the rectorial benefice of llandudno the church in wales statement of financial ... ·...

THE RECTORIAL BENEFICE OF LLANDUDNO

THE CHURCH IN WALES

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2016

Unrestricted Restricted Endowment Total fundsNote funds funds funds 2016 2015

£ £ £ £ £INCOMING RESOURCES

Voluntary Income

a) Planned giving 21,960 21,960 19,749b) Loose Collections 9,903 279 10,182 11,078c) i) Donations 8,258 7,724 15,982 16,408c)ii)Donations from subsidiary 17,425 17,425 74,514d) For Mission 634 634 1,059e) Tax Refunds 4,645 4,645 4,277f) Legacy Gifts 550,065g) Grants 709 316 1,025 5,297

63,534 8,319 71,853 682,447

Generated Income

a) Activities for generating funds 2 20,612 13,547 34,159 34,296b) Fees 2,223 338 2,561 3,395

22,835 13,885 36,720 37,691

Investment Income 3 12,931 3,349 2,156 18,436 9,364

Other Incoming Resourses

ExceptionalTOTAL INCOMING RESOURCES 99,300 25,553 2,156 127,009 729,502

RESOURCES EXPENDED

Support for Ministry

a) Parish Share 75,000 75,000 69,000b) Parochial expenses of Clerics 75 75 70c) Other

75,075 75,075 69,070

Parish Activities

a) Maintenance of Services 7,279 509 7,788 7,087b) General Parish Expenses 4 6,022 1,889 7,911 9,093

13,301 2,398 15,699 16,180

Church Property

a) Maintenance of Churches 19,130 712 2,156 21,998 27,922

b) Maintenance of Other property 11,992 1,299 13,291 13,297Exceptional expenditure

31,122 2,011 2,156 35,289 41,219

Grants and other

Financial Support

a) Mission Parish 2,512 673 3,185 3,406

b) Mission; Home/World 5,986 5,986 5,2758,498 673 9,171 8,681

Other resources

expended

a) Capital payments

b) Depreciation of fixed Assets 13,272 13,272 10,928c) Cost of Money Raising 6,715 6,140 12,855 17,364

19,987 6,140 26,127 28,292

TOTAL RESOURCES EXPENDED 147,983 11,222 2,156 161,361 163,442

Net (resources expended)/incomingresources before transfers (48,683) 14,331 (34,352) 566,060

Transfers between funds 13,034 (13,034)

Net (resources expended)/incoming

resources before other recognised

gains and losses (35,649) 1,297 (34,352) 566,060

Gain/(Ioss) on revaluation and on

disposal of investments 34,042 5,711 9,973 49,726 (1,826)NET MOVEMENT IN FUNDS (1,607) 7,008 9,973 15,374 564,234

Total funds brought forward 760,378 149,302 76,658 986,338 422,104

TOTAL FUNDS CARRIED FORWARD 9 758,771 156,310 86,631 1,001,712 986,338

758,771 156,310 86,631 1,001,712 986,338


THE CHURCH IN WALES

BALANCE SHEET


Unrestricted Restricted Endowment Total fundsNotes funds funds funds 2016 2015

£ £ £ £ £

FIXED ASSETS

Tangible 6 75,205 75,205 61,925Investment in subsidiary 100 100 100Investments 7 455,563 96,385 86,631 638,579 588,805

530,868 96,385 86,631 713,884 650,830

CURRENT ASSETSPrepayments 2,626 403 3,029 3,007Stock 4,408 4,408 4,829Debtors 618 618 523Amount owing by subsidiary 16,715Cash at bank and in hand 268,347 55,114 323,461 312,379

271,591 59,925 331,516 337,453

CURRENT LIABILITIES

Creditors and accruals (2,828) (2,828) (1,945)Amount owing to subsidiary (40,860) (40,860)

(43,688) (43,688) (1,945)

NET CURRENT ASSETS 227,903 59,925 287,828 335,508

NET ASSETS 758,771 156,310 86,631 1,001,712 986,338

TOTAL FUNDS 758,771 156,310 86,631 1,001,712 986,338


THE CHURCH IN WALES

NOTES TO THE ACCOUNTS


1. ACCOUNTING POLICIES

Accounting Convention

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwisestated.

The accounts have ben prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in teh UKand Republic of Ireland (FRS 102) issued on 16 July 2014and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Income resources

Donations and similar incomeWhere donors specify that donations or legacies are for a particular restricted purpose, this income is included within restricted income whenreceived. All other donations are deemed to be unrestricted or endowment income as appropriate.

legacieslegacies to the PCC are accounted for when the PCC is notified of its legal entitlement and the amount due.

Investment incomeThis is recorded on a received basis.

Resources expendedExpenditure is included on an accruals basis.

Parish shareThe Diocesan Quota or Parish Share is accounted for when paid.

Tangible fixed assetsAssets costing more than £1,000 are capitalised. Depreciation is provided at the following rates:-

Fixtures, fittings and equipment 15% on the reducing balance basis

Fixed asset investmentsThese are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

StockStock is valued at the lower of cost and net realisable value.

Fund accountingDetails of each fund are set out in note 10 to the accounts.


THE CHURCH IN WALES



2. ACTIVITIES FOR GENERATING FUNDS

Unrestricted Restricted Endowment Total 2016 Total 2015

£ £ £ £ £Money Raising--Coffee Mornings etc 545 545 285

Mustard Seed 5,026 5,026 5,079use of church grounds 1,200 1,200 240Sunday Concert 4,732 4,732 6,913Concert 335 335 563

Use of Church 3,823 3,823 3,344Hall Hire 2,989 2,989 2,974Coffe Mornings 5,236 5,236 5,296Extravaga nza Refreshments 803 803 747Magazine Sales 224 224 255Magazine advertising 724 724 1,373Christmas Fair 1,151Hall Restoration Fund 195 195 2,757

Friends ofTudno Sales 519 519 253St Tudno Fair 414 414 291150 LOTIERY 1,276 1,276 1,530organ Fund 6,117 6,117 1,245

20,612 13,547 34,158 34,296

3. INVESTMENT INCOME

Unrestricted Restricted Endowment Total 2016 Total 2015£ £ £ £ £

Dividends - Direct Investments 53 53 52Directly held Shares 61 61 86Investment Income 11,616 11,616 3,765Investment Income StTudno 424 424 402Interest - 3 1/2% War Stock

John Roberts Trust (5t Tudno) 2,664 2,664 2,447Dividends - CIFS 2,156 2,156 2,113Bank Interest Receivable 1,201 261 1,462 498

12,931 3,349 2,156 18,436 9,364

4. GENERAL PARISH EXPENSES

Unrestricted Restricted Endowment Toto I 2016 Toto I 2015General Parish Expenses 522 522 491Printing & Stationery 1,982 576 2,558 3,351Rent Paid 10 10 10Trips & Socla Is 283 283 634Postage 59 59 84Professional Fees 105 105 28Independent Examiner's fees 2,094 2,094 1,978Belfry Mise 71 71 125Advertising 977 450 1,427 1,156Flower fund purchases 782 782 709Bank Charges 527

6,022 1,889 7,911 9,093

5. COST OF MONEY RAISING

Unrestricted Restricted Endowment Total 2016 Total 2015£ £ £ £ £

Stock 421 421 (116)Cost of Money Raising 63 63Sunday Concert Expenses 4,732 4,732 4,197Concert Expenses 1,094 1,094 1,602

Mustard Seed purchases 3,187 3,187 2,196Mustard Seed donations 351 351 1,517

StTudno Cards etc 329 329 345Licenses etc 329 329 329Winter warmer expenses 173 173 115Friends of Tudno Purchases 17 17 284Friends ofTudno Expenses 7 7 29Friends of Tudno Donations 98Kitchen Supplies 323 323 330150 Club Prize Money 1,800 1,800 1,800150th Anniversa ry Expenses 29 29 4,638

6,715 6,140 12,855 17,364


THE CHURCH IN WALES



6. FIXED ASSETS

TANGIBLE FIXED ASSETS

Fixtures,

fittings &Equipment

£138,56326,551

At 1 January 2016

Additionsdisposals

At 31 December 2016 165,114

DEPRECIATION

At 1 January 2016

Charge for year

At 31 December 2016

76,63713,27289,909

Net book value at 31 December 2016 75,205

Net book value at 31 December 2015 61,925

7. INVESTMENTS

Market value at 1 January 2015Investments Sold - Proceeds

£588,805

588,805Gain/(Loss) on Sale of Investments

Purchases at cost588,805

48

Gain/(Loss) on investments - unrealised

Market value at 31 December 2016

588,853

49,726

638,579

Investments at market value comprise:

UK equitiesUK fixed interest securities

531,998106,581638,579

Historical cost at 31 December 2016 501,130

Investment comprising over 5% of the value of the portfolio are:-

192,938.05 Affirmative Corporate Bond Units

79,720 Common Investment fund shares

85,296.87 Affirmative Equity Fund Units82.048.82 Affirmative Fixed Interest Fund

Market

value at

31.12.2016

£

234,420135,452

126,666106,581


THE CHURCH IN WALES



8. TRANSFERS BETWEEN FUNDS

Transfers between funds

9. FUNDS

(i) Unrestricted

Unrestricted Restricted EndowmentFunds Funds Funds

£ £ £13,034 (13,O34)

13,034 (13,034)

These are funds which the Parochial Church Council is able to use free of restriction but in accordance with the objects of the ParochialChurch Council.

(ii) Restricted funds

Balances on these funds are:-Belfry FundFlower fundGarden of remembrance - St GeorgeChurchyard accountSunday SchoolMustard SeedSt TudnoFriends of TudnoOrgan FundSt Tudno Restoration FundHall Restoration FundToddler Group150th Anniversary Fund150th Lottery Fund

Cash at bankor in hand2016£

Investments

2016£

Stock2016£

3,369

1,039

4,408

(iii) Endowment funds

Monies donated to these funds are restricted in accordance with the terms of the funds.

3,0937,4411,8344,4551,6917,30712,22411,903

96,385

Prepayments2016£

Creditors andaccruals

2016£

403

403

6842,225976

1,281

55,114 96,385

11. SUBSIDIARYCOMPANY

These are funds donated to provide income to be used by the Parochial Church Council in accordance with the wishes of donors.

During the year ended 31 December 2016 the company made a charitable covenant for the year of £17,425.

Total Total2016 2015£ £

3,093 2,6567,441 8,0571,834 1,8244,455 4,0921,691 1,90910,676 9,468109,012 105,22012,942 9,214

1,154684 680

2,225 2,018976 738

1,6511,281 621

156,310 149,302

At 31 December 2016 Trinity CP(Uandudno) Limited was owed £40,860 by Uandudno PCC£16,715 (2015 - Trinity CP(Llandudno) Limited owed Llandudno pee £16,715).

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