2020-12-31-accounts

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Company Registration Number - 177670

The Charity Registration Number is :- 248076

Union of Welsh Independents (Incorporated)

Report and Accounts

31 December 2020

Cross & Bowen Chartered Accountants 11 Calvert Terrace Swansea SA1 6AT

Union of Welsh Independents (Incorporated)

Report and accounts for the year ended 31 December 2020

	Page
Charity information		1
Trustees' Annual Report		1
Statement of directors' responsibilities		12
Accountants' report		14
*Funds Statements:-*
Statement of Financial Activities		18
Statement of Financial Activities - Prior Year statement		19
Statement of total recognised gains and losses		20
Movements in funds		21
Revenue Funds		21
Fixed Asset funds		21
Summary of funds		21
Income and Expenditure account		22
Balance sheet		23
Cash flow statement		25
Notes to the accounts		28

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The Trustees present their Report and Accounts for the year ended 31 December 2020, which also comprises the Directors' Report required by the Companies Act 2006.

Reference and administrative details

The charity name.

The legal name of the charity is:- Union of Welsh Independents (Incorporated).

The charity is also known by its operating name, Undeb yr Annibynwyr Cymraeg. The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 248076.

The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation. The governing document is dated 04 November 1921 There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors (excluding the General Secretary of the Union, the Administrative Secretary of the Union and the Principal Editor of Y Tyst) are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

Ty John Penri, 5 Axis Court Riverside Business Park, Swansea Vale Swansea, SA7 0AJ Telephone 01792 795888

Email Address undeb@annibynwyr.cymru Web address www.annibynwyr.cymru

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The Trustees in office on the date the report was approved were:-

Rev. D. Gwylfa Evans Rev Dylan Rhys Parry Mrs Ann E Davies Dr. Fiona Gannon Mr. Ifan Alun Puw Mr Gareth Ioan Rev. Jill Hailey Harries Dafydd Owen Roberts Mr Emlyn Davies Mr David Gwyndaf James Mr. D. Glyn Williams Mr Carwyn Siddall Miss. M. J. Meryl James RevThomas Jeffery Williams Mr John R. Williams Rev Gwyn Elfyn Lloyd Jones Rev'd Beti-Wyn James

The following persons served as Trustees during the year ended 31 December 2020 :-

The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.

All the directors of the company (excluding the General Secretary, the Administrative Secretary and Principal Editor of Y Tyst) are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company (excluding the General Secretary, the Administrative Secretary and the Principal Editor of Y Tyst) are also trustees of the charity. The charity's objects and principal activities continue to be that of promoting, advancing and maintaining the Christian religion in Wales or elsewhere in accordance with the principles of the Protestants of the Independent Churches, also called Congregationalists.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The main activities undertaken in relation to those purposes during the year.

These objectives are pursued in a variety of ways, including the organising of formal seminars and meetings, representing the church community on a number of national and international bodies, publishing and printing material to further the objects of the charity, including the printing of a weekly paper, updating of the web site on a regular basis, assisting in the training of ministers and lay workers and developing and supporting projects that are pursuing social justice and highlighting the role of faith in that search.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The Trustees are mindful of the Charity Commission's guidance on Public Benefit including the guidance on advancement of religion. They believe that the services and support that the Union offers and extends to churches, Local Associations, ministers, church leaders and individual members enable its member churches to better serve the widest possible sectors of their communities. Beyond that the Union enables its members also to support and serve communities across the world through its membership of the Council for World Mission and partnerships including Chrisitan Aid.

The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

The short term and longer term aims and objectives.

The short term objectives are to continue promoting, advancing and maintaining the Christian religion in Wales or elsewhere in accordance with the principles of the Protestants of the Independent Churches, also called Congregationalists. The longer term aims and objectives are summarised below with details of the Welsh Independents' Development Programme.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

Welsh Independents' Development Programme

This programme was established at the Annual Assembly at Swansea in July 2008. It was announced that it would run for five years, from the begining of 2009 to the end of 2013. The main objectives of the programme are ongoing.

Fundamental to the Programme are six core themes:

Education and Training
Production of new Resources
Enabling Leaders within Churches
Individual Church Development Programmes
District Association (Cyfundebau) Development Programmes
Outreach Programmes

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

During 2020 the main activities have been: 1.Support of Union officers to churches, associations and ministers.

2.Custodial Trustee services.

3.Other administrative services.

The contribution of volunteers during the year.

The Union relies heavily on volunteer committee members who contribute both general knowledge of church life and specialist expertise. The Union values highly the contribution of the volunteer committee members without which it could not operate.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

The Union makes grants out of the funds of the Sustentation Fund to churches. For each instance, a set criteria and application process is followed and reviewed by the appropriate committee. Cases of urgent need can be considered by the officers.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The main achievements and performance of the charity during the year.

The charity's objectives were promoted in the main through the activities developed as part of the Welsh Independents' Development Programme. Foundations have been laid for local activity and individuals. Churches and associations have been enabled to work and witness in their own localities. Naturally the work of the Charity was significantly affected by the impact of the global pandemic. However it is good to note that the charity's work continued over this period.

Fundraising activities during the year.

The charity relies on membership subscriptions paid by the churches together with grant aid from the Council for World Mission (CWM), whose support is valued. There have been no other fundraising activities.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The performance of the Charity during the year has enabled it to continue to be able to offer support to its members as well as being able to advise and assist members in dealing with trusteeships.

The degree to which the achievements and performance during the year have benefited wider society.

Continued support to member churches enables them to offer services to the wider community.

Investment performance against the investment objectives.

In the financial review section of this report there is a description of the investment policies and objectives established by the trustees and the extent to which social environmental or ethical considerations are taken into account.

The investment performance achieved against the objectives set was satisfactory, taking into account the global Coronavirus pandemic

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The board of trustees is elected at the Annual Assembly and consists of the following:

a) The chairpersons of the Council's four Departments
b) Three representatives elected by the Assembly annually for a term of three years
c) the officers of the Union

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The policies and procedures for the induction and training of trustees.

There are no formal induction and training processes in place at present. New trustees are initiated through serving and gaining experience; however, trustees are aware of their responsibilities and accountability.

The organisational structure of the charity and how decisions are made.

Just under 400 Independent churches are members of the Union of Welsh Independents. The overwhelming majority of them communicate primarily through the medium of the Welsh language. Each church is located within the geographical boundaries of one of the 15 associations, (14 in Wales and 1 in England), A number of items that form the Council's agenda emanate from discussions with the Associations. They accomplish important work in disseminating information and the promotion of the resources and opportunities available to churches.

Business is conducted largely through the Union's Council, and its four Departments - Mission,Churches & their Ministry, Christian Citizenship and Christian Witness. The Council meets twice a year. It comprises two representatives from each Association, together with officers from the Union and the four Departments, and others elected by the Assembly. Every member sits on two of the Council's Departments. The Departments deal with matters relevant to them and present their full proposals to the full Council, and thereafter the Annual Assembly. Most of the detailed discussions on administrative, financial and mission topics are undertaken in Council.

The Administrative Committee performs the function of an executive committee, and usually meets twice a year. The Administrative Committee consists of the directors of the company who are also the trustees of the charity. It is answerable to the Annual Assembly.

All matters of policy, proposals and resolutions are referred to, discussed and voted upon by the members present at the Annual Assembly. The Annual Assembly is a three day event convened during the summer. All proposals/resolutions are determined by simple majority of votes cast by members present, with each church having three votes and each personal member having one vote.

The General Secretary and other senior management personnel to whom day to day management is delegated

General Secretary - Revd. Dyfrig Rees Administrative Secretary - Miss Eirwen Ann Williams

Setting pay and remuneration of key management personnel

The Administrative Committee are responsible for setting pay and remuneration of key management personnel.

The charity as a part of a wider network.

The charity has links with other organisations such as the Welsh Congregational Church Aid Fund, The Welsh Congregational Theological College and the Council for World Mission.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

The charity's relationships with other groups, charities and individuals

The charity works closely with the Welsh Congregational Theological College (Coleg yr Annibynwyr Cymraeg) in the provision of education and training for Ministers of Religion and Lay Church Workers.

Bankers Barclays Bank PLC Solicitors BWL Solicitors, Calvert House, Calvert Terrace, Swansea SA1 6AP Investment advisors Brewin Dolphin

Financial review

The charity's financial position at the end of the year ended 31 December 2020

The financial position of the charity at 31 December 2020 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Designated Revenue Funds *Total Unrestricted Funds* Restricted Revenue Funds Total Funds Net income Unrestricted Revenue Funds available for the general purposes of the charity	2020 £ 438,353 1,562,242 498,088 2,060,330 8,781,919 10,842,249	2019 £ 1,396,413 1,617,257 570,630 2,187,887 8,216,009 10,403,896

Financial review of the position at the reporting date, 31 December 2020 .

The trustees consider the financial performance by the charity during the year to have been satisfactory.

Specific changes in fixed assets are detailed in the notes to the accounts.

Policies on reserves.

The trustees have resolved to establish reserves to provide for future activities, and the trustees have wide powers of investment.

Within those powers, a statement of investment principles has been adopted as set out below. The policy on reserves is that the existing assets are retained to produce income which is wholly utilised to support existing activities.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Significant events which have affected the financial performance and the financial position.

The financial performance of the Charity was affacted by the impact of the global pandemic.

Investment policy and investment objectives.

1 Purpose

In accordance with the requirements of the Trustee Act 2000, this statement sets out the overall approach of The Union of Welsh Independents to investments and the broad framework within which decisions are made concerning investments. It sets out the principles that the investment manager must follow when taking any investment decisions on behalf of The Union of Welsh Independents.

2 The objectives of The Union of Welsh Independents in investing its funds

The Union of Welsh Independents requires an income in order to fulfil its charitable purposes. The Trustees require the portfolio to produce a gross annual yield of at least 3.5%, although in a time of rising markets some flexibility may be required. As at the time of preparing this document a minimum annual income requirement of £350k has been specified.

The Union of Welsh Independents requires an income in order to fulfil its charitable purposes. The Trustees require the portfolio to produce a gross annual yield of approximately 3.5% at any time whilst recognising that fluctuating capital values will have an impact on the reported yield. The Trustees expect that this will fluctuate no more than 0.5% from the target yield without the manager taking some action or requiring the manager to contact the Trustees with an explanation.

Not withstanding the above point, the Trustees will set an annual income target which in 2020 was £350k.

The Union of Welsh Independents' investment objective is to maintain and, if possible, enhance the real value of the reserves represented by its investments while producing an income.

The investments are held as a long term reserve against any future shortfall in income against expenditure.

In order to meet the objectives and risk profile of The Union of Welsh Independents, the Trustees have selected an Investment Objective of ‘Income & Growth Return’, subject to a ‘diversified’ degree of risk as laid out in Brewin Dolphin’s Guide to Investment Risk and Classification document.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

3 The scope of The Union of Welsh Independents’ investment powers

The Union of Welsh Independents’ investment powers are laid down in its governing document and subject to the Trustee Act 2000.

The Trust Deed provides for the Trustees to exercise investment powers and to appoint a professional investment manager. The Trustees have appointed Brewin Dolphin Ltd to manage the portfolio of investments on a discretionary basis.

The Union of Welsh Independents Investment Committee, comprising a panel of experts, was established in 2008 to act as an Advisory Committee to the Trustees on all matters relating to the investment portfolio. It is a sub-committee of the Union of Welsh Independents General Purposes Committee (Board of Trustees). Reports and recommendations are made by the Investment Committee to the Trustees with the ultimate responsibility remaining with the Trustees.

4 Asset allocation strategy

The Union of Welsh Independents’ strategic investment policy involves a broadly diversified spread of assets, including UK and overseas equities, Government and non-government bonds and pooled funds to cover more specialist areas of investment.

Specific asset allocation is a function that has been delegated by the Trustees to the investment manager.

The investment manager will take into consideration the Trustees’ ethical stance, The Union of Welsh Independents’ need for liquidity and the risk strategy as identified above.

5 Restrictions and ethical investment policy

The Union of Welsh Independents trustees have specifically excluded companies that derive more than 5% of their turnover from any of the following

Armaments and warfare

Nuclear energy Alcohol, tobacco, gambling and pornography.

The Union of Welsh Independents has specified that they are not to support companies that experiment on animals other than for the advancement of medicine.

The investment manager should use the available screening tools to avoid, where possible, investing in companies with a visible presence in countries with unjust or oppressive regimes (including Israel). Collective investments in such single country funds will be excluded.

The Trustees accept that any ethical policy will apply to direct UK Equity and overseas holdings, as well as UK Corporate Bond investments.

No investment in individual holdings will comprise more than 5% of the cost value of the portfolio. For collective holdings no investment will make up more than 10% of the cost value.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

6 Amount available for investment, liquidity needs and timeframe of investments

The Union of Welsh Independents will retain sufficient liquid funds in order to meet cash flow requirements in the short and medium term.

The remainder of reserves for investment purposes will be made available to Brewin Dolphin for longer term investment (at least 5 years).

7 Benchmarks & reporting policy

Brewin Dolphin shall adopt the Brewin Dolphin Risk Category 6 Composite Benchmark, which is consistent with the objectives and risk profile stated above.

Brewin Dolphin shall report in writing on a quarterly basis confirming the portfolio performance and that of the benchmark.

Brewin Dolphin shall notify the Union of Welsh Independents of any transactions undertaken.

The investment manager shall attend at least one meeting of the Investment Committee in each calendar year.

The activities and performance of the investment manager will be monitored by the Trustees on a regular basis.

8 Review

The Trustees will review this policy on a three yearly basis, or before if they see fit.

The date of the next review shall be May 2024.

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

The trustees continue to assess the risks to which the charity is exposed, in particular in relation to the volatility of the stock market and is satisfied that policies are in force to safeguard the funds. Its Investment managers, Brewin Dolphin, play a key role in this and report to the Union on a quarterly basis. The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Factors likely to affect future financial performance .

Due to the charity being heavily reliant on investment income, the major factor likely to affect future financial performance is the volatility of the stock market.

Principal funding sources in the year and how these support the key objectives of the charity.

The principal funding sources for the year under review have been resources from charitable activities, voluntary income, and investment income.

Expenditure of the year has supported the key objectives of the charity.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

In addition to our regular services during 2019 and beyond the implementation and promotion of the fundamentals of the Welsh Independents' Development Programme and its six core themes will continue to receive special attention and be central to all activities.

Fundamental to the Programme are six core themes:

Education and Training
Production of new Resources
Enabling Leaders within Churches
Individual Church Development Programmes
District Association (Cyfundebau) Development Programmes
Outreach Programmes

Funds held as custodian trustees on behalf of others

As detailed in note 13 the Union is custodian trustee for trust investments of £5,239,040 (2019 - £4,645,109).

All of these trusts are held on behalf of organisations whose charitable purposes in the advancement of religion are parallel to those of the Union. Assets held under these trusts are held separately from those of the Union.

Because of the large number of such trusts they are not listed separately.

Details of The Auditor

Mr. Timothy P. Hopkins Cross & Bowen

Chartered Accountants

11 Calvert Terrace Swansea SA1 6AT

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

Statement as to disclosure of information to auditors

The trustees state that so far as each of the trustees at the time this report was approved are aware:-

a) There is no relevant audit information (as defined by section 418(3) of the Companies Act
2006) of which the auditors are unaware, and
b) The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and establish that the auditors are aware of that information.

Statement of the Directors Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), . In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
select suitable accounting policies and apply them consistently;
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 charity will continue in business;
state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material
departures disclosed and explained in the financial statements;

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the auditor in relation to the Trustees' report is limited to examining the report and ensuring that , the report is consistent with the figures disclosed in the financial statements.

Union of Welsh Independents (Incorporated)

Company Registration Number - 177670

Trustees' Annual Report for the year ended 31 December 2020

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 18 to 52.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)

These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

This report was approved by the board of trustees on 29 June 2021.

MISS M.J. MERYL JAMES Director and Trustee

Union of Welsh Independents (Incorporated)

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2020

Introduction

We have audited the financial statements of Union of Welsh Independents (Incorporated) for the year ended 31 December 2020, as set out on pages 18 to 52, which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Statement of Recognised Gains and Losses , the Balance Sheet , the Cash Flow Statement and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the charitable company are prepared, in all material respects, in accordance with the Companies Act 2006 and with charity law applicable within the jurisdiction of England & Wales and, in particular, the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, under the historical cost convention, and in accordance with the accounting policies set out on page 28, which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.

Limitation of liability

This report is made solely to the Trustees of the charitable company, as a body, in accordance with the requirements of Section 154 of the Charities Act 2011 (The Act). Our work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume liability or responsibility to anyone other than the Trustees as a body, for our work, for this report or for the opinions we have formed.

Basis for our opinion

We have been appointed as auditors under section 144(2) of The Charities Act 2011 and report in accordance with regulations

made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (ISAs-UK), issued by the Financial Reporting Council, 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 England & Wales, 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

As described on page 12, you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.

The Trustees,who are charged with governance, are responsible for overseeing the charitable company’s financial reporting process.

Union of Welsh Independents (Incorporated)

Management is responsible for the preparation of the financial statements in accordance with charity law of the jurisdiction of England & Wales and for such internal control as management determines 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, management is 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 management either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

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.

Our responsibility is to audit and express an opinion on the financial statements in accordance with relevant legal and regulatory requirements and ISAs-UK. Those standards require us to comply with the Ethical Standards for Auditors published by the Financial Reporting Council and to:-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion;

To obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control;

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the charity;

To conclude on the appropriateness of the charity's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern;

To evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair presentation.

We are required to report to the Trustees our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities (Accounts and Reports) Regulations 2008.

We are also required to report to you if, in our opinion, the Trustees' Annual Report is materially inconsistent with the financial statements, if the charitable company has not kept adequate accounting records, if the charitable company’s financial statements are not in agreement with the accounting records and returns, or if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Trustees' remuneration and transactions with the charitable company is not disclosed.

Union of Welsh Independents (Incorporated)

In addition, we read all the financial and non-financial information in the Trustees' Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

We conducted our audit in accordance with ISAs-UK and in accordance with the Practice Note ' The Audit of Charities in the United Kingdom' , revised in March 2012.

We are required to plan and perform our audit so as to meet the above requirements and to obtain all the information and explanations which we consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.

In the course of our audit, we communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.

Assistance with accountancy and tax matters

In accordance with the exemption provided by APB Ethical Standard – Provisions Available for Smaller Entities, we have prepared and submitted the charitable company’s returns to the tax authorities and assisted with the preparation of the accounts.

Eligibilty of auditor and status of audit

We confirm that we are eligible under section 144(2) of the Charities Act 2011 to conduct this audit, and that this report is a report in respect of an audit carried out under the Act and in accordance with the related regulations.

We confirm that the charitable company is exempt from audit under Part 16 of the Companies Act 2006,

Attention is drawn to the accounting policy stating that, notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, and in order to accord with current best practice, the Trustees have determined to prepare the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), . We concur with this approach, and any references in our report to the regulations should be read subject to this comment.

Opinion on the Financial Statements

In our opinion, the accompanying charitable company's financial statements:

Give a true and fair view of the state of affairs of the charitable company as at 31 December 2020 and of its Income and Expenditure for the financial year then ended and, in particular, the financial statements

have been properly prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to entities of its size and have been properly prepared in accordance with the requirements of the Charities Act 2011; and

have been prepared in accordance with the requirements of Section 396 of the Companies Act 2006; and

and have been prepared in accordance with the methods and principles required by the FRS102 Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), and those methods and principles have been followed.

Union of Welsh Independents (Incorporated)

Matters upon which we are required to report by exception

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

the charitable company has not kept adequate accounting records; or

the financial statements are not in agreement with the accounting records and returns; or

if information specified by law regarding Trustees' remuneration and transactions with the charity is not disclosed.

we have not received all the information and explanations we require for our audit.

Signed:-

Mr. Timothy P. Hopkins - Senior Statutory Auditor

For and on behalf of Cross and Bowen - Registered Auditors

Chartered Accountants

11 Calvert Terrace

Swansea SA1 6AT

This report was signed on 30 June 2021

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2020

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 December 2020, as required by the Companies Act 2006)

Current year Unrestricted Funds 2020 £ Income & Endowments from: Donations & Legacies A1 67,894 Charitable activities A2 16,156 Other trading activities A3 704 Investments A4 35,058 Total income A 119,812 Expenditure on: Charitable activities B2 385,471 Total expenditure B 385,471 Net gains on investments B4 92,559 Net income for the year (173,100) Transfers between funds C 45,543 Net income after transfers A-B-C (127,557) (127,557) Reconciliation of funds:- E Total funds brought forward 2,187,887 Total funds carried forward 2,060,330 Net movement in funds SORP Ref	Current year Restricted Funds 2020 £ 65,841 - - 188,215 254,056 101,923 101,923 459,320 611,453 (45,543) 565,910 565,910 8,216,009 8,781,919	Current year Total Funds 2020 £ 133,735 16,156 704 223,273 373,868 487,394 487,394 551,879 438,353 - 438,353 438,353 10,403,896 10,842,249	Prior Year Total Funds 2019 £ 195,898 29,085 12,944 301,797 539,724 538,404 538,404 1,395,093 1,396,413 - 1,396,413 1,396,413 9,007,483 10,403,896

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.

All activities derive from continuing operations

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2020

Union of Welsh Independents (Incorporated) - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP

Income & Endowments from: Donations & Legacies A1 Charitable activities A2 Other trading activities A3 Investments A4 Other A5 Total income A Expenditure on: Raising funds B1 Charitable activities B2 Other B3 Tax on surplus on ordinary activities B3 Other taxation B3 Total expenditure B B4 Net income for the year Transfers between funds C Net income after transfers Reconciliation of funds:- E Total funds brought forward Total funds carried forward SORP Ref Net gains on investments Net movement in funds	Prior Year Unrestricted Funds 2019 £ 75,915 29,085 12,944 61,714 - 179,658 - 434,509 - - - 434,509 2,033,818 1,778,967 44,578 1,823,545 1,823,545 2,137,928 3,961,473	Prior Year Restricted Funds 2019 £ 119,983 - - 240,083 - - 360,066 - 103,895 - - - - 103,895 (638,725) (382,554) (44,578) (427,132) (427,132) 6,869,555 6,442,423	Prior Year Total Funds 2019 £ 195,898 29,085 12,944 301,797 - 539,724 - 538,404 - - - 538,404 1,395,093 1,396,413 - 1,396,413 1,396,413 9,007,483 10,403,896

All activities derive from continuing operations

A Statement of Total Recognised Gains and Losses is included in these accounts as a separate primary statement

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2020

Statement of Total Recognised Gains and Losses for the year ended 31 December 2020

Surplus for the year :- Realised gains on disposals of social investments which are programme related *Income from operations before tax in the Statement of Financial Activites* *Add/(deduct) non income and expenditure items:-* Unrealised gains on investments Net Movement in funds before taxation Funds generated in the year as shown on Statement of Financial Activities Net excess of income over expenditure from operations before tax	2020 £ (113,526) - (113,526) 551,879 438,353 438,353	2019 £ 1,320 - 1,320 1,395,093 1,396,413 1,396,413

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Resources applied in the year ended 31 December	Union of Welsh Independents (Incorporated) - Resources applied in the year ended 31 December
2020 towards fixed assets for Charity use:-
Funds generated in the year as detailed in the SOFA	2020 2019 £ £ 438,353 1,396,413
Net resources available to fund charitable activities	438,353 1,396,413

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2020

Movements in revenue and capital funds for the year ended 31 December 2020

Revenue accumulated funds

Unrestricted
Restricted
Total
Funds
Funds
Funds
2020
2020
2020
£
£
£
Accumulated funds brought forward
2,187,887
8,216,009
10,403,896
(173,100)
611,453
438,353
2,014,787
8,827,462
10,842,249
(From)/To unrestricted revenue funds
45,543
(45,543)
-
Closing revenue funds
2,060,330
8,781,919
10,842,249
Designated revenue funds included within the unrestricted funds above
Total
Funds
2020
£
At 1 January
570,630
Transfer (to)/from revenue accumulated funds
(72,542)
At 31 December
498,088
Summary of funds
Unrestricted
Restricted
Total
and
Funds
Funds
Designated funds
2020
2020
2020
£
£
£
Revenue accumulated funds
1,562,242
8,781,919
10,344,161
Revenue designated funds
498,088
-
498,088
Total funds
2,060,330
8,781,919
10,842,249
Recognised gains and losses before
transfers
The purposes for which these funds have been designated are described in Note 23 to the accounts.

Last year
Total Funds
2019
£
9,007,483
1,396,413
10,403,896
-
10,403,896
Last year
Total Funds
2019
£
592,430
(21,800)
570,630
Last Year
Total Funds
2019
£
9,833,266
570,630
10,403,896

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2020

Union of Welsh Independents (Incorporated)

Income and Expenditure Account for the year ended 31 December 2020 as required by the Companies Act 2006

*Income* Income from operations Income from investments, other than interest receivable Interest receivable Gross income in the year before exceptional items Gross income in the year including exceptional items *Expenditure* Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Governance costs Realised losses on disposals of social investments which are programme related Total expenditure in the year Tax on surplus on ordinary activities Retained surplus for the financial year Net income after tax in the financial year Net income before tax in the financial year Investment income	2020 £ 150,595 221,140 2,133 373,868 373,868 467,763 6,615 13,016 - 487,394 (113,526) - (113,526) (113,526)	2019 £ 237,927 300,326 1,471 539,724 539,724 516,092 6,766 15,546 - 538,404 1,320 - 1,320 1,320

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2020

Note SORP Ref Fixed assets A Tangible assets 11 A2 Investments held as fixed assets 12 A4 Total fixed assets Current assets B Stocks B1 Debtors 15 B2 Cash at bank and in hand B4 Total current assets Creditors: amounts falling due within one year 16 C1 Net current assets The total net assets of the charity Restricted funds Restricted Revenue Funds 20 D2 Unrestricted Funds Unrestricted Revenue Funds 20 D3 Designated Funds Designated Revenue Funds 20 D3 Total charity funds The total net assets of the charity are funded by the funds	2020 £ 181,648 10,214,141 10,395,789 6,367 209,787 861,828 1,077,982 (631,522) 446,460 10,842,249 8,781,919 8,781,919 1,562,242 1,562,242 498,088 498,088 10,842,249 of the charity, as follows:-	2019 £ 188,263 9,762,262 9,950,525 6,601 52,528 768,130 827,259 (373,888) 453,371 10,403,896 8,216,009 8,216,009 1,617,257 1,617,257 570,630 570,630 10,403,896

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2020

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to audit under charity legislation, and the report of the Charities Act auditor is on page 14.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

MISS M.J. MERYL JAMES

Trustee

Approved by the board of trustees on 29 June 2021

The notes attached on pages 28 to 52 form an integral part of these accounts.

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2020

Cash flows from operating activities A *Cash flows from investing activities* Interest received Other investment income, including rents from investments Proceeds from sales of investments Purchase of investments Net cash provided by investing activities B *Cash flows from financing activities* Net cash provided by operating activities as shown below	2020 £ (229,575) 2,133 221,140 200,000 (100,000) 323,273	2019 £ (250,813) 1,471 300,326 327,514 (70,138) 559,173

Net cash provided by financing activities C Overall cash provided by all activities Cash movements Change in cash and cash equivalents from activities in the year ended 31 December 2020 Cash and cash equivalents at 1 January 2020 Change in cash and cash equivalents due to exchange rate movements A+B+C Cash at bank and in hand less overdrafts at 31 December	- 93,698 93,698 768,130 - 861,828	- 308,360 308,360 459,770 - 768,130

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2020

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2020 - Continued

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities *Adjustments for :-* Depreciation charges Write downs of investments Net unrealised (gains)losses on investment assets Dividends, interest and rents from investments Profit on sale of investments (increase)Decrease in stocks (Increase)Decrease in debtors Increase(decrease) in creditors, excluding loans Net cash provided by operating activities A Analysis of cash and cash equivalents Cash in hand at for the year ended 31 December 2020 Notice deposits - (less than 3 months) Total cash and cash equivalents	438,353 6,615 - (551,879) (223,273) - 234 (157,259) 257,634 (229,575) 2020 £ 861,828 - 861,828	1,396,413 6,766 - (1,395,093) (301,797) (10,974) 919 (3,825) 56,778 (250,813) 2019 £ 768,130 - 768,130

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2020

Union of Welsh Independents (Incorporated)

Cash Flow Statement for the year ended 31 December 2020 - Continued

Analysis of change in net debt

Cash Funds held on behalf of churches Total	*At start* *of year* 768,130 (348,045) 420,085	*Cash* *Flows* 93,698 (257,944) (164,246)	*At end* *of year* 861,828 (605,989) 255,839

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Going Concern

The Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Tthe Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Income from legacies

Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.

Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable.

Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy aredisclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant.

If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

Donated goods, facilities and services

Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation income, and debited to fixed assets.

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items.

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales.

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense.

The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.

The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations '. Goods donated for resale are included in 'Income from other trading activities'

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carrying amount is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and replacement cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the donated goods at its own expense in the most economic manner.

Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity.

All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Policies relating to expenditure on goods and services provided to the charity.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

Staffing - on the basis of time spent in connection with any particular activity.

Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Estimation techniques used in apportioning costs - experienced judgement

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

Policies relating to assets, liabilities and provisions and other matters.

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement of Financial Activities.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Leasehold premises 2 % straight line Plant and machinery 15 % straight line Motor vehicles 20 % straight line

A regular annual review of the likelihood of asset impairment is undertaken.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Pensions - defined contribution schemes

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.

There are no endowment funds.

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is only partially recoverable by the charity, and the cost of such VAT that is irrecoverable is included in the Statement of Financial Activities.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Significance of financial instruments to the charity's position

There is no significance of financial instruments to the charity's financial position or performance.

5 Net surplus before tax in the financial year

The net surplus before tax in the financial year is stated after charging:- Depreciation of owned fixed assets Pension costs Auditors' remuneration 6 Investment gains Current year *Current Year* Unrestricted Funds 2020 £ *Unrealised gains /(losses) and writing down of carrying values* Listed investments - Unrealised 92,559 Total unrealised gains/(losses) etc 92,559 Total realised and unrealised gains 92,559	Current year Restricted Funds 2020 £ 459,320 459,320 459,320	2020 £ 6,615 15,459 12,470 Current year Total Funds 2020 £ 551,879 551,879 551,879	2019 £ 6,766 15,245 11,991 Prior Year Total Funds 2019 £ 1,395,093 1,395,093 1,395,093

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

*Prior year* Prior Year Unrestricted Funds 2019 £ *Unrealised gains /(losses) and writing down of carrying values* Listed investments - Unrealised 2,033,818 Total unrealised gains/(losses) etc 2,033,818 Total realised and unrealised gains 2,033,818 7 Staff costs and emoluments *Salary costs* Gross Salaries excluding trustees and key management personnel Employer's National Insurance for all staff Employer's operating costs of defined contribution pension schemes Total salaries, wages and related costs *Numbers of full time employees or full time equivalents* The average number of total staff employed in the year was The average number of full time staff employed in the year was The estimated full time equivalent number of all staff employed in the year was *The estimated equivalent number of full time staff deployed in different activities* Engaged on charitable activities *The estimated full time equivalent number of all staff employed as above*	Prior Year Restricted Funds 2019 £ (638,725) (638,725) (638,725) *in the year was:-*	Prior Year Total Funds 2019 £ 1,395,093 1,395,093 1,395,093 2020 £ 180,615 16,203 15,459 212,277 2020 6 6 6 6 6	2019 £ 196,781 18,025 15,245 230,051 2019 7 7 7 7 7

Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.

Highest paid employee The remuneration in the year year was Pension contributions paid by the employer *Total remuneration package included in total salaries above*	51,020 2,776 53,796	40,708 11,357 52,065

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

8 Defined contribution pension schemes

The charity operates a defined contribution pension scheme, the costs of which are shown above.

9 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

10 Trustees' expenses

The expenses reimbursed to trustees, or paid directly to third parties, in the current or prior year, was as shown below.

The amount reimbursed to trustees

2020	2019
£	£
546	3,555

The nature of the trustees' expenses was travel and subsistence.

The number of trustees' to whom expenses were reimbursed was 18.

11 Tangible fixed assets

*Current Year* Cost At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	Land and Buildings £ 246,140 246,140 63,999 4,923 68,922 177,218 182,141	Plant & Machinery £ 99,796 99,796 93,674 1,692 95,366 4,430 6,122	Motor Vehicles £ - - - - - - -	Total £ 345,936 345,936 157,673 6,615 164,288 181,648 188,263

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

*Prior Year* Cost 01 January 2019 01 January 2020 Depreciation 01 January 2019 Charge for the year 01 January 2020 Net book value 01 January 2020 01 January 2019	Land and Buildings £ 246,140 246,140 59,076 4,923 63,999 182,141 187,064	Plant & Machinery £ 99,796 99,796 91,831 1,843 93,674 6,122 7,965	Motor Vehicles £ - - - - - - -	Total £ 345,936 345,936 150,907 6,766 157,673 188,263 195,029

12 Investments held as fixed assets

Carrying values of investments At 1 January 2020 Additions Revaluation at 31 December 2020 Disposals At 31 December 2020 Analysis between fair value and historical cost Investments as above held at fair value	Investments in subsidiaries £ - - - - - -	Listed investments £ 9,752,007 100,000 551,879 (200,000) 10,203,886 10,203,886	Other Classes of Investment £ 10,255 - - - 10,255 10,255	Total £ 9,762,262 100,000 551,879 (200,000) 10,214,141 10,214,141

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

Analysis of Other Classes of Investment

	Included at historical cost, less write down	Included at fair value	Total
	£	£	£
Summary of other classes of investments at 31 December 2020
Cash or cash equivalents	-	10,255	10,255

The investment portfolio is shown in the accounts at market value at the accounting year end and is prone to movements in the stock market.At 2021, the market value of investments had increased to an estimated £11,200,000.

13 Assets held as custodian trustees in behalf of third parties

Investments held on behalf of Welsh Congregational Theological College Investments held on behalf of other Churches and Associations 14 Stocks & Work in Progress Stocks before write downs Investments held on behalf of Welsh Congregational Church Aid Fund	2020 £ 1,303,372 2,687,985 1,247,683 5,239,040 2020 £ 6,367 6,367	2019 £ 1,232,665 2,442,163 970,281 4,645,109 2019 £ 6,601 6,601

Analysis of the carrying value of stocks and work in progress by activities

*Activity* Bookshop sales	2020 2019 £ £ - - - - *Work in Progress*	2020 2019 £ £ 6,367 6,601 6,367 6,601 *Stocks*

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

15 Debtors Trade debtors Prepayments and accrued income Other debtors 16 Creditors: amounts falling due within one year Accruals Funds held on behalf of churches Other creditors 17 Income and Expenditure account summary At 1 January 2020 Surplus after tax for the year At 31 December 2020 18 Related party transactions Welsh Congretational Church Aid Fund - Y Gronfa Administration Fee Debtor Ymddiriedolaeth Undeb yr Annibynwyr Cymraeg Investments @ Market Value Related Company Related Charity SOFA	2020 £ 20,532 9,874 179,381 209,787 2020 £ 12,335 605,989 13,198 631,522 2020 £ 10,403,896 438,353 10,842,249 2020 £ 10,893 141 -	2019 £ 15,505 9,338 27,685 52,528 2019 £ 12,642 348,045 13,201 373,888 2019 £ 9,007,483 1,396,413 10,403,896 2019 £ 10,752 171 96,146

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

19 Particulars of how particular funds are represented by assets and liabilities

At 31 December 2020 Tangible Fixed Assets Investments at valuation:- Fixed asset investments Current Assets Current Liabilities At 1 January 2020 Tangible Fixed Assets Investments at valuation:- Fixed asset investments Current Assets Current Liabilities	Unrestricted funds £ 181,648 1,955,902 533,406 (615,346) 2,055,610 Unrestricted funds £ 188,263 2,712,835 398,941 (357,784) 2,942,255	Designated funds £ - 319,755 251,670 (795) 570,630 Designated funds £ - 423,908 169,307 (785) 592,430	Restricted funds £ - 7,938,484 292,906 (15,381) 8,216,009 Restricted funds £ - 6,625,519 259,011 (15,319) 6,869,211	Total Funds £ 181,648 10,214,141 1,077,982 (631,522) 10,842,249 Total Funds £ 188,263 9,762,262 827,259 (373,888) 10,403,896

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

20[Change in total funds over the year as shown in Note 19 , analysed by individual funds]

*Unrestricted and designated funds:-* Unrestricted Revenue Funds Designated Revenue Funds Total unrestricted and designated funds *Restricted funds:-* Mission Fund Sustentation Fund Ministers and Ministers' Widows Fund Total restricted funds Total charity funds	Funds brought forward from 2019 £ 1,617,257 570,630 2,187,887 319,377 5,807,802 2,088,830 8,216,009 10,403,896	Movement in funds in 2020 See Note 21 £ (173,100) - (173,100) 17,995 487,814 105,644 611,453 438,353	See Note 22 £ 118,085 (72,542) 45,543 - (55,621) 10,078 (45,543) - Transfers between funds in 2020	Funds carried forward to 2021 £ 1,562,242 498,088 2,060,330 337,372 6,239,995 2,204,552 8,781,919 10,842,249

21 Analysis of movements in funds over the year as shown in Note 20

*Unrestricted and designated funds:-* Unrestricted Revenue Funds *Restricted funds:-* Mission Fund Sustentation Fund Ministers and Ministers' Widows Fund	Income 2020 £ 119,812 18,901 188,082 47,073 373,868	Expenditure 2020 £ (385,471) (16,735) (28,254) (56,934) (487,394)	Other Gains & Losses 2020 £ 92,559 15,829 327,986 115,505 551,879	Movement in funds 2020 £ (173,100) 17,995 487,814 105,644 438,353

Union of Welsh Independents (Incorporated)

Notes to the Accounts for the year ended 31 December 2020

22 Details of transfers between funds in the year as shown in Note 20

To/(from) Designated Revenue Funds To/(from) Restricted Revenue Funds Net transfers To/(from) Unrestricted Revenue Funds in accordance with the accounting policy 'Accounting for capital grants and fixed asset funds'. *The transfers shown in note 20 above are:-*	2020 £ 118,085 (72,542) (45,543) -

23 The purposes for which the funds as detailed in note 20 are held by the charity are:-

Unrestricted and designated funds:-

The General Fund represents the accumulated fund which the Trustees are free to use in accordance with the charitable objects. The Designated Fund s comprise the following funds:

Family Life Fund - This was established in 2007 as a successor to the Youth Fund. Its main task will be to support work that is relevant to the lives of families within the churches.

Development Fund - The Development Fund is a mission programme undertaken by the Union of Welsh Independents from January 2009 to December 2013.

Maintenance of the Ministry Fund - This was established through gifts and donations by member churches and individuals and is intended for the general use of the Union in supporting the ministry and promoting, advancing and maintaining the Christian religion in Wales and elsewhere.

Restricted funds:-

Mission Fund - This was established through gifts and donations by member churches and individuals and is intended for the general use of supporting the work of the Missionary Department.

Sustentation Fund - This was established through gifts and donations by member churches and individuals. The general object of the Fund is to better support accredited Ministers and to assist needy churches. Grants are made in or towards the payment of such sum or sums as may be necessary to ensure the payment of an adequate minimum stipend to accredited Ministers for the time being in charge of a church or churches.

Ministers and Ministers' Widows Fund - This was established through gifts and donations by member churches and individuals. The object of the Fund is to provide annuities for fully accredited Ministerial Members of the Union and their widows.

24 Ultimate controlling party

The charity is incorporated under the Companies Act and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

25 Donations, Grants and Legacies Legacies receivable All the legacies in the prior year were unrestricted. Legacies receivable - Prior Year analysis Prior year Legacies and gifts received Total legacies receivable Total private sector revenue grants Other Revenue grants and donations from non public bodies Administration fees	Current year Unrestricted Funds 2020 £ - - Prior Year Unrestricted Funds 2019 £ - Current year Unrestricted Funds 2020 £ 11,133 8,050 19,183	Current year Restricted Funds 2020 £ 27,350 27,350 Prior Year Restricted Funds 2019 £ 72,545 Current year Restricted Funds 2020 £ - - -	Current year Total Funds 2020 £ 27,350 27,350 Prior Year Total Funds 2019 £ 72,545 Current year Total Funds 2020 £ 11,133 8,050 19,183	Prior Year Total Funds 2019 £ 72,545 72,545 Prior Year Total Funds 2019 £ 11,043 9,066 20,109

Revenue grants and donations from non public bodies (Include Gift Aid donations from subsidiaries) - Prior Year analysis

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

	Current year	Current year	Current year	Prior Year
	Unrestricted	Restricted	Total Funds	Total Funds
	Funds	Funds
	2020	2020	2020	2019
	£	£	£	£
Membership subscriptions as donations	42,336	38,491	80,827	97,741

----- Start of picture text -----
All the subscriptions in the prior year were unrestricted.
Membership subscriptions as donations - Prior Year analysis
Prior Year Prior Year Prior Year
Unrestricted Restricted
Total Funds
Funds Funds
2019 2019 2019
£ £ £
Prior Year 50,303 47,438 97,741
Current year Current year Current year Prior Year
Unrestricted Restricted Total Funds Total Funds
Funds Funds
2020 2020 2020 2019
£ £ £ £
Copyright fees
Copyright fees -
6,375 6,375 5,503
Total Copyright fees 6,375 - 6,375 5,503
Total Donations, Grants and Legacies
Total Donations, Grants and
A1 67,894 65,841 133,735 195,898
Legacies
All the donations and gifts in the prior year were unrestricted.
Unrestricted Restricted Prior Year
Prior year Funds Funds Total Funds
2019 2019 2019
£ £ £
Total Donations, Grants and
A1 75,915 119,983 195,898
Legacies
----- End of picture text -----

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

26 Income from charitable activities - Trading Activities

*Current year* Primary purpose and ancillary trading 27 *Current year* Total income from charitable trading Total from charitable activities A2 Total Income from charitable activities Total Primary purpose and ancillary trading Sale of goods and services in accordance with the charity's objects	Current year Unrestricted Funds 2020 £ 16,156 16,156 Current year Unrestricted Funds 2020 £ 16,156 16,156	Current year Restricted Funds 2020 £ - - Current year Restricted Funds 2020 £ - -	Current year Total Funds 2020 £ 16,156 16,156 Current year Total Funds 2020 £ 16,156 16,156	Prior Year Total funds 2019 £ 29,085 29,085 Prior Year Total Funds 2019 £ 29,085 29,085

28 Income from other, non charitable, trading activities

Total from other activities A3 Profit on sale of investments Commission received - non charitable activities	Current year Unrestricted Funds 2020 £ 704 - 704	Current year Restricted Funds 2020 £ - - -	Current year Total Funds 2020 £ 704 - 704	Prior Year Total Funds 2019 £ 1,970 10,974 12,944

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

29 Investment income Bank Interest Receivable Other Investment Income Gift aid from subsidiaries Total investment income A4 All the income in the prior year was unrestricted. Investment income - Prior Year analysis Prior Year 30 Expenditure on charitable activities - Direct spending *Current Year* Total direct spending B2a All the expenditure in the prior year was unrestricted. Other donations and subscriptions Travel and Subsistence - Charitable Activities Defined contribution pension costs - charitable activities Child Protection Employers' NI - Charitable activities Gross wages and salaries - charitable activities	Current year Unrestricted Funds 2020 £ 1,822 32,531 705 35,058 Unrestricted Funds 61,714 Current year Unrestricted Funds 2020 £ 180,615 16,203 15,430 4,907 - 33,576 250,731	Current year Restricted Funds 2020 £ 311 187,904 - 188,215 Restricted Funds 240,083 Current year Restricted Funds 2020 £ - - 29 - 24,500 16,300 40,829	Current year Total Funds 2020 £ 2,133 220,435 705 223,273 Total Funds 301,797 Current year Total Funds 2020 £ 180,615 16,203 15,459 4,907 24,500 49,876 291,560	Prior Year Total Funds 2019 £ 1,471 297,236 3,090 301,797 Prior Year Total Funds 2019 £ 196,781 18,025 15,245 25,242 24,500 50,471 330,264

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

Prior Year *Prior Year* Unrestricted Funds 2019 £ 15,216 - 34,171 Total direct spending B2a 289,435 Expenditure on charitable activities - Charitable trading Current year *Current Year* Unrestricted Funds 2020 £ 50,108 Total charitable trading costs B2b 50,108 Other donations and subscriptions Child Protection Cost of goods for primary purpose trading - Including movement in stock for goods Defined contribution pension costs - charitable activities	Prior Year Restricted Funds 2019 £ 29 24,500 16,300 40,829 Current year Restricted Funds 2020 £ - -	Prior Year Total Funds 2019 £ 15,245 24,500 50,471 330,264 Current year Prior Year Total Funds Total Funds 2020 2019 £ £ 50,108 54,924 50,108 54,924

31 Expenditure on charitable activities - Charitable trading

32 Expenditure on charitable activities- Grant funding of activities

*Current Year* Total grantmaking costs B2c *Prior Year* Total grantmaking costs B2c Grants made to individuals Grants made to individuals	Current year Unrestricted Funds 2020 £ - - Prior Year Unrestricted Funds 2019 £ - -	Current year Restricted Funds 2020 £ 54,324 54,324 Prior Year Restricted Funds 2019 £ 56,805 56,805	Current year Prior Year Total Funds Total Funds 2020 2019 £ £ 54,324 56,805 54,324 56,805 Prior Year Total Funds 2019 £ 56,805 56,805

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

33 Support costs for charitable activities

Current year Current year *Current Year* Unrestricted Funds Restricted Funds 2020 2020 £ £ *Employee costs not included in direct costs* 24,969 - 150 - *Premises Expenses* 140 - 3,675 - 2,084 - 5,125 - 8,849 - *Administrative overheads* 3,344 - 1,368 810 2,274 - 2,268 - 7,783 - 6,247 - 1,481 - *Professional fees paid to advisors other than the auditor or examiner* 758 - *Financial costs* 71 375 6,615 - Support costs before reallocation 77,201 1,185 Total support costs - Current Year 77,201 1,185 The basis of allocation of costs between activities is described under accounting policies Depreciation & Amortisation in total for Irrecoverable VAT Software licences and expenses General administration costs Sundry expenses Training and welfare - staff Recruitment expenses Postage Cleaning and waste management Property insurance Light heat and power Premises repairs, renewals and maintenance Telephone, fax and internet Bank charges Rates and water charges Stationery and printing Legal fees	Current year Total Funds 2020 £ 24,969 150 140 3,675 2,084 5,125 8,849 3,344 2,178 2,274 2,268 7,783 6,247 1,481 758 446 6,615 78,386 78,386	Prior Year Total Funds 2019 £ 14,446 - 245 4,542 2,240 7,942 9,522 3,084 3,751 9,004 2,353 5,076 8,533 1,823 1,301 237 6,766 80,865 80,865 - - -

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

*Prior Year* *Administrative overheads* Postage *Support costs before reallocation* Total support costs - Prior Year	Current year Unrestricted Funds 2020 £ 2,951 80,065 80,065	Current year Restricted Funds 2020 £ 800 800 800	Prior Year Total Funds 2019 £ 3,751 80,865 80,865

The basis of allocation of costs between activities is described under accounting policies

34 Other Expenditure - Governance costs

*Current Year* Auditor's fees Trustees' expenses Total Governance costs *Prior Year* Auditor's fees Total Governance costs	Current year Unrestricted Funds 2020 £ 6,885 546 7,431 Prior Year Unrestricted Funds 2019 £ 6,530 10,085	Current year Restricted Funds 2020 £ 5,585 - 5,585 Prior Year Restricted Funds 2019 £ 5,461 5,461	Current year Total Funds 2020 £ 12,470 546 13,016 Prior Year Total Funds 2019 £ 11,991 15,546	Prior Year Total Funds 2019 £ 11,991 3,555 15,546

Union of Welsh Independents (Incorporated)

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

35 Total Charitable expenditure

*Current Year* Total direct spending B2a Total charitable trading costs B2b Total grantmaking costs B2c Total support costs B2d Total Governance costs B2e Total charitable expenditure B2	Current year Unrestricted Funds 2020 £ 250,731 50,108 - 77,201 7,431 385,471	Current year Restricted Funds 2020 £ 40,829 - 54,324 1,185 5,585 101,923	Current year Total Funds 2020 £ 291,560 50,108 54,324 78,386 13,016 487,394	Prior Year Total Funds 2019 £ 330,264 54,924 56,805 80,865 15,546 538,404

*Prior Year* Total direct spending B2a Total charitable trading costs B2b Total grantmaking costs B2c Total support costs B2d Total Governance costs B2e Total charitable expenditure B2	Prior Year Unrestricted Funds 2019 £ 289,435 54,924 - 80,065 10,085 434,509	Prior Year Prior Year Restricted Funds Total Funds 2019 2019 £ £ 40,829 330,264 - 54,924 56,805 56,805 800 80,865 5,461 15,546 103,895 538,404

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2020

This analysis is classsified by activity and not by conventional nominal descriptions.

36 Analysis of income by activity SOFA ref Bookshop sales Insurance commission received *Summary of Total Income, including the items above* Charitable activities A2 Other activities A3 Donations & Legacies A1 Investment income A4 Total income as shown in the SOFA A *Categories of income* Income from exchange transactions Income from other, non charitable, trading activities Income from charitable activities Activity	2020 £ 16,156 704 16,156 704 133,735 223,273 373,868 373,868	2019 - 29,085 12,944 29,085 12,944 195,898 301,797 539,724 539,724

37 Analysis of charitable expenditure by activity

Activity
	Direct costs	Support		Grant
		costs		funding of	Total	Total
				activities
	2020	2020		2020	2020	2019
	£	£		£	£	£
*Bookshop sales*
Charitable trading costs	50,108		-	-	50,108	54,924

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2020

*Religious activities* Direct costs Employee costs not included in direct costs Premises expenses Administrative overheads Professional fees Financial costs Grantmaking costs Total Bookshop sales Total Religious activities Total Religious activities Total charitable expenditure Summary of charitable costs by activity Total Governance costs as detailed in Note 34	Direct costs 2020 £ 291,560 - - - - - - 291,560 Direct costs 2020 £ 50,108 291,560 - 341,668	Support costs 2020 £ - 25,119 19,873 25,575 758 7,061 - 78,386 Support costs 2020 £ - 78,386 13,016 91,402	Grant funding of activities 2020 £ - - - - - - 54,324 54,324 Grant funding of activities 2020 £ - 54,324 - 54,324	Total 2020 £ 291,560 25,119 19,873 25,575 758 7,061 54,324 424,270 Total 2020 £ 50,108 424,270 13,016 487,394	Total 2019 £ 330,264 14,446 24,491 33,624 1,301 7,003 56,805 467,934 Total 2019 £ 54,924 467,934 15,546 538,404

The basis of allocation of costs between activities is described under accounting policies

The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in note 35

Analysis of support and governance costs by charitable activities

	Governance	Finance	Human	Other	Total
Activity			Resources	Overheads
Religious activities	13,016	7,061	25,119	46,206	91,402

Union of Welsh Independents (Incorporated)

Activity analysis of Income and expenditure for the for the year ended 31 December 2020 Summary of grant making by activity

Religious activities	Grants to institutions 2020 £ - -	Grants to individuals 2020 £ 54,324 54,324	Support costs 2020 £ - -	Total 2020 £ 54,324 54,324	Total 2019 £ 56,805 56,805

Fuller details of grants made and related costs, including support costs, are shown in note 32.

38 Analysis of non charitable expenditure by activity

Activity

*Governance costs* Other Expenditure - Governance costs as detailed in Note 34 39 Carrying value of work in progress analysed between activities Bookshop sales	Governance costs 2020 0 13,016 2020 £ 6,367	Governance costs 2019 £ 15,546 2019 £ 6,601

Union of Welsh Independents (Incorporated)

Report and Accounts

Union of Welsh Independents (Incorporated)

Report and accounts for the year ended 31 December 2020

Contents

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

Reference and administrative details

The charity name.

Legal structure of the charity

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

The Trustees in office on the date the report was approved were:-

The following persons served as Trustees during the year ended 31 December 2020 :-

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

The main activities undertaken in relation to those purposes during the year.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The short term and longer term aims and objectives.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

Welsh Independents' Development Programme

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

The contribution of volunteers during the year.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

The main achievements and performance of the charity during the year.

Fundraising activities during the year.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The degree to which the achievements and performance during the year have benefited wider society.

Investment performance against the investment objectives.

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

The policies and procedures for the induction and training of trustees.

The organisational structure of the charity and how decisions are made.

The General Secretary and other senior management personnel to whom day to day management is delegated

Setting pay and remuneration of key management personnel

The charity as a part of a wider network.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

The charity's relationships with other groups, charities and individuals

Financial review

The charity's financial position at the end of the year ended 31 December 2020

Financial review of the position at the reporting date, 31 December 2020 .

Policies on reserves.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

Availability and adequacy of assets of each of the funds

Significant events which have affected the financial performance and the financial position.

Investment policy and investment objectives.

1 Purpose

2 The objectives of The Union of Welsh Independents in investing its funds

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

5 Restrictions and ethical investment policy

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

6 Amount available for investment, liquidity needs and timeframe of investments

7 Benchmarks & reporting policy

8 Review

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

Factors likely to affect future financial performance .

Principal funding sources in the year and how these support the key objectives of the charity.

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

Funds held as custodian trustees on behalf of others

Details of The Auditor

Union of Welsh Independents (Incorporated)

Trustees' Annual Report for the year ended 31 December 2020

Statement as to disclosure of information to auditors

Statement of the Directors Trustees' Responsibilities

Union of Welsh Independents (Incorporated)