## ## ## ## |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||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||C|||||0||4
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5| ## ## ||||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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||0|0|00||||c|00|||D|||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |0|vc|D
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S|j| ## ## |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||| ##