**REGISTERED COMPANY NUMBER: 00205176 (England and Wales) REGISTERED CHARITY NUMBER: 234156** 

**REPORT OF THE TRUSTEES AND** 

**FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2021** 

## **FOR** 

**THE BANGOR DIOCESAN TRUST** 





**THE BANGOR DIOCESAN TRUST** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to  5|
|**Report of the Independent Auditors**|6 to  9|
|**Statement of Financial Activities**|10|
|**Balance Sheet**|11|
|**Notes to the Financial Statements**|12 to  20|





**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

To hold sites and monies for church purposes in the Diocese of Bangor. 

The W G Roberts fund was established to be used for the maintenance and repair of pre-reformation churches within the Diocese of Bangor but not the Cathedral. 

The School fund is held for statutory education purposes within the Diocese of Bangor. 

The G I Evans fund is held to assist churches within the Diocese of Bangor to hold their services in the Welsh language. 

The Sir Richard and Lady Vaughan Fund is held to support the clergy in the Diocese of Bangor. 

The St Cadfan fund is held to enhance ability to worship God, grow the Church and love the world by supporting projects that improve buildings or premises used by the Ministry Area, or new projects that enhance the mission of the Ministry Area. 

The Trust's main aim is to assist and promote the work of the Church in Wales in the Diocese of Bangor. Full details of the Trust's aims and objectives can be found in the Memorandum of Association of the Bangor Diocesan Trust, a copy of which has been lodged with the Charity Commission. 

The Trust seeks to achieve its main aim primarily through the provision of grants to churches, which in turn assists parishes, and its support for the church schools. 

## **Significant activities** 

The Trust is responsible for overseeing and administering the various parish funds which are vested in it for the benefit of individual parishes, as well as the larger diocesan trusts established as the result of legacies.  It also holds a small number of properties on parochial trust. 

The diocesan schools fund, to be used for statutory education purposes, is also vested in the Trust.  The fund is administered on a day to day basis by the Diocesan Director of Education, assisted by the Diocesan Finance Officer, with oversight by the Trustees. 

## **Public benefit** 

The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the Bangor Diocesan Trust during the year. The trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements. 

## **Volunteers** 

The Bangor Diocesan Trust depends upon volunteers to serve on its management committee.  Those appointed to the committee are given appropriate training. 

Page 1 



**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **ACHIEVEMENT AND PERFORMANCE Charitable activities** 

## **How our activities deliver public benefit** 

Despite the difficult economic climate the Trust continued to make grants to a wide range of Pre-Reformation churches. The increased flexibility in interpreting the terms of the W G Roberts Trust, permitted by the Charity Commission, has greatly assisted parishes in their efforts to make church buildings more accessible to the disabled or elderly. The trustees consider it important that this work to make churches more welcoming to all should continue. 

The Trustees have continued to concentrate on building up capital funds for the new trusts, established as the result of generous legacies.  In later years the income from these trusts will be used to support the mission of the Diocese of Bangor, enable parishes to hold services in Welsh, and offer some support for the repair and development of Post-Reformation churches. 

During the year small grants have been made from the statutory education fund to a number of local authority schools to assist with religious education, as well as to church schools. 

The parish funds continue to be administered by the Diocesan Office.  Income is distributed annually. 

## **Investment performance** 

The investments returned 3% during the year compared to a return of 3.7% in 2020. 

The value of the Trust's investments increased during the year to £8,823,415 from £7,478,373 in 2020 after a disposal of investments of £27,945 at market value. 

## **Internal and external factors** 

Most parishes accord a high priority to keeping their church buildings in good repair.  The increased flexibility of the W G Roberts Trust  has improved the overall condition of the Pre-Reformation churches within the diocese. 

The Trustees are taking an active interest in the proposed local authority re-organisation of schools.  The local authority plans have implications for a number of Diocese's church schools.  Following the local government elections, some plans have been put in abeyance pending further discussions.  However, the matter remains of concern to the Trustees. Regular reports are received from the Diocesan Director of Education. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The organisation is in a stable and satisfactory financial position. 

At the year end there was a surplus of more than £1,800,000 in cash funds. 

## **Principal funding sources** 

Legacies received that are not required for immediate expenditure are deposited in COIF accounts. 

## **Investment policy and objectives** 

The charitable company's survival is largely dependent on interest received, from bank accounts and COIF - Charity Investment Fund accounts. Also dividends received on Investments held by the company. Financial Statements have been prepared on the assumption that adequate interest and dividends will be paid out in the future and therefore the trustees consider it appropriate to prepare the financial statements on a going concern basis. 

The Board tries to maintain ethical investment policy in accordance with the ethical policy adopted by the Representative Body of the Church in Wales. 

## **Reserves policy** 

The trustees' objective is to maintain an operational reserve of approximately 3 months' expenditure, alongside an expendable investment portfolio geared to provide investment income that is able to support a range of important charitable activities. 

Page 2 



**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **FUTURE PLANS** 

The trustees will continue to focus their resources on activities that support the diocese's clearly articulated principles, priorities, plans and platforms. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 24 February 1925 and filed with Companies House on 24 September 1926. It is registered with the Charity Commission. Anyone over the age of 18 years (who are not paid or volunteer workers of the charity) and any corporate body or unincorporated association who are interested in furthering the work of the Charity can become a member of the charity. There are currently 12 members (14 in 2020), each whom agree to contribute £1 in the event of the charity winding up. 

## **Recruitment and appointment of new trustees** 

Trustees are recruited for their financial acumen, and their general parish experience. They must be ex-officio members of the  Trust e.g. the Bishop and Dean of Bangor, elected by the membership of the Trust or nominated by the Bishop or any other member of the Trust for their specific expertise. 

## **Organisational structure** 

The Board of Trustees generally has between eight and twelve members. They meet on average four times a year in addition to the Annual General Meeting. There are no sub-committees. The role of the chief officer is to chair meetings, to assist Trustees to reach a consensus on policies and actions, and to provide leadership and guidance as required. 

## **Induction and training of new trustees** 

Trustees are given guidance packs from the Charity Commission and Companies House on their duties and obligations and an overview of the Trust's work. They are invited to the Diocesan Office to discuss the work of the Trust and the current issue facing it. New Trustees also meet the administrative staff. Trustees are briefed on new charity law developments as they arise, and are given updates on the current issues facing the Trust during their regular meetings. 

## **Related parties** 

Due to the nature of the charity's operations and the composition of the board of trustees it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving organisations in which a trustee may have an interest are conducted at arm's length. The Charity has a policy that all trustees must declared an interest if a related party transaction occurs. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 

00205176 (England and Wales) 

## **Registered Charity number** 

234156 

## **Registered office** 

Ty Deiniol Cathedral Close Bangor Wales LL57 1RL 

Page 3 



**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **Trustees** 

The Right Reverend A T G John The Venerable A C Jones The Reverend T J Jones (resigned 7.7.20) The Reverend P J Odam Mrs E W Owen Mrs S D Ward The Reverend R S Wood The Very Reverend K L Jones (resigned 22.7.21) Dr H J Parry-Smith The Venerable M K R Stallard (Chair) The Venerable A F Herrick The Reverend J L Jones (resigned 8.12.20) The Reverend D J Williams (resigned 24.11.20) The Reverend E C Williams The Reverend D A Parry (appointed 7.7.20) Mr G Howard (appointed 7.7.20) 

## **Company Secretary** 

The Reverend S B E Rhys Evans 

## **Auditors** 

Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd Y Parc Parc Menai Bangor Gwynedd LL57 4FE 

## **Advisers** 

Bankers: Lloyds Bank, 268 High Street, Bangor, Gwynedd LL57 1RT 

Investment Managers: CCLA, Senator House, 85 Queen Street, London EC4V 4ET 

Solicitors: 

Lee Bolton Monier-Williams, The Sanctuary, Westminster, London SW1P 3JT 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees (who are also the directors of The Bangor Diocesan Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 

Page 4 



**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **AUDITORS** 

The auditors,  Williams Denton Cyf, will be proposed for re-appointment at the forthcoming Annual General Meeting. 

8 November 2021 

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 


........................................................................ The Right Reverend A T G John - Trustee 

Page 5 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST** 

## **Opinion** 

We have audited the financial statements of The Bangor Diocesan Trust (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

## In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 charitable company's 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

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. 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If 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 the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

Page 6 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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. 

Page 7 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST** 

## **Our responsibilities for the audit of the financial statements** 

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 a Report of the Independent Auditors 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: 

Based on our understanding of the charitable company and the environment in which it operates, we considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud, and designed audit procedures in response to this risk.  We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, Companies Act 2006 and Charities Act 2011. 

## Our tests included: 

- enquiring with management of any known or suspected irregularities, including fraud; 

- evaluating the adequacy of internal controls designed to detect or prevent irregularities, including the risk of management override; 

- agreeing the amounts and disclosures in the financial statements to underlying supporting documentation; 

- testing journal entries to identify unusual transactions; and 

- evaluating whether there was evidence of management bias on key judgements and accounting estimates. 

There are inherent limitations in the audit procedures described above.  The more removed that financial transactions are from the laws and regulations, 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 trustees and management, and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those resulting from errors, as fraud 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 8 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BANGOR DIOCESAN TRUST** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


Owain Ap Elfed (Senior Statutory Auditor) for and on behalf of Williams Denton Cyf Chartered Certified Accountants Statutory Auditors Glaslyn Ffordd Y Parc Parc Menai Bangor Gwynedd LL57 4FE 

3 December 2021 Date: ............................................. 

Page 9 



**THE BANGOR DIOCESAN TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Investment income<br>2<br>Other income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>3<br>Maintenance and repair of Pre-Reformation<br>churches<br>Statutory education purposes within the diocese<br>Benefit of individual parishes<br>Holding services in the Welsh language<br>**Total**<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>**106,553**<br>**14,637 **<br>**121,190**<br>**-**<br>**36,603**<br>**90,074**<br>**-**<br>**126,677**<br>**454,067 **<br>**448,580**<br>**4,040,497**<br>**4,489,077**|Restricted<br>funds<br>£<br>**161,665**<br>**-**<br>**161,665**<br>**21,350**<br>**-**<br>**4,168**<br>**5,308**<br>**30,826**<br>**924,039**<br>**1,054,878**<br>**5,546,004**<br>**6,600,882 **|**31.3.21**<br>**Total**<br>**funds**<br>**£**<br>**268,218**<br>**14,637 **<br>**282,855**<br>**21,350**<br>**36,603**<br>**94,242**<br>**5,308**<br>**157,503**<br>**1,378,106**<br>**1,503,458**<br>**9,586,501**<br>**11,089,959**|31.3.20<br>Total<br>funds<br>£<br>274,218<br>104,722<br>378,940<br>25,848<br>76,335<br>58,160<br>5,455<br>165,798<br>(231,313)<br>(18,171)<br>9,604,672<br>9,586,501|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 10 



**THE BANGOR DIOCESAN TRUST (REGISTERED NUMBER: 00205176)** 

## **BALANCE SHEET 31 MARCH 2021** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>9<br>Investments<br>10<br>**CURRENT ASSETS**<br>Debtors<br>11<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>12<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>13<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>**342,008**<br>**3,324,830**<br>**3,666,838**<br>**80,784**<br>**763,265**<br>**844,049**<br>**(21,810)**<br>**822,239**<br>**4,489,077**<br>**4,489,077**|<br>Restricted<br>funds<br>£<br>**-**<br>**5,498,585**<br>**5,498,585**<br>**-**<br>**1,128,692 **<br>**1,128,692**<br>**(26,395)**<br>**1,102,297 **<br>**6,600,882**<br>**6,600,882 **|**31.3.21**<br>**Total**<br>**funds**<br>**£**<br>**342,008**<br>**8,823,415**<br>**9,165,423**<br>**80,784**<br>**1,891,957**<br>**1,972,741**<br>**(48,205)**<br>**1,924,536**<br>**11,089,959**<br>**11,089,959**<br>**4,489,077**<br>**6,600,882 **<br>**11,089,959**|31.3.20<br>Total<br>funds<br>£<br>345,463<br>7,478,373<br>7,823,836<br>81,995<br>1,745,420<br>1,827,415<br>(64,750)<br>1,762,665<br>9,586,501<br>9,586,501<br>4,040,497<br>5,546,004<br>9,586,501|
|---|---|---|---|---|



These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 8 November 2021 ............................................. and were signed on its behalf by: 


............................................. 

The Venerable M K R Stallard - Trustee 


............................................. The Right Reverend A T G John - Trustee 

The notes form part of these financial statements 

Page 11 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. 

## **Allocation and apportionment of costs** 

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Freehold property -  1% on reducing balance 

## **Investments** 

All listed investments are stated at market value at the balance sheet date. The movement in valuation of investments is shown in the Statement of Financial Activities and comprises both realised and unrealised gains and losses. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

continued... 

Page 12 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **1. ACCOUNTING POLICIES - continued** 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account. 

## **2. INVESTMENT INCOME** 

|Other income<br>Bank interest received<br>Dividends received|**31.3.21**<br>**£**<br>**174**<br>**210**<br>**267,834 **<br>**268,218**|31.3.20<br>£<br>151<br>1,117<br>272,950<br>274,218|
|---|---|---|



## **3. CHARITABLE ACTIVITIES COSTS** 

|Maintenance and repair of<br>Pre-Reformation churches<br>Statutory education purposes within the<br>diocese<br>Benefit of individual parishes<br>Holding services in the Welsh language|Direct<br>Costs<br>£<br>**-**<br>**240**<br>**85,769**<br>**-**<br>**86,009**|Grant<br>funding of<br>activities<br>(see note<br>4)<br>£<br>**-**<br>**-**<br>**(8,086)**<br>**-**<br>**(8,086)**|Support<br>costs (see<br>note 5)<br>£<br>**21,350**<br>**36,363**<br>**16,559**<br>**5,308**<br>**79,580**|Totals<br>£<br>**21,350**<br>**36,603**<br>**94,242**<br>**5,308**<br>**157,503**|
|---|---|---|---|---|



## **4. GRANTS PAYABLE** 

||**31.03.2021**|31.03.2020|
|---|---|---|
||**£**|£|
|Benefit of individual parishes|(8,086)|3,750|
|Maintenance and repair of Pre-Reformation churches|**-**|5,168|
||**(8,086)**|8,918|



continued... 

Page 13 



**THE BANGOR DIOCESAN TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **5. SUPPORT COSTS** 

|**5.**|**SUPPORT COSTS**||||
|---|---|---|---|---|
||||Governance||
|||Management|costs|Totals|
|||£|£|£|
||Maintenance and repair of Pre-Reformation||||
||churches|**18,980**|**2,370**|**21,350**|
||Statutory education purposes within the||||
||diocese|**35,569**|**794**|**36,363**|
||Benefit of individual parishes|**13,107**|**3,452**|**16,559**|
||Holding services in the Welsh language|**5,308**|**-**|**5,308**|
|||**72,964 **|**6,616**|**79,580**|
|**6.**|**NET INCOME/(EXPENDITURE)**||||
||Net income/(expenditure) is stated after charging/(crediting):||||
||||**31.3.21**|31.3.20|
||||**£**|£|
||Auditors' remuneration||**6,300**|6,000|
||Other non-audit services||**316**|-|
||Depreciation - owned assets||**3,455**|-|



## **7. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020. 

## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND ENDOWMENTS FROM**<br>Investment income<br>Other income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Maintenance and repair of Pre-Reformation<br>churches<br>Statutory education purposes within the<br>diocese<br>Benefit of individual parishes<br>Holding services in the Welsh language|Unrestricted<br>funds<br>£<br>113,608<br>92,722<br>206,330<br>-<br>76,335<br>57,660<br>-|Restricted<br>funds<br>£<br>160,610<br>12,000<br>172,610<br>25,848<br>-<br>500<br>5,455|Total<br>funds<br>£<br>274,218<br>104,722<br>378,940<br>25,848<br>76,335<br>58,160<br>5,455|
|---|---|---|---|



continued... 

Page 14 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

|**8.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**Total**<br>133,995<br>Net gains/(losses) on investments<br>(84,226)<br>**NET INCOME/(EXPENDITURE)**<br>(11,891)<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>4,052,388<br>**TOTAL FUNDS CARRIED FORWARD**<br>4,040,497<br>**9.**<br>**TANGIBLE FIXED ASSETS**<br>**COST**<br>At 1 April 2020 and 31 March 2021<br>**DEPRECIATION**<br>Charge for year<br>**NET BOOK VALUE**<br>At 31 March 2021<br>At 31 March 2020|**- continued**<br>Restricted<br>funds<br>£<br>31,803<br>(147,087)<br>(6,280)<br>5,552,284<br>5,546,004||Total<br>funds<br>£<br>165,798<br>(231,313)<br>(18,171)<br>9,604,672<br>9,586,501<br>Freehold<br>property<br>£<br>**345,463**<br>**3,455**<br>**342,008**<br>345,463|
|---|---|---|---|
|||||
|||||
|||||
|||||



Ysgol San Sior Llandudno was built with grant support from the National Assembly of Wales (85%).  In the event of disposal a proportion of grants would need to be repaid from the proceeds.  Annual running costs are met by the local authority. 

Page 15 

continued... 



**THE BANGOR DIOCESAN TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **10. FIXED ASSET INVESTMENTS** 

|**MARKET VALUE**<br>At 1 April 2020<br>Disposals<br>Revaluations<br>At 31 March 2021<br>**NET BOOK VALUE**<br>At 31 March 2021<br>At 31 March 2020|Listed<br>investments<br>£<br>**7,478,373**<br>**(27,945)**<br>**1,372,987 **<br>**8,823,415**<br>**8,823,415**<br>7,478,373|
|---|---|



There were no investment assets outside the UK. 

|**11.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|---|
|||**31.3.21**|31.3.20|
|||**£**|£|
||Other debtors|**80,784**|80,784|
||Prepayments|**-**|1,211|
|||**80,784 **|81,995|
|**12.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||**31.3.21**|31.3.20|
|||**£**|£|
||Other creditors|**48,205**|64,750|



Page 16 

continued... 



**THE BANGOR DIOCESAN TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **13. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:|At 1.4.20<br>£<br>**736,143**<br>**858,436**<br>**2,445,918**<br>**4,040,497**<br>**3,978,227**<br>**1,491,428**<br>**3,712**<br>**45,647**<br>**26,990**<br>**5,546,004 **<br>**9,586,501 **|Net<br>movement<br>in funds<br>£<br>**73,655**<br>**(21,034)**<br>**395,959**<br>**448,580**<br>**840,027**<br>**214,345**<br>**3**<br>**(1,114)**<br>**1,617**<br>**1,054,878**<br>**1,503,458**|At<br>31.3.21<br>£<br>**809,798**<br>**837,402**<br>**2,841,877**<br>**4,489,077**<br>**4,818,254**<br>**1,705,773**<br>**3,715**<br>**44,533**<br>**28,607 **<br>**6,600,882 **<br>**11,089,959**|
|---|---|---|---|



|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**31,899**<br>**23,363**<br>**65,928**<br>**121,190**<br>**125,542**<br>**35,387**<br>**3**<br>**54**<br>**679**<br>**161,665**<br>**282,855**|Resources<br>expended<br>£<br>**(87,011)**<br>**(36,603)**<br>**(3,063) **<br>**(126,677)**<br>**(21,350)**<br>**(5,308)**<br>**-**<br>**(1,168)**<br>**(3,000) **<br>**(30,826)**<br>**(157,503) **|Gains and<br>losses<br>£<br>**128,767**<br>**(7,794)**<br>**333,094 **<br>**454,067**<br>**735,835**<br>**184,266**<br>**-**<br>**-**<br>**3,938**<br>**924,039**<br>**1,378,106**|Movement<br>in funds<br>£<br>**73,655**<br>**(21,034)**<br>**395,959**<br>**448,580**<br>**840,027**<br>**214,345**<br>**3**<br>**(1,114)**<br>**1,617**<br>**1,054,878**<br>**1,503,458**|
|---|---|---|---|---|



continued... 

Page 17 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **13. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**|At 1.4.19<br>£<br>770,128<br>836,054<br>2,446,206<br>4,052,388<br>3,985,256<br>1,490,540<br>3,698<br>45,868<br>26,922<br>5,552,284<br>9,604,672|Net<br>movement<br>in funds<br>£<br>(33,985)<br>22,382<br>(288)<br>(11,891)<br>(7,029)<br>888<br>14<br>(221)<br>68<br>(6,280)<br>(18,171)|At<br>31.3.20<br>£<br>736,143<br>858,436<br>2,445,918<br>4,040,497<br>3,978,227<br>1,491,428<br>3,712<br>45,647<br>26,990<br>5,546,004<br>9,586,501|
|---|---|---|---|



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>22,554<br>110,092<br>73,684<br>206,330<br>135,258<br>36,368<br>14<br>279<br>691<br>172,610<br>378,940|Resources<br>expended<br>£<br>(38,419)<br>(76,335)<br>(19,241)<br>(133,995)<br>(25,848)<br>(5,455)<br>-<br>(500)<br>-<br>(31,803)<br>(165,798)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(18,120)<br>(33,985)<br>(11,375)<br>22,382<br>(54,731)<br>(288)<br>(84,226)<br>(11,891)<br>(116,439)<br>(7,029)<br>(30,025)<br>888<br>-<br>14<br>-<br>(221)<br>(623)<br>68<br>(147,087)<br>(6,280)<br>(231,313)<br>(18,171)|
|---|---|---|---|



continued... 

Page 18 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **13. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**|At 1.4.19<br>£<br>770,128<br>836,054<br>2,446,206<br>4,052,388<br>3,985,256<br>1,490,540<br>3,698<br>45,868<br>26,922<br>5,552,284<br>9,604,672|Net<br>movement<br>in funds<br>£<br>39,670<br>1,348<br>395,671<br>436,689<br>832,998<br>215,233<br>17<br>(1,335)<br>1,685<br>1,048,598<br>1,485,287|At<br>31.3.21<br>£<br>809,798<br>837,402<br>2,841,877<br>4,489,077<br>4,818,254<br>1,705,773<br>3,715<br>44,533<br>28,607<br>6,600,882<br>11,089,959|
|---|---|---|---|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>School Fund<br>St Cadfan Fund<br>**Restricted funds**<br>W G Roberts Fund<br>G I Evans Fund<br>M E Hughes Fund<br>G H A Edwards Fund<br>Sir Richard & Lady Vaughan Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>54,453<br>133,455<br>139,612<br>327,520<br>260,800<br>71,755<br>17<br>333<br>1,370<br>334,275<br>661,795|Resources<br>expended<br>£<br>(125,430)<br>(112,938)<br>(22,304)<br>(260,672)<br>(47,198)<br>(10,763)<br>-<br>(1,668)<br>(3,000)<br>(62,629)<br>(323,301)|Gains and<br>losses<br>£<br>110,647<br>(19,169)<br>278,363<br>369,841<br>619,396<br>154,241<br>-<br>-<br>3,315<br>776,952<br>1,146,793|Movement<br>in funds<br>£<br>39,670<br>1,348<br>395,671<br>436,689<br>832,998<br>215,233<br>17<br>(1,335)<br>1,685<br>1,048,598<br>1,485,287|
|---|---|---|---|---|



## **Purpose of unrestricted funds** 

The general reserve represents funds of varying sizes held for the benefit of individual parishes. 

continued... 

Page 19 



**THE BANGOR DIOCESAN TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** 

## **13. MOVEMENT IN FUNDS - continued** 

## **Purpose of restricted funds** 

The W G Roberts fund was established to be used for the maintenance and repair of Pre-Reformation churches within the Diocese of Bangor. 

The G I Evans fund is held to assist churches within the Diocese of Bangor to hold their services in the Welsh language. 

The M E Hughes fund is held for the upkeep and maintenance of the church at St Moraearn, but not the churchyard, and for the parish of Trewalchmai. 

The G H A Edwards fund is held for the upkeep and maintenance of the church buildings and grounds at St Mary's Church in Tregarth and St Ann's Church in Mynydd Llandegai. 

The Sir Richard and Lady Vaughan fund is held to support the clergy in the Diocese of Bangor. 

## **Purpose of designated funds** 

The School fund is held for statutory education purposes within the diocese. 

The St Cadfan fund is held to enhance ability to worship God, grow the Church and love the world by supporting projects that improve buildings or premises used by the Ministry Area, or new projects that enhance the mission of the Ministry Area. 

## **14. RELATED PARTY DISCLOSURES** 

Due to the nature of the charity's operations and the composition of the board of trustees, there is a close connection between the Bangor Diocesan Trust and Bangor Diocesan Board of Finance. 

At 31 March 2021 the Bangor Diocesan Trust owed Bangor Diocesan Board of Finance £40,085 for administration fees (2020 - £40,903 which was paid during the year). 

Page 20