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2020-12-31-accounts

THE RECTORIAL BENEFICE OF COWBRIDGE

PAROCHIAL CHURCH COUNCIL

Registered Charity 1131497

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31[ST] DECEMBER 2020

Part of the Church in Wales in the Diocese of Llandaff

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Accounts 2020

The Minutes of the Annual Vestry Meeting held on Sunday 28[th] April 2019 at Holy Cross Parish Church.

The Chairman welcomed those attending from the congregations of the Benefice to its twenty sixth Annual Vestry Meeting.

Apologies were received from: Mr. J. Homfray, Mr. G. Williams, Mrs. P. Harris, Mrs S. Cox, Mr S. Lloyd, Rev’d D. Boult.

Minutes of the previous Annual Vestry meeting:

The Minutes of the meeting of 29th April 2018 were accepted on the proposition of Mr. H. Jarvie, seconded by Mr P Davies and signed by the Chairman as a true record.

Mrs M. Layton Matthews was appointed as Diocesan Conference member.

Confirmation of appointment of an Independent Examiner:

Mr D. L. Jones advised that our current Independent Examiner is A.D. Fitzgerald & Walker and there have been no problems experienced with this Company. The continuing appointment of A.D. Fitzgerald & Walker was proposed by Mr H. Jarvie and seconded by Mr P. Davies. The proposal was accepted unanimously.

Any Other Business:

Matters arising from the minutes:

There were no matters arising.

P.C.C. Annual Report & Financial Statements for the year ended 31[st] December 2018:

The acceptance of both the Annual Report and the Financial Statements for the year ended 31[st] December 2018 was proposed by Mrs C. Mangles and seconded by Mr D. Crompton. These were accepted unanimously.

The Chairman expressed thanks to Mr D.L. Jones and Mrs C. Bird for the work achieved in producing the Financial Statements and the adoption of the new reporting platform.

Elections:

Mr H. Perks was elected as Parish Warden. Mr P. Davies was appointed as Parish Warden.

The following were elected as Members of the Parochial Church Council:

Mrs C. Mangles - St Mary Church Mr D. Crompton - Flemingston Mr J Homfray - Llanfrynach

Mr J.P.R. Williams - Llansannor

Mrs S. Sargent - Ystradowen

Church Review – an updated report was issued to all on the work of the Church Review. The Chairman explained the work achieved thus far. The ongoing actions will now be taken forward by the Standing Committee.

Telling a Joyful Story – The Chairman advised that great success has been seen recently at Ystradowen with the reestablishment of a Sunday school run by 6 local mums.

Curate – The Chairman expressed congratulations to Curate Suzanne on her new appointment as Team Vicar of the Parish of Aberkenfig. He advised how proud we are as a Parish of what Suzanne has achieved and wished her the very best when she takes up her new role in early Summer.

Students - The Chairman confirmed that Mrs G. Oglesbee will continue to support the Parish with services and she will be ordained deacon next year, we are grateful for that that she has brought to the parish. The Chairman advised that in September we will be joined by Theology Student Ian Yemm. Ian has held many roles including Co-ordinating Chaplain to the University of the West of England (Bristol). He will visit the Parish in the coming months.

Mr G. Williams - Llangan

Mr S. Lloyd - St Mary Hill

Mrs P. Harris - Penllyn

Mrs S. Cox - Llanblethian

Mrs B Harding - Holy Cross

Mr D. Addison - Llandough Mr J. Williams - St Hilary

The Chairman expressed thanks to Mr R. Hensby for his work as PCC member for Llandough over many years.

Mrs B. Harding, Mr J. Williams and Mrs M. Layton Matthews were appointed as Deanery Conference members.

Retired Clergy - The Chairman thanked Reverend D. Boult, Reverend N. Williams, Reverend I. Thomas, Canon P. Coleman, Canon R. Doxsey and Reverend M. Wishart for their invaluable support in taking services across the Benefice.

Church Coordinators – A meeting of all Coordinators will be held Thursday 16[th] May at 6:30pm in Llanblethian Church. This meeting will be held by Mr P. Davies and Mr H. Perks without clergy in attendance.

The Meeting closed with prayers at 12.30 pm.

2

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Accounts 2020

REFERENCE & ADMINISTRATIVE DATA

The Rectorial Benefice of Cowbridge Parochial Church Council (PCC) is registered with the Charity Commission for England and Wales; registered number 1131497.

The Benefice parish is centred on the old market town of Cowbridge, in the Vale of Glamorgan Deanery, and is part of the Church in Wales Diocese of Llandaff. The twelve Churches which make up the Parish are:

The Rectorial Benefice of Cowbridge Parish Office is in Holy Cross Parish Church, Church Street, Cowbridge, CF71 7BB, tel: 01446 772302,

email: office@cowbridgeparish.com

Website is www.cowbridgeparish.com

Facebook: www.facebook.com/cowbridgeparish/

The names and addresses of the Incumbent, Independent Examiner, Bankers and other professional Advisors, together with the names of PCC Members who have served in the year ending 31st December 2020, and on the date this report was approved (including details of any parochial office held), and details of the custodian trustees who held parish property and investments in the year ending 31st December 2021, and on the date this report was approved, are shown on page 7.

STRUCTURE GOVERNANCE & 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. The PCC is not a body corporate. Its composition, procedure and powers are regulated by the Constitution. Before assuming office, every member of the PCC must sign a declaration that they will be bound by the Constitution, which provides that the members of the PCC shall be:

The constitution further provides that lay, communicant persons over the age of 16 may be entered on an Electoral Roll (subject to certain conditions) and that all such persons, so entered, are entitled to vote and to stand for election.

On 13th March 2017, The Rector and the PCC resolved (1) To suspend the appointment of Sub-wardens for each of the Benefice Churches.

(2) That hereafter, each church congregational meeting shall nominate one person from the congregation of that church to be elected to The PCC at the Annual Vestry Meeting.

APPROVED by the Parochial Church Council of the Rectorial Benefice of Cowbridge on 13[th] April 2021 and signed on its behalf

by Rev’d Stephen Adams, Rector.

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

OBJECTS AND ACTIVITIES

The Church in Wales is a province within the Anglican Communion and seeks to advance the Christian religion through worldwide mission. Its calling is to nurture people in the faith of Jesus Christ and to aid them to grow in the fellowship of the Holy Spirit, so that the good news of God’s grace may be clearly proclaimed in the world and that God’s Kingdom may be honoured and advanced.

Under the constitution, it is the PCC’s duty to:

The PCC is aware of the Charity Commission’s guidance on public benefit and have had due regard to that guidance when exercising any powers or duties to which the guidance is relevant. The PCC believes that it provides a benefit to the public, by:

PCC PROCEEDINGS & ACTIVITIES

General

The PCC met three times in 2020 (via Zoom) to deal with all matters concerning the Parish and consider reports from subcommittees to whom some activities are delegated.

Covid 19

The Covid 19 pandemic and resultant restrictions required all the churches of the Benefice to close from mid-March 2020, with the suspension of all face-to-face activities. Limited opening of some churches was possible during the summer with stricter restrictions being applied from the Autumn. The Clergy Team and Standing Committee of the PCC acted quickly to ensure compliance with the emerging situation. New forms of online worship and activities for children, an updated weekly newsletter, pastoral telephone calls and mailings to those without internet, being some of those activities.

Membership and attendance

There were 234 parishioners on the roll which was completed renewed in spring 2020 and approved by the PCC at its meeting of the 30th of June 2020 (2019: 264, 2018: 261, 2017: 263).

Communicants at Easter and Christmas in 2020 were nil due to the suspension of worship because of Covid 19 (2019: 285 & 292; 2018: 337 & 333).

It was not possible to calculate average adult weekly attendance during 2020 due to most churches being closed due to the Covid 19 Pandemic. Average adult attendance, calculated in accordance with Diocesan guidelines was 2019: 171.79, 2018: 171.8, 2017:178.2. The Diocese will use these figures to calculate the parish share for 2022.

PCC FINANCES: UNRESTRICTED FUNDS

Summary for 2020: Income and expenditure are detailed in the Statement of Financial Activities (page 9) and in the notes thereto. Total unrestricted income was £149,506 including one off Covid related grants and donations (compared with income of £184,222 in 2019, £186,390 in 2018). The reduction of income being due to the closure of most of our churches and cessation of fund raising for most of the year due to the Covid 19 pandemic.

4

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

Parish Share (primarily to fund clergy stipends and oncosts eg. NI, pension, housing, supervision, etc, which provides our main mission resource) continues to be the major Parish expense and was £86,770. Covid relief grants amounting to £21,692 were received from the diocese reducing this cost to £65,078. Other unrestricted expenditure was reduced to £79,434 compared to a budget figure of £101,197 making total unrestricted expenditure of £144,512 (2019: £179,579 2018: 177,444). The main areas of savings being cost of ministry, maintenance of service, utilities, and general parish expenses.

The decreased income less decreased costs provide a surplus of £6,541 compared with a deficit budget of -£11,713. There was a net loss on revaluation of investments of -£165, making a total surplus for the year of £6,376.

This is a remarkable outcome given the extraordinarily uncertain circumstances prevailing during the year. Thanks are due to all those who have worked so hard, in so many ways, to ensure the mission of the Church in our Parish has endured.

Reserves policy and future prospects:

After adding the surplus for the year, the unrestricted fund balance to carry forward is £364,317, of which £142,346 represents tangible fixed assets, leaving £221,971 as free reserves (2019: £214,632 2018: £200,649).

The PCC reserve policy is to retain a balance of unrestricted “free” reserves, as working capital and to meet future shortfalls in income or unexpected expense, equal to at least six months expenditure. Clearly the balance detailed above represents considerably more than this target, but the PCC has concerns, which dictate continuing caution.

PCC FINANCES: DESIGNATED FUNDS

The proceeds from disposal of Llanfair Hall were set aside to fund extraordinary repairs and improvements to Parish churches. £224 in interest has been added to the fund in the financial period. The balance carried forward being £174,611 to fund further such extraordinary expenditure in the Parish, including quinquennial repairs.

The Llanblethian Church Hall fund is for the running and maintenance of the hall by a delegated Hall Management Committee. Activities this year have resulted in a deficit of -£6,612 due to loss of hire income and the Hall Committee taking the opportunity of the enforced closure due to Covid 19, to undertake work to the heating system, internal and external decoration, and other smaller items of general maintenance. The fund shows a year end balance of £14,372. The Hall is usually well used and a significant asset to the church as a means of community engagement. The Church Hall Management Committee are to be congratulated for their hard work and dedication.

Llanblethian Church is a beneficiary of the Evan Jenkins Trust to fund repairs to the church up to certain limits imposed by its trust deed. However, there are exclusions including new equipment and facilities. Fees for filming at Llanblethian have been set aside to deal with those quinquennial repair and improvement costs which may not be covered by the Evan Jenkins Trust; the balance carried forward is £8,999.

Mission Fund: At its meeting of 8[th] December 2020 the PCC agreed that in the event of a deficit of unrestricted funds, this fund can be used towards the cost of the Assistant Parish Treasurer. The Parish mission fund balance carried forward is £19,214.

PCC FINANCES: RESTRICTED FUNDS

Income and expenditure totals are shown in the Statement of Financial Activities on page 9 and in the accompanying notes; the movements on and details of each of the major funds is shown in note 19 to the Financial Statements. Charity law provides that the restricted fund balances carried forward may only be expended upon the purpose for which the funds were given.

5

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

RISK ASSESSMENT

The PCC has reviewed the risks to its operations and is satisfied that they are mitigated in so far as the PCC has power to do so. The major risks are assessed as:

FUND INVESTMENT AND ADEQUACY

Restricted and designated fund balances are largely represented by on-demand deposits and current account bank balances. Free unrestricted reserves are represented by similar deposit and bank balances, plus investments, the latter being approximately equal to 35% of free unrestricted reserves at year end. The net yield on the listed investments including a loss on revaluation in 2020 was 1.75% based upon the end year value. The investments are described in note 12 to the Financial Statements.

CHURCH FABRIC

The PCC reviewed its priorities regarding the repair of it’s buildings in light of the impact of the Covid 19 pandemic. The PCC noted there has been a drastic cut in the already limited funding available from external sources and it has become extremely difficult to contract the specialised trades people required for works to listed buildings. The PCC resolved the following:

Holy Cross Parish Church: regularisation of the current internal layout of Holy Cross by application for a faculty for the retention of the open space and carpet at the front of the Nave and the provision of 100 suitable stacking chairs. Discussions with the Diocesan Advisory Committee in this regard are ongoing.

St. Hilary Church: The architect has been asked to draw up a scheme to include the most urgent works to the tower capped at £80,000 + VAT. £50,000 is already available towards those works and the St. Hilary Church Committee have accepted the offer of a loan of £30,000 from the PCC to be repaid over 15 years. It is hoped that further funding will become available to cover the loan with extra work being added to the scheme as funding allows.

St. Mary Church: The architect has been asked to draw up a scheme for the most urgent works to the tower capped at £89,000 + VAT. Funding being available from the proceeds of the sale of Llanfair Church Hall and the St. Mary Church Building Fund.

Llanblethian Church. £64,000 is required; approval from the Evan Jenkins Charity has been given for a rolling programme of repairs over the next 3 to 5 years.

Llansannor Church. £19,000 of works noted in the Quinquennial Inspection are outstanding, the repairs to the ceiling have been completed.

Llandough Church is investigating the provision of a kitchen and toilet in the church which will require a faculty application in due course.

The PCC and Standing Committee have decided that churches need additional help and support in completing works required in the Quinquennial Inspections. The Benefice may need to make money available from Parish reserves rather than leaving the full costs to found by individual churches. The priority in this respect is work to St Hilary and St Mary Church tower.

APPROVED by the Parochial Church Council on 13th April 2021 and signed on its behalf by

6

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

PCC MEMBERS 1st JANUARY 2020 TO 30th MARCH 2021.

Rector/Incumbent Rev'd Stephen Adams
The Rectory, 85 Broadway, Llanblethian, CF71 7EY
Vicar Rev'd Victoria Ashley
Assistant Curate Rev'd Ian Yemm (from 30th June'20)
Hon. Ass. Curate Rev'd David Boult (co-opted)
Appointed by the Bishop in the absence of an Annual Vestry Meeting due to Covid 19
Parish Warden Peter Davies
Parish Warden Howard Perks
David Crompton
Flemingston
Barbara Harding
Holy Cross		 (to 8th Sept'20)
Andrea Harries
Holy Cross		 (From 8th Sept'20)
Sue Cox
Llanblethian
Duncan Addison
Llandough
John Homfray
Llanfrynach
John P.R.Williams
Llansannor
Pamela Harris
Penllyn
John Williams
St Hilary
Catherine Mangles
St. Mary Church
Shena Sarjeant
Ystradowen
Simon Lloyd
St Mary Hill
Howard Pearson
Llangan
Others Marion Layton-Matthews
Safeguarding Officer
Stephanie Bonnar
Secretary
David Lloyd Jones
Treasurer
CUSTODIAN TRUSTEES Freehold property is held in trust for the Parish either by the Representative
Body of the Church in Wales (RB) or the Llandaff Diocesan Board of Finance.
Investments are held in trust by the RB or in the names of the Rector and
Churchwardens.
INDEPENDENT EXAMINER Adey, Fitzgerald and Walker, Chartered Certified Accountants
The Pavilion, Eastgate, Cowbridge, Vale of Glamorgan
BANKERS HSBC Bank plc., 61 High Street, Cowbridge, CF7 7YJ;
COIF Charities Deposit Fund, 80 Cheapside London, EC2V 6DZ
NatWest Bank plc., Ely Valley Rd, Talbot Green, Pontyclun, CF72 8AL
Barclays Bank plc., 36 Dunraven Place, Bridgend, CF31 1HY
ARCHITECTS Caroe & Partners, Architects, Penniless Porch, Wells, Somerset, BA5 2RB
R&M Studio Ltd, The Maltings, East Tyndall Street, Cardiff. CF24 6EA.
Gillard Assoociates Architects, The Quay Pad, Cardiff Marina, Cardiff. CF11 0SY
HONORARY SOLICITORS Anthony and Jarvie, Solicitors, 6 Court Road, Bridgend, CF31 1BW

7

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

INDEPENDENT EXAMINERS REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

I report on the Financial Statements of the Rectorial Benefice of Cowbridge for the year ended 31st December 2020, which are set out on pages 9 to 15.

RESPECTIVE RESPONSIBILITIES OF PAROCHIAL CHURCH COUNCIL AND EXAMINER

As the Parochial Church Council, you are responsible for the preparation of the accounts. You 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. The charity’s gross income did not exceed £500,000 and I am qualified to undertake the examination by being a qualified Fellow of the Association of Chartered Certified Accountants.

It is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 the trustees 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 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 other 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.

P. Walker, F.C.C.A. Adey Fitzgerald & Walker Chartered Certified Accountants, The Pavilion, Eastgate Cowbridge, CF71 7AB

Tel: 01446 772299

DATE: 17[th] May 2021

8

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME FROM:
Donations, legacies, etc
Planned giving,
church collections
donations, grants,
legacies, tax refunds
Charitable activities
Fees for
weddings/funerals
Other trading activities
Fund-raising,
rental income
church hall income
Investments
Dividends and interest
Other income
EXPENDITURE ON:
Charitable activities
Promoting the mission of
Support for ministry
Church property
Parish running costs
Mission
Raising funds
NET INCOME/(EXPENDIT
Transfers between funds
Gains / losses on
investment assets
NET MOVEMENT IN FUN
RECONCILIATION OF FU
Balances brought forward
Balances carried forwar		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 THIS YEAR 2020
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£ £
.
2
131,453
24,374
155,827
2,477
6,433
8,910
14,281
1,320
7,899
23,500
1,295
357
780
2,432
3
149,506
1,677
39,486
190,669
the church
4
70,238
70,238
5
26,950
7,971
17,042
51,963
6
47,048
3,760
50,808
7
145
646
791
144,381
7,971
21,448
173,800
19
132
27,138
27,270
144,513
7,971
48,586
201,070
URE)
4,993
(6,294)
(9,100)
(10,401)
19
1,548
(1,548)
0
6,541
(6,294)
(10,648)
(10,401)
12
(165)
(165)
DS
6,376
(6,294)
(10,648)
(10,566)
NDS
357,941
223,490
246,089
3,000
830,520
d
364,317
217,196
235,441
3,000
819,954		 LAST YEAR 2019
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
148,461
46,136
194,597
6,074
5,682
11,756
27,655
6,597
8,924
43,176
2,032
1,292
1,287
4,611		 LAST YEAR 2019
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
148,461
46,136
194,597
6,074
5,682
11,756
27,655
6,597
8,924
43,176
2,032
1,292
1,287
4,611		 LAST YEAR 2019
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
148,461
46,136
194,597
6,074
5,682
11,756
27,655
6,597
8,924
43,176
2,032
1,292
1,287
4,611		 LAST YEAR 2019
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
148,461
46,136
194,597
6,074
5,682
11,756
27,655
6,597
8,924
43,176
2,032
1,292
1,287
4,611		 LAST YEAR 2019
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
148,461
46,136
194,597
6,074
5,682
11,756
27,655
6,597
8,924
43,176
2,032
1,292
1,287
4,611
149,506 1,677 39,486 190,669 184,222 7,889 62,029 254,140
7,971 17,042
3,760
646		 70,238
51,963
50,808
791		 98,385
31,670
48,383
797		 2,648
735		 15,191
4,401
10,193		 98,385
49,509
53,519
10,990
144,381
132		 7,971 21,448
27,138		 173,800
27,270		 179,235
344		 3,383 29,785
290		 0 212,403
634
144,513 7,971 48,586 201,070 179,579 3,383 30,075 213,037
)
4,993
1,548		 (6,294) (9,100)
(1,548)		 (10,401)
0		 4,643
1,000		 4,506 31,954
(1,000)		 41,103
0
6,541
(165)		 (6,294) (10,648) (10,401)
(165)		 5,643
7,606		 4,506 30,954 41,103
7,606
6,376
357,941		 (6,294)
223,490		 (10,648)
246,089		 3,000 (10,566)
830,520		 13,249
344,692		 4,506
218,984		 30,954
215,135		 3,000 48,709
781,811
364,317 217,196 235,441 3,000 819,954 357,941 223,490 246,089 3,000 830,520

The notes on pages 11 to 15 form part of this statement

9

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

BALANCE SHEET AT 31ST DECEMBER 2020

FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Stocks
Debtors
Short term investments
Cash & bank balances
LIABILITIES
Creditors falling due
within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
LIABILITIES
Creditors falling due
after one year
TOTAL NET ASSETS
FUNDS
Endowment
Restricted income
Designated unrestricted
Unrestricted funds		 Notes
11
12
13
14
15
16
17
18
19
20		 THIS YEAR 2020
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
142,346
142,346
78,738
174,611
3,000
256,349		 THIS YEAR 2020
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
142,346
142,346
78,738
174,611
3,000
256,349		 THIS YEAR 2020
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
142,346
142,346
78,738
174,611
3,000
256,349		 THIS YEAR 2020
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
142,346
142,346
78,738
174,611
3,000
256,349		 THIS YEAR 2020
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
142,346
142,346
78,738
174,611
3,000
256,349		 LAST YEAR 2019
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
143,309
143,309
78,903
174,388
3,000
256,291		 LAST YEAR 2019
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
143,309
143,309
78,903
174,388
3,000
256,291		 LAST YEAR 2019
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
143,309
143,309
78,903
174,388
3,000
256,291		 LAST YEAR 2019
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
143,309
143,309
78,903
174,388
3,000
256,291		 LAST YEAR 2019
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
143,309
143,309
78,903
174,388
3,000
256,291
221,084 174,611 3,000 398,695 222,212 174,388 3,000 399,600
4,415
14,551
11,714
119,646		 340
38,688
3,617		 6,710
217,747
11,062		 4,415
21,601
268,149
134,325		 3,530
22,136
118,187		 335
43,554
5,353		 5,979
229,007
11,223		 3,530
28,450
272,561
134,763
150,326 42,645 235,519 428,490 143,853 49,242 246,209 439,304
4,593 60 78 4,731 5,624 140 120 5,884
145,733
366,817		 42,585
217,196		 235,441
235,441		 3,000 423,759
822,454		 138,229
360,441		 49,102
223,490		 246,089
246,089		 3,000 433,420
833,020
2,500
364,317		 217,196 235,441 3,000 2,500
819,954		 2,500
357,941		 223,490 246,089 3,000 2,500
830,520
364,317 217,196 235,441 3,000 3,000
235,441
217,196
364,317		 357,941 223,490 246,089 3,000 3,000
246,089
223,490
357,941
364,317 217,196 235,441 3,000 819,954 357,941 223,490 246,089 3,000 830,520

The notes on pages 11 to 15 form part of this Balance Sheet

APPROVED by the Parochial Church Council on 13th April 2021. and signed on its behalf by Rev'd Stephen Adams, Rector

10

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

The accounting policies adopted in the preparation of the financial statements, are as follows

a. Basis of preparation

The Rectorial Benefice of Cowbridge Parochial Church Council is a charity registered with the Charity Commision for England and Wales (Reg. No. 1131497) and is a Public Benefit Entity within the meaning of the accounting standard FRS102. The financial statements have been prepared in accordance with the Charities Act 2011, the Church In Wales Accounting Regulations, the applicable accounting standard (FRS102) and the Charities SORP based thereon, except as may be detailed in the following notes.

b. Preparation of Financial Statements on a going concern basis

The Parochial Church Council (PCC) has no reason to believe that the Parish will not remain a going concern for the foreseeable future and the Financial Statements have been prepared on this basis.

c. Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Parish. Designated funds are unrestricted funds of the Parish which the PCC has decided at their discretion to set aside for a specific purpose. Restricted funds are donations given by the donor, or invited by the PCC, for a specific purpose, and may only be expended on those purposes; unspent balances must be carried forward and only spent on those specific purposes.

d. Income is accounted for gross.

Income is generally recognised when the PCC is entitled to the funds, there is sufficient certainty of receipt and the amount can be measured reliably. Planned giving, collections and donations are recognised when received. Tax refunds are recognised as soon as the amounts are claimable. Dividends are accounted for when receivable; interest is accrued. Where the PCC has not invested separately for each fund, interest is apportioned to individual funds on an average balance basis.

e. Expenditure is accounted for gross.

Expenditure is recognised once there is a legal or constructive obligation to make payment, it is probable that a payment will be made and the amount can be measured reliably. Parish Share is paid regularly and is included in expenditure for the year to which it relates. Unrestricted fund grants (including donations to missions) are recognised when determined by the PCC. Amounts received specifically for missions are dealt with as restricted funds and the liability for payment is recognised when the amounts are received.

g. Property and investments held by the Representative Body of the Church in Wales

The Represntative Body of the Church in Wales (RB) hold freehold property and investments on behalf of the PCC in trust, which provides that upon disposal, the proceeds may be applied by the PCC for charitable church purposes. Since the Parish is economically responsible for the properties and is solely concerned with the risks and rewards that relate both to the properties and the investments, it is the PCC view that the accounting principle of substance over form should be applied and that the properties and investments should be included in the Balance Sheet.

h. Freehold Property

All freehold property with the exception of Llansannor Hall is held by the Representative Body of the Church in Wales (RB) on trust as described above. The freehold of Llansannor Hall is held by the Llandaff Diocesan Board of Finance. The bases for the valuation of freehold property is shown in note 11.

Routine additions and replacements to Church Hall contents are charged to current expenditure. Except for the dimunition in value of the land at Ystradowen (see note 11), no provision is made for depreciation of freehold property on the basis that with the possible exception of Leoline Close, the amounts included in the balance sheet probably represent no more than the value of the land, so no depreciation charge is appropriate. For Leoline Close, the excess of cost over the probabable value of the land, is such that any resultant depreciation charge spread over the economic life of the property is immaterial.

11

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 (continued)

This year
Last year
Unrestricted Designated
Restricted
Total
Unrestricted
Designated
Restricted
Total
£
£
£
£
£
£
£
£
2. Donations, legacies. etc.
Planned giving
78,091
78,091
76,101
1,085
77,186
Loose collections
10,870
646
11,516
34,351
9,794
44,145
Donations
and other voluntary income
14,338
18,156
32,494
9,227
25,902
35,129
Goods for re-sale at cost
Grants
Government (NI & LDBF grants)
5,941
5,042
10,983
2,920
7,800
10,720
Lottery & Local Authority
Other
Tax refunds Gift Aid
19,838
530
20,368
18,176
1,485
19,661
GASDS
2,375
2,375
7,686
70
7,756
131,453
24,374
155,827
148,461
0
46,136
194,597
3. Other income
0
0
0
0
4. Support for ministry
Ministry support
Parish share of diocesan costs
65,078
65,078
88,482
88,482
Parochial expenses of clerics
4,553
4,553
7,753
7,753
Other ministry costs
607
607
2,150
2,150
70,238
0
70,238
98,385
98,385
5. Church property
Maintenance of churches
25,988
11,027
37,015
31,162
9,552
40,714
Maintenance of other property
962
7,971
6,015
14,948
508
2,648
5,639
8,795
Repairs Leoline Close Curate House
26,950
7,971
17,042
51,963
31,670
2,648
15,191
49,509
6. Parish running costs
Parish administrator
37,982
37,982
36,738
36,738
General parish expenses
7,553
3,690
11,243
10,115
4,401
14,516
Maintenance of services, music, etc.
1,513
70
1,583
1,530
735
2,265
47,048
0
3,760
50,808
48,383
735
4,401
53,519
7. Missions
Home / World
0
0
Parish
145
646
791
797
10,193
10,990
145
646
791
797
10,193
10,990
This year
Last year
8. Independent Examination Fees
Fees for reporting on the Financial Statements
£
540
510
9. Employees
Gross wages and salaries
£
39,409
37,904
Employer's national insurance costs
£
2,994
2,861
Pension contributions (not a defined benefit scheme)
£
4,561
4,360
Total staff costs
£
46,964
45,125
Average number of staff employed: Full time
1
1
Part time
2
2
Number of employee receiving emoluments (excluding employer pension costs) of more than £60,000
£
Nil
Nil
10. Payments to trustees (PCC members) - Related party transactions
Parish clergy are ex officio PCC members; an insignificant amount of expenses
paid to them as clergy may relate to their duties as PCC members.
Expenses paid to PCC members (other than clergy)
£
Nil
Nil
Other transactions with PCC members
Nil
Nil
The Parish Administrator is the PCC Treasurer, as such is a PCC member.His total benefits were
£
37,964
36,533		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£
78,091
10,870
14,338
5,941
19,838
2,375		 646
18,156
5,042
530		 78,091
11,516
32,494
10,983
20,368
2,375		 76,101
34,351
9,227
2,920
18,176
7,686		 1,085
9,794
25,902
7,800
1,485
70		 77,186
44,145
35,129
10,720
19,661
7,756
131,453 24,374 155,827 148,461 0 46,136 194,597
0
0
0 0
65,078
4,553
607		 65,078
4,553
607		 88,482
7,753
2,150		 88,482
7,753
2,150
70,238 0 70,238 98,385 98,385
25,988
962		 7,971 11,027
6,015		 37,015
14,948		 31,162
508		 2,648 9,552
5,639		 40,714
8,795
26,950 7,971 17,042 51,963 31,670 2,648 15,191 49,509
37,982
7,553
1,513		 3,690
70		 37,982
11,243
1,583		 36,738
10,115
1,530		 735 4,401 36,738
14,516
2,265
47,048 0 3,760 50,808 48,383 735 4,401 53,519
145 646 0
791		 797 10,193 0
10,990
145 646 791 797 10,193 10,990
This year
540
39,409
2,994
4,561		 Last year
510
37,904
2,861
4,360
46,964 45,125
1
2
Nil
Nil
Nil
37,964		 1
2
Nil
Nil
Nil
36,533

12

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 (continued)

angible fixed assets
Unrestricted
Restricted
Freehold
Equipment
Equipment
property
£
£
£
Cost or valuation:
Balance 1st January
145,121
16,040
2,013
Additions at cost
Disposal at Cost
Balance 31st December
145,121
16,040
2,013
Accumulated depreciation:
Balance 1st January
3,535
14,317
2,013
Depreciation for Year
963
Depreciation on Disposal
Balance 31st December
3,535
15,280
2,013
Net book value 1st January
141,586
1,723
0
Net book value 31st December
141,586
760
0
FREEHOLD PROPERTY used in connection with the direct purposes of the Parish, comprises:
(see note 1(viii) and 1(ix) )
Llanblethian Church Hall (inc. Contents)
PCC valuation 31 Dec.1996
Freehold interest in Llansannor Church Hall
PCC valuation 31 Dec.1996
Curate's House, Leoline Close
Net cost
Land at Ystradowen
Net cost		 Unrestricted
Freehold
Equipment
property
£
£		 Unrestricted
Freehold
Equipment
property
£
£		 Restricted
Equipment
£		 Total
£
145,121 16,040 2,013 163,174
145,121 16,040 2,013 163,174
3,535 14,317
963		 2,013 19,865
963
0
3,535 15,280 2,013 20,828
141,586 1,723 0 143,309
141,586 760 0 142,346
£
40,000
15,000
86,586
3,535
145,121

11. Tangible fixed assets

No reliable cost information exists for Llanblethian Hall or the freehold interest in Llansannor Hall. In accordance with accounting standard FRS102, they are included at "deemed historical cost" being the values existing at the time the accounting standard FRS102 was first applied to the Rectorial Benefice of Cowbridge Parochial Church Council financial statements.

The Llansannor Church Hall site is leased for 20 years to the Llansannor Community Hall Association, who have built a hall on the site. The Church retains exclusive use of the hall on Sundays and for one evening per week. The PCC cannot dispose of the freehold without Diocesan consent, and the reservation of time for use by the church, together with its use as a community hall with similar purposes to those of a church hall, suggest that its use in connection with church purposes has not changed.

The land at Ystradowen was consecrated as an extension to the Churchyard during 2011; as such it has no value for the PCC and full provision for diminution in value has been made.

12. Investment fixed assets
Unrestricted
Fair market Value at 1st January
Interest
Net gains/(losses) on revaluation
Fair market value at 31st December		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£
72,659
6,244 174,388 253,291
223
223
-165
-165
72,494
6,244 174,611 253,349		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£
72,659
6,244 174,388 253,291
223
223
-165
-165
72,494
6,244 174,611 253,349		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£
72,659
6,244 174,388 253,291
223
223
-165
-165
72,494
6,244 174,611 253,349		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£
72,659
6,244 174,388 253,291
223
223
-165
-165
72,494
6,244 174,611 253,349		 Nat Savings
Bond
£
72,659
-165		 6,244 174,388
223		 253,291
223
-165		 3,000
72,494 **6,244 ** **174,611 ** 253,349 3,000

Investment properties include land at the junction of Broadway and Castle Hill, Llanblethian, valued at cost of fencing and establishing title, etc. Its current fair value is difficult to determine; the PCC believes the cost of obtaining a valuation outweighs any benefit. The property is held by the RB - see note 1g).

The Representative Body of the Church in Wales holds for the Parish a small plot of land at Ystradowen known as Ystradowen Hall (see note 1g. No cost information is available and in its present state it probably has little value; it is therefore recognised as an investment property but with no value.

Listed investments, included above at 31st December 2020, include

10,840 M & G Charibond Distribution Units (held in the name of the incumbent and church wardens). 29,661 Church in Wales Common Investment Fund shares (held by the RB - see note 1g) ). £3,000 National Savings Bond.

The cash for investment represents the proceeds from the sale of Llanfair Hall, plus accumulated interest, (held by the RB - see note 1g) which awaits a PCC decision of when and how it should be invested.

13

The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 (continued)

13. Stocks comprise office stationery, wine and altar breads, candles and heating oil stocks.

14.Debtors
Parish share rebate due
Fees and other trading debtors
Prepayments
Other debtors
15. Current Asset Investments
On call deposit accounts
16. Creditors falling due in one year
Accruals
Other creditors
17. Creditors falling due after one year
Church in Wales loan re Leoline Close,
interest free, repayable on disposal.		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 This year
Unrestricted Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£		 Last year
Unrestricted
Designated
Restricted
Total
£
£
£
£
4,567
1,196
490
8,298		 340 6,710 4,567
1,196
830
15,008		 4,657
2,277
327
14,875		 335 1,104
4,875		 4,657
3,381
662
19,750
14,551 340 6,710 21,601 22,136 335 5,979 28,450
11,714 38,688 217,747 268,149 0 43,554 229,007 272,561
1,469
3,124		 47
13		 78 1,516
3,215		 2,053
3,571		 140 120 2,053
3,831
4,593 60 78 4,731 5,624 140 120 5,884

2,500		 2,500
2,500 2,500

18. Endowment Funds

The documents determining the purpose of a £3,000 bequest by Mrs Thompson cannot be traced; it is believed that the income is for general purposes; £34 income has been credited to unrestricted funds (last year £31) .

estricted income funds Balance B/F
Income
Expenditure
Transfers
Balance C/F		 Balance B/F
Income
Expenditure
Transfers
Balance C/F		 Balance B/F
Income
Expenditure
Transfers
Balance C/F		 Balance B/F
Income
Expenditure
Transfers
Balance C/F		 Balance B/F
Income
Expenditure
Transfers
Balance C/F
Name Purpose £
£
£
£
£
Missions
DM Jones Memorial Fund
Holy Cross
Holy Cross Piano
Llanblethian Church
Llanblethian Churchyard
Llanblethian sound system
Llandough Church & Churchyard
St Mary Church
St Mary Church Churchyard
St. Hilary Church
St. Hilary Churchyard
St Hilary water supply
St Hilary Altar requisites
Flemingston Church
Flemingston Churchyard
Llansannor Church
Penllyn Church
Llanfrynach Church
Llanfrynach Churchyard
Llangan 100 Club
Llangan Friends
Llangan Building
Llangan Old School Room
Llangan Churchyard
St Mary Hill Building
St Mary Hill 100 Club
Syrian Refugee Project
St Mary Hill Churchyard
Ystradowen Church
Ystradowen Churchyard
Transition Grant
Other small funds - 12 balances at 31 D		 Support of external missions 155 647 646 156
Historic Fabric of Holy Cross 5,014 17 5,031
Church restoration 60,249 238 2,768 57,719
Maintenance of grand piano 1,350 5 1,355
Repairs and maintenance 4,468 495 480 4,483
Churchyard maintenance 12,819 3,433 3,640 12,612
Provision/maintenance 476 2 478
Repairs and maintenance 3,714 236 960 2,990
Repairs and maintenance 14,430 49 14 14,465
Churchyard maintenance 3,591 12 3,603
Repairs and maintenance 20,213 656 873 19,996
Churchyard maintenance 2,973 1,724 4,697
Provision of water supply 3,478 12 3,490
Altar furnishings etc 430 1 431
Repairs and maintenance
Churchyard maintenance
Repairs and maintenance
Repairs and maintenance
Repairs and maintenance
Churchyard maintenance
Maintenance St Canna
Maintenance St Canna
Maintenance St Canna
Llangan community project
Churchyard maintenance
Repairs and maintenance
Maintenance St Mary Hill
Croeso Cowbridge Project
Churchyard maintenance
Repairs and maintenance
Churchyard maintenance
Accounts Assistant
ecember		 4,239 65 4,304
7,232 224 680 6,776
2,229 8 2,237
13,344 44 939 12,449
4,605 16 4,621
2,718 9 2,727
5,893 681 110 6,464
5,266 2,064 648 6,682
3,555 12 3,567
2,917 2,238 480 4,675
1,375 1,447 2,822
34,785 118 34,903
85 850 900 35
13,544 13,484 27,028 0
4,006 1,425 700 4,731
3,170 3,974 3,963 3,181
1,043 1,366 1,355 1,054
88 3,602 3,690 0
2,635 332 260 2,707
246,089 39,486 48,586 1,548 235,441

19. Restricted income funds

The Llangan and St Mary Hill 100 Clubs are for the general maintenance and upkeep of St Canna and St Mary respectively; the transfers from these restricted funds to unrestricted funds is to cover the excess of expenditure over income for these churches for the year.

The Syrian Refugee Project is administered by Croeso Cymru and the total fund £27,028 was transferred to them in December 2020.

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The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 (continued)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 (continued) 31 DECEMBER 2020 (continued) 31 DECEMBER 2020 (continued) 31 DECEMBER 2020 (continued) 31 DECEMBER 2020 (continued)
20. Designated funds
Name
Purpose
Llanblethian hall
Running and maintenance
Llanblethian Church
Repair, maintenance and improvements
Parish mission
Parish mission and outreach
Llanfair Hall proceeds
Support major repairs in all churches		 Balance B/F
Income
Expenditure
Transfers
Balance C/F
£
£
£
£
£
20,984
8,969		 1,359
30		 7,971 14,372
8,999
19,150 64 19,214
174,387 224 174,611
223,490 1,677 7,971 217,196

Llanblethian Church Hall is operated on behalf of the PCC by the Llanblethian Church Hall Committee with whom they have a management agreement. Covid 19 restricted their activities during 2020 resulting in reduced hire income. The enforced closure created the opportunity to undertake some renovation work including upgrading the Heating system, internal and external decoration and other smaller items of general maintenance.

Filming fees from previous years at Llanblethian church produced unexpected income; the PCC has determined to set these fees aside to finance improvements to the church not covered by the Evan Jenkins Charity.

The Parish mission fund represents funds originally intended for a Church Army Evangelist, which since have been released by the donor to the PCC for general mission purposes. At its meeting of 8th Dec 2020 the PCC agreed that in the event of a deficit of unrestricted funds this fund may be used towards the cost of the assistant parish treasurer.

The proceeds from the disposal of Llanfair hall have been set aside as a designated fund to meet extraordinary costs of repair and improvement of the church buildings in the Parish, all of which are listed buildings and some of which require urgent repair following quinquennial inspection.

21. TRUST FUNDS

The Rectorial Benefice of Cowbridge has become the successor sole beneficiary of trusts in respect of which the Representative Body of the Church in Wales are the trustees. Income, which is received regularly and automatically from a number of these trusts was immaterial. For others, application has to be made for payments out of accumulated income to match expenditure incurred on those items covered by the purposes of the trusts. In 2018 the PCC made no such application.

The funds at the end of the year in respect of which the Benefice is the beneficiary are:

Name: Object:
Chancel Repair Fund Repair of Llanblethian chancel
,, ,, ,, Repair of St Mary Hill chancel
Miss S.M. Carden dec'd Maintenance of graves, Llanblethian churchyard
Mrs. C.A. Williams dec'd .. .. .. ..
Miss V.A. Morgan dec'd .. .. ..
Church Cottage, Aberthin Reparation and general upkeep, Llanblethian
H.L. Phillips dec'd Repair & maintenance Holy Cross, Cowbridge
J.W. Hall dec'd Charitable church purposes, Holy Cross,
provided certain graves are maintained
Lt. Col. C.T. Edmondes dec'd .. .. .. ..
Margaret Sole dec'd .. .. .. ..
David Mansel Jones Fund External maintenance/repair, Holy Cross Church
Anonymous Gift Charitable church purposes, Llanblethian
Mrs A G Jenkins dec'd Charitable church purposes, Llangan
provided certain graves are maintained
Mrs M C Jones .. .. .. ..
Ms O R V Battrick Payment of Parish Share

St.John the Baptist, Llanblethian and St.Owain, Ystradowen are beneficiaries of the Evan Jenkins Charity whose primary objective for distribution of income is maintenance and repair of the tenor bell in the tower of Llanblethian church. Secondary objectives include the distribution of income for the repair of Llanblethian and Ystradowen churches.

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The Rectorial Benefice of Cowbridge Parochial Church Council Annual Report & Financial Statements 2020

RECTORIAL BENEFICE OF COWBRIDGE PAROCHIAL CHURCH COUNCIL

(Registered Charity Number 1131497)

UNRESTRICTED FUNDS

YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER
2016
2017
2018
2019
2020		 BUDGET
2021
INCOME
Stewardship
Collections
Donations, grants, etc.
Tax refunds
Funds generated
Investment income
Fees
Insurance receipts, etc.
TOTAL		 79,154 87,337 82,725 76,101 78,091 79,377
22,631 25,143 34,256 34,351 10,870 12,605
10,462 18,104 10,552 12,147 20,279 19,870
23,555 28,207 27,449 25,862 22,213 23,004
25,311 20,256 22,240 27,655 14,281 19,050
2,045 1,888 1,701 2,032 1,295 1,600
7,155 9,627 7,467 6,074 2,477 5,046
2,096
170,313 192,658 186,390 184,222 149,506 160,552

EXPENDITURE

EXPENDITURE
Parish share
Clerics and ministry expenses
Church property costs
Administrator
General parish expenses
Mission
Cost of generating funds
Insurance replacements
TOTAL		 84,349 85,528 85,933 88,482 65,078 93,715
11,673 10,487 11,299 9,903 5,160 16,367
34,066 28,062 33,179 31,670 26,950 29,229
28,871 30,030 30,889 36,738 37,982 38,163
8,095 11,384 13,323 11,645 9,066 15,207
2,225 2,181 2,310 797 145 1,550
2,073 566 511 344 132
171,352 168,238 177,444 179,579 144,513 194,231
SURPLUS /(DEFICIT)
SURPLUS / (DEFICIT)
Surplus on disposal of property
Investment gains/(losses)
Designated / restricted fund transfers
Net addition / reduction of reserves		 (1,039) 24,420 8,946 4,643 4,993 (33,679)
154,888
6,656 3,658 (2,980) 7,606 (165)
160,505
(194,888)		 28,078
2,091		 5,966
800		 12,249
1,000		 4,828
1,548		 (33,679)
(34,383) 30,169 6,766 13,249 6,376 (33,679)

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