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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|
##
##
##
##
##
##
##
##
##
##
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##
|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|