Agenda Item No
The Vale of Glamorgan Council
Welsh Church Act Estate Committee 14th September 2015
Report of the Managing Director
Annual Report and Accounts 2014/15
Purpose of the Report
To consider the Annual Report and Accounts as required by the Charities Act 2011 Section 162.
That the Annual Report and Accounts 2014/15, as set out at Appendix A to this report be approved, and that the Chairman be authorised to sign the same on behalf of the trustees.
Reason for the Recommendation
In accordance with the requirements of The Charities Act 2011, and the Charities (Accounts & Reports) Regulations 2008.
The Charities (Accounts & Reports) Regulations 2008 require that the Annual Report and Accounts should be approved by the Trustees as a body in accordance with their normal administrative procedures.
Relevant Issues and Options
The Annual Report and Accounts for the year ended 31 March 2015 is set out at Appendix A to this report.
The main features of the report, when compared to the previous year, are as follows:
Statement of Financial Activities
Compared with the previous year the total revenue surplus of £10k changed to a deficit of £6k mainly attributable to the following:
Reduction in Investment Income £15k
Increased Investment Management costs £7k
Reduction in cost of Charitable Activities (£6k)
The unrestricted revenue surplus of the fund reduced by £6k as above and amounts to £122k at year end.
The value of the fund at year end was £4.578m an increase of £0.029m over the previous year. This was mainly due to a net increase following an increase at year end valuation of investments.
Subject to its approval by this committee, the document as above will be forwarded to the Council's external auditors, Grant Thornton, for independent examination.
Resource Implications (Financial and Employment)
As indicated in the body of the report
Sustainability and Climate Change implications
There are no sustainability and climate change implications.
Legal Implications (to Include Human Rights Implications)
This report is submitted in accordance with the statutory requirements of the Charities Acts' 1993 and 2011, and the Charities (Accounts and Reports) Regulations 2008
Crime and Disorder Implications
There are no crime and disorder implications
Equal Opportunities Implications (to include Welsh Language issues)
There are no equal opportunities implications
The sole concern of the Trustees is to act in the best interest of the Trust.
Policy Framework and Budget
Consultation (including Ward Member Consultation)
Relevant Scrutiny Committee
Directorate of Resources
Tel: 01446 709152