Agenda Item No 5
The Vale of Glamorgan Council
Welsh Church Act Estate Committee: 16th July 2018
Report of the Managing Director
Annual Report and Accounts 2017/18
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 2017/18, 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.
- 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 31st March 2018 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
Surplus of £7k reduced from a surplus of £8k in 2016/17. This is due to a continued increase in investment income (£8k) and reduced rental income (-£4k) when compared with 2016/17. The grants allocation was increased from £45k in 2016/17 to £51k in 2017/18 to reflect the increased income (£6k).
An increase in the value of Long Term Investments of £12k due to the transfer of the short term investment (£8k) and an increase in valuation (£4k).
The value of the fund at year end was £4.960M, an increase of £11k on the previous year. This is attributable to the gain on the revaluation of stock market investments (£4k). There was also an increase in the unrestricted funds held of £7k 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)
- 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
- The funding of the voluntary sector should assist in increasing social inclusion and reducing crime
Equal Opportunities Implications (to include Welsh Language issues)
- There are no equal opportunities implications.
- The sole concern of the committee is to act in the best interest of the Trust
Policy Framework and Budget
- Not applicable
Consultation (including Ward Member Consultation)
- Not applicable
Relevant Scrutiny Committee
Letters of application and grant application forms