Draft Accounts for Three Charitable Funds in Gwent Approved, All Perform Better

DRAFT accounts for three charitable funds a Gwent council has responsibility for have been approved with all having performed better in the past year. 
The Welsh Church Act Fund distributes money across the region, including Caerphilly, and was set up with proceeds and assets following disestablishment of the Church of England in Wales in 1920.
It distributed £267,391 in grants last year from a total spend of £278,281, having increased in value by £9,149 during the year following a £479,749 loss in 2022/23. The increase was primarily due to investment gains of £76,264 following improvement in fund performance that haven’t been cashed in. 
The increase was offset as Caerphilly and Newport councils made increased grant payments following allocation of unspent balances from previous financial years. 
Most of the fund’s income came from investments which generated £226,373 compared to £212,453 in 2022/23.  
The accounts have been prepared by Monmouthshire County Council and presented to its governance and audit committee and will be checked by Audit Wales and after final approval by the committee will be presented to the Charities Commission by the end of January 2025. 
Caerwent Conservative councillor Phil Murphy said there had been a slow down in applications and said he was aware the fund had made a plea for groups to come forward for help. 
Fund member, Conservative councillor for St Arvans, Ann Webb said: “It’s very useful seed core funding for many communities and of course for churches for repairs etc.” 
The committee was also told the Monmouthshire Farm School Endowment Trust Fund had increased in value by £11,895 over the financial year.
That was due to £30,341 in interest on investments exceeding the £8,451 spent to administer the fund, mostly made up £5,178 distributed in grants to students studying at Coleg Gwent in Usk, or other agricultural courses,  and a “small unrealised loss” on market investments of £9,995. 
The fund decreased by £61,321 in 2022/23 when it distributed just over £3,000 in grants. 
It is funding grants from its interest on investments and its cash reserve to protect its capital assets and maintain the charity as a going concern. 
Its accounts will be examined by Audit Wales and lodged with the Charity Commission by the end of January next year. 
The council also prepared accounts for the Llanelly Hill Social Welfare Centre which generated £6,394 in fund raising activities. Due to the small size of the fund its statement of accounts don’t have to be audited and will be lodged with the Charities Commission. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

By BBC LDRS ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​