2021-12-31-accounts - Penarth Ministry Area

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

PARISH OF ALL SAINTS, PENARTH

FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

Registered charity 1134711

PARISH OF ALL SAINTS, PENARTH

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL

I report on the Financial Statements of the Parish of ALL SAINTS, PENARTH (Registered charity 1134711) for the year ended 31 December 2021, which are set out on pages 3 to 9.

Respective responsibilities of the trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility:

to examine the accounts under section 145 of the Charities Act
to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
to state whether particular matters have come to my attention. Basis of Independent Examiner’s report:

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act,

to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed :

Date : 8 January 2022

Name : Adrian Menear

Relevant Professional Qualifications : Fellow, Association of Chartered Certified Accountants

Address : 83, St Martins Road, Caerphilly, Mid Glamorgan. CF83 1EH

Diocese Llandaff

Parish of All Saints Penarth

ANNUAL FINANCIAL RETURN FOR 2021

Dedication of all Churches included in this return

All Saints, Penarth

St Peter's, Penarth

INCOME AND EXPENDITURE

Unrestricted Restricted Funds Funds £ £ 86,515 2,237 6,410 1,333 26,240 32,915 32,921 7,148 764 7,086 2,000 202,237 3,333 73,328 2,397 4,229 67,378 1,105 9,805 6,042 227 406 163,405 1,511 38,831 1,823	Unrestricted Restricted Funds Funds £ £ 86,515 2,237 6,410 1,333 26,240 32,915 32,921 7,148 764 7,086 2,000 202,237 3,333 73,328 2,397 4,229 67,378 1,105 9,805 6,042 227 406 163,405 1,511 38,831 1,823	Total of all Funds £
		86,515
		2,237
		7,743
		26,240
		32,915
		32,921
		7,148
		764
		9,086

		205,570

		73,328
		2,397
		4,229
		68,482
		9,805
		6,042
		633

		164,916

38,831	1,823	40,654

BALANCE OF TOTAL FUNDS

372,734	4,580	377,314
1,529	(1,529)
38,831	1,823	40,654
413,095	4,873	417,968

Parish of All Saints, Penarth Balance Sheet as at 31 December 2021

Currentyear	Currentyear	Currentyear	Previousyear	Previousyear	Previousyear
General Funds	Restricted Funds	Total	General Funds	Restricted Funds	Total
300,000 67,248 3,111 28,992 13,744	4,873 0	300,000 72,121 3,111 28,992 13,744	300,000 53,903 3,426 7,811 (5,385) 12,980	3,475 1,105	300,000 57,378 4,531 7,811 (5,385) 12,980
413,095	4,873	417,968	372,734	4,580	377,314
413,095	3,082 1,791	413,095 3,082 1,791	372,734	2,634 1,946	372,734 2,634 1,946
413,095	4,873	417,968	372,734	4,580	377,314

PARISH OF ALL SAINTS, PENARTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting policies

The Financial Statements have been prepared in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice (SORP 2005) issued by the Charity Commissioners and the Church in Wales Accounting Regulations. The historical cost convention is used except for the valuation of certain fixed assets, whose valuation basis is detailed in note 1a below. The principal accounting policies are applied consistently.

a. Fixed assets

Churches, Churchyards and Vicarages are vested in the Representative Body of the Church in Wales and any 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 reduce the risk of theft and vandalism. Expenditure on Churches (including contents), Churchyards and Vicarages is written off when incurred. Other freehold land and buildings are held in trust for the Parish by either the Representative Body, or the Llandaff Diocesan Board of Finance.

b. Funds

Endowments funds : 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.

Restricted funds : 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.

Unrestricted funds : are general funds which can be used for PCC ordinary purposes.

c. Investments : Investments were revalued at the end of the year, to reflect the market value at that time. This revaluation resulted in an increase in the carrying value of the investment to £13,744 (2020: £12,980 ).

d . Incoming and outgoing resources

Incoming and outgoing resources are all accounted for gross and are recognised when received.

e. Curate's house

The PCC has a beneficial interest in a 3-bedroomed semi-detached property in Penarth, known as the 'Curate’s House'. Registered title to this property rests with the Representative Body of the Church in Wales (RBCIW) but, as the PCC is entitled to exercise control over the property and benefit from any rental (and, ultimately, disposal proceeds) the Board of Trustees takes the view (and the RBCIW has agreed) that the property should be recognised in the Balance Sheet for the PCC, in accordance with the provisions of International Accounting Standard 16. During the year, the Board of Trustees valued the property at £300,000 (2020: £300,000).

2. Legacy gifts

The PCC received £26,240 in legacy income during the year, including £26,140 from the Norman and Freda Jones Trust. (A separate bank account is operated for transactions involving this Trust.) This represents interest receivable quarterly, on the legacy capital held in trust since 2020 by the Church in Wales, to be used for the benefit of the parish.

3. Grants

The PCC received £32,915 (2020: £27,325) in Covid relief grants during the year from the Diocese of Llandaff.

4. Impact of Covid-19

The parish has continued to operate in accordance with regulations set out by the Welsh and UK Governments in response to the Covid-19 pandemic. Fortunately, our key income streams (Direct Giving, Halls Rentals and Trust income) were largely unaffected by the pandemic during 2021. With our employees now back at work, we did not make any claims on the UK Government Job Retention Scheme ('Furlough') in 2021 (2020: £2,615). In addition, we received further coronavirus related support from Llandaff Diocese, as reported in note 3 above.

5. Post Balance Sheet event: Merger with Registered Charity 1130979 (The Parochial Church Council of the Ecclesiastical Parish of Penarth and Llandough) and change of name to Penarth Ministry Area - 1 January 2022

Under Decree from the Bishop of Llandaff, the Parish of Penarth All Saints Parochial Church Council ('All Saints PCC'), changed its name on 1 January 2022 to 'Penarth Ministry Area', whilst retaining its existing charitable status and registration. Ongoing management and administration of the parish previously associated with All Saints PCC now rests with Penarth Ministry Area.

Further, under the Bishop's decree, the new Penarth Ministry Area assumed responsibility on 1 January 2022 for the management and administration of the parish previously associated with the Parochial Church Council of the Ecclesiastical Parish of Penarth and Llandough ('PPL PCC'), registered charity 1130979. In accordance with the Bishop of Llandaff's Decree, the financial and other assets of both All Saints PCC and PPL PCC, as at 31 December 2021, became transferrable to Penarth Ministry Area on 1 January 2022.

Stewardship and governance of Penarth Ministry Area is performed by a new Ministry Area Committee (MAC) established for that purpose. In presenting these financial statements on behalf of All Saints PCC, the MAC takes the view that the transition of All Saints PCC to the new Penarth Ministry Area, on 1 January 2022, did not affect the asset values of All Saints PCC as presented in these financial statements. (Similarly, the MAC takes the view that the transition of PPL PCC to the new Penarth Ministry Area on 1 January 2022 did not affect the asset values of PPL PCC as at 31 December 2021, which are the subject of a separate Annual Financial Return to the Charities Commission.)

PARISH OF ALL SAINTS, PENARTH

Financial Statements for the twelve months to 31 December 2021

			twelve mo	nths to 31	December 2021	Total £ 6,980 77,292 2,243 86,515 2,027 45 165 2,237 6,410 1,333 7,743 96,495 26,140 100 26,240 32,915 32,915 1,052 752 140 25,193 5,784 32,921 4,486 40 2,622 7,148 764 3,858 250 1,447 2,000 1,333 199 9,086 205,570 164,916 40,654	2020	2019	2018
IN	COME Planned giving Standing Orders Gift Direct Envelopes Total Planned Giving Church collections All Saints Sunday Services All Saints Weekday Services St Peters Services Holy Baptism collections Sunday School collections Received at funerals for specific causes Nyakarambi contributions received Other restricted church collections Total Church Collections Other donations Donations from FoSP Other donations for St Peter's Incumbent retirement donations Other unrestricted donations Other restricted donations Total other donations Total planned giving, collections and donations Tax refunds Gift Direct tax refund Other tax refunds Legacies Norman and Freda Jones Trust income Other Grants Other grants UK Government Job Retention Scheme ('Furlough') Llandaff Diocese Coronavirus Relief grants Money raising Money raising events Music at Lunchtime Donations Other sales Hire of Church Hire of Halls Halls refurbishment income Parish Magazine: Sales and Advertisements Social Group Fundraising Toast receipts Total money raising Fees (Wedding, Funerals) Wedding fees - PCC share Wedding fees - Minister Wedding fees - Organist Wedding fees - Verger Wedding fees - Flower Guild Wedding fees - Banns Funeral fees Total fees Investment income Other income Parish Share refund Charities Aid For the Worldwide church Electricity and gas charges refund Lee Abbey contributions received Langasty contributions received Audio Video equipment Youth Worker Other income Total other income	Unrestricted £ All S	Restricted £ aints	Unrestricted £ St Pe	Restricted £ ter's	Total £	Full Year £	Full Year £	Full Year £
		6,980 77,090 2,243		202		6,980 77,292 2,243	6,922 79,219 1,946	6,743 60,618 4,835	6,775 62,789 4,619
		86,313 2,027 45 165		202		86,515 2,027 45 165	88,088 3,561 144 249 185 429 1,462	72,196 7,916 272 1,326 952 200 5,498 1,732	74,183 6,644 753 1,435 1,427 87 255 6,615 2,446
		2,237 6,410	1,333			2,237 6,410 1,333	6,032 6,280 18,462	17,896 2,709 673 4,962 1,530	19,663 1,472 267 18,500 3,438 892
		6,410	1,333			7,743	24,742	9,874	24,569
		94,961	1,333	202		96,495	118,862 7,988	99,966 13,337 6,247	118,415
		100		26,140		26,140 100	7,988 14,841 3,000	19,584 3,250	17,109 27,979
		100 32,915		26,140		26,240 32,915	17,841 2,618 27,325	3,250 4,300	27,979 28,768
		32,915 1,052 752 140 25,193 5,784				32,915 1,052 752 140 25,193 5,784	29,943 1,450 562 151 430 20,768 3,048 784 70	4,300 3,856 227 4,958 32,602 3,461 3,538 200	28,768 1,017 3,113 133 3,170 30,373 547 2,721 6,810
		32,921 4,486 40 2,622				32,921 4,486 40 2,622	27,264 960 2,285	48,842 2,475 1,680 1,025 305 560 120 3,253	47,884 2,105 1,110 600 150 480 40 2,260
		7,148 764 3,858 250 1,447 1,333 199	2,000			7,148 764 3,858 250 1,447 2,000 1,333 199	3,245 877 3,857 850 397 1,333 350	9,418 858 3,703 240 411 2,400 2,495 1,333 4,891	6,745 302 3,712 222 420 6,909 2,139 12,600 2,012
		7,086	2,000			9,086	6,787	15,472	28,014
	TOTAL INCOME	175,895	3,333	26,342		205,570	212,806	201,691	275,216
	TOTAL EXPENDITURE (Per overleaf)	157,929	406	5,476	1,105	164,916	202,958	212,705	290,103
	SURPLUS /(DEFICIT) FOR THE YEAR TO DATE	17,966	2,927	20,866	(1,105)	40,654	9,848	(11,014)	(14,887)

PARISH OF ALL SAINTS, PENARTH Financial Statements for the twelve months to 31 December 2021

twelve months to 31 December 2021	twelve months to 31 December 2021	twelve months to 31 December 2021	2020	2019	2018
Unrestricted Restricted £ £ All Saints		Unrestricted Restricted £ £ 4,959 4,959 517 1,105 517 1,105 St Peter's	Full Year £	Full Year £	Full Year £
73,328 1,379 25 993			77,158 2,634 976	76,882 6,336 1,062	74,058 5,436 760
2,397 1,244 480 2,203 302			3,610 2,088 220	7,398 4,952 3,985	6,196 3,257 2,390 103
4,229 4,948 3,597 2,185 1,888			2,400 4,163 5,435 1,939 1,803	8,937 7,319 5,918 1,717 1,074	5,750 7,986 6,702 1,669 1,074
12,618 5,660 725 5,732		4,959	13,339 6,723 725 7,397 1,021 1,530	16,028 8,638 113 12 725 1,243 1,239	17,431 6,237 385 23 725 89 3,334 1,950
12,117 12,639 10,824 929 1,709 2,652 2,852		4,959	17,396 10,977 12,817 1,613 3,212 2,999 1,558	11,969 10,838 2,927 470 7,381 2,117 2,825 4,643 7,518 1,876	12,743 10,290 2,183 78 13,548 1,011 1,877 4,142 7,627 550
31,604 5,184			33,176 2,029 3,090	40,595 2,178 2,718	41,306 1,733 2,758
5,184 176			5,119 170 5,562	4,895 319 2,940	4,490 502 3,346
176 720 3,469 5,819		517	5,732 720 8,191 1,855 1,641	3,258 720 4,022 5,774 5,205	3,847 720 4,048 5,313 1,365
9,288 4,024 1,758 61 200		517	11,687 10,169 2,691	15,002 8,676 3,222 1,198	10,726 17,963 3,037 1,119
6,042	406		12,859 1,462	13,095 4,498	22,119 4,903

Lee Abbey / Llangasty Youth club payments Missions: Home Mission catering Total missions: home Missions: World Other Nyakarambi Total missions: world Exceptional expenditure: restricted Organ St Peter's refurbishment Retirement fund Total exceptional expenditure Interest payments Interest paid on Diocese Loan Other capital expenditure Total interest payments	227				847	2,432 1,023 1,239	5,671 704 1,224
	227	406			2,310 5,909 50	9,192 50 4,000	12,501 7,820
					5,959 5,000 6,280	4,050	7,820 1,092 42,762 26,070
					11,280 213	681	69,923 472
					213	681	472
TOTAL EXPENDITURE	157,929	406	5,476	1,105	202,958	212,705	290,103