## **Tredegar Park Ministry Area** ## **ANNUAL ACCOUNTS Year ending 31[st] December 2023** ## **On behalf of the Ministry Area Council** **..........................................................** **Christopher Stone – Co-Chairman** ## **Tredegar Park Ministry Area** ## **ANNUAL REPORT AND ACCOUNTS OF THE MINISTRY AREA COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Tredegar Park Ministry Area, consisting of the churches of St Basil Bassaleg, St John the Baptist Newport, St John the Baptist Rogerstone, St Martin in the Gaer and St Thomas Maesglas, is in 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** Richard Brawn F.C.A. 49 Ridgeway Crescent, Newport NP20 5AP **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 Ministry Area Council: **Incumbent** The Revd Christopher Stone **Team Vicar** The Revd Kate O Sullivan **Assistant Curate** The Revd Bronwen Summers **Assistant Curate** The Revd Julia Durham ## **Ministry Area wardens** Gail Carey Lee Bartlett ## **Co-opted Members** Sheryll Jeffreys _Secretary_ Ashley Rogers _Buildings Officer_ Helen Antonelli _Treasurer_ Kay Rogers _Gift Aid Secretary_ Helen Carey _Safeguarding Officer_ Nick Cooke _Lay Co-Chair_ ## **Elected Members** St Basil Ian Reese and Rosemary Kennedy St John Risca Road Paul Miller and Robert Lynbeck St John Rogerstone Jenny Barton and Paul Nicholls St Martin in the Gaer Hilary Carver and Teresa Carver St Thomas Maesglas Christopher Matthews and John Wickens 1 ## **MINISTRY AREA TREASURER’S REPORT** I have set out below a brief summary of our financial position for the year ended 31 December 2023. This is our first period as a Ministry Area and I would like to thank each of the treasurers at our Ministry Area churches for their hard work during the year together with our gift aid secretary and the many other people who have a financial involvement such as counting and banking offertory, organising collections, fundraising etc. Your assistance is invaluable and much appreciated. ## **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 £19k. As this is our first period as a Ministry Area, we do not have comparative figures available for 2022. The deficit of £19k consists of a deficit of £33k on our general fund (which reflects our normal day to day expenditure), a surplus of £11k on our fabric and development fund (representing interest received during the year) booked to that fund and a £3k donation to Restricted Funds. Offertories and gift aid thereon have not returned to pre Covid levels and in addition, we still have reduced congregations. We did have a Gift Day in 2023 which helped to some extent (raising £8.5k with gift aid added) but clearly our income level needs to increase. Our largest item of expenditure is our Parish Share and we were fortunate to receive a rebate to cover part of this. Our utility costs were high in 2023 and we have made efforts to fix these wherever possible to ensure some certainty over future costs. We need to carefully monitor our Ministry Area income and expenditure going forward as our cash balance is being depleted and we cannot continue in this way. We should at some point receive some income from the sale of the properties at St Anne’s and St John’s church hall but it is not yet known how much will be received and when. The Ministry Area is a beneficiary of some funds held in trust by the Representative Body of the Church in Wales. The value of these funds has increased by £26k 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 Ministry Area 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 £19k generated in the period plus the increase in value of our investments of £26k to give an overall net increase of £7k. ## **Balance Sheet** The balance sheet for the Ministry Area is shown in these accounts and summarises the assets which we hold as at 31 December 2023. These consist of bank accounts and the Church in Wales funds mentioned above. The balance in the various Ministry Areas bank accounts is £193k which has decreased by the £19k deficit noted above from £212k to £193k. The various churches, their contents, the churchyards and church halls are vested in the Representative Body of the Church in Wales and do not form part of the assets of the Ministry Area. We do however own St Basil’s Hall, Bassaleg and St Anne’s House, Rogerstone. 2 TREDEGAR PARK MINISTRY AREA W4DEPENOENT EXAPJTr4W IIEPORT TO THE TRUSTEE3 OF THE TREDE¢3AR PARK MWISTRY AREA wwwrements ofthe Chanbtt 2011 ftr*kri 2011 •roJ in ￿r￿"n9 out ry exwninaty(*i. I al aFglkxble th• Ch• wd•f t•UkM 144SXbl ol the Act b)• dNJ n(rt t*llh th• x¢ountiftq re¢ord9', or Of￿4>￿￿ in th• Chwthi •KI Rw>tyts) R•gul•kn$ 2W crther IhAn •n th￿e￿t￿l t*thKh 5houkl b• *lrnwn ￿ tho to•Mbl• • yoper urxJtr¥tsnd*w of tr 2P ZQ24 ## **TREDEGAR PARK MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |**INCOMING RESOURCES**
**Voluntary Income**
Planned giving & church collections
Tax refunds
Donations
Gift day (including gift aid)
Grants
For the world-wide church
**Generated Funds**
Money-raising
Hall/property
**Investment Income**
**Church Activities**
Fees
**RESOURCES EXPENDED**
**Cost of generating funds**
Mission donations
Parish share
Maintenance of churches
Maintenance of services
Parochial expenses of clerics
General parish expenses
Maintenance of halls/property
Capital expenditure
**NET INCOMING RESOURCES**
**Gains/(losses) on investment**
**assets**
**Transfer between Funds**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
**Total Funds at start of period 1**
**Jan 2023**
**Total Funds carried forward 31**
**Dec 2023**|**Unrestricted**
**Funds**
**2023**
**£**
**Designated**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
**Endowment**
**Funds**
**2023**
**£**
**Total**
**Funds**
**2023**
**£**
74,628
-
-
-
**74,628**
21,878
-
-
-
**21.878**
7,776
-
3,047
-
**10,823**
8,499
-
-
-
**8,499**
1.968
-
-
-
**1,968**
4,493
-
-
-
**4,493**
6,427
130
-
-
**6,557**
29.497
-
-
-
**29,497**
1,089
10,665
-
-
**11,754**
8,746
-
-
-
**8,746**| |---|---| ||165,001
10,795
3,047
-
**178,843**| ||(5,079)
-
-
-
**(5,079)**
(80,750)
-
-
-
**(80,750)**
(51,869)
-
-
-
**(51,869)**
(10,667)
-
-
-
**(10,667)**
(16,482)
-
-
-
**(16,482)**
(13,251)
(22)
-
-
**(13,273)**
(19,243)
-
-
-
**(19,243)**
(720)
-
-
-
**(720)**| ||(198,061)
(22)
-
-
**(198,083)**| ||(33,060)
10,773
3,047
-
**(19,240)**| ||-
(7,091)
-
7,091
-
-
25,795
-
**25,795**
**-**| ||**£(40,151)**
**£17,864**
**£3,047**
**£25,795**
**£6,555**| ||144,935
15,532
51,917
460,622
**£673,006**
**£104,784**
**£33,396**
**£54,964**
**£486,417**
**£679,561**| The above details reflect the amalgamated financial position of the newly formed Rectorial Benefice known as Tredegar Park Ministry Area which was in operation from 1 January 2023. The benefices of Maesglas and St John The Baptist, Risca Road were merged with the Rectorial Benefice of Bassaleg. Comparative figures for 2022 have not been disclosed as the Tredegar Park Ministry Area was only in operation from 1 January 2023. 4 ## **TREDEGAR PARK MINISTRY AREA BALANCE SHEET AS AT 31 DECEMBER 2023** |**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**
**2023**
**£**
**Designated**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
**Endowment**
**Funds**
**2023**
**£**
**Total Funds**
**2023**
-
-
-
486,417
**486,417**| |---|---| ||104,784
33,396
54,964
-
**193,144**
-
-
-
-
**-**| ||104,784
33,396
54,964
-
**193,144**| ||104,784
33,396
54,964
486,417
**679,561**| ||-
-
-
-
**-**| ||**£104,784**
**£33,396**
**£54,964**
**£486,417**
**£679,561**| ||-
-
-
486,417
**486,417**
-
-
54,964
-
**54,964**
104,784
-
-
-
**104,784**
-
33,396
-
-
**33,396**
**£104,784**
**£33,396**
**£54,964**
**£486,417**
**£679,561**| In addition to the above funds, the Tredegar Park Ministry Area owns St.Basil’s Church Hall, Bassaleg and St. Anne’s House, Rogerstone. The above balance sheet reflects the amalgamated financial position of all churches within the newly formed Tredegar Park Ministry Area. Comparative figures for 2022 have not been disclosed as the Tredegar Park Ministry Area was only in operation from 1 January 2023. 5 **TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023** ## **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 Ministry Area 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 Ministry Area 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 Ministry Area is legally entitled to the amounts due. Investment income is accrued for and where the Ministry Area 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 Ministry Area. All other expenditure is generally recognised when it is incurred. 6 ## **TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023** ## **2. Unrestricted Funds** |**INCOME**
Offertories
Tax refunds
Donations
Gift day (including gift aid)
Grants
Mission collections *
Money raising activities (see note 4 to these accounts)
Property income
Hall income
Investment income
Other income
Church fees
Churchyard fees
**Total Income**
**EXPENDITURE**
Mission donations (see note 5 to these accounts)
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**
**2023**
**£**
74,628
21,878
7,776
8,499
1,968
4,493
6.427
4,346
25,151
1,089
380
6,488
1,878| |---|---| ||165,001| ||(5,079)
(80,750)
(27,485)
(9,962)
(14,422
(8,710)
(1,957)
(16,482)
(13,251)
(8,210)
(11,033)
(720)| ||(198,061)| ||£(33,060)| * It is possible that a small amount of mission income should be included for St John’s, Risca Road but it was not possible to obtain clarity on this before finalisation of these accounts. 7 **TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023** ## **3. Charity funds** |**Taylor Charity**
Balance carried forward
**Note:**The capital of this fund is not expendable.
**4. Money raising activities**
Candles
Raffle ticket sales
Coffee mornings
Quiz evening
Film afternoons
Choir afternoon
Lunches and afternoon teas
Christmas hampers
Sale of secondhand books
Jam jar 20p collections
Christmas wreath making
Funds generated at St John’s, Risca Road
**Total**||**Total**
**2023**
£308| |---|---|---| |||**Total**
**2023**
**£**
149
1,368
320
1,000
114
509
920
82
76
540
271
1,078
£6,427| In addition, a sum of £900 was raised from a Coronation lunch which was donated in equal amounts to Newport Mind and the Alzheimers Society and is included below. ## **5. Mission donations** |RNLI
RBL
Christian Aid
Maesglas Primary School
St Peter’s, South Africa
Raven House
DEC Turkey/Syria Appeal
Newport Mind
Alzheimers Society
St Thomas amount included above
**Total**|**Total**
**2023**
**£**
870
200
888
307
1,000
300
487
450
450
127
£5,079| |---|---| Other amounts have been raised during the year and paid directly to the charitable organisations. These are not included above. 8 **TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023** ## **6. Endowment funds - fixed asset investments** |Market value at 1 January – former Parish of Bassaleg shares
Market value at 1 January – St Martin’s shares
Net gains/(losses) on revaluation in 2023
Market value at 31 December|**Total**
**2023**
**£**
428,040
32,582
25,795
£486,417| |---|---| This investment relates to 219,860 Church in Wales Common Investment Fund Shares. Interest is received on these shares but access to the capital of the funds is restricted. ## **7. Movement on funds** |**Unrestricted funds**
Former Parish of Bassaleg
General Account
St Thomas General Account
St Martin’s General Account
St John’s General Account
**Total**
**Designated funds**
Fabric & Development Fund
St. Basil’s Bell Fund
**Total**
**Restricted funds**
St Basil’s Charity Funds
St Thomas
St Martins
**Total**
**Endowment funds**
Church in Wales CIF shares
**Total**|**Balance**
**1 Jan 2023**
**Income**
**Expenditure**
**Transfer**
**between**
**funds**
**Balance**
**31 Dec 2023**
**£**
**£**
**£**
**£**
**£**
-
101,663
(94,400)(7,091)
**172**
54,825
21,839
(30,926)
-
**45,739**
17,004
10,069
(13,915)
-
**13,159**
73,106
31,431
(58,882) -
**45,715**| |---|---| ||**£144,935**
**£165,002**
**(£198,062)**
**(£7,091)**
**£104,784**| ||15,532
10,665
-
-
**26,197**
-
130
(22)
7,091
**7,199**| ||**£15,532**
**£10,795**
**(£22)**
**£7,091**
**£33,396**| ||308
-
-
-
**308**
9,257
3,047
--
**12,304**
42,352
**-**
**-**
**-**
**42,352**
**£51,917**
**£3,047**
**£0**
**£0**
**£54,964**
460,622
25,795
-
-
**486,417**
**£460,622**
**£25,795**
**£0**
**£0**
**£486,417**| A transfer back from the former Parish of Bassaleg General Account to the St Basil’s Bell Fund has been made in the year in order to reinstate the St Basil’s Bell Fund balance that was extinguished in the previous year due to the large deficit that was incurred in that period. 9