## **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£￿5*nyln8 R¢s￿¢t1ve rap)￿[bIlIt￿* of PanKh&*l Ch¥tth C¢M￿lI #nd ¢h¢ F.￿MIner Th¢ m¢mbtrs of ihe Pu(. Charity commi￿10￿ (under sedi¢)n 145(SXb) olthe 2011 Acl).. and 10 51al¢ PMi¢ul•r have come ￿ my Altsni￿ B*Ms of Indtptnde•i Ex*mlMtr's My oxlminaiion w*5 C*Tied out in ￿cOldIn¢¢ with th¢ Gffj¢rnl 8iven by th¢ Charity Commission. An examin￿1(￿ includes * f¢Vi¢W of th¢ accoun¢in8 rccords kqx by the Parochial ChuNh Council and i ¢ompari50n of thc F inancial StaI¢M￿ts prrsrnl¢d *ith ords. li also includc5 ¢onsidcralion of •ny unusual itLYns or disclosur¢s in ih¢ Financial Si&icmcnts and s¢¢king explanaiions frMI •s Paro¢hi•l LThwch cr￿n¢11 mtynbers concerning any s￿h mallers. Tr prc¢¢dur¢s UTmkrtsk￿ do not providc I evidLW¢ Ihat would iy tcquired in Jn audit a￿1 consCqUClltlJ' no opinN)n is given •$ ihcr ihe ￿Ount$ a 'true and fair view. ￿MI the IVKYI is limit¢d 10 ¢lw)se matters IDdtpendeni Eximlner's ilx¢ement In conn(*4iM with my exami￿11￿ no maner has come lo my att¢ntion: {1) whi¢h 8i%rs mc ￿•SOnable cause lo believ¢ th•1 in •ny materi￿ Tespe¢t the rcquirrm¢al$ kLxp x¢ountinB r￿ordS in ￿1th S￿lI0ft 130 of Ihe 2011 Act: and io prepart •L¢ounls which accord %%iih thc acC￿ntIn8 records and w ¢tymply ￿1th the ￿cOUntIng rvquiremcnts of ihc 2011 ACL v¢ be¢n mei. (2) io which. in m). opinitrry All¢nlion should be in oth ￿ ¢nabl¢ 8 proFr nd¢rswidin8 0( Ihe Kcounls to ￿ i¥¥hed. IAdependen¢ Tr"xaminer P (_' ￿1111￿m5 F.C.A. Chxrlrrtd Ar(oUn1￿￿1 21 %1 Androths <.￿￿ent CAnliff CTr IOJDR IJ April 2023 ## **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