Tredegar Park Ministry Area
ANNUAL ACCOUNTS Year ended 31[st] December 2025
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 2025
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 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 Lead Helen Antonelli Treasurer Kay Rogers Gift Aid Secretary Helen Carey Safeguarding Officer Nick Cooke Lay Co-Chair
Elected Members
St Basil Thomas Stone and Eleanor George St John Risca Road Paul Miller and Adrian Vasey St John Rogerstone Jenny Barton and Paul Nicholls St Martin in the Gaer Lisa Parsons 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 2025 which is our third 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. Without it we would not be able to operate efficiently as a Ministry Area.
Statement of Financial Activities
Before taking into account the movement on our shares (as noted below), we are showing a surplus of £53.5k compared to a surplus for 2024 of £64.7k. However, both years included exceptional items. Before these, 2024 would have shown a deficit of £24k. In 2025, we received proceeds from the sale of St Anne’s Church Hall of £61.6k and therefore without these we would have shown a deficit of £8.1k which is more reflective of our true position for the year. We do therefore have less of a deficit in 2025 but we should be expecting to at least breakeven if we are to retain a secure financial position for the future of the Ministry Area.
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 again fortunate to receive a rebate to cover part of this in 2025 meaning a reduced payment. This is unlikely to be the case going forward however. Our general utility costs remain high although we have made efforts to fix these wherever possible to ensure some certainty over future costs. We therefore need to carefully monitor our Ministry Area income and expenditure going forward.
We should at some point receive some income from the sale of St Anne’s Church and car park but this is to be used to fund part of the significant restoration work that is required at St Basil’s Church. The Ministry Area has been reviewing the restoration work that is required, which will be at a significant cost, and have made an application for a grant from the Listed Building Regeneration Grant Scheme. Unfortunately we were not successful so we shall now apply for different types of grants.
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 £40.3k 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 £53.5k in the period plus the increase in value of our investments of £40.3k to give an overall net increase of £93.8k.
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 2025. These consist of bank accounts and the Church in Wales funds mentioned above. The balance in the various Ministry Areas bank accounts is £311k which has increased by the £53.5k surplus noted above from £257k at 31 December 2024
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 MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| 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 2025 Total Funds carried forward 31 Dec 2025 |
Unrestricted Funds 2025 £ Designated Funds 2025 £ Restricted Funds 2025 £ Endowment Funds 2025 £ Total Funds 2025 Total Funds 2024 £ 70,625 - - - 70,625 74,538 16,218 - - - 16,218 12,722 1,361 - - - 1,361 65,530 9,431 - - - 9,431 5,425 1,090 - - - 1,090 9,752 1.124 - - - 1,124 1,308 6,857 - 1,827 - 8,684 5,690 29,772 800 61,600 - 92,172 34,374 1,520 14,099 - - 15,619 11,405 6,892 - - - 6,892 5,877 |
|---|---|
| 144,890 14,899 63,427 - 223,216 226,621 |
|
| (1,980) - - - (1,980) (1,594) (71,063) - - - (71,063) (69,545) (39,253) - - - (39,253) (23,328) (8,343) - (64) - (8,407) (11,387) (12,289) - - - (12,289) (12,865) (11,933) - - - (11,933) (9,010) (18,263) (191) - - (18,454) (21,038) (6,373) - - - (6,373) (13,193) |
|
| (169,497) (191) (64) - (169,752) (161,960) |
|
| (24,607) 14,708 63,363 - 53,464 64,661 |
|
| 7,504 (7,504) - 40,347 - 40,347 31,537 - - |
|
| (£17,103) £7,204 £63,363 £40,347 £93,811 £96,198 |
|
| 98,724 41,377 117,231 517,954 £775,286 £679,088 £81,621 £48,581 £180,594 £558,301 £869,097 £775,286 |
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.
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TREDEGAR PARK MINISTRY AREA BALANCE SHEET AS AT 31 DECEMBER 2025
| 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 2025 £ Designated Funds 2025 £ Restricted Funds 2025 £ Endowment Funds 2025 £ Total Funds 2025 Total Funds 2024 - - - 558,301 558,301 517,954 |
|---|---|
| 81,621 48,581 180,594 - 310,796 257,332 - - - - - |
|
| 81,621 48,581 180,594 - 310,796 257,332 |
|
| 81,621 48,581 180,594 558,301 869,097 775,286 |
|
| - - - - - |
|
| £81,621 £48,581 £180,594 £558,301 £869,097 £775,286 |
|
| - - - 558,301 558,301 517,954 - - 180,594 - 180,594 117,231 81,621 - - - 81,621 98,724 - 48,581 - - 48,581 41,377 £81,621 £48,581 £180,594 £558.301 £869,097 £775,286 |
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 2025
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 2025
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 2025 Total 2024 £ £ 70,625 74,538 16,218 12,722 1,361 3,263 9,431 5,425 1,090 9,752 1,124 1,308 6,857 5,690 5,284 6,827 23,088 23,741 1,520 1,741 0 0 6,892 5,877 1,400 3,806 144,890 154,690 (1,980) (1,594) (71,063) (69,545) (18,942) (336) (10,458) (9,351) (9,853) (13,641) (4,402) (7,988) (3,941) (3,399) (12,289) (12,865) (11,933) (9,010) (6,870) (7,050) (11,393) (13,988) (6,373) (13,193) (169,497) (161,960) £(24,607) £(7,270) |
|---|---|
.
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TREDEGAR PARK MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025
3. Charity funds
Taylor Charity
| Taylor Charity | |
|---|---|
| Balance carried forward (see note 7 to these accounts) Note:The capital of this fund is not expendable. |
Total 2025 Total 2024 £308 £308 |
4. Money raising activities
| Candles, coffee mornings & book sales Quizes Film afternoons Choir afternoon Lunches and afternoon teas Christmas Hampers Jam jar 20p collections Music concerts Christmas Tree Festival Easyfundraising TPMA 100 Club Other income Total |
Total 2025 Total 2024 £ £ 1,105 1,100 - 599 - 75 307 316 1,684 1.418 47 232 225 410 871 - 100 1.557 178 140 2,100 36 240 77 £6,857 £5,690 |
|---|---|
5. Mission donations
| RNLI RBL Poppy Appeal Christian Aid SSAFA Bishop’s Mission General Fund Raven House Abergavenny Children’s contact centre Total |
Total 2025 Total 2024 £ £ 290 - 200 - 535 1,159 270 - 125 - 560 360 - 75 £1,980 £1,594 |
|---|---|
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 2025
6. Endowment funds - fixed asset investments
| Total | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| £ | |||||||
| Market value at 1 January 2025 – former Parish of Bassaleg | |||||||
| shares | 478,553 | ||||||
| Market value at 1 January 2025 – St Martin’s shares | 39,401 | ||||||
| Net gains/(losses) on revaluation in | 2025 | 40,347 | |||||
| Market value at 31 December 2025 | £558,301 | ||||||
| This investment relates to 219,920 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 | |||||||
| Balance | **Income ** | Expenditure | Transfer | Balance |
|||
| 1 Jan 2025 | between | 31 Dec 2025 | |||||
| funds | |||||||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| Former Parish of Bassaleg | |||||||
| General Account | - | 93,419 | (100,923) | 7,504 | - | ||
| St Thomas General Account | 41,432 | 14,534 | (20,066) | - | 35,900 | ||
| St Martin’s General Account | 11,354 | 10,601 | (11,136) | - | 10,818 | ||
| St John’s General Account | 45,937 | 26,336 | (37,371) | - | 34,903 | ||
| Total | £98,724 | £144,890 | (£169,497) | £7,504 | £81,621 | ||
| Designated funds | |||||||
| Fabric & Development Fund | 34,178 | 14,099 | - | (7,504) | 40,773 | ||
| St. Basil’s Bell Fund | 7,199 | 800 | (191) | 7,808 | |||
| Total | £41,377 | £14,899 | (£191) | (£7,504) | £48,581 | ||
| Restricted funds | |||||||
| St Basil’s Charity Fund | 308 | - | - | - | 308 | ||
| St Basil | 60,000 | 63,437 | 123,427 | ||||
| St Thomas | 14,571 | - | (64) | - | 14,507 | ||
| St Martin | 42,352 | - | - | - | 42,352 | ||
| Total | £117,231 | £63,427 | (£64) | - | £180,594 | ||
| Endowment funds | |||||||
| - | |||||||
| Church in Wales CIF shares | 517,954 | 40,347 | - | 558,301 | |||
| Total | £517,954 | £40,347 | - | - | £558,301 |
This investment relates to 219,920 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
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