Powys Welsh Church Fund
Report & Financial Statements for the year ended 31 March 2025 Charity number: 507967
Powys Welsh Church Fund
Contents
| Item Trustee’s Annual Report (consisting of:) Reference and Administrative Details Governance, Management and Structure Objectives and Activities Achievements & Performance Public Benefit Financial Review Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes forming part of the financial statements |
Page(s) 1 1 1 1 1 1 - 2 3 4 5 6 - 12 |
|---|---|
Powys Welsh Church Fund Report of the Trustee for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Trustee Members of Powys County Council Principal Office Powys County Council County Hall Llandrindod Wells Powys LD1 5LG Charity Registration Details Name: Powys Welsh Church Fund No: 507967
STRUCTURE, GOVERNANCE & MANAGEMENT
Governing Document
The charity is governed by the scheme of the Welsh Church Act 1914, dated 13 March 1978.
The charity’s object is to support general charitable purposes in Powys.
The charity’s corporate trustee is Powys County Council, however the management of the charity’s nonproperty investments and grant-making has been delegated to Community Foundation Wales. As Community Foundation Wales controls the day-to-day activities of the charity, the non-property related transactions and balances are treated as being those of Community Foundation Wales and are included in the financial statements of Community Foundation Wales. Community Foundation Wales is a Charitable Company registered in England & Wales, company number 0367068, charity number 1074655 whose principal activities are to inspire people to give, help Welsh communities to thrive and change lives together. The consolidated financial statements of Community Foundation Wales can be obtained from First Floor, Hastings House, Fitzalan Place, Cardiff CF24 0BL.
OBJECTIVES & ACTIVITIES
The primary objective of the Fund is to provide assistance to groups for social, recreational and other charitable purposes.
ACHIEVEMENTS & PERFORMANCE
For the reporting period the grant pay out was £113,400 (2024: £139,464).
Projects funded during the last reporting period include funding a rural children’s play charity, a debt and benefits advice centre and a Welsh heritage festival.
PUBLIC BENEFIT STATEMENT
After taking due regard of the Charity Commission guidance on public benefit, the charity is able to demonstrate public benefit because:
-
The payment of grants is clear evidence of the relevant benefit provided.
-
Beneficiaries are eligible recipients connected with the specified region.
-
Grant-making is free to beneficiaries.
FINANCIAL REVIEW
Charitable activity spend of £109,900 (2024: £140,414) comprises grants awarded to organisations and independent examination costs.
The charity’s investments are part of a £23m corporate investment portfolio managed by Community Foundation Wales, but delegated to their investment managers: Brewin Dolphin and CCLA Investment Management Ltd. The value of the investments increased in the year as investments continue to recover following a turbulent previous few years. Powys Welsh Church Act investments are now valued at £3,075,179 (2024: £3,137,899).
1
Powys Welsh Church Fund Report of the Trustee for the Year Ended 31 March 2025
Community Foundation Wales operates a total return approach to managing its investments. In this financial year the trustees of CFW recommended a distribution amount of 6% of the market value of the endowment at 30 September 2023.
Reserves Policy
Due to the adoption of a total return policy the charity no longer requires a small reserve to permit a smooth pattern of grant payments, as investment income is now reinvested and it is the unapplied total return that acts as the reserve for distribution. Cash flow forecasting ensures that we have enough cash available to meet grant liabilities as and when they fall due for payment.
As a result, the free reserves at 31 March 2025 were £nil (2024: £nil).
Approved on behalf of the Members of Powys County Council as trustee:
...........................................................
William Denston Powell
Name……………………………………..
Date: 19th November 2025
2
Independent Examiner's Report to the Trustees of Powys Welsh Church Fund For the year ended 31 March 2025
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity's trustees, 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 section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination 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 ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns 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.
Chris Trantham FCA For and on behalf of Bishop Fleming Audit Limited 10 Temple Back Bristol BS1 6FL
Date: 3[rd] December 2025
3
Powys Welsh Church Fund
Statement of Financial Activities for the year ended 31 March 2025
| Notes Income and endowments from: Investment Income 2 Total Income Expenditure on: Costs of raising funds Raising funds 3 Charitable Activities 3 Total expenditure Net income/(expenditure) before gains and losses on investments Gains/(losses) on investment assets 7 Gain on revaluation of property 6 Net income/(expenditure)for the year Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2024/25 2024/25 Unrestricted funds Endowment funds £ £ 73,716 - 73,716 - 46,939 8,295 109,900 - 156,839 8,295 (83,123) (8,295) - (22,208) - (83,123) (30,503) 83,123 (83,123) - (113,626) - 3,279,168 - 3,165,542 |
2024/25 Total funds £ 73,716 73,716 55,234 109,900 165,134 (91,418) (22,208) - (113,626) - (113,626) 3,279,168 3,165,542 |
2023/24 Total funds £ 75,459 |
|---|---|---|---|
| 75,459 | |||
| 54,343 140,414 |
|||
| 194,756 | |||
| (119,298) 324,622 157,739 |
|||
| 363,063 | |||
| - 363,063 2,916,105 |
|||
| 3,279,168 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing operations.
4
Powys Welsh Church Fund Balance Sheet as at 31 March 2025
| Notes Fixed assets Investments: Securities 7 Other land and buildings 6 Current assets Cash at bank Debtors 8 Creditors: Amounts falling due within one year 8 Net current liabilities Creditors: Amounts falling due in greater than one year 10 Net Assets Represented by: Funds Unrestricted funds 9 Endowment funds 12 |
2024/25 £ £ 3,075,178 362,800 3,437,978 - 2,248 2,248 (264,336) (262,088) (10,348) 3,165,542 - 3,165,542 3,165,542 |
£ 3,138,536 362,800 |
2023/24 £ 3,501,336 (205,168) (17,000) 3,279,168 - 3,279,168 3,279,168 |
|---|---|---|---|
| - 2,248 |
- 3,055 |
||
| 2,248 (264,336) |
3,055 (208,223) |
||
The notes at pages 6 to 10 form part of these accounts
Approved by the corporate trustee and signed on its behalf by:
Signature Print Name William Denston Powell
…………………………………… ………………………………………
Date: 19[th] November 2025
5
Powys Welsh Church Fund Notes to the Accounts
1 ACCOUNTING POLICIES
Basis of preparation
The financial statements, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments and investment property.
The Charity’s functional and presentational currency is the pound sterling (£), and balances are rounded to the nearest £1.
Preparation of the accounts on a going concern basis
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The Charity has net current liabilities of £262,088 at the 31 March 2025. This represents an amount owed to Community Foundation Wales for liabilities incurred in respect of the Powys Welsh Church Act Fund. The liability will be resolved in the future by way of liquidation of part of the fund investment portfolio, which will be transferred back to Community Foundation Wales.
Fund accounting
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
-
Endowment funds held at the balance sheet date represent permanent endowment for unrestricted purposes. The fund is managed on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decide each year how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need for current grant funding as well as to invest returns for the future.
INCOME
Recognition of income
All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Income received by way of grants and donations is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
-
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
-
Investment income is included when received.
-
Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
Listed investments
Listed investments are included in the balance sheet at market value. Any gain or loss on disposal or revaluation is charged or credited to the SOFA.
6
Powys Welsh Church Fund Notes to the Accounts
EXPENDITURE AND LIABILITIES
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs
Governance costs include items such as independent examination and legal costs relating to the governance of the charity.
Grants with performance conditions
Where the charity gives a grant with conditions for its payments being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
Grants payable without performance conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Support costs
Support costs include central functions and have been allocated to activities by the percentage of time spent on each activity.
ASSETS
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year, and costs at least £500. They are valued at cost or a reasonable value on receipt.
Investment property
Investment property is valued at open market value. Any gain or loss on disposal or revaluation is charged or credited to the SOFA.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months of less from the date of acquisition or opening of the deposit or similar account.
Critical accounting estimates and assumptions
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next year.
7
Powys Welsh Church Fund Notes to the Accounts
2 INVESTMENT INCOME
| INVESTMENT INCOME | |
|---|---|
| Income from listed investments Rental income |
2024/25 2023/24 £ £ 71,468 72,404 2,248 3,055 |
| 73,716 75,459 |
3 RESOURCES EXPENDED
| RESOURCES EXPENDED | |
|---|---|
| Raising funds Charitable Activities Total Resources Expended |
Direct Support Governance 2024/25 2023/24 £ £ £ £ £ - 55,234 - 55,234 54,343 108,400 - 1,500 109,900 140,414 |
| 108,400 55,234 1,500 165,134 194,756 |
Costs have been attributed on a basis consistent with the use of resources. Where costs cannot be allocated, they are apportioned by the estimated percentage of time spent on each activity. Support costs are primarily the management fee paid to Community Foundation Wales.
Direct charitable activity spend of £108,400 comprises grants - all payable to groups (2024: £139,464 comprises grants - all payable to groups).
4 GOVERNANCE COSTS
Governance costs are included under the charity's charitable activities expenditure and are broken down as follows:
| Independent Examination Total Governance Costs |
2024/25 2023/24 £ £ 1,500 950 |
|---|---|
| 1,500 950 |
5 TRUSTEES
None (2024: None) of the Trustees or any persons connected with them received any remuneration or benefits from the charity during the year (2024: £nil) other than as disclosed in Note 11 Related Party Transactions.
8
Powys Welsh Church Fund Notes to the Accounts
6 INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| Other land and buildings At 1 April 2024 Additions Disposals Revaluation At 31 March 2025 |
2024/25 2023/24 £ £ 362,800 205,061 - - - - - 157,739 |
| 362,800 362,800 |
The WCA estate comprises parcels of agricultural land which are either let on secure agricultural tenancies or short term licenses. The market value of the estate will be assessed every five years on 31st March each year and a valuation report issued. Market value is defined by RICS in Practice Statement 3.2 as: "the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arms length transaction after proper marketing and where the parties had each acted knowledgably, prudently and without compulsion". Unless there are known changes to a particular parcel of land it would only need to be inspected once every five years and the annual review of value will be based on current prices for comparable parcels of agricultural land. The land was last valued by C&A in April 2023 and is in line with the value reported, therefore not deemed to be impaired.
| 7 INVESTMENTS - SECURITIES Listed investments at valuation Opening valuation Additions in the year Disposal proceeds Cash movement Gain/(loss) on revaluation Closing valuation Listed investments comprised: UK-listed Investments Portfolio cash float Material Investments CCLA COIF Segregated portfolio holdings |
2024/25 2023/24 £ £ 3,137,899 2,799,436 438,636 650,466 (455,259) (600,025) (9,092) (34,532) (37,005) 322,555 |
|---|---|
| 3,075,179 3,137,899 |
|
| 3,068,563 3,123,339 6,616 14,560 |
|
| 3,075,179 3,137,899 |
|
| 790,180 849,114 2,284,999 2,288,785 |
|
| 3,075,179 3,137,899 |
9
Powys Welsh Church Fund Notes to the Accounts
| 8 | DEBTORS | 2024/25 | 2023/24 |
|
|---|---|---|---|---|
| £ | £ | |||
| Other debtors | 2,248 | 3,055 | ||
| 9 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2024/25 | 2023/24 |
|
| £ | £ | |||
| Other creditors | 229,443 | 181,486 | ||
| Accruals | 34,893 | 26,100 | ||
| 264,336 | 207,586 |
|||
| 10 | CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR | 2024/25 |
2023/24 |
|
| £ | £ | |||
| Accruals | 10,348 | 17,000 |
||
| Unrestricted | Endowment | |||
| 11 | ANALYSIS OF NET ASSETS BETWEEN FUNDS | funds | funds | 2024/25 |
| £ | £ | £ | ||
| Fixed assets investments | - | 3,437,978 | 3,437,978 | |
| Net current assets | - | (262,088) | (262,088) | |
| Creditors > 1 year | (10,348) | (10,348) | ||
| - | 3,165,542 | 3,165,542 | ||
| Unrestricted | Endowment | |||
| funds | funds | 2023/24 | ||
| £ | £ | £ | ||
| Fixed assets investments | - | 3,501,336 | 3,501,336 | |
| Net current assets | - | (205,168) | (205,168) | |
| Creditors > 1 year | (17,000) | (17,000) | ||
| - | 3,279,168 | 3,279,168 |
10
Powys Welsh Church Fund Notes to the Accounts
12 RELATED PARTY TRANSACTIONS
| RELATED PARTY TRANSACTIONS | |
|---|---|
| Powys County Council Community Foundation Wales |
2024/25 2023/24 £ £ 650 650 46,289 45,726 |
| 46,939 46,376 |
Powys County Council retains the trusteeship of the Powys Welsh Church Fund but has delegated to Community Foundation Wales the management of the Fund's non-property investments and grantmaking. The Foundation manages both of these activities on behalf of Powys County Council as part of the Foundation's investment portfolio according to the Foundation's investment strategy. The Welsh Church Act Fund uses the systems and procedures of Community Foundation Wales in the administration of the Fund. Community Foundation Wales was paid £46,939 for administering the Fund (2024: £45,726).
13 PERMANENT ENDOWMENTS
| Endowment funds Unapplied total return Endowment funds Unapplied total return |
Balance at 1 April 2024 Incoming resources Resources expended Transfers Revaluation s, gains and losses Balance at 31 March 2025 £ £ £ £ £ £ 2,279,715 - - - - 2,279,715 999,453 - - (83,123) (30,503) 885,826 |
|---|---|
| 3,279,168 - - (83,123) (30,503) 3,165,542 |
|
| Balance at 1 April 2023 As restated Incoming resources Resources expended Transfers Revaluation s, gains and losses Balance at 31 March 2024 £ £ £ £ £ £ 2,279,715 - - - - 2,279,715 636,390 - - (111,331) 474,394 999,453 |
|
| 2,916,105 - - (111,331) 474,394 3,279,168 |
11
Powys Welsh Church Fund Notes to the Accounts
14 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Income and endowments from: Investment Income Total Income Expenditure on: Costs of raising funds Raising funds Charitable Activities Total expenditure Net income/(expenditure) before gains and losses on investments Losses on investment assets Gain on revaluation of property Net expenditure for the year Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2023/24 2023/24 Unrestricted funds Endowment funds £ £ 75,459 - 75,459 - 46,376 7,967 140,414 - 186,790 7,967 (111,331) (7,967) - 324,622 157,739 (111,331) 474,394 111,331 (111,331) - 363,063 -2,916,105 - 3,279,168 |
2023/24 Total funds £ 75,459 |
|---|---|---|
| 75,459 | ||
| 54,343 140,414 |
||
| 194,756 | ||
| (119,298) 324,622 157,739 |
||
| 363,063 | ||
| - 363,063 2,916,105 |
||
| 3,279,168 |
12