Parish of Aberystwyth Parochial Church Council (The Local Ministry Area of Aberystwyth) Annual Accounts for the year ended 31 December 2024 Registered Charity No. 1134858
Chair's Comments The Parish or Local Ministry Area ILMAI of Aberystwyth has worked tirelessly over the last twelve months to deepen its ministry to our congregations and to the local community within Aberystwyth. The governance structure of the LMA has become more embedded and l am grateful for the commitment of our trustees to closer workir)g together and cooperation to ensure the common good of all our churches, There continue to be increasing signs of cooperation and understanding between the congregations alongside the steady growth of those worshipping with us and of those committing to us through baptism. Our churches are active on seven days a week encouraging spiritual growth through regular church services, prayer meetings and study groups as well as offering safe places to engage with our local communities. Our staff and volunteers have shown a willingness to think creatively and to adapt to the changing needs around us. All of these activities are only possible with the support of our clergy, staff and volunteers who give generously of their time and finance5. As an LMA our finances continue to be stretched, and we are aware of work needing to be done to maintain our church buildings over the coming years. Work previously started to improve the car park and grounds of St Michael's church, in cooperation with Aberystwyth University, is nearing completion and will mean that the grass area to the north of the church building will be available again for the use of the church and community. Financially we are still needing to draw on reserve5, but it is hoped that by applying for more grant funding we will be able to do the necessary repair work a nd to adapt our buildings for more f lexi ble use. As churches we are increasingly aware of our need to care for the environment and are working to develop policies in line with this commitment. The LMA has a committed team of staff both clergy and lay, who work hard to ensure the smooth running of our churches and additiona l activities. Their loving care and pastoral support a re greatly appreciated and much of their work is done out of the spotlight. In addition to our staff team, we would not be able to function without the many committed volunteers who serve on committees, oversee the buildings and finances and serve in our com passion ministries. l am very grateful for all of these people and thei r selfless service. l am thankful for the many signs of God at work amongst us and new people and new ministries in our churches. Thank you for partnering with us and serving God in our church here in Aberystwyth. Trustees, Report Objectives and Activities The Local Ministry Area is part of the Diocese of St Davids and exists to further the Christian gospel by providing regular opportunities for people to come together for worship, teaching and fel lowshi p and to demonstrate the love of God by involvement in the provision of services within our local communities. The parish or Loca l Ministry Area ILMAI consists of five churches Llanwcha irn, St Anne's, Holy Trinity, Santes Fair and St Michael's. Our ministry team consisting of Revd. Canon Mark Ansell {Ministry Area Deanl, Revd. Dr Liz Rees, Revd. Cei Rees, Revd. Becky Evans (Vicars), Revd. Dr Robert Wilkinson (non stipendiary Vicar), and Worship Leaders Mel Burgess and Tessa Briggs, have worked well together as a team to ensure the provision of our regular services and day to day oversight of our activities. These have been joined by Jamie Medhurst who was licensed as a Worship Leader during the year. Alongside these clergy roles we have a lay staff team consisting of a Children Youth and Families
Pastor, a Worship Pastor, two Pastoral Assistants, a Financial Coordinator and an Office Administrator. We are also grateful to a wide group of retired clergy and lay volunteers who regularly assist with the provision of all our ministries. Each church has its own style and a regular pattern of worship services. Alongside these activities, weddings, funerals, and baptisms, are conducted as requested. We have added new services, such as sung evensong, to compliment our existing ones and have also maintained our online presence, begun during the COVID lockdowns, with a live service broadcast each week and a Welsh language service on zoom. Our objectives are met through the provision of regular church services reflecting different church traditions, prayer meetings and small study groups and by working together to offer parent and toddler groups, youth groups, children and family focussed activities, meals and friendship and a food bank and baby bundle service for those who are socially isolated through povertv, homelessness, addiction, disability or old age. Members from across the LMA have joined together to form a choir which leads special celebration services severa I times during the year. Achlevements and Performance It has been another busy year with so many activities regularly taking place and we've seen growing numbers at Mature Munch, our Parents & Toddlers groups, the youth group and our student activities. The community work of the Well, and the Well on Sunday, continues, with partnerships with the Wallich and Ceredigion Council and some funding from the Lottery. St Anne's church have also established a café style drop in and continue to oversee the much needed foodbank service, Jubilee Storehouse in Penparcau, Starkies children and family activities and lunches during school holidays and a Baby bundle service in cooperation with the Mothers, Union. The provision of warm spaces, food bank and meals to those who are struggling, financially and emotionally, remain in demand and assisted by generous donations from the local community have been able to increase their provision in response to need. We have worked with schools to support the curriculum with staff and volunteers contributing to assemblies and to providi ng activities for school groups to attend. Our clergy have also participated in providing a chaplai ncy service to the Hospital and the University. The British Legion Remembrance Day service was agair) held at Holy Trinity. Our churches have also hosted a number of concerts in partnership with local organisations. In September Rali Cerdigion used the grounds of St Michael's hurch as a base. There is increasing awareness within the LMA to the need to care for our environment as part of our Christian stewardship and we are committed to considering the impact of our decision making on the world in which we live. Financial Review for year ending December 2024 2024 has continued to see a small increase in attendance across the churches, although this not resulted in an increase in giving. Costs of utility bills have not been subject to such a high figure of inflation a5 in the previous twelve months and costs of maintenance of the buildings and church activities have been kept at manageable levels. The total income for 2024 across the churches was £491,246 which is an increase from the previou5 year if the one-off sale of property in 2023 is disregarded. Expenditure has decreased to £590,058.
The LMA continues to apply for grants where available, and to look for economy measures. Donations from St Michael's Car Park have increased this year, despite extensive improvement work still being ca rried out. The LMA as a whole continues to maintain a deficit budget and is drawing on reserves, which is a challenging situation that cannot be continued indefinitely. However, it is hoped that with the planned reduction in the diocesan share, following a transition to a new formula in how it is calculated, the situation may ease. Structure, Governance and Management The Local Ministry Area of Aberystwyth Parochial Church Council is constituted under the constitution of The Church in Wales and abides by their regulations. The structure of the Council is that each of the five churches elects its own Church Committee on an annual basis at their individua l Easter Vestries. The election of each member is normally for a period of three years. Some of those members are then appointed as Trustees to serve on the LMA Council. Our Vicars, Curate, Ministry Area Wardens and Church Wardens are ex-off icio members of the LMA Council. The appointed secretary and treasurer, as well as other lay people and licensed readers, are co-opted to the LMA Council and a lay chair is elected. The trustees Imembers of the Local Ministry Area Council) are chosen for their experience, talents and contribution to the life of their respective churches. Trustees are directed to the Charity Commission booklet 'The Essential Trustee What you need to know, for details of their responsibilities, as well as being invited to attend training. The trustees, sitting as the Ministry Area Council, hold a meeting at least quarterly, to receive a report from one of the two sub-wardens appointed by each church and from the church treasurers. These reports review all the activities of each of the churches. Any proposals, which require the sanction of the Local Ministry Area Council are put to the meeting and are passed only if there is unanimity. Decision-making authority rests with the Clergy, the LMA Council, the LMA Wardens and LMA Treasurer, although responsibility for many local church matters is delegated to the team vicars, church committees, sub-wardens and church treasurers. The level of devolvement IS specified in the Standing Orders for the Ministry Area. Lay staff and volunta ry leaders have responsibility within their own areas of ministry for routine activities, as well as management of delegated budgets. It is the responsibility of the Clergy and LMA Council to consult and to co-operate in all matters of concern and importance to the LMA for the promotion of the whole mission of the Church, pastoral, evangelistic, social and ecumenical in the LMA. The trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The LMA Council are required under the Charities Act 2011 and the Constitution of the Church in Wales to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. I n prepa ring the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the Church in Wales. constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fra ud and other irregularities. In addition to the Ministry Area Treasurer, each church appoints a Treasurer to keep the necessary financial records. St. Michael's Church also employs a Finance Co-ordinator to carry out this task. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Clergy are paid by the Church in Wales and remuneration is set by them. All other officers and trustees give their time voluntarily without payment. Lay staff rates of pay are set bearing in mind local rates of pay and statutory minimums, with a desire to be as generous as our limited finances will allow. A5 part of the Diocese of St Davids within the Church in Wales, the LMA is represented on various committees and also benefits from access to funds available from the Diocese for specific ministry projects. Additionally, the LMA has developed strong links locally, and works with other church denominations in the area in a number of different ministry area5. St. Michael's Car Park Ltd is a company whose shareholders are the wardens of St. Michael's Church and that donates all of its profits to St. Michael's Church. Administrative details The Trustees are the members of the Aberystwyth Ministry Area Council. Changes in the membership of the Aberystwyth Ministry Area Council are generally made at the annual LMA Easter Vestry meeting/AGM, held last year on 29 April 2024, Changes made during 2024 are indicated. Title Name Status Appointed or Retired in 2024 Title Nome StotUS Appointed or Retired in 2024 Rev Mark Peter Ansell Bunting Clissold Davies Davies Davies Dye Cleric Ex-officio Co-opted Ex-off icio Ex-off icio Ex officio Ex-officio Ex Officio Cleric Elected Ex off icio Ex-officio Elected Prof Mrs Mrs Mrs Mrs Rev Rev Dr Mr5 Dr Mrs Mrs Rev Dr Jamie Avri I Diane Mary Sally Cei Liz Mandy Andrew Lorena Enid Robert Tudor Medhurst Morris Morri5 Platt Price Rees Rees Rowe Starr Troughton Welsh Wil kinson Wynn- Williams Elected Elected Elected Ex officio Elected Cleric Cleric Elected Ex officio Ex Officio Ex officio Cleric Ex-off icio Dr Mr Miss Andrew Hannah Robert Malcolm Rola r)t Becky Andrew Sue Ann Ewan Retired Retired Retired Mr Rev Prof Mrs Mrs Dr Appointed Evans Henley Henley Jones Lawry Appointed Reti red David McBride Ex off icio
Details of other trust-holding assets on behalf of the various churches are given in Notes to the Accounts No's 18 & 19 below. Chairperson: Mrs Sue Henley Parish Wardens.. Dr Jamie Medhurst & Mrs Lorena Troughton Parish Treasurer: Mrs Gill Clissold Principal Banker: WN8 6WT The Cooperative Bank, P.0. Box 250, Delf House, Southway Skelmersdale Solicitor- Alun Thomas & John, Crynfryn, Ea5tgate, Aberystwyth. Ceredigion, SY23 2AR Accountant: 7HD LHP Chartered Certified Accountants, Ty Harford, Sgwar Harford, Lampeter SA48 Plans for the Future Looking ahead the LMA council will continue to monitor our finances carefully while seeking to maintain or increase our current levels of activity. We have agreed budgets for the coming year and are planning to use income from the liquidation of assets and applying for appropriate grant funding, to fund not only remedial building work but also improvements to our remaining buildings to make them more flexible spaces for our future needs. Report for 2024 approved by the LMA Council and signed on its behalf by the chairperson:
Statement of Financlal Activities for the year ending 31 December 2024 2024 2024 2024 2024 2023 Note Unrestricted Restricted Endowments Total Total Income Donations & Legacies Charita ble Activities Money Raising 318.023 11,197 67,632 6,405 385,655 17,602 367,003 27,991 12,143 37,707 5,642 7,726 392,438 78 23,856 660 12,221 61,563 6,479 7,726 491,246 2,029 64,997 3,880 132,406 598,306 Property income Investment income Other income Total Income 177 98,631 177 Expendlture Cost of money raising Mission & Grants 1,542 45,788 23 1,565 61,421 2,224 66,725 15,633 10 Support for ministry Charita ble activities Parish activities.. Church services General parish expenses Church property: Maintenance of church Maintenance of other property Total expenditure 252,606 31,209 252,606 31,209 265,188 16,905 11 12 13,850 94,365 292 878 14,142 95,243 21,746 78,935 13 14 53,518 27,583 520,461 499 52,272 69,597 54,017 79,855 590,058 74,869 119,794 646,386 Net movement In funds before gains and105ses on investments 1128,0231 29,034 177 198,812} 148,0801 15 Galns/{losses) on investments 2,916 2,916 3,002 Transfers between funds 21,945 118,208) {3,7371 Net movement in funds 1106,0781 10,826 16441 195,8961 {45,078} Total funds brought forward 641,507 119,965 56,811 818,283 863,361 Total funds carried forward 535,429 130,791 56,167 722,387 818,283
Balance Sheet as at 31 December 2024 Unrestrirted Funds Restricted Funds Endowment Funds Total Funds Prior Year Note Fixed Assets Ta ngible fixed assets Investments 17 328,497 328,497 56,167 341,288 56,811 18 56,167 Current Assets Stocks Debtors Cash at bank and in hand 3,247 42,319 285,934 331,500 3,247 42,319 416,725 462,291 3,832 35.556 508,120 547,508 19 130,791 130,791 Liabilities Creditors . amounts falli ng due within one year 20 1112,058} 1112,0581 1111,0771 Net Current assets 219,442 130,791 350,233 436,431 Total Assets less current liabilities 547,939 130,791 56,167 734,897 834,530 Creditors: amounts falling due after more than one year 21 112,5101 112,510} 116,2471 535,429 130,791 56,167 722,387 818,283 the funds of the charity: Endowment funds Restricted funds Unrestricted funds Designated funds Property fund General fund 56,167 56,167 130,791 56,811 119,965 24 25 130,791 23,236 410,757 101,436 23,236 410,757 101,436 535,429 722,387 109,837 410,757 120,913 641,507 818,283 535,429 130,791 56,167 Approved by the Local Ministry Area Council on and signed on their behalf by:_ Revd Canon M Ansell Local Ministry Area Dean and Trustee
Statement of Cash Flows for the year ending 31 December 2024 Note 2024 2023 Net cash generated by/(used in} operating activities (97,376) (204.144) Cash flows from investing activities Interest Purchase of tangible fixed asset5 Proceeds from sale of investments Net cash generated by/(used in) investing activities 5,982 3,880 3.737 9,719 209,776 213,656 Cash flow from financing activities Repayment of borrowing Cash used in financing activities {3,7381 {3,738) {3,7961 (3,796) Increase/ldecreasel in cash and cash equivalents in the year 19 1,3951 5,716 Cash and cash equivalents at the beginning of the year 508,120 502,404 Cash and cash equlvalents at the end of the year 416,725 508,120
Notes to the Accounts for the year ended 31 December 2024 Accounting Policies Basis of preparation of accounts The accounts are prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK {FRS 102) - {Charities SORP IFRS 1021}, and the Church in Wales Accounting Regulations. The parish constitutes a public benef it entity as defined by FRS 102. Income Al l income is recognised once the parish has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliablv. Income from the government and other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant5 have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Rental income received in advance of the period to which it relates is credited to other creditors. I ncome tax rebates under the gift aid scheme are included in the accounts of the period when the underlying income was received. Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator for the estate has communicated the amourit and settlement date. In the event that the gift is in the form of an asset other than cash, recognition is subject to the va lue of the gift being reliably measurable with a degree of accuracy. Gifts in kind received for the food bank are not included in the accounts as it is impractical to estimate their value. Expendlture Lia bilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. All expenditure is accounted for on an accruals basis. Giving to individuals and other organisations are payments made to third parties in the f urtherance of the charitable objects of the parish. 10
Notes to the Accounts for the year ended 31 December 2024 continued Accounting Policies continued Tangible fixed assets and depreciation Ta ngible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, by equal annual instalments over their expected useful lives as follows.. Fixtures, Fittings and Equipment 4 to 20years Land NIL Buildings 50 years Items are capitalised if they exceed £500 at cost. Expenditure on improvements to the church building are charged to outgoing resources. Investment properties are included in the balance sheet at their current market value. No depreciation has been provided. Some of the residential buildings are held for both operational use and as investment property. In the opinion of the trustees, the fair value of the investment property component cannot be measured reliably without undue cost or effort, and therefore these properties are included within ta ngible fixed assets. Investments Investments are a form of basic financia l instrument a nd are stated at their fa ir value as at the balance sheet date. Rea li5ed and unrealised gains and losses are included in the Statement of Financial Activities. Investment income from funds held in trust for the parish by the Representative Body of the Church in Wales and the Diocesan Board of Finance is credited to income when received. Stocks Stocks of goods for resale are valued at the lower of cost and net realisable value. Fund accounting Unrestricted funds are available to spent on activities that further a ny of the purposes of the church. Designated funds are unrestricted funds which the church committee decides at their discretion to set aside for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for a specific purpose, or which have been raised through an appeal by the church for a specific purpose or cause. Designated funds for church activities Certain church activities such as youth groups manage their own funds. Income generated by these activities is credited to the desigr)ated fund and released a5 expenditure is i ncurred, unless already to a restricted fund as described in note 1.3. li
Statement of Financial Activities- previous year Note Unrestricted Restricted Endowments Total Income Donations & Legacies Cha rita ble Activities Money Raising Property income Investment income Other income 292,492 25,568 1,954 41,134 3,133 132,406 496,687 74,511 2,423 75 367,003 27,991 2,029 64,997 3,880 132,406 598.306 23,863 747 Total Income 101,619 Expenditure Cost of money raising Mission & Grants Support for ministry Charita ble activities Parish activities: Church services General parish expenses Church propertv: Maintenance of church Maintenance of other propertv Total expendlture 2,172 49,615 265,188 16,905 52 17,110 2,224 66,725 265,188 16,905 10 li 21,646 78,703 100 232 21,746 78,935 12 13 14 74,841 21,819 530,889 28 97,975 115,497 74,869 119,794 646,386 Net movement in funds before gains and losses on investments {34,2021 113,8781 148,080) Gains/(losses) on investments 15 3,002 3,002 Transfers between funds 13,638 113,6381 Net movement In funds 120,5641 {27,516} 3,002 145,0781 Total funds brought forward 662,071 147,481 53,809 863,361 Total funds carried forward 641,507 119,965 56,811 818,283 12
Donations and legacies 2024 2023 Regular Col lections Donations from St Michael's Car Park Ltd Legacies Specia I collections and donations Gift Aid refund Grants Other 240,772 56,386 245,589 55,500 io 306 41,401 47,086 43,239 22,369 385,655 367,003 Grants received in the current year included: £4,998 for Apprentice Fund by St Michael's Church; £31,014 for the Well Fund by St Michael's Church,. £80 for Youth Word Fund by St Michael's Church; £1,867 for Listed Places of Worship scheme by St Michael's Church,. £1,000 for Mature Munch Fund by St Michael's Church; £3,029 for Jubilee Storehouse by St Anne's Church; £1,078 for Jubilee Storehouse Capital Fund by St Anne's Church £100 for Lego Church Fund for St Anne's Church,. £2,121 for Café fund for St Anne's Church; £899 for Bio Diversity Fund for St Llanwchaiarn; £900 for Trauma Informed Churches course in Central Fund. All the activities in the parish rely on the involvement of the church members, in accordance with FRS 102 and the Charities SORP IFRS 1021, the economic contribution of volunteers is not recognised in the accounts. 13
Notes to the Accounts for the year ended 31 December 2024 continued Income from charitable activities 2024 2023 Church functions Other Total mission 8,111 9,491 17,602 11,568 16,423 27,991 Income from money raising Bookshop Hall hire Other Total support for ministry 982 1,964 10,343 896 65 12,221 2,029 Property income Car park lease Other property rent 6,000 55,563 61,563 6,000 58,997 64,997 Other income M iscellaneous Insurance income Surplus on disposal of propertv 286 7,440 190 132,216 132,406 7,726 Cost of money raising Bookshop Bank charges Hall fee 908 562 1,400 799 25 95 1,565 2,224 14
Notes to the Accounts for the year ended 31 December 2024 continued Mission and Grants 2024 2023 In the parish Outside the parish 54,625 6,796 61,421 52,541 14,184 66,725 M ission costs above include giving in support of individuals, missionaries, mission agencies, and relief and development agencies. Many charities were supported, such as The Nazareth Trust, European Christian, Compassion UK, Christian Aid, RBL Poppy Appeal, Children's Nest and Tearfund. 10 Support for ministry Diocesan ministry share Staff costs Parochial expenses of clergy 239,779 6,354 6,473 253,164 6,381 5,643 252,606 265,188 li Church servlces Service books and materials Subscri ptions Organists Music and instruments Utilities Visiting speakers Other Total maintenance of church 1,260 1,843 2,169 3,506 4C(s 2,306 11,898 2,718 4,964 14,142 4,824 21,746 15
Notes to the Accounts for the year ended 31 December 2023 continued 12 General parish expenses 2024 2023 Staff costs MA/LMA central costs PA'S allowance Training and Conferences Bank charges Postage, stationery, etc Publications Telephone Utilities Equipment renewals and maintenance Giving Legal and professional Management fees Subscriptions Queen street mortgage interest M iscellaneous Depreciation of assets 49,505 10,210 1,040 935 40,020 9,993 1,040 646 3,367 57 2,896 38 2,129 2,562 2,399 4,420 161 49 7,705 3,370 725 222 10,235 3,254 1,298 811 9,191 95,243 1,335 309 4,253 78,935 13 Maintenance of churches Utilities Major repairs and improvements: Depreciation Other Other repairs and maintenance Verger's salary Telephone 29,136 31,727 3,600 1,383 18,939 404 3,467 2,935 24,880 11,310 550 555 54,017 74,869 14 Maintenance of other property Utilities Repairs, renewals & maintenance Management fees Churchyard maintenance Other 16,271 56,733 1,298 2,578 2,975 79,855 17,293 97,777 1,170 1,632 1,922 119,794 16
Notes to the Accounts for the year ended 31 December 2023 continued 15 Gains/(losses) on investments Unrealised gains/llosses) on revaluation 2,916 2,916 3,002 3,002 Realised gainslllosses) on investments 177 177 16 Staff costs 2024 2023 Staff costs paid by the parish Wages & Salaries Nationa l insurance costs 107,730 1,392 109,122 93,460 447 93,907 No employees received employee benefits of more than £60,00012023'. £60,000) The average monthly number of employees was 912023: 71 17
Notes to the Accounts for the year ended 31 December 2024 continued 17 Tangible fixed assets Investment Property Property Equlpment Total Cost/Market value Balance as at l January 2024 Additions Disposals Balance at 31 December 2024.. Market value 150,000 197,237 181,828 529,065 150,000 150,000 Cost 197,237 181,828 379,065 Depreciation Balance as at l January 2024 Charge for year On disposals Balance at 31 December 2024 Net book value As at 310ecember 2024 As at 31 December 2023 37,730 2,344 150,047 10,447 187,777 12,791 40,074 160,494 200,568 150,000 150,000 157,163 159,507 21,334 31,781 328,497 341,288 The investment property has been valued by the trustees by reference to other property sales in Aberystwyth. No professional valuation has been obtained. The properties are held by trustees as follows: 5 Queen Street.. St Michael's and All Angels Property Trust Plas yr Afon flat- executors to the estate of Revd Walters 18
Notes to the Accounts for the year ended 31 December 2024 continued 17 Tangible Fixed Assets continued The property at 5 Queen Street, of net book value £157,16312023.. £159,506), is mortgaged as security for the bank loan of £16,710 {2023: £20,543) included in creditors. Further tangible fixed assets used by the church but not included in the accounts: The Church building of St Michael's, Holy Trinity, St Anne's, St Mary's, and St Llwchaiarn, their contents and the churchyards are vested in the Representative Body of the Church in Wales and do not form part of the assets of the Parish. The Parish Hall at Castle Rooms is owned by Ysgoldy Aberystwyth trust and does not form part of the assets of the Parish. St Anne's Church Hall and Ysgoldy Figure Four, Lla nfarian are held in trust for the Parish by the Representative Body of the Church in Wales The following are held in trust for the Parish by the Diocesan Board of Finance.. Buarth Church Hall Holy Trinity Church Cottages 18 Fixed assets: Investments Disposal Revaluatio Balance 011011202 Balance 311121202 2024 2024 Investments held by the Church in Wales: Bequests in the common investment fund 56,811 13,5601 2,916 56,167 19 Debtors 2024 2023 Other debtors Prepayments and accrued income 24,100 18,219 42,319 15,055 20,501 35,556 20 Creditors: Amounts falling due within one year 2024 2023 Loans and overdrafts Trade creditors Other creditors Accruals and deferred income 69,2C(¢ 18.967 15,932 7,959 112,058 69,296 15,319 17,010 9,452 111,077 Included in loans and overdrafts above is £4,20012023: £4,296) of a bank mortgage secured on 5 Queen Street. Other unsecured loans of £65,00012023: £65,000) included in loans and overdrafts are repayable 6 months after demand. No interest is payable on these loans. However, on repayment of any of these loans, the loan is linked to the Land Registry Index for Ceredigion. 19
Notes to the Accounts for the year ended 31 December 2024 continued 21 Creditors: Amounts falling due after more than one year Bank loan 12,510 12.510 16,247 16,247 The bank loan is a mortgage loan secured on the property 5 Queen Street, repayable by monthly instalments. Bank interest paid on the bank loan during the year was £1,298 12023.. £1,335). 22 Operating leases- as lessor At 31 December 2024 the total future minimum lease payments for property leases were: 2024 2023 20,997 83,988 27,996 132,981 Not later than one year later than one year and not later than 5 years laterthan 5 years 20,997 83,988 6,999 111,984 23 Capltal commltments The church had not entered into any contracts for building works, other than repairs. 20
Notes to the Accounts for the year ended 31 December 2024 continued 24 Restricted funds Balance Incoming Outgoing Transfers 2024 2024 2024 Balance 0110112024 3111212024 St Michael's Holy Trinitv St Anne's St Mary's St Llanwchaiarn 64,355 42,486 120,517} 120,855} 241 12411 49,787 (47,7341 11,0001 {341 11.071) 65,469 53,959 1,117 534 55,012 1,083 9,227 6,117 3,647 119,965 98,631 169,597) 118,208) 130,791 Restricted funds for each church comprise of.. l. Grants and giving funds raised for specific purposes within the parish or on behalf of others. 2. Bequests and funds in memory donated for specific purposes or to be spent at the direction of bereaved families. 3. Fabric funds which are for the maintenance and improvement of the church buildings and halls. 4. Activities funds which support the activities of the churches within the parish, 21
Notes to the Accounts for the year ended 31 December 2024 continued 25 Unrestricted funds Balance Incoming Outgoing Transfers 2024 2024 2024 Balance 0110112024 3111212024 Designated funds St Michael's Holy Trinitv St Anne's St Llanwchaiarn 105,039 1272) 4,383 687 109,837 410,757 120,913 365,386 1491,815) 641,507 392,438 1520,461) 7,196 12,786 7,070 {9.665I 183,507) {9.5061 {9,4751 11,500) 19,063 3,008 478 687 27,052 128,6461 185,0071 23,236 410,757 101,436 535,429 St Michael's property fund General Funds 106,952 21,945 The St Michael's property fund is the value of unrestricted funds represented by property, less the loans used to fund their acquisition. 22
Notes to the Accounts for the year ended 31 December 2024 continued 26 Related party transactions and trustee's expenses and remuneration The clergy members of the PCC are employed by the Diocese of St David's and live in property provided by the diocese. They receive no remuneration or other benefits of employment from the parish. No other members of the PCC received any remuneration or other benefits of employment from the parish, neither were they reimbursed expenses during the year. St Michael's Car Park Limited is a company owned by the church wardens of St Michael's Church. During the year St Michael'5 Church received donations of £56,38612023.' £55,500), rental income of £6,00012023- 6,0001, and charges of £6,12012023.' £6,120) from St Michael's Car Park Limited. The amount due from St Michael's Car Park Limited as at 31/1212024 was £6,88612023: £7,300). All the trustees are also members of the church, who give to the churches as part of the congregation. Identifying the tota I financial giving of the trustees as a group would be an onerous task and therefore has not been done. 27 Reconciliation of net movement in funds 2024 195,896) 12,791 2023 Net movement in funds Add back depreciation Deduct disposal of asset Deduct disposal of investment Deduct Interest income Deduct gains/ add back losses on investments Decrease/lincreasel in stock Decrease/lincreasel in debtors Increase/ldecrease} in creditors {45,078} 7,720 1132,2161 {177) 15,982) 12,9161 585 16,7621 981 13,8801 13,0021 12391 15,9701 121,479) 1204,1441 197,376} 23
Independent examinerfs report to the Trustees of the Porish of Aberystwyth Parochial Church Council (Continued) I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: Mr O R Jones The Association of Chartered Certified Accountants Ty Harford Sgwar Harford Lampeter Ceredigion SA48 7HD Date.. 24