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2022-12-31-accounts

COWBRIDGE MINISTRY AREA

Registered Charity 1131497

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31[ST] DECEMBER 2022

Part of the Church in Wales in the Diocese of Llandaff

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

NOTICE OF ANNUAL VESTRY MEETING ON SUNDAY 30th APRIL 2023 AT 11.30 a.m. IN HOLY CROSS PARISH CHURCH, COWBRIDGE, (following the Ministry Area Service at 10.30 a.m.)

The Annual Vestry Meeting of the Cowbridge Ministry Area will be held on Sunday 30th April 2023 at 11.30a.m. in the Parish Church of the Holy Cross, following the Ministry Area Service at 10.30a.m. All persons whose names have been accepted in the Electoral Roll may speak, vote and be nominated for election, and are urged to attend.

AGENDA

Prayer

Chairman’s welcome

Apologies for absence

Minutes : The Annual Vestry Meeting of the Rectorial Benefice of Cowbridge held 24th April 2022 (pages 3-4)

Clergy Report

Ministry Area Council Report and Financial Statements:

Rectorial Benefice of Cowbridge Annual Report (pages 5-8)

Rectorial Benefice of Cowbridge Financial Statements for the year ended 31st December 2022 (pages 11-18)

Elections:

Appointment of a Ministry Area Warden

Election of a Ministry Area Warden Election of nominated members of The Ministry Area Council Appointment of Sub Wardens Election of Sub Wardens Election of Members of the Diocesan Conference (five in total)

Election of Members of the Deanery Conference (six in total)

Confirmation of appointment of Independent Examiner

Any other business signified to the Parish Office in writing by Monday 24th April 2023

Nominations and details of any other business should be received by the Parish Office by Monday 24th April 2023. All persons nominating and nominated must be on the Electoral Roll, approved by the Ministry Area Council on 27th March 2023, and all who are nominated must have given their consent to nomination.

Following the conclusion of the Vestry meeting there will be a brief meeting of the new Ministry Area Council to coopt the Lay Chair, elect or co-opt a Secretary and Treasurer, and to confirm other co-options.

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Annual Report & Accounts 2022

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

The Minutes of the Annual Vestry Meeting held on Sunday 24[th] April 2022 at Holy Cross Parish Church.

The Chairman, Miss A. Harries reported that Cowbridge Ministry Area has been unable to hold Vestry Meetings in person for the last 2 years due to the COVID Pandemic so it is particularly good to welcome attendees, particularly members from Colwinston, Llandow and Llysworney who joined Cowbridge Ministry Area formally in January 2022.

The Chairman thanked all the Clergy offering welcome in particular to our Assistant Curate, Revd Ian Yemm, ordained by Bishop June in May 2021; Associate Priests Rev’d Jude Peters and Rev’d Angela Cooper licensed by the Bishop of Llandaff in 2020 and 2021 respectively.

The Chairman thanked the retired clergy who have assisted, and Rev’d Alan Kettle who retired as the Incumbent of Colwinston, Llandow and Llysworney in July 2021 – wishing Alan and Kathy a long and happy retirement.

The Chairman handed over to Rev’d Dr Stephen Adams who paid tribute to the work undertaken week by week by the Parish Wardens, our Administrator David-Lloyd Jones and our Clergy who kept parish life going by meeting on-line during the last 2 years.

Rev’d Dr S. Adams paid tribute to Mr Howard Perks who was stepping down from the role of Parish Warden. He has been a wise counsellor and a friend, and we are all most grateful for the work he has done, not least in his role as Worship Leader.

The Chairman continued with thanks for the MA Administrator and his Assistant Carole Bird; Parish Wardens and Sub-Warden (formerly known as Church Co-ordinators); Treasurers of individual Churches; Musicians/Organists and singers past and present; flower arrangers; those who prepare Churches for worship; tend to graveyards; Sunday School leaders; Governors of Church Schools- Llansannor and Colwinston; Church Committee members and Officers. Special thanks to David Crompton for buildings works liaison – noting that there has been a great deal of care and attention given to making application to the Diocese for Faculties for work to be done.

Thanks also to those who engage in mission and outreach; pastoral care and those who offer prayerful support from home for the work of the Church.

Thanks to the Mothers’ Union members; to our Safeguarding Officer, Mrs M. Layton-Matthews who is stepping down today.

Thanks to those who help in other ways by financial or practical support in fund raising or in giving Christmas Raffle prizes.

Apologies were received from: Mrs. L. Cox, Canon P. Cox, Mrs. P. Harris, Ms. A. Walton, Mrs. K. Kettle, Rev’d A. Kettle, Ms. S. Bonnar.

Minutes of the previous Annual Vestry meeting of the Rectorial Benefice of Cowbridge:

The Minutes of the meeting of 28th April 2019 were accepted on the proposition of Mr. P. Davies, seconded by Mr D. Crompton.

Matters arising from the minutes:

There were no matters arising.

Minutes of the previous Annual Vestry meeting of the former Parish of Colwinston, Llandow and Llysworney:

The Minutes of the meeting of 25[th] April 2021 were accepted on the proposition of Ms. P. Newman, seconded by Mr J. Rawlings.

Matters arising from the minutes:

There were no matters arising.

Rectorial Benefice of Cowbridge Annual Report & Financial Statements for the year ended 31[st] December 2021:

The acceptance of both the Annual Report and the Financial Statements for the year ended 31[st] December 2021 was proposed by Mr G. Cox and seconded by Mr P. Davies. 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.

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

Former Parish of Colwinston, Llandow and Llysworney Financial Statements for the year ended 31[st] December 2021:

The acceptance of the Financial Statements for the year ended 31[st] December 2021 was proposed by Ms. P. Newman and seconded by Mrs. J. Denham. These were accepted unanimously.

Mr D.L. Jones expressed his thanks to Mrs. K. Jones for all her work in the preparation of the accounts.

Elections:

Mr P. Davies was elected as Ministry Area Warden. Mrs. J. Reed was appointed as Ministry Area Warden.

The following were elected as Members of the Ministry Council:

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

Mrs M. Langdon - Llansannor Mr P Evans - Ystradowen

Mr H. Pearson - Llangan Mr S. Lloyd - St Mary Hill Mrs P. Harris - Penllyn Mrs S. Cox - Llanblethian Mr H. Perks - Holy Cross Mr D. Addison - Llandough Mr J. Williams - St Hilary Ms. P. Newman – Llandow Mr. J. Rawlings – Llysworney Mrs. P. Haines - Colwinston.

Deanery Conference members:

It was unanimously agreed to defer this matter to the next MAC meeting.

Diocesan Conference members:

It was unanimously agreed to defer this matter to the next MAC meeting.

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 P. Davies and seconded by Mr G. Cox. The proposal was accepted unanimously.

Any Other Business:

Appointment of the Rev’d I Yemm: Rev’d Dr S. Adams announced that Rev’d Ian Yemm, Curate in the Ministry Area of Cowbridge had been appointed as Vicar in the Garth Ministry Area, having particular responsibility for the Parish of Radyr.

Retirement of the Rector: The Rev’d Dr S. Adams announced he will be 66 years old later in the year and intends to retire in October. Over the coming months Stephen will continue to work with the Team to plan for an interregnum and for the appointment of a successor.

Stephen said the last 7 years have been interesting (in a good way) and he is really grateful for the opportunity to work as part of a Ministry Team. God is present here and the Ministry Team support and engage with one another – The Churches are in strong position and will find new ways of serving God in this Ministry Area and he leaves us in the good hands of the remainder of the Team while we wait for a new Ministry Area Leader. Stephen extended thanks to colleagues and parishioners for their continuing support.

The Meeting closed with prayer at 12.40 pm.

4

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

REFERENCE & ADMINISTRATIVE DATA

The Cowbridge Ministry Area was created by Diocesan Decree on the 1[st] January 2022, being formed by the merger of the Parish of Colwinston, Llandow and Llysworney into the Rectorial Benefice of Cowbridge.

The Cowbridge Ministry Area Council (MAC) formerly the Parochial Church Council (PCC) is registered with the Charity Commission for England and Wales; registered number 1131497.

The Ministry Area 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 fifteen Churches which make up the Ministry Area 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. Mary, St Mary Hill

St. Michael and all Angels, Colwinston

St. Tydfil, Llysworney Holy Trinity, Llandow

The Cowbridge Ministry Area 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 the MAC Members who have served in the year ending 31st December 2022, 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 2022, and on the date this report was approved, are shown on page 9.

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

APPROVED by the Ministry Area Council on 27[th] March 2023 and signed on its behalf by Miss. A. Harries, Lay Chair.

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

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 MAC’s duty to:

The MAC 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 MAC believes that it provides a benefit to the public, by:

MAC PROCEEDINGS & ACTIVITIES

General

The MAC met four times in 2022 to deal with all matters concerning the Ministry Area and consider reports from sub-committees to whom some activities are delegated.

Membership

There were 260 parishioners on the roll which was approved by the MAC at its meeting of the 27th of March 2023 (2022: 266, 2020: 234, 2019: 264, 2018: 261, 2017: 263).

MAC FINANCES: UNRESTRICTED FUNDS

Summary for 2022: Income and expenditure are detailed in the Statement of Financial Activities (page 11) and in the notes thereto. Total unrestricted income was £246,222 including one off Covid related grants and other donations (compared with income of £179,500 in 2021, £149,506 in 2020, £184,222 in 2019, £186,390 in 2018). The increase in income was due to the inclusion of £43,544 of unrestricted funds of the former Parish of Colwinston, Llysworney and Llandow together with increased income from interest, church fees and other income as detailed in notes 2 and 3 to the accounts.

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 £104,703. Covid relief grants amounting to £8,957 were received from the Diocese reducing this cost to £95,746. Other unrestricted expenditure was £104,505 compared to a budget figure of £107,970, making total unrestricted expenditure of £200,251 (2021: £147,836, 2020: 144,513, 2019: £179,579 2018: 177,444). It is worth noting that, as with income, £12,066 of expenditure is due to the inclusion of the former Parish of Colwinston, Llysworney and Llandow.

The increased income less costs provide a surplus of £48,371 compared with a deficit budget of -£16,039. There was a net loss on revaluation of investments of -£5,739, making a total surplus for the year of £42,632.

This is a positive outcome and thanks are due to all those who have worked so hard, in so many ways, to ensure the mission of the Church in our Ministry Area.

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

Reserves policy and future prospects:

After adding the surplus for the year, the unrestricted fund balance to carry forward is £446,057, of which £141,665 represents tangible fixed assets, leaving £304,392 as free reserves (2021: £261,611, 2020: £221,971 2019: £214,632 2018: £200,649).

The MAC 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 MAC has concerns (detailed below), which dictate continuing caution.

MAC FINANCES: DESIGNATED FUNDS

The proceeds from disposal of Llanfair Hall were set aside to fund extraordinary repairs and improvements to Parish churches. £2,411 interest has been added to the fund in the financial period. The balance carried forward being £177,022 to fund further such extraordinary expenditure in the Parish, including quinquennial repairs. During the period considerable work has been undertaken to stabilise the structure of the tower at St. Mary Church. The MAC resolved to make a contribution of up to £75,000 from the Llanfair Hall Fund towards this work and a transfer from the fund to St. Mary Church Restricted Building fund will be made once the final account is received.

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 surplus of £754. The fund shows a year end balance of £12,131. 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 Charity 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 £9,082.

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 £19,392.

MAC FINANCES: RESTRICTED FUNDS

Income and expenditure totals are shown in the Statement of Financial Activities on page 11 and in the accompanying notes; the movements in 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.

RISK ASSESSMENT

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

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Annual Report & Accounts 2022

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

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 26% of free unrestricted reserves at year end. The net yield on the listed investments including a loss on revaluation in 2022 was -5.5% based upon the year end value. The investments are described in note 12 to the Financial Statements.

CHURCH FABRIC

The MAC reviewed its priorities regarding the repair of its buildings in light of the impact of the Covid 19 pandemic. The MAC 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 MAC resolved the following:

Holy Cross Parish Church: A Faculty was granted for the regularisation of the current internal layout of Holy Cross: retention of the open space at the front of the Nave and the provision of 60 suitable stacking chairs. The provision of suitable floor covering to be reviewed in three years.

St. Hilary Church: The works to the Tower are now complete. The MAC agreed a loan to the St. Hilary Church Committee of £30,000 repayable over 15 years. We are pleased to report that grant funding, fundraising and budgetary control have reduced the project deficit to -£14,099 and we are hopeful of some further grant funding.

St. Mary Church: The works to the tower at St. Mary Church have been completed. Funding being available from the proceeds of the sale of Llanfair Church Hall and the St. Mary Church Building Fund together with some external funding sources and VAT reclaim.

Llanblethian Church: Works to restore the and re-paint the rainwater goods have been completed and the recommendations of the tree survey have been implemented which were funded by the Evans Jenkins Charity; approval from the Evan Jenkins Charity has been given for a rolling programme of minor works, noted in the Quinquennial Inspection, over the next 3 to 5 years.

Llansannor Church. £19,000 of works noted in the Quinquennial Inspection are outstanding.

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

Ystradowen Church: A section of the Churchyard wall collapsed in the autumn of 2022. The Evan Jenkins Charity have agreed to fund this work. The Architect has been instructed to survey the Tower of the church which needs repair. It is hoped The Evan Jenkins Charity will fund the necessary repairs over the next 3-5 years.

Penllyn Church: Sadly, the church was badly damaged by fire in December 2022. The Architect is working with the Building Committee and our Insurers to restore the building. As part of those works it would seem prudent to undertake outstanding QI items, create a more flexible community space at the front of the church (where the pews were destroyed by fire) and upgrade the electrical systems. The majority of the cost will be borne by our Insurers, with the remainder from the Penllyn Building Fund, Grantors, and Community Fundraising.

Colwinston Church: Significant damage has been caused to the fabric of the Tower by water ingress due to the failure of the roof covering and loss of the roof hatch. Temporary repairs have been affected and we await the result of detailed investigations by our Structural Surveyor and Architect.

The MAC 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.

APPROVED by the Ministry Area Council on 27th March 2023 and signed on its behalf by Miss. A. Harries, Lay Chair.

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

MAC MEMBERS 1st JANUARY 2022 TO 27th MARCH 2023.

Incumbent Rev'd Dr Stephen Adams (to 31st Oct '22)
The Rectory, 85 Broadway, Llanblethian, CF71 7EY
Lay Chair Miss Andrea Harries
Vicar Rev'd Victoria Ashley
Assistant Curate Rev'd Ian Yemm (to 24th July '22)
Associate Priest Rev'd Jude Peters
Associate Priest Rev'd Dr Angela Cooper
Ministry Area Warden Peter Davies
Ministry Area Warden Howard Perks (to 24th April '22)
Ministry Area Warden Jan Reed (from 24th April '22)
Pamela Haines Colwinston (from 24th April '22)
David Crompton Flemingston
Howard Perks Holy Cross (from 24th April '22)
Sue Cox Llanblethian
Duncan Addison Llandough (to 21st Nov '22)
Penny Newman Llandow (from 24th April '22)
John Homfray Llanfrynach
John P.R.Williams Llansannor (to 24th April '22)
Margaret Langdon Llansannor (from 24th April '22)
Jeremy Rawlings Llysworney (from 24th April '22)
Pamela Harris Penllyn
John Williams St Hilary
Catherine Mangles St. Mary Church
Shena Sarjeant Ystradowen (to 24th April '22)
Phillip Evans Ystradowen (from 24th April '22)
Simon Lloyd St Mary Hill
Howard Pearson Llangan
Others Marion Layton-Matthews Safeguarding Officer (to 24th April '22)
Jen Denham Safeguarding Officer (from 24th April '22)
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
CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent. ME19 4JQ
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

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

INDEPENDENT EXAMINERS REPORT TO THE MEMBERS OF THE MINISTRY AREA COUNCIL

I report on the Financial Statements of the Rectorial Benefice of Cowbridge for the year ended 31st December 2022, which are set out on pages 11 to 17.

RESPECTIVE RESPONSIBILITIES OF MINISTRY AREA COUNCIL AND EXAMINER

As the Ministry Area 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

DATE: 14[th] April 2023

Tel: 01446 772299

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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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 th
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 FUND
RECONCILIATION OF FU
Balances brought forward
Balances carried forward		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 THIS YEAR 2022
Notes
Unrestricted
Designated
Restricted
Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
2
158,982
162,141
321,123
9,687
7,848
17,535
30,886
3,830
2,063
36,779
3,123
2,662
1,801
7,586
3
43,544
33,904
77,448
246,222
6,492
207,757
460,471
e church
4
104,101
104,101
5
40,269
3,130
317,586
360,985
6
55,196
55,196
7
2,050
2,050
199,566
3,130
319,636
522,332
685
215
900
200,251
3,130
319,851
523,232
URE)
45,971
3,362
(112,094)
(62,761)
19
2,400
(2,400)
0
48,371
3,362
(114,494)
(62,761)
12
(5,739)
(5,739)
S
42,632
3,362
(114,494)
(68,500)
NDS
403,425
214,265
280,407
3,000
901,097

446,057
217,627
165,913
3,000
832,597		 LAST YEAR 2021
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
137,838
77,829
215,667
6,388
8,244
14,632
34,340
658
2,266
37,264
934
65
560
1,559		 LAST YEAR 2021
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
137,838
77,829
215,667
6,388
8,244
14,632
34,340
658
2,266
37,264
934
65
560
1,559		 LAST YEAR 2021
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
137,838
77,829
215,667
6,388
8,244
14,632
34,340
658
2,266
37,264
934
65
560
1,559		 LAST YEAR 2021
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
137,838
77,829
215,667
6,388
8,244
14,632
34,340
658
2,266
37,264
934
65
560
1,559		 LAST YEAR 2021
Unrestricted
Designated
Restricted Endowment
Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
137,838
77,829
215,667
6,388
8,244
14,632
34,340
658
2,266
37,264
934
65
560
1,559
246,222 6,492 207,757 460,471 179,500 723 88,899 269,122
3,130 317,586
2,050		 104,101
360,985
55,196
2,050		 70,555
27,250
49,261
308		 3,654 42,788
845		 70,555
73,692
49,261
1,153
199,566
685		 3,130 319,636
215		 522,332
900		 147,374
462		 3,654 43,633 0 194,661
462
200,251 3,130 319,851 523,232 147,836 3,654 43,633 195,123
45,971
2,400		 3,362 (112,094)
(2,400)		 (62,761)
0		 31,664
300		 (2,931) 45,266
(300)		 73,999
0
48,371
(5,739)		 3,362 (114,494) (62,761)
(5,739)		 31,964
7,144		 (2,931) 44,966 73,999
7,144
42,632
403,425		 3,362
214,265		 (114,494)
280,407		 3,000 (68,500)
901,097		 39,108
364,317		 (2,931)
217,196		 44,966
235,441		 3,000 81,143
819,954
446,057 217,627 165,913 3,000 832,597 403,425 214,265 280,407 3,000 901,097

The notes on pages 13 to 17 form part of this statement

11

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

BALANCE SHEET AT 31st DECEMBER 2022

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 2022
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,665
141,665
80,142
177,022
3,000
260,164		 THIS YEAR 2022
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,665
141,665
80,142
177,022
3,000
260,164		 THIS YEAR 2022
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,665
141,665
80,142
177,022
3,000
260,164		 THIS YEAR 2022
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,665
141,665
80,142
177,022
3,000
260,164		 THIS YEAR 2022
Unrestricted Designated Restricted Endowment
This Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,665
141,665
80,142
177,022
3,000
260,164		 LAST YEAR 2021
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,814
141,814
85,882
174,611
3,000
263,493		 LAST YEAR 2021
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,814
141,814
85,882
174,611
3,000
263,493		 LAST YEAR 2021
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,814
141,814
85,882
174,611
3,000
263,493		 LAST YEAR 2021
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,814
141,814
85,882
174,611
3,000
263,493		 LAST YEAR 2021
Unrestricted
Designated
Restricted
Endowment Last Year
Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,814
141,814
85,882
174,611
3,000
263,493
221,807 177,022 3,000 401,829 227,696 174,611 3,000 405,307
3,517
24,438
87,105
120,746		 367
34,004
6,565		 16,444
145,303
6,374		 3,517
41,249
266,412
133,685		 3,875
15,244
162,668		 390
33,753
5,593		 5,465
229,435
45,507		 3,875
21,099
263,188
213,768
235,806 40,936 168,121 444,863 181,787 39,736 280,407 501,930
9,056 331 2,208 11,595 3,558 82 3,640
226,750
448,557		 40,605
217,627		 165,913
165,913		 3,000 433,268
835,097		 178,229
405,925		 39,654
214,265		 280,407
280,407		 3,000 498,290
903,597
2,500
446,057		 217,627 165,913 3,000 2,500
832,597		 2,500
403,425		 214,265 280,407 3,000 2,500
901,097
446,057 217,627 165,913 3,000 3,000
165,913
217,627
446,057		 403,425 214,265 280,407 3,000 3,000
280,407
214,265
403,425
446,057 217,627 165,913 3,000 832,597 403,425 214,265 280,407 3,000 901,097

The notes on pages 13 to 17 form part of this Balance Sheet

APPROVED by the Ministry Area Council on 27th March 2023 and signed on its behalf by Miss. A. Harries, Lay Chair.

12

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

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 Ministry Area 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 MAC has decided at their discretion to set aside for a specific purpose. Restricted funds are donations given by the donor, or invited by the MAC, 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 MAC 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 MAC 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 MAC. 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 MAC in trust, which provides that upon disposal, the proceeds may be applied by the MAC 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 MAC 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.

13

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 (continued)

nations, legacies. etc.
Planned giving
Loose collections
Donations
and other voluntary income
Goods for re-sale at cost
Grants
Government (NI & LDBF grants)
Lottery & Local Authority
Other
Tax refunds Gift Aid
GASDS
er income
Monies introduced from
Colwinston, Llandow and Llysworney
pport for ministry
Ministry support
Parish share of diocesan costs
Parochial expenses of clerics
Other ministry costs
urch property
Maintenance of churches
Maintenance of other property
Leoline Close Curate House
ish running costs
Parish administrator
General parish expenses
Maintenance of services, music, etc.
sions
Home / World
Parish		 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
£
£
£
£
86,683
26,655
11,550
3,539
24,269
6,286		 435
1,991
115,159
43,749
349
457		 87,118
28,646
126,709
47,288
24,618
6,743		 84,789
18,510
5,977
3,037
21,113
4,412		 885
14,137
61,093
263
1,451		 84,789
19,395
20,114
64,130
21,376
5,863
158,982 162,140 321,122 137,838 0 77,829 215,667
43,544 33,904 77,448 0
0
43,544 0 33,904 77,448 0 0
95,746
7,298
1,057		 95,746
7,298
1,057		 62,887
7,165
503		 62,887
7,165
503
104,101 0 104,101 70,555 70,555
38,025
2,244		 3,130 282,623
34,963		 320,648
40,337		 25,951
1,299		 3,654 24,197
18,591		 50,148
23,544
40,269 3,130 317,586 360,985 27,250 3,654 42,788 73,692
42,394
9,193
3,609		 42,394
9,193
3,609		 38,636
8,946
1,679		 38,636
8,946
1,679
55,196 0 0 55,196 49,261 0 0 49,261
2,050 2,050
0		 308 845 845
308
0 2,050 2,050 308 845 1,153

2. Donations, legacies. etc.

3. Other income

4. Support for ministry

5. Church property

6. Parish running costs Parish administrator General parish expenses Maintenance of services, music, etc.

7. Missions Home / World Parish

This year
594
41,820
3,594
4,969		 Last year
576
38,697
3,063
4,590
50,383 46,350
1
2
Nil
Nil
Nil
42,394		 1
2
Nil
Nil
Nil
38,636

8. Independent Examination Fees

Fees for reporting on the Financial Statements

9. Employees

Gross wages and salaries Employer's national insurance costs Pension contributions (not a defined benefit scheme) Total staff costs Average number of staff employed: Full time Part time

Number of employee receiving emoluments (excluding employer pension costs) of more than £60,000

10. Payments to trustees (MAC members) - Related party transactions

Parish clergy are ex officio MAC members; an insignificant amount of expenses paid to them as clergy may relate to their duties as MAC members. Expenses paid to MAC members (other than clergy) Other transactions with MAC members

The Parish Administrator is the MAC Treasurer and therefore a MAC member.His total benefits were

14

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 (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
15,812
2,013
Depreciation for Year
149
Depreciation on Disposal
Balance 31st December
3,535
15,961
2,013
Net book value 1st January
141,586
228
0
Net book value 31st December
141,586
79
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 15,812
149		 2,013 21,360
149
0
3,535 15,961 2,013 21,509
141,586 228 0 141,814
141,586 79 0 141,665
£
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 Ministry Area 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 MAC 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 MAC 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
£
£
£		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£		 Listed
Investment
Cash for
Endowment
investments
properties
investment TOTAL
£
£
£		 Nat Savings
Bond
£
79,638
-5740		 6,244 174,611
2,411		 260,493
2,411
-5,740		 3,000
73,898 6,244 177,022 257,164 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 MAC 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 2022, include

10,840 M & G Charibond Distribution Units (held in the name of the incumbent and church wardens).

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 MAC decision of when and how it should be invested.

15

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 (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
£
£
£
£
5,511
5,326
106
13,495		 367 16,444 5,511
5,326
473
29,939		 4,932
1,054
470
8,788		 390 5,465 4,932
1,054
860
14,253
24,438 367 16,444 41,249 15,244 390 5,465 21,099
87,105 34,004 145,303 266,412 33,753 229,435 263,188
3,726
5,330		 298
33		 2,208 4,024
7,571		 922
2,636		 59
23		 981
2,659
9,056 331 2,208 11,595 3,558 82 0 3,640

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; £24 income has been credited to unrestricted funds (last year £1) .

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
Llansannor Churchyard
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
St Mary Hill Churchyard
Ystradowen Church
Ystradowen Churchyard
HX Lighting
Colwinston Church
Colwinston Churchyard
Llandow Church
Llandow Churchyard
Llyswworney Church
Llyswworney Churchyard
Other small funds - 12 balances at 31 D		 Support of external missions 156 2,490 2,531 115
Historic Fabric of Holy Cross 5,043 35 5,078
Church restoration 45,980 41,581 35,696 51,865
Maintenance of grand piano 1,358 9 1,367
Repairs and maintenance 4,493 41,478 38,918 7,053
Churchyard maintenance 12,641 22,167 22,079 12,729
Provision/maintenance 479 3 482
Repairs and maintenance 3,352 23 52 3,323
Repairs and maintenance 16,963 86,720 -69,757
Churchyard maintenance 2,184 1,189 2,550 823
Repairs and maintenance 55,798 43,355 113,252 -14,099
Churchyard maintenance 5,390 1,026 290 6,126
Provision of water supply 3,498 25 3,523
Altar furnishings etc 432 3 435
Repairs and maintenance
Churchyard maintenance
Repairs and maintenance
Churchyard 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
Churchyard maintenance
Repairs and maintenance
Churchyard maintenance
External Lighting
Repairs and maintenance
Churchyard maintenance
Repairs and maintenance
Churchyard maintenance
Repairs and maintenance
Churchyard maintenance
ecember		 4,477 31 75 4,433
6,491 454 675 6,270
1,317 385 1,702
1,185 4 1,092 97
15,481 4,588 1,123 18,946
4,631 32 4,663
3,216 23 3,239
7,000 560 215 1,200 6,145
7,165 1,228 8,393
12,512 1,514 4,500 9,526
4,094 2,678 1,065 1,200 4,507
2,140 1,613 3,753
34,982 400 318 35,064
165 1 166
5,757 1,657 2,100 5,314
3,183 23 3,206
1,061 434 427 1,068
5,006 35 5,041
19,497 1,032 18,465
4,707 1,515 3,192
2,411 2,411
3,284 2,475 809
4,628 455 4,173
2,777 4,102
83		 695 3,407
2,860
280,407 207,756 319,850 2,400 165,913

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.

16

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 (continued)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 (continued) 31 DECEMBER 2022 (continued) 31 DECEMBER 2022 (continued) 31 DECEMBER 2022 (continued) 31 DECEMBER 2022 (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
£
£
£
£
£
11,377
9,019		 3,884
63		 3,130 12,131
9,082
19,258 134 19,392
174,611 2,411 177,022
214,265 6,492 3,130 217,627

Llanblethian Church Hall is operated on behalf of the MAC by the Llanblethian Church Hall Committee with whom they have a management agreement. There has been an increase in Hall ususge throughout 2022 as bookings resume following the Covid Pandemic.

Filming fees from previous years at Llanblethian church produced unexpected income; the MAC 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 MAC for general mission purposes. At its meeting of 8th Dec 2020 the MAC 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 2022 the MAC sought reimbursement of costs of exterior works at Holy Cross Parish Church

The funds at the end of the year in respect of which the Benefice is the beneficiary are: 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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COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2022

----- Start of picture text -----
YEARS ENDED 31 DECEMBER
BUDGET
2018 2019 2020 2021 2022 2023
INCOME
Stewardship 82,725 76,101 78,091 84,789 86,683 82,953
Collections 34,256 34,351 10,870 18,510 26,655 27,420
Donations, grants, etc. 10,552 12,147 20,279 9,014 15,089 10,150
Tax refunds 27,449 25,862 22,213 25,525 30,555 27,719
Funds generated 22,240 27,655 14,281 34,340 30,886 31,088
Investment income 1,701 2,032 1,295 934 3,123 3,000
Fees 7,467 6,074 2,477 6,388 9,687 3,810
43,544
TOTAL 186,390 184,222 149,506 179,500 246,222 186,140
EXPENDITURE
Parish share 85,933 88,482 65,078 62,887 95,746 106,279
Clerics and ministry expenses 11,299 9,903 5,160 7,668 8,355 16,564
Church property costs 33,179 31,670 26,950 27,250 40,269 51,080
Administrator 30,889 36,738 37,982 38,636 42,394 48,390
General parish expenses 13,323 11,645 9,066 10,625 12,802 14,190
Mission 2,310 797 145 308 0 700
Cost of generating funds 511 344 132 462 685
TOTAL 177,444 179,579 144,513 147,836 200,251 237,203
SURPLUS / (DEFICIT)
SURPLUS / (DEFICIT) 8,946 4,643 4,993 31,664 45,971 (51,063)
Surplus on disposal of property
Investment gains/(losses) (2,980) 7,606 (165) 7,144 (5,739)
5,966 12,249 4,828 38,808 40,232 (51,063)
Designated / restricted fund transfers 800 1,000 1,548 300 2,400
Net addition / reduction of reserves 6,766 13,249 6,376 39,108 42,632 (51,063)
----- End of picture text -----

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