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← The Amelia Methodist Trust Company Limited

2024-08-31-accounts

Company registration number: 02541591 Charity registration number: 1053468

The Amelia Methodist Trust Company Limited

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

The Amelia Methodist Trust Company Limited

Contents

Strategic Report 1 to 3
Trustees' Report 4 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11 to 12
Balance Sheet 13 to 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 to 33

The Amelia Methodist Trust Company Limited

Strategic Report for the Year Ended 31 August 2024

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 August 2024, in compliance with s414C of the Companies Act 2006.

Financial review

There was significant investment made during the year to improve our facilities for service users, most notably the creation of a Changing Places Toilet and other accessibility improvements. Expenditure exceeded income by £143,243 (2023: £18,675) on unrestricted funds which was the result of a combination of factors including an overall reduction in income of £18,726 and an overall increase in expenditure of £105,842. The reduction in income is largely as a result of rental income reducing by about £41,000 from the Vale of Glamorgan Council ending its lease of the Y Daith Unit; a reduction circa £30,000 from donations and legacies offset by increases in other income such as sales from the newly refurbished community café, income from charitable activities and interest. Increases in expenditure arise largely from increased employee costs circa £75,000, which includes the impact of people being employed to manage and run our community café, and the cost of goods sold (about £13,000) together with a number of other smaller differences. Following transfers of £314,691 the net movement on unrestricted funds is an increase of £171,448 (2023: £24,601).

With a new tenant in place and the newly refurbished community café producing more opportunities to generate sustainable income streams, our aim for the future is to achieve a reasonable underlying annual surplus. We were successful in the award of grants totalling £371,444 allowing us to invest in our facilities, and to improve our services to young people and visitors. The most significant of these grants was £300,000 received from the Welsh Government, which was used to improve accessibility including the creation of a Changing Places Toilet as part of our newly refurbished community cafe. After transfers there was a surplus of £6,658 on restricted expenditure. A restricted balance of £11,107 will be carried forward to fund projects in the next financial year. There was a deficit on restricted funds last financial year (2023) of £10,842, which was funded by balances brought forward from previous financial years. The movement in restricted and unrestricted funds as set out gives an overall net movement of funds for the year of £178,106 (2023: £13,759). Total net assets stand at £1,784,634 (2023: £1,606,528).

Page 1

The Amelia Methodist Trust Company Limited

Strategic Report for the Year Ended 31 August 2024

Policy on reserves

The Council of Management have decided to hold reserves for the following reasons;

to protect the continuity of the charity's work, in spite of uncertain future income streams, an allowance to cover six months expenditure of unrestricted funds, i.e. to provide a source of funding in the event of unexpected funding shortfalls

to ensure the charity can meet its legal obligations and enable an orderly wind-up should this become necessary

to provide the capital needed to finance expansion of the charity as defined by the business plan. If the charity is to grow, it needs injections of money to finance investment to provide the funds needed to replace and maintain assets.

In recognition of the above the Trustees have determined to set up a Designated Reserve to fund renewals, substantial repairs and future development of the Amelia Trust Farm land and buildings. A sum of £300,000 was transferred from unrestricted funds to a designated fund for Property Renewal and Development in 2022. This Reserve is in recognition of the considerable property the Amelia Trust Farm owns and needs to develop and maintain. This consists of about 160 acres of land (including 30 acres of woodland) and several substantial buildings. It is believed that the Designated Reserve will assist in securing the financial sustainability of the Farm. In 2024 £43,000 of this reserve was used to fund additional works in respect of the café roof replacement carried out as part of the refurbishment project.

The Charity Commission SORP 2015 describes reserves as "that part of a charity's income funds that is freely available". This definition therefore excludes restricted funds and that part of unrestricted funds that is not readily available for spending e.g. income funds that could only be realised by disposing of fixed assets held for charity use. In accordance with the Company's Reserves Policy, the Council of Management have calculated the level of reserves that need to be maintained. At the balance sheet date, available free reserves held were £234,390, a decrease on last financial year of £185,281. This decrease arises from the operational deficit on unrestricted expenditure plus the costs falling on the charity for the refurbishment of the café and other capital expenditure. As stated in the previous paragraph there is also a decrease of £43,000 in the amount now held in the designated reserve for Property Renewal and Development.

The Council of Management are committed to continuously monitoring the level of available reserves and assessing the requirements of the charitable company. Balances will be reviewed and considered throughout the year both as part of scheduled meetings or should any significant changes in the organisation take place.

Page 2

The Amelia Methodist Trust Company Limited

Strategic Report for the Year Ended 31 August 2024

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit.

The strategic report was approved by the trustees of the charity on 21 January 2025 and signed on its behalf by:

......................................... Rev Dr S D Wigley Trustee

Page 3

The Amelia Methodist Trust Company Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024.

Objectives and activities

Objects and aims

Our vision is to be a countryside sanctuary for everyone to enjoy the benefits of a therapeutic, natural environment and a place where disadvantaged people can experience positive changes in their lives. The Amelia Methodist Trust Company Limited, known locally as The Amelia Trust Farm, is a limited company with charitable objectives whose aims are to be a:-

Safe, therapeutic and inspiring space for disadvantaged young people to develop the skills they need to progress into adulthood

Educative place where everyone can learn about nature and enjoy the outdoors

Welcoming place for volunteers of all ages and abilities to work with animals, in our woodlands, organic gardens or on maintenance projects around the Farm

Caring and calm place for those coping with bereavement, illness or mental health issues such as veterans of the armed forces struggling with PTSD

We help young people facing multiple disadvantages from South Wales to get their lives back on track by involving them in meaningful activities at the Farm. Without our support they enter adulthood without the life skills needed to cope let alone succeed and could end up unemployed, dependent on drugs or in prison.

The Farm is also open to the general public throughout the year to be a countryside sanctuary for everyone to enjoy.

The Amelia Trust Farm is responsible for maintaining 160 acres of property comprising a number of buildings, workshops and agricultural land. The Amelia Trust Farm has employed 20 staff (through a mix of full and part time on permanent and casual contracts) and has the support of around 60 regular volunteers, enabling an estimated 18,000 people, including day visitors, to benefit from its work.

Page 4

The Amelia Methodist Trust Company Limited

Trustees' Report

Public benefit

There are no restrictions placed upon people who can benefit from our aims and objectives. We believe that no-one should be excluded from society and the Farm is open to all. The young people we support come to us from a variety of complex backgrounds and often display challenging behaviour. They may have involvement in risk taking behaviour and they may have a lack of parental support. This in turn can make it significantly more difficult for them to access activities often enjoyed by other young people.

On referral to the Farm, we undertake an evaluation of the needs of the young person from a physical, psychological, social and environmental perspective. Through the delivery of practical and purposeful activities the young people learn how to cope with their emotions such as anger, tolerate differences and make positive choices.

In addition, we host and work in partnership the Innovate Trust Field Days project working with adults with learning disabilities teaching them horticultural skills. In August 2018, a partnership with Woody's Lodge (charity number: 1173752) was formed. Woody's support armed forces veterans, reservists and those who have served in the emergency services and extend this support to include their families. We believe that together with our partners we provide a holistic environment that benefits some of the most marginalised members of our society.

Amelia Trust Farm is open to the public each day for visitors to benefit from the countryside and farm surroundings including groups from nurseries, schools and colleges. We provide a targeted programme of activities aimed at visitors during school holiday periods which help with our fundraising efforts.

The following quotes are from people who have benefited from our charitable work:

“I like the animals because they teach me about responsibility”

“If it wasn’t for this place my mental health would be in the bin.”

“The farm was filled with great times, and I met some amazing people who helped me get through some rough times.”

For more than two decades, Amelia Trust Farm has hosted the Pupil Referral Unit for the Vale of Glamorgan Council which has brought in a steady and substantial rental income to the charity during that time. However, the Vale Council decided to move this provision to a purpose-built unit and therefore vacated their premises at the Farm at the end of August 2023. It was important that any new tenant reflected the values and mission of our charity and in May 2024, Smooth Starts Plus moved into this space who support children struggling with day-to-day activities such as play, making and keeping friendships and/or going to school. The team at Smooth Starts Plus work in the same way as staff at Amelia Trust by helping young people to gain an understanding why these things are difficult, and then directly supporting the child to engage in manageable activities which they enjoy, to build their confidence and help to develop positive relationships.

Page 5

The Amelia Methodist Trust Company Limited

Trustees' Report

2023/24 was a year in which significant investment was made to improve the accessibility of the Farm thanks to the award of a £300,000 grant from the Welsh Government Community Facilities Programme which has transformed our community café and created a Changing Places Toilet. As a result, we are confident that more people in the future will be able to benefit from the services our charity provides. In addition, we are delighted that our semi-ancient woodlands have been awarded National Forest for Wales Status as the following criteria were met:

Amelia Trust is also a key partner in the Restore the Thaw Landscape Project to deliver biodiversity improvements in the catchment area of the River Thaw. A licence application has been submitted to Natural Resources Wales for the reintroduction of beavers to a specified area at Amelia Trust. This innovative project would help educate people about how beavers play a vital role in enriching biodiversity.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Nature of governing document

The Amelia Methodist Trust Company Limited is a company limited by guarantee (no. 2541591) and is governed by its Memorandum and Articles of Association. It is also a charity and is registered with the Charity Commission with the number 1053468. The Council of Management have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in 2015.

Recruitment and appointment of trustees

The Council of Management are selected according to the skills and experience they can bring to the running of the Amelia Methodist Trust Company Limited. Council members are re-appointed on an annual basis at the Annual General Meeting.

Induction and training of trustees

The Council of Management has adopted an appointment and induction procedure for prospective Council of Management Members, which is reviewed annually.

Page 6

The Amelia Methodist Trust Company Limited

Trustees' Report

Organisational structure

The voluntary Council of Management governs the organisation and its role is to set the overall objectives for the organisation and to ensure that the organisation remains within its moral and legal obligations. The Council of Management retains ultimate control of the actions of the Amelia Methodist Trust Company Limited.

The Amelia Methodist Trust was formed when the original benefactor gave the land to the Methodist Church and the Amelia Methodist Trust operates from the same premises as the Company. It originally performed the works now undertaken by the Amelia Methodist Trust Company Limited. The Amelia Methodist Trust (charity number: 1001546) has been merged with the Amelia Methodist Trust Company Limited whereby the assets of the Amelia Methodist Trust have been transferred into the Amelia Methodist Trust Company Limited.

The Council of Management draws its membership from a variety of backgrounds and met six times during the year. It is responsible for the organisation's strategy and policy framework and delegates the day-to-day management and implementation to the Director.

The Finance and Strategy Sub-Committee oversees the financial position of the organisation, appraises new developments, manages risks, prepares recommendations to the Council of Management and ensures that statutory and fund-raising deadlines are met. A report on key financial indicators is delivered regularly to the Council of Management. The organisation continues to fund raise through approaching grant making bodies and organising fundraising events and activities. The Amelia Trust Farm is registered with the Fundraising Regulator to promote high standards and good governance.

Page 7

The Amelia Methodist Trust Company Limited

Trustees' Report

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Rev Dr S D Wigley
S Davies
L Marianne Cordery
A P Cross
V Johns-Powell
N P Rodgers
J Howell
J S Thomas
S J Thomas
Rev A Charlesworth (appointed 1 September 2023)
Reference and Administrative Details
Charity Registration Number: 1053468
Company Registration Number: 02541591
The charity is incorporated in Wales.
Registered Office: Amelia Trust Farm
Five Mile Lane
Barry
Vale of Glamorgan
CF62 3AS
Independent Examiner: HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY
Solicitors: Geldards LLP Solicitors
Dumfries House
Dumfries Place
Cardiff
CF10 3ZF
Bankers: CAF Bank Limited
25, Kings Hill Avenue
West Malling
Kent
ME19 4JQ

Page 8

The Amelia Methodist Trust Company Limited

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Amelia Methodist Trust Company Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the trustees of the charity on 21 January 2025 and signed on its behalf by:

......................................... Rev Dr S D Wigley Trustee

Page 9

The Amelia Methodist Trust Company Limited

Independent Examiner's Report to the trustees of The Amelia Methodist Trust Company Limited ("the Company")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of The Amelia Methodist Trust Company Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA ACA DChA BFP, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of The Amelia Methodist Trust Company Limited as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across 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.

...................................... Mr Andrew Hill FCCA ACA DChA BFP

Severn House Hazell Drive Newport South Wales NP10 8FY

22 January 2025

Page 10

The Amelia Methodist Trust Company Limited

Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
funds
£
25,403
295,218
42,263
19,800
52,749
435,433
(14,169)
(564,507)
(578,676)
(143,243)
314,691
171,448
1,602,079
1,773,527		 Restricted
funds
£
-
325,887
-
-
-
325,887
-
(4,538)
(4,538)
321,349
(314,691)
6,658
4,449
11,107		 Total
2024
£
25,403
621,105
42,263
19,800
52,749
761,320
(14,169)
(569,045)
(583,214)
178,106
-
178,106
1,606,528
1,784,634

The notes on pages 16 to 33 form an integral part of these financial statements. Page 11

The Amelia Methodist Trust Company Limited

Statement of Financial Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
£
55,372
276,168
18,658
9,989
93,972
454,159
(1,633)
(471,201)
(472,834)
(18,675)
43,276
24,601
1,577,478
1,602,079		 Restricted
£
-
82,508
-
-
-
82,508
-
(50,074)
(50,074)
32,434
(43,276)
(10,842)
15,291
4,449		 Total
2023
£
55,372
358,676
18,658
9,989
93,972
536,667
(1,633)
(521,275)
(522,908)
13,759
-
13,759
1,592,769
1,606,528

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 24.

The notes on pages 16 to 33 form an integral part of these financial statements. Page 12

The Amelia Methodist Trust Company Limited

(Registration number: 02541591) Balance Sheet as at 31 August 2024

Note
Fixed assets
Tangible assets
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
21
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
24		 2024
£
1,282,136
1,265
30,591
512,149
544,005
(27,547)
516,458
1,798,594
(13,960)
1,784,634
11,107
1,773,527
1,784,634		 2023
£
882,408
-
37,519
712,686
750,205
(25,058)
725,147
1,607,555
(1,027)
1,606,528
4,449
1,602,079
1,606,528

The notes on pages 16 to 33 form an integral part of these financial statements. Page 13

The Amelia Methodist Trust Company Limited

(Registration number: 02541591) Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 11 to 33 were approved by the trustees, and authorised for issue on 21 January 2025 and signed on their behalf by:

......................................... ......................................... Rev Dr S D Wigley S Davies Trustee Trustee

The notes on pages 16 to 33 form an integral part of these financial statements. Page 14

The Amelia Methodist Trust Company Limited

Statement of Cash Flows for the Year Ended 31 August 2024

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
8
Investment income
6
Working capital adjustments
Increase in stocks
17
Decrease in debtors
18
Increase/(decrease) in creditors
20
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
16
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August		 2024
£
178,106
54,476
(19,800)
212,782
(1,265)
6,928
15,422
233,867
19,800
(454,204)
(434,404)
(200,537)
712,686
512,149		 2023
£
13,759
39,746
(9,989)
43,516
-
6,089
(3,747)
45,858
9,989
(43,276)
(33,287)
12,571
700,115
712,686

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 16 to 33 form an integral part of these financial statements. Page 15

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1 Charity status

The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Amelia Trust Farm Five Mile Lane Barry Vale of Glamorgan CF62 3AS

These financial statements were authorised for issue by the trustees on 21 January 2025.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been 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 and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Amelia Methodist Trust Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Investment income

Investment income is recognised on a receivable basis.

Page 16

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Charitable activities

Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions.

Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability .

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Other income

Rents are included when receivable and are shown net of void periods.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £1,000.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Page 17

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Asset class Depreciation method and rate Land and buildings 2% on cost Motor vehicles 25% on cost Fixtures, Fittings & Equipment 25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 18

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed		 Unrestricted
funds
General
£
19,155
2,000
4,248
25,403		 Total
2024
£
19,155
2,000
4,248
25,403		 Total
2023
£
20,546
34,826
-
55,372

4 Income from charitable activities

Alternative education
Community engagement		 Unrestricted
funds
General
£
196,350
98,868
295,218		 Restricted
funds
£
772
325,115
325,887		 Total
2024
£
197,122
423,983
621,105		 Total
2023
£
193,369
165,307
358,676

Page 19

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Grants received, included in the above, are as follows:

Activity
Local Authority Contracts
Alternative education
Grants
Alternative education
Residents and day visitors
Community engagement
Grants
Community engagement
Welsh Government Community Facilities
Huggard Charitable Trust
The National Lottery Heritage fund
Waterloo Foundation
Postcode Lottery
Third Sector Capital Fund 2023
Pearn Trust
Morrisons Foundation
SCGF Feasibility Project
Simon Gibson Charitable Trust
G C Gibson Charitable Trust
Single Farm Payment
Mary Homfray Charitable Trust
Dow International
Gallagher Community
Second Chance
Waitrose / John Lewis
Newydd Housing
BBC Children in Need		 2024
£
173,571
23,550
76,090
347,894
621,105
2024
£
300,000
21,500
-
15,000
-
10,000
-
9,757
3,000
3,000
2,637
2,000
2,000
-
1,500
1,000
-
50
371,444		 2023
£
165,491
27,878
66,497
98,810
358,676
2023
£
-
46,500
17,159
15,000
11,333
-
10,000
-
7,105
3,000
2,500
3,414
2,000
-
2,000
1,000
-
750
4,928
126,688

Page 20

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5 Income from other trading activities

Trading income;
Sales of goods and services
Events income;
Other events income
6
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
7
Other income
Rental income		 Unrestricted
funds
General
£
34,900
7,363
42,263
Unrestricted
funds
General
£
19,800
Unrestricted
funds
General
£
52,749		 Total
funds
£
34,900
7,363
42,263
Total
2024
£
19,800
Total
2024
£
52,749		 Total
2023
£
346
18,312
18,658
Total
2023
£
9,989
Total
2023
£
93,972

8 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Events and conferences		 Unrestricted
funds
General
£
13,174
995
14,169		 Total
2024
£
13,174
995
14,169		 Total
2023
£
-
1,633
1,633

Page 21

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

9 Expenditure on charitable activities

Note
Alternative education
Community
engagement
Staff costs
Governance costs
10		 Unrestricted
funds
General
£
80,807
83,175
390,966
9,559
564,507		 Restricted
funds
£
730
3,359
449
-
4,538		 Total
2024
£
81,537
86,534
391,415
9,559
569,045		 Total
2023
£
80,676
109,498
324,591
6,510
521,275

10 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs		 Unrestricted
General
£
1,945
4,628
2,986
9,559		 Total
2024
£
1,945
4,628
2,986
9,559		 Total
2023
£
1,945
1,812
2,753
6,510

Page 22

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

11 Net incoming/outgoing resources

Net incoming resources for the year include:

Other non-audit services
Depreciation of fixed assets		 2024
£
1,945
54,476		 2023
£
1,945
39,746

12 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

£Nil (2023: £Nil) of expenses were reimbursed to Trustees during the year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

13 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2024
£
352,988
25,012
13,415
391,415		 2023
£
293,787
20,122
10,682
324,591

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Direct Services
Management and administration		 2024
No
15
2
17		 2023
No
10
2
12

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £85,849 (2023 - £79,214).

Page 23

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

14 Independent examiner's remuneration
2024 2023
£ £
Examination of the financial statements 1,945 1,945

Page 24

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

15 Taxation

The charity is a registered charity and is therefore exempt from taxation.

16 Tangible fixed assets

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
Eliminated on disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Land and
buildings
£
1,498,263
427,347
-
1,925,610
633,254
41,351
-
674,605
1,251,005
865,009		 Fixtures,
fittings and
equipment
£
49,382
26,857
(1,800)
74,439
31,983
13,125
(1,800)
43,308
31,131
17,399		 Motor vehicles
£
29,264
-
-
29,264
29,264
-
-
29,264
-
-		 Total
£
1,576,909
454,204
(1,800)
2,029,313
694,501
54,476
(1,800)
747,177
1,282,136
882,408

17 Stock

17 Stock
Other stock
18 Debtors
Trade debtors
Prepayments		 2024
£
7,529
23,062
30,591		 2024
£
1,265
2023
£
22,843
14,676
37,519

Page 25

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

19 Cash and cash equivalents

Cash on hand
Cash at bank
20 Creditors: amounts falling due within one year
Trade creditors
VAT grant repayable
Other creditors
Accruals
21 Creditors: amounts falling due after one year
Other creditors		 2024
£
400
511,749
512,149
2024
£
3,716
5,321
2,061
16,449
27,547
2024
£
13,960		 2023
£
400
712,286
712,686
2023
£
5,041
3,116
-
16,901
25,058
2023
£
1,027

Page 26

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

22 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £13,415 (2023 - £10,682).

Defined benefit pension schemes

The company participates in the TPT Growth Plan Scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Page 27

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

PRESENT VALUES OF PROVISION

31 August 2023
(£s)		 31 August 2023
(£s)		 31 August 2022
(£s)
Present value of provision 251 827 1,394

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

31 August 2024
(£s)		 31 August 2023
(£s)
Provision at start of period ,827 1,394
Unwinding of the discount factor (interest expense) 31 48
Deficit contribution paid (607) (607)
Remeasurements - impact of any change in assumptions - (8)
Remeasurements - amendments to the contribution schedule - -
Provision at end of period 251 827

INCOME AND EXPENDITURE IMPACT

INCOME AND EXPENDITURE IMPACT
31 August 2024
(£s)		 31 August 2023
(£s)
Interest expense 31 48
Remeasurements – impact of any change in assumptions - (8)
Remeasurements – amendments to the contribution schedule - -
Contributions paid in respect of future service* * *
Costs recognised in income and expenditure account * *

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes.

ASSUMPTIONS

ASSUMPTIONS
31 August 2024
% per annum		 31 August 2023
% per annum		 31 August 2022
% per annum
Rate of discount 5.13 6.04 4.46

Page 28

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

DEFICIT CONTRIBUTIONS SCHEDULE

Year ending 31 August 2024(£s) 31
August
2023
(£s)		 31 August 2022
(£s)
Year 1 253 607 607
Year 2 - 253 607
Year 3 - - 253
Year 4 - - -
Year 5 - - -

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

23 Contingent liabilities

In the event of the winding up of the charity any remaining property would revert to the Methodist Homes charity.

Page 29

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

24 Funds
Unrestricted funds
General
General Fund
Designated
Building & Development Fund
Total unrestricted funds
Restricted funds
Huggard Trust
Children in Need
Basic Payments Scheme
Gallagher Community Fund (play equipment)
Morrisons foundation
DOW international
WG Communnity Facilities
Third Sector Capital
Total restricted funds
Total funds		 Balance at 1
September 2023
£
1,302,079
300,000
1,602,079
2,691
408
-
1,350
-
-
-
-
4,449
1,606,528		 Incoming
resources
£
435,433
-
435,433
1,443
50
2,637
-
9,757
2,000
300,000
10,000
325,887
761,320		 Resources
expended
£
(578,676)
-
(578,676)
(1,443)
(458)
(2,637)
-
-
-
-
-
(4,538)
(583,214)		 Transfers
£
357,691
(43,000)
314,691
(2,691)
-
-
-
-
(2,000)
(300,000)
(10,000)
(314,691)
-		 Balance at 31
August 2024
£
1,516,527
257,000
1,773,527
-
-
-
1,350
9,757
-
-
-
11,107
1,784,634

Page 30

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Unrestricted funds
General
General Fund
Designated
Building & Development Fund
Total unrestricted funds
Restricted
Huggard Trust
Children in Need
Newydd (pig fence)
Gallagher Community Fund (play equipment)
Basic Payments Scheme
Postcode Lottery
National Lottery Heritage fund
VoG Stronger Communities
Admiral Insurance
Pearn Trust
Gallagher (pig fence)
Total restricted funds
Total funds		 Balance at 1
September
2022
£
1,277,478
300,000
1,577,478
-
323
-
-
-
-
14,468
-
500
-
-
15,291
1,592,769		 Incoming
resources
£
454,159
-
454,159
26,319
4,428
750
1,350
3,414
11,333
17,160
7,105
-
10,000
650
82,509
536,668		 Resources
expended
£
(472,834)
-
(472,834)
(1,685)
(4,343)
(750)
-
(3,414)
-
(31,628)
(7,105)
(500)
-
(650)
(50,075)
(522,909)		 Transfers
£
43,276
-
43,276
(21,943)
-
-
-
-
(11,333)
-
-
-
(10,000)
-
(43,276)
-		 Balance at 31
August 2023
£
1,302,079
300,000
1,602,079
2,691
408
-
1,350
-
-
-
-
-
-
-
4,449
1,606,528

Page 31

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The specific purposes for which the funds are to be applied are as follows:

BBC Children in Need – transition funding to support young people leaving the GROW programme. The Huggard Trust provided funding to pay for Christmas lunches for young people and volunteers as well as work with our young people. Single Farm Payment - grant to help the farming industry. The National Lottery Heritage Fund - grant used to fund costs associated with the Community Woodlands Scheme. Gallagher - grant funding to assist with the purchase of play equipment and pig fence investment. Newydd - grant funding to assist with the pig fence investment. Pearn Trust - grant funding to support the purchase of play equipment. Postcode Lottery - funding to be used for the purchase of equipment for the carpentry workshop. VoG Stonger Communities - funding in relation to the development of the Community Cafe and EcoBarn. WG Community Facilities - funding provided in relation to the development of the cafe situated within the Farm. Morrisons Foundation - Balance to be used to fund a disabled swing Dow International - Used to fund the provision of a carved bench.

The charty have elected to transfer £300,000 from the Welsh Government Community Facilities and £10,000 from the Third Sector Capital restricted funds to general unrestricted funds. This is in accordance with section 2.26 of Charities SORP FRS102 which permits charities to transfer the value of tangible fixed assets from restricted funds to unrestricted fund when the asset has been purchased from a restricted fund but is held for a general and not restricted purpose, in this instance the generation of future revenues for the Charity by way of its' cafe operations.

Page 32

The Amelia Methodist Trust Company Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

25 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted funds
General
£
Designated
£
1,282,136
-
275,898
257,000
(27,547)
-
(13,960)
-
1,516,527
257,000
Unrestricted funds
General
£
Designated
£
882,408
-
445,756
300,000
(25,058)
-
(1,027)
-
1,302,079
300,000		 Restricted
funds
£
-
11,107
-
-
11,107
Restricted
funds
£
-
4,449
-
-
4,449		 Total funds at
31 August
2024
£
1,282,136
544,005
(27,547)
(13,960)
1,784,634
Total funds at
31 August
2023
£
882,408
750,205
(25,058)
(1,027)
1,606,528

Page 33