OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

Contents Pages
Trustees'
report		 1-12
Independent
auditors'		 report 13-15
Statement offinancial activities 16-17
Balance sheet 18
Cash flow statement 19
Notes to the financial statements 20 —37

2021 2020
Ministry Share Collection 89.7% 916%
Net income/(expenditure) for the year on unrestricted funds before 122,030 210,747
unrealised
gains
Value ofunrestricted reserves 4,905,223 4,441,004
Clergy positions:
Stipendiary 50
Non-stipendiary 17
House for duty 1

BE
0
2'0		 0
N		 W Ot
O		 0
O
ED		 fc Ec Ct
ED		 C
«I
I		 Ct
ID
f		 I
0
«I
5		 Cl
0
I
N		 ED
0
EC		 C
CD
O
c		 CD0
Ol
Ol
0 «4
0
N
Cl
Ec		 DI ED Ec 00
EO		 EC C
~4ci
'O
0 S
0VV
IE
iE		 —BE
0
8'		 0
ED
C
ED		 DI CD d
ID		 e o
Ol
«I		 N
Cl
P
ED		 ID «Ie
Ct		 hl «I
Ct
Ct
ED
C
!Pi 0
«4
ED
EC		 DI EO
Ct0		 EO
Ct
If&
QQ.
KO'0		 0
Eg
O
EC		 0 DI
IE
Ol 50
E0V0
Vi0'0		 I E
DO Z
m		 ON
CI		 d
0		 0
EO0		 ID 0
Ot
ED
EC		 0
N
d
Ct
Ec		 O
ED
IO		 EE EDe
0
0		 R
e
V0 EN ID
cc
ED
0
0		 0
I
0"		 0
a		 Ol
0
O
e		 a
Ct
Cl
Oi		 e
ID		 0
ED
~		 «|«I
0
ED
a
Ec		 ID
ID
IO
oi
«i
N
N g=. fs N
cc		 W CCCt
t«		 C0
IO		 CI
N
O
J2
EQVO
Ci		 s/z N
ED		 Dl o
Cl
Ol		 a
IO
Ol
Cl		 0 Cl Dt
I		 Cl0
Ct
I
III'00'0
LO		 IL' 'D0
0		 IC
CtN		 Dl IOI
Cl		 Cl
Cl		 I
Cf		 CI
'lt
I
Cl
I
IEQ
O 'lD'E
I0
IN		 END E
ill '0 0'00
0
5		 o
~4
g
ED		 a
Cl
I
ID		 ID
ID
0
Ct		 Cl
g
ED		 ED
Di
IO		 a
Ct		 cD
e
Ol		 o
e
@		 «I
g		 ~4
I
Oi
I«i		 ~4
ED
Ol
I
«I
IE
V		 0Z Id Cd ED
tD		 d
EO		 Ct
E Et		 I
C
5$C ll
i7
0
0
O
E
Q
III		 0
E0
OEc		 Cl0
P
00
0
0		 N4l
IC
IDc8
E
c0		 E
N
0		 t«
E		 4I
E		 5 0
Cl
'0		 00
E
4I
CD
Cl0
Cl
E
g		 0
Ct
4t0E
00		 0c
0.
0		 cl
EL
EO		 K
c
c
0		 0
CL
O.
0
o		 0
c000'c0E
LI		 ,IC
8
0c
E0
0
0
co		 D.
ID
E
0
g
0		 E
'O0
4I
It4I
E
e
0		 0 5 Ct
N		 CI
IV
P		 OlO
00
Q Ot
Cl
t O
0
0
QQ
IO		 CtNItIS CI
No0		 CI
CSoOIt
Ip		 O! II
Ct
Ct0!
'0 C!
NIS
N		 CCt O o
C!		 go0 IS
Ot
e
C
IO		 O'RO CtN
Pl
Ct
OI 5$
E0
Q0
QI0		 E
0		 O It
NCN		 0\
O		 So
Cl
0N		 O IPl 0'
CC!
e Q0 0
I		 O'O
g 0		 lp
~v
g		 0
c
O		 OlI
IS		 IOt
N
IS
lpII		 CI
'0		 IO
Icl
I-
'Qe		 CSI
Cl
CIII
S
Sl		 )g cj N \l0
zN
ID
E E C
o
eVc CI 'OI 0
ED
5		 Ol
Ol
I
~I		 Ol
IP
Ol		 lp
IS		 Ol
IO
C
CR8
IOe
LL
0
'p
IO0
IQe		 Ol'0
IO
IO
e		 O
o
'0j,J
'0 E
H'
Niz		 00
C		 CN
IV		 Cl
I		 Cf IO
~0
OlI		 IO
NN0
N
N
NQl
N
N		 SO0l
O
N
SZ
C
C0o
OieQ0 IO
Ol		 00 o
I3
lc		 a
a		 0
IS
C		 Ol
N		 IS
Ct		 NN
o
Ol		 N
0C
Ol		 E0
4
CO
4l
Ci
C00e
R
a
IO
IO
(Ac
ch		 cC
IO
Q0
IO0
II
00
0
Ol
E
Ol
OD		 0
$ 8.
OD
C
IC0
0 c
E'8		 g
c
c		 Cl
E
Z		 0c fll'00 Sl
'0 Z		 D
IS0IS0
ODDO
$00
II c
Ot
OD 00
000
IO5		 c
0
PS
Sl
0
0
0
8		 8
E0
g
O
0
0
0
0
jl
E		 IS
'O0
0
Z		 'm
Sl
0
OIL		 CIC
IO
'E0
OE
D 0
0 0
E
5
E OIS
0
0 0 0
c=c~		 N
O
N
N6C
l0C
CS
0lE
0l
IO
N		 N0
N
N
YtC
N
CL
SC
SD
C
C0
NE
OO

Note 2021 2020
6
Fixed Assets
Investments 10 5,634,059 5,027,416
Long Term Loans 11 335,000 335,000
5,909059 5,362,416
Current Assets
Debtors: due within one year 12 364,634 130,405
Cash at bank and
in hand		 13 1,247,414 1,432,278
Total current assets 1,612,048 1,562,683
Liabilities
Creditors
falling due within		 one year 14 ~009,799 ~612,733
Net current assets 1,102,249 949950
Total assets less current
Creditors
falling due after		 liabilities
more than one year		 15 ~335,000 ~335,000
Net assets 6736300 5.077,366
The funds ofthe charity
Unrestricted
Funds		 16 4,905,223 4,441,004
Designated
Funds		 16 146,431 146431
Total unrestricted
funds		 5,051,654 4,587,435
Restricted funds
Ministry Area Transformation Fund 16 64,392 179,867
Restricted
Income Funds (Parsonage		 Maintenance 16 287,621 15,662
Fund and Church
Maintenance		 Funds)
Legacy and Benefactions Account and Trust Funds 16 1,332,641 1,194,402
(Restricted
Capital Endowment		 Funds)
Total restricted
funds		 1,684,654 1,389,931
Total Charity funds 6,736,308 5,977,366

Cash flow statement for the year en d ed 3 1 Decembe r 2021
2021 2020
6
Net cash flows from operating
activities		 ~333,382 323,851
Net cash flows generated
from investing		 activities
Dividend
and interest from investments		 124,100 127,208
Purchase of investments (1,169,307) (1,501,807)
Proceeds from sale ofinvestments 1,244,037 1,555,809
Investment
Management
Fees
Net (increase)
in cash balances
held by Investment		 Managers (19,600)
~36,212		 (17,860)
~43,286
Net cash provided
by / (used in) investing		 activities 148,518 120,054
Cash flow from financing
activities
Repayments
ofloans receivable
Repayments
ofloans repayable		 15,000
~15.565
Net cash provided
by/ (used in) generated		 by financing
activities
Change
in cash and cash equivalents
in the year		 (184,864) 443,915
Cash and cash equivalents
at the beginning		 ofthe reporting
period 1,432,278 988,363
Cash and cash equivalents
at the end of		 the reporting
period 1,247414 1,432 278
Reconciliation ofnet income to net cash flow generated
from operating
activities
Net Income for the reporting
period (as per		 statement of
financial activities) 288,297 153,840
(Increase)/Decrease
in debtors		 (234,229) 134,166
Increase/(Decrease)
in creditors		 (102,934) 184,392
Realised Gain on investments (180,016) (39,189)
Dividends
and Interest from investments		 (124,100) (127,208)
Investment
management
fees		 19,600 17,860
Net cash flows generated
from operating		 activities ~333,382 323,861

5 Income
Total Total
Funds Funds
2021 2020
5.1 Donations
and legacies		 F
Ministry Share assessed by the DBF 1,680,664 1,800,865
Contributions
from the Representative		 Body:
Block Grant 615,270 850,663
COVID-19Financial Support 778,665 788,881
Church
Improvement
Grant		 37,500 22,500
Church
Improvement
Grant		 —Historic Sales Fund 39,000
Diocesan Advisory Committee 8,333 8,333
Widows, Orphans and Dependents Grant 4,300 2,740
Parsonage
Improvement
Interest (restricted		 fund see note
17) 388 1,283
Grants and Donations
received:
Eastmoor Trust 62,958 32,169
Allchurches
Trust		 19,925 19,925
Isla Johnson Trust 3,000 3,000
Diocesan Trust 33,929 33,248
Parsonage
Repair		 Grants (restricted fund see note 17) 16,685
Widows,
Orphans		 &Dependents 237 237
Other Grants and Donations 71 250
3,300,925 3,564,094

or t he year ended 31 December 202 1 ( c ontinued)
Total Total
Funds Funds
5.2 Charitable
Activities		 2021
6		 2020f
Resource Centres —Admi nistrati ve Services
Eastmoor Resource Centre, Swansea 597
Diocesan Centre, Brecon 1,502 473
Resource Centres - Room Lettings
Eastmoor Resource Centre, Swansea
Diocesan Centre, Brecon 22
Parsonage
Rental Income (restricted		 fund - see note 17) 61,960 42,886
Contribution
from Parishes		 4,948 5,187
Contributions
from Diocesan onganisations		 2,890 2,640
Marriage Licence Fees 4,440 3,000
75,740 54,805
ncomi ng resources from Charitable
Activities		 includes Parsonage Rental Income of 661,960(2020
42,8 86) and Contributions
from Parishes
towards		 expenditure on personages
ENII		 (2020:E1,267
hich are credited to a restricted
income fund.
Total Total
Funds Funds
2021 2020
E E
5.3 Investments:
Fixed Asset Investments
and Banks
Income from fixed asset investments - listed 91,797 102,039
Income from Representative
Body Common
Investment
Fund Units		 1,180 911
Bank and money
market interest		 67 397
Other interest 385 533
Income from Investment ofBequests
(E19(2020:f19)restricted
fund - see		 note 17) 30,671 23,328
124,100 127,208

or t he year ended 3 1 Dece m ber 2021 (c ontinued)
Total Total
Funds Funds
2021 2020
5.4 Other Income 5
Insurance
Claims		 - restricted 184,492 13,438
Job Retention Scheme Grant —restricted 6,066 10,052
190,558 23,490
6 Expenditure
Total Total
Funds Funds
2021 2020
6.1 Support for Ministry 5 S
Stipends 5Fees
Stipends and allowances 1,609,778 1,956,550
Vacancy fees 1,381 3,605
Council Tax 129,366 121,994
Parsonages
Maintenance ofParsonages (restricted fund see
note 17) 635,014 322,989
Insurance
ofParsonage		 Houses 13,831 13,403
Custodians'
expenses		 9,378 5,455
Clergy Expenses
Archdeacons' expenses 5,181 4,582
Area Deans' expenses 157 583
Removal
and		 disturbance allowances 19,291 15,364
Travel and other expenses 3,966 127
Training
Ordinands 8,052 1I1,242
Continuing
Ministerial		 Education 3,855 7,164
Readers 380 204
Support Costs
General
Fund (see note 6.6)		 102,972 94,701
Restricted Parsonage Fund 56,446 56,773
2,599,048 2,614,736

Total Total
Funds Funds
6.2 Support for Parishes 2021f 2020f
Sector Mlnlstrtes
Rural Life Ministry 16,187 18,508
Social Responsibility 21,215 21,004
World Mission 134 45
Christian
Deliverance		 35
Spirituality 78
Older People 996 1,869
EcoChurch 116 87
Intercession 72
Evangelism
and Outreach		 20,454 13,221
Statutory
Education		 42,286 40,820
Children,
Youth and Family		 144,054 141,481
Diocesan Expenses
Ministry Area Development Support 48,355 47,739
Safeguarding 19
Diocesan Archivist 200 200
Eastmoor Centre 12,900 29,832
Diocesan Centre 29,591 37,067
Support Costs (see note 6.5) 96,851 92,228
433,435 444.155
Total Total
Funds Funds
6.3 Church Property 2021f 2020f
Inspections ofChurches and Halls 9,548 10,862
Diocesan Advisory
Committee		 expenses 16,067 14,220
Churches
and Pastoral		 Committee expenses 1,606 1,349
Support Costs (see note 6.6) 35,310 31,876
62 531 53 331

or t he year ended 31Dec ember 20 2 1 (continued)
Total Total
Funds Funds
6.4 Other Financial Support 2021
6		 2020f
Diocesan Bodies
Bishop's Fund 12,000 12,000
Brecon Cathedral
Grant		 41,190 41,190
Diocesan Mission Fund 15,789 40,616
Church
Repair Grants		 14,290 30,250
Representative
Body		 - Emergency Repairs Fund 16,667 16,667
Parish Assistance
Fund		 20,125 10,000
Social Responsibility Grants 35,357 35,008
Widows Orphans
&Dependants		 Grants 11,663 12,830
Curate Support Grant to Parishes 7,500 4,500
Retired Clergy 209 153
Anglican,
Ecumenical,
and other bodies
World Mission Grants 21,500 20,000
Llangasty
Retreat House Grant		 5,000 5,000
Other Grants 1,000 1,000
Support Costs (see note 6.6) 8,013 7,852
210,303 237,066
2021 2020f
Faith in Families (Social Responsibility Grants) 56,572 56,012
Brecon Cathedral 41,190 41,190
Representative
Body - Emergency		 Repairs Fund 16,667 16,667
Mission Fund —St Thomas Swansea, Student Pastor 15,000
Bishop ofSwansea &Brecon Fund 12,000 12,000
Total Total
Funds Funds
2021 2020
6.5 Communications
Communications
and Media		 1,550 3,655
Newsletters
and Diocesan Publications		 874
Support Costs (see note 6.6) 37,404 38,441
39,828 42,096

Total Total
Funds Funds
2021 2020
6.6 Support Costs - Management and Administration 6
Salaries including pensions and pension scheme
contributions (see note 7.1) 279,898 269,744
Staff and Office expenses 52,350 44,667
332,248 314,411
otal support costs are charged to the Statement of Financial Activities as follows:
Total Total
Funds Funds
2021 2020
5
Support for Ministry 102,972 94,701
Support for Parishes 96,851 92,228
Church
Property		 35,310 31,876
Other Financial Support 8,013 7,852
Communication 37,404 38,440
Governance Costs 51,698 49,314
332,248 314,411

Total Total
Funds Funds
2021 2020
Staff and Administrative
Costs (see		 note 6.6) 51,698 49,314
Company expenses 13 48
Audit fees 10,092 10,273
Diocesan Conference and Standing Committee 141 157
Governing Body Meeting expenses 3946 1,024
62 893 60,816

Analysis of staff c osts and tr ustees' remuneration
 and expenses
Total Total
Funds Funds
2021 2020
6
7.1 Salaries including pensions and pension scheme
contributions
Salaries 465,462 459,442
Social security costs 38,196 35,595
Pensions 5,029 4,984
Pension scheme defined contributions (see below) &,366 60,000
572,053 560,021
otal salaries and related costs are charged to the Statement of Financial
Activities as follows:
Total Total
Funds Funds
2021 2020
6
Support costs (see note 6.6) 279,898 269,744
Support for Parishes:
Diocesan Officers 207,160 195,871
Resource Centre Staff 21,913 30,954
Diocesan Archivist 200 200
Church Property:
DAC Secretary 15,230 14,162
Parsonage Board 47,652 49,090
522 553 560,021

exclud ing
empl		 oye r
pension costs) fell within the fo		 llowing
bands:
2021 2020
No. No.
From 630,001 to 640,000 1 1
From 540,001 to F50,000
From 550,001 to f60,000 1 1
Total

8 Other Resources Expended Expended
Total Total
Funds Funds
2021 2020
6 6
Write offofuncollectable Ministry Share 50,681
Provision against unpaid Ministry Share 99,672 179,909
150,353 179,909
Net income/(expenditure)
2021 2020
6 6
Net income/(expenditure) is stated after charging:
Audit fee 10,105 10,273

0
Investments
Fixed
interest
debentures
&
Investments corporate Unit trust Other Total
UK - listed bonds investments investments investments
Book and market value
At 1 January 2021
1,534,448		 438,711 1,757,023 1,297,234 5,027,416
Additions
182,353		 228,153 994,582 30,712 1,435,800
Disposals
(578,681)		 (90,617) (810,520) (1,479,818)
Gains on disposal
(11,170)		 5,168 186,018 180.016
Gains on revaluation
295,973		 5,017 34,562 135,093 470,645
At 31 December 2021
1,422,923		 586,432 2,161,665 1,463,039 5634,059
Fixed asset investments
are held as follows:
2021 2020
6 f
Held In General Unrestricted
Funds
Investment
assets UK - listed		 1,422,923 1,534,448
Fixed interest debentures
and corporate bonds		 586,432 438,711
Unit Trust investments 2.161.665 1,757,023
Other investments
comprise:
Held in General Unrestricted
Funds
29,652(2020:29,652) Representative
Body
Investment
Fund Units		 69,424 62,788
Brewin Dolphin Cash Deposit Account ND 109,916
General Unrestricted
Funds		 172,704
Held in Restricted Capital, Endowment
Funds
Legacy and Benefactions Account and Trust Funds
Held by Swansea and Brecon Diocesan Trust 641,509 570,624
Held by the Representative
Body		 602,246 544,674
Held by the Board ofFinance 9 3 9232
Restricted
Capital, Endowment
Funds		 tt «
30
Total Other Investments
Total investments
Restricted
Capital,
Endowment
Funds		 include investments held by the Swansea and Brecon
Diocesan
Trust and
by the RBCIW.		 Of the aggregate investments held by the Swansea
and
Brecon Diocesan
Trust,
units are allocated		 as being held on behalf of Company. The carrying
value shown
under this heading above		 represents
this allocation.		 Units held at 31 December 2021
are 336,495(2020:336,495).
Investments
held by the Representative		 Body on behalf ofthe Company are in respect ofLegacies
and Trust Funds. These investments are held as a number of units in the Representative Body
Funds. The aggregate
number
of units		 at 31 December 2021 are 257,227 (2020:257,227).
The carrying
value of investments
held		 in the Restricted Capital, Endowment
Funds		 is stated
in
accordance
with the accounting
policy in note 1 ofthese financial
The historic
cost of the above
investments
at 31" December		 statements.
2021 was E3,744,731		 (2020:
r3,606,734)

2021 2020
General Unrestricted Funds 8
Loans funded by representative body:
Retired clergy equity linked housing loans 300,000 300,000
Retired clergy non equity linked housing loans 35,000 35,000
335,000 335,000
12 Debtors: due within one year Debtors: due within one year Debtors: due within one year
2021 2020
General Unrestricted
Funds
Parish share 922,010 847,747
Payments
in advance		 18,947 18,750
Parochial loans 18,843 18,843
Bank interest and investment income 15,951 4,962
Miscellaneous 29,847 23,127
Provision for doubtful
debts		 ~634,224 ~634.552
71,374 78,777
Restricted Funds:
Parsonage
Maintenance		 Fund
Insurance
claim income		 184,492
Representative
Body —Improvement		 Fund repayment 35313 10740
219,805 10,749
Legacy and Benefactions Account and Trust Funds
Restricted
fund income receivable		 73,455 40,779
Debtors due within one year 364 634 130405
These are analysed as follows:
2021 2020
8 E
Other debtors 256,281 65,914
Prepayments
and accrued		 income 108,353 64,491
364,634 130,405

13 Cash at bank and in ha nd
2021 2020
6
CAF Gold Account 793,500 574,175
Other cash balances 453914 858,103
1,247,414 1,432,278
For further analysis see note 20.
14 Creditors falling due within one year
2021 2020
General Unrestricted Funds 6
Creditors
Control		 3,561 13,781
Representative
Body		 of Church in Wales 285,273 317,195
Ministry Share Paid in Advance 97,898 157,064
Internally
invested
Restricted		 Funds 9,232 9,232
Quinquennial
Inspections		 1,730
Sundry creditors 72,482 73,579
460 446 572 601
Restricted Funds:
Parsonage
Maintenance		 Fund (restricted income fund)
Creditors
Control		 4,854 17,863
Sundry creditors 36499 22,269
41,353 40,132
Creditors falling due within one year 509,799 612,733
2021 2020
These are analysed as follows: 6 E
Trade creditors 293,688 350,570
Other creditors and accruals 216111 262,163
509799 612.733

15 Creditors falling due after Creditors falling due after more than more than more than one year one year
2021 2020
5
General Unrestricted
Funds
Loans from the RBCIW
Retired clergy equity linked housing loans 300,000 300,000
Retired clergy non equity linked housing
loans		 35,000 35,000
335,000 335,000
Loans received from the RBCIW are applied to fund loans for Retired clergy housing and general
support (see Note 11).Interest at 1.1%was payable on the non-equity linked
housing		 loans, to
the Company.
The Company
pays		 an equivalent
amount		 of interest to the RBCIW. There are no
specific terms for the repayment after more than one year ofthe loans due to the Representative
Body. The liability to repay the Representative Body is independent ofthe recovery ofloans made
to Parishes and Clergy.
16 Accumulated
Fund balances
Gains/
Accumulated Net (losses) Accumulated
fund incoming arising on Fund
balances resources revaluation balances
at for the year offixed at 31
1 January (see below) asset December
2021 investments 2021
(see below)
5
General Unrestricted
Income
Funds
General
Fund Reserve		 4,441,004 122,030 342,189 4,905,223
Designated
Repair Fund		 146,431 146,431
Restricted
Funds
Ministry Area Transformation
Fund 179,867 (115,475) 64,392
Parsonage
Maintenance
Fund		 101 25,998 26,099
Church
Improvement
Funds		 15,561 73,500 89,061
Regeneration
Fund		 109,886 109,886
Ministry Share Assistance Fund 62,575 62,575
Legacy and Benefactions
Account and Trust Funds
Fund Balances 1,194,402 9,783 128,456 1,332,641
Total Charity Funds 5,977,366 288,297 470,645 6,736,308

for the year ended 3 1 D ecember 2021
2021 2020
6 E
Income
Contributions from Diocesan Board ofFinance General
Unrestricted Income Fund 453,934 398,638
income from rented Properties 61,960 42,886
Interest on Improvement Fund 388 1,283
Insurance
claims		 184,492 13,439
Grants and Parochial contributions 16,684 1,267
Other Income 324
Total Income 717,458 457,837
Expenditure
Maintenance ofParsonages 611,655 299,411
Maintenance contracts 23,359 23,578
635,014 322,989
Administration 56,446 56,773
Total expenditure 691,460 379,762
Net surplus
for the year		 25,998 78,075
Fund balance brought forward at 1 January 101 (77,974)
Fund balance carried forward at 31 December 26,999 191
The personages
are owned
by the		 RBCIW and improvements are funded from the Parsonage
Improvement Fund.
The total spent on improvements and maintenance is as
follows:
2021 2020
5
Maintenance costs 635,014 322,989
Improvement costs (borne by the Representative Body) 83,463 60,202
718,477 383,191

20
Analysis ofnet assets		 20
Analysis ofnet assets		 between funds
Unrestricted Designated Restricted Total
funds funds funds
8 6 8
Investments 4,381,072 1,252,987 5,634,059
Long Term Loans 335,000 335,000
Debtors due within one year 71,374 293,260 364,634
Cash 921,223 146,431 179,760 1,247,414
Creditors due within one year (468,446) (41,353) (509,799)
Creditors due in more than one (335,000) (335,000)
year
Total 4,905,223 146,431 1,684,654 6,736,308
Unrestricted Designated Restricted funds Total
funds funds
F F 8
Investments 3,902,885 1,124,530 5,027,416
Long Term Loans 335,000 335,000
Cash 1,031,842 146,431 254,005 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 4441 004 146,431 1,389,931 5,977,366