## **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: - Holy Cross Parish Church, Cowbridge - St. John the Baptist, Llanblethian - St. Dochdwy, Llandough - St. Hilary, St. Hilary - St. Mary, St. Mary Church - St. Michael and all Angels, Flemingston - St. Senwyr, Llansannor - St. John the Evangelist, Penllyn - St. Owain, Ystradowen - St. Brynach, Llanfrynach - St. Canna, Llangan - St. Mary, St Mary Hill 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 Incumbent, Vicars and Assistant Curates; - A Church Warden for the whole Parish appointed by the Incumbent at the Annual Vestry Meeting (AVM); - A Sub-Warden for each Church if appointed by the Incumbent at the AVM - A Church Warden for the whole Parish elected at the AVM; - A Sub-Warden for each Church if elected at the AVM; - Up to 25 lay members elected at the AVM; - Co-opted Secretary and Treasurer (if not already ex-officio or elected), plus up to 7 further co-opted members. 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: - consult and co-operate with the incumbent in all matters of concern and importance to the Parish; - promote the whole mission of the Church, pastoral, evangelistic, social and ecumenical, in the Parish; - be responsible for the parochial budget and all expenditure thereunder; - care for and maintain church fabric and churchyards, - act on any other matter referred to it in accordance with the Constitution; - be the normal channel of communication between parishioners and the Diocesan Bishop. 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: - fulfilling its duties detailed above; - providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; - promoting Christian values, and service by members of the Churches in the Parish to their communities, to the benefit of individuals and society as a whole. ## **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. - The PCC approved a budget for 2021 which shows a deficit of £33,679 (see page 16). This was based on the resumption of normal levels of income and expenditure from mid-2021. However, this seems unlikely with an indefinite timescale for the complete lifting of restrictions. - The budget includes fund-raising provision, but the church communities report increasing difficulty to meet the targets with Covid further exacerbating this, and increasing calls to raise funds for quinquennial repairs. - The Parish quinquennial repair liabilities are enormous (see page 6 church fabric) yet external fund resources become increasingly difficult to obtain. The PCC will therefore be obliged to meet an increasing proportion of such repair costs from its own funds. The PCC have already taken steps to mitigate, as far as possible, these ever-increasing costs by carefully considering the options available to them. ## **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: - Compliance with complex UK law relative to premises and activities; - Maintenance of listed Parish churches and properties, which are expensive to repair; - Provision of leadership to maintain ministry and service to the community in the light of the PCC policy to maintain all the churches in the Parish and the limited capacity of its clergy. - Increasing demands re legal, financial and administrative matters which exceed volunteer capacity and skill set. - Budget control of expenditure and adequacy of financial systems. - The ability to maintain income sufficient to match increasing costs. ## **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: - examine the accounts under Section 145 of the Charities Act, - to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the Charities Act, and - to state whether particular matters have come to my attention ## **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: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. 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. - **f. Churches Churchyards and Vicarages** are vested in the Representative Body of the Church in Wales, and are not Parish assets . Moveable Church contents (plate, furniture, etc) are inalienable property and require a faculty for disposal. They are recorded in the Church Terrier log. Many are historic for which no reliable cost basis exists. They are not recognised in the Balance Sheet. Expenditure on Churches (including contents), Churchyards and Vicarages is written off when incurred. ## **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. - **i. Office and other Equipment** is stated at cost and written off by depreciation over four years. - **j. Investment assets** are stated at mid-market values on the balance sheet date and are detailed in note 12. - **k. Stocks** are measured at the lower of cost or market value. 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. 14 _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. 15 _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)| 16