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2022-12-31-accounts

Llandudno Ministry Area

(The Parish of Llandudno) Ardal Weinidogaeth Llandudno (Plwyf Llandudno)

The Church in Wales Yr Eglwys yng Nghymru

MINISTRY AREA REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST ] DECEMBER 2022

LLANDUDNO MINISTRY AREA (PARISH OF LLANDUDNO) ARDAL WEINIDOGAETH LLANDUDNO (PLWYF LLANDUDNO)

THE CHURCH IN WALES

YR EGLWYS YNG NGHYMRU

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Ministry Area Council 2 - 4
Financial Review 5 - 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 - 13

THE MINISTRY AREA OF LLANDUDNO

MINISTRY AREA COUNCIL (FORMERLY PAROCHIAL CHURCH COUNCIL) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Administrative information -

The Ministry Area is situated in LLANDUDNO within the Archdeaconry of BANGOR which is part of the Diocese of BANGOR within THE CHURCH IN WALES

The correspondence address is The Rectory, 27 Church Walks, Llandudno, LL30 2HL The Parish constitutes a Charity, Registration Number 1131171

The dedication of the Churches in the Parish and Locations are

HOLY TRINITY CHURCH, Mostyn Street, Llandudno

And

ST TUDNO’S CHURCH, Great Orme, Llandudno

MINISTRY AREA COUNCIL (formerly PCC) members:

The MAC (PCC) members who have served from 1 January 2022 until the date this report was approved are

----- Start of picture text -----
Name If appointed or Resigned in period Office held
date appointed date resigned
Clergy Rev [d ] Andrew Sully M Phil Ministry Area Leader
Ministry Area Warden Emeritus
Mr Geoffrey Howard
Church Warden appointed by Incumbent
Mr Adrian la Trobe
Church Warden elected
Miss Judith Williams
Sub-wardens elected
ST TUDNO
Miss Christine Jones
Mrs Vicky Ford
Verger Mr Terry Dewar
Elected Members
Mrs Jenny Bicknell Secretary
Mr Harry Ford Treasurer
Mrs Victoria Ford
Mrs Jennifer Fossi
Mr Rob Georgeson
Mrs Sylvia Guise
Mrs Roz Harrison
Mr John Lees
Mr Andy Leitch
Mrs Cynthia Poyser
Mrs Angela Pritchard
Mrs Suzi Stafford
MAC members are appointed or elected as set out in the Church in Wales Constitution.
All Church attendees are encouraged to register on the Electoral Roll and stand for election
to the MAC
----- End of picture text -----

MAC members are appointed or elected as set out in the Church in Wales Constitution. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the MAC

1

Report of the Ministry Area Council

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Church in Wales is governed by its Constitution, set up under section 13(1) of the Welsh Church Acts 1914, as amended from time to time by its Governing Body. Due to organisational changes currently underway within the Church in Wales the MAC has the same powers as a Parochial Church Council (PCC) with the main difference being the size and coverage of a MAC being much larger than a traditional PCC. The MAC is not a body corporate. Its composition, procedures and powers are regulated by the Constitution, which provides that before assuming office, every Church warden must sign a declaration that he or she will be bound by the Constitution.

The Constitution also provides that the members of the MAC shall be: The Incumbent, Vicars and Assistant Curates; two Church Wardens, one appointed by the Incumbent and one elected at the Annual Vestry Meeting (AVM); two Sub-wardens for each Church where there is more than one Church in the Parish, one appointed by the Incumbent and one elected at the AVM; up to 25 lay members elected at the AVM, 1 co-opted Secretary and Treasurer (if not already exofficio or elected); and up to 7 further co-opted members.

The elected MAC members are elected at the Annual Vestry Meeting by the members of the congregation who are on the electoral roll of the Parish. All persons over the age of 18 who attend services and are members of the congregation are encouraged to register on the electoral roll and seek election to the MAC.

OBJECTIVES AND ACTIVITIES

The Church in Wales is a Province within the Anglican Communion and seeks to advance the Christian religion through world-wide mission. The Ministry Area Council’s (MAC) objectives are to ensure that Church life and work within Ministry Area of Bro Tudno help to fulfil that mission, both locally and more widely.

The MAC is aware of the Charity Commission's guidance on public benefit in “The Advancement of Religion for the Public Benefit” and have regard to it in their administration of the Ministry Area of Bro Tudno. The MAC believes that, by fulfilling its responsibility to work together with the incumbent in the Ministry Area and co-operate in all matters of concern and importance for the promotion of the whole mission of the Church, pastoral, evangelistic, social and ecumenical, it provides a benefit to the public by:

The MAC is responsible, among other things, for the parochial budget and all expenditure there under, the care and maintenance of Church fabric and of the Churchyards it owns, and for any action or other matter referred to it in accordance with the Constitution, and is the normal channel of communication between parishioners and the Diocesan Bishop.

2

Vicarfs Annual Re ort After the disruption caused by the COVID 19 Pandemic 2022 was a year for some new beginnings as well as a consolation of work that continued during lockdown. The Junior Church continues to appeal to younger families as do the monthly family serviceslcommunions. Messy church is especially well attended. The weekly mid Y￿k communion has a regular attendan￿ of around 20 people and the 8 O'clock Sunday rnoming community is in good heart. The weekly attendan￿ at the main Sunday moming service at Hoty Trinity remains strong with visitor numbers increasingly in the second half of the year. The Summer Omie servi￿S are well attended and welcoming as have been the new Compline service in the winter months. In the second half of the year major y￿rk was undertaken at Holy Trinty to the tower and chan￿1 work. As I write the work continues though we hope it will be completed by Easter. The services have not suffered thanks to the imaginative reordering of the nave complete with drapes and grand piano. Fundraising events have been more problematic this year whilst the building work has been taking place with the building closed to visitors and the weekly coffee momings still on hold post-pandemic. Christian Aid has been well supported through the Vicarfs sponsored walk be￿een North Wales castles during May. He has also held the Presidency of Cytun, Churches Together in Llandudno, organising occasional events and services and offering support to recently arrived fellow clergy. The Friends of St Tudno's remain an appreciated part of the team on the Omie and the church and its grounds are well maintained and cared for by a team of worshippers. The Churchwardens, Verger, Treasurer and wider team of helpers in both churches do a huge amount to provide a friendly. inclusive environment in which to worship. Regular bulletins and newsletters are distributed in both email and hard copy fomi week by week. The Llandudno Ministry Area facebook page is also a visited site to keep in touch with events in the ministry area. I write this aware that my five-year incumbency is coming to end at Easter when we will relocate to Cardrff for Mary to take up her new role as Bishop of Llandaff. We have had a very blessed time working here in Llandudno with such a committed and faithful team of Christian volunteers. The church should be proud of its outreach to younger families and visitors. The church grounds are kept in a very good condrtion and both centres of worship feel both loved and cared for. The challenge ahead will be in maintaining the ￿ntraIrtY of good hospitalty and welcome as ￿ntral to the church's mission and outreach. An entrepreneurial spirit will also be needed in finding new ways to increase

the church's income streams - maybe the cuftural life of the church might be developed, and the church used more as a venue for the visual arts and for occasional Con￿rtS? On behalf of the Ministry Area Council Rev. Andrew Sully M. Phil. Date

FINANCIAL REVIEW

2022

This report and financial statement have been compiled to comply with the requirements of the Church in Wales and the Charity Commission as set out in the Statement of Recommended Practice – Accounting and Reporting by Charities.

As in previous years, the Belfry Fund has been incorporated into the Financial Statement. The Car Park is operated by Trinity CP (Llandudno) Ltd. A company which is wholly owned by the Ministry Area.

INCOMING RESOURCES

----- Start of picture text -----
2022 2021
£ £
Planned giving and tax refund 18,926 24,339
Loose collection 10,763 2,175
Donations 12,397 2,305
Donations from car park 53,719 60,450
Investment Income 21,541 16,424
Fund Raising and Fees 11,578 11,666
-
Legacy 10,000
Grants - 200
Insurance claim 1,120 -
TOTAL 130,044 127,559
----- End of picture text -----

The above table compares the different types of income for 2022 to 2021. Income from giving and donations are significantly higher than in the previous year. Whilst income from the car park is lower than in 2021, the relatively small reduction is probably due to the building activities. The overall level of income to the Church is about £12,000 higher than in the previous year when the legacy (which is non-recurring) is discounted. However, due to the need to sell the Church’s investments to pay for the building works, the income from investments will be much lower in 2023.

RESOURCES EXPENDED

As indicated in the Statement of Financial Activities, the total income for the year 2022 is £130,044. The total resources expended for the year is £197,393. However, when depreciation charges, which is an accounting adjustment, is excluded the total resources expended figure reduces to £137,866. This leaves a small deficit of £7,822 relating to the day to day running costs of the Church.

The 2022 Bishop’s Ministry Fund contribution for Llandudno Ministry Area is £93,000. This sum was paid in full before the end of the financial year.

BUILDING AND MAJOR REPAIRS TO THE CHURCHES

Work started on the Holy Trinity Church Tower and the Chancel roof in May 2022 and is expected to be completed before the end of April 2023. In the absence of other funds, it was agreed that the costs of these works would be met from the sales of unrestricted investments relating to Holy Trinity. The total costs, including fees, for works at Holy Trinity is £429,441.

5

The major repair work at St. Tudno’s started in November 2022 and is expected to be completed before the end of April 2023. This will be funded from restricted investments built up over the years from bequests to St. Tudno’s Church. These investments are ringfenced and can only be used according to the terms of the bequests. The total costs, including fees, for works at St. Tudno’s is £94,596.

Since Holy Trinity and St. Tudno’s are listed buildings, value added tax on the costs of works and fees can be reclaimed. During 2022, VAT totaling £51,376 was recovered.

2023 AND FUTURE YEARS

A big reduction in investment income, the costs of gas and electricity remaining high and the payment into the Bishop’s Ministry Fund, currently at £93,000 for 2023, are the major financial pressures which must be addressed to ensure that day to day running costs are within available income.

INVESTMENTS

The market value of investments as of 31 December 2022, including endowment funds and restricted funds, totals £351,743. Whilst the market value on a number of shares has decline over the past 12 months, the reduction of £653,622 is due mainly to the sales of investments.

RESERVE POLICY

The Church is a registered charity which is required by law to maintain a level of reserve which may be required to meet the costs of unexpected occurrence which will not be covered by insurance. The money required for the building works for Holy Trinity has exhausted the Church reserves. Work needs to be done to determine if the restricted funds could be used if required. Up until now the car park income has been earmarked towards the Bishop’s Ministry Fund. If the B.M.F. could be reduced, some of this income could be set aside to build up the required reserves.

This issue does not apply to St. Tudno’s since adequate funds are available.

RISK MANAGEMENT

The major strategic, business and operational risks have been examined by the Ministry Area Council and systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Harold F. Ford (Honorary Treasurer)

Date

6

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF LLANDUDNO MINISTRY AREA

I report on the accounts of the Parish for the year ended 31 December 2022 which are set out on pages 8 to 13.

Respective responsibilities of the Members of Llandudno Ministry Area and examiner

The members of the Parochial Church Council are responsible for the preparation of the accounts. The members of the Parochial Church Council consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of examiner’s statement

My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the Parish and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Members of Llandudno Ministry Area concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s qualified statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A P Filbee FCA Chartered Accountant Bennett Brooks & Co Limited 19 Trinity Square LLANDUDNO LL30 2RD Dated:

7

THE MINISTRY AREA OF LLANDUDNO

THE CHURCH IN WALES

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOMING RESOURCES
Voluntary Income
Planned giving
Loose Collections
Donations
Donations from subsidiary
Tax Refunds
Legacy Gifts
Grants
Insurance claim
Generated Income
Activities for generating funds
2
Fees
Investment Income
3
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Support for Ministry
Bishop's Ministry Fund
Parochial expenses of Clerics
Curate's Expenses
other
Parish Activities
Maintenance of Services
General Parish Expenses
4
Church Property
Maintenance of Churches
Grants and other Financial Support
Mission Parish
Mission; Home/World
Other resources expended
Capital payments
Depreciation of fixed Assets
Cost of Money Raising
5
TOTAL RESOURCES EXPENDED
Transfers between funds
8
Gain/(loss) on revaluation and on disposal of investments
NET MOVEMENT IN FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
9
Net (resources expended)/incoming resources before
other recognised gains and losses
Net (resources expended)/incoming resources before
transfers		 YEAR
Unrestricted
funds
£
14,941
10,763
10,636
53,719
3,138
-
-
1,120
94,317
3,586
2,188
5,774
9,481
109,572
93,000
2,251
-
95,251
7,907
6,542
14,449
21,303
21,303
-
-
-
-
59,527
-
59,527
190,530
(80,958)
71,462
(9,496)
(51,916)
(61,412)
612,649
551,237		 ENDED 31 DECEMBE
Restricted
funds
£
847
-
1,761
-
-
-
-
-
2,608
5,804
-
5,804
9,933
18,345
-
-
-
-
-
287
831
1,118
2,721
2,721
-
-
-
-
-
3,024
3,024
6,863
11,482
(56,809)
(45,327)
(39,331)
(84,658)
561,973
477,315		 R 2022
Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
2,127
2,127
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,127
(14,653)
(12,526)
(12,526)
119,374
106,848		 Total funds 2022
£
15,788
10,763
12,397
53,719
3,138
-
-
1,120
96,925
9,390
2,188
11,578
21,541
130,044
93,000
2,251
-
-
95,251
8,194
7,373
15,567
24,024
24,024
-
-
-
-
59,527
3,024
62,551
197,393
(67,349)
-
(67,349)
(91,247)
(158,596)
1,293,996
1,135,400		 2021
£
19,155
2,175
2,305
60,450
5,184
10,000
200
-
99,469
9,071
2,595
11,666
16,424
127,559
82,068
2,049
87
-
84,204
7,868
3,938
11,806
22,637
22,637
2,155
1,000
3,155
33,420
25,282
297
58,999
180,801
(53,242)
-
(53,242)
56,213
2,971
1,291,025
1,293,996

8

THE MINISTRY AREA OF LLANDUDNO

THE CHURCH IN WALES

BALANCE SHEET

YEAR ENDED 31 DECEMBER 2022

Notes
FIXED ASSETS
Tangible
6
Investment in subsidiary
Investments
7
CURRENT ASSETS
Prepayments
Stock
Debtors
Amount owing by Trinity CP
Cash at bank and in hand
CURRENT LIABILITIES
Creditors and accruals
NET CURRENT ASSETS
NET ASSETS
TOTAL FUNDS		 Unrestricted
funds
£
337,317
100
3,355
340,772
4,144
-
12,106
943
248,099
265,292
(54,827)
(54,827)
210,465
551,237
551,237		 Restricted
funds
£
-
-
241,541
241,541
576
5,715
1,539
-
238,098
245,928
(10,154)
(10,154)
235,774
477,315
477,315		 Endowment
funds
£
-
-
106,848
106,848
-
-
-
-
-
-
-
-
106,848
106,848		 2022
£
337,317
100
351,744
689,161
4,720
5,715
13,645
943
486,197
511,220
(64,981)
(64,981)
446,239
1,135,400
1,135,400		 2021
£
143,270
100
1,005,366
1,148,736
3,708
4,938
5,370
2,724
142,380
159,120
(13,860)
(13,860)
145,260
1,293,996
1,293,996

9

THE MINISTRY AREA OF LLANDUDNO

THE CHURCH IN WALES

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Accounting Convention

The accounts have been prepared under the historical cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and comply with the Charities (Accounts and Reports) Regulations 2005 issued under the Charities Act 1993.

Income resources

Donations and similar income

Where donors specify that donations or legacies are for a particular restricted purpose, this income is included within restricted income when received. All other donations are deemed to be unrestricted or endowment income as appropriate.

Legacies

Legacies to the PCC (MAC) are accounted for when received

Investment income

This is recorded on a received basis.

Resources expended

Expenditure is included on an accruals basis.

Parish share

The Diocesan Quota or Parish Share is accounted for when paid

Tangible fixed assets

Assets costing more than £1,000 are capitalised. Depreciation is provided at the following rates:-

Fixtures, fittings and equipment 15% on the reducing balance basis

Fixed asset investments

These are included at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Stock

Stock is valued at the lower of cost and net realisable value.

Fund accounting

Details of the nature and purpose of each fund are set out in note 10 to the accounts.

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of trustees

Restricted funds can only be used for particular restricted purposes within the objexts of the charity .

10

THE MINISTRY AREA OF LLANDUDNO

THE CHURCH IN WALES

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2022

2. ACTIVITIES FOR GENERATING FUNDS

Money Raising
Craft Fair
Victorian Extrvaganza
Sundry income
Mustard Seed
Hall Hire
Coffe Mornings
Hall Restoration Fund
105th Lottery		 Unrestricted
Restricted
Endowment
Total 2022
Total 2021
£
£
£
£
£
-
-
-
-
1,019
-
-
-
-
1,870
-
-
-
-
1,292
-
319
-
319
117
-
1,431
-
1,431
715
3,575
-
-
3,575
2,130
11
-
-
11
-
-
1,870
-
1,870
-
-
2,184
-
2,184
1,928
3,586
5,804
-
9,390
9,071

3. INVESTMENT INCOME

Directly held Shares
Investment Income
Bank Interest Receivable
4. GENERAL PARISH EXPENSES
General Parish Expenses
Printing & Stationery
Rent Paid
Telephone & internet
Sundry
Books and Publications
Independent Examiner's fees
Professional Development & training costs		 Unrestricted
Restricted
Endowment
Total 2022
Total 2021
£
£
£
£
£
-
7,529
8,568
2,127
18,224
16,424
1,952
1,365
-
3,317
-
9,481
9,933
2,127
21,541
16,424
Unrestricted
Restricted
Endowment
Total 2022
Total 2021
£
£
£
£
£
1,120
-
-
1,120
1,229
2,004
800
-
2,804
1,325
10
-
-
10
10
1,543
-
-
1,543
117
245
31
-
276
-
-
-
-
53
1,620
-
-
1,620
1,194
-
-
-
10
6,542
831
-
7,373
3,938

5. COST OF MONEY RAISING

Mustard Seed purchases
Friends of Tudno Expenses
150 Club Prize Money		 Unrestricted
Restricted
Endowment
Total 2022
Total 2021
£
£
£
£
£
-
252)
(
-
252)
(
-
-
1,566
-
1,566
297
-
1,710
-
1,710
-
-
3,024
-
3,024
297

11

THE MINISTRY AREA OF LLANDUNO

THE CHURCH IN WALES

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2022

6. FIXED ASSETS

TANGIBLE FIXED ASSETS
At 1 January 2022
Additions
Disposals
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
Eliminated on disposals
At 31 December 2022
Net book value at 31 December 2022
Net book value at 31 December 2021
ENTS
Market value at 1 January 2022
Investments purchased/sold
Gain/(Loss) on investments - unrealised
Market value at 31 December 2022
Investments at market value comprise:
UK equities
Global equities
Historical cost at 31 December 2022
Investment comprising over 5% of the value of the portfolio are:-
Common Investment Fund shares
Astra Zenica
St Tudno Legacy Fund
Epworth UK Equity Fund		 Fixtures, fittings &
Equipment
£
390,206
253,574
-
643,780
246,936
59,527
-
306,463
337,317
143,270
£
1,005,366
(633,447)
(20,175)
351,744
351,744
-
351,744
184,827
Market
value at
31.12.2022
£
167,517
73,029
90,131

7. INVESTMENTS

12

THE MINISTRY AREA OF LLANDUDNO

THE CHURCH IN WALES

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2022

8. TRANSFERS BETWEEN FUNDS

----- Start of picture text -----
Unrestricted Restricted Endowment
Funds Funds Funds
£ £ £
Transfer between funds 71,462 (56,809) (14,653)
71,462 (56,809) (14,653)
----- End of picture text -----

In an effort to align balances with the new accounting system (My Fund Accounting) and correctly state fund balances, transfers have been made between funds to correctly allocate funds between restricted, unrestriced and endowment funds

A detailed breakdown of the Restricted closing fund balances can be found in note 9 below

9. FUNDS

(i) Unrestricted

These are funds which the Parochial Church Council is able to use free of restriction but in accordance with the objects of the Parochial Church Council.

(ii) Restricted funds

Balances on these funds are:-
Belfry Fund
Flower Fund
Garden of remembrace - St George
Graveyard - St Tudno's
Sunday School
Mustard Seed
St Tudno's
Friends' of St. Tudno's
Organ Fund
Hall Restration Fund
Toddler Group
150th Lottery Fund		 Cash at bank
or in hand
2022
£
2,984
5,556
3,336
2,293
1,891
9,313
183,642
11,408
721
14,144
1,532
1,278
238,098		 Investments
2022
£
-
-
-
12,469
-
-
229,073
-
-
-
-
-
241,542		 Stock
2022
£
-
-
-
-
-
5,477
-
237
-
-
-
-
5,714		 Debtors and
Prepayments
2022
£
-
-
-
-
-
-
2,115
-
-
-
-
-
2,115		 Creditors and
accruals
2022
£
-
-
-
-
-
-
(10,154)
-
-
-
-
-
(10,154)		 Total
2022
£
2,984
5,556
3,336
14,762
1,891
14,790
404,676
11,645
721
14,144
1,532
1,278
477,315

Monies donated to these funds are restricted in accordance with the terms of the funds.

(iii) Endowment funds

These are funds donated to provide income to be used by the Ministry Area in accordance with the wishes of donors.

10. Trustees' Remuneration and Benefits

There was no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expaenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

11. Related Party Disclsoures

No Trustee or other person related to the Trust had any personal interest in any contract or transaction entered into by the Trust during the year.

13