## **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 1 ## **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. 2 TrEDEGAR PARK IMNISTRY AREA INDEPENDENT EXAIAINERS REPORT TO THE TRUSTEES OF THE TrEDEGAR PAIIK MINISTRY AREA I rerth to the trustees oft my examinakn ofthe xcounts ofTredegar Pa¢k Ministy Arna for the y ended 31 2025. whth are set on tha x¢&ryanyN¥J FW. R••pon•lbHlll•• and b••l• ol th• i•port the requirenwts olthe Chwrtws kt 2011 rts kr). 2011 and in ¢arying out nry 8xamlnatK￿. I have fdky*od al Ihg applKatl• OKec*cTh gtr¥en ty the Chanty Commwion under $￿t￿n 14515)(b) ol Ihe kt Iha ac¢ounts not xoyd wilh the acc￿nIN￿ rK4xd8. or Kcounts dwj I￿t compty wth aWKable reqUYwv￿fy oxomlr#J th• fmn and cantenl of aect#Jnts s•t out in th• Charrtw Ih£uunt8 and Reports) Re9ulatlon$ 2008 ￿er ihan •ny iuirornwrt Ihat Ihe a¢c4unls gNe a'tsue and l* vthv wh#* ￿ not a mattw o)nsthrod p•rt of an ir￿¢￿￿nI examThIi￿. attèntw I￿Uld b• dwm in th* i•w1 ￿ wileT to •nabl• • of th• Ign•tur• Rklwd 8rn¥n F.C. ## **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. 4 ## **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. 5 **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. 6 **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)| |---|---| . 7 **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. 8 **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** 9