OpenCharities

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

← Penarth Ministry Area

2023-12-31-accounts

PENARTH MINISTRY AREA

TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS

31 DECEMBER 2023

Registered Charity: 1134711

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

CONTENTS Page
1. Annual Report from the Board of Trustees of Penarth Ministry Area 4
2. Report from the Independent Examiner to Penarth Ministry Area 9
3. Statement of Financial Activities 9
4. Balance Sheet 11
5. Notes to the accounts 12

3

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

1. Annual Report from the Board of Trustees of Penarth Ministry Area

The Board of Trustees of Penarth Ministry Area presents its report with the unaudited financial statements of the charity for the year ended 31 December 2023.

Reference and administrative details

Registered office:

Penarth Ministry Area All Saints Church Victoria Square Penarth CF64 3EL

Phone: 029 2070 3170 Email: admin@allsaintspenarth.org.uk Websites: allsaintspenarth.org.uk / parishofpenarthandllandough.co.uk

Trustees:

The Trustees of Penarth Ministry Area at 31 December 2023 were:

Janet Akers Hugh Bryant Robert Court Jan Cullen Reverend Mark Jones Melanie Tuke Griffin Patricia Ann Humphrey Jane McLaughlin Reverend Bethany Pearson Neil Pugh Len Smart Christian Salisbury Huw Williams Reverend Jimmy Young

4

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Objectives and activities

Penarth Ministry Area (PMA) is a benefice of the Church in Wales. The charitable object of PMA is the promotion of the whole mission of the Church, pastoral, evangelistic, social and ecumenical, within the ministry area. It is a Christian Church comprising the former parishes of:

Additionally, PMA is responsible for churchyards associated with closed churches at Leckwith and at St Lawrence, Lavernock. We facilitate services at our church buildings and community activities in our church halls. We also provide pastoral care to the local community in Penarth.

When planning activities for the year, the trustees have considered the Charity Commission's guidance on public benefit. All charitable activities are undertaken to further the company's charitable purposes for the public benefit.

Our Mission

We exist as a Ministry Area, as part of the Diocese of Llandaff within the Church in Wales, to:

Our Vision

In 5 years’ time we want our Ministry Area to be:

Structure, governance and management

PMA is an unincorporated association and is registered with the Charity Commission for England and Wales as charity number 1134711. PMA was established by a Decree from the Bishop of Llandaff on 1 January 2022, which merged the former parochial church councils of the Parish of All Saints and the Parish of Penarth and Llandough.

PMA is governed by a Ministry Area Council (MAC) consisting of 14 Trustees, both Lay and Clerical. Lay Trustees are appointed by vote of members of the electoral roll at the Annual Vestry Meeting. The MAC is supported by sub-committees which deal with: Mission; Children and Young People; Finance; Fundraising; Buildings; Pastoral matters; and Fellowship.

5

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Achievements and performance – review of the year

2023 was our second full year as a Ministry Area (following the merger of the former Parochial Church Councils of the Parish of All Saints and the Parish of Penarth & Llandough on 1 January 2022.)

During the year, we formulated and began implementing a new 5-year strategy, designed to achieve our Vision. We created five Steering Groups, consisting of Trustees and volunteers, charged with delivering strategic initiatives and quick wins under the various components of our strategy. Immediate priorities include (i) fundraising to support the employment of a full-time youth worker; and (ii) improvements to St Augustine’s using the Earl of Plymouth’s donation.

Whilst developing and implementing our longer-term strategy, we continued to deliver our varied programme of community based activities throughout the year, aligned with our Mission. In addition to ongoing church services, our activities during the year included baptisms, weddings and funerals, musical events, a programme of events for children and young people, a monthly breakfast club for young families, work with local schools, first aid courses, Quiet Days, Lent courses, plant and cake sales and various other faith-based groups and activities. Mindful of the challenges faced by many people during the current economic climate, we also provided community support by collecting foodbank items throughout the year and offering community warm spaces in our church buildings during the colder months.

Our Community Cinema increased its activities during the year, and provided regular showings of both new blockbuster and classical movies during the year. The cinema now has around 250 regular members, with over 1,700 attendances during the year. Film nights were frequently sold-out, providing an opportunity for fellowship and entertainment, whilst also raising valuable funds for the Ministry Area.

Throughout the year, we continued our support of the charity Christian Aid, which does remarkable work in some of the most deprived areas of the world. In March, we held our traditional Lent Lunches, in conjunction with the Salvation Army, with proceeds being donated to Christian Aid. We also held a concert with the Canna Ladies Choir, held collections in some of our church services to raise further funds for Christian Aid, and organised volunteers to help with the annual Christian Aid collection in Penarth town centre.

In April, we began a programme of six monthly cream tea events, offering refreshments and live musical entertainment, providing a further opportunity for fellowship whilst also raising funds for the Ministry Area. In May, we held our annual Summer Celebration at All Saints; timing the celebration this year with the coronation of His Majesty, King Charles III, providing an opportunity for people to celebrate the coronation together.

In June, we ran our ‘Churches Unlocked’ event at St Augustine’s, which offered a week of events including talks, concerts, exhibits, demonstrations of flower arranging and bellringing, and tours of the church (inside and out), supported by an art exhibition at St Augustine’s church hall. Also in June, we supported the annual Llandough village fête with a tea and cake stall run by St Dochdwy’s.

Bishop Mary Stallard, the new Bishop of LLandaff, visited the Ministry Area in September, as the first stop in her tour of the Diocese’s 28 Ministry Areas. The Bishop met with the clergy and the Lay Chair and visited our 6 churches. We thank Bishop Mary for her visit and the positive feedback received from her regarding our progress in the Ministry Area.

6

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Also in September, we began the process of creating a Charitable Incorporated Organisation (CIO) for Penarth Ministry Area, in line with guidance issued by the Church in Wales. We anticipate registering our CIO with the Charities Commission early in 2024. The CIO will then become the underlying legal entity which delivers most of our activity. Whilst this represents an important structural change in our establishment, it should be largely invisible and inconsequential to the way in which we conduct the activities of the Ministry Area.

In October we held a welcome event at All Saints, for people who have joined any of our churches during the last few years. This event provided an opportunity for people to learn more about the Ministry Area and the range of activities it provides, whilst also providing an opportunity to meet the clergy and learn about our plans for the future.

In November, we held our annual ‘All Souls’ services in both St Augustine’s and All Saints, dedicated to the more recently bereaved, but open (of course) to all. In December, we held our annual Christmas Tree Festival at St Augustine’s, which has grown in popularity and attendance every year. This year, we welcomed approximately 2,800 people into St Augustine’s during the three day event, and raised almost £4,000 for three local charities. We would like to thank all those who organised, supported and attended the event.

We continued our extensive programme of building maintenance throughout the year. Across the Ministry Area, we are responsible for five church buildings, three church halls and two parsonages, creating a substantial maintenance requirement every year. In particular, during 2023 we completed major groundwork at Holy Nativity including the restoration of the Plassey St and Windsor Road junction walls, and we are in the process of completing major repairs and renewals to Church House and the louvres in St Augustine’s bell tower. Our quinquennial inspections took place during the year, and the Ministry Area Council will soon be prioritising the inevitable maintenance obligations that arise from these important inspections.

The Ministry Area Council wishes to thank all who support its mission. In particular, we offer thanks to the Clergy, whose tireless work guides our activity, and to our employees for their hard work and dedication throughout the year. We also wish to recognise and thank all those who provided financial contributions which are so vital to our mission and our continued existence as a Ministry Area. The Ministry Area Council also expresses its thanks to all church wardens and volunteers who give their time freely and, without whom, the Ministry Area would not be able to function.

7

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Financial review

During the year, PMA received unrestricted income of c£394,000 (2022: £292,000) , and incurred operating costs of c£350,000 (2022: c£319,000) , resulting in an operating surplus on unrestricted funds of c£44,000 (2022: operating deficit c£27,000) . Additionally, PMA recorded depreciation in its property values of £17,000 appreciation in its Church in Wales investment of c£1,000, and a transfer from unrestricted funds to restricted funds of £12,000, to reflect the wishes of the donor. As such, PMA reports a net surplus for the year on unrestricted funds of c£16,000 (2022: net deficit c£28,000) .

Primary sources of unrestricted income during the year included Planned Giving of c£131,000; Money Raising of c£117,000; and other donations of c£38,000. Primary expenditure from unrestricted funds included the Parish Share of c£139,000; Maintenance of Churches of c£122,000 and General Parish expenses of c£52,000.

At 31 December 2023, PMA held unrestricted net assets (reserves) of c£770,000, (2022: c£755,000) consisting of property valued at £563,000; investments of c£21,000; cash of c£199,000; and unrestricted creditors of c£12,000.

In addition to its unrestricted funds, PMA received c£13,000 in restricted donations and income, and spent £8,000 of restricted funds, primarily on maintenance of church buildings and

construction/ground works at Holy Nativity. At 31 December 2023, PMA held Restricted funds of c£81,000, the majority of which was donated to PMA and/or its predecessor PCCs, for maintenance and development of church buildings.

The above report has been prepared in accordance with the Charities SORP 2019 (FRS 102).

Signed on behalf of the board:

Reverend Mark Jones Ministry Area Leader and Trustee

8 March 2024

8

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

2. Report from the Independent Examiner

Independent Examiner’s Report to the Trustees of Penarth Ministry Area

I report to the charity trustees on my examination of the accounts of Penarth Ministry Area (Registered charity 1134711) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

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:

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:

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

Signed:

Caroline Candy

Fellow, Association of Chartered Certified Accountants Naunton Jones Le Masurier Accountants, 24 St Andrews Crescent, Cardiff, CF10 3DD

11 March 2024

9

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

3. Statement of Financial Activities

For the Year Ended 31 December 2023

----- Start of picture text -----
CURRENT YEAR - 2023 PRIOR YEAR - 2022
Unrestricted Restricted Unrestricted Restricted
Notes Total Funds Total Funds
Funds Funds Funds Funds
INCOME £ £ £ £ £ £
Voluntary income Planned giving 2 130,878 130,878 123,877 211 124,088
Loose collections 10,106 10,106 7,974 7,974
Donations 3 37,999 10,639 48,639 6,202 4,541 10,743
For Mission 3,805 501 4,305 2,503 2,503
Tax refunds 18,749 550 19,299 5,288 5,288
Legacies 4 37,834 37,834 33,390 33,390
Grants 5 5,663 5,663 11,532 11,532
Generated income Money raising 6 116,552 116,552 79,877 120 79,997
Fees 13,048 1,496 14,544 10,258 352 10,610
Investment income Interest 7 5,759 5,759 858 157 1,015
Rental income 8 9,300 9,300 9,300 9,300
Other incoming resources Gas & Electricity refunds 1,711 1,711 1,129 1,129
Other income 2,124 2,124 271 303 574
TOTAL INCOME 393,527 13,186 406,713 292,458 5,684 298,142
EXPENDITURE
Support for Ministry Parish share 9 138,694 138,694 132,470 132,470
Parochial expenses of cleric 20 6,883 6,883 8,612 8,612
Support for Ministry Other 1,928 1,928 3,982 3,982
Parish Activities Maintenance of services 17,739 560 18,299 14,026 14,026
General Parish expenses 10 51,836 87 51,923 63,216 66 63,282
Church Property Maintenance of churches 11 121,989 6,490 128,479 94,398 22,087 116,485
Maintenance of other property 1,701 374 2,075 1,907 3,498 5,405
Grants/Financial Support Missions: Parish 389 389 521 521
Missions: Home 4,491 501 4,992 259 3,021 3,280
Missions: International 1,267 1,267 958 958
Other Resources Expended Cost of Money Raising 2,966 2,966 1,652 1,652
TOTAL EXPENDITURE 349,883 8,012 357,896 319,391 31,282 350,673
OPERATING SURPLUS / (DEFICIT) FOR THE YEAR 43,643 5,174 48,817 (26,933) (25,598) (52,531)
Asset revaluations Common Investment Fund 12 1,093 1,093 (1,396) (1,396)
Asset revaluations Property 13 (17,000) (17,000)
Transfers between funds 24 (12,000) 12,000 0
NET SURPLUS / (DEFICIT) FOR THE YEAR 15,736 17,174 32,910 (28,329) (25,598) (53,927)
----- End of picture text -----

BALANCE OF TOTAL FUNDS

LANCE OF TOTAL FUNDS
Notes
Brought forward 1st January 2023
Net surplus / (deficit) for the year
Carried forward
754,547 63,802 818,349 413,095 4,873 417,968
15,736 17,174 32,910 (28,329) (25,598) (53,927)
770,283 80,976 851,260 384,766 (20,725) 364,041

The above information is presented in Appendix 1 in a larger font (pages 20-21).

10

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

4. Balance sheet

As at 31 December 2023

----- Start of picture text -----
Current year Previous year
Unrestricted Restricted Unrestricted Restricted
Notes Funds Funds Total Funds Funds Total
£ £ £ £ £ £
Fixed Assets: Property 13 563,000 563,000 580,000 580,000
Investment: Church in Wales Common Investment Fund 12 21,114 21,114 20,021 20,021
Total long term assets 584,114 584,114 600,021 600,021
Cash Funds
Current accounts: Unrestricted funds 32,513 32,513 96,499 96,499
Current accounts: Designated funds 5,000 5,000
Current account: Norman and Freda Jones Trust 14 7,818 7,818 57,460 57,460
Investment account: Norman and Freda Jones Trust 14 85,000 85,000
Investment account: Unrestricted 15 68,282 68,282 5,282 5,282
Investment account: Restricted 16 68,899 68,899 61,040 61,040
Current account: Friends of St Peter's Restricted 17 4,720 4,720
Current account: Other Restricted 18 7,358 7,358 2,763 2,763
Creditors falling due within one year 19 (12,444) (12,444) (4,716) (4,716)
Total current assets 186,169 80,976 267,145 154,526 63,802 218,328
TOTAL ASSETS 770,283 80,976 851,260 754,547 63,802 818,349
Represented by:
Unrestricted Fund 770,283 770,283 754,547 754,547
Other restricted funds 80,976 80,976 63,802 63,802
TOTAL RESERVES 770,283 80,976 851,260 754,547 63,802 818,349
----- End of picture text -----

The above information is presented in Appendix 2 in a larger font (page 22).

The accounts were approved by the Board of Trustees on 8 March 2024.

Mel Griffin Chair

Chris Salisbury Treasurer

11

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

NOTES TO THE ACCOUNTS

1. Accounting policies

These Financial Statements have been prepared in accordance with applicable United Kingdom accounting standards; the Statement of Recommended Practice, SORP 2019 (FRS102) issued by The Charity Commission; and the Church in Wales Accounting Regulations, which specify the Standard Form of Accounts to be adopted by parishes within the Church in Wales.

The historical cost convention is used except for the valuation of certain fixed assets, whose valuation basis is detailed in the note below. The principal accounting policies are applied consistently.

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.

Income

12

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Expenditure

Funds

Investments

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

13

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Operating leases

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

2. Planned giving

Planned and occasional donations received during the year via Standing Orders, the Church in Wales Gift Direct Scheme, envelopes and other sources:

3. Donations

14

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

4. Legacies

During the year, PMA benefited from higher interest rates and improved investment returns on the Norman and Freda Jones Trust legacy, resulting in legacy income from the Trust of £37,534 (2022: £29,890) . (This investment is held by the Representative Body of the Church in Wales, with only the income from the investment being made available to PMA – note 14.)

5. Grants

During 2023, PMA received grants totalling £5,663 (2022: £11,532) of which £5,000 was from Llandaff Diocese, to help with the costs of Ministry Area administration and £663 was from Vale of Glamorgan under their Community Warm Spaces Scheme.

6. Money raising

Hall and Church rentals continue to provide a steady source of income for PMA. Additionally, Cinema receipts increased significantly compared to 2022, due to more frequent showings and higher attendances.

At the start of the year, Llandaff Diocese announced that Parish Share rebates would be paid quarterly in arrears, rather than in January each year. Consequently, PMA benefitted in 2023 by receiving both the 2022 and 2023 rebates, resulting in a substantially increased total rebate compared to the prior year.

----- Start of picture text -----
Unrestricted Restricted Total Prior year
£ £ £ £
Fund raising 8,669 8,669 3,555
Other funds generated - 1,144
Hall Rental Income 60,844 60,844 52,845
Magazine/other publication sales 4,594 4,594 2,932
Sundry income 5,940 5,940 9,352
Cinema income 13,420 13,420 1,342
Hire of Church 6,059 6,059 2,408
MA/Parish share rebate 17,026 17,026 6,419
Total 116,552 116,552 79,997
----- End of picture text -----

7. Bank account interest

During the year, Penarth Ministry Area benefitted from increases in interest rates on its holdings with CCLA Investment Management Limited, and increased the sums on deposit with that organisation by £160,000.

Interest received during the year was £5,759 (2022: £1,015)

15

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

8. Rental income

PMA received rental income of £9,300 (2022: £9,300) from one of the properties in which the Ministry Area retains a beneficial financial interest.

9. Operating leases

The company has entered into a non-cancellable operating leases as lessee for which the total of future minimum lease payments are as follows:

2023 2022
£ £
Within 1 year 1,200 3,600
2 – 5 years nil 1,200
More than 5 years nil nil

10. Parish Share

Penarth Ministry Area paid Parish Share of £138,694 (2022: £132,470) to Llandaff Diocese, as a contribution towards the costs of Ministry and Mission across the Diocese. The Parish Share covers (inter alia):

(Source: https://llandaff.contentfiles.net/media/documents/Fairer_Share_Guide_2021.pdf)

11. General parish expenses

16

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

12. Maintenance of Churches

13. Common Investment Fund

Penarth Ministry Area holds 9,554 shares in the Church in Wales Common Investment Fund. At year end, the shares were valued at £2.21, resulting in a total holding of £21,114 ( 2022: £20,021 ) and an unrealised gain of £1,093 for the year.

14. Property

As required by accounting standards, PMA values its properties at a prudent net realisable value. At 31 December 2023, PMA revalued its properties as follows:

17

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

15. Norman and Freda Jones Trust

In 2020, a Trust fund known as the ‘ Norman and Freda Jones Trust ’ was established using proceeds from the estate of a former parishioner. The terms of the Trust direct that it shall be owned and retained by the Representative Body of the Church in Wales (RBCIW) as a permanent endowment (hence it does not appear in PMA’s balance sheet), with income from the Trust being paid to All Saints PCC and any successor bodies (now Penarth Ministry Area) as beneficiary. The terms of the Trust further direct that income from the Trust should be used by the beneficiary for the benefit of the parish with preference being given to St Peter’s Church. As this is a ‘preference’ rather than a requirement, the PMA Board of Trustees takes the view that income arising from the fund is unrestricted.

During 2023, PMA received £37,534 (2022: £29,890) from the Trust, and spent £2,176 (2022: £1,422) on maintenance work at St Peter’s church. At 31 December 2023, the balance of income received from the Trust was held by PMA partly within CCLA Investment Management Limited (as a longer term deposit), and partly in a separate current account (to meet short term needs):

----- Start of picture text -----
Total Prior year
£ £
Brought forward 1 January 2023 57,460 28,992
Receipts 37,534 29,890
Expenditure (2,176) (1,422)
Carried forward 31 December 2023 92,818 57,460
- Held as current account 7,818
- Held as CCLA deposit 85,000
Carried forward 31 December 2023 92,818
----- End of picture text -----

16. Investment account: Unrestricted

PMA holds unrestricted funds on interest-bearing deposit with CCLA Investment Managers Limited.

Unrestricted
£		 Prior year
£
Norman and Freda Jones Trust(note 15) 85,000
General funds 63,000
St Dochdwy's 5,282 5,282
Totals 153,282 5,282

18

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

17. Investment account: Restricted

PMA holds restricted funds with CCLA Investment Management Limited for a variety of purposes, including maintenance of church buildings and churchyards. The opening balances, transactions and closing balances on these funds were:

Fund(all amounts in £): Brought F/wd
1 Jan 2023		 Income Transfers Expenditure Carried F/wd
31 Dec 2023
CCLA: St Augustine's Churchyard 3,294 3,294
CCLA: St Augustine's Music Fund 2,533 2,533
CCLA: Earl of Plymouth Fund 51,495 12,000 (4,128) 59,367
CCLA: St Lawrence Churchyard 13 (13) 0
CCLA: St Dochdwy's Churchyard 3,705 3,705
TOTAL 61,040 12,000 (4,141) 68,899

18. Restricted: Friends of St Peter’s

During November 2023, PMA received a donation of £4,720 from the Friends of St Peter’s (FoSP). FoSP requested, and PMA agreed, that the donation is restricted, and is to be used in consultation with the Management Committee of FoSP, for the benefit of St Peter’s church.

19

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

19. Restricted: Other

PMA holds other restricted funds for a variety of purposes. The opening balances, transactions and closing balances on these funds were:

20. Creditors falling due within one year

Amounts due at year end included fees for groundwork at Holy Nativity (£6,692), the 2023 Independent Examination (£1,950) and payments to beneficiary charities from the Christmas Tree Festival (£3,800).

21. Trustees’ remuneration, expenses and benefits

No trustee is employed by the charity. No trustees receive remuneration or other financial benefits from their roles as trustees.

20

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

22. Employee remuneration

The Charity had three part-time employees during the year. Compensation paid to these employees was in the following bands:

£0 - £10,000: 2 employees £10,001 - £20,000: 1 employee

23. Payment to Independent Examiner

As at 31 December 2023 Independent Examination fees of £1,950 were accrued in respect of the examination of the 2023 accounts.

24. Reserves policy

The Ministry Area aims to maintain unrestricted current assets (cash minus creditors) of a minimum of £50,000. As at 31 December 2023, unrestricted current assets amounted to £198,171 (2022: £154,526) .

25. Post balance sheet event

In March 2024, former members of the Board of Trustees of the Parish of Penarth and Llandough (PPL) reported their view that the St Augustine’s Appeal Fund (also known as the ‘Plymouth Fund’), when transferred to Penarth Ministry Area on 1 January 2022, contained two elements: an amount held on deposit of £72,962 and a further amount of £12,000 held in a current account, making a total of £84,962.

In approving the opening balance sheet in March 2022, it had not been apparent to the Board of PMA that the current account balance transferred from PPL included £12,000 relating to the Plymouth Fund. Following representations from former Trustees of PPL, and a review of relevant documentation, the Board of Trustees is satisfied that the representations made by former PPL trustees are correct, and has transferred £12,000 from its unrestricted reserves to its restricted reserves to address this matter.

26. Related party disclosures

During the year, the Board of Trustees entered into contract with one trustee (on a self-employed basis) for the provision of musical expertise, including playing the organ at church services, weddings and funerals. The payments made to this Trustee during the year amount to £5,721 (2022: £2,435) .

Two trustees (members of the clergy) received expenses relating to their clerical duties totalling £6,883 during the year (2022: £8,612, three trustees) .

21

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

27. Going concern assessment

On 29 January 2024, the PMA Board of Trustees assessed the financial position and prospects of Penarth Ministry Area and concluded that the charity remains a Going Concern.

In arriving at this conclusion, the Board:

22

Appendix 1: Annual Financial Return

The figures shown below and on the following page are identical to the figures shown in the AFR on page 10.

Notes
INCOME
Voluntary income
Planned giving
2
Loose collections
Donations
3
For Mission
Tax refunds
Legacies
4
Grants
5
Generated income
Money raising
6
Fees
Investment income
Interest
7
Rental income
8
Other incoming resources
Gas & Electricity refunds
Other income
TOTAL INCOME		 Notes
INCOME
Voluntary income
Planned giving
2
Loose collections
Donations
3
For Mission
Tax refunds
Legacies
4
Grants
5
Generated income
Money raising
6
Fees
Investment income
Interest
7
Rental income
8
Other incoming resources
Gas & Electricity refunds
Other income
TOTAL INCOME		 Unrestricted
Funds
Restricted
Funds
£
£
130,878
10,106
37,999
10,639
3,805
501
18,749
550
37,834
5,663
116,552
13,048
1,496
5,759
9,300
1,711
2,124
CURRENT YEAR -		 Unrestricted
Funds
Restricted
Funds
£
£
130,878
10,106
37,999
10,639
3,805
501
18,749
550
37,834
5,663
116,552
13,048
1,496
5,759
9,300
1,711
2,124
CURRENT YEAR -		 Unrestricted
Funds
Restricted
Funds
£
£
130,878
10,106
37,999
10,639
3,805
501
18,749
550
37,834
5,663
116,552
13,048
1,496
5,759
9,300
1,711
2,124
CURRENT YEAR -		 Total Funds
£
130,878
10,106
48,639
4,305
19,299
37,834
5,663
116,552
14,544
5,759
9,300
1,711
2,124
2023		 Total Funds
£
130,878
10,106
48,639
4,305
19,299
37,834
5,663
116,552
14,544
5,759
9,300
1,711
2,124
2023		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
123,877
211
124,088
7,974
7,974
6,202
4,541
10,743
2,503
2,503
5,288
5,288
33,390
33,390
11,532
11,532
79,877
120
79,997
10,258
352
10,610
858
157
1,015
9,300
9,300
1,129
1,129
271
303
574
PRIOR YEAR - 2022		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
123,877
211
124,088
7,974
7,974
6,202
4,541
10,743
2,503
2,503
5,288
5,288
33,390
33,390
11,532
11,532
79,877
120
79,997
10,258
352
10,610
858
157
1,015
9,300
9,300
1,129
1,129
271
303
574
PRIOR YEAR - 2022		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
123,877
211
124,088
7,974
7,974
6,202
4,541
10,743
2,503
2,503
5,288
5,288
33,390
33,390
11,532
11,532
79,877
120
79,997
10,258
352
10,610
858
157
1,015
9,300
9,300
1,129
1,129
271
303
574
PRIOR YEAR - 2022		 Unrestricted
Funds
Restricted
Funds
Total Funds
£
£
£
123,877
211
124,088
7,974
7,974
6,202
4,541
10,743
2,503
2,503
5,288
5,288
33,390
33,390
11,532
11,532
79,877
120
79,997
10,258
352
10,610
858
157
1,015
9,300
9,300
1,129
1,129
271
303
574
PRIOR YEAR - 2022
124,088
7,974
10,743
2,503
5,288
33,390
11,532
79,997
10,610
1,015
9,300
1,129
574
TOTAL INCOME 393,527 13,186 406,713 292,458 5,684 298,142

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

CURRENT YEAR - 2023

PRIOR YEAR - 2022

----- Start of picture text -----
Unrestricted Restricted Unrestricted Restricted
Notes Total Funds Total Funds
Funds Funds Funds Funds
£ £ £ £ £ £
EXPENDITURE
Support for Ministry Parish share 9 138,694 138,694 132,470 132,470
Parochial expenses of cleric 20 6,883 6,883 8,612 8,612
Support for Ministry Other 1,928 1,928 3,982 3,982
Parish Activities Maintenance of services 17,739 560 18,299 14,026 14,026
General Parish expenses 10 51,836 87 51,923 63,216 66 63,282
Church Property Maintenance of churches 11 121,989 6,490 128,479 94,398 22,087 116,485
Maintenance of other property 1,701 374 2,075 1,907 3,498 5,405
Grants/Financial Support Missions: Parish 389 389 521 521
Missions: Home 4,491 501 4,992 259 3,021 3,280
Missions: International 1,267 1,267 958 958
Other Resources Expended Cost of Money Raising 2,966 2,966 1,652 1,652
TOTAL EXPENDITURE 349,883 8,012 357,896 319,391 31,282 350,673
OPERATING SURPLUS / (DEFICIT) FOR THE YEAR 43,643 5,174 48,817 (26,933) (25,598) (52,531)
Asset revaluations Common Investment Fund 12 1,093 1,093 (1,396) (1,396)
Asset revaluations Property 13 (17,000) (17,000)
Transfers between funds 24 (12,000) 12,000
NET SURPLUS / (DEFICIT) FOR THE YEAR 15,736 17,174 32,910 (28,329) (25,598) (53,927)
----- End of picture text -----

24

Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2023

Appendix 2: Balance Sheet at 31 December 2023

----- Start of picture text -----
Current year Previous year
Unrestricted Restricted Unrestricted Restricted
Notes Funds Funds Total Funds Funds Total
£ £ £ £ £ £
Fixed Assets: Property 13 563,000 563,000 580,000 580,000
Investment: Church in Wales Common Investment Fund 12 21,114 21,114 20,021 20,021
Total long term assets 584,114 584,114 600,021 600,021
Cash Funds
Current accounts: Unrestricted funds 32,513 32,513 96,499 96,499
Current accounts: Designated funds 5,000 5,000
Current account: Norman and Freda Jones Trust 14 7,818 7,818 57,460 57,460
Investment account: Norman and Freda Jones Trust 14 85,000 85,000
Investment account: Unrestricted 15 68,282 68,282 5,282 5,282
Investment account: Restricted 16 68,899 68,899 61,040 61,040
Current account: Friends of St Peter's Restricted 17 4,720 4,720
Current account: Other Restricted 18 7,358 7,358 2,763 2,763
Creditors falling due within one year 19 (12,444) (12,444) (4,716) (4,716)
Total current assets 186,169 80,976 267,145 154,526 63,802 218,328
TOTAL ASSETS 770,283 80,976 851,260 754,547 63,802 818,349
Represented by:
Unrestricted Fund 770,283 770,283 754,547 754,547
Other restricted funds 80,976 80,976 63,802 63,802
TOTAL RESERVES 770,283 80,976 851,260 754,547 63,802 818,349
----- End of picture text -----

25