Company Registration Number - 177670
The Charity Registration Number is :- 248076
## _**Union of Welsh Independents (Incorporated)**_
## _**Report and Accounts**_
_**31 December 2021**_
_**Cross & Bowen Chartered Accountants 11 Calvert Terrace Swansea SA1 6AT**_
## **Union of Welsh Independents (Incorporated)**
## **Report and accounts for the year ended 31 December 2021**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||1|
|**Statement of directors' responsibilities**||11|
|**Accountants' report**||13|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||17|
|Statement of Financial Activities - Prior Year statement||18|
|Statement of total recognised gains and losses||20|
|Movements in funds||21|
|Revenue Funds||20|
|Fixed Asset funds||20|
|Summary of funds||21|
|Income and Expenditure account||21|
|**Balance sheet**||22|
|**Cash flow statement**||24|
|**Notes to the accounts**||27|
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
The Trustees present their Report and Accounts for the year ended 31 December 2021, 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.
1
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## **The Trustees in office on the date the report was approved were:-**
Mr Emlyn Davies Rev Euron Hughes Mrs Bethan Davies-Jones Rev Beti-Wyn James Rev Owain Llŷr Evans Miss. M. J. Meryl James Dr. Fiona Gannon Ms Sian Meinir Rev Jill Hailey-Harries Rev Christopher Owen
Dafydd Owen Roberts Rev Carwyn Siddall Mr John R. Williams Rev T. Jeffery Williams
## **The following persons served as Trustees during the year ended 31 December 2021 :-**
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.
Mr Emlyn Davies Rev Euron Hughes Dafydd Owen Roberts Mrs Bethan Davies-Jones Rev Beti-Wyn James Rev Carwyn Siddall Rev Owain Llŷr Evans Miss. M. J. Meryl James Mr John R. Williams Dr. Fiona Gannon Ms Sian Meinir Rev T. Jeffery Williams Rev Jill Hailey-Harries Rev Christopher Owen
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.
2
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## _**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 and longer 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. These objectives will be achieved through the following core themes: 1. Education and Training 2. Production of new Resources. 3. Enabling Leaders within churches 4. Indivudual Church Development 5. District Assocation Development 6. Outreach programmes.
## _**How the activities undertaken during the year contributed to the achievement of the aims and objectives.**_
During 2021 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.
3
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## **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
4
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## _**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 350 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.
5
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## _**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 2021**_
The financial position of the charity at 31 December 2021 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|**2021**
**£**
1,084,493
1,377,637
462,103
**1,839,740**
10,087,002
11,926,742
|**2020**
**£**
438,353
1,562,242
498,088
**2,060,330**
8,781,919
10,842,249|
|---|---|---|
## _**Financial review of the position at the reporting date, 31 December 2021 .**_
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.
6
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## _**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 a total return of up to £500,000 from the portfolio, but at present time is fixed at £400,000. The performance benchmark set is the comsumer price index (CPI) measure of inflation + 3% over a rolling period of 5 years.
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, or Risk Category 6 as laid out in Brewin Dolphin’s Guide to Investment Risk and Classification document.
## **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.
7
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## **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.
The Trustees have considered the future sustainability of the investment portfolio and believe it is important to invest responsibly to achieve the charity's goals. As stewards of the investments, the investment managers Brewin Dolphin are to tak account of a wide raneg of environmental, social and governance factors when assessing and selecting investments for the portfolio. Brewin Dolphin engage with companies directly and as members of leading industry bodies on important issues that could impact the value of holdings. As signatories, they adhere to the UN Proncilpes of Responsible investment.
8
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
- **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 APCIMS Balanced Total Return 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 November 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.
9
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## _**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 2021 and beyond the the fundamentals of the Welsh Independents will continue to be promoted through the folliwng six core themes which will continue to be central to all activities.
1. Education and Training
2. Production of new Resources
3. Enabling Leaders within Churches
4. Individual Church Development Programmes
5. District Association (Cyfundebau) Development Programmes
6. 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
10
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## **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.
11
## **Union of Welsh Independents (Incorporated)**
Company Registration Number - 177670
## **Trustees' Annual Report for the year ended 31 December 2021**
## **Method of preparation of accounts - Small company provisions**
The financial statements are set out on pages 17 to 51.
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 4 May 2022.
MISS M.J. MERYL JAMES Director and Trustee
12
## **Union of Welsh Independents (Incorporated)**
**Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 December 2021**
## **Introduction**
We have audited the financial statements of Union of Welsh Independents (Incorporated) for the year ended 31 December 2021, as set out on pages 17 to 51, 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 27, 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 11, 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.
13
## **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.
14
## **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 2021 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.
15
## **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 5 May 2022
16
## **Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2021**
_**Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 December 2021, as required by the Companies Act 2006)**_
|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
78,829
Charitable activities
A2
16,422
Other trading activities
A3
-
Investments
A4
35,046
**Total income**
**A**
**130,297**
**Expenditure on:**
Charitable activities
B2
564,965
**Total expenditure**
**B**
**564,965**
Net gains on investments
B4
165,703
**Net income for the year**
**(268,965)**
**Transfers between funds**
**C**
48,375
**Net income after transfers**
**A-B-C**
**(220,590)**
**(220,590)**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
2,060,330
**Total funds carried forward**
**1,839,740**
**SORP**
**Ref**
**Net movement in funds**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
250,757
-
-
241,648
**492,405**
99,309
**99,309**
960,362
**1,353,458**
(48,375)
**1,305,083**
**1,305,083**
8,781,919
**10,087,002**|**Current year**
**Total Funds**
**2021**
**£**
**329,586**
**16,422**
**-**
**276,694**
**622,702**
**664,274**
**664,274**
**1,126,065**
**1,084,493**
**-**
**1,084,493**
**1,084,493**
**10,842,249**
**11,926,742**|**Prior 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**|
|---|---|---|---|
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 27 to 51 form an integral part of these accounts.**
17
## **Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2021**
## **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**
**Net movement in funds**
**SORP**
**Ref**
Net gains on investments|**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
13,752
16,156
704
(16,810)
-
13,802
-
383,499
-
-
-
**383,499**
1,190,604
820,907
44,578
865,485
**865,485**
2,187,887
**3,053,372**
|**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
119,983
-
-
240,083
-
-
360,066
-
103,895
-
-
-
-
**103,895**
(638,725)
(382,554)
(44,578)
(427,132)
**(427,132)**
8,216,009
**7,788,877**|**Prior 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**|
|---|---|---|---|
## **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 27 to 51 form an integral part of these accounts.**
18
## **Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2021**
**Statement of Total Recognised Gains and Losses for the year ended 31 December 2021**
|**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|**2021**
**£**
(41,572)
-
**(41,572)**
1,126,065
**1,084,493**
**1,084,493**|**2020**
**£**
(113,526)
-
**(113,526)**
551,879
**438,353**
**438,353**|
|---|---|---|
**The notes attached on pages 27 to 51 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**|
|---|---|
|**2021 towards fixed assets for Charity use:-**||
|Funds generated in the year as detailed in the SOFA|**2021**
**2020**
**£**
**£**
1,084,493
438,353|
|**Net resources available to fund charitable activities**|**1,084,493**
**438,353**|
**The notes attached on pages 27 to 51 form an integral part of these accounts.**
19
## **Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2021**
## **Movements in revenue and capital funds for the year ended 31 December 2021**
## **Revenue accumulated funds**
|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
Accumulated funds brought forward
2,060,330
8,781,919
10,842,249
(268,965)
1,353,458
1,084,493
**1,791,365**
**10,135,377**
**11,926,742**
(From)/To unrestricted revenue funds
48,375
(48,375)
-
**Closing revenue funds**
**1,839,740**
**10,087,002**
**11,926,742**
**Designated revenue funds included within the unrestricted funds above**
**Total**
**Funds**
**2021**
**£**
At 1 January
498,088
Transfer (to)/from revenue accumulated funds
(35,985)
**At 31 December**
462,103
**Summary of funds**
**Unrestricted**
**Restricted**
**Total**
**and**
**Funds**
**Funds**
**Designated funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
Revenue accumulated funds
1,377,637
10,087,002
**11,464,639**
Revenue designated funds
462,103
-
**462,103**
**Total funds**
**1,839,740**
**10,087,002**
**11,926,742**
The purposes for which these funds have been designated are described in Note 23 to the accounts.
Recognised gains and losses before
transfers|**Last year**
**Total Funds**
**2020**
**£**
**10,403,896**
438,353
**10,842,249**
-
**10,842,249**
**Last year**
**Total Funds**
**2020**
**£**
570,630
(72,542)
498,088
**Last Year**
**Total Funds**
**2020**
**£**
10,344,161
498,088
**10,842,249**|
|---|---|
**The notes attached on pages 27 to 51 form an integral part of these accounts.**
20
## **Union of Welsh Independents (Incorporated) - Statement of Financial Activities for the year ended 31 December 2021**
## **Union of Welsh Independents (Incorporated)**
## **Income and Expenditure Account for the year ended 31 December 2021 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|**2021**
**£**
346,008
276,511
183
**622,702**
**622,702**
643,750
6,500
14,024
-
**664,274**
**(41,572)**
-
**(41,572)**
**(41,572)**|**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)**|
|---|---|---|
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 27 to 51 form an integral part of these accounts.**
21
## **Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2021**
|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**|**2021**
**£**
175,148
11,390,256
11,565,404
6,367
30,120
634,983
671,470
(310,132)
361,338
**11,926,742**
10,087,002
10,087,002
1,377,637
1,377,637
462,103
462,103
**11,926,742**
**of the charity, as follows:-**|**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**|
|---|---|---|
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.
22
## **Union of Welsh Independents (Incorporated) - Balance Sheet as at 31 December 2021**
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 4 May 2022
**The notes attached on pages 27 to 51 form an integral part of these accounts.**
23
## **Union of Welsh Independents (Incorporated)**
## **Cash Flow Statement for the year ended 31 December 2021**
|**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|**2021**
**£**
(453,489)
183
276,511
200,000
(250,050)
**226,644**|**2020**
**£**
(229,575)
2,133
221,140
200,000
(100,000)
**323,273**|
|---|---|---|
||||
|**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 2021
Cash and cash equivalents at 1 January 2021
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**|**-**
**(226,845)**
(226,845)
861,828
-
**634,983**|**-**
**93,698**
93,698
768,130
-
**861,828**|
24
## **Union of Welsh Independents (Incorporated)**
## **Cash Flow Statement for the year ended 31 December 2021**
## **Union of Welsh Independents (Incorporated)**
## **Cash Flow Statement for the year ended 31 December 2021 - 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 2021
Notice deposits - (less than 3 months)
**Total cash and cash equivalents**|1,084,493
6,500
-
(1,126,065)
(276,694)
-
-
179,667
(321,390)
**(453,489)**
**2021**
**£**
634,983
-
**634,983**|438,353
6,615
-
(551,879)
(223,273)
-
234
(157,259)
257,634
**(229,575)**
**2020**
**£**
861,828
-
**861,828**|
|---|---|---|
25
## **Union of Welsh Independents (Incorporated)**
## **Cash Flow Statement for the year ended 31 December 2021**
## **Union of Welsh Independents (Incorporated)**
## **Cash Flow Statement for the year ended 31 December 2021 - Continued**
## **Analysis of change in net debt**
|Cash
Funds held on behalf of churches
**Total**|**_At start_**
**_of year_**
861,828
(605,989)
255,839|**_Cash_**
**_Flows_**
(226,845)
332,613
105,768|**_At end_**
**_of year_**
634,983
(273,376)
361,607|
|---|---|---|---|
26
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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.
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.
## _**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.
27
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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
28
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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.**_
29
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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.
30
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## _**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.
31
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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**
**2021**
**£**
**_Unrealised gains /(losses) and writing down of carrying values_**
Listed investments - Unrealised
165,703
**Total unrealised gains/(losses) etc**
**165,703**
**Total realised and unrealised gains**
**165,703**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
960,362
**960,362**
**960,362**|**2021**
**£**
6,500
14,791
13,740
**Current year**
**Total Funds**
**2021**
**£**
**1,126,065**
**1,126,065**
**1,126,065**|**2020**
**£**
6,615
15,459
12,470
**Prior Year**
**Total Funds**
**2020**
**£**
**551,879**
**551,879**
**551,879**|
|---|---|---|---|
32
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
|**_Prior year_**
**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
**_Unrealised gains /(losses) and writing down of carrying values_**
Listed investments - Unrealised
1,190,604
**Total unrealised gains/(losses) etc**
**1,190,604**
**Total realised and unrealised gains**
**1,190,604**
**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**
**2020**
**£**
(638,725)
**(638,725)**
**(638,725)**
**_in the year was:-_**|**Prior Year**
**Total Funds**
**2020**
**£**
**551,879**
**551,879**
**551,879**
**2021**
**£**
187,591
14,965
14,791
**217,347**
**2021**
6
6
6
6
6|**2020**
**£**
180,615
16,203
15,459
**212,277**
**2020**
6
6
6
6
6|
|---|---|---|---|
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_**|53,085
3,000
**56,085**|51,020
2,776
**53,796**|
|---|---|---|
33
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **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 The nature of the trustees' expenses was travel and subsistence.
|**2021**|**2020**|
|---|---|
|**£**|**£**|
|284|546|
The number of trustees' to whom expenses were reimbursed was 14.
## **11 Tangible fixed assets**
|**_Current Year_**
**Cost**
At 1 January 2021
**At 31 December 2021**
**Depreciation**
At 1 January 2021
Charge for the year
**At 31 December 2021**
**Net book value**
**At 31 December 2021**
**At 31 December 2020**|**Land and**
**Buildings**
£
246,140
**246,140**
68,922
4,923
**73,845**
**172,295**
**177,218**|**Plant &**
**Machinery**
£
99,796
**99,796**
95,366
1,577
**96,943**
**2,853**
**4,430**|**Motor**
**Vehicles**
£
-
**-**
-
-
**-**
**-**
**-**|**Total**
£
345,936
**345,936**
164,288
6,500
**170,788**
**175,148**
**181,648**|
|---|---|---|---|---|
34
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
|**_Prior Year_**
**Cost**
02 January 2020
**31 December 2020**
**Depreciation**
02 January 2020
Charge for the year
**31 December 2020**
**Net book value**
**31 December 2020**
**01 January 2020**|**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 2021
Additions
Revaluation at 31 December 2021
Disposals
**At 31 December 2021**
**Analysis between fair value and historical cost**
Investments as above held at fair value|**Investments in**
**subsidiaries**
**£**
-
-
-
-
**-**
-|**Listed**
**investments**
**£**
10,203,886
250,000
1,126,065
(200,000)
**11,379,951**
11,379,951|**Other Classes**
**of Investment**
**£**
**10,255**
**50**
**-**
**-**
**10,305**
10,305|**Total**
**£**
10,214,141
250,050
1,126,065
(200,000)
**11,390,256**
11,390,256|
|---|---|---|---|---|
35
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
**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 2021**||||
|Cash or cash equivalents|**-**|**10,305**|**10,305**|
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 4th May 2022, the market value of investments had increased to an estimated £11,500,000.
## **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|**2021**
**£**
1,446,764
3,205,710
971,122
**5,623,596**
**2021**
**£**
6,367
6,367|**2020**
**£**
1,303,372
2,687,985
1,247,683
**5,239,040**
**2020**
**£**
6,367
6,367|
|---|---|---|
## _**Analysis of the carrying value of stocks and work in progress by activities**_
|**_Activity_**
Bookshop sales|**2021**
**2020**
**£**
**£**
-
-
-
-
**_Work in Progress_**|**2021**
**2020**
**£**
**£**
6,367
6,367
6,367
6,367
**_Stocks_**|
|---|---|---|
36
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
|**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 2021**
Surplus after tax for the year
**At 31 December 2021**
**18 Related party transactions**
**Welsh Congretational Church Aid Fund - Y Gronfa**
Administration Fee
Debtor
Related Charity
**SOFA**|**2021**
**£**
13,230
11,111
5,779
**30,120**
**2021**
**£**
13,787
273,376
22,864
**310,132**
**2021**
**£**
10,842,249
1,084,493
**11,926,742**
**2021**
**£**
11,515
1,714|**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|
|---|---|---|
37
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
## **19 Particulars of how particular funds are represented by assets and liabilities**
|**At 31 December 2021**
Tangible Fixed Assets
Investments at valuation:-
_Fixed asset investments_
Current Assets
Current Liabilities
**At 1 January 2021**
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
175,148
1,362,380
120,045
(279,936)
**1,377,637**
**Unrestricted**
**funds**
**£**
181,648
1,378,322
617,552
(615,280)
**1,562,242**|**Designated**
**funds**
**£**
-
319,791
143,322
(1,010)
**462,103**
**Designated**
**funds**
**£**
-
338,097
160,801
(810)
**498,088**|**Restricted**
**funds**
**£**
-
9,708,085
408,103
(29,186)
**10,087,002**
**Restricted**
**funds**
**£**
-
8,497,722
299,629
(15,432)
**8,781,919**|**Total**
**Funds**
**£**
**175,148**
**11,390,256**
**671,470**
**(310,132)**
**11,926,742**
**Total**
**Funds**
**£**
**181,648**
**10,214,141**
**1,077,982**
**(631,522)**
**10,842,249**|
|---|---|---|---|---|
38
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
**20[Change in total funds over the year as shown in Note 19 , analysed by individual funds]**
|**Funds brought**
**forward from**
**2020**
**£**
**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
1,562,242
Designated Revenue Funds
498,088
**Total unrestricted and designated funds**
**2,060,330**
**_Restricted funds:-_**
Mission Fund
Sustentation Fund
Ministers and Ministers' Widows Fund
**Total restricted funds**
**8,781,919**
**Total charity funds**
**10,842,249**
**Analysis of movements in funds over the year as shown in Note 20**
**Income**
**2021**
**£**
**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
130,297
**_Restricted funds:-_**
Mission Fund
20,629
Sustentation Fund
412,490
Ministers and Ministers' Widows Fund
59,287
**622,702**|**Movement in**
**funds in 2021**
**See Note 21**
**£**
(268,965)
-
**(268,965)**
35,979
1,078,070
239,411
**1,353,458**
**1,084,493**
**Expenditure**
**2021**
**£**
(564,965)
(16,750)
(28,439)
(54,119)
**(664,274)**|**See Note 22**
**£**
**84,360**
**(35,985)**
**48,375**
-
-
(47,238)
**(48,375)**
**-**
**Other**
**Gains &**
**Losses**
**2021**
**£**
165,703
32,100
694,019
234,243
**1,126,065**
**Transfers**
**between funds**
**in 2021**|**Funds carried**
**forward to**
**2022**
**£**
**1,377,637**
**462,103**
**1,839,740**
**35,979**
**1,078,070**
**192,173**
**10,087,002**
**11,926,742**
**Movement**
**in funds**
**2021**
**£**
**(268,965)**
**35,979**
**1,078,070**
**239,411**
**1,084,493**|
|---|---|---|---|
**21 Analysis of movements in funds over the year as shown in Note 20**
39
## **Union of Welsh Independents (Incorporated)**
## **Notes to the Accounts for the year ended 31 December 2021**
- **22 Details of transfers between funds in the year as shown in Note 20**
_**The transfers shown in note 20 above are:-**_ **2021 £** To/(from) Unrestricted Revenue Funds in accordance with the accounting policy 'Accounting for capital grants and 84,360 fixed asset funds'. To/(from) Designated Revenue Funds (35,985) To/(from) Restricted Revenue Funds (48,375) **Net transfers -**
## **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.
40
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 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**
**Total legacies receivable**
Legacies and gifts received|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
-
**-**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
211,486
**211,486**|**Current year**
**Total Funds**
**2021**
**£**
**211,486**
**211,486**|**Prior Year**
**Total Funds**
**2020**
**£**
27,350
**27,350**|
|---|---|---|---|---|
|**Prior year**
**Total private sector revenue grants**
Other
**Revenue grants and donations from non**
**public bodies**
Administration fees|**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
(45,195)
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
19,403
10,000
**29,403**|**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
72,545
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
**-**|**Prior Year**
**Total Funds**
**2020**
**£**
**27,350**
**Current year**
**Total Funds**
**2021**
**£**
**19,403**
**10,000**
**29,403**|**Prior Year**
**Total Funds**
**2020**
**£**
11,133
8,050
**19,183**|
|---|---|---|---|---|
**Revenue grants and donations from non public bodies (Include Gift Aid donations from subsidiaries) - Prior Year analysis**
41
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 as required by the SORP 2015**
||**Current year**|**Current year**|**Current year**|**Prior Year**|
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
||**Funds**|**Funds**|||
||**2021**|**2021**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|**Membership subscriptions as donations**|40,493|39,271|79,764|80,827|
**----- 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
2020 2020 2020
£ £ £
Prior Year 33,389 47,438 80,827
Current year Current year Current year Prior Year
Unrestricted Restricted Total Funds Total Funds
Funds Funds
2021 2021 2021 2020
£ £ £ £
Copyright fees
Copyright fees -
8,933 8,933 6,375
Total Copyright fees 8,933 - 8,933 6,375
Total Donations, Grants and Legacies
Total Donations, Grants and
A1 78,829 250,757 329,586 133,735
Legacies
All the donations and gifts in the prior year were unrestricted.
Unrestricted Restricted Prior Year
Prior year Funds Funds Total Funds
2020 2020 2020
£ £ £
Total Donations, Grants and
A1 13,752 119,983 133,735
Legacies
**----- End of picture text -----**
42
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 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 Primary purpose and ancillary trading**
Sale of goods and services in accordance with
the charity's objects
**Total Income from charitable activities**|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
16,422
**16,422**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
16,422
**16,422**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
**-**
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
**-**|**Current year**
**Total Funds**
**2021**
**£**
**16,422**
**16,422**
**Current year**
**Total Funds**
**2021**
**£**
**16,422**
**16,422**|**Prior Year**
**Total funds**
**2020**
**£**
16,156
**16,156**
**Prior Year**
**Total Funds**
**2020**
**£**
16,156
**16,156**|
|---|---|---|---|---|
## **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**
**2021**
**£**
-
-
**-**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
**-**|**Current year**
**Total Funds**
**2021**
**£**
**-**
**-**
**-**|**Prior Year**
**Total Funds**
**2020**
**£**
704
-
**704**|
|---|---|---|---|---|
43
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 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.
Defined contribution pension costs -
charitable activities
Child Protection
Employers' NI - Charitable activities
Gross wages and salaries - charitable
activities
Other donations and subscriptions
Travel and Subsistence - Charitable
Activities|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
169
34,877
-
**35,046**
**Unrestricted**
**Funds**
**(16,810)**
**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
187,591
14,965
14,759
2,033
-
33,000
**252,348**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
14
241,634
-
**241,648**
**Restricted**
**Funds**
**240,083**
**Current year**
**Restricted**
**Funds**
**2021**
**£**
-
-
32
-
24,500
16,300
**40,832**|**Current year**
**Total Funds**
**2021**
**£**
**183**
**276,511**
**-**
**276,694**
**Total Funds**
**223,273**
**Current year**
**Total Funds**
**2021**
**£**
**187,591**
**14,965**
**14,791**
**2,033**
**24,500**
**49,300**
**293,180**|**Prior Year**
**Total Funds**
**2020**
**£**
2,133
220,435
705
**223,273**
**Prior Year**
**Total Funds**
**2020**
**£**
**180,615**
**16,203**
**15,459**
**4,907**
**24,500**
**49,876**
**291,560**|
|---|---|---|---|---|
44
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 as required by the SORP 2015**
|**_Prior Year_**
**Total direct spending**
**B2a**
Defined contribution pension costs -
charitable activities
Child Protection
Other donations and subscriptions|**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
15,430
-
33,576
**250,731**|**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
29
24,500
16,300
**40,829**|**Prior Year**
**Total Funds**
**2020**
**£**
**15,459**
**24,500**
**49,876**
**291,560**|
|---|---|---|---|
## **31 Expenditure on charitable activities - Charitable trading**
|**_Current Year_**
**Total charitable trading costs**
**B2b**
Cost of goods for primary purpose trading -
Including movement in stock for goods|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
**47,195**
**47,195**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
**-**
**-**|**Current year**
**Prior Year**
**Total Funds**
**Total Funds**
**2021**
**2020**
**£**
**£**
**47,195**
**50,108**
**47,195**
**50,108**|
|---|---|---|---|
## **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**
**2021**
**£**
-
**-**
**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
(2,481)
**(2,481)**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
51,044
**51,044**
**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
56,805
**56,805**|**Current year**
**Prior Year**
**Total Funds**
**Total Funds**
**2021**
**2020**
**£**
**£**
**51,044**
**54,324**
**51,044**
**54,324**
**Prior Year**
**Total Funds**
**2020**
**£**
**54,324**
**54,324**|
|---|---|---|---|
45
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 as required by the SORP 2015**
|**33**
**Current year**
**Current year**
**_Current Year_**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2021**
**2021**
**£**
**£**
**_Employee costs not included in direct costs_**
11,120
-
-
-
**_Premises Expenses_**
201
-
2,259
-
2,096
-
7,509
-
9,591
-
**_Administrative overheads_**
3,299
-
1,195
820
5,530
-
2,268
-
560
-
4,868
-
-
-
**_Professional fees paid to advisors other than the auditor or examiner_**
769
-
**_Financial costs_**
27
-
6,500
-
**Support costs before reallocation**
**258,011**
**820**
**Total support costs - Current Year**
**258,011**
**820**
The basis of allocation of costs between activities is described under accounting policies
Rates and water charges
Stationery and printing
Legal fees
Bank charges
Recruitment expenses
Postage
Cleaning and waste management
Property insurance
Light heat and power
Premises repairs, renewals and
maintenance
Telephone, fax and internet
**Support costs for charitable activities**
Training and welfare - staff
Software licences and expenses
General administration costs
Sundry expenses
Depreciation & Amortisation in total for
Irrecoverable VAT|**Current year**
**Total Funds**
**2021**
**£**
**11,120**
**-**
**201**
**2,259**
**2,096**
**7,509**
**9,591**
**3,299**
**2,015**
**5,530**
**2,268**
**560**
**4,868**
**-**
**769**
**27**
**6,500**
**258,831**
**258,831**|**Prior 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**
**-**
**-**
**-**|
|---|---|---|
46
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 as required by the SORP 2015**
|**_Prior Year_**
**_Administrative overheads_**
Postage
**Total support costs - Prior Year**
**_Support costs before reallocation_**|**Current year**
**Unrestricted**
**Funds**
**2021**
**£**
1,378
**77,586**
**77,586**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
800
**800**
**800**|**Prior Year**
**Total Funds**
**2020**
**£**
**2,178**
**78,386**
**78,386**|
|---|---|---|---|
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**
**2021**
**£**
7,127
284
**7,411**
**Prior Year**
**Unrestricted**
**Funds**
**2020**
**£**
7,009
**7,555**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
6,613
-
**6,613**
**Prior Year**
**Restricted**
**Funds**
**2020**
**£**
5,461
**5,461**|**Current year**
**Total Funds**
**2021**
**£**
**13,740**
**284**
**14,024**
**Prior Year**
**Total Funds**
**2020**
**£**
**12,470**
**13,016**|**Prior Year**
**Total Funds**
**2020**
**£**
**12,470**
**546**
**13,016**|
|---|---|---|---|---|
47
## **Union of Welsh Independents (Incorporated)**
**Detailed analysis of income and expenditure for the year ended 31 December 2021 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**
**2021**
**£**
252,348
47,195
-
258,011
7,411
**564,965**|**Current year**
**Restricted**
**Funds**
**2021**
**£**
40,832
-
51,044
820
6,613
**99,309**|**Current year**
**Total Funds**
**2021**
**£**
**293,180**
**47,195**
**51,044**
**258,831**
**14,024**
**664,274**|**Prior Year**
**Total Funds**
**2020**
**£**
**291,560**
**50,108**
**54,324**
**78,386**
**13,016**
**487,394**|
|---|---|---|---|---|
|**_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**
**2020**
**£**
250,731
50,108
(2,481)
77,586
7,555
**383,499**|**Prior Year**
**Prior Year**
**Restricted**
**Funds**
**Total Funds**
**2020**
**2020**
**£**
**£**
40,829
**291,560**
-
**50,108**
56,805
**54,324**
800
**78,386**
5,461
**13,016**
**103,895**
**487,394**|
|---|---|---|
48
## **Union of Welsh Independents (Incorporated)**
## **Activity analysis of Income and expenditure for the for the year ended 31 December 2021**
## _**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 charitable activities**
**Activity**
**Income from other, non charitable, trading activities**|**2021**
**£**
16,422
**-**
16,422
-
329,586
276,694
**622,702**
622,702|**2020**
**-**
**16,156**
**704**
16,156
704
133,735
223,273
**373,868**
373,868|
|---|---|---|
## **37 Analysis of charitable expenditure by activity**
|**Activity**|||||||
|---|---|---|---|---|---|---|
||**Direct costs**|**Support**||**Grant**|||
|||**costs**||**funding of**|**Total**|**Total**|
|||||**activities**|||
||**2021**|**2021**||**2021**|**2021**|**2020**|
||**£**|**£**||**£**|**£**|**£**|
|**_Bookshop sales_**|||||||
|Charitable trading costs|47,195||-|-|**47,195**|54,924|
49
## **Union of Welsh Independents (Incorporated)**
## **Activity analysis of Income and expenditure for the for the year ended 31 December 2021**
|**_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 Governance costs as detailed in Note
34
**Total charitable expenditure**
**Summary of charitable costs by activity**
**Total Religious activities**|**Direct costs**
**2021**
**£**
293,180
-
-
-
-
-
-
**293,180**
**Direct costs**
**2021**
**£**
47,195
293,180
-
**340,375**|**Support**
**costs**
**2021**
**£**
-
11,120
21,656
218,759
769
6,527
-
**258,831**
**Support**
**costs**
**2021**
**£**
-
258,831
14,024
**272,855**|**Grant**
**funding of**
**activities**
**2021**
**£**
-
-
-
-
-
-
51,044
**51,044**
**Grant**
**funding of**
**activities**
**2021**
**£**
-
51,044
-
**51,044**|**Total**
**2021**
**£**
**293,180**
**11,120**
**21,656**
**218,759**
**769**
**6,527**
**51,044**
**603,055**
**Total**
**2021**
**£**
47,195
603,055
14,024
**664,274**|**Total**
**2020**
**£**
330,264
14,446
24,491
33,624
1,301
7,003
56,805
**467,934**
**Total**
**2020**
**£**
54,924
467,934
13,016
**487,394**|
|---|---|---|---|---|---|
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|14,024|6,527|11,120|241,184|272,855|
50
## **Union of Welsh Independents (Incorporated)**
## **Activity analysis of Income and expenditure for the for the year ended 31 December 2021 Summary of grant making by activity**
|Religious activities|**Grants to**
**institutions**
**2021**
**£**
-
**-**|**Grants to**
**individuals**
**2021**
**£**
51,044
**51,044**|**Support**
**costs**
**2021**
**£**
-
**-**|**Total**
**2021**
**£**
**51,044**
**51,044**|**Total**
**2020**
**£**
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**
**2021**
**0**
14,024
**2021**
**£**
**6,367**|**Governance**
**costs**
**2020**
**£**
13,016
**2020**
**£**
**6,367**|
|---|---|---|
51