Top

Top

Agenda Item No 5

The Vale of Glamorgan Council

 

Welsh Church Act Estate Committee 3rd October 2016         

 

Report of the Managing Director

 

Annual Report and Accounts 2015/16

 

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 2015/16, as set out at Appendix A to this report be approved, and that the Chairman be authorised to sign the same on behalf of 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 31st March 2015 is set out at Appendix A to this report.
  2. There has been a new Charities Statement of Recommended Practice (SORP) introduced for the 2015/16 accounts which has changed the format and terminology used in the main statements. The new SORP also introduces the requirement for a cashflow statement. A policy on reserves has also been introduced for 2015/16 accounts.
  3. The main features of the report when compared to the previous year, are as follows:

Statement of Financial Activities

 

Deficit of 17k increased from a deficit of £5k in 2014/15, this is due to a reduction in investment (£6k) and rental income (£6k) in 2015/16 and a slight increase in grant making activity (£8k) in year. There was a reduction in expenditure on repairs and maintenance in 2015/16 of £8k.

 

Balance Sheet

 

Reduction in the value of Investment Properties for the sale of Southerndown £450k, and an increase in the value of Investments £693k mainly due to the investment of the proceeds from the sale of Southerndown.

 

The value of the fund at year end was £4.803M an increase of £225k on the previous year. This was mainly due to the profit made on the disposal of Southerndown £316k partly offset by the reduction in the value of investments £68k. The fund was also reduced by £17k for the deficit on the revenue account.

  1. Subject to its approval by this committee, the document as above will be forwarded to the Council's external auditors Wales Audit Office 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. The funding of the voluntary sector should assist in increasing social inclusion and reducing crime

Equal Opportunities Implications (to include Welsh Language issues)

  1. There are no equal opportunities implications.

Corporate/Service Objectives

  1. The sole concern of the committee 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

Letters of application and grant application forms

Contact Officer

Gemma Jones

Principal Accountant

Accountant

Directorate of Resources

Tel: 01446 709152

Officers Consulted

None

Responsible Officer:

Rob Thomas

Managing Director.

Share on facebook Like us on Facebook