The Welsh Church Act Fund within the areas of Rhondda Cynon Taf, Bridgend and Merthyr Tydfil County Borough Councils ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124 Registered Charity no. 506658
Welsh Church Act Fund 2023r24 Annual Report 2023124 Contents Page Report of the Trustee Statement of the Trustee's Responsibilities Report of the Auditor Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Accounting Policies 16 Notes to the Statement of Financial Activities 18 Notes to the Balance Sheet 21 Notes to the Cash Flow 23 Page 2 of 23
Welsh Church Act Fund 2023r24 Re ort of the Trustee for the Year Ended 31•1 March 2024 to Pre are Annual Re orts and Accounts Rhondda Cynon Taf County Borough Council, as trustee. is responsible for the preparation of the Annual Report and Accounts for the Welsh Church Act Fund. The trustee presents its report along with the financial statements of the charity for the year ended 31 sl March 2024. The financial statements have been prepared in accordance with the legal requirements contained in the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 (SI 2008 No 629) and the Charities Statement of Recommended Practice 2019 (FRS102). Le al and Administrative Information Name of Charity The Welsh Church Act Fund within the areas of Rhondda Cynon Taf, Bridgend and Merthyr Tydfil County Borough Councils. Charity Number 506658 Governing Document Trust Deed Trustee Rhondda Cynon Taf CBC, as a corporate body. is the trustee of the Welsh Church Act Fund. Method of Appolntment Upon becoming a Member of the Council, Councillors become a trustee of the Fund. Chief Executive Paul Mee Prlnclpal Offlce Rhondda Cynon Taf CBC, Llys Cadwyn 2, Pontypridd, CF37 4TH Auditors Audit Wales, 1 Capitsl Quarter, Tyndall Street. Cardiff, CF10 48Z. Bankers Barclays Bank PLC, Leicester, Leicestershire, United Kingdom, LE87 2BB. Page 3 of 23
Welsh Church Act Fund 2023r24 COIFS (Charities Official Investment Fund) Managed by CCLA (Churches. Charities and Local Authorities) Investment Management Ltd.. 1 Angel Lane, London, EC4R 3AB. Solicitors Legal and Democratic Services, Rhondda Cynon Taf CBC. Llys Cadwyn 2, Pontypridd. CF37 4TH. Investment Managers There is no contract with any advisor and no annual fees are charged. However, advice is sought on an ad-hoc basis. Narrative Infomiation Constltutlon and Objectlves Lloyd George, under the provisions of the 1914 and 1919 Welsh Churches Acts, established the Welsh Church Act Fund. These two acts transferred certain categories of secularised property to a Welsh Church Act Fund to be administered by the County Councils, however, these funds were not activated until 194247, when propety to the value of almost £2.5m was handed over to the County Councils. The Welsh Churches Acls state that income of the funds should be devoted to charitable or alms giving purposes and that each Council is required to prepare a scheme for the use of the fund. The Welsh Church Act Fund within the areas of Rhondda Cynon Taf, Bridgend and Merthyr Tydfil County Borough Councils still operates under the constitution of the Mid Glamorgan Welsh Church Act Fund. The original trust deed is dated 9th January 1976 and the regislered charity number is 506658. The charitable purposes to which the fund may be applied are: Educational Relief in sickness Relief in need Libraries, Museums, Art Galleries, etc. Social and recreational Protection of historical buildings, etc. Medical and social research, treatment, etc. Probation, etc. Blind persons Aged persons Places of worship and burial grounds Emergencies or disasters Other charitable purposes These purposes are consistent with the Charity Commission's guidance on public benefit. Page 4 of 23
Welsh Church Act Fund 2023r24 Organisation All the Councillors of Rhondda Cynon Taf CBC act as trustee of the Welsh Church Act Fund. As the Fund covers the areas of Bridgend and Merthyr Tydfil as well as Rhondda Cynon Taf, the trustee consults with representatives from these County Borough Councils on sucSsful applications within their localities. Where appropriate an induction and appropriate training is provided to councillors and any responsible officers which deal with the Fund on behalf of the Trustee. The charity trustee has complied with the duty in the Charities Act 2011 to have due regard to guidance published by the Charity Commission. Related Parties A related paty transaction is one where the charity has a relationship with another party, which might inhibit it from pursuing its own separate interests. It is considered that Rhondda Cynon Taf CBC, Bridgend CBC and Merthyr Tydfil CBC and all Trustees of the Fund have related party relationships with the charity. Transactions with related parties are disclosed in Note 4 to the Statement of Financial Activities. Grant Maklng Pollcy Organisations are invited to submit applications together with estimates, accounts and constitutions. One or more of the purposes mentioned previously will cover successful applicants. There are specific restrictions applied around these general categories which are as follows: Students are not eligible as it is considered that the County Borough Council's education policy already covers the most worthwhile cases. Individual cases of relief in sickness will be referred to by the County Borough Council's Community & Children's Services Group. Individual cases of relief in need will be refused, as any provision in this area should be the responsibility of the Department for Work and Pensions. However, applications from organisations working towards relief in need will be considered on their merits. No grant will be made towards organisations with an alcohol license. No grants will be made toward projects operating outside the areas of Bridgend, Merthyr Tydfil and Rhondda Cynon Taf. Applications will be considered from organisations based outside the areas of Bridgend, Merthyr Tydfil and Rhondda Cynon Taf provided that the work of the organisation has local significance. To be eligible, organisations should ensure their facilities are open to the public at large. Any assistance given will be towards project expenditure of a capital nature only. Revenue costs such as running expenses will not be supported. Welsh Church Page 5 of 23
Welsh Church Act Fund 2023r24 Act Fund grants will not be paid up front. Grant will nonnally be paid on completion of the project, on submission of invoices and bank statements to eviden the expenditure. Welsh Church Act Fund grant limits during 2023124 were: Grants under £2,000 did not require match fvnding, granls exceeding £2,000 required a minimum of 10 % match funding and grants exceeding £10,000 required a minimum of 200/0 match funding from non-welsh Church Fund sources. Maximum grant available was £50,000. Details of the Grant Making Process When projects are fully developed and ready for a decision, recommendations are made by officers via a Grant Assessment Report. Decisions to accept or reject these recommendations are made by the Regenerab"on Manager in consultstion with the Cabinet Member and following consultation with Bridgend and Merthyr Tydfil County Borough Councils. Revlew of Flnanclal ActSvStles The Statement of Financial Activities for the year is set out on page 13. A summary of the financial results are set out below: Investment income during the year totalled £365k (£378k in 2022123). Expenditure on charitable activities totslled £517k {£470k in 2022123), and govemance costs of £6k were incurred (£4k in 2022123). Net incoming resources less resources expended amounted to a deficit of £158k (Net incoming resources less reSoUrS expended amounted to a defi'cit of £96k in 2022123). During 2023124 the number of grant awards processed InCaSed from 40 in 2022123 to 47. Net gains on the revaluation of Investments totalled £967k for the year (net losses of £572k in 2022123. Investment Pollcy and Performance agalnst Pollcy The Trust Deed govems the trustee's investment powers. This permits the Charity's funds to be invested in any authorised security listed on the London Stock Exchange. The trustee has complied with this policy during 2023124. The investment strategy of the Fund is to balance risk. Capitsl value is exposed to minimum risk whilst ensuring investment income is sufficient to pay for approved grants. Page 6 of 23
Welsh Church Act Fund 2023r24 Aims We will continue to be a demand led grant making charity providing support where it is needed. Achievements and Perforniance In line with the charity's objectives, grants of £485k were awarded in 2023124. Further details are given in Note 2 to the Statement of Financial Activities. Risk Management The trustee is made aware of any issues with possible detrimental effects upon the Fund as they arise. There were no such issues during 2023124. The accounts are prepared in accordan with the Host Authority's Corporate Govemance policies such as Financial Procedure Rules, Contract Procedure Rules. Codes of Conduct and Scheme of Delegation. The trustee is aware that investment values can decrease as well as increase. Page 7 of 23
Welsh Church Act Fund 2023r24 Statement of the Trustee's Responsibilities The trustee is responsible for preparing the Trustee's Annual Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charily for that period. In preparing these financial statements, the trustee is required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP: make judgements and estimates thal are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee is responsible for the maintenance and integrity of the charity and financial information included on its website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. By order of the Trustee Signed: On behalfofthe Trustee......................-....................... Date..... .1510112025................... Page 8 of 23
Welsh Church Act Fund 2023r24 The independent auditor's report of the Auditor General for Wales to the trustee of The Welsh Church Act Fund within the areas of Rhondda Cynon Taf. Bridgend and Merthyr Tydfll County Borough Counclls Opinion on financial statements I have audited the financial statements of The Welsh Church Act Fund within the areas of Rhondda Cynon Taf, Bridgend and Merthyr Tydfil County Borough Councils (the Fund) for the year ended 31 St March 2024 under the Charities Act 2011. The financial statements comprise the Slatement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes, including the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi). In my opinion the financial statements: give a true and fair view of the state of affairs of the chaiity as at 31 sl March 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act 2011. Basis for opinion I conducted my audit in accordance with applicable law and Intemational Standards on Auditing in the UK (ISAS {UK)) and Practice Note 10 'Audit of Financial Statements of Public Seclor Entilies in the United Kingdom.. My responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. My staff and l are independent of the charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK including the Financial Reporting Council's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Conclusions relating to going concern In auditing the financial statements. I have concluded that the use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work I have perfonned, I have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the body s ability to continue to adopt the going cOnM basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue. My responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Information The other information comprises the information induded in the annual report other than the financial ststements and my auditor's port thereon. The trustees are responsible for the other infomiation contsined within the annual report. My opinion on the financial ststements does not cover the other infomation and, except to the extent otherwise Page 9 of 23
Welsh Church Act Fund 2023r24 explicitly stated in my report, I do not express any fom of assurance conclusion thereon. My responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, l am required to determine whether this gives rise to a material misstatement in the financial stalements themselves. If, based on the work I have perfOed, I conclude that there is a material misstatement of this other information, l am required to report that fact. I have nothing to report in this regard. Matters on which I report by exception I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require me to report to you if, in my opinion: I have not received all of the infonnation and explanations I require for my audtt; sufficienl accounting records have not been kept. or returns adequate for my audit have not been received from branches not visited by my team; the financial stalements are not in agreement wilh the accounting records and returns,. or the information given in the financial slatements is inconsistent in any malerial respect with the trustee report. Responsibilities of the trustees for the financial statements As explained more fully in the ststement of trustee's responsibilities, the trustee is responsible for: maintaining sufficienl accounting records; the preparation of the financial statements in accordance with the applicable financial reporting framework and for being satisfied that they give a true and fair view: intemal controls as the trustees detemiine is necessary to enable the preparalion of financial statements to be free from material misstatement, whether due to fraud or error; assessing the charity's ability to continue as a going conrn. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees anticipate that the serViS provided by the charity will not continue to be provided in the future. Auditor's responslbilities for the audit of the financlal statements I have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. My 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 my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audil 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. Page 10 of 23
Welsh Church Act Fund 2023r24 Irregularities. including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. My procedures included the following: Enquiring of management, the head of intemal audit and those charged with govemance, including obtaining and reviewing supporting documenlation relating to fund's policies and prOdureS concemed with: identifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance: detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations. Considering as an audit leam how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, I identified potential for fraud in the following areas: revenue recognition, expenditure recognition and the posting of unusual journals. Obtaining an understanding of fund's framework of authoiity as well as other legal and regulatory frameworks that the Fund operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Fund. Obtaining an understanding of related paty relationships. In addition to the above, my procedures to respond to identified risks included the following: reviewing the financial ststement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; enquiring of management, the Council and legal advisors about actual and potential litigation and claims; reading minutes of meetings of those charged with govemance and the trustee in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and l also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The extenl to which my prOdureS are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the Fund's controls. and the nature, liming and extent of the audit procedures performed. A further description of the auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.or .uk]auditorsres nsibilities. This description foms part of my auditor's report. Page 11 of23
Welsh Church Act Fund 2023r24 Other auditor's responsibilities I communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inlemal control that l identify during my audit. Adrian Crompton Auditor General for Wales 2010112025 1 Capitsl Quarter Tyndall Street Cardiff CF10 4BZ Page 12 of 23
Welsh Church Act Fund 2023r24 Statement of Financial Activities for the ear ended 3181 March 2024 Unrestricted Funds Note 2023124 2022123 £'ooo £'ooo Income and Endowments from: Investments 365 378 Totsl Income and Endowments 365 378 enditure on: Charitable Activities Other (517) (6) (470) <4) Total Expendlture (523) {474) Net gainsl(Losses) on Investments 967 (572) 668 Net Incomel(Expenditure) 809 Net Movement In funds 809 {668) Reconciliation of Funds Total Funds Brought Forward at 1 $1 April Total Funds Carried Forward at 3181 March 13,184 13,852 13,993 13,184 The notes contsined on pages 18 - 20 form part ofthese Accounts. Page 13 of 23
Welsh Church Act Fund 2023r24 Balance Sheet as at 31 $1 March 2024 Note 31103124 £'ooo 31103123 £'ooo Flxed Assets Investments 14,176 13,209 Current Assets Debtors Cash at Bank 103 55 158 103 300 403 Current Liabilities Creditors: Amounts falling due within one year (341) (378) Net Current Assets (183) 25 Creditors: Amounts falling due after more than one year (50) Total Net Assets 13,993 13,184 Represented By: The Funds of the chari Unrestricted Funds 13.993 13,184 Total Unrestricted Funds 13,993 13,184 The notes contained on pages 21- 22 form part of these Accounts. Page 14 of 23
Welsh Church Act Fund 2023r24 Statement of Cash Flows for the ear ended 31st March 2024 Note 2023124 £'ooo 2022123 £'ooo Cash Flows from O eratin Activities: Net Cash Provided by (Used in) Operating Activities {614) (470) Cash Flows from Investln Actlvltles: Dividends. Intest and Rents from Investments 369 379 Net Cash Provided by (Used in) Investing Activities 369 379 Cash Flows from Financin Activities Net Cash Provlded by (Used In) Flnanclng Activities Change In Cash and Cash Equivalents In the Reporting Period (245) (91) Cash and Cash Equivalents at the Beginning of the Reporting Period 300 391 Cash and Cash Equivalents at the End of the Reporting Period 55 300 The notes contsined on page 23 form part of these Accounts. Signed: Date: 112 Barrie Davies Deputy Chief Executive l Group Director - Finance. Digital & Frontline Services Rhondda Cynon Taf CBC Llys Cadwyn 2 Pontypridd CF37 4TH Page 15 of 23
Welsh Church Act Fund 2023r24 Accountin Policies Accounting Policies are the principles, bases, conventions and rules by which transactions are recognised, measured and presented in the accounts. Basis of Preparation The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the Financial Reporting Standard for Smaller Entities. The financial statements have been prepared in accordance with the legal requirements contained in the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 (SI 2008 No 629) and the Charities Statement of Recommended Practi 2019 (FRS102> except where stated otherwise. Incoming Resources Policy Income is credited to the fund in the year to which it relates regardless of when the income is actually rec£ived. Resources Expended Policy Expenditure is included on an accruals basis i.e. charged to the year to which it relates regardless of when the expenditure is made. Grants Payable Policy Grants payable are charged in the year when the offer is conveyed to the recipient. Unused grants are written back when written confirmation is provided stating that funding is no longer required. Management and Administration Policy The allocation of Central Support Services costs to the Fund is based upon an estimate of the time spent by employees of Rhondda Cynon Taf CBC in undertaking work associated with the Fund. Investment Propertles Investment properties are recorded in the accounts at the most recent valuation of market value. Any difference in value arising out of the periodic revaluations will be chargedlcredited to Unrestricted Funds. The most recent valuation was at 1 $1 December Page 16 of 23
Welsh Church Act Fund 2023r24 2020 and was carried out by Chris Clarke Surveyors Ltd. In accordan with FRS 102, investment properties are not depreciated. Flxed Asset Investments (Other Than Property) Long Term Investments are recorded in the accounts at current market value. Rhondda Cynon Taf CBC, as Host Authority, administers investments on behalf of the Fund. The Treasury Management Policy statement of the Host Authority governs all such transactions. Any unrealised and realised gains and losses on revaluation and disposal are combined in the Statement of Financial Activities. Fund Structure All funds are unrestricted. Trustee Remuneration and Expenses The trustee has not received any remuneration or expenses in the year 2023124. Policy on Reserves Reserves are unrestricted and held for the fvture use of the Fund for the purposes specified in the Trust Deed. Policy on Investments of Cash Cash is deemed to be sums of money available for immediate use by the Welsh Church Fund. Such items are cash balanS held in the Fund's bank account (less unpresented cheques). The Welsh Church Fund does not hold Cash in Hand. Policy on Debtors and Creditors Debtors are amounts recoverable, based on the amount the Charity ants'cipates it will receive. There is no bad debt provision induded within the Ststements. Creditors are amounts due from the Welsh Church Act Fund. Policy on Going Concern The twstee is responsible for keeping proper accounting records and produce financial ststements that comply with the provisions of the trust deed. The Fund is therefore prepared on the basis of a going concem. Page 17of23
Welsh Church Act Fund 2023r24 Notes to the Statement of Financial Activities Investment Income 2023124 £'ooo 2022123 £'ooo Bank Interest Interest on Investrnents Total 354 365 371 378 Charltable Actlvities During 2023124 the Fund awarded total grants amounting to £485,220.71. Those organisations awarded granls equal to or greater than £2,000 are detailed below: anisation Amount Merth r T dfil Tennis Club Nebo Church. Cefn Cribwr Darranlas Environmental Grou Rhondda Athletic Club Porthcawl YMCA Brynna Community Centre St Matthews Church, Treorch Maes nnon Allotments, Aberdare Brackla Tabemacle Bethlehem Church Life Centre Bethania Pro ect, Aberfan St Geor es Church, Cwm arc Great Westem Colliery Preservation, Trehafod (Hetty Pit Parc Arts (Eg BreSberaldd C Peniel Pentecostsl Livin Wa FUZE - Fern Partnershi Llantrisant Tennis Club Darranlas Communit Buildin C Ich Meithrin Seren Fach, Mountain Ash Aber orki Hall Gilgal Baptist. Brid end Mt Zion,Gelli All Saints Church, Porthcawl St Thomas Church, Cl dach Vale Temple Baptist, Pont pridd el Bed dd r, Blaencwm Brackla Tabemacle Rhydyfelin Methodist Church St Johns Ambulance, Aberdare Welcome to our Woods, Treherbert St Geor e's, Cwm arc United Reform Church, Edwardsville 7,776.00 8,000.00 7,938.00 2,412.00 6,138.13 10.000.00 6,989.27 2,160.00 8,337.60 5,394.60 50,000.00 6,002.00 10,000.00 4,200.00 4,320.00 50,000.00 9,596.00 5,654.88 3,854.45 8,580.60 7.533.00 3,960.00 8.424.00 10,000.00 10,000.00 10,000.00 8,640.00 2,255.80 3,703.60 10.000.00 10,000.00 10,000.00 mru Page 18 of 23
Welsh Church Act Fund 2023r24 B nSionBa tist Church Ho e Rescue - Pon clun Sho Valle Veterans Cambrian Villa e Trust Comelly Development Trust StG nnos. Merth r T dfil Behaviour Support Group, Pontypridd Trealaw Christian Centre Tabernacle Ba tist Church, Porth St Iiituds Church, Church Villa Subtotal of grants equal to or greater than £2,000 42 in number Grants less than £2,000 5 in number Total rants able for 2023124 47 in number Grants written back to the Fund and under reserved Accounting and Technical Support Total Charitable Activities as per Statement of Flnancial Activities 10,000.00 22,082.00 46,224.00 50,000.00 2,321.23 6,866.64 7.275.60 6,295.00 5,595.30 10,000.00 478 529.70 6,691.01 485,220.71 24.888.95 56.276.53 516,608.29 The Welsh Church Fund only awards grants to institutions. The following table gives a summary analysis of grants awarded by the nature of the project during 2023124: Analysis Total Amount of Grant Awarded Total Number of Grants Social and recreational Other charitable ses Places of worshi Libraries, Museums and Art Galleries Total 180,429.00 86,178.50 208,613.21 10,000.00 485.220.71 11 13 22 47 Other Costs 2023124 2022123 Audit Fees Total Page 19 of 23
Welsh Church Act Fund 2023r24 Related Party Transactions 4.1 Related Transactions with Administrating Authority Organisation Nature of Interest Welsh Church Act Fund Transactions with Organlsatlon Balance Outstsndlng as at 31st March 2024 £'ooo Payments Net Value £'ooo Payments Recelpts Recelpts Rhondda Cynon Taf CBC Accounting (56) Technical ort Interest Receivable Rhondda Cynon Taf CBC Total 11 56 11 11 4.2 Related Transactions wilh Members of the Council During 2023124, Fourteen Members identified an interest in thirteen organisations that have been awarded a grant from the Fund. Organlsatlon Memberfs Relationshi Amount Awarded Outstanding Amount 2023124 2022123 31103124 31103123 15,000 Pontypridd YMCA Director rrrustee Member. Darranlas Environmental Group,Mountsin Ash Darranlas Community Building,Mountain Ash Lee Garden Pool Penrhiwceiber Femhill & Glenboi Communit centre Friends of n Park Ysio Fach Sero Rhondda Lawn Tennis Club, Treorch Cor Meibion, Aberc non 7.938 7.182 Member. 5.655 15,913 9,915 Chair 8,560 Member. 2.384 2,384 2,384 Member 50,000 50,000 50,000 Director Member 46,211 14,156 29,297 10,000 Vice President I Director 1,421 Page 20 of 23
Welsh Church Act Fund 2023r24 Maesyffynnon Allotments, Aberdare Great Westem Colliery PreseNation Trust Ltd. Cambrian Village Trust Nos Galan Committee Member 2.160 Director 10,000 10,000 Board Member 50,000 50,000 4 Members 1,716 The same one member declared an interest in each of these organisations. Notes to the Balance Sheet Fixed Asset Investments 1.1 Analysls of Movement In Investments An analysis of the fixed assets held as investments for the charity is provided below: Land £'ooo 44 Securities £'ooo 13.165 967 14,132 Totals £'ooo 13,209 967 14,176 ri12023 Net Sur lus on Revaluation Market Value at 31 st March 2024 1.2 Investment Securltles Analysls 31103124 £'ooo 495 9,243 4,394 14,132 31103123 £'ooo 482 8,476 4,207 13.165 Government Stock Charities Official Investment Fund Charities Official Fixed Interest Fund Total Market Value Historical Cost as at 31 st March 2024 Debtors An analysis of debtors as at 31 st March 2024 is provided below: 31103124 £'ooo 31103123 £'ooo Amounts due from RCT CBC Accrued Interest on Investments Total 92 103 96 103 Page 21 of 23
Welsh Church Act Fund 2023r24 2.1 Accrued Interest relates to investment income relating to 2023124 paid in 2024125. It is made up as follows- £'ooo 62 28 COIF Fixed Interest Fund COIF Investment Fund 2 /2 % Index Linked 2024 Total 92 3. Credltors: Amounts Falllng Due Withln One Year An analysis of creditors as at 31 sl March 2024 is as follows: 31103124 £'ooo 322 (12) {7) 341 31103123 £'ooo 319 (13) (46) 378 Miscellaneous Charitable Or Audit Wales - fee accrual Rhondda Cynon Taf CBC Total anisations 4. Creditors: Amounts Falling Due After More Than One Year An analysis of creditors as at 31 st March 2024 is as follows: 31103124 £'ooo 31103123 £'ooo 50 50 Miscellaneous Charitable Or Total anisations Page 22 of 23
Welsh Church Act Fund 2023r24 Notes to the Cash Flow Reconclllatlon of Net Incomel(Expendlture) to Net Cash Flow from Operatlng Activities 2023124 £'ooo 2022123 £'ooo Net Incomel{Expenditure) as per the Statement of Flnanclal Actlvltles 809 (668) Adjustments for: (GainsyLosses on Investments (967) 572 Dividends, Interest and Rents from Investments (365) {378) (Increase)IDecrease in Debtors (4) (6) Increasel(Decrease) in Creditors (87) 10 Net Cash Provlded by (used In) Operatlng Activities (614) (470) Page 23 of 23