THE RECTORIAL BENEFICE OF BASSALEG
ANNUAL REPORT & ACCOUNTS Year ended 31[st] December 2022
On behalf of the Parochial Church Council
..........................................................
Christopher Stone - Chairman
THE RECTORIAL BENEFICE OF BASSALEG
ANNUAL REPORT AND ACCOUNTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022
The Rectorial Benefice of Bassaleg, consisting of the churches of St Basil Bassaleg, St John the Baptist Rogerstone and St Anne High Cross, is in the Deanery of Bassaleg and the Diocese of Monmouth in the Church in Wales.
Rector The Revd Christopher Stone
The Vicarage, 1 Church View, Bassaleg, Newport, NP10 8ND
Independent Auditor Mr S R Johns F.C.A., 21 St Andrews Crescent, Cardiff, CF10 3DB
Bankers The Co-operative Bank plc, 1 Balloon Street, Manchester, M60 4EP
It is the responsibility of both the Parochial Church Council and the Incumbent to work together and to co-operate in all matters of concern and importance to the parish for the promotion of the whole mission of the Church, pastoral, evangelistic, social and ecumenical in the parish.
Membership
During the year the following served as members of the Parochial Church Council:
Incumbent The Rev’d Christopher Stone Assistant Curate The Rev’d Bronwen Summers Associate Priest The Rev’d David Waters
Churchwardens
Ashley Rogers Lee Bartlett
Sub-Wardens Rosemary Kennedy Gail Peacock
Co-opted Members
Sheryll Jeffreys Secretary Ashley Rogers Buildings Officer Helen Antonelli Treasurer Kay Rogers Gift Aid Secretary
Helen Carey Safeguarding Officer
Elected Members St Basil St John St Anne Suzanne Potts Heather Smith Sarah Mulcahy Jeff Taylor Paul Nicholls Sally Mlewa John Kennedy Jenny Barton Jill Williams Anne Wright Margaret Hayes Jane Harvey Michael Meredith
1
F. RF:I'.TQRIAL II&:¥Tr:fr"ICF. Ob 11
S%ALb'C
IND
R(X:IIIAI. C:IIIIRC:11 CnllNC-IL
OFTIIE
I on th¢ ¢4)W Of th P[(1)1 Chwch Council of th¢ R¢ciLwiII BenefKe of
BAssale8 for the ye•r 31. De¢¢4nb¢f 2021 Mthich Ar¢ sel the Xc£5nyln8
R¢s¢t1ve rap)[bIlIt of PanKh&l Ch¥tth C¢MlI #nd ¢h¢ F.MIner
Th¢ m¢mbtrs of ihe Pu(
TREASURER’S REPORT
I have set out below a brief summary of our financial position for the year ended 31 December 2022.
Statement of Financial Activities
Before taking into account the movement on our shares (as noted below), we are unfortunately showing a deficit for the year of £60k. This deficit compares to a deficit in the previous year of £23k.
The deficit of £60k consists of a deficit of £69k on our general fund (which reflects our normal day to day expenditure) and a surplus of £9k on our fabric and development fund (representing interest received during the year).
There are several reasons for our large deficit in 2022. Offertories and gift aid thereon have not returned to pre Covid levels and in addition, we still have reduced congregations. Although we did carry out some good fundraising activities in 2022, we did not have a Gift Day. In previous years we have had letting income from St John’s Hall, St Anne’s Hall and St Anne’s House but this has been minimal in 2022 as the halls were not in operation and St Anne’s House was vacant. Expenditure was also incurred on St Anne’s House in relation to the roof and on maintenance in order to be in a position to relet it. In respect of our Parish Share, the rebate that was previously applied to allow for the impact of the pandemic is no longer given and therefore our payments have increased. It is clear that we cannot continue to operate at these levels of income and expenditure. The new Tredegar Park Ministry Area of which we are part will operate from 1 January 2023 and finances for the new Ministry Area as a whole will need to be reviewed.
The Parish of Bassaleg is a beneficiary of some funds held in trust by the Representative Body of the Church in Wales. The value of these funds has decreased by £50k over the course of the year. We receive interest on these funds (as mentioned above) but our access to the capital is restricted. As a parish, we have no control over the value of these units and they can move upwards as well as downwards.
Our total net movement in funds therefore consists of the deficit of £60k on our general fund and the decrease in value of our investments of £50k to give a net decrease of £110k.
Balance Sheet
The balance sheet for the parish is shown on page 5 of these accounts and summarises the assets which we hold as at 31 December 2022. These consist of bank accounts and the Church in Wales funds mentioned above. The balance in the parish bank accounts has decreased by the £60k deficit noted above from £76k to £16k.
The three parish churches, their contents, the churchyards and the halls at St John’s and St Anne’s are vested in the Representative Body of the Church in Wales and do not form part of the assets of the Parish. We do however own St Basil’s Hall, Bassaleg and St Anne’s House, Rogerstone.
3
| THE RECTORIAL BENEFICE OF BASSALEG | THE RECTORIAL BENEFICE OF BASSALEG | THE RECTORIAL BENEFICE OF BASSALEG | THE RECTORIAL BENEFICE OF BASSALEG | ||||
|---|---|---|---|---|---|---|---|
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED | 31 DECEMBER 2022 | ||||||
| Unrestricted | Designated | Restricte | Endowmen | Total | Total | ||
| Funds | Funds | d | t | Funds | Funds | ||
| 2022 | 2022 | Funds | Funds | 2022 | 2021 | ||
| £ | £ | 2022 | 2022 | £ | £ | ||
| £ | £ | ||||||
| INCOMING | |||||||
| RESOURCES | |||||||
| Voluntary Income | |||||||
| Planned giving & | 55,771 | - | - | - | 55,771 | 56,342 | |
| church collections | |||||||
| Tax refunds | 10,791 | - | - | - | 10,791 | 11,808 | |
| Donations | 1,190 | 15 | - | - | 1,205 | 2,523 | |
| Gift day (including gift | - | - | - | - | - | 6,364 | |
| aid) | |||||||
| Grants | - | - | - | - | - | - | |
| For the world-wide | 1,467 | - | - | - | 1,467 | 458 | |
| church | |||||||
| Generated Funds | |||||||
| Money-raising | 4,807 | 150 |
- | - | 4,957 | 516 | |
| Hall/property | 3,463 | - | - | - | 3,463 | 2,165 | |
| Investment Income | 16 | 8,490 | - | - | 8,506 | 8,103 | |
| Church Activities | |||||||
| Fees | 5,315 | - | - | - | 5,315 | 3,970 | |
| 82,820 | 8,655 | - | - | 91,475 | 92,249 | ||
| RESOURCES | |||||||
| EXPENDED | |||||||
| Cost of generating | |||||||
| funds | |||||||
| Mission donations | (1,467) | - | - | - | (1,467) | (458) | |
| Parish share | (88,906) | - | - | - | (88,906) | (62,757) | |
| Maintenance of | (21,010) | - | - | - | (21,010) | (11,069) | |
| churches | |||||||
| Maintenance of | (5,603) | - | - | - | (5,603) | (4,102) | |
| services | |||||||
| Parochial expenses of | (10,420) | - | - | - | (10,420) | (8,262) | |
| clerics | |||||||
| General parish | (3,598) | (22) | - | - | (3,620) | (21,938) | |
| expenses | |||||||
| Maintenance of | (20,691) | - | - | - | (20,691) | (6,454) | |
| halls/property | |||||||
| Capital expenditure | - | - | - | - | - | - | |
| (151,695) | (22) | - | - | (151,717) | (115,040) | ||
| NET INCOMING | |||||||
| RESOURCES | (68,875) | 8,633 | - | - | (60,242) | (22,791) | |
| Gains/(losses) on | |||||||
| investment assets | - | - | - | (50,187) | (50,187) | 45,635 | |
| Transfer between | 31,022 | (31,022) | - | - | - | - | |
| Funds | |||||||
| NET MOVEMENT IN | |||||||
| FUNDS | £(37,853) | £(22,389) | - | £(50,187) | £(110,429) | £22,844 | |
| RECONCILIATION | |||||||
| OF FUNDS: | |||||||
| Total Funds brought | |||||||
| forward 1 Jan 2022 | 37,853 | 37,921 | 308 | 478,227 | £554,309 | £531,565 | |
| Total Funds carried | |||||||
| forward 31 Dec 2022 | £0 | £15,532 | £308 | £428,040 | £443,880 | £554,309 |
4
THE RECTORIAL BENEFICE OF BASSALEG BALANCE SHEET AS AT 31 DECEMBER 2022
| FIXED ASSETS Investments CURRENT ASSETS Cash & bank balances CREDITORS FALLING DUE WITHIN ONE YEAR NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS FALLING DUE AFTER ONE YEAR TOTAL NET ASSETS Capital funds Permanent endowments Income funds Restricted Unrestricted:Ordinary Designated TOTAL FUNDS |
Unrestricted Funds 2022 £ Designated Funds 2022 £ Restricte d Funds 2022 £ Endowmen t Funds 2022 £ Total Funds 2022 Total Funds 2021 £ - - - 428,040 428,040 478,227 |
|---|---|
| - 15,532 308 - 15,840 76,082 - - - - - - |
|
| - 15,532 308 - 15,840 76,082 |
|
| - 15,532 308 428,040 443,880 554,309 |
|
| - - - - - - |
|
| £0 £15,532 £308 £428,040 £443,880 £554,309 |
|
| - - - 428,040 428,040 478,227 - - 308 - 308 308 - - - - - 37,853 - 15,532 - - 15,532 37,921 £0 £15,532 £308 £428,040 £443,880 £554,309 |
In addition to the above funds, the Rectorial Benefice of Bassaleg owns St.Basil’s Church Hall, Bassaleg and St. Anne’s House, Rogerstone.
The benefices of Maesglas and St John The Baptist, Newport will merge with the Rectorial Benefice of Bassaleg to form the new Rectorial Benefice to be known as Tredegar Park Ministry Area and this will be in operation from 1 January 2023.
5
THE RECTORIAL BENEFICE OF BASSALEG NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
1. Accounting policies
These financial statements have been prepared in accordance with the Charities SORP (FRS102) and applicable accounting standards in the United Kingdom. The historical cost convention is used except for the valuation of certain fixed assets, whose valuation is detailed in note 1(a) below. The accruals basis of accounting has been adopted. The principal accounting policies are applied consistently.
(a) Assets Fixed assets
Churches, churchyards and vicarages are vested in the Representative Body of the Church in Wales and such property forms no part of the assets of the Parish. Moveable church contents are inalienable property and require a faculty for disposal. Many are historic for which no reliable cost or valuation bases exist. They are not recognised on the Balance Sheet nor listed, to prevent increased risk of theft and vandalism. Expenditure on churches (including contents), churchyards and vicarages is written off when incurred. Routine additions and replacements to church hall contents are charged to current expenditure.
Investment assets
These are stated at mid-market values on the balance sheet date.
(b) Funds
Unrestricted funds
These are general funds which can be used for PCC ordinary purposes.
Designated funds
These are sums set aside out of general funds for specific designated purposes. They can be transferred back to unrestricted funds at any time.
Restricted
These represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.
Endowment funds
These are funds the capital of which must be maintained: only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established.
(c) Incoming resources
These are all accounted for gross. Planned giving, collections and donations are recognised when received. Tax refunds are recognised as soon as the amounts are claimable. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Investment income is accrued for and where the PCC has not invested separately for each fund, interest is apportioned to individual funds on an average balance basis. All other income is generally recognised when it is receivable.
(d) Outgoing resources
The parish share is paid regularly and is included in expenditure for the year to which it relates. Unrestricted fund grants (including donations to missions) are recognised when determined by the PCC. All other expenditure is generally recognised when it is incurred.
6
THE RECTORIAL BENEFICE OF BASSALEG NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
2. Parish of Bassaleg Unrestricted Funds
| INCOME Offertories Tax refunds Donations Gift day (including gift aid) Mission collections (note 4) Money raising Property income Hall income Investment income Church fees Churchyard fees Total Income EXPENDITURE Mission donations (note 5) Parish share Maintenance of churches: Heat, light & water Insurance Cleaning, repairs & servicing Maintenance of services: Music Other expenses Parochial expenses of clerics General parish expenses Churchyard expenditure Hall and other property expenditure Capital expenditure Total Expenditure Surplus/(shortfall) for year |
Total 2022 Total 2021 £ £ 55,771 56,342 10,791 11,808 1,190 2,523 - 6,364 1,467 458 4,807 516 311 1,500 3,152 665 16 - 3,505 2,105 1,810 1,865 |
|---|---|
| 82,820 84,146 |
|
| (1,467) (458) (88,906) (62,757) (7,937) (3,105) (3,901) (3,754) (9,172) (4,210) (4,852) (3,386) (751) (716) (10,420) (8,262) (3,598) (6,344) (9,288) (15,270) (11,403) (6,454) 0 0 |
|
| (151,695) (114,716) |
|
| £(68,875) £(30,570) |
Please note that the comparative figures stated for 2021 include Unrestricted Funds and the Churchyard Fund in order to compare like with like.
7
THE RECTORIAL BENEFICE OF BASSALEG NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
3. Charity Accounts
| Taylor Charity | ||||
|---|---|---|---|---|
| Total | Total | |||
| 2022 | 2021 | |||
| Balance carried forward | £308 | £308 | ||
| Note: | The capital of this fund is not expendable. | |||
| 4. | Money-raising events | |||
| Total | Total | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Candles | 65 | - | ||
| Rotary Club raffle | 1,142 | - | ||
| JustGiving campaign | - | 101 | ||
| Jam jar 20p collections | 460 | 415 | ||
| Christmas Tree festival 2022 | 2,995 | - | ||
| Other funds generated | 145 | - | ||
| Total | £4,807 | £516 | ||
| 5. | Parish | of Bassaleg mission donations | ||
| Total | Total | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Ukraine donation | 550 | - | ||
| Christian Aid | 917 | 458 | ||
| Total | £1,467 | £458 | ||
| 6. | Fixed asset investments | |||
| Total | Total | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Market value at 1 January | 478,227 | 432,592 | ||
| Net gains/(losses) on revaluation | (50,187) |
45,635 | ||
| Market value at 31 December | £428,040 |
£478,227 |
This investment relates to 204,257 Church in Wales Common Investment Fund Shares. Interest is received on these shares but access to the capital of the funds is restricted.
8
THE RECTORIAL BENEFICE OF BASSALEG NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
7. Movement on funds
| Unrestricted funds Parish of Bassaleg General Account St. Basil’s Church Hall St. John’s Church Hall St. Anne’s Church Hall Total Designated funds Fabric & Development Fund St. Basil’s Bell Fund Total Restricted funds Churchyard Fund Charity Funds Total Endowment funds Church in Wales CIF shares Total |
Balance 1 Jan 2022 Income Expenditure Transfer between funds Balance 31 Dec 2022 £ £ £ £ £ 37,853 82,820 (151,695) 31,022 - - - - - - - - - - - - - - - - |
|---|---|
| £37,853 £82,281 £(151,695) £31,022 £0 |
|
| 30,973 8,490 - (23,931) 15,532 6,948 165 (22) (7,091) - |
|
| £37,921 £8,655 £(22) £(31,022) £0 |
|
| - - - - - 308 - -- 308 £308 £0 £0 £0 £308 478,227 - (50,187) - 428,040 £478,227 £0 (50,187) - £428,040 |
During 2022, the Church Hall funds were amalgamated with the General Account and were extinguished during the year.
The St Basil’s Bell Fund was also extinguished by the year end and the Churchyard Fund was extinguished at the previous year end.
9