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← Rectorial Benefice Of Cowbridge Parochial Church Council

2023-12-31-accounts

COWBRIDGE MINISTRY AREA

Registered Charity 1131497

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31[ST] DECEMBER 2023

Part of the Church in Wales in the Diocese of Llandaff

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

NOTICE OF ANNUAL VESTRY MEETING ON SUNDAY 28th APRIL 2024 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 28th April 2024 at 11.30a.m. in the Parish Church of the Holy Cross, following the Ministry Area Service at 10.30 a.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 30th April 2023 (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 22nd April 2024

Nominations and details of any other business should be received by the Parish Office by Monday 22nd April 2024. All persons nominating and nominated must be on the Electoral Roll, approved by the Ministry Area Council on 9[th] April 2024, 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.

2

Annual Report & Accounts 2023

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

The Minutes of the Annual Vestry Meeting held on Sunday 30[th] April 2023 at Holy Cross Parish Church.

Welcome: The Chairman, Mis Andrea Harries, welcomed everyone to the meeting.

counsel of the Lay Officers, Peter, Jan and Andrea, who provide time, wisdom and insight.

Prayer: The Meeting began with prayer led by Rev’d Victoria.

Apologies were received from: Miss. S Bonnar, Mrs. P. Newman, Mr. J. Rawlins, Mr. D. Ilsley, Mrs. F. Rees, Mr. R. Haines, Mrs. L. Stone.

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

The Minutes of the meeting of 24[th] April 2022 were accepted on the proposition of Mr. P. Davies, seconded by Mr. H. Jarvie, approved by all, and signed by the Chairman as a true record.

Matters arising from the minutes:

There were no matters arising.

Clergy Report:

The year began with a team of 6, but with the retirement of the Rector, the assignment by the Bishop of Rev’d Ian Yemm as the Vicar of Radyr, and the post Ordination transfer of Amanda to the Eastern Vale MA, the team was reduced to just 3 from October. Vicar Victoria expressed her thanks to Rev’d Angela and Rev’d Jude for all their support especially over the last 6 months whilst a new Rector is sought. In addition, on behalf of the Clergy team, Vicar Victoria thanked all the congregation members for their prayers and support. She also offered gratitude for the continued hard work of the local retired clergy who enable a full-service schedule across the Ministry Area. Vicar Victoria was also very appreciative of the constant dedication shown by the MA Administrator and Treasurer in preparing rota’s and adapting at short notice due to COVID or illness. Finally, she expressed gratitude for the

Rev’d Angela worked closely with children and families in our Church Schools and delivered “Experience Easter” last month at Holy Cross inviting a full week of classes in from schools across the area. Angela is the Lead Children’s Officer in the Diocese and she was well supported by a great group of volunteers.

Rev’d Jude introduced the Seasons Café to the Ministry Area, and with a small group of volunteers they offer a monthly Café with the opportunity to chat over coffee and cake. This is available to anyone who drops in and this has included the local PCSO. Jude is also regularly visiting Longmeadow Court and Southway Care home to hold a service for the residents.

Chris Kitching recently joined the Ministry Area on placement as an Ordinand and he has also got very involved and delivered far more than would be expected of him. Vicar Victoria has worked with Chris to support our rural communities and Farmers and all who work the land but also those who live in isolated situations where needs can be more hidden than in our towns. For the first time in many years the Church had a presence at the Vale Show which enabled engagement with the Farming community.

The Ministry Area saw many very well attended Christmas Services including Community Carol Concerts and Crib Services.

Finally, the Clergy saw a surge in Wedding bookings and Baptisms as couples and families came through COVID and wanted to hold delayed events.

3

Annual Report & Accounts 2023

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Ministry Area Council Annual Report & Financial Statements for the year ended 31[st] December 2023:

The Annual Report and Financial Statement has been considered by the Ministry Area Council, and the acceptance of the Report and Statement was proposed by Mrs. J. Denham and seconded by Mr. D. Crompton. There were no questions raised in relation to the report & accounts, and all were in favour of their acceptance.

Elections:

Mr P. Davies was elected as Ministry Area Warden.

Mrs. J. Reed was appointed as Ministry Area Warden.

Deanery Conference members:

The following were elected as Members of the Deanery Conference: Mrs Jennifer Denham Miss Andrea Harries Mrs Jan Reed Mr Peter Davies Miss Steph Bonnar Mrs Jennifer Kennedy

Diocesan Conference members:

The following were elected as Members of the Diocesan Conference:

Mrs Jennifer Denham

Miss Andrea Harries

The following were elected as Members of the Ministry Council:

Mrs Pamela Haines Colwinston Mr David Crompton Flemingston Mrs Leonie Hain Holy Cross Mr Neil Hammond Llanblethian Mrs Julia Keates Llandough Ms. Penelope Newman Llandow Mr John Homfray Llanfrynach Mr Howard Pearson Llangan Mrs Margaret Langdon Llansannor Mr Jeremy Rawlins Llysworney Mrs Pamela Harris Penllyn Vacant St Hilary Mrs Catherine Mangles St Mary Church Mr Simon Lloyd St Mary Hill Mr Philip Evans Ystradowen

Mrs Jan Reed

Mr Peter Davies

Miss Steph Bonnar

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 H. Jarvie. The proposal was accepted unanimously.

Any Other Business: there was no other business.

Sub-Wardens:

The list of proposed Sub Wardens was read out, and all were in favour of their appointment. It was noted there are vacancies in Holy Cross, St Hilary and St Mary Church and volunteers are being sought.

The Meeting closed with prayer at 12.35 pm.

4

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

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. Canna, Llangan

St. Mary, St Mary Hill

St. Michael and all Angels, Colwinston

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 2023, 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 2023, 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 9[th] April 2024 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 2023

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 2023 to deal with all matters concerning the Ministry Area and consider reports from sub-committees to whom some activities are delegated.

Membership

There were 251 members on the roll which was approved by the MAC at its meeting of the 9[th] April 2024 (2023: 260, 2022: 266, 2020: 234, 2019: 264, 2018: 261, 2017: 263).

MAC FINANCES: UNRESTRICTED FUNDS

Summary for 2023: Income and expenditure are detailed in the Statement of Financial Activities (page 11) and in the notes thereto. Total unrestricted income was £212,268 (compared with income of £246,222 in 2022, £179,500 in 2021, £149,506 in 2020, £184,222 in 2019, £186,390 in 2018). The decrease in income was due mainly to the inclusion of £43,544 of unrestricted funds of the former Parish of Colwinston, Llysworney and Llandow in 2022 financial statements.

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 Ministry Area expense and was £100,629. Other unrestricted expenditure was £132,562 compared to a budget figure of £178,362, making total unrestricted expenditure of £233,193 (2022: £200,251, 2021: £147,836, 2020: 144,513, 2019: £179,579 2018: 177,444). It is worth noting that, as with income, a proportion of expenditure is due to the inclusion of the former Parish of Colwinston, Llysworney and Llandow.

The income less costs resulted in as deficit of -£20,923 compared with a deficit budget of -£51,063. There was a net gain on revaluation of investments of £3,850, making a total deficit for the year of -£17,073.

This is a positive outcome given thirty-thousand-pound improvement over budget 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 2023

RESERVES POLICY & FUTURE PROSPECTS

After deducting the surplus for the year, the unrestricted fund balance to carry forward is £425,134, of which £141,586 represents tangible fixed assets, leaving £283,548 as free reserves (2022: £304,392, 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. The balance detailed above represents considerably more than this target, £151,086 when compared to the 2024 budget (see page 18) 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 the churches of the Ministry Area. £6,159 interest has been added to the fund in the financial period. The balance carried forward being £108,181 (2022: £177,022) to fund further such extraordinary expenditure in the Ministry Area, 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 £75,000 from the Llanfair Hall Fund towards this work and a transfer from the fund to St. Mary Church Restricted Building fund has been made.

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 small deficit of £389. The fund shows a year end balance of £11,742. The Hall is usually well used, during the previous financial period some regular bookings have ceased however, the Hall committee have developed a plan to increase usage. The Hall is 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 £9,315.

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 £19,890.

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:

7

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

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 45% of free unrestricted reserves at year end. The net yield on the listed investments including a gain on revaluation in 2023 was 2% 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.

St. Hilary Church: The works to the Tower were completed in 2022. 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 further reduced the project deficit to -£8,633.

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. The Building Fund balance at year end being £9,138.

Llanblethian Church: 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 and was rebuilt in the summer of 2023. The Evan Jenkins Charity funded this work. The Architect has surveyed the Tower of the church which needs repair and we await a detailed report with costs. It is hoped The Evan Jenkins Charity will fund the necessary repairs over the next 3-5 years.

Penllyn Church: The church was badly damaged by fire in December 2022. The Architect has worked with the Building Committee and our Insurers to restore the building and it is anticipated all the work required will be completed by Mid 2024. Those works included: restoration of the smoke damaged fabric of the building, outstanding QI items, creation of a more flexible community space at the front of the church (where the pews were destroyed by fire), upgrading of the electrical systems, new chairs and storage. Approximately half the of the cost has been borne by our Insurers, with the remainder from the Penllyn Building Fund, Grantors, and Community Fundraising. It should be noted that the community at Penllyn have done an extraordinary amount of work to raise the funds required and several individuals have also made substantial donations to enable this project to reach a conclusion. The MAC note with grateful appreciation the remarkable enthusiasm and generosity of so many.

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 the result of detailed investigations by our Structural Surveyor and Architect have been received which is it anticipated will be actioned during 2024.

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 Ministry Area reserves rather than leaving the full costs to found by individual churches.

APPROVED by the Ministry Area Council on 9th April 2024 and signed on its behalf by Miss. A. Harries, Lay Chair.

8

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

THE RECTORIAL BENEFICE OF COWBRIDGE PAROCHIAL CHURCH COUNCIL

(Registered Charity Number 1131497)

MAC MEMBERS 1st JANUARY 2023 TO 9th APRIL 2024.

Incumbent Rev'd Duncan Charles Ballard
(from 3rd Sept'23)
The Rectory, 85 Broadway, Llanblethian, CF71 7EY
Lay Chair Miss Andrea Harries
Vicar Rev'd Victoria Ashley
Associate Priest Rev'd Jude Peters
Associate Priest Rev'd Dr Angela Cooper
Ministry Area Warden Peter Davies
Ministry Area Warden Jan Reed
Pamela Haines
Colwinston
David Crompton
Flemingston
Leonie Hain
Holy Cross
(from 30th April '23)
Sue Cox
Llanblethian
(to 30th April '23)
Neil Hammond
Llanblethian
(from 30th April '23)
Julia Keates
Llandough
(from 30th April '23)
Penny Newman
Llandow
John Homfray
Llanfrynach
Margaret Langdon
Llansannor
Jeremy Rawlings
Llysworney
Pamela Harris
Penllyn
John Williams
St Hilary
(to 30th April '23)
Catherine Mangles
St. Mary Church
Phillip Evans
Ystradowen
Simon Lloyd
St Mary Hill
Howard Pearson
Llangan
Others Jen Denham
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
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 Mr. H. Jarvies Esq

9

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

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 2023, 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:

Tel: 01446 772299

10

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

N
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 intere
Other income
EXPENDITURE ON:
Charitable activities
Promoting the mission o
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 forwar
Balances carried forwa		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 THIS YEAR 2023
o tes nrestricted D esignatedR estricteddo wment T his Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£ £
.
2
161,845
0
114,350
0
276,195
7,364
0
7,012
0
14,376
16,480
3,270
7,127
0
26,877
st
22,731
7,348
7,526
0
37,605
3
0
0
36,380
0
36,380
208,420
10,618
172,395
0
391,433
f the church
4
106,934
0
0
0
106,934
5
52,853
4,117
108,916
0
165,886
6
70,749
0
0
0
70,749
7
240
0
1,141
0
1,381
230,776
4,117
110,057
0
344,950
2,417
0
0
0
2,417
233,193
4,117
110,057
0
347,367
URE)
(24,773)
6,501
62,338
44,066

19
0
(75,000)
75,000
0
0
(24,773)
(68,499)
137,338
0
44,066
12
3,850
0
0
0
3,850
DS
(20,923)
(68,499)
137,338
0
47,916
NDS
d
446,057
217,627
165,913
3,000
832,597
rd
425,134
149,128
303,251
3,000
880,513		 LAST YEAR 2022
UnrestrictD esignated
R estrictedo wment
st Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
158,982
162,141
321,123		 LAST YEAR 2022
UnrestrictD esignated
R estrictedo wment
st Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
158,982
162,141
321,123		 LAST YEAR 2022
UnrestrictD esignated
R estrictedo wment
st Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
158,982
162,141
321,123		 LAST YEAR 2022
UnrestrictD esignated
R estrictedo wment
st Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
158,982
162,141
321,123		 LAST YEAR 2022
UnrestrictD esignated
R estrictedo wment
st Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
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
43,544 33,904 77,448
208,420 10,618 172,395 0 391,433 246,222 6,492 207,757 460,471
church
106,934
52,853
70,749
240		 0
4,117
0
0		 0
108,916
0
1,141		 0
0
0
0		 106,934
165,886
70,749
1,381		 104,101 104,101
40,269 3,130 317,586 360,985
55,196 55,196
2,050 2,050
230,776
2,417		 4,117
0		 110,057
0		 0
0		 344,950
2,417		 199,566
 3,130 319,636
 0 522,332
685 215 900
233,193 4,117 110,057 0 347,367 200,251 3,130 319,851 523,232
)
(24,773)
0		 6,501
(75,000)		 62,338
75,000		 0 44,066
0		 45,971 **3,362 ** (112,094) (62,761)
2,400 (2,400) 0
(24,773)
3,850		 (68,499)
0		 137,338
0		 0
0		 44,066
3,850		 48,371 3,362 (114,494) (62,761)
(5,739) (5,739)
(20,923)

446,057		 (68,499)
217,627		 137,338
165,913		 0
3,000		 47,916
832,597		 42,632 **3,362 ** (114,494) (68,500)
403,425 214,265 280,407 3,000 901,097
425,134 149,128 303,251 3,000 880,513 446,057 217,627 165,913 3,000 832,597

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

11

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

BALANCE SHEET AT 31ST DECEMBER 2023

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 2023
Unrestricted Designated Restricted EndowmenThis Year

Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,586
0
0
0
141,586
83,992
108,180
0
3,000
195,172		 THIS YEAR 2023
Unrestricted Designated Restricted EndowmenThis Year

Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,586
0
0
0
141,586
83,992
108,180
0
3,000
195,172		 THIS YEAR 2023
Unrestricted Designated Restricted EndowmenThis Year

Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,586
0
0
0
141,586
83,992
108,180
0
3,000
195,172		 THIS YEAR 2023
Unrestricted Designated Restricted EndowmenThis Year

Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,586
0
0
0
141,586
83,992
108,180
0
3,000
195,172		 THIS YEAR 2023
Unrestricted Designated Restricted EndowmenThis Year

Funds
Funds
Funds
Funds
Total
£
£
£
£
£
141,586
0
0
0
141,586
83,992
108,180
0
3,000
195,172		 LAST YEAR 2022
Unrestrictgnated R estricted Endo wmLast Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
141,665
0
0
0
141,665		 LAST YEAR 2022
Unrestrictgnated R estricted Endo wmLast Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
141,665
0
0
0
141,665		 LAST YEAR 2022
Unrestrictgnated R estricted Endo wmLast Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
141,665
0
0
0
141,665		 LAST YEAR 2022
Unrestrictgnated R estricted Endo wmLast Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
141,665
0
0
0
141,665		 LAST YEAR 2022
Unrestrictgnated R estricted Endo wmLast Year
F unds
F unds
F unds
F unds
T o tal
£
£
£
£
£
141,665
0
0
0
141,665
80,142 177,022 0 3,000 260,164
225,578 108,180 0 3,000 336,758 **221,807 ** 177,022 0 3,000 401,829
4,079
28,909
0
175,864		 0
0
40,193
753		 0
3,438
242,368
57,554		 0
0
0
0		 4,079
32,347
282,561
234,171		 3,517 0 0 0 3,517
24,438 367 16,444 0 41,249
87,105 34,004 145,303 0 266,412
120,746 6,565 6,374 0 133,685
208,852 40,946 303,360 0 553,158 235,806 40,936 168,121 0 444,863
6,795 0 108 0.00 6,903 9,056 331 2,208 0 11,595
202,057
427,635		 40,946
149,126		 303,252
303,252		 0
3,000		 546,255
883,013		 226,750 40,605 165,913 0 433,268
**448,557 ** 217,627 165,913 3,000 835,097
2,500
425,135		 0
149,126		 0
303,252		 0
3,000		 2,500
880,513		 2,500 0 0 0 2,500
**446,057 ** 217,627 165,913 3,000 832,597
425,134 149,128 303,251 3,000 3,000
303,251
149,128
425,134		 3,000 3,000
165,913 165,913
217,627 217,627
446,057 446,057
425,134 149,128 303,251 3,000 880,513 **446,057 ** 217,627 165,913 3,000 832,597

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 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

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

a. Basis of preparation

The Rectorial Benefice of Cow bridge Parochial Church Council is a charity registered w ith the Charity Commision for England and Wales (Reg. No. 1131497) and is a Public Benefit Entity w ithin the meaning of the accounting standard FRS102. The Financial Statements have been prepared in accordance w ith 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 follow ing notes.

b. Preparation of Financial Statements on a going concern basis

The Ministry Area Council (MAC) has no reason to believe that the Ministry Area (MA) w ill 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 MA. Designated funds are unrestricted funds of the MA w hich 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 forw ard and only spent on those specific purposes.

d. Income is accounted for gross.

Income is generally recognised w hen 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 w hen received. Tax refunds are recognised as soon as the amounts are claimable. Dividends are accounted for w hen 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 w ill be made and the amount can be measured reliably. Parish Share is paid regularly and is included in expenditure for the year to w hich it relates. Unrestricted fund grants (including donations to missions) are recognised w hen determined by the MAC. Amounts received specifically for missions are dealt w ith as restricted funds and the liability for payment is recognised w hen 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, w hich provides that upon disposal, the proceeds may be applied by the MAC for charitable church purposes. Since the MA is economically responsible for the properties and is solely concerned w ith the risks and rew ards 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 w ith 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 show n 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 Ystradow en (see note 11), no provision is made for depreciation of freehold property on the basis that w ith 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 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 (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
her income
Insurance claims
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
rish running costs
Parish administrator
General parish expenses
Maintenance of services, music, etc.
ssions
Home / World
Parish		 T his year
Unrestricted Designated
Restricted
Total
£
£
£
£		 T his year
Unrestricted Designated
Restricted
Total
£
£
£
£		 T his year
Unrestricted Designated
Restricted
Total
£
£
£
£		 T his 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
£
£
£
£
79,969
33,319
4,055
15,776
20,799
7,927		 0
0
0
0
0
0
0		 0
1,268
6,185
105,930
699
268		 79,969
34,587
10,240
121,706
0
21,498
8,195		 86,683
26,655
11,550
3,539
0
24,269
6,286		 0
0
0
0
0
0
0		 435
1,991
115,159
43,749
0
349
457		 87,118
28,646
126,709
47,288
0
24,618
6,743
161,845 0 114,350 276,195 158,982 0 162,140 321,122
0
0		 0
0		 36,381
0		 36,381
0		 0
43,544		 0
0		 0
33,904		 0
77,448
0 0 36,381 36,381 43,544 0 33,904 77,448
100,629
6,305
0		 0
0
0		 0
0
0		 100,629
6,305
0		 95,746
7,298
1,057		 0
0
0		 0
0
0		 95,746
7,298
1,057
106,934 0 0 106,934 104,101 0 0 104,101
44,698
8,155		 4,117 85,541
23,375		 130,239
35,647
0		 38,025
2,244		 0
3,130		 282,623
34,963		 320,648
40,337
0
52,853 4,117 108,916 165,886 40,269 3,130 317,586 360,985
49,438
19,327
1,984		 0
0
0		 0
0
0		 49,438
19,327
1,984		 42,394
9,193
3,609		 0
0
0		 0
0
0		 42,394
9,193
3,609
70,749 0 0 70,749 55,196 0 0 55,196
240
0		 0
0		 1,141
0		 1,381
0		 0
0		 0
0		 2,050
0		 2,050
0
240 0 1,141 1,381 0 0 2,050 2,050

2. Donations, legacies. etc.

3. Other income

4. Support for ministry

5. Church property

6. Parish running costs

7. Missions

240
0
1,141
1,381
0
0		 2,050 2,050
ependent Examination Fees
Fees for reporting on the Financial Statements
£
ployees
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 £6
£
ayments 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 w
£		 This year
654
49,438
4,425
5,768		 Last year
594
41,820
3,594
4,969
59,631 50,383
1
2
Nil
Nil
Nil
49,438		 1
2
Nil
Nil
Nil
42,394

8. Independent Examination Fees

9. Employees

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

14

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 (continued)

angible fixed assets
Unrestricted
Restricted
Total
Freehold
Equipment Equipment
property
£
£
£
£
Cost or valuation:
Balance 1st January
145,121
16,040
2,013
163,174
Additions at cost
Disposal at Cost
Balance 31st December
145,121
16,040
2,013
163,174
Accumulated depreciation:
Balance 1st January
3,535
15,961
2,013
21,509
Depreciation for Year
79
79
Depreciation on Disposal
0
Balance 31st December
3,535
16,040
2,013
21,588
Net book value 1st January
141,586
79
0
141,665
Net book value 31st December
141,586
0
0
141,586
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
40,000
Freehold interest in Llansannor Church Hall
PCC valuation 31 Dec.1996
15,000
Curate's House, Leoline Close
Net cost
86,586
Land at Ystradowen
Net cost
3,535
145,121		 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 15,961
79		 2,013 21,509
79
0
3,535 16,040 2,013 21,588
141,586 79 0 141,665
141,586 0 0 141,586
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
Listed
Investment Cash for
Endowment
investments
properties investmentTOTAL
£
£
£
Fair market Value at 1st January
73,898
6,244 177,022 257,164
Interest
6,158
6,158
Transfers
-75,000 -75,000
Net gains/(losses) on revaluation
3850
3,850
Fair market value at 31st December
77,748
6,244 108,180 192,172		 Nat Savings
Bond
£
3,000
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 2023, 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 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 (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
Parish share rebate due
Other creditors
17. Creditors falling due after one year
Church in Wales loan re Leoline Clo
interest free, repayable on disposal		 This year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 This year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 This year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 This year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 Last year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 Last year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 Last year
UnrestrictedDesignated Restricted
Total
£
£
£
£		 Last year
UnrestrictedDesignated Restricted
Total
£
£
£
£
0
6,446
1,199
21,264		 0
0
0
0		 0
2,504
0
934		 0
8,950
1,199
22,198		 5,511
5,326
106
13,495		 0
0
367
0		 0
0
0
16,444		 5,511
5,326
473
29,939
28,909 0 3,438 32,347 24,438 367 16,444 41,249
0 40,193 242,368 282,561 266,412 34,004 145,303 445,719
2,750
-2,795
6,840		 0
0
0		 0
0
108		 2,750
-2,795
6,948		 3,726
0
5,330		 298
0
33		 0
0
2,208		 4,024
0
7,571
6,795 0 108 6,903 9,056 331 2,208 11,595
se,
.
2,500		 0 0 2,500
2,500 0 0 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) .

----- Start of picture text -----
19. Restricted income funds Balance B/F Income Expenditure Transfers Balance C/F
Name Purpose £ £ £ £ £
Missions Support of external mission 115 1,274 1,141 0 248
DM Jones Memorial Fund Historic Fabric of Holy Cross 5,078 130 0 0 5,208
Holy Cross Church restoration 51,865 1,248 0 -3,261 49,852
Holy Cross Piano Maintenance of grand piano 1,367 35 0 0 1,402
Llanblethian Church Repairs and maintenance 7,053 9,944 -310 0 17,307
Llanblethian Churchyard Churchyard maintenance 12,729 3,047 2,370 0 13,406
Llanblethian sound system Provision/maintenance 482 12 0 0 494
Llandough Church & Churchyard Repairs and maintenance 3,323 133 0 0 3,456
St Mary Church Repairs and maintenance -69,757 21,348 17,453 75,000 9,138
----- End of picture text -----

Purpose
Support of external mission
Historic Fabric of Holy Cros
Church restoration
Maintenance of grand piano
Repairs and maintenance
Churchyard maintenance
Provision/maintenance
Repairs and maintenance
Repairs and maintenance
 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
£
£
£
£
£

115
s
5,078
51,865

1,367
7,053
12,729
482
3,323
-69,757
 1,274
130
1,248
35
9,944
3,047
12
133
21,348
 1,141
0
0
0
-310
2,370
0
0
17,453
 0
0
-3,261
0
0
0
0
0
75,000
 248
5,208
49,852
1,402
17,307
13,406
494
3,456
9,138
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		 Churchyard maintenance 823 401 0 0 1,224
Repairs and maintenance -14,099 20,709 15,243 0 -8,633
Churchyard maintenance 6,126 925 1,111 0 5,940
Provision of water supply 3,523 90 0 0 3,613
Altar furnishings etc 435 11 0 0 446
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
31 December		 4,433 114 0 0 4,547
6,270 956 0 0 7,226
1,702 44 0 0 1,746
97
18,946
4,663
3,239
6,145
8,393
9,526
4,507
3,753
35,064
166
5,314
3,206
1,068
5,041
18,465
3,192
2,411
809
4,173
3,407		 194
80,054
12,538
83
240
692
235
921
4,562
900
4
185
86
7,607
646
547
62
1,450
102
585		 0
40,830
0
0
0
0
384
1,694
5,845
0
0
0
-142
7,580
8,302
3,691
4,615
0
0
216
0		 0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,261
0
0
0
0
0
0		 291
58,170
17,201
3,322
6,385
9,085
9,377
3,734
2,470
35,964
170
5,499
3,434
1,095
0
15,420
-876
2,473
2,259
4,059
3,992
2,860 282 35 0 3,107
**165,913 ** **172,396 ** 110,058 75,000 303,251

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 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 (continued)

20. Designated funds
Name
Purpose
Llanblethian hall
Running and maintenance
Llanblethian Church
Repair, maintenance and improvemen
Parish mission
Parish mission and outreach
Llanfair Hall proceeds Support major repairs in all churches		 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
£
£
£
£
£
12,131
t
9,082		 3,728
233		 4,117 11,742
9,315
19,392
177,022		 498
6,159		 -75,000 19,890
108,181
217,627 10,618 **4,117 ** -75,000 149,128

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 releas 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.

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.

17

COWBRIDGE MINISTRY AREA (Registered Charity No. 1131497)

Annual Report & Accounts 2023

YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER YEARS ENDED 31 DECEMBER
2019
2020
2021
2022
2023		 BUDGET
2024
INCOME
Stewardship
Collections
Donations, grants, etc.
Tax refunds
Funds generated
Investment income
Fees
Monies From LLY, LLW & COL
TOTAL		 76,101 78,091 84,789 86,683 79,969 78,587
34,351 10,870 18,510 26,655 33,317 24,686
12,147 20,279 9,014 15,089 18,880 12,662
25,862 22,213 25,525 30,555 28,726 25,710
27,655 14,281 34,340 30,886 32,902 33,890
2,032 1,295 934 3,123 11,110 17,782
6,074 2,477 6,388 9,687 7,364 4,350
0 0 0 43,544 0
184,222 149,506 179,500 246,222 212,268 197,667
EXPENDITURE
Parish share
Clerics and ministry expenses
Church property costs
Administrator & Accountancy
General parish expenses
Mission
Cost of generating funds
TOTAL		 88,482 65,078 62,887 95,746 100,629 114,273
9,903 5,160 7,668 8,355 6,305 13,689
31,670 26,950 27,250 40,269 48,424 60,399
36,738 37,982 38,636 42,394 60,073 63,034
11,645 9,066 10,625 12,802 15,103 12,829
797 145 308 0 240 700
344 132 462 685 2,417
179,579 144,513 147,836 200,251 233,191 264,924

SURPLUS / (DEFICIT)

SURPLUS /(DEFICIT)
SURPLUS / (DEFICIT)
Surplus on disposal of property
Investment gains/(losses)
Designated / restricted fund transfers
Net addition / reduction of reserves		 4,643 4,993 31,664 45,971 (20,923) (67,257)
7,606 (165) 7,144 (5,739) 3,850
12,249
1,000		 4,828
1,548		 38,808
300		 40,232
2,400		 (17,073)
0		 (67,257)
13,249 6,376 39,108 42,632 (17,073) (67,257)

18