Tredegar Park Ministry Area
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ANNUAL ACCOUNTS Year ended 31[st] December 2024
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 2024
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 cooperate 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:
Rector The Revd Christopher Stone Team Vicar The Revd Kate O Sullivan Pioneer Vicar The Revd Bronwen Summers Assistant Curate The Revd Julia Durham Assistant Curate The Revd Glen Wilkins
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 Adrian Vasey 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
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TREDEGAR PARK MINISTRY AREA TREASURER’S REPORT
I have set out below a brief summary of our financial position for the year ended 31 December 2024 which is our second year as a Ministry Area. 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 showing a surplus of £64.7k compared to a deficit for 2023 of £19k. However, this surplus was mainly created by a very generous bequest that we received during the year of £60k. In addition, we received a utility bill refund of c£20k at one of our churches and received grant income of c£8k that has not yet been spent. The deficit for 2024 before adding in these items is c£24k and we believe that this is more reflective of our true position for the year.
Unfortunately offertories (and hence gift aid thereon) have not returned to pre Covid levels and in addition, we still have reduced congregations. Our largest item of expenditure is our Parish Share and we were fortunate to receive a rebate to cover part of this in 2024 meaning a reduced payment. Our general utility costs remain although 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. 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 when this will be received .
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 £31.5k over the course of the year. We receive interest on these funds 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 surplus of £64.7k in the period plus the increase in value of our investments of £31.5k to give an overall net increase of £96.2k.
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 2024. These consist of bank accounts and the Church in Wales funds mentioned above. The balance in the various Ministry Areas bank accounts is £257k which has increased by the £64.7k surplus noted above from £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.
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TREDEGAR PARK IIINISTRY AREA INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE TREDEGAR PARK MINISTRY AREA I rtport to the tnJstees on my examination of accounts of Trr Park Minw kna for the year )ded 31 December 2024. whth are set ¢Jrt the pag RMPSIbIlltI0$ bath of lh• r•port As the chanty's trustees, you are responsible fry of the &counts in with the requireThnts of the Chantses Act 2011 Acr). I repcyt in respect of my examinaiion of thity's accwnts (3med L)Jt under sIK)n 145 of tr 2011 Act and in carrying out my examinalion. I have follMd all ts applKat4e Directi(Th gNen by the Charty CommissK)n under sectK)n 145(5Xb) of the Art Indep•ndont Examln•r'J Stat•m I have xnted rry examination. I c(th that no rnaterial nmtters have coffé to my attent . COnnlon wth th6 examination whKh gNes cause to belEve m. any maten respect.. the xcwnting r8cords We not kept in ac£ordm with 8eclM)n 130 of the Charities Art or the acccNJnts dKI not &cord wrth the a(xx)unbng records. or the &cwnts not comy ryth the appIable requirements C4Xnirvj the form and content of accounts sel oirt in Ihe Charrts (A£¢¢yJnts and RerAxts) RegulatK>ns 2008 other than any reqUirnnt that the acaiunts gNe a ts and vw ThfiK ts rh)t a ffotter consthred as part of an independent examFrwtKJn. whth attentron should be drawn in rew m order to enable a proper understanding of the Ind•pond•rt Examln•r Rkhanl Brnvn F.CA. ay 2025
TREDEGAR PARK MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 2024 Total Funds carried forward 31 Dec 2024* |
Unrestricted Funds 2024 £ Designated Funds 2024 £ Restricted Funds 2024 £ Endowment Funds 2024 £ Total Funds 2024 Total Funds 2023 £ 74,538 - - - 74,538 74,628 12,722 - - - 12,722 21,878 3,263 - 62,267 - 65,530 10,823 5,425 - - - 5,425 8,499 9,752 - - - 9,752 1,968 1,308 - - - 1,308 4,493 5,690 - - - 5,690 6,557 34,374 - - - 34,374 29,497 1,741 9,664 - - 11,405 11,754 5,877 - - - 5,877 8,746 |
|---|---|
| 154,690 9,664 62,267 - 226,621 178,843 |
|
| (1,594) - - - (1,594) (5,079) (69,545) - - - (69,545) (80,750) (23,328) - - - (23,328) (51,869) (11,387) - - - (11,387) (10,667) (12,865) - - - (12.865) (16,482) (9,010) - - - (9,010) (13,273) (21,038) - - - (21,038) (19,243) (13,193) - - - (13,193) (720) |
|
| (161,960) - - - (161,960) (198,083) |
|
| (7,270) 9,664 62,267 - 64,661 (19,240) |
|
| 1,683 (1,683) - 31,537 - 31,537 25,795 - - |
|
| (£5,587) £7,981 £62,267 £31,537 £96,198 £6,555 |
|
| 104,311 33,396 54,964 486,417 £679,088 £673,006 £98,724 £41,377 £117,231 £517,954 £775,286 £679,561 |
The above details reflect the amalgamated financial position of the Tredegar Park Ministry Area which has been in operation since 1 January 2023. The benefices of Maesglas and St John The Baptist, Newport were merged with the Rectorial Benefice of Bassaleg from this date.
*Unrestricted Funds have been restated downwards by £473 at the start of the year. This relates to a difference in the opening balance of one bank account on the formation of the Ministry Area in the previous year
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TREDEGAR PARK MINISTRY AREA BALANCE SHEET AS AT 31 DECEMBER 2024
| 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 2024 £ Designated Funds 2024 £ Restricted Funds 2024 £ Endowment Funds 2024 £ Total Funds 2024 Total Funds 2023 - - - 517,954 517,954 486,417 |
|---|---|
| 98,724 41,377 117,231 - 257,332 193,144 - - - - - |
|
| 98,724 41,377 117,231 - 257,332 193,144 |
|
| 98,724 41,377 117,231 517,954 775,286 679,561 |
|
| - - - - - |
|
| £98,724 £41,377 £117,231 £517,954 £775,286 £679,561 |
|
| - - - 517,954 517,954 486,417 - - 117,231 - 117,231 54,964 98,724 - - - 98,724 104,784 - 41,377 - - 41,377 33,396 £98,724 £41,377 £117,231 £517,954 £775,286 £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 Tredegar Park Ministry Area.
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TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
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.
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TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
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 2024 Total 2023 £ £ 74,538 74,628 12,722 21,878 3,263 7,776 5,425 8,499 9,752 1,968 1,308 4,493 5,690 6,427 6,827 4,346 23,741 25,151 1,741 1,089 0 380 5,877 6,488 3,806 1,878 154,690 165,001 (1,594) (5,079) (69,545) (80,750) (336) (27,485) (9,351) (9,962) (13,641) (14,422) (7,988) (8,710) (3,399) (1,957) (12,865) (16,482) (9,010) (13,251) (7,050) (8,210) (13,988) (11,033) (13,193) (720) (161,960) (198,061) £(7,270) £(33,060) |
|---|---|
- A large utility bill refund was received by St John The Baptist, Newport in this period which has significantly reduced the cost shown for the year
.
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TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
3. Charity funds
Taylor Charity
| Taylor Charity | |
|---|---|
| Balance carried forward Note:The capital of this fund is not expendable. |
Total 2024 Total 2023 £308 £308 |
4. Money raising activities
| Candles and coffee mornings Raffle ticket sales Quizes 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, Newport Christmas Tree Festival Easyfundraising Sale of lavender bags Other income Total |
Total 2024 Total 2024 £ £ 664 469 - 1,368 599 1,000 75 114 316 509 1,148 920 232 82 436 76 410 540 - 271 - 1,078 1,557 - 140 - 36 - 77 - £5,690 £6,427 |
|---|---|
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 Abergavenny Children’s contact centre Total |
Total 2024 Total 2023 £ £ - 870 - 200 1,159 888 - 307 - 1,000 360 300 - 487 - 450 - 450 - 127 75 - £1,594 £5,079 |
|---|---|
Other amounts have been raised during the year and paid directly to the charitable organisations. These are not included above.
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TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
6. Endowment funds - fixed asset investments
| Market value at 1 January 2024 – former Parish of Bassaleg shares Market value at 1 January 2024 – St Martin’s shares Net gains/(losses) on revaluation in 2024 Market value at 31 December 2024 |
Total 2024 £ 452,019 34,398 31,537 £517,954 |
|---|---|
This investment relates to 219,890 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 2024 Income Expenditure Transfer between funds Balance 31 Dec 2024 £ £ £ £ £ 172 99,383 (101,238) 1,683 - 45,738 17,234 (21,540) - 41,432 12,686 9,778 (11,109) - 11,354 45,715 28,295 (28,073) - 45,937 |
|---|---|
| £104,311 £154,690 (£161,960) £1,683 98,724 |
|
| 26,197 9,664 - (1,683) 34,178 7,199 - - 7,199 |
|
| £33,396 £9,664 - (£1,683) £41,377 |
|
| 308 60,000 - - 60,308 12,304 2,267 - - 14,571 42,352 - - - 42,352 £54,964 £62,267 - - £117,231 486,417 31,537 - - 517,954 £486,417 £31,537 - - £517,954 |
*Unrestricted Funds have been restated downwards by £473 at the start of the year. This relates to a difference in the opening balance of one bank account on the formation of the Ministry Area in the previous year
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