Vale of Glamorgan Council
Cyngor Bro Morgannwg
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Agenda Item No 5

The Vale of Glamorgan Council

 

Welsh Church Act Estate Committee: 11th October 2017               

 

Report of the Managing Director

 

Annual Report and Accounts 2016/17

 

Purpose of the Report

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

Recommendation

  1. That the Annual Report and Accounts 2016/17, 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

  1. 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 2017 is set out at Appendix A to this report.
  2. There has been a new Charities Statement of Recommended Practice (SORP) introduced for the 2016/17 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 2016/17 accounts.
  3. The main features of the report when compared to the previous year, are as follows:

Statement of Financial Activities

Surplus of £12k increased from a deficit of £17k in 2015/16. This is due to an increase in investment income now the new investments are established (£24k) and rental income (£5k) in 2016/17.

Balance Sheet

Slight reduction of £1k in the value of Investment Properties for the sale of land at St.  Peters during 2016/17, and an increase in the value of Investments of £131k due to investment of proceeds from sale of the Land at St. Peters (£10k) and an increase in valuation (£121k).

The value of the fund at year end was £4.951M, an increase of £148k on the previous year. This is attributable to the surplus on the sale of a plot of land at St.  Peters Church £8k and a gain on the revaluation of stock market investments £132k. There was also an increase in the unrestricted funds held of £8k during 2016/17

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