|is recetved from the estate.|Receipt|of a|legacy.|in whole or|in part,|is onty considered|
|probable when the amount can be measured|reliably and the charity has been|notified|of the executor’s|intention|to make a|distribution.|Where|legacies have been|notified|to the|charity,|
|of|the charity is aware|of the granting|of probate.|and the criteria for income recognition|have not been|met, then the legacy|is|a treated as a contingent|asset and|disclosed|if material.|
|Intecest|on|funds|held on|deposit|is included when|receivable and the|amount can be measured|retiably|by the|charity.|This is normally|upon|notification|of the|interest|paid|or payable by|
|the|bank.|
|(g)UnrestrictedFund|accounting funds are|available to spend on|activities|that|further any of the purposes|of the|charity,|Designated funds are unrestricted funds|of the|charity which the tustess have|
|decided|at their|discretion to|sst|aside|to use for a epecific|purpose.|Restricted funds|are|donations which the donor has|spacified|are to be|solely used|for|particular|areas|of|the|
|charity's work,|of for specific|artistic|projects|being undertaken|by the charity. The charity's|endowment funds|are permanently endowed funds:|subject|to specific|conditions|by|denors|
|that the|capital|is|maintained|by|the|charity.|
|(h)|Resources|expended|
|Resources|expended|are|recognised on|the|accruals|basis.|The costs|are|allocated|to each|fund|as the|invoices|are|processed,|
|()|Transfers|between|funds|
|These|represent|administration|charges from|the|Restricted Funds to|the|General|Fund|and|largely|represent|salary|costs.|
|Q)|Tangible|fixed|assets|and depreciation|
|Tangible|fixed|assets|are|stated|at cost less|depreciation.|Assets|are capitalised|at values|over|£500.|
|Depreciation|is|provided|at|rates|calculated|to write|off the cost|less estimated|residual|value|of each|asset|over|its expected|useful|life,|as|follows:|
|Freehold|Suildings|2%|straightline|
|Computer|Equipment|33.33%|straight line|
|Fixtures &|Fittings:|10% straight line|
|(k)InvestmentInvestment property,properties which|is property|held|to|earn rentals and/or for|capital|appreciation,|is|initially recognised|at cost,°|which|includes the|purchase cost and any|directly|attributable|
|expenditure.|Subsequently|it is meesured|at fair value|at the|reporting|end|date.|Changes|in|fair value|are recognised|in|profit|or|loss.|
|Due to the historic|nature|of the Church|in Wales|there|is always|a|possibility|that the|Diocese may|own|properties that they|de not know about.|In|the unusual|circumstance|that such a|
|property|is discovered,|it|is brought in to the|accounts|at its current market value as a|donation|and would be teated|as|a|prior year adjustment where|applicable.|
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE ACCOUNTS
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(l) Pensions
The charity opsarates a defined contributions scheme. Contributions are charged in the accounts as they became payable, in accordance with the rules of the scheme.
Where clearly identifiable, the pension expense is allocated directly to the relevant fund and activity within that fund. If the allocation within the fund is not clearly
identifiable, the expense is allocated in accordance with the accounting policy noted in point (m} below.
(m) Expenses not directly attributable to a particular SOFA heading are allocated as follows:
Support for Ministry General Fund50% Resincted Fund10%
‘Support for Parishes 20% 40%
Church Property 20% 40%
Grants 5% 10%
Communications 5%
Costs are allocated within the SOFA headings in accordance with guidance issued by the Church in Wales Goveming Body.
(n) Estimation techniques adopted
Any estimation techniques used within the preparation of the financial statements are based on known facts whan a right to receive income or an obligation to a llability t known.
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(0) Deferred income
Welsh Assembly Government Grants are recognised in tha period in which the asscociated expenditure is incurred.
Grant Income relating to capital projects are recognised over the life of the asset.
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(p) Incoming resources from endowments
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Incoming resources from endowment funds ere treated es restricted Income.
{q) Grants paid
Grants ace awarded from time to time by the board of trustees, and these are based on the accrual model; recognised when there is a valid expectation that an obligation exists. (rf) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks and other short-term liquid investments with original maturities of three months or less.
{s) Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially recognised at transaction value and subsequently measured at their settlement value,
{t) Basic financial Ilabillties
Basic financial liabilities, Including creditors and bank loans are initially recognised at trangaction price. Financial liabilites classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. if not, thay are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost, using the effective interest method.
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2 NET INCOME / (EXPENDITURE) 2021 2020
This ts stated after charging: £ g
Depreciation 44,772 45,391
Auditors remuneration:
Audit fee 6,000 6.000
Accountancy services, 5,400 $,400
3 TANGIBLE FIXED ASSETS Bulldings Computer Fixtures & Total
(Freehold) Equipment Fittings: 2021
£ £ £ &
cost
Brought forward 1,958,085 65,471 13,613 2,038,069
Additions - 2,147 230 2,377
Disposals eC
1,950,085 _—s«d67.618 13,743 2,040,446
DEPRECIATION
Brought forward 118,685 55,681 10,040 184,417
Charge 39,182 4,849 741 44,772
Disposals ee
187877, ___ 60,590, ____10,781 ___ 229,189
Net Book Value31 December 2021 10208, 7.088828287
Net Book Value31 December 2020 1240980, ___ 9.790 aa .gs.95t
4 INVESTMENT PROPERTIES
2021
Falr value £
At1 January 2021 459,753
Additions 1,180,000
Revaluations 44,000
At3i December 2021 eee) 883,753
Investment property comprises nine commercial properties. The fair values of six of the investment properties have been arrived at on the basis of valuations carried out on 22
November 2021 by BA Commercial Chartered Surveyors, who sre not connected with the charity. The fair values of three of the investment properties have been arrived at on the basis
of a valuations carried out at 31 December 2019 by Jones Peckover Chartered Surveyors. Swayne Johnson Solicitors and Morris, Marshal, Poole Chartered Surveyors, who are not
The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The trustees have reviewed the valuations at this year-end and determined that some properties needed revatuing to reflect the increase in property prices in 2021.
5 INVESTMENTS General Education Cathedral Widows EIM
Fund Trust Bevan Orphans & investments Total
Oependants (Restricted)
£ £ £ £ £ £
Market value at 1 January 2021 2,530,338 4,070,445 135.764 388.896 701,917 4,827,360
Additions at cost 68,697 69,682 3.989 24,187 - 166.525
Disposals at market value (69,906) (56,161) > (20,635) > (146,902)
Net unrealised gains/(losses) (28,105) 111,619 12,938 45.706 46,135 188.293
Market value
at 31 December 2021 Lames iss ses et ae ss
Cost at 31 December 2021 857406, 90,0847sek 338.400 427 3,889,035
All investment income shown in the SOFA arises from these listed investments, held to provide investment income for the charity.
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THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
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## NOTES TO THE ACCOUNTS:
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|---|---|---|---|---|---|---|---|
|6|DEBTORS|
|2021|2020|
|Amounts|falling|after|more than|one|year|£|£|
|Clergy|Housing|Loans|60,000|$0,000|
|Borderlands|loan|36,000|40,500|
|96.000|130,500|
|Amounts|falling|due within|one|year|
|Parish share|295.216|379,457|
|Hope|Street grant|888,119|4,350,450|
|Parsonage|Board|Improvements|107,517|91,243|
|Other debtors|.|380,477|255,689|
|1,671,329|2,076,839|
|7|CREDITORS|2021|2020|
|£|£|
|Trade|creditors|87.470|70,322|
|Accruals|379,570|373.319|
|Other creditors.|68,754|171,039|
|Land|at Eyton|See below|(1,020)|-|
|St Paul|Gorsedd|Church|Hall|See below|(44,000)|-|
|Old|Colwyn|House|See|below|48.735|48,730|
|Uangynyw|School and|School|House|See below|188,154|-|
|Rhewl|Church|Land|See below|26|26|
|Bistra|Emmanuel|Church|See below|40.420|40,336|
|D&C|Cathedral|Sos|below|-|233|
|Misc.|Churches|re Legacies|received|See below|116.172|45,000|
|885,281|749,005|
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The amounts stated above regarding Eyton, Gorsedd, Old Colwyn, Liangynyw, Rhevd, Bistre and the Cathedral are held as Custodian Trustees/intermediary Agent on behaff of the relevant parishes. The amounts held ara clearly ring-fenced within the Diocesan accounts in order to segregate them from the assets of The St Asaph Diocesan Board of Finance. All of the assets that are held as Custodian Trustee/Intermediary agent are contained within the figure stated as Cash at bank and in hand within the bafance sheet.
## 8 CORPORATION TAX
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these awe applied to Its charitable objects.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|9|ADMINISTRATION|COSTS|£|Ls|
|Rates|1,308|846|
|Electricity|& gas|5,898|9,260|
|Telephone|14,940|14,834|
|Postage|4,183|4,332|
|Office|claaning|1.836|1,684|
|Insurance|7,339|14,151|
|Equipment|maintenance|and|stationery|§,292|4,763|
|Equipment|46|-|
|Computer|equipment and|training|8,496|7,401|
|Repairs|2,483|5.776|
|Bank charges|3,730|3,503|
|Professional|fees.|5.192|2.788|
|Subscriptions|1,212|2,316|
|Sundries|378|368|
|Travel|expenses:|1,054|606|
|HumanGovernance:Resources|costs|6.164|2,928|
|Mambers expenses|-|109|
|Audit and|accountancy|11,400|10,800|
|Total|administration|costs|80728|8658s|
|Auditors|remuneration was|£6,000|(2020:|£6,000)|and|£5.400|(2020:|£5.400)|in|relation|to|other|services.|
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THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 34 DECEMBER 2021
—EEEja
NOTES TO THE ACCOUNTS
10 STAFF COSTS
Salary expenses indude: 2021£ 2020£
Salary costs. 385,734 405,070
Employers National Insurance 44,373 43,973
Pension costs 64,748 65,706
Recruitment cost 1,377 2.707
496,229 517 456
The average number of staff was as follows:
Administration 2021 2020
Funding end parish support 81 81
Education 4 4
Parsonage Board 2 2
—
None of the trustees have been paid any remuneration of received any other benefits from their employmentwith the charity or a related entity.
There was 1 employes (2020 - 1) whose employee benefits (excluding employer pension costs) excasdad £60,000. Pay band Nurnber of
£ emplovees
60,000 - 80,000 4
This employes is considered key management personel with employee benefits totalling £83,221
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the charity in an independently administered fund. The pension cost
charge represents contributions payable by the charity to the fund and the charge stated within the financial statements is calculated on an accruals basis. The pension expense of
£64,748 stated above relates entirely to unrestricted funds and is allocated as stated within the accounting policy note.
11 FUNDS (See Note 12) Movement In Resources
Realised!
1BalanceJanuary Incoming Outgoing UnrealisedInvestment Transfers 34 BalanceDecember
2021 Movement 2021
UnrestictedGeneral Funds £ £ £ £ £
Fund 4,313,369 $5,533,461 (8,338,214) 218,947 15.403 4,744,966
Churches Fund 66,553 65,646 (72,728) : - 50,473
Property Income Fund 18,090 - 1,735, - : 16,355
DesionatedBangor FundsHostel 4.398.012340,200 5,599,107- (5,410,675): 218,94720,365 15,403: 4,820,794360,565
340,200 - - 20,365 . 360,565
Restricted Funds
Pilgrim Church Fund 3,723 7,021 (3.188) - - 7.556
Transformation fund 33,934 - (25,985) - - 7,848
Diocesan Readers Fund 6,634 1 (282) - - 6,353
Parsonage Board 389,941 638,303 (647.869) - - 380,375
Educational Trust Fund 1,405,899 4,324,387 {156.864} 114,496 2,688,018
Cathedral Fund 167,389 4.436 (1,297) 12,936 - 184,066
Widows, Orphans & Dependants Fund 316,250 32,020 (37,506) 46,830 - 357.594
Ruth Roberts Fund 190,498 - - 12,521 - 203,019
Mrs BJM Smith Fund 113,800 . - 7,480 - 121,280
Hope Street Fund 1,856,781 5 (380.473) - (15,403) 1,480,910
SW Tanganyika Fund 11,184 44,337 (43,493) - : 42,025
EndowmentWinifred Funds . 4,496,730 2,050,510 (1,286,957) 194,265 (45,403) $429,145
| Thomas Fund 87,774 - - 5,789 : 93,543
Total funds 9,322,718. 7,849,617 8,707,632: 439,348. = 19,704,047
The General Fund holds funds from the Board's investments for the primary purpose of funding the mission and ministry of the church in the diecese.
The Churches Fund is granted from the Board for assistance with restoration of churches within the diocese,
Tha Property Income Fund comprises income from let parsonages, used for the purpose of funding mission and ministry in the diocese,
‘The Bangor Hostel Fund is to be used to support chaplaincy work across the diocese as designated by the trustees,
The Pilgsim Fund has been established to maintain Pilgrim Churches, These are redundant churches which the Church In Wales has decided to retain as simple, wayside places for
visitors, Retaining such buildings Incurs costs such as insurance and repalrs and these costs will be recovered by [joint] [cooperation] [between] [province,] [diocese] [and] [local] [people.]
The Transformation Fund offers grants to diocesan organisations and Mission Areas to contribute to new initiatives which encapsulate 2020 Vision, and which enable change for growth
and the development of Mission Areas. Itis designed for new initiatives which provide opportunities for modelling what the Church can become.
The Diocesan Readers Fund is held on behalf of the Readers.
The Parsonage Board Fund is held to fund the repair and maintenance of parsonage houses.
The Education Trust Fund holds Saction 2 of The Education Act 1944 funds for statutory education purposes.
The Cathedral Fund is held on trust by the Board for the maintenance of the Cathedral.
The Widows, Orphans and Dependents Funds are held on trust by the Board to support Diocesan clergy widows, orphans and dependents.
The Ruth Roberts Fund Is to be used for the training of male clergy.
The Mrs B J M Smith Fund is to provide financial help with regard to removal fees for retired clerics only.
The Hope Street Fund is to support the renovation. development and operation of the Hope Street community church in Wrexham.
The sim of South West Tanganyika Fund is to enhance the ministry and mission of both dioceses by enriching our understanding of Christ's teaching. The Fund for the Association is
dedicated to developing ways for both dioceses to offer one another practical support. develop community projects and invalvement and Increase our joy and enthusiasm for life and for
God,
The Winifred | Thomas Fund is an endowment fund from which the income was to be used for the “the Incumbent and Churchwardens for the time being of St John's Parish Chuvch*.
Onty the income is to be utilised, The capital gum is to be invested by the Board of Finance. St John’s Church has since been closed and it is the claar objective of Miss Thomas that the
income sheuld then be utilised for the Incumbent and Churchwardens of whichever church becomes a parish church of Rhosilanerchrugog.
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>
THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
—SSSSSSSSSSSSSSSSSSSSSSSeSSSSSSSSSSSSSSSSSSSSSSSSSeFSSSSSSSSESSee oo NOTES TO THE ACCOUNTS
:
|12 ANALYSISOFNETASSETSBETWEEN FUNDS(SeeNote 11)
Anrestrictedfunds.
General Fund
Churches Fund|FixedAssets
£
1,811,257
-|Investments
£
2,501,024
-|investment
Properties
zg
1,683,753
-|Non-Current
Assets
£
96.000
-|Non-Current
Assets
£
96.000
-|NatCurrent
Assets
&
(1,347,068)
$9,473|Total
£
4,744,066
59.473|
|---|---|---|---|---|---|---|---|
|Designated Funds
BangorHostel|:|330.209|-||-|30,356|360,565|
|Restricted funds
PligdmChurchFund
Transformation Fund
Olocesan ReadersFund
Porsonage Board
Educational TrustFund
Cathedral Fund
Widows. Orphans&Dependants Fund
Ruth RobertsFund
MrsJM SmithFund
Hope Street Fund
SWTanganyikaFund
Property Income Fund|-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
1,195,585
152,691
437,924
203,019
121,280
-
-
-|-
-
-
-
-
-
-
-
-
-
-
-||-
-
-
-
-
-
-
-
-
-
-
-|7,558
7,949
6,353
380.375
1,492,433
31,375
(80.330)
~
-
1,460,910
42,025
16,355|7.556
7,948
6,353
380,375
2,688,018
184,068
357,584
203.019
121,280
1,460,910
12,025
18,395|
|Endowment Funds
Winifred|Thomas Fund|-|03,543|-||-|-|93,543|
||1,811,257|5,035,275|1,583,753||96,000|2,077,762|10,704,047|
|13 GRANTS RECEIVED||||||||
|||||||2021|2020|
|||||||g|£|
|Restricted income||||||||
|Parsonage Board-Marshall charity
Hope Street||||||17,000
z|-
2,013,825|
|||||||17,000|2,033,925.|
|44 FUTURE LEGACIES:||||||||
|The board are unaware of any future legacies due to The St Asaph Diocesan Board of Finance.||||||||
|16 TRANSACTIONS WITH TRUSTEES||||||||
|Therewere expenses reimbursed to7 trustees during the yearwhich totalled£12,754 (2020: to||7 trustees totaling|£8,377).|||||
|16 REPRESENTATIVE BODY BLOCK GRANT||||||||
|The Block Grant from the Representative Hody is allocated againstthefollowing|following expenditure:|||||||
|||||||2021
£|2020
£|
|Clergy Costs.
Cathedral
ParsonageBoard
Goveming BodyMembers expenses
DiocesanRegistrar||||||435,905
36,000
192,000
6,142
26.651|785,603
38.000
190,000
1,024
28,651|
**----- Start of picture text -----**
2021 2020
£ £
435,905 785,603
36,000 38.000
192,000 190,000
6,142 1,024
26.651 28,651
es ae
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.
2
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THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMSER 2024
EEE
NOTES TO THE ACCOUNTS
17 General Churches = Property income — Transformation Hope Street = Widows, Orphans 2021 2020
GRANTS PAYABLE Funds Fund Fund Fund Fund & Dependants Fund Total Totet
£ £ € £ € £ g gz
Cathedral Grat 67,800 * - - - - 87,600 87.600
‘Social Engagenent 2,000 - - - - - 2.000 7,602
Youth Grant 650 - - - - - 650 3,080
Coronavirus Emergency Grants 17775 - - - - - W775 51,846
Church Emergency Support Fund 101,000 - - - - - 101,000 -
Coronavines Finance Enabling Schame 1,082,187 - - - - - 4,082,187 1,043,823
Misceltaneous Grants, 300 id - - - - 300 -
Churches Fund Grant - 72,726 7 - bd - 72,726 42,381
Let Property Income Fund Grent - - 4,735 - 1,735 9,462
MAA Administrator Grant 70,900 - - - - - 70,900 70,800
WOD Fund Grant 15,000 - - - - 11,550 26,550 8,550
Transformation Fund Grant - - - 25,885 - - 25,985 32,148 .
Hope Steet Grants reckstributed + - - - 104,082 - 104,082 74,786
4,387,413 72,726 4,735 25,885 104.092 14.550 4,583,494 1,409,179
The following grants were awardedto support Institutions undertaking activities or Projects during the year:
Cathedral Grant - to support the Cathedral in it's role as Mother Church of the Diocese and to essist with maintenance and upkeep
Social Engagement - to eupport social responsibility work
**----- End of picture text -----**
Youth Grant - to support projects for children and young people
Coronavirus Emergency Grants - to fund initiatives in our communities that support those in the areatest need
Church Emergency Support Fund - to be targeted where there is genuine need and where additional emergency financial support is needed to ensure the survival and eventual flourishing of a church community. Coronavirus Enabling Grants - to provide financial support te the Mission Areas
Churches Fund Grant - to assist with restoration of churches within the diocese
**----- Start of picture text -----**
Let Property Income Fund Grant - to provide support for Mission Areas and Diocesan wide projects.
MAA Administrator Grant - to support Mission Areas with costs of Mission Area administrators
Widows, Orphans & Dependant Fund Grant - to support Diocesan dergy widows, orphans and dependents
Transformation Fund Grant - to support new initiatives providing opportunities for modelling what the church can become
Hope Street Grants - to provide the Hope Street Charity vith the Evangelism Funding provided by RBCW for operational costs.
£25,012 (2020 - £29,166) of the charity's support coste for the year related to the administration of the grant payables process (note 20).
48 RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken in the year. These were conducted on a normel operational basis:
Mavis Bartlett, a Trustee of the St Asaph DBF, served as a Trustee of Mold Mission Area.
MissionOuringthe year, the transactions between the StAsaph DGF& Mold Mission Area were:
As at 31AreaDecemberShare Income2021 Mold includingMission reimbursedArea owed expenses DBF £25,130 - £189,915(2020: (2020;£22,976),£146,641)included within debtors,
Reverend Huw Butler, a Trustee of the StAsaph DBF, served as a Trustes of Alyn Mission Area.
Ouring the year, the transactions between the St Asaph DBF & Alyn Mission Area were:
Mission Area Share income including reimbursed expenses - £270,302 (2020: £258,622)
As at 31 December 2021 Alyn Mission Area owed OBF £42,745 (2020: £47,131), included within debtors. .
Andrew Grimwood, Barry Wilson and Nigel Williams. Trustees of the St Asaph DOF, served as Trustees of The Dean and Chapter of St Aeaph Cathedral.
During the year, the transactions between the St Asaph DEF & The Dean and Chapter of St Asaph Cathedral were:
GrantsShare incomepaid to theincludingCathedralreimbursed- £67,600 expenses(2020: —£67,600)£139,589 (2020: £145,611)
As at 31 December 2021 The Dean and Chapter of St Asaph Cathedral owed DBF £2,659 (2020: Eni). included within debtors.
Arkdrew Grimwood, Glyn Williams, Philip Williams and Helen Jones, Trustees of the St Asaph DBF, served as Trustees of The Widows, Orphans and Dependents Society of the Church
in Wales (WOODS).
During the year, the transactions between the St Asaph DBF & WODs were:
Grants paid to the WODS - £15,000 (2020: £20,000)
As at 31 December 2021 The Widows, Orphans and Dependents Society of the Church in Wales owed DBF Eni (2020: fril).
Helen Jones and Nige! Williams, Trrstees of the St Asaph Diocesan Board of Finance (DBF), served as Trustees of The Representative Body of the Church in Wales (RB)
Ouring the year, the transactions between the DBF & The RB were:
Grants received fram RB - £1.891 474 (2020: €2,197,883)
Coste incurred by RB on behalf of DOF - £2,149,351 (2020: £1,783,915)
Amount paid by DBF during the year - £2,126,851 (2020: £1,761,375)
As at 31 December 2021 The Representative Body of the Church in Wales owed DBF £22,500 (2020: £22,540), included within debtors.
John Lomas, a Trustee of the St Asaph OBF, served as a Trustee of Hope Street, Wrexham
Ouring the year, the transactions between St Asaph DBF & Hope Street were:
Costs incurred by DBF on behatf of Hope Street - £276,390 (2020: £1,145, 158}
Grants received by the DBF for Hops Street - £472,332 (2020: £521,733)
As at 31 December 2021 Hope Street owed DBF Enit (2020: Enil).
Hermione Morris and Lynne Ash, Trustees of the St Asaph DOF. served as a Trustee of Tanat-Vymwy Mission Area,
During the year, tha transactions between the St Asaph DBF & Vymy Mission Area were:
Mission Area Share income including reimbursed expenses — £110,488 (2020: £85,587)
As & 31 December 2021 Tanat-Vyinwy Mission Area owed DBF £25,173 (2020: £31,223). included within debtors,
Christine Owen and Clive Myers, Trustees of the St Asaph DBF, served as Trustees of Aled Mission Area.
During the year, the transactions between the St Asaph DEF & Aled Mission Area were:
Mission Area Share income including reimbursed expenses — £301,815 (2020; £245,231)
As at 31 December 2021 Aled Mission Area owed DBF £105 (2020: £24,199). included within debtors
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.
« =
**----- Start of picture text -----**
THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMBER 2021
**----- End of picture text -----**
**----- Start of picture text -----**
SEE
NOTES TO THE ACCOUNTS
TrevorDuring Trevor,the year,a Trusteesthe transactionsof the StbetweenAsaph DBF,the servedSt Asaph as DBF a Trustes & Pool ofMission Poo! Misalon Area, Area were:
A8Mission& 31 AreaDecember Share 2021incomePoolindudingMisslonreimbursed Area owed expensesDBF £3,078— (2020:£195,180Enil), (2020:included£194,606)within debtors,
NigelOuring Williams, the year,athe Trustee transactions of the StbetweenAsaph DBF, the St servedAsaph asDBF a Trustes& the Friendsof the Friends of St Aspah of St AsaphCathedralCathedral. were:
Income, Inchiding reimbursed expenses — £104 (2020: £145,611)
As at31 December 2021 Friends of StAsaph Cathedral owed DBF fnil (2020: £104).
Phillip Widiams, a Trustee of the St Asaph DBF, served as a Trustee of Abercony Mission Area,
During the year, the transactions between the St Asaph DBF & Abercomwy Mission Area were:
Mission Area Share income Including reimbursed expenses — £195,666 (2020: £14,871)
As at 31 December 2021 Aborconwy Mission Area owed DBF £28,807 (2020. £24,368). included within debtors.
Barry Wilson, a Trustee of the St Asaph DBF, served as a Trustes of St Metangell Shrine.
During the year, the transactions between the St Asaph DEF & St Melangell Shrine were: .
‘Share income including reimbursed expanses -£22,208 (2020: £7,983)
As at 31 December 2021 St Melangoll Shrine owed DBF £6,451 (2020: Enil), included within debtors.
Sam Allin, a Trustee of the St Asaph OBF. served as a Trustee of Caereinion Mission Area,
Oxwing the year, the traneactions between the St Asaph OBF & Caereinion Mission Area were:
Mission Area Share income induding reimbursed axpenses — £77,346 (2020: £84,140}
As et 31 December 2021 Caereinion Mission Area owed DBF £5,620 (2020: £16.429), included within debtors.
Trustee expenses reimbursed totalled £12.754 for the year
19 ANALYSIS OF INCOMING RESOURCES FROM GENERATED FUNDS
Donations Unrestricted Restricted
and legacies funds funds
£ £
Parieh Share 3,274,230 °
RB Contribution tao DAC 8,333 -
RBReimbursement Block grant of Hope Street expenditure 698.698- -od
Legacies $9,587 3,590
DBF grant - 15,000
Donations - 45,736
Wrexham (Parochial) Educational foundation 5.297 -
Coronavirus Job Retention Scheme grant 26,747
Income from trading activities 4,072,894 64,326
Rent received - 258.196
income from chariteite activities : 258,196.
RB & Diocesan contribution - 383,299
investment income = 383,299
Dividends 95.541 70,573
Loan Interest 3,569 -
Bank interest S75 13
Other incoming resources
Miscellaneous 1,564 7,021
All Churches Trust Fund 23,146 -
RBLegacies contribution to Churches Fund 42.5006,544 --
Let property 160.000 -
Representative Bowd Coronavirus emergency funding 1,192,776 -
Property donations . 1,180,000
Marshall charity 17,000
Sundry receipts - 8.668
Welsh Aseambly Goverment - 63.412
1,426,530 1,274,101
20 ANALYSIS OF STATEMENT OF FINANCIAL ACTIMITIES EXPENDITURE
Unrestricted Restricted
funds£ funds£
Contributions to Parsonage Board 383.289 .
Clergy Costs 2,132,566 :
Clergy Pension 413,481 :
Clerical Education 23,014 .
Council Tax 200,771 .
Removal Grants & Expenses 49.495 .
Other expenses 1,989 22,098
Allocation of support costs 277,072 30.705
3,481,697 52,803
Support for Parishes
Maintenance of ministry 9,092 -
Lifelong learning 69.918 -
AllocationRenewal & ofParishsupportDevelopmentcosts 110,8293,244 122,823oa
Ter
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.
“ *
**----- Start of picture text -----**
THE ST ASAPH DIOCESAN BOARD OF FINANCE
YEAR ENDED 31 DECEMBER 2021
eee
NOTES TO THE ACCOUNTS:
Chugich Property
Inspections 24,365 -
Other expenses 577 -
EIG schools - 14,664
AdministratorNew buildings/extensionsAmprovementsfunding :60 457,016-
Allocation of support costs. 110,828 122,823
Grants 1.735 :
Hope Street expenditure - 380,473
Grenty and other financial support Bs ae
Grants 1,451,848 23,500
Donations - 41,617
Grants & gifts * W535
Allocation of support costs. 27,707 30,705
ag ies Se
Communications & publications 24,435 -
Allocation of support costs 27.707 -
Mission Areas $2,143 z
Meetings - -
Vocational expenses. - -
‘20/20 vision 4,610 -
a,
21 ANALYSIS OF SUPPORT COSTS
Support Costs Governance Total
Registrar's £ £ £
Audit costs - 26,651 26,651
& Accountancy fees - 11,400 11,400
Meeting expenses - 6.142 6,142
Suppart for ministry 277,072 . 277,072
Support for parishes 110,829 . 110,829
Church property 110,828 - 110,829
Grants 27,707 - 27,707
Communication 27,707 - 27.707
$54,145 44.193 598,338
22 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATIONS
2021 2020
4 £
Net movement in funds 941,985 1,689,342
Legs: Investment income shown within investment activites (170,952) (59,048)
Realised/unrealised investment gains 207,054 270,150
Add: depreciation & impairment charges 44,771 45,391
Decrease/(Increass) in Debtors 440,010 (1,446,048)
Increase/(Decrease) in Creditors 281,776 168,220
Net cash generated/(used) in operating activities 1,754,845 686,009
23 AUDITORS ETHICAL STANDARDS.
The relevant circumstances requiring disclosure in accordance with the requirements of APB Ethical Standard - Provisions Available for Smal! Entities are that, in commen with many
charities of our size and nature, we use our auditors to assist with the preparation of the accounts,
24 FINANCIAL INSTRUMENTS
2021 2020
Carrying amount of financial assets zg £
Debt instruments measured at cost 1,671,329 2,078,839.
Carrying amount of financial liabilities
Measured at cost . 865,281 749,005.
25 REMUNERATION OF KEY PERSONNEL
2021 2020
£ £
The retmmeration of key management personnel is as follows:
Aggregate Compensation 112,309 28,230.
26 GRANT COMMITMENTS.
At the year-end, the charity was commited to post year-end grant contibutions of £7,948, to be paid from the Transformation Fund and £132,749, to be pald from the Coronavirus
Emergency Grant Fund.
27 PROVISIONS
2021 2020
£ £
Provielon 175,500 =
A provision hes been included in the financial statements in relation to a contract settlement incurred in the period and settled in full after the year end, This is disclosed in line with
Financial Reporting Standard 102 section 21.17.
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«<
~«
THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
soSSSSSSSSSSSSSSSSSSSSSSssSseFseee
NOTES TO THE ACCOUNTS:
28 PRIOR YEAR ADJUSTMENT
**----- Start of picture text -----**
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|The prior|year balances have been amended to include|the batance|of general fund cash|held|by the stockbrokers|at|the year|end,|previously omitted|in|error,|
|Praviousty|
|reported|Adjustment|As|restated|
|‘|.|.|
|Changes|to the|balance|sheet:|
|Current|assets|
|Cash|at bank and|in hand|537,252|186,366|723,618|
|Net assets|3,136,350|186,368|SS=C|TTS|
|Eunds|
|General Fund|4,127.003|186,366|4,313,369|
|Total funds|~9736.350,|ese|SSC|TIS|
|Changes|to the|Statement|of|Financial|Activities:|
|Donations and|Legacies|2,072|186,366|188,438|
|Net movement In funds|___ 1576284"|"106.366.|~—_—*1,562,650|
**----- End of picture text -----**
= a
|THE STASAPH DIOCESAN BOARD OF FINANCE||||
|---|---|---|---|
|YEAR ENDED 31 DECEMBER 2021||||
|GENERALFUND|Note|2021.
—-|2020|
|INCOME
Parish share
Dividends
Loan interest||£
3,274,230
95,541
3,569|£
3,259,549
188,438
1,899|
|Bank interest||575|150|
|Education Trust foan interest||-|-|
|Miscellaneous
RB contribution re DAC||1,564
8,333|3,717
8,333|
|RB block grant|16|698,698|1,041,279|
|Reimbursement of Hope Street expenditure||-|-|
|RevGOOwen Trust||§,297|5,158|
|Wrexham (Parochial!) Educational Foundation||59,587|50,387|
|RB Coronavirusemergencyfunding||1,192,776|1,156,605|
|Coronavinis Job Retention Scheme grant
Rental income, letparsonages||26,747
160,000|23,031
160,000|
|Property donations||-|-|
|Clerical Education;||||
|Donations
Bishops ordination fund
LegacyG E Rees Jones, Isla Johnson||-
-
6,544
5,633,461|-
-
7,744
6,906,290|
|LESS: EXPENDITURE||||
|Maintenance of Ministry||||
|Representative Body clergy costs||2,132,566|2,171,762|
|Archdeacon expenses.||43,308|10,926|
|Clergy pension contributions||342,581|756,490|
|Property meeting expenses||-|87|
|Insurance, Clergy||-|-|
|Council tax||202,451|184,142|
|Contribution to Parsonage Board||383,299|374,996|
|Diocesan Advisory Committee||577|318|
|Transition ministry||7,986|9,332|
|Resource church||-|-|
|Clergy housing loan interest||:|-|
|Miscellaneous||5,324|2,596|
|Churches Emergency Aid||16,667|16,667|
|Mission Area consultant||-|1,800|
|Mission Area /20-20 vision||4,610|5,916|
|Church Army||3,717|3,145|
|Introduction to Diocese||-|-|
|Transition Mentors||-|-|
|Contribution to transformation fund||-|-|
|Safeguarding||4,200|39|
|Governance:
Governing Body meeting expenses||6,142|1,024|
|Registrar costs||26,651|26,651|
|||3,147,079|3,866,951|
|Ministry Expenses
Readers
MissionArea Leaders expenses||867
13,844|207
10,293|
|Rural ministryexpenses||6.477|11,878|
|Removals||49,495|61,388|
|interregnum fees||230|193|
|Clergy support||-|-|
|Board of nominations||5,814|2,087|
|LGBT Chaplaincy||300|-|
|||77,027|86,046|
|Grants & Donations||||
|Cathedral Grant|17|67,600|67,600|
|Social EngagementGrant|17|2,000|7,602|
|Coronavirus Enabling Grants|17|17,775|$1,846|
|Church EmergencySupport Fund|17|401,000|-|
|Coronavirus Finance Enabling Scheme|17|1,092,187|4,043,823|
|WODsGrant|7|16,000|-|
|Mission Area Administration Grants|17|70,900|-|
|Miscellaneous Grants|47|300|-|
|Youth Grant|17|650|3,080|
|||1,367,413|4,173,951|
||ExpenditureCarriedForward|4,591,519|4,826,948|
« +
## THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
|GENERALFUND(CONTINUED)|Note|2021|2020|
|---|---|---|---|
|||£|£|
|AdministrationCosts
Administration costs|ExpenditureBroughtForward
9|4,591,519
80,729|4,825,948
86,584|
|Depreciation||44.771|45,391|
|Stockbrokerfees||17,827|4,098|
|Diocesan conference and meetings||2,615|4,928|
|Stafftraining||94|862|
|Episcopal Expenses||146,036|138,863|
|Bishops funds||9,200|9,200|
|Bishops staffmeeting expenses||334|651|
|Bishops Chaplain expenses||181|445|
|Episcopal expenses||269|(22)|
|||9,984|10,274|
|Miscellaneous expenses||||
|Property Inspections||24,425|15,802|
|||24,426|16,802|
|Developing||||
|Ordinands training||10|-|
|Ordinands Robe allowances||3,300|4,800|
|GE
Rees Jones grants||-|-|
|Steering group expenses||-|>|
|Training expenses & clergy conference||20,260|13,249|
|Living & learning/Exploring Faith||-|-|
|Training officer costs||-|-|
|Ministry expenditure||85|54|
|Spirituallty and healing||550|70|
|Ecumenism
Liturgy||-
-|-
.|
|Parish development||-|-|
|Vocations Selection||979|(64)|
|Discernment costs||-|153|
|||26,184|18,262|
|St Padam's
[nstitute||-|:|
|Nurturing||||
|Youth
Children/schools
Bishop's visitors
Administration
College chaplaincy||4,199
2,500
7,601
44,985
10,237|3,834
2,712
8,984
7,091
9,709|
|Training Costs||425|-|
|Steering group expenses||-|115|
|Funding and parish support
Stewardship||3,225
20|2,399
118|
|Training together||72|336|
|Communications||73,264|35,308|
|Communications||12,403|12,412|
|Printing publications||11,245|19,399|
|Diocesan Reorganisation||23,648|31,871|
|Steering groups||23|937|
|||23|937|
||ExpenditureCarriedForward|4,894,083|§,077,205|
|
ry eo
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|THE|ST ASAPH|DIOCESAN|BOARD|OF|FINANCE|
|YEAR|ENDED|31|DECEMBER|2021|
|ooSSSSSSSSSSSSSSSSSSSSSSSSSSSSFSSSSFFSSFFeeFeeeee|
|GENERAL|FUND|(CONTINUED)|Note|2021|2020|
|£|£|
|ENGAGING|Expenditure|Brought Forward|4,894,083|§,077,205|
|Steering|group|expenses|168|172|
|Evangalism|-|-|
|Hope|&|future|-|-|
|Evangalist|training|and|expenses|425|-|
|Engagement|officer|1,248|1,143|
|Diocesan|World|Mission|-|-|
|Conferences|26|-|
|Offerings|178|255|
|General|Resources|-|4|
|Church &|society|207|1,513|
|2,262|3,124|
|Staff costs|10|496,229|517,456|
|Less:|Administration|contribution|
|Parsonage|Board|(41,000)|(40,992)|
|Education|Trust|(15,350)|(15,350)|
|(66,350)|(56,342)|
|TOTAL|EXPENDITURE|§,336,214|§,541,443|
|Surplus|/|(deficit)|for the|year|497,247|364,847|
|Transfer from|restricted|funds|15,403|15,403|
|Fund|balance|as|at|1|January|2021|4,313,369|4,121,305|
|Realised|surplus|/ (deficit)|on|investments|(21,712)|(2,384)|
|Unrealised|surplus|/|(deficit)|on|investments|240,659|(185,802)|
|Fund|balance as at 31|December 2021|4,744,966|4,343,369|
**----- End of picture text -----**
:
THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|SSS|
|CHURCHES FUND REVENUE ACCOUNT|Note|2024|2020|
|£|£|
|INCOME|
|All|Churches|Trust|Fund|23,146|23,146|
|RB|contribution|42,500|25,500|
|65,646|48,646|
|EXPENDITURE|
|Grants|+7|72,726|42,381|
|72,726|42,381|
|Surplus|/ (deficit)|for the|year|(7,080)|6,265|
|Fund|balance|as|at|1|January 2021|66,553|60,288|
|Unrealised|surplus|/|(deficit)|on|investments|-|-|
|Fund|balance as|at 31|December|2021|59,473|66,653|
|PROPERTY INCOME FUND|2021|2020|
|£|£|
|INCOME|
|Let|property|:|-|
|EXPENDITURE|
|Administrator funding|-|-|
|Grants|1,735|80,362|
|1,735|80,362|
|Surplus|/ (deficit)|for the year|(1,735)|(80,362)|
|Fund|balance|as|at|1|January|2021|18,090|98,452|
|Fund|balance as|at|31|December 2021|16,366|18,090|
|BANGOR HOSTEL FUND|2021|2020|
|£|£|
|INCOME|
|Dividends|received|-|-|
|Unrealised|surplus|/ (deficit)|on|investments|20,365|(22,984)|
|Fund|balance as|at|1|January 2021|340,200|363,184|
|Fund|balance as|at 31|December 2021|360,565|340,200|
|PILGRIM|CHURCH|FUND|2021|2020|
|£|£|
|INCOME|
|Bank|interest|-|-|
|Sundry|income|7,024|5,968|
|7,021|5,968|
|EXPENDITURE|
|Miscellaneous|3,188|3,499|
|3,188|3,499|
|Surplus|/|(deficit)|for the|year|3,833|2,469|
|Fund|balance as|at|1|January 2021|3,723|1,254|
|Transfer|-|-|
|Fund|balance as at 31|December 2021|1366|3,723|
**----- End of picture text -----**
Cc «
|THE STASAPH DIOCESAN BOARD OF FINANCE||||||
|---|---|---|---|---|---|
|YEAR ENDED 31 DECEMBER 2021||||||
|TRANSFORMATION FUND||2024||2020||
|||£||£||
|NCOME||||||
|Representative Body contribution||-||-||
|Grants||-||8,823||
|Diocesan Contribution||-||-||
|||-||8,823||
|EXPENDITURE||||||
|Grants
Evangelism||25,985
-||32,149
226,851||
|||25,985||259.000||
|Surplus / (deficit) forthe year||(25,985)||(250,177)||
|Fund balance as at 1 January2021||33,934||284,111||
|Transfer||-||-||
|Fund balanceas at 31 December2021||7,849||33,934||
|DIOCESAN READERS FUND REVENUEACCOUNT||2021||2020||
|||£||£||
|INCOME||||||
|DBF grant||-||-||
|RB re services taken by readers||-||-||
|Bank interest||1||6||
|||1||6||
|EXPENDITURE||||||
|Conference
Administration
Misceltaneous||-
210
72||-
189
72||
|Robes - new readers||-||:||
|||282||261||
|Surplus / (deficit) for the year||(281)||{255)||
|Fund balance as at 1 January 2021||6,634||6,889||
|Fund balanceas at 31 December2021||6,353||6,634||
|PARSONAGE BOARD REVENUEACCOUNT||2021||2020||
||Note|£||£||
|INCOME||||||
|Diocesan contribution||383,299||374,996||
|Marshall Charity|13|17,000||-||
|Rent||237,325||221,366||
|Interest recelved on improvement fund
EXPENDITURE||679
638,303||2,001
598,363||
|Repairs & improvements - net of reimbursements||423,713|.|408,001||
|Administration contribution (General Fund)||41,740||42,355||
|Rent received to property fund||160,000||160,000||
|Insurance
Staff||22,416
-
647,869||20,876
:
631,232||
|Surplus / (deficit) forthe year||(9,566)||(32,869)||
|Fund balance as at 1 January 2021||389,941||422,810|:|
|Fundbalanceasat31December2021||380,375||389,944||
«~« *
:
THE ST ASAPH DIOCESAN BOARD OF FINANCE YEAR ENDED 31 DECEMBER 2021
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|EDUCATION|TRUST|FUND|REVENUE ACCOUNT|2021|2020|
|£|£|
|INCOME|
|Investment|income|54,110|37,976|
|Bank|interest|10|106|
|Rents|20,866|22,416|
|Miscellaneous|-|including|proceeds|from|sale|of former|schools|5,989|2,185|
|Welsh|Assembly|Government|63,412|30,809|
|Property|donations|1,180,000|:|
|1,324,387|93,472|
|EXPENDITURE|
|Schools:|
|New|buildings|/ extensions|/ improvements|33,303|5,652|
|Planning|&|professional|fees|1,450|3,544|
|Administration|contribution|to|General|Fund|-|-|
|Stockbroker fees|9,439|-|
|WAG Cap|Fund|66,816|96,333|
|Miscellaneous|31,192|2,243|
|EIG|Schools|14,664|12,096|
|Total|expenditure|156,864|119,868|
|Surplus|/|(deficit)|for the|year|1,167,523|(26,396)|
|Fund|balance|as|at|1|January|2021|1,405,999|1,484,162|
|Realised|surplus|/ (deficit)|on|investments|2,877|(25,331)|
|Unrealised|surplus|/|(deficit)|on|investments|111,619|(26,436)|
|Fund|balance as at|31|December 2021|2,888,018|1,405,999|
|CATHEDRAL|FUND|2021|2020|
|£|£|
|INCOME|
|Dividends|4,436|3,680|
|Bank|interest|=|er|
|4,436|3,680|
|EXPENDITURE|
|Dean|&|Chapter|-|-|
|Stockbroker fees|1,224|-|
|Transfer|of|custodian|trustee|funds|to|Cathedral|-|-|
|Bank|charges|73|73|
|1,297|73|
|Surplus|/|(deficit)|for the|year|3,139|3,607|
|Fund|balance|as|at|1|January|2021|167,989|176,353|
|Realised|surplus|/ (deficit)|on|investments|-|(3,308)|
|Unrealised|surplus|/|(deficit)|on|investments|12,938|(8,663)|
|Fund|balance|as at|31|December 2021|184,066|167,989|
**----- End of picture text -----**