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2020-12-31-accounts

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Swansea and Brecon Diocesan Boar Swansea and Brecon Diocesan Boar Swansea and Brecon Diocesan Boar Swansea and Brecon Diocesan Boar d of Finance Limite d (The)
Balance sheet as at 31 December 2020
Note 2020 2019
Fixed Assets
Investments 10 5,027,416 5,078,253
Long Term Loans 11 335,000 350,000
5,362,416 5,428,253
Current Assets
Debtors: due within one year 12 130,405 264,571
Cash at bank and in hand 13 1,432,278 988,363
Total current assets 1,562,683 1,252,934
Liabilities
Creditors
falling due within one year		 14 ~682,733 ~420,341
Net current assets 949,950 824,593
Total assets less current liabilities
Creditors
falling due after more than one year		 15 ~335000 6,252,846
~350.000
Net assets 5077366 , 5,0D2 046
The funds ofthe charity
Unrestricted
funds		 16 4,441,004 4,327,713
Designated
Repair Fund		 16 140431 140,431
Total unrestricted
funds		 4,507,4$5 4,474,144
Restricted funds
Ministry Area Transformation Fund 16 179,867 330,213
Restricted
Income Funds		 (Parsonage Maintenance 16 15,662 (77,974)
Fund and Church Maintenance Fund)
Legacy and Benefactions Account and Trust Funds 16 1,194,402 1,176,463
(Restricted Capital Endowment Funds)
Total restricted funds 1,389,931 1,428,702
Total Charity funds 5,977,366 5,902,846

ash flow statement for the year en de d 31De cemb er 2020
2020 2019
8 E'
Net cash flows from operating
activities		 323851 ~301,859
Net cash flows generated
from investing		 activities
Dividend
and interest from investments		 127,208 192,595
Purchase ofinvestments (1,501,807) (589,588)
Proceeds from sale of investments 1,555,809 621,949
Investment
Management
Fees		 (17,860) (18,775)
Nel (increase)/decrease
in cash balances
Nlanagers		 held by Investment ~42,296 ~11,640
Net cash provided
by / (used in) investing		 activities 120,054 194,535
Cash flow from financing
activities
Repayments
ofloans receivable
Repayments
ofloans repayable		 15,000
~15000		 30,000
~30.000
Net cash provided
by/ (used in) generated		 by financing
activities
Change
in cash and cash equivalents		 in the year 443,915 (197,315)
Cash and cash equivalents
at the beginning		 ofthe reporting
period 988,363 1 185678
Cash and cash equivalents
at the end		 of the reporting
period 1,432,278 988,363
Reconciliation
of net income to net cash		 flow generated
from operating
activities
Net Income for the reporting
period (as		 per statement of
financial activities) 153,840 (440,374)
(Increase)/Decrease
in debtors		 134,166 34,176
Increase/(Decrease)
in creditors		 184,392 267,243
Realised (Gain)/Loss on investments (39,189) (79,077)
Dividends
and Interest from investments		 (127,208) (192,595)
Investment
management
fees		 12800 18775
Net cash flows generated
from operating		 activities 323861 ~301 850

5 Income
Total Total
Funds Funds
5.1 Donations
and legacies		 2020f 2019
llllinistry Share assessed by the DBF 1,800,865 2,596,335
Contributions
from the Representative		 Body:
Block Grant 850,863 850,663
COVID-19 Financial
Support		 788,881
Church
Improvement
Grant		 22,500 22,500
Diocesan Advisory Committee 8,333 8,333
Widows, Orphans and Dependents Grant 2,740 2,858
Parsonage
Improvement		 Interest (restricted fund see note
17) 1,283 2,781
Grants received:
Eastmoor Trust 32,169
Allchurches
Trust		 19,925 19,925
Isla Johnson Trust 3,000 3,000
Diocesan Trust 33,248 34,199
Parsonage
Repair		 Grants (restricted fund see note 17) 500
Widows, Orphans &Dependents 237 388
Other Grants and Donations 250
3 554 994 3,541,452

Total Total
Funds Funds
2020 2019
5.2 Charitable
Activities		 8
Resource Centres - Reprographics
Eastmoor Resource Centre, Swansea 597 2,851
Diocesan Centre, Brecon 473 2,437
Resource Centres - Room Lettings
Eastmoor Resource Centre, Swansea
Diocesan Centre, Brecon 22 552
Parsonage
Rental Income (restricted		 fund - see note 17) 42,886 32,659
Contribution
hem Parishes		 5,187 2,286
Contribugons
from Diocesan onganlsations		 2,640 2,640
Marriage Licence Fees 3000 600
04.000 44,D25
ncomi ng resources from Charitable
Activities		 includes Parsonage Rental Income of 842,886(2019
32,6 59) and
Contributions
from
Parishes		 towards expenditure on parsonages 81,267 (2019
2,28 6)which are credited to a restricted
income		 fund.
Total Total
Funds Funds
2020 2019
8 E
5.3 Investments:
Fixed Asset Investments
and Banks
Income from fixed asset investments -listed 102,039 139,398
Income from Representative
Body Common
Investment
Fund Units		 911 1,750
Bank and money market interest 397 1,156
Other interest 533 874
Income from Investment
ofBequests
(619(2019:825) restricted
fund - see		 note 17) 23320 40,415
1272D7 192.594

Total Total
Funds Funds
2020 2019
5.4 Other Income E E
Insurance
Claims - restricted		 13,438 30,233
Job Retention Scheme Grant - restricted 10,052 1,397
23,490 31,630
6 Expenditure
Total Total
Funds Funds
6.1 Support for Ministry 2020f 2019f
Stipends 5Fees
Stipends and allowances 1,956,550 1,953,886
Vacancy fees 3,605 9,819
Council Tax 121,994 116,355
Personages
Maintenance ofPersonages (restricted fund see
note 17) 322,989 858,990
Insurance
of Parsonage		 Houses 13,403 13,167
Custodians'
expenses		 5,455 13,563
Clergy Expenses
Archdeacons' expenses 4,582 7,606
Director of Ministry expenses 631
Area Deans' expenses 583 1,633
Removal and disturbance allowances 15,364 27,964
Nomination
Board expenses		 533
Travel and other expenses 127 5,263
Training
Ordinands 11,242 13,236
Continuing
Ministerial		 Education 7,164 16,253
Readers 204 704
Support Costs
General
Fund (see note 6.6)		 94,701 102,623
Restricted Parsonage
Fund		 56773
3,614736		 55,459
3197715.

Total Total
Funds Funds
2020 2019
6.2 Support for Parishes F
Sector Ministries
Rural Life Ministry 18,508 21,251
Social Responsibility 21,004 20,805
World Mission 45
Tourism 68
Christian
Deliverance		 35 596
Interfaith 500
Older People 1,869 369
EcoChurch 87
Evangelism
and Outreach		 13,221
Statutory
Education		 40,820 48,110
Children,
Youth and Family		 141,481 108,084
Diocesan Expenses
Ministry Area Development Support 47,739 49,651
Safeguarding 19 451
Diocesan Archivist 200 200
Eastmoor Centre 29,832 20.008
Diocesan Centre 37,067 67,532
Support Costs (see note 6.6) 82 228 98,941
444.155 436 566
Total Total
Funds Funds
2020 2019
6.3 Church Property E
Inspections ofChurches and Halls 10,862 28,708
Diocesan Advisory Committee expenses 14,220 13,610
Churches and Pastoral Committee expenses 1,349 1,368
Support Costs (see note 8.6) 31576 23,985
58387 67.671

Total Total
Funds Funds
2020 2019
6.4 Other Financial Support E
Diocesan Bodies
Bishop's Fund 12,000 12,000
Brecon Cathedral
Grant		 41,190 41,190
Diocesan Mission Fund 40,616 43,582
Church Repair Grants 30,250 25,102
Representative
Body		 - Emergency Repairs Fund 16,667 16,667
Parish Assistance
Fund		 10,000 10,000
Social'Responsibility Grants 35,008 33,685
Widows Orphans
&Dependents		 Grants 12,830 11,262
Curate Support Grant to Parishes 4,500
Retired Clergy 153 337
Transformation
Fund		 9,467
Anglican,
Ecumenical,
and other bodies
World Mission Grants 20,000 21,500
Llangasty
Retreat House Grant		 5,000 5,000
Other Grants 1,000 1,000
Support Casts (see note 6.6) 7052 8,303
237 066 239,095
ateri al grants
in t		 he context oftotal expenditur e are:-
2020 2019
E E
Faith in Families (Social Responsibility Grants) 56,012 54,190
Brecon Cathedral 41,190 41,190
Representative
Body - Emergency		 Repairs Fund 16,667 16,667
Mission Fund —StThomas Swansea, Student Pastor 15,000
Bishop ofSwansea &Brecon Fund 12,000 12,000
Total Total
Funds Funds
2020 2019
6.5 Communications E F
Communications
and Media		 3,655 3,767
Newsletters and Diocesan Publications 4,000
Support Costs (see note 6.6) 30441 37,353
42,006 45 120

Total Total
Funds Funds
2020 2019
6.6 Support Costs - Management and Administration 6 f
Salaries including
pensions		 and pension scheme
contributions (see note 7.1) 269,744 251,702
Staff and Office expenses 44,667 71,393
314,411 323,095
Total support costs are charged to the Statement of Financial Activities as follows:
Total Total
Funds Funds
2020 2019
6 6
Support for Ministry 94,701 102,623
Support for Parishes 92,228 98,941
Church Property 31,876 23,985
Other Financial Support 7,852 8,303
Communication 38,440 37,353
Governance Costs 49,314 51,890
314,411 323,095
Other than for support costs which are specific to the activities shown, the support costs, including
salaries and related costs, are allocated to activity headings based on time spent.
6.7 Governance Costs
Total Total
Funds Funds
2020 2019
6
Staff and Administrative Costs (see note 6.6) 49,314 51,890
Company expenses 48 13
Audit fees 10,273 10,138
Diocesan Conference and Standing Committee 157 3,110
Governing Body Meeting expenses 1 024 16455
60.016 01 600

Analysis ofstaff c osts a nd tr ustees' remuneration
and		 expenses
Total Total
Funds Funds
2020 2019
6 F
7.1 Salaries including pensions and pension scheme
contributions
Salaries 459,442 392,559
Social security costs 35,595 31,758
Pensions 4,984 4,839
Pension scheme defined contributions (see below) 60000 52,809
560,021 481,965
alaries and related costs are charged to the St atement of Financial
Activities a		 s follows:
Total Total
Funds Funds
2020 2019
F
Support costs (see note 6.6) 269,744 251,702
Support for Parishes:
Diocesan Officers 196,091 144,406
Resource Centre Staff 30,954 24,752
Diocesan Archivist 200 200
Church Property:
DAC Secretary 14,162 13,499
Parsonage Board 49,090 47 400
560,021 481,965

exclud ing
empl		 oyer
pension costs) fell within the fo		 llowing
bands:
2020 2019
From f30,001 tof40,000 No.
1		 No.
1
From
From		 f40,001
f50,001		 tof50,000
tof60,000		 1 1
Total

8 Other Resources Other Resources Expended Expended
Total Total
Funds Funds
2020f 2019
F
Write off ofuncollectable Ministry Share 201,693
Provision against unpaid Ministry Share 170909 40 041
170909 242,634
8 Net income/(expenditure)
2020 2019f
Net income/(expenditure) is stated after charging:
Audit fee 10273 10130

0
Investments
Fixed
interest
debentures
&
Investments corporate Unit trust Other Total
UK - listed bonds investments investments investments
Book and market value
At 1 January 2020 1,379,885 599,263 1,885,894 1,213,211 5,078,253
Additions
Disposals
Gains on disposal
Gains on revaluation
At 31 December 2020		 814,845
(582,268)
(00,194)
I
0441		 (140,988)
(5,597)
400 «		 667,068
(832,S5S)
143,980
~100 44
.»		 62,292
21 732
1,545,105
(1,555,809)
39,189
» ~10
Fixed asset investments
are held		 as follows;
2020 2019
6
Hald in General Unrestricted Funds
Investment
assets UK - listed		 1,534,447 1,379,885
Fixed interest debentures
and		 corporate bonds 438,711 599,262
Unit Trust investments 1 757023 1 885 894
00
08		 0 0000
Other investments
comprise:
Hold in General Unrestricted Funds
29,652 (2019.:29,652)Representative Body
Investment
Fund Units		 62,788 59,104
Brewin Dolphin Cash Deposit Account 000 0
General Unrestricted
Funds		 0
Held in Restricted Capital, Endowment
Funds
Legacy and Benofactlons Account and Trust Funds
Held by Swansea and Brecon Diocesan Trust 570,624 583,664
Held by the Representative
Body		 544,874 494,504
Held by the Board of Finance
Restricted Capital, Endowment Funds
Total Other Investmonts
Total Invostmonts

11 Concessionary
loans
General Unrestricted
Funds		 2020f 2019
5
Loans funded
by representative		 body:
Retired clergy equity linked
housing		 loans 300,000 300,000
Retired clergy non equity linked housing loans 35,000 50,000
335,000 350,000
Funds received from the Representative Body ofThe Church in Wales are applied to provide loans
for retired
clergy housing (see Note 15).Interest		 is receivable by the Company and the Company
pays an equivalent
amount of interest to		 the Representative Body ofthe Church
in Wales. There are
no speciTic terms for the repayment
ofthe		 loans.
12 Debtors: due within one year
2020 2019
5
General Unrestricted
Funds
Parish Share 847,747 .762,971
Payments
in Advance		 18,750 19,068
Parochial Loans 18,843 18,843
Bank interest
and investment
income		 4,962 28,155
Miscellaneous
Provision for doubtful
debts		 23,127
~034552		 22,693
~054,643
78,777 197,087
Restricted Funds:
Parsonage
Maintenance
Fund
Representative
Body —Improvement		 Fund Repaym'ent 10,749 56,317
Legacy and Benefactions Account and Trust Funds
Restricted Fund Income Receivable 40,779 11,167
Debtors due within one year 130,405 204.571
These are analysed as follows:
2020 2019
5 F
Other debtors 65,914 217,348
Prepaymsnts
and accrued income		 64 401 47223
130,405 264571

or t he year ended 31 Dece mbe r 2020 (c ontinued)
13 Cash at bank and in hand
2020 2019
6 F
CAF Gold Account 574,175 584,125
Other cash balances 858,103 404,238
1,432,278 988.363
Forfurther analysis see note 20.
14 Creditors
falling due		 within one year
2020 2019
General Unrestricted Funds 8
Creditors
Control		 13,781 18,205
Representative
Body		 ofChurch in Wales 317,195 343,765
Ministry Share Paid in Advance 157,084
Internally
invested
Restricted Funds		 9,232 9,232
Quinquennial
Inspections		 1,730 6,090
Church
Repair Grants		 2,729
Sundry creditors 73,579 33,360
572,601 413,361
Restricted Funds:
Parsonage
Maintenance		 Fund (restricted income fund)
Creditors
Control		 17,863 6,733
Sundry creditors 22 269 8227
49,132 14,960
Creditors falling due within one year 612733 428,341
2020 2019
These are analysed as follows: 8 E
Trade creditors 350,570 370,023
Other creditors and accruals 282 163 88318
612 733 428,341

15 Creditors falling due after more than after more than after more than one year
2020 2019
5 L
General Unrestricted Funds
Loans from the Representative Body of The Church in
Wales
Retired clergy equity linked housing loans 300,000 300,000
Retired clergy non equity linked housing loans 35,000 50,000
335,000 350000

Accumulated Fund b alan ces
Gainsl
Accumulated Net (losses) Accumulated
fund incoming arising on Fund
balances I'esources revaluation balances
at forthe year offixed at 31
1 January (see below) asset December
2020 investments 2020
(see below)
6
General Unrestricted Income
Funds
General
Fund Reserve		 4,327,713 210,747. (97,456) 4,441,004
Designated Repair Fund 146,431 146,431
Restricted Funds
Ministry Area Transformation
Fund 330,213 (150,346) 179,867
Parsonage Maintenance Fund (77,974) 78,075 101
Church
Improvement
Fund
Legacy and Benefactions		 15,561 15,561
Account and Trust Funds
Fund Balances 1,176,463 197 18136 1 194,402
Total Charity Funds 5902846 153840 79,320 5,977,386

for the year ended 3 1 D ecember 2020
2020 2019
6 F
Income
Contributions
from Diocesan Board of Finance General
Unrestricted
Income Fund		 398,638 803,215
Income from rented Properties 42,886 32,659
Interest on Improvement Fund 1,283 2,781
Insurance
claims		 13,439 30,233
Grants and Parochial contributions 1,267 3,490
Other Income 324 25
Total Income 457 037 872,403
Expenditure
Maintenance
of Parsonages		 299,411 844,616
Maintenance
contracts		 23,578 14374
322,989 858,990
Administration 56773 55,489
Total expenditure 379762 014470
Net surplus/(deficit)
for the year		 78,075 (42,076)
Fund balance brought forward at 1 January (77,974) (35,898)
Fund balance carried forward at 31 December
The total spe
follows:		 nt on i mprove men ts and maintenanc e
is as
2020 2019
8 E
Maintenance costs 322,989 858,990
Improvement costs (borne by the Representative Body) 60202 56317
303,707 010,267

Financial
in		 struments comprise the following:
2020f 2019
f
Financial assets
Investments measured at market value though the
statement of financial activity 5,027,416 5,078,253

20
Analy		 sis of net assets between funds
Unrestricted Designated Restricted Total
funds funds funds
8 8 F
Investments 3,902,886 1,124,530 5,027,416
Long Term Loans 335,000 335,000
Cash 1,031,482 146,431 254,005 1,432,278
Debtors due within one year 78,877 51,528 130,405
Creditors due within one year (572,601) (40,132) (612,733)
Creditors due in more than one (335,000) (335,000)
year
Total 4,441,004 146,431 1,389,931 5,977,366
Unrestricted Designated Restricted funds Total
fundsf funds
F
Investments 4,340,853 1,087,400 5,428,253
Cash 553,154 146,431 288,778 988,363
Debtors due within one year 197,087 67,484 264,571
Creditors due within one year (413,381) (14,960) (428,341)
Creditors due in more than one (350,000) (350,000)
year
Total 4327713 146431 1,428,702 5902846