PENARTH MINISTRY AREA
TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS
31 DECEMBER 2024
Registered Charity: 1134711
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
| 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 | 10 |
| 4. Balance Sheet | 11 |
| 5. Notes to the accounts | 12 |
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
1. Annual Report from the Board of Trustees of Penarth Ministry Area
The Board of Trustees of Penarth Ministry Area (PMA) presents its report with the unaudited financial statements of the charity for the year ended 31 December 2024.
Objectives and activities
Penarth Ministry Area (PMA) is a UK registered charity and 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. The Ministry Area includes the churches of:
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All Saints, Penarth;
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Holy Nativity, Penarth;
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Saint Augustine, Penarth;
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Saint Dochdwy, Llandough; and
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Saint Peter Old Cogan.
PMA is also 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, and provide pastoral care to the local community in Penarth.
All charitable activities are undertaken to further the organisation's charitable purposes for the public benefit, in line with the Charity Commission's public benefit guidance. The charity is a public benefit entity.
Our Mission
We exist as a Ministry Area, as part of the Diocese of Llandaff within the Church in Wales, to:
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Proclaim the Good News of the Kingdom
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Teach, baptise and nurture new believers
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Respond to human need by loving service
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Transform unjust structures of society, challenge violence of every kind and pursue peace and reconciliation
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Strive to safeguard the integrity of creation, and sustain and renew the life of the earth
Our Vision
In 2023, we set a 5 year vision for our Ministry Area to be:
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A. Visible and known
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B. Flourishing, inclusive and outward looking
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C. Making best use of our resources
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D. Proactive in serving our community
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E. Active in stewardship of our environment and challenging injustice
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
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 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.
The Trustees of Penarth Ministry Area at 31 December 2024 were:
Hugh Bryant Robert Court Jan Cullen Reverend Mark Jones Melanie Tuke Griffin Elyn Hannah Patricia Ann Humphrey Keith Ingram Jane McLaughlin Neil Pugh Len Smart Christian Salisbury Huw Williams Reverend Jimmy Young
Registered office:
Penarth Ministry Area All Saints Church Victoria Square Penarth CF64 3EL
Phone: 029 2280 5663 Email: admin@penarthministryarea.com Websites: www.penarthministryarea.com
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
Achievements and performance – review of the year
2024 was our third full year as a Ministry Area of the Church in Wales, which is part of the worldwide Anglican Communion of Christian Churches. During the year, we continued to deliver our charitable objects of the promotion in the Ministry Area of the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
We have pursued our Mission and Vision (as set out on page 4) through our worship and a varied programme of community based activities. Our activities during the year included regular church services, baptisms, weddings and funerals, Quiet Days, Lent courses, 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, plant and cake sales and various other faith-based groups and activities. We continued our focus on Safeguarding during the year, with members of the Ministry Area Council and other volunteers completing Safeguarding training in accordance with Church in Wales requirements. Additionally, throughout the year, we continued our support of the charity Christian Aid, which included our traditional Lent Lunches with proceeds being donated to Christian Aid.
During the year we said goodbye to our curate, Reverend Bethany Pearson. We thank Rev. Pearson for her contribution to the life and work of the Ministry Area, and we wish her all the very best for her future endeavours.
As part of our five year plan, we intend to increase the numbers of younger people participating in Ministry Area activities. With this objective in mind, we are seeking to employ a ‘Young Persons Ministry Lead (YPML)’ for a period of at least three years. Several members of our congregations donated generously during the year to help fund this project, and the Ministry Area Council has also ring-fenced (designated) £40,000 of income received from the Norman and Freda Jones Trust and a further £5,000 (received in 2023) in memory of a former parishioner, to support this objective. We aim to complete the appointment in 2025.
The Ministry Area has a strong musical tradition. Music is an integral part of our services, and we also promoted a varied programme of musical events during the year including our popular ‘Music at Lunchtime’ series, organ recitals and several other concerts, principally at St Augustine’s and All Saints Churches. Our music programme helps to raise valuable funds for the Ministry Area.
Our Community Cinema has gone from strength to strength, and provided regular showings of both new blockbuster and classical movies 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.
In June, we held our Open Churches weekend, which provided an opportunity for people who do not normally attend our churches to gain an insight into our activities. The weekend included a varied programme of events. Also in June, we held our annual Summer Celebration, which provided a further opportunity for people to come together at All Saints and enjoy food, drinks and music.
In October, following a successful application to the UK Charity Commission, the PMA Board of Trustees created a new Charitable Incorporated Organisation (CIO), constituted in accordance with the directions of the Church in Wales. Other Ministry Areas within the Church in Wales are taking similar steps. Our new CIO became the vehicle for carrying-on PMA business on 1 January 2025. Whilst this represents an important structural change in our underlying legal status from an unincorporated association to an incorporated organisation, the change should be largely
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
inconsequential to the way in which we conduct the general business and activities of the Ministry Area.
In November, we decided to offer one of the Ministry Area’s residential properties for sale, 84 Coleridge Avenue (known as the Curate’s House). The house has historically been used as a home for curates completing their training at All Saints and, at times when not required for a curate, as rented accommodation in the private market. Following the departure of Rev. Pearson, the Ministry Area Council examined the possibility of again offering the house for rent, or selling it. Having considered the risks, likely cashflows, current financial situation of the Ministry Area and increasingly onerous legislative framework associated with letting property, the Council considered that selling the property and investing the proceeds of sale in income producing securities was in the better long-term interests of the Ministry Area. The Ministry Area’s other residential property continues to be let to generate rental income.
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, notwithstanding the disruption caused by Storm Darragh, we welcomed approximately 2,000 people into St Augustine’s during the three day event, and raised £2,700 for three UK charities and around £1,200 for the Ministry Area. We would like to thank all those who organised, supported and attended the event.
We continued our extensive programme of building improvement and maintenance throughout the year. Across the Ministry Area, we are responsible for five church buildings (one of which is listed Grade 1, one Grade 2* and another Grade 2), three church halls and two domestic properties, creating a substantial maintenance requirement every year. The results of our recent quinquennial inspections are starting to emerge, and the Ministry Area Council will soon be prioritising the inevitable maintenance obligations that arise from these important inspections.
During the year, maintenance work was completed on the tower of St. Augustine’s church to secure the bell-chamber louvres and to improve access for future work. At the Church of the Holy Nativity, work to repair the boundary walls was completed using funds donated by Lord Plymouth for the preservation of the churches associated with the Windsor-Clive family. We submitted a successful application to the Vale of Glamorgan Council for a grant (of £5,000) from the Stronger Communities Grant Fund and ‘Section 106’ monies, to help fund new boundary fencing and facilitate the development of the church grounds, which occupy a prominent site at the junction of Plassey Street and Windsor Road, as a community garden. The Ministry Area is grateful to the Vale of Glamorgan Council for its support for this initiative. The fencing work is scheduled for the first quarter of 2025.
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, and we offer our thanks to the Friends of St Augustine’s and the Friends of St Peter’s, for their continued support of our Mission. 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.
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
Financial review
2024 was a challenging year financially for the Ministry Area. Planned giving fell by around 10% and other donations were around 65% lower compared to 2023 (albeit 2023 benefited from a one-off Gift Day). Parish Share expenditure increased by around 5% compared to the prior year (but will fall as we go into 2025), with other expenditure lines remaining broadly comparable with the prior year.
During the year, PMA received general unrestricted income of £319,102 (2023: £355,994) , and incurred operating costs of £359,171 (2023: £349,884) , resulting in an operating deficit on unrestricted funds of £40,069 (2023: operating surplus £6,110) . Additionally, PMA recorded appreciation in its property values of £153,000 and appreciation in its Church in Wales investment of £929. As a result, PMA reports a net surplus for the year on unrestricted funds of £113,860 (2023: net deficit £21,797) .
Primary sources of general unrestricted income during the year included Planned Giving of £117,398; Money Raising of £123,991; and fees of £14,713. Primary expenditure from general unrestricted funds included the Parish Share of £146,040; Maintenance of Churches of £127,199 and General Parish expenses of £54,257.
At 31 December 2024, PMA held unrestricted net assets (reserves) of £781,044 (2023: £667,184) consisting of property valued at £716,000 ; investments of £22,043; cash of £51,386; amounts receivable of £1,023 and amounts payable of £9,408.
In addition to its general unrestricted funds, PMA received £39,593 as a legacy donation (designated for St Peter’s Church) and £79,860 in restricted income and donations. At 31 December 2024, PMA held Designated funds of £139,395, primarily for St Peter’s and the Young People’s Ministry Lead (YPML). PMA also held Restricted funds at 31 December 2024 of £159,351; primarily for the YPML and the 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
10 March 2025
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
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 2024, which comprise the Annual Financial Return, 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:
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to examine the accounts under section 145 of the Charities Act
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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
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to state whether particular matters have come to my attention.
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:
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to keep accounting records in accordance with section 130 of the Charities Act,
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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:
Caroline Candy
Fellow, Association of Chartered Certified Accountants
Naunton Jones Le Masurier Accountants, 24 St Andrews Crescent, Cardiff, CF10 3DD
7 March 2025
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
3. Statement of Financial Activities
For the Year Ended 31 December 2024
==> picture [553 x 432] intentionally omitted <==
----- Start of picture text -----
CURRENT YEAR - 2024 PRIOR YEAR - 2023
Notes General Designated Restricted Total Funds General Designated Restricted Total Funds
Funds Funds Funds Funds Funds Funds
INCOME £ £ £ £ £ £ £ £
Voluntary income Planned giving 2 / 15 117,398 23,866 141,264 130,878 130,878
Loose collections 10,350 10,350 10,106 10,106
Donations 3 13,376 4,088 17,463 37,999 10,639 48,639
For Mission 255 255 3,805 501 4,305
Tax refunds 10,302 10,302 18,749 550 19,299
Legacies 4 / 14 3,150 39,593 20,000 62,743 300 37,534 37,834
Grants 5 / 19 5,663 5,663
Generated income Money raising 6 / 15 123,991 30,000 153,991 116,552 116,552
Fees 14,713 1,269 15,982 13,048 1,496 14,544
Investment income Interest 7 12,220 437 12,657 5,759 5,759
Rental income 8 9,300 9,300 9,300 9,300
Other income Gas & Electricity refunds 884 884 1,711 1,711
Other income 3,163 200 3,363 2,124 2,124
TOTAL INCOME 319,102 39,593 79,860 438,555 355,994 37,534 13,186 406,714
EXPENDITURE
Support for Ministry Parish share 9 146,040 146,040 138,694 138,694
Clergy expenses 20 7,615 7,615 6,883 6,883
Support for Ministry Other 386 386 1,928 1,928
Parish Activities Maintenance of services 17,472 170 17,642 17,739 560 18,299
General Parish expenses 10 54,257 55 62 54,374 51,836 87 51,923
Church Property Maintenance of churches 11 127,199 3,243 994 131,435 121,988 6,490 128,479
Maintenance of other property 1,701 374 2,075
Grants/ Missions: Parish 556 259 815 389 389
Financial Support Missions: Home 3,073 3,073 4,491 501 4,992
Missions: International 1,267 1,267
Other expenditure Cost of Money Raising 2,573 2,573 2,966 2,966
TOTAL EXPENDITURE 359,171 3,298 1,486 363,954 349,884 8,012 357,895
OPERATING SURPLUS / (DEFICIT) FOR THE YEAR (40,069) 36,295 78,375 74,601 6,110 37,534 5,174 48,818
Asset revaluations Common Investment Fund 12 929 929 1,093 1,093
Asset revaluations Property 13 153,000 153,000 (17,000) (17,000)
Transfers between funds (12,000) 12,000
NET SURPLUS / (DEFICIT) FOR THE YEAR 113,860 36,295 78,375 228,530 (21,797) 37,534 17,174 32,911
----- End of picture text -----
Unrestricted funds for 2024 have been separated into the component parts of ‘General’ and ‘Designated’ funds, with corresponding adjustments to the 2023 figures. Had the same policy been applied in 2022, £65,566 of the brought forward unrestricted funds, as at 1 January 2022, would have been allocated into the designated fund. This would reconcile to £60,284 representing the designated funds from the Norman and Freda Jones Trust and £5,282 from the St Dochdwy’s fund.
The above information is presented in Appendix 1 in a larger font (pages 23-24).
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
4. Balance sheet
As at 31 December 2024
| Notes Long term assets Property 13 Church in Wales Common Investment Fund 12 Total long term assets Unrestricted General cash funds General Account Investment account Unrestricted Designated cash funds Norman & Freda Jones Trust - Current A/C 14 Norman & Freda Jones Trust - Investment A/C 14 St Dochdwy's Young People's Ministry Lead 15 Restricted cash funds Young People's Ministry Lead 15 Friends of St Peter's 16 Current Account 17 Investment Account 18 Amounts receivable within one year 19 Amounts payable within one year 19 |
General Funds Designated Funds Restricted Funds Total £ £ £ £ 716,000 716,000 22,043 22,043 738,043 738,043 18,386 18,386 33,000 33,000 4,113 4,113 85,000 85,000 5,282 5,282 45,000 45,000 53,866 53,866 4,720 4,720 16,429 16,429 89,336 89,336 1,023 1,023 (9,408) (5,000) (14,408) CURRENT YEAR - 2024** |
General Funds Designated Funds Restricted Funds Total £ £ £ £ 716,000 716,000 22,043 22,043 738,043 738,043 18,386 18,386 33,000 33,000 4,113 4,113 85,000 85,000 5,282 5,282 45,000 45,000 53,866 53,866 4,720 4,720 16,429 16,429 89,336 89,336 1,023 1,023 (9,408) (5,000) (14,408) CURRENT YEAR - 2024** |
General Funds Designated Funds Restricted Funds Total £ £ £ £ 716,000 716,000 22,043 22,043 738,043 738,043 18,386 18,386 33,000 33,000 4,113 4,113 85,000 85,000 5,282 5,282 45,000 45,000 53,866 53,866 4,720 4,720 16,429 16,429 89,336 89,336 1,023 1,023 (9,408) (5,000) (14,408) CURRENT YEAR - 2024** |
General Funds Designated Funds Restricted Funds Total £ £ £ £ 716,000 716,000 22,043 22,043 738,043 738,043 18,386 18,386 33,000 33,000 4,113 4,113 85,000 85,000 5,282 5,282 45,000 45,000 53,866 53,866 4,720 4,720 16,429 16,429 89,336 89,336 1,023 1,023 (9,408) (5,000) (14,408) CURRENT YEAR - 2024** |
|---|---|---|---|---|
| Total current assets 23 |
43,001 | 139,395 | 159,351 | 341,747 |
| TOTAL ASSETS | 781,044 | 139,395 | 159,351 | 1,079,790 |
| Represented by: Brought forward from prior year Net surplus / (deficit) for the year per AFR TOTAL RESERVES |
667,184 113,860 781,044 |
103,100 36,295 139,395 |
80,976 78,375 159,351 |
851,260 228,530 1,079,790 |
- Unrestricted funds for 2024 have been separated into the component parts of ‘General’ and ‘Designated’ funds, with corresponding adjustments to the 2023 figures. Had the same policy been applied in 2022, £65,566 of the brought forward unrestricted funds, as at 1 January 2022, would have been allocated into the designated fund. This would reconcile to £60,284 representing the designated funds from the Norman and Freda Jones Trust and £5,282 from the St Dochdwy’s fund.
The above information is presented in Appendix 2 in a larger font (page 25).
The Board of Trustees approved the accounts on 31 January 2025.
Mel Griffin Chair
Chris Salisbury Treasurer
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
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
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Recognition of income : Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
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Income with related expenditure : Where income has related expenditure the income and related expenditure is reported gross in the SoFA.
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Donations and legacies : Voluntary income received by way of grants, donations and gifts is included in the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
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Tax reclaims on donations and gifts : Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates.
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Donated services and facilities : These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.
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Volunteer help : The value of any volunteer help received is not included in the accounts.
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Investment income : This is included in the accounts when receivable.
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Gains/(losses) on revaluation of fixed assets : This includes any gain or loss resulting from revaluing investments to market value at the end of the year.
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Gains/(losses) on investment assets : This includes any gain or loss on the sale of investments.
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
Expenditure
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Recognition of expenditure : Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
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Expenditure on raising funds : These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs.
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Expenditure on charitable activities : These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance costs.
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Grants payable : All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
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Governance costs : These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
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Other expenditure : These are support costs not allocated to a particular activity.
Funds
The Board took a decision to split the unrestricted funds into its component parts of general and designated funds. This was to better reflect the intended use of funds for St Peter’s (Norman and Freda Jones Trust), St Dochdwy’s and the intended recruitment of a Young Persons Ministry Lead.
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General funds : are general funds which can be used for ordinary purposes by the Ministry Area.
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Designated funds : are unrestricted funds set aside by the Ministry Area Council for a specific purpose.
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General funds and designated funds combined constitute the charity’s total ‘ Unrestricted’ funds
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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 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.
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.
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
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.
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, under which the Ministry Area pays contributions into a separate entity. Once the contributions have been paid the Ministry Area 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 Ministry Area 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
During the year, PMA received £141,264 of planned giving, which included donations of £127,555 through the Church in Wales Gift Direct Scheme, £23,866 of which was restricted for the Young People’s Ministry Lead (YPML).
| General £ |
Designated £ |
Restricted £ |
Total £ |
Prior year £ |
||
|---|---|---|---|---|---|---|
| StandingOrder Planned Giving | 10,967 | 10,967 | 9,678 | |||
| Occasional Givingvia Bank | 700 | |||||
| Gift Aid Envelopes - Occasional | 2,742 | 2,742 | 5,202 | |||
| Church in Wales - Gift Direct Scheme | 103,689 | 23,866 | 127,555 | 115,298 | ||
| Otherplannedgiving | ||||||
| Total | 117,398 | 23,866 | 141,264 | 130,878 |
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
3. Donations
Donations received during the year amounted to £17,464, which included £3,000 restricted for the ‘Open the Book’ programme (see also note 17).
| General £ |
Designated £ |
Restricted £ |
Total £ |
Prior year £ |
||
|---|---|---|---|---|---|---|
| Gift dayappeal | 17,193 | |||||
| Contactless donations | 7,459 | 7,459 | 4,831 | |||
| Open the Bookprogramme | 3,000 | 3,000 | ||||
| Other | 5,916 | 1,088 | 7,004 | 26,614 | ||
| Total | 13,376 | 4,088 | 17,464 | 48,638 |
4. Legacies
During the year, PMA received £39,593 from the Norman and Freda Jones Trust (2023: £ 37,534 ) . (Note: 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.)
PMA also received a legacy of £20,000, restricted for the preservation and development of St Augustine’s Church.
| General £ |
Designated £ |
Restricted £ |
Total £ |
Prior year £ |
||
|---|---|---|---|---|---|---|
| Norman and Freda Jones Trust receipts | 39,593 | 39,593 | 37,534 | |||
| Other legacyincome | 3,150 | 20,000 | 23,150 | 300 | ||
| Total | 3,150 | 39,593 | 20,000 | 62,743 | 37,834 |
5. Grants
During 2024, PMA received a grant for £5,000 which has yet to be spent and has therefore been included as accrued income. The Grant was received from the Vale of Glamorgan Council as a contribution to the cost of replacing fencing at the Church of the Holy Nativity. It is contracted to be used before 31 March 2025. (See also note 19).
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
6. Money raising
The church halls and our Community Cinema continue to be valuable sources of fund raising (£60,967 in 2024). Additionally, PMA received a restricted donation of £30,000 for the Young persons Ministry Lead.
| General £ |
Designated £ |
Restricted £ |
Total £ |
Prior year £ |
||
|---|---|---|---|---|---|---|
| Fund raisingtarget: other | 12,769 | 12,769 | 8,669 | |||
| Fund raisingtarget: Cream teas | 43 | 43 | - | |||
| Hall Rental Income | 60,967 | 60,967 | 60,844 | |||
| Magazine/otherpublication sales | 5,292 | 5,292 | 4,594 | |||
| Sundryincome | 4,626 | 4,626 | 5,940 | |||
| Cinema income | 18,580 | 18,580 | 13,420 | |||
| Hire of Church | 8,974 | 8,974 | 6,059 | |||
| Music at Lunchtime | 3,796 | 3,796 | ||||
| YPML | 30,000 | 30,000 | ||||
| MA/Parish share rebate | 8,944 | 8,944 | 17,026 | |||
| Total | 123,991 | 30,000 | 153,991 | 116,552 |
7. Bank account interest
Penarth Ministry Area continues to hold cash reserves with CCLA Investment Management Limited. Interest received during the year from CCLA was £12,657 (2023: £5,759)
8. Rental income
PMA received rental income of £9,300 (2023: £9,300) from one of the properties in which the Ministry Area retains a beneficial financial interest.
9. Parish Share
PMA paid Parish Share of £146,040 (2023: £138,694) to Llandaff Diocese, as a contribution towards the costs of Ministry and Mission across the Diocese. The Parish Share covers (inter alia):
-
Education, children, young people and safeguarding
-
Ministry and discipleship and training
-
Clergy housing repairs and maintenance
-
Care of churches
-
Grants to support mission and ministry projects
-
Communication and Engagement
-
Governance & compliance, stewardship
(Source: https://llandaff.contentfiles.net/media/documents/Fairer_Share_Guide_2021.pdf)
For 2025, Llandaff Diocese is replacing the Parish Share with the ‘Common Fund’. Payments to the Common Fund are based on pledges from Ministry Areas, in place of the formula-driven approach currently used for the Parish Share. For 2025, PMA has agreed a Common Fund contribution to Llandaff Diocese of £110,000.
16
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
10. General parish expenses
PMA incurred general parish expenses for the year of £54,374, as summarised below:
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General Designated Restricted Total Prior year
£ £ £ £ £
Costs of meetings 172 172
Bank charges 361 55 62 479 1,637
Telephone/mobile/internet 72 72 254
Office and general expenditure 15,245 15,245 9,998
Administrative staff salaries 27,587 27,587 25,280
Professional Fees 3,750
Independent examination fees 2,050 2,050 1,950
Trustee Training and development 120 120 793
Cinema expenses 6,429 6,429 7,027
Admin/Staff HMRC payments 1,543 1,543 1,234
Total 54,257 55 62 54,374 51,923
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11. Maintenance of Churches
Maintenance continues to represent a considerable annual cost to the Ministry Area, given the aging estate and conditions associated with preservation of our Listed Buildings.
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----- Start of picture text -----
General Designated Restricted Total Prior year
£ £ £ £ £
Insurance 11,948 11,948 11,626
Gas and electricity 35,875 35,875 46,055
Water 2,896 2,896 2,940
Church repairs and maintenance 54,258 3,002 886 58,146 48,659
Church cleaning 14,472 14,472 11,385
Church operating costs - general 7,750 241 108 8,099 7,814
Total 127,199 3,243 994 131,436 128,479
----- End of picture text -----
12. 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 £2.31, resulting in a total holding of £22,043 ( 2023: £21,114 ) and an unrealised gain of £929 for the year.
13. Property
As required by accounting standards, PMA values its properties at a prudent net realisable value. At 31 December 2024, PMA valued its properties as follows:
17
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
-
Coleridge Avenue (known as ‘The Curate’s House’): value increased from 2023 by £153,000 in accordance with an Estate Agent’s valuation received in December 2024.
-
Windsor Road (known as ‘Church House’): maintained at 2023 valuation of £266,000. An independent valuer was not used.
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----- Start of picture text -----
31-Dec-2023 31-Dec-2024 Historical
Revaluation
Actual Actual cost note
Coleridge Avenue 297,000 153,000 450,000 300,000
Windsor Road 266,000 266,000 280,000
Total property value 563,000 153,000 716,000 580,000
----- End of picture text -----
As noted in the Review of the Year on page 7, the Board of Trustees decided in November 2024 to offer the Curate’s House for sale. The property was placed on the market on 16 December 2024.
14. Norman and Freda Jones Trust (NFJT)
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. Funds received from NFJT represent unrestricted income, however the PMA Board of Trustees has passed a resolution to designate NFJT funds for the benefit of St Peter’s, in recognition of the donor’s expressed preference.
During 2024, PMA received £39,593 (2023: £37,534) from the Trust, and spent £3,298 (2023: £2,176) on maintenance work at St Peter’s church. The Board of Trustees also designated £40,000 of the NFJT money for the Young People’s Ministry Lead (YPML). At 31 December 2024, 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):
| Total £ |
Prior year £ |
||
|---|---|---|---|
| Brought forward 1 January | 92,818 | 57,460 | |
| Receipts | 39,593 | 37,534 | |
| Expenditure | (3,298) | (2,176) | |
| Transferred to YPML | (40,000) | ||
| Carried forward 31 December | 89,113 | 92,818 | |
| - Held as current account | 4,113 | 7,818 | |
| - Held as CCLA deposit | 85,000 | 85,000 | |
| Carried forward 31 December | 89,113 | 92,818 |
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
15. Young People’s Ministry Lead (YPML)
During the year, PMA received restricted donations of £53,866 and (per note 14 above) designated a further £40,000 for the YPML. At 31 December 2024, PMA held a total of £98,866 (Designated or Restricted), for the purposes of employing the YPML (employment planned to commence in 2025).
| General £ |
Designated £ |
Restricted £ |
Total £ |
Prior year £ |
||
|---|---|---|---|---|---|---|
| YPML: Designated | 45,000 | 45,000 | 5,000 | |||
| YPML: Restricted | 53,866 | 53,866 | ||||
| Totals | 45,000 | 53,866 | 98,866 | 5,000 |
16. Restricted: Friends of St Peter’s
During 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 FoSP Management Committee, for the benefit of St Peter’s church. The balance on the fund at 31 December 2024 remains at £4,720.
17. Restricted: Current Account
PMA holds other restricted funds for a variety of purposes, in a current account:
| Restricted £ |
Prior year £ |
||
|---|---|---|---|
| Audio video Fund | 3,515 | 3,515 | |
| All Saints' Piano Fund | 1,231 | 1,231 | |
| St Dochdwy's Restricted Fund | 2,408 | 1,474 | |
| St Augustine's Restricted Fund | 105 | ||
| HolyNativity's Restricted Fund | 5,841 | 874 | |
| Open the Book | 2,741 | ||
| Other | 693 | 158 | |
| Total | 16,429 | 7,357 |
-
Audio Video Fund: Fund held for upgrading the Audio and Video equipment within All Saints Church
-
All Saints’ Piano Fund: Fund held for maintaining All Saints’ pianos and organs.
-
St Dochdwy’s Restricted Fund: Fund held for maintaining the church and churchyard
-
St Augustine’s Restricted Fund: Fund held for maintaining the church and churchyard
-
Holy Nativity Restricted Fund: Fund held for maintaining the church and churchyard, which includes a grant of £5,000 from Vale of Glamorgan Council (note 5 refers)
-
Open the Book: Fund held to support the ‘Open the Book’ programme, which aims to share Bible stories with school children in a way which is fun, interactive and memorable. Storytelling teams use the Open the Book Programme to present scripted Bible stories to school assemblies, involving the children as much as possible.
19
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
18. Restricted: Investment Account
PMA holds other restricted funds for a variety of purposes, in an investment account:
| Restricted £ |
Prior year £ |
||
|---|---|---|---|
| St Augustine's Churchyard | 3,294 | 3,294 | |
| Heather Tylke Legacy | 20,437 | ||
| Music Fund | 2,533 | 2,533 | |
| Earl of Plymouth Fund | 59,367 | 59,367 | |
| St Dochdwy's Churchyard | 3,705 | 3,705 | |
| Total | 89,336 | 68,899 |
-
St Augustine’s Churchyard: Fund restricted for the purpose of maintaining St Augustine’s churchyard
-
Heather Tylke Legacy: Funds received from the estate of the late Ms Heather Tylke, restricted for the maintenance and development of St Augustine’s church
-
Music fund: Fund restricted for choir music, new robes, ad hoc singers and instrumentalists for services if/when required and, more recently, choral bursaries.
-
Earl of Plymouth Fund: Fund restricted for the maintenance and development of St Augustine’s Church and Churchyard.
-
St Dochdwy’s Churchyard: Fund restricted for the purpose of maintaining St Dochdwy’s churchyard.
19. Amounts receivable / payable due within one year
Amounts receivable at year end relate to Bank Interest accrued by 31 December 2024, but not yet received (£1,023).
Amounts payable at year end include £2,050 for the 2024 Independent Examination, £2,700 due to other UK charities and £4,658 in other expenses.
Restricted funds payable comprise a £5,000 grant that has yet to be used (note 5 refers).
20. 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.
21. 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
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Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
22. Payment to Independent Examiner
As at 31 December 2024 Independent Examination fees of £2,050 were accrued in respect of the examination of the 2024 accounts.
23. Reserves policy and movement
The Ministry Area aims to maintain unrestricted current assets (cash minus creditors) of a minimum of £50,000. As at 31 December 2024, unrestricted current assets amounted to £43,001 (2023: £83,070) . The reduction during the year reflects the operating loss for the year of £40,069.
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----- Start of picture text -----
£
General reserve at 31 December 2023 83,070
General reserve at 31 December 2024 43,001
Movement during the year (40,069)
Represented by:
Operating loss for the year (40,069)
----- End of picture text -----
24. Operating leases
During the year, the Ministry Area entered into a non-cancellable operating lease for office equipment, as lessee, for which the total of future minimum lease payments are as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Within 1 year | 7,032 | 1,200 |
| 2 – 5 years | 14,064 | nil |
| More than 5 years | nil | nil |
25. 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 £5,783 (2023: £5,721) .
Two trustees (members of the clergy) received expenses relating to their clerical duties totalling £6,557 during the year (2023: £6,883) .
21
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
26. Going concern assessment
On 27 January 2025, 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:
-
Noted it had transferred the activities of Penarth Ministry Area (the unincorporated association) to Penarth Ministry Area Charitable Incorporated Organisation (CIO) with effect from 1 January 2025. As the CIO replaces the unincorporated association in form but not in substance, the Board concludes that this transfer does not affect PMA’s going concern assertion or the value of assets and liabilities presented in its balance sheet at 31 December 2024. (Note, the Board of Trustees intends to dissolve PMA’s charitable registration during 2025, in favour of the new charitable registration associated with PMA CIO)
-
Considered both the general economic climate, and the specific operating environment for the Ministry Area, for a period of at least 12 months from the date on which the 2024 accounts were approved by the Trustees
-
Noted that, at 31 December 2024, PMA had unrestricted (liquid) working capital of £43,001 and (near-liquid) investments reserves of £22,042
-
Noted the net operating deficit on unrestricted funds for 2024 and considered the reasonable assumption that underlying income and expenditure patterns in 2025 will remain largely consistent with 2024, except as follows:
-
the intended sale of the Curate’s House should generate cash of c£450,000, which the Board of Trustees believes will generate an annual investment return of c£16,000 - £20,000.
-
the Ministry Area has agreed with Llandaff Board of Finance a year-on-year reduction in the Parish Share / Common Fund payment, from £146,000 in 2024 to £110,000 in 2025, which will help to improve general underlying financial results in 2025
-
Noted that the Ministry Area can reasonably expect to continue receiving income for the foreseeable future from the Norman and Freda Jones Trust, of c£35,000+ per annum. Whilst the Ministry Area Council has designated this money for the benefit of St Peter’s church (in line with the donor’s stated preference), the money remains available at Trustees’ discretion for the general purposes of the Ministry Area (excluding payment of the Common Fund), if not required for St Peter’s church
-
Noted the ageing estate that falls within the responsibility of the Ministry Area (which includes both Grade I and Grade II Listed Buildings), the continuing maintenance and financial burden this creates and, in particular, the likely outcome of the 2024 Quinquennial Reviews
-
Estimated that PMA currently holds liquid reserves sufficient to sustain normal operating activity for at least twelve months, plus property and investments which, if sold, would be sufficient to sustain normal operating activity for at least a further 10-15 years thereafter.
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 / 15 Loose collections Donations 3 For Mission Tax refunds Legacies 4 / 14 Grants 5 / 19 Generated income Money raising 6 / 15 Fees Investment income Interest 7 Rental income 8 Other income Gas & Electricity refunds Other income |
CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | PRIOR YEAR - 2023 | PRIOR YEAR - 2023 | PRIOR YEAR - 2023 | PRIOR YEAR - 2023 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| General Funds* |
Designated Funds* |
Restricted Funds |
Total Funds | General Funds* |
Designated Funds* |
Restricted Funds |
Total Funds | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | ||||
| 117,398 10,350 13,376 255 10,302 3,150 123,991 14,713 12,220 9,300 884 3,163 |
39,593 | 23,866 4,088 20,000 30,000 1,269 437 200 |
141,264 10,350 17,463 255 10,302 62,743 153,991 15,982 12,657 9,300 884 3,363 |
130,878 10,106 37,999 3,805 18,749 300 5,663 116,552 13,048 5,759 9,300 1,711 2,124 |
37,534 | 10,639 501 550 1,496 |
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 |
||||
| TOTAL INCOME | 319,102 | 39,593 | 79,860 | 438,555 | 355,994 | 37,534 | 13,186 | 406,714 |
*Unrestricted funds for 2024 have been separated into the component parts of ‘General’ and ‘Designated’ funds.
23
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
| Notes EXPENDITURE Support for Ministry Parish share 9 Clergy expenses 20 Support for Ministry Other Parish Activities Maintenance of services General Parish expenses 10 Church Property Maintenance of churches 11 Maintenance of other property Exceptional expenditure Grants/ Missions: Parish Financial Support Missions: Home Missions: International Other expenditure Cost of Money Raising Other expenditure |
CURRENT YEAR- 2024 | CURRENT YEAR- 2024 | CURRENT YEAR- 2024 | PRIOR YEAR- 2023 | PRIOR YEAR- 2023 | PRIOR YEAR- 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| General Funds* |
Designated Funds* |
Restricted Funds |
Total Funds | General Funds* |
Designated Funds* |
Restricted Funds |
Total Funds | ||||
| £ | £ | £ | £ | £ | £ | £ | £ | ||||
| 146,040 7,615 386 17,472 54,257 127,199 556 3,073 2,573 |
55 3,243 |
170 62 994 259 |
146,040 7,615 386 17,642 54,374 131,435 815 3,073 2,573 |
138,694 6,883 1,928 17,739 51,836 121,988 1,701 389 4,491 1,267 2,966 |
560 87 6,490 374 501 |
138,694 6,883 1,928 18,299 51,923 128,479 2,075 389 4,992 1,267 2,966 |
|||||
1,486 78,375 |
8,012 5,174 12,000 |
||||||||||
| TOTAL EXPENDITURE |
359,171 | 3,298 |
1,486 |
349,884 | 8,012 | 357,895 | |||||
| OPERATING SURPLUS / (DEFICIT) FOR THE YEAR | (40,069) | 36,295 |
78,375 |
6,110 | 37,534 |
5,174 |
48,818 | ||||
| Asset revaluations Common Investment Fund 12 Asset revaluations Property 13 Transfers between funds |
|||||||||||
| 929 153,000 |
1,093 (17,000) (12,000) |
12,000 | 1,093 (17,000) |
||||||||
| NET SURPLUS / (DEFICIT) FOR THE YEAR | 113,860 | 36,295 |
78,375 |
228,530 | (21,797) | 37,534 |
17,174 |
32,911 |
24
Penarth Ministry Area – registered charity 1134711 Trustees’ Report and Accounts 2024
Appendix 2: Balance Sheet at 31 December 2024
| Notes Long term assets Property 13 Church in Wales Common Investment Fund 12 |
CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | CURRENT YEAR - 2024 | PREVIOUS YEAR - 2023 | PREVIOUS YEAR - 2023 | PREVIOUS YEAR - 2023 | PREVIOUS YEAR - 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| General Funds* |
Designated Funds* |
Restricted Funds |
Total | Unrestricted Funds |
Designated Funds* |
Restricted Funds |
Total | ||
| £ | £ | £ | £ | £ | £ | £ | |||
| 716,000 22,043 |
716,000 22,043 |
563,000 21,114 |
563,000 21,114 |
||||||
| Total long term assets | 738,043 | 738,043 | 584,114 | 584,114 | |||||
| Unrestricted General cash funds General Account Investment account Unrestricted Designated cash funds Norman & Freda Jones Trust - Current A/C 14 Norman & Freda Jones Trust - Investment A/C 14 St Dochdwy's Young People's Ministry Lead 15 Restricted cash funds Young People's Ministry Lead 15 Friends of St Peter's 16 Current Account 17 Investment Account 18 Amounts receivable within one year 19 Amounts payable within one year 19 |
18,386 33,000 1,023 (9,408) |
4,113 85,000 5,282 45,000 |
53,866 4,720 16,429 89,336 (5,000) |
18,386 33,000 4,113 85,000 5,282 45,000 53,866 4,720 16,429 89,336 1,023 (14,408) |
32,513 63,000 (12,443) |
7,818 85,000 5,282 5,000 |
4,720 7,358 68,899 |
32,513 63,000 7,818 85,000 5,282 5,000 4,720 7,358 68,899 (12,444) |
|
| Total current assets 23 |
43,001 | 139,395 | 159,351 | 341,747 | 83,070 | 103,100 | 80,976 | 267,146 | |
| TOTAL ASSETS | 781,044 | 139,395 | 159,351 | 1,079,790 | 667,184 | 103,100 | 80,976 | 851,260 | |
| Represented by: Brought forward from prior year Net surplus / (deficit) for the year per AFR |
667,184 113,860 |
103,100 36,295 |
80,976 78,375 |
851,260 228,530 |
688,981 (21,797) |
65,566 37,534 |
63,802 17,174 |
818,349 32,911 |
|
| TOTAL RESERVES | 781,044 | 139,395 | 159,351 | 1,079,790 | 667,184 | 103,100 | 80,976 | 851,260 |
25