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2020-03-31-accounts

Contents
Page
Trustees and Professional
Advisors
Report ofthe Trustees 2-6
Statement of Trustees' Responsibilities
Independent
Auditor's		 Report Sa- Sb
Statement ofFinancial Activities
Balance Sheet
Statement ofcash flows 11-12
Notes to the financial statements 13-23

Mr A Murphy
Sister Angola Murray		 Mr A Murphy
Sister Angola Murray		 (resigned 4a July 2019)
Mrs H Hammond
Rev M Smith
Mrs KJones
Mr PRelf
National
Westminster		 Bank pic
Swansea Business Centre
Phoenix Way
Llansamlet
Swansea
SA7 9FN
Brewin Dolphin Securities Limited
9Colmore Row
Bhmingham
B32BJ
Kevin Lane and Co
10Courtland
Place
Port Talbot
SA13 1JJ
Bevan Buckland LLP
Langdon House
Langdon Road,
SA1 Swansea Watertront
Swansea
SA1 8QY
Diocesan Office
27 Convent Street
Swansea
SA12BX

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Pnrnohinl Curial Total Funds
2020		 Total Fnnds
2019
Note
Fixed Assets
Tangible assets
Investments
Totnl fixed assets		 li
12		 132000
132,000		 2,258,399
2,573,617
4,832,016		 26258499
2705 617
4,9G4,016		 2,347,507
~3055,06
5,402474
Curreat
Assots
Debtors A prepayments
Cash at bank and in hand
Totnl carrent nssets		 13 206,698
2,609 515
2,816;213		 197,773
1,764 783
1,9626556		 404,471
4 374,298
4,778)769		 4G0,661
4 835,903
5,296,570
LIAIIII ITIKS
Creditors: Ataounts		 falling duo 96 1131 ~709 77,'1,880 923 960
within oue year
Nelcurrent
assets
Total Assets less current liabilities		 29719,381.
2,851,381		 1,283,507
6,115,523		 4,002,888
89966,904		 4,372,610
9,'175,183
Inter fttad balnnces 879,904
3'731,285		 (879)904)
5235 619		 8;966,904 9775 183
Net Assets
Rettr feted funds
Rndownient
ibnds
Restrioted income fbnds
Itnrestricted
funds:		 15
16		 326,985
3 404 300
~3731245		 97,439
2,601,524
29536,666
~6R35
99		 424,424
2,601)52,4
5,940,956
79066206		 485,481
2,951„910
6 337,792
9977I I 13

2020 2019
Notes 5 5
Cash flows from operating activities:
Cash generated
Rom operations		 ~(674,054 185,541
Net cash provided
by (used		 in) operating activities ~674,054) 185,541
Cash tlows from investing
activities:
Purchase oftangible fixed assets
Purchase offixed asset investments (395,332) (408,282)
Sale offixed asset investments 436,370 425,733
Sale oftangible fixed assets 76,502 162,612
Interest received 4,884 35r20
Dividends
received		 119,355 104,022
Net cash provided
by (used		 ln) investing activities 241,778 288,004
Cash flows from financing
activities:
Capital repayments
in year
Net cash provided
by (used		 in) iinsnclng activities
Change
ln cash and cash equivalents		 in the
reporting
period		 (432,276) 473,545
Cash and cash equivalents at the beginning ofthe
reporting
period		 4,749,466 4,275,921
Cash aad cash equtvslents at the end of the
reporting
period		 4,317,189 4,749,466

Recoucfitafiou
ofnet income/(expeaditure)		 to uet cash flow from operating
act		 ivities
2020 2019
6
Net income/(expenditure)
for thc reporting
tbe statement offinancial activities)		 period (as per (808280) 65,540
Adjustments
for:		 84/45 85,413
Depreciation
charges		 328,749 140,805
(t)ain)/Loss
on mvestmeats
Profit on disposal ofTangible fixed assets
Inta est received
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors		 (62,745)
(124,238)
56,196
~148,080)		 (153,833)
(144,684)
309,100
~116,800)
Net cash provided
by (used lu) operating		 activities (674,054) 185,541

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3.Donations
and Legacies
Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2020 2019
2
Donations 1,104,116 130 37,524 31,395 1,173,165 1,294,004
Legacies 18,358 2,455 20&813 34,270
Gift aid tax recovered 203,036 203,104 210,868
Total 1,325,511 2,585 37,524 31,463 1,397,083 1,539,142
4.Income from Charitable activities
Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2020 2019
Grants 51,116 366,355 417,471 227,663
Rental Income 102,572 102,572 109,616
Total 153,688 366,355 520,043 337,279

Unrestricted Funds Restricted Funds
Parochial Curial Parochial Curial 2020 2019
f,
Chaplaincies 16,182 16,182 17,076
Candles, repository and
newspapers 72,690 72,690 86,726
Social clubs 5,017 5&017 2,546
Fundraising
events		 93,937 93,937 135,713
Other parish activities 2,720 2&720 2,709
Management charges 51,028 51,028 51,867
Other income 116,065 8,469 151 124,684 141,970
306,610 59,497 151 366457 438,608
6.Investment income
Unrestricted Restricted Endowment
Funds Funds Funds 2020 2019
f
Arising on quoted investments 62,298 53,627 3,430 119,355 104,022
Bank interest 4,884 4,884 3,920
Common Investment Fund 6», » »62» ,4» &24,2» 36,743
144,684

7.CHARITABLE ACTIVITIES
Pastoral
Church running
costs
Utilities & Council tax
Water chm gee
hrsurances
Maintenance
ofequipment
Staffcosts
Parish administrative
costs
Other parish costs
Centrally
f&mded services
Safeguarding
Share ofcentral support costs		 Note
7.t		 Unmstricted
Parochial
f
240,639
262,193
30,923
62,215
44,676
11,468
111,594
7,000		 Curial
14,817
1,763
92425		 Restricted
Parochial
f.		 Curial
f		 Toter
2020
8
240,639
262,193
30,923
62415
44,676
11,468
111,594
7,000
14,817
1,763
92&425		 Total
2019
8
214,946
245,962
29,875
57,008
41,120
11,548
129,036
6,603
12,289
2,232
84,762
Clergy Support
Clergy stipends &allowances
Travel
Clergy training
Housekeeping
& sundries
Clergy welfare &support
Other clergy costs
Grants to retired clergy
Share of central support costs		 7.t 166,493
158,412
125,997
450,902		 2,731
34,824
5,770
67,949
92,425
203,699		 66,787
66,787		 166,493
158,412
69,518
125,997
34,824
5,770
67,949
92,425
721,38$		 182,723
111,427
57,962
131,745
37,299
12,565
73,177
84,762
691,661
Education
Religious Education		 586 5,416 6,002 9,174
1,241
School expenditure
from Legacy		 369,438 369,438 117,306
Grants for school repairs
Share ofcentral support costs		 7.7 586 77,020
77,020		 374,854 77,020
452,460		 70,635
198,357
Bulldlngs
Repairs & maintenance
Capital expenditure
on buildings
Historic churches
Depreciation
Professional
Fees
Share of central support costs		 7.t 47,073
413,636
460,709		 19,785
9,086
1,418
84,053
17,708
46,212
178461		 197,930
197,930		 66,85$ 620,651
1,418
84,053
17,708
46412
836,899		 375,502
297,973
451
84,239
16,478
42,381
817,024
Total 1,682,905 567,984 197,930 441,641 2,890,460 2,542,422
Unrestricted - Curial 2020 2019
7.1SUPPORT COSTS Staff Costs
8		 Other Costs
f		 Total Total
f
Curial overheads 199 IS7 39912
8,797		 239,099
8,797		 226,699
12391
Travel & Conferences 4,963 4&t63 1,694
Bishop's Administration 13,453 13,453 13459
Legal & Professional
fees		 292 292 1,174
Equipment
depreciation		 12,225 12,225 13,733
Bank Charges 7,632 7,632 6,180
Computer Costs
Other		 (9,880)
10,800		 (9,880)
10,800		 (18,936)
5,700
Governance
costs		 20,701 20,701 20,746
Investment
Management		 fees 199,187 108,895 308,081.75 282,541
8
Allocation
to		 charitable activities: Pastoral
Clergy Support
Education
Buildings		 30%
30%
25oA
15%
IPP%		 92,424.53
92,424.53
77,020.44
46,212.26
308,0$1.75		 84,762
84,762
70,635
42,381
282,541

8.STAFF COSTS COSTS
Employee Costs Parish
f.		 Curial
f		 2020f 2019
f.
Gross salaries 11,468 175,927 187,395 181,202
National
Insurance		 14,479 14,479 13,715
Pensions 10,281 10,281 9,816
11,468 200,687 212,155 204,733
The average weekly number offull and part time employees analysed by function was:
2020 2019
Number Number
Curial and Diocesan Staff 6 6
Parish employees (excluding clergy) 2 6
12
The number whose emoluments exceeded f60,000 (including benefits but excluding employer's pension
contribution) were: Nil Nil

2020 2019
f f.
10)800 5,700

11.TANGIBLE FIXEDASSET S
Churches & Equipment
Other Property &vehicles Total
Cost
At 1April 2019		 4,211,991 5
44,046		 8
4456,037
Additions
Disposals		 (9,260) (17,080) (26,340)
At 31 March 2020 4,202,731 26,966 4429,697
Depreciation
At 1April 2019
Charge for year
Disposals		 1,864,776
84,053
(4,497)		 43,754
292
(17,080)		 1~8,530
84,345
(21,577)
At 31 March 2020 1,944,332 26,966 1,971/98
Net Book Value
At 1 April 2019		 2,347,215 292 2,347,507
At 31March 2020 2,258,399 2/58,399

Curial 2020 2019
Listed investments - unit fund
Market value at beginning ofyear 2,923,067
395,332		 2,785,882
408,282
Additions (416,033) (429,028)
Disposals
Gains/(Loss)		 on revaluation (328,749) 157,931
Market value at end ofyear 2&573,617 2,923,067

Analysed by Type by Type 2020 2019
Cost Market value Cost Market value
8/
UK equities 1,851,170 2,158,933 83.8 1,835,168 2,463,038 84.2
UK convertible bonds
k, loan stock 443,325 386,636 15.0 453,430 452,317 15.5
UK call deposit 28,047 28,047 1.1 7,711 7,711 0.3
2,322,543 2,573,617 100,0 2,296,310 2,923,067 100.0
Analysed by fund 2020 2019
Market value Market value
g
Unrestricted 603,619 23.5 691,523 23.7
Restricted (see note below) 1,545,574 60.1 1,746,062 59.7
Permanent endowment 424,424 16.4 485,481 16.6
2)573,617 100.0 2,923,067 100.0

13.DEB TORS AND PR EPAYMKNTS
2020 2019
g
Gilt aid 201,365 208,927
Loans to school Governors in respect ofrepair costs 115,167 129,922
Car loans to clergy 7/50 3,900
Prepayments
and accrued		 income 31,476 52,076
Other debtors 49414 65,842
404,471 460,667
14.CREDITORS AND ACCRUED EXPENSES
2020 2019
I
Bank overdrafts 589,116 628,587
Diocesan appeal fund 70)945 70,945
Amounts owing to other religious bodies 26,105 38,141
Accruals 24,349 14,896
TaxkNIC 5)170 4,764
Other creditors 60,195 166,628
775,880 923,960

2020 2019
Unrestricted Restricted Endowment Total Total
f.
Tonsil&le Fixed Assets 2758,399 2258,399 2,347407
Investments 735,619 1,545,574 424,424 2,705,617 3,055,067
Other Net Assets 2,946,939 1,055,950 4,002,888 4,372,609
5,940,956 2,601,524 424,424 8,966rt04 9,775,183
18.TRANSFERS
Unrestricted Restricted Endowment 2020
Parochial Curial Parochial Curial Parochial Curial Total
f f f f
Parish assessments (278,602) 278,602
Gift Aid Admin Fee (8,843) 8,843
Special collections (37,524) 37,524
Guild ofRansom Grants
Endowment
Income &Revh re Parishes adj		 11,724 (11,724)
Endowment
income Paid toParishes)		 (11,161) 11,161
Ann Wedd Endowment
FrWelsfor d Fund		 income for Gen use 778 3 063 (563) (778)
~3,063
~3,842