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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

  1. To consider the Annual Report and Accounts as required by the Charities Act 2011 Section 162.

Recommendation

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.

Background

  1. 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

  1. The Annual Report and Accounts for the year ended 31 March 2015 is set out at Appendix A to this report.
  2. 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.

  • Balance Sheet

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.

  1. 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)

  1. As indicated in the body of the report

Sustainability and Climate Change implications

  1. There are no sustainability and climate change implications.               

Legal Implications (to Include Human Rights Implications)

  1. 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

  1. There are no crime and disorder implications

Equal Opportunities Implications (to include Welsh Language issues)

  1. There are no equal opportunities implications

Corporate/Service Objectives

  1. The sole concern of the Trustees is to act in the best interest of the Trust.

Policy Framework and Budget

  1. Not applicable               

Consultation (including Ward Member Consultation)

  1. Not applicable

Relevant Scrutiny Committee

  1. None

Background Papers

None

Contact Officer

Gemma Jones

Principal Accountant

Directorate of Resources

Tel: 01446 709152

Officers Consulted

None

Responsible Officer:

Rob Thomas

Managing Director