Dyfed Welsh Church Fund (Carmarthenshire, Pembrokeshire & Ceredrgion) Annual Report and Financial Statements for the year ending 31st March 2024 Registered Charity no. 506583
CHARITY REGISTFIATION NUMBER- 506583 Charfty nam•.' The County Council of Dyfed Welsh ChurGh Fund Othernames ¢harlty is known by." Welsh Church Fund For th• ffnan¢lal yearb8ginnlng.' 1 April 2023 For the financial yearendlnq." 31 March 2024 Charf$ prlnclpal address." Corporate Service8, County Hall, Carmarthen. Carmarthenshlre, SA311JP. Names of the Charity trustees." camrth8n8hlre County Council Chri3 Moore Pembrokeshlre County Councll Jonathan Ha8vMII Ceredigion County CnCil Duncan Hall Method ofAppolntmant of Thistees The Trusteas are Section 151 OffirS of &xh thal aullK)rlty and &l as Truslee reFxesentatives of their own funds. M•ellng of Tntstees An update on any issues relatlrvJ to the Dyfed Welsh Church Fund werè diswssed at Irustee meetlrvJ held on the 15 February 2024. Gov•rnlng docunnt Welsh Church Act 1914 Model Scheme Investment Managers BlackRock Investment Management (UK) Ltd. 12 Throgmorton Avenue. London, EC2N 2DL Des¢rfption and obfvclls of the Charlty The Dfftd Welsh Church Fund Is a scheme that mainly awards grants towards the costs of maintalning places of worship. However, reglstered charities which benefrt resldents may 8ppty for help towards running cosis, or Gost of a specific woject or purchasing a piece of equipment. Be$e8 natK)nalty re¢ogntsed charities. Charlty supports lo1 charities responslble for providing recreational fadileS or other services which are of benefrt to the Community. AI Loc81 Governm?nt R8organlsalion 1996 the Charity was spllt three ways irfft) the new Unitary Authorftie8 With the amounl avai18ble to each n8w Authority being calculated on Ihe following agreed pentses. Carmarthon8hire County Councll Cerediglon County Council Pembrokeshire County Councll 41% 251
It was however agreed that C8mi8rthenshire County Council would take resportslbility for administering the investment portfolio. 8asts of pr¢paraHon of tho accounts financial stalements have been prepared In accordance with the accounling policies sel out in the notes to tty a¢wunts and comply with the ch¥ity'8 governing documen( the Charities Act 2011, the Charities (Accounts and Reports) RegulatIor and the Charities Statement ol RecOmmejed Practtce (FRS102). Tre prep*ation of the accounts Is carried out by the Treasury and Pension Investments team. Each Authorlty above includes in ils Slatement of Accounts a statement of the Dyfed Welsh Church Fund Account for il8 area, The ALrthorilies' 8ccounts are audlted by their own internal auditors wrth final approval by thelr appointed exterr1 auditors - Audit Wales. Golng Concorn Given the Charlvs net a88et value (£4.7m as at 31.3.24) 8nd market value of investm8nt8 {$ee Investment PerfoTm8nte table in Notes below}, the trustees are COTffldenl Ihal the accounts cart be prepared on a golng ¢oncem basis. Charfty's activities and achlov•ments durlng the yearln r•lation to Its obJeGtiv•$.' The Charity complled with the above objectives durfng 202&24 flnancial year. A total of £187,849.13 was award in grants and investmant Income lotslled £95,781.92. Revi•w of finanGl•l activitles and affalrs.. During Ihis financlal yeez, several grants awarded exceeded £1,000, a breakdown which Is included In the annual accounts. An analysis of Incomlng capit•l resources The Dyfed Welsh Church Fund receNed £79,120.25 from Investments during 2023-24 wlth an addillonal £16,661.67 from inlerest on eAsh balances held. An annual Income of £13.875 was récesved In respect of rent at Scolton Manor. A revlew will take place to detemine if this is a reasonable rental valu8 and to iderrtify any Implications on Ihese financ1 statgments. Rlsk Management The Trustees would be made aware of any possible issues that may affeGt th8 Charity. The Trustees are 8180 aware that the value of investmènts can go down as well as up. Future Alms The Tnjstees wll continue to award grants and monitor investrnenls to gain the besl r8turns for the Charty. ReseThw Pollcy The Charity holds a Revaluatlon Reserve. the currenl b8lance is £549.155 {2023: £503,757). Adjustment5 are actioned when a revaluation of Scoilon Manor takes place. A revaluatfon adjustment has been Carrled out in 2023-24 due to the value of Srxjlton Manor increasing by £45.398.
Welsh Church Fund Act Crilerfa and GuidanGe Notes Carm*thenshke County CouEKil has establistrd the folk)wing criterla In order to ai(1 the admini8tratlon of the We15h Church Fund under sectlon 19 of the Welsh Church Act 1914. Ell Churches & Chapels Organisalions Indlvlduals Infomialty or forfflally constituted consoth working on a particular prolect Can al80 appty. All Ihe organi5ation9 involved in an Informal consortKJm must be eligible in their own rlghl and must provKle 8 copy of their constitulion or govemlng dowmenl. The application form should be compl?t¢d by the lead organis£tion that wlll be legally responsible for the grant and will recerrfe Ihe furKling, should the appllcalion be suSSfUl. Organlsatlons must be dther local based, or If of a national or r8gbnal character rnusl be 8ble to demonslrate that the money requested would be use(1 for a specfflc l¢¢al based project OrganBation8 must elther: Be registered as a clNgrity Hold certffjicates of chartablo status Or hav8 fvnds which are exempt from income tsx Applications for granl support from indivkluals Iowards a specific athivlty wjll be consldered provided appltcant is resident in the Cwnty. ible e rKlllurelG nt r8te Applicants can appty for grant support ft)r the following purposes: Advanc&ment of Education Libraries, museums, art gallerfes, etc. Rellef of poverty AdVanrnent of rellgion other purposes beneficial lo the Communlty The degree of support to be offered will be at the absolute dlsGretion of the awardirvJ authorlty. Grant Maklng Policy (CamMrth•nshlre only) Carrnarthenshir8 County Councll process Wed Welsh Church Fund grants via their Community Bureau and Cabinet Using the Welsh Church Fund Act Criteria as a basls for awording grants. Grant Maklng Policy (Pembrokeshire only) Pembrokeshre County Councll pro¢ess Ded Welsh Church Fund grants vla the Director of Resources, Cablnet and Finance learn using the We15h Church Fund Act Criteria as a basls for awarding grants. Grant M•klng Pollcy (Cwedlgion only) Ceredigion County Council FYoc888 Dyfed Welsh Church Fund grants vi8 their Ceredigion Community Granl Scheme using the Welsh CFwrGh Fund Act Criteria as a basis for aarlIng grants.
statement of the TrustA•s' Res nslbllltks The Trustees are re5ponslble fcf preparing the Trusiees Annual Report and the financlal statements in aGcordance with applicable law arrfj Unlted Kingdom Accounting Standards (United Klngdom Generally AcGepted Accx)unting Practi). The law applicabl& to charilies in England and Wale8 roquires the Trustees to prepare flnancial stslements for 88ch fironcial year which glve a true and f8lr view of the state of affairs of Ihe charity and of the incomlng soUrceS and application of resources of the Gharty for dt Period. In pParing these financl81 statemerrts, the Trustees are required to: select sultable aGGountlng policies ané Ih8n apply them Gonslstently; observe the methods and principle8 in the Charit*s SORP,. make Judgements ar 88timates that are asonable and prudent; state whether applicable accounling Standards have been folkjwed. subject to any malerial departures dlsdosed and eXained In tha financial ststèments", an pr8pare the financial siatements on the going concern basis urdess tt is inappropriate ta presume that the charity wlll ntinUe in buslness. The Trustees are responslble for keeping proper accounting r¢cord8 that disclose wlth reasonable accuracy at any tlme the financial position of the charity and 8nable them to Énsu that the financial ststernents c[xpIY with the Charities Act 2011. the Charfty (Accounts and Reports) Regulalions 2008 and the provisio of the trust d88d. They are also responslble for sateguarding the assets of the Gharity and hence for taking reasonable steps for the prevention arKI detection of fraud and other irr8gularities. The TrLL8tees are responslble for the maintenance and integrity of the charity and financial Information Ir¢luded on its website. Legislatlon In the United Kingdom gov6mlng the preparatlon and dissemin8tion of financial ststements may dTrffer from legislation In other jurisdlGtions. SIOn. Chris Moore Director ol Corporato S•rvtces amarthonshir• Ctsunty CounGII Slgnod: Duncan Hall Corporate Lead offir. Flnance & Procurement Cerndlglon County Coundl Signed:1 Jonathan Ha8well Dirèctor of Resour¢es Pembrokeshire County Council
NOTES TO THE YFED WEL CHURCH FUND cco Dlsclosurn of Trustee Ramunerntlon No expenses or remuneration have bn paKI to the Trustées of the ttyfed Wdsh Churth Fund. Related Paty Dlsclosures The Dyfed Welsh Church Fund's Trust888 are caSrthenShlre, C8r8digion and Pernbrokeshlre County Coundls who are therefore rel8t8d parties. TraIactIonS th thes8 related parti&s are disclosed below: Cerle10n Pembrokeshlre Total County. CounGII Count Councll Carniarthenshlre Count Councll C•ntral R•char9es 16,422 1,600 6.500 24,522 Admimstratlve Expenses Carmarthenshire County Council provides professlonal. lechnlcal and administrative assistance for which it ck¢rges Ihe Chwily. Furlher manaoèment costs are irKurred in relation lo the f8es of investment fund managers. together wÈlh costs Inrred by both Ceredigion County Council and Pembrokeshtre County CounGiI. Inveslmont Perfornmnce INVESTMEKr ' Market Value as Market Value as ?t , at 31.3.22 31.3.23 BIBF {BlackRock Index | 1,690.241 1.212,658 Linked Fund) CAIF (BlackRock 2,161,393 Charities UK Equity Index Fund A Inc TOTAL Market Value as at 31.3.24 1,113,717 2.133.301 2,227,510 3 851,634 3.345.959 Investment Pmpwtios Scdton Manor whiGh is a Victorian County House arKI park Iucated just outside Haverfordwest. It was bought by Ihe Pembrokesh5re Welsh Church Act Fund In 1972 but ¢)wnership was transferred over to the Dyfed Welsh Church Fund in 1996 following Local Governm8nt reorgar)i5ation, It Is operated by Pembrokeshire County Councll. It is rrentlY valued sl £999,155. The lasl valuatlon by th8 Valuation office took place In 2014. Anal 818 of fF ures In NoTrCurnnt Assets All expendilure on Ihe acquisition. creation or 8nhancement of rn-current assets has been capltallsed on an accruals basis in the accounts. Non4urreffjt assets are valued on the basis recommended by CIPFA and in accordan with the Statements of Asset Valuation PrIn(Xpl and Guidance Notes issued by The Royal Instltution of Chartered Surveyors {RlCS).
Inveslmgnt NonlurrentAMets The investments 8hown In the net ass6ts statement *e shown at market value as al 31 March 2024. Cuff•nt Assets The accounts of the Council are mairbtained on an accruals basis with the Code d Prartice and Accountlng and Rpporting by Charlties: FRS 102, Ihal is. sums due to the Councll during the year are includeé whether or not Ihe cash has actually been received In the year. Oebfors, Gredltors and Other Llablllues The accounts of the Council are rnaintained on an accruals basis Wlth the Code of PradKe and Accounting and Reporting by Charities: FRS 102, that 18, payments due from the Council duri the year are included whether or not the &qsh has aciually been paid during the year. The Charfty currenty has no outstanding Debtors amounts 8nd there is no bad debl provlslon Included wlthln Ihe acwunts.
Grants to Instllutlons Grants approved durfng 2023-2D24 flnanclal year over £1.000 CamMrthenshlrn 202>2024 Adul£m B8Ptist ChLKeh. F8llnfoel mman Publlc Hall. Central h8ating s5tstem Cylle Bulldlng Skills-25 new apwenllce Individual tool kils st MaebJ'8 Church, Llandyfaelog st Tello'8 ChurGh, Ll8ndello MJTrydd Sion Chap81. Penr0e9 Uanddarog Parlsh Church pennC WelfBre A$sociadon, Saron Capel Bath18hem, Pwll Trap, St Clears CarTnarthen & DlstslGt Youth Opwa (Our House pr¢t10Th) 3,(KiO.00 3,0.00 3.750.00 3.000.00 3,000.00 1,920.00 10.000.00 1.875.00 3,000.00 3.000.00 31500 C•redlglon 2023-2024 Canolf8n Deulu L18nbedr Pont Sleffan Canoltsn Deukj Tregaron Theatr Byd Bech Cwmnl Arad Goch- 0T Drysau Elft Cgjln Cymd8ith85 Aredig Cerediglon Canolfan Plant Jlg-so The Aloud Charty Clwb Pel4rn8d TrefAberystWh - TIM Mer¢hed 8,648.00 5,566.( 2,000,00 10,000.00 6,525.00 3,000.00 10,000.00 3.400.IXI 1.202.00 50.341.00 Pembrokeshire 202&2024 st Rhlans Church Llanthlan Reserve for PDG paents lo FSM Famllles St Issells Church Begoly Jeffrayston Pwlsh Chur 4,026.00 1CKJ,ODO.00 3,516.00 5.000.00 111542.00
Cyngor Sir Gar Carmarthenshire County Council sirgar.Ilyw.cymru carmarthenshire.gov.wales ch cyr l Yourret. GOfyry) om I Pkne osk I., Anthory P(ynel Fy nghyf i My ref: Dyddiod l Dot&', 28 Moy 2024 E-b05t l E-man: APon*ll@cormarthenshtre.gov.uk Dear All DYFED WELSH CHURCH FUND- OING CONCERN LICY Please could you sign below: The accounts have been revlewed on the following assumptlons: The Charlty ha5 a current (2023-24) net asset value of £4.7m. Please see attached document for details of thts and previous years, figures No threat of liquldatlon for the foreseeable future All obligations are met as they arise Chris Moore Trustee forthe Dyfed We15h Church Fund Director of Corporate Services, Camiarthenshire County Council Duncan Hall Trustee for the Dyfed Welsh Church Fund Corporate Lead Officer: Finance and Procurement, Ceredlglon County Council Jonathan Haswell Trustee for the DyFed Welsh Church Fund D1Ctor of Resources Pembroke5hlre County Council Chris Moore FCCA pc)13i_ OIIR I)I-()14.1= I.-N I&F()l)LE. <K,.3'1 IJP You.
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CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Charity Name Dyfed Welsh Church Fund On accounts for the year ended 31st March 2024 Charity no (if any) 506583 Set out on pages I report to the trustees on my examination of the accounts of the above charity (°the Trust.) for the year ended 3110312024. Responsibilities and basis of report As the charity's Irustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act.). I report in respect of my examination of the Trust's accounts carried out under s8clion 145 of the 2011 Act and in carying out my examination. I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of the Acl. Independent I have completed my examination. I confirm that no material matters have examinerfs statement come to my attention in connection with Ihe examination (8th@t dis619. which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act. or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fair, view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Please d81ete the words in the brackets rfthey do not apply. Signed: Date: 3 October 2024 Name: Caroliné'sian Powell Relevant professional qualification(s) or body (if any): FCCA Address: Carmarthenshire County Council IER Oct 2018
County Hall Carm8rthen Section B Disclosure Only complete if the examiner needs to highlighi maieriai mallers ol concern (see CC32, Independent examination of Gharity accounts: directions and guidance for examiners). Give here brlef details of any items that the examiner wishes to disclose. IER Oct 2018