DtityJ4n Emkye ID.. CEFA2E4fFE54F474W41.J1188BSIE4FT REGISTERED CHARITY NUMBER: 1137751 ABERGAVENNY MINISTRY AREA UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Dw)￿n EnvekFe10-. CEFN2E4LNEw47W9M1441￿5lE ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Refergncg and admini¥tralive dgtsils of thfr ch•tlty. Its trustees and advisors Truslees R¢pwt Statement of Trustees Re$ponslbllltl•s 13 Independent •xaffliners' report to the IT￿te•S 14 Stslement of financial actlvities 15 8alan¢e sheet 16 Notès to the financlal statements 17-25 Lk¢)J¥9n ÈnhWJpe ID.. cEFA2E41￿&4F￿744Q&1l-￿IIe8B5IE￿F7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Chair Reverend Canon John c￿ne[l (resigned 7 July 2024) Canon Cardine Wo(Alard Co•Lay Chair TTU5tO95 The Reverend Lea Ryder Mrs Elizabeth Cravhord Mr ￿l￿S Kennah Mrs Gaynor Porfltt Iresyned 25 April 2024) Mr Clifford Jayne Iresvuned 25 April 2024) Mr Hywel Grrfffths (res￿￿ed 25 April 20241 Mrs Marion Morden Mrs Son T8yh)r Mf Nigel Patterson Mrs Angela Jones (resigned 25 April 20241 Mrs Margaret WcM)dyatt Mr Slephan Giabner Mrs Pip Hassall Mr Robin Smiih Charity r•gistration number 1137751 Reg•ster•d Olfic• St Mary's Vicarage. Monk Slreel. rgavenny NP7 5ND Indopfjndent Examin•r J M Roderic*, Bsc ACA WJ James & Co knmited Bishop House 10 Wheat Street Brecon LD9 7DG D￿￿Van En•Jpe ID". cEF￿2E4￿W474*9￿I-l11a985lEhF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Banktrrs Lksyds Bank. 54 Cross StreeL Abergavenny. Monmoulhshwe NP7 5H8 HSBC Bank plc. 2 Fro9more Streel, Abergavenny. NP7 SAF Barclays Bank. 57 Frogmora Street. At*rgavenny. NP7 SAT Co-operative Bank, 1 Balloon Street. Manthester, M4 4BE CCLA, 1 Ar*Jel Lane, London EC4R Professional Advi3orB (Historic Bulldlngs) Amold Bartosch Ltd, 1 Bath Mews. Bath P8r8de, Chellenham. GIoLbceslershi GL53 7HL Morgan Horowskyi, The School Room. Casue SL NP7 SEE Hiraeth Architecture, The M811ings, East TyNJaU Street, Cardiff CF24 SEA Page & De8n Consultants (20171 Okl Si Pelers, Peterstone. Cardiff CF3 2TR Dowgun ID.. CEFA2E4fyEW47W141aA18BB51EAF7 ABERGAVENNY MINISTRY AREA YEAR ENDEO 31 DECEMBER 2023 TRUSTEES REPORT The Charity Twslees (the Trustees) of Aberyavenny Ministry Area Ilhe Trust) hav8 pleasure in presenling their annual report t¢)9ether with the financial statements of th8 Trust for the year ended 31 Decembgr 2023 These financial ststement5 have been prepared in accordan￿ wth Stalemenl of Recornmended Pracbce.. A¢￿￿ntIng and Reporting by CharilEs P￿paring their accounts in accordan￿ with th8 Financial Reporting Stsndard applicable in the UK ReputAicof Ireland (FRS 1021 issued on 16 July 2014 and Finanaal Reporbng Stsndard applicable in the United Kingdom arKI ROPLbblic of Ireland IFRS 1021 and Charities Ad 2011 and the Trust's Con5blution. The org8nis8lional strudure. administration detsils grKF govemance of the charity arè sel out later in this rep(wt. while Ihe a¢tivibes of the dwrth fom Ihe first part. SUMMARY Abergavenny Ministy Area wa$ created on January 1, 2023. and fomially commisS￿ned on January 8. amalgamating seven churches in the AbenJavenny and Govik)n groups into one ministry area and charty {Ibe Trust}, under the leadership of Minislry Afea Leader the Reverend Canon John Connell and Vicar the RevererKJ Lea Ryder. The PCCS of these churches were replaced by the Ministry Area Counryl IMAC), mgmbefs of which are the Trustees of the Charity. The year has seen the fwther consolidation of the Mtnistry Aréa with much achieved Sn creating a sense ol colLgixyalive working and in growitvJ the mission of the Church, while continuing to further the Trusvs purpose$ for pu*Jic bènelil. ACTIVITIES UNOERTAKEN TO FURTHER THE TRUST'S PURPOSES FOR PUBLIC BENEFIT The Trust continued to endeavour to SUgPOrt both congregations and the wider cornmunily in pracltcal lemis and lo enable them lo live out their faith through WKle-ranging activilias, whiGh can be split broadly into four categories.. worship, prayer and pastoral caffj., mission and outreach; specKal events.. fundraising. felkwtship and hosling events. Worship. prayèr and pastoral carn The Servi￿ pattern changed slighuy throu9hout the year. v4ith Sunday moming servTh tim85 consolidated so that they started at either 8am. 9.30am. or 11am to enable the sliper￿lary clergy lo attend each thurch mwe regu￿lly. The Sl Mary's Priory EuchaFiSt conb.nued to be livestreamed. A range of service formals was offered. induding the 1662, 1984 and 2004 Iilurgies. Moming and Evening Prayer. and weekly F*ayirg ts Rosary. As well as the usual W*wkday and Sunday during the year, whether online OT in- person. there were a number of special services and evenls, v4hich induded.. The ¢reation ol the Open House service. which lakes pLace monthly and thich is aimod at people of 811 ages. It fealuTes worship. music. prayer, and praise and is folknw8d by a soup lunc*). This relaxed bLrt Ihought-KKovoking seFvice has grown steadily over the months with themes indudirvJ Harv8St. how Church the people nol buildings. Remembrance and Advent. DwLOVJn En¥d¢we ID.. CÉFA2E4f￿EslF474￿93Al-I1l8B8S1EAFy ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT (continued) Hoslir4J hvo M￿MoVth Dwsan Days of Prayer in February and N¢)vember. HostFfYJ the Mother8. Union Deanery Festival in Wil. A Fesltval Eutharist 8TrJ EvènsorKJ lo c*l8brale the coronation ol King Charfes 111 in May. Celebrating Christmas at all ow Churches wth services of Nine Lessons and Carols and Christsngles. In addition to our regular services, ￿ continued to enabl8 our communsty to cekbr8le and thank God in the milestones of their ioumey through lrfe,. 17 baptisms, 16 weddings and 41 funerals, plus 14 funerals o)nducted by MA dergy at ¢￿alO[la. The number recorded on the MA Elector81 roll on December 31. 2022, was 297. Mlsslon and Outr￿ch work Examples of the churGhes' mhssK)n a￿1 outreach itluded.. Supporting Abergavenny Food Bank throughout year and especialty durir¥J the Harvest season. wth collect￿5 and donations al our services. Holding assembles in one of our k)cal primary SChc￿lS and devekjping conlacts in all other Schools in the Holding semces al one of c￿r Ical care tr¥yn8S. Hosting a perf0m￿nCe ol INSPIRED ..The Wr￿d into aCt￿n by RKling Lights Theatre Company. the ￿lY performance of this show in Wal&s during that t•￿￿r. Members of Mothers. Union continuing to volunteer at a contact centre for child￿n suffering famity break-up, includiro prowding CTrwistmas gifts. Collgcling coals and warm cthing for 0￿[all0n Ofphan. Collecting good qualty men's clothing for the prison shop in Usk. Collecting Christmas parcels of toiletries and small gtfts f￿'looked after, older teenagers and young adurts who are living on thgir own. Holding coffee momings. swp lunc*es arky bingo. prowding fellowship for people in r communities. Members of the ehurth ￿ntinuIng lo be invofv&J with other ¢harities. including Ateryavenny in Need.. the Rachel Hertert Almshouses Trust., arKI the 7Corners project in Abergavenry. which aims to provKle a safe ￿ace for young people lo Meet, and whlch is also finanualty supportod by one of our Churches. SuppK)rting a sch¢)oVorphanage in Rukungiri. UgarKla. and sponsoring a child's education. Maintaining our churth halls to provKie communty spac8. Supporting young peopte ovet5eas throwjh CompassDn. Continuing our online presen￿, wtth the main St Mary's Priory E￿han$t continuing lo be livestreamed and our Facebook and Twitter accounts keeping Peop￿ up to date with what Was goirKJ on at the Priory. Members of the MA lakTrry part in Ihe Abergavenny Chufthes Togetfr￿r Walk of Witness on Gooj Friday. Members of the MA taking part in a Walk of Witn8ss (47 Good Friday along part of the Monmoulhshire & Brecon Canal. EnvelLye ID." CEFA2E4￿Es4F47w9￿I-￿418BBslEAF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT (conllnu8d) Holding a Christmas Card compeltiion wilh two Ioc81 schcKJls, with Ihe winning designs printed Mlh details ol the MA'S Christmas services and dIStrib￿ed via the ongregalions and al spwial events. HosliThJ ChrislingWChristma5 events for thfee of our primary schools and St John Arrlbulance. Christchurch. North Street. Sl Faith's Llanfoi8t and Holy Trinity achieving 8rtsnze Awards from A Rocha UK. a Christian charily working lo protect and restore Ihe natural world and ¢(￿nMItted lo equipping Christians and churches in the UK to care for the environmenl. Otsr Churches ifb the MA are working Iow8rds Ihese awards. Members of the Minlsty Area being ￿cOuraged lo think about and lack￿ climate change, in however small a way. through artides In the Four Churches, Magazine, which was publr5hecl 11 limes during the year. The magazine. wh1ch is distributed *Mdely, induding lo South Africa. also lad(led S￿581 justice and kept subslxibers up l&>date with Church in Wales matters. On the wider Church in Wales stage. the Reverend Canon John Connell. Jenny Lbyd. Chris Cotterill, Gaynor Parfitt. a¥Ki Caroline Woollard continued to serve on the Governing Body of the Church in Wale5. The Reverend John Connell and Caroline Woollard aLso seNed on other Provincial Gommittees. Music. b•ll6 and vbitors The work of Sl Mary's Priory continued to be greatly enhanced by Sl Mary's Priory Choir. under the musical directorship of Tim Pr8tt. The Choir sang al a special Eucharist lor His Majesty King Chades Ill's coronat￿. The Choir was Cthr in Residence al Derby Cathedr81 in August. Chuich bells continued lo be wng on Sundays and speo81 occasions as well as by visiting bands at St Mary's Priory. The number of visrtors lo Sl Mary's continued lo increase. with the unique Jesse figure on& of the main allractions. ThJT stewards continued to make people welcorne and lo facilitate tK¥lh heritag8 visils and those who wshed lo pray. SPECIAL ACTIVITIES Fellowshlp. Fundraising and Hosting Events. which includod bul wa$ not limited lo: An Evening with ArGhkn'shop Andrew John. Coffee after serVI￿S at five of our seven Churches. Concerts by the Gwenl Bach Society. the North American Welsh Choir. CtrK)ir for Good, Black Mountain Recorders and St Mary's Choir. The Food Festival organisalion again the Pn"ory Tilhe Bam Couty8rds in September. Church volunteers providing refreshments during ihe F￿d Fe51tval. providing a quiat space wrthin Sl Mary s Priory on an othenwise very busy weekend in town. Hosting Abergavenny Pride in Juty. Envekylo." CEFM2E41W4744-w41-￿f8BB51£AFT ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT Iconlinuod) Refor6n￿ and administration dètalls Abergavenny Min>slry Area. Th)W Co-teminus with Deanery of Abwgavenny. is in Ihe Diocese of Monmouth in the Church in Wales. Th￿e are seven churches in the Ministry Area.. Chrtslthurch. Abergavenny Christchurch, Govilon Holy Trinity. Abergavenny St Farth's. Llanloisl St Helen's, LIa￿l￿n St Mary's PTlOry, Abwgavenny St Pelef's. Uanwenarth Cilra Incumbent and ministsrs The Reverend C8non John Connell ￿ntinUed lo serve as Rect(Y and Area De8n lunlil July 20241 and the Reverend Lea Ryder as Vicar (until appointed as Rect￿ and Area Dean in September 2024}. The worship in the parish was made possible through the on•)ing ¢ontribulion of OUT Licensed Lay Ministers Gaynor Parfftt, Cl>fford Jayne and Hywel Grrffiths ', retired minister5 the Reverend Malcolm Larte, Ihe Reverend Jan Dek8ney, the Reverend Francis 8uxlon, the Reverend Andrew Will￿. and the Reverend Car￿￿ Stephen J8mes. OBJECTS AND ACTIVITIES We review our aims. obieclives, and activities each year, looknng at what we have achi8ved and the outcomes of our work in the previous tsvelve months. The review bjks at the success of each key activity and benefits of actrvilies in a Wkle variety of cultural areas. The review also helps us ensu￿ our aims. oty"ecUves and activiti.es remained foGused on our stated objective. When reviewing our aims and oty'ectiv6s arrft in planning considering our a¢liwties for the year. the Trustees, sltting as the Ministry Area Counal (MACI. have considered the Charity Commission's guidance on put￿1¢ benefit and. in particular. the $Fecific guidance on thartties lor the advancEmenl of relJgKJn. The objective of the Charity is promoling in the ethiaslic81 Ministry Axea the whole mlssion of the Church. Encouraging and faalitaling the practKe of the Christian Faith by the Chur¢hes inC￿deS the followiro". Condvcbry regular Christian worslN"p Fn all seven Churches. Marriages. funerals and baptisms. The provision and maintenance of Ihe fabric of all seven Churche$ arKI thèir associated buiklirKJs. Opening St Mary'5 Priory daily for ￿ putrjic to enter and benefit from personal spiritual conlemplati¢)n and lo be able lo view th& med￿val monLFments and learn about the Benedictin8 fwndatM)n of the Church and its plac4 in tho ￿stOry of Christianity and of Ab8rg8venny. DO￿ En¥ek)￿ ID.. CEFA2EI￿Ew4744-9￿$&I1o￿lE ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT (contlnued) OFening Sl Peterf$ daily during the sunmer. when rt LS parti￿arty visited ty walkers. Th8 maintenar￿e of Clvistian EKJrrdl places. Pfomots"ng the study of christs.an teaching. practices and Suiptures. The provi55on of means and enco*Jragement lo promote fellowship within the membership of the Chwches and the wder community. In addition lo the above. Christian devob.onal acts and outreach work are carried out induding.. Visiting the sick. Adminisleling the Sacrarnenls lo those unable to attend reguL8r act5 of worship. and lo the sick and dying. Supporting pastoral work. Foslering ecumenical links bfrhveen differin9 Chr￿lIan denominations. Supporting the Wofk of other charities through. among others. the Mothers, Union. the Bridge to Cross Trusl17G)mers) and the Rathel Herbert Twst. The work of the Trusl and its churches is govemed by safeguarding policies of ihe Church in Wales". fesponsible adults are required to have D8S checks and the Tfustees have appointed a safeguarding c(kordinator who li8ises wilh the Provinci81 Safeguarding OffKer if necessary. Atl Trustees h8ve comrdeted A and B of th8 Churth in Wales Safeguardin9 training. Further achi•vem•nl$ in th• yoar Monies were raised by Ireewill offertcry and by donations. were used lo support the work and adminislTation of the Churches and wider mission. Volunteers have donated their lime to help al each act of worship to support the clergy. welcomed people into services. stewarded the Churches. worked in the gardens and graveyards, arranged flowers. and many other vital aclivilies, without which Ihe churches could not survive. The churches will Continue with acls of worship and pastoral cale during 2024 and will continue actively to try lo increase the Electoral Roll. through our missK)n work in the community. PLANS FOR THE FUTURE The Tnjslees have the following plans 2024 and beyond: To expand the Trust's wofk in schods through the appointment of a Schoo15 Pioneer Minsster. supported by the Mission and Outrea¢h leam. To enwLW8ge and Irain lay ministers through fomial and infomal training courses and mentoring. To run a Stewardship course. to encAJurage finanaal 9iwng and di5(ypleship. To continue working lowards sust3inabiltty through the Chrisb"8n environment charity A Rocha. To ensure all Truslees c4)mplste SafegUardth￿ Mc#Jule C and that s#feguartJing is promoted throughout Ihe churches. To ensure that DBS cr￿ck$ are cxJnpleted for all who work wth children arKI vulnerable adults. To streamline the governance and management of St Mary's Priory. D￿USI￿ Eftvdcy8 ID.. cEFA2E4tsE&4F47W9￿j-3Al8B8s1E4F7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT leontinuedl To encourage members of the Cong￿li0nS to serve on D￿san and Provincial bod+es. To devebp 3 new website for Ihe Ministry Area and to continue improving toth inlernal and extemal communicaliorts. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTION Abergavenny Ministry Area is part of the DKJcese of Monmouth within the Church in Wales. The Church in Wales is a Prownce w*thin the Angl￿8￿ Communion and, as such. exists to advance the Christian R￿1g￿n through wodd-wide mission. The object of the Ministy Area Counci5 is lo ensure that the life and work of Ihe Churth wilhin the Parish helps to fvifil that mission. both locally an(1 more widely. Tho Representabve Body of the Church in Wales IRBI holds the land and pro￿rtY of the Church in Wale5, including all the MA'S Churches and other ChU￿h buikliryjs, churchyards and gardens of rest, and their conlents. The Represenlalive Bo(Jy is an exempt Charity and was sel up under Section 13121 of the Welsh Churches Act 1914. 11 aeis on behalf of the Province In paying the sbpends of Ihe full-time clergy. and 8dministers the Church in Wales scheme of covenanted and grfi aid giving. recovering tax on behalf of the parrshes. Organisatlonal Structur• The Tmstees are responsible inter-alia for prornoling the mi8sion of the Church. the bu¢Jget and all expenditLtre thereunder, the care and maintenance of Ihe fabric of the Churches and associated buildings and ol the graveyards and gardens ol remembrance, and for action on any other matter referred lo il in a￿rdancE with ihe constilulion. The MAC is also the noimal Channel ol coMmLFni￿IloTr between the parishioners and Ihe Bishop of the diocese. Al members of the MAC are volunteers. apart the stspendiary mini8lers. In addition lo the election of members. the People's MA Warden is elected al the annual Vestry meeting and the Rector appoints the Rector's MA Vvarden 8t the s8rve meeb"ng. Thereafter, bolh MA Wardens h8ve the same role. New representslives ￿ told of their responsibilities and of the issues lacing the Churches by existing ￿presentatives, and 1o¢eive such additional IrainirvJ 8s required. Crther Offic&rs, Including the Co-lay Chair. S8cretary, Treasurei and Grft Ald Trea￿￿ref are appoinled at the first meeting of the MAC after the Vesty Meeting_ Each indivKSual chuf¢h is 5eNed by a local church committee wth two local wardens. As indicated, members of the MAC and Ihe Churches also serve as Tepresentabves on the Deanery and Diocesan CollfeTences and Ihe Goveming Body ol the Church in Wales, the Eledoral College and the Provincial Discernment Panel. The Ministry A￿a is an active membef of Abergavenny Churches Together and volL%nteefS help run misslon events in Ab8rgavenny, IncludiTrJ actm.lies lor Fair Trade Fortnight, Easter and Chr15trnas. The Churches are entl￿ty by volunteers as ts clergy are iemunerated by anolher charity from the Ministry Share payments made by all Irie Churcltes in the ￿.0¢ese. Without the work ol ltr*se volunteers the Chwches woukJ not fuTrct￿n. As of December 2023 the Charity empkjyed five people (1.8 full-time equiv8Fent). Dttugiw En￿Ope ID.. CEFA2E4fyEW4744.9MI-&418BB51E ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT Icwtinuod) Committ00 structuro The Trustees met seven times during the ye8r, with the Standing Committee meeting a couple of weeks belorehand. Other committees inclthling the mission. finants and eommunicalion5 groups mel at regular intervals and reported back to the MAC. sC￿e delegated derisK)ns were laken by Ihe Standing Committee {Re¢tor. Treasurer and MA Wardens) in add1t￿)n to those laken by the MAC at n￿lIng$ or via email. ST MARY'S PRIORY TRUSTEES The Priory Trust was founded by a C*8d of Indenture dated 24 December 1925, under th ov&rsight of the then Parochial Church Council to operate and administer certain lands and buildings associated wrth St Mary's Church ('The Priory ProFerties"l. Atthough the Properties have changed over 99 years the Trustees have o)nts"nued lo discharge their ￿sponsIbl11￿.es including, in ￿Cent years, the development and managemenl of commerual activities in the PrK*ry Centre. Tithe Bam and olher facilil*s. The Deed provided that any surplus generated by the Trustees is lo ￿ used for the benefft of Si Mary's Prtory. The Priory Trust reFx)rts to the MAC and tho finani?al activilles of the PrKYy Trust, incI￿ling Ihe ownership of certain Ireehold &wpefb"es. ar8 Incorporated into the Charity Acwunls. Any surplw8 generated conts'nue$ to be used for the benefit of St Mary's Priory. One signiliranl event in 2023 was the sale of No 4 Holywell Ckjse. This propety was originally purchased by the Trustees- in conjunction with Ihe Representative Body of Ihe Church in Wales as Custcqlian TnJ51ees- on behaw of ihe then-PCC as the residence for Curate. Subsequently the house was used as the b85e for the Benedicline Hotywell Community that was founded by Ihe Parish arKI yrated successfully for a number of years. However. the eVo￿l￿g strategy for the Ministry Aw Thlicated the house was now surplus and it was sokl on the open maFkel during 2023. In 8(£ordance with Ihe Deed. and as noted etsewhere in thts Report, some of the iricome a¢crLting from the sate will be used lo furKI the signtfKanl fabric repair propcts that will b6 undertaken on the Priory site during 2024 and 2025. In the meantime, the funds are invested in Deposit Ac￿unts. includw £200K in a loryr-lemi Fixed Rale Bond. POLICIES Complaints harKiling Conflicling interests Investment Paying staff Risk management Health & Safety. includiry lone working Safeguarding vulnerable beneficiaries Volunteer managemenl Internal tharity financial controls polfy ar¥J Safeguarding policy and procedures Financl81 reserves policy and procedures Serious incident rewrtiThJ poliw aThY prO￿lUreS Intemal rfsk management p)licy arKI procalur8S 0￿$￿Jn Envdcye ID". CEFA2E4￿ESdE4744-9U1-S￿1e￿B51EAF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT I￿ntinued> Bullying arKI harassmenl policy and procedures Social rnedTra poh'cy and procedures RISK REVIEW The Trustees have conducted its own review of major risks lo which the Chaftty is exposed and systems have been established lo mttigale those risks. The risks facAng the Charity include the state of repair of the Churches and Ihe financial requiremen15 to meel ils staled acliviiies, including payment of its Annual Parish Share. bearing in mind the fall in the numbers of regular worshippers and Ihe reduction in regular giving. The Strl￿Ure of the Churche5 is continually monitored by the Trustees and Ihe Church's Professional advisers and the finance$ are controlled by carefvl budgeling and encouragement and appeals to the worshippers and visitors. The Truslees continued to devew an evacuation plan in the evenl of a major infident. This plan will include the safe ￿mOVal of bolh people and major artefacts. There have been rKJ senous incidenls or other mallers relating to Ihis charity over the prev¢ous finarrial year that we s￿}uld have iwoughl lo Ihe attenb.on of th& Charity &immissionws bul have not. GOING CONCERN Taking accounl of the Chall￿$ assets, the Trustees have a reasonable expectatlon Ihat the Charity has adequate resources lo conlinve in opefational existen￿ forlhe foreseeable future. For Ihis reason, Ihey continue to adopt the goir¥J concem basis in preparing the financial slalemenls. Further details regarding ihe adoption of the going con¢*m basis can be found In the Accounbng Policies. PUBUC BENEFIT In planning the Charities activities for the 2023 year we kept in mind the Charity Commission's guidance on public benefit at our regular trustees. meekn'ngs. FABRIC As well as ongoing general maintenance on all churche5. Ihe following work was carrled out.. Chnslchurch. Abergavenny." RepF8cement of Ihree windows and painting the extefiof of the church hall plu5 cutting of trees at the rear of tho building. St Helen's. Llanellen. Renovation of Ihe Vestry and parts of the churth followin9 fire in December 2022. The church rtropened in Octobof 2023. Hoty Trinity. Abergavenny- Boiler replaced in thurcb hall. the interior of which was also repainted. St Peler's, Llanwenarth Cilra.. Hearing I￿P arrfl swnd system installed in the church. Christchurch. Gov4on'. Repairs to thuFch or90n. 10 En¥dcye ID.. CEF￿2E4￿E&4F47w93A1-3Ala88slEAF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT I￿ntinU•d St Mary's Priory, Abergavenny: Refiectiry the CPuJrch's conb"nuing lower of ncome and the Teduced availabblity of grdnts for schemes solely fovJ5sed on maintsining the inlewty of the fabriG no tangible progress has been made on any of the th￿e major projects discuss￿ in previous Reports. Howaver. further expeThliture has been incLsrred in Connection with ￿paIrIng the cracks in the walls of the turret $18if¢ase in Ihe north east comer of the North TransepL The lender process for the work was undertaken in 2022, a contractor selected and a start dale of B April agre¢d. The civil works will be funded by the Sl Mary's Priory Truslegs. INDUCTION AND TRAINING OF TRUSTEES Trustee meetings rouiinely stsrt with a celebr81ion of the EuGhari$t vh#ch draws the Trustees tog&lher in the work of the Ministry Are8. The Trusl¢es have ￿￿lertaken various development days and training together (tèam lomiabon. stewardship, safeguardiry, exploring lay minislryl which has enabled ea¢h Trustee lo develop a good understandirwJ about the challenges Ond opportwiblies they a115hare. Tnjslees are briefed on their roles and responsibilities on appointment and undergo refresher trainiThJ through online resources from the C*a+ity Commission. FINANCIAL REVIEW The Trust ca)ntinues lo 0￿rat8 on a going concem basis Sin￿ the lormalion of the Ministry Area in January. All the 7 churches and PrK)ry Tvustees retained their treaSu￿r (local Ireasurerl and mainlained their accounts reporting 10 8 central Ministry Are8 Finance and Property Committee headed up by a appointed Ministry Area Treasurer. operation and financial th￿hOldS are defined by th8 MAC with a guidance policy. I the financial management was transferred on lo Dala Development's MyFundAccounling.l)Iline supported by the dK)cese. This enabled consoltdalion of all the management and rewrtirNJ lo tr* produeed in Compl0Th￿ with the Charity CommKwon. A c8nlral fund was creal&J lo allow for the payment of all the cenlr81ised payments. including ministry share and insuranc£. To e￿ble a smooth transition from individual thurthes to Mlnisty Area. the local treasurers continued to manage thwr entty. Where items were paKt centrally. the chargas were proportional to their previous years Parish Share. Most churches managed to meet all their normal commitments through direct voluntary c(rtributions, weddirvjs, funerals and fundraising. Hdy Trinty and Sl Mary's was the exception to this, havirwj both the highest proportion lo pay and still suffering from th8 impacts of the Covid ParKJemic. The direct voluntary t￿ntributIonS re￿Ned during servi￿$. exdudwJ tax redaimed through Gift ￿'d. amounted lo £91.295. Other general income, induding that gener8led from fundrah%ng 8cilvil￿s. was £110,974 £23.467 was received by way of grants from exterrral agencies to the various churchtrs. EnYdOFe ID.. CEFA2E4fyEW474&9111-&4t8BB51EAF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 TRUSTEES REPORT {¢ontiMed The level of general expendilure, exduding eX￿pIN)￿al items. amounted to £363.947. Expendilure On exceptional items during Ihe y￿r amounl&J to £14.358 which was for the repair of the Vestry at St Helen's after a fire. The nel assets of Ihe Charty al 31 Dewnber 2023 anv)unled to £714,179 induding freehold properties valued al £101.752. This has reduced with the Sa￿ of 4 Hol￿11 Close where the Charity receNed £157.385 from Ihe sale of the wopety. During the year the Charity continued lo face th8 Challenge of managing its cash flow P8rticuL4ty because of ts reduced l&vds ol in(xYne. ref*cling current realities. RESERVES POLICY The Trustees recognise the need to hold reserves to 8nsuro funding is availab￿ lo provide continuing mission should income levds fall. Reserves are also required lo meet the lulure maintenance prooramme for the Churches and Church buildings. A minimum level of reservès also needs to be retalned lo ensure the T￿￿1 can meet its legal commitrnents should Èhe Charity be unable to conb.nue due lo a lack of a sustainable income stream. The Olficers of the Trust have established a policy wtrwfrby the unrestricted funds not designated for spectfic use by the Tnjsl or invested in tangible fixed assets, ie the free reserves held by the Trusl. should ideally be between three and six months of the resources expended in general fun(Js. The Charsty is dependent on donatNM. granls ar￿ inveslm&nt inrA)me. The &cor￿mbC dimale remains un￿rtain and. while inleresl rates are starting to improve, they are still not where they On￿ were. ￿th of which factors are likely lo have an on-wng negative impact on future income strearns. INVESTMENT POUCY AND PERFORMANCE Thefe is an ongoing review of our invgstments as there are dilferenl approaches 8cros$ the 7 churche5. Where scffle churches hdd reserves in the CCLA COIF Charities Investment Fund and others due to hi5toricalty low rates ol interest. achieve the best possible rale Irom our bankers commensurate wilh maintainH)g the capability of rapMI access to the funds in the event of a call on them. 12 Envelrge ID.. (£FA2E4l>E&4F474+9￿I.￿IeaBs1E4Fy ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees are responsible for preparing the Trustees, Annual Report and the finan¢ial statements in accordance with applicabie law ar*d Untted kn"ngdom Acwunling Standards {Uniled Kingdom Generally Accepted Accounting PraCt￿e). The law ap￿ic9b1e to tharities in EnglarKI & WaK8s requires the Iruslees lo prepare financial stslements for each financial year which give a true and fair view of the stale of affairs of the charty and ol the incomiry Trsources and applicalw)n of resources ofthe charity fo¥ that period. In preparing these finan￿1 statement5. the tnjstees are required to: select suitable accounting policies and Ihn 8pply them consistenty." observe the methods and princFples in the Charities SORP 2019 IFRS 1021: make judgements and estimates that are reasonable and pr￿je￿I., stsle whether applicable accounting Sta￿￿ar¢I$ havg been followed. subi&ct to any material departures drsclosed and explained in the finanaal stalemenls., preoare the financial statements on the going concern basi$ ￿lasS il ss inappreprbate to presume that Ihe charity wll contsnve in operath￿. The trustees are responsible for keeping proper accounts.ng records that disclose with reasonable accuracy al any time the financial position of the cha¥ity and gnable them lo ensure that the financial statements comply wth the Chartties Ad 2011. the Chariti8s (A¢￿unIs and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregutartlies. Approved by order of Ihe Trustee &)ard on 30 OctODer 2024 and s@ned on their behalf by t￿)yF￿1r ¢if Truslees 13 00￿9n ErryeloFe ID.. CEFN2E4LkEW4714-9￿laIle8BsjEAF7 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2023 INDEPENDETrrr EXAMINER'S REPORT TO THE TRUSTEES OF THE ABERGAVENNY MINISTRY AREA (Yhe Charlty'l I report to the tharity trustees on my examination of the accounts of the charity for the period ended 31 De￿mber 2023 which are set txrt on pages 15 to 25. Responslbilities and basis CA report As the charity's trustees you are respK)nsible for the weparation of the accounts in accL)rdance with the requiiemenls of the Chanties Act 2011 Ilhe Act.). I report in respect of my examinalion of the charity's accounts ¢Arried out urKler se¢b"on 14S of the A¢t and in carrying oul my examination I have followed all the ap￿iCable Direclions given by the Charily commis￿on UfKler sectK*n 145(5llb) of the Act. Ind•pendent •xam•nerfs slatement Since the company's gross income extseded £250.0(YJ your examiner myst be a member of a body lisled in section 145 of the 2011 Act. I corffirm Ihal l am qualified lo undertak8 the examination because l am a member of Institute of thartered accountants. which is one of the listed bodies. I have completed my examination. I confirm that no malerial matters have come to my attention in connecli)n WFth the examination giving me cause lo believe that in any material respect.. accounting records were TK*t kept in resFecl of chanty as requifed by section 130 of the Ad". or 2. the accounts do not accord with those iecoTds'. Of 3. the accounts do not compty with the applicab￿ requirements conceming the fom and conlenl of accounts sel oui in Ihe Charities (Acwunts and Report) Regulations 2008 other than any requiremenl Ihal the accounts gve a 'true and fair wew, which is not maller cOnS￿ered as part of an independent examinalion. I have no concern5 and have cL)me a￿osS other matters in connection with the examination to which altention shoukl be drawn in thLS report M order to enable a prO￿r underst8nding of the S￿OuntS lo be reached. J M Roderick 8Sc ACA WJ James & Co. Chartered Accountant Bishop House 10 Wheal Street Brecon Powys LD3 7DG J....Qclqbef. . 2024 14 Env*typ ID.. CEFA2E￿EW￿7wg￿l-￿?8B6slEAFy ABERGAVENNY MINISTRY AREA STATEMENT OF FINANCIAL AcT￿￿lEs FOR THE YEAR ENDED 31 DECEIIBER 2023 Vnr¢¥trlcted Deslgnat•d Rwtrict•d Fund¥ Funds Funds 2023 2023 Total Funds 2023 Not• INCOME FROM: Donatims and legaiys Charitable actnrities Other trxdiro xtNilies Inveslmenls Ollv income IS7.￿4 4.7ty3 14.230 178.734 25,3g5 120.040 2,358 186.309 103.912 2.217 186.309 8.142 78 TOTAL INCOME 12.764 22,435 510.836 EXPENDITURE ON: Raising funds Charilable actbvities 8.321 341.8fyJ 6.769 371.536 20.032 TOTAL ExPEND￿vRe 348.181 INCOMEI1EXPEND￿URE) 127.455 2.672 2,403 132,531 Transfers bets￿n funds 17 {27,448) 27,448 NET MOVEMENT IN FUNDS ),120 2.403 132.531 RECONCILIATION OF FUNDS Total funds brought forward 15,(LN) 28,300 581.648 TOTAL FUNDS CARRIED FORW￿0 45,120 30.703 714 179 The Stslgm*nl of Financial A¢tivit• indwjes all ￿nS arKt ktsses wnised in thè ￿. l of th8 actwilies of Ihe chwty are c4assed as r*ntniMwJ Th• n¢*es on pages 15 10 25 lomi part ol th•M financlal stthn• 15 Dtsthjswn Envdope ID.. ¢ÉFA2E4(￿EW4?*g3Al￿I189BSIEAFr ABERGAVENNY MINISTRY AREA BALANCE SHEET AS AT 31 DECEMBER 2023 2023 1401¢ FIXED ASSETS Tangible fixed Ass8ts Investments 10 11 101.752 103.712 CURRENT ASSETS Stock Debtor5 Cash at bank and in h•nd 10.(KK> 4,916 623,325 638.241 12 Credltors '. Amounts lalliwj wilhin or* ye 13 27.774 NET CURRENT ASSETS 610 467 TOTAL ASSEfs LESS CiIRRENT LIABIL￿lEs 714,179 TOTAL ASSETS 714.179 CHARITY FUNDS Unro8trlctod funds R••trlct•d lund¥ 14 14 683,476 30.703 714 179 The atJov6 balance sheets rell¢cts the am*amated fnanci31 F*)sbon of all dwrche5 wlhin lh8 n￿Y forme(l Abergavenny Ministry Ar8a, Iherefore no (*mparabve fgjres have been irKluded as il be ￿pr8d￿ble to restate Ihese amounts. 2024 These financial statements we 8pkvtr￿d by the trustees and lor issue by on ils b9hatf by. . 2024 and D&gCDS7FhBWPB Trus18• Th• not•s on Pa9￿ 15 to 25 flxm p¥t of th•6• flnwi•l stat&iwnlty 16 Envebpe ID.. CtFA?E￿5AF47￿9u1sI$8BBslEAF7 ABERGAVENNY MIfrIISTRY AREA NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 1 ACCOUNTING POLICES Statem•nt of ¢ompli3nee The linan¢ial statements have bw) wepwed n accwd8nc8 vKth the se¢(ThJ ￿Irt1)n of the Charitte5 Statement of Recornmended Practice issL￿1 in Octot*r 2019. the fin8fK*I ReFwylThJ StaThJard applKab*e in ts United Kingdom and R8p￿￿1C of Iteland IFRS 1021 and the Chkn Ad 2011. 8ag1s ol pr•par*lon The Abèrgavenny Ministy Area me8ts thtr deffinrtK￿ of a entity Ufthr FRS 102. The accounts I￿nar￿la1 statements) have be¢n prepared urthr Ihe his1￿Cal cost rtsWenl￿n wlh liems reojgntsed at eost (f transacticffl value unle$5 Otherwi%e staled in Ihe rdevant notels) to these rnltts. Ex•mpti¢n from pr•pJring a cash flow sl*8ment The charity Opted to earty 3dopi Bulletin 1 wbliS￿ on 2 February 2016 ar*J ha￿ therefore ntsl irKluded a cash flow statgm•nt in thostr finanr#al sl*emenls. G¢*ng conc•rn Th8 finanoal stslèments have wep¥ed on ¥ ￿r￿Orn baw. The truste8s assess whether the use of g)irrfJ o)rKem is ￿p￿0p￿ate i.e. vh*ther there are any m•tero1 un¢èrtginb"es related lo events c* ¢ond1th￿S that may ca$1 sKJnthcant doubl ￿ the abdty of the chanty to conbnue as a going eoncem. The trustees mak• thi$ a88essm8nt in r$s￿ of a of cffje from ts date of 8pproval of the financial st8tetnents. Incoming retsourees Volunlary in¢¢)me including donatKJns. grfts. leg￿S aTrJ grnnts that provxje rA)rè fundirvd or are of a gerneral nature is rèco9nised wh8n the charity has entitl￿ent to ￿ ir*om8, rt thal ￿ wwme wal be received and tha amwnt Can m6asurod yjff￿￿nt reliablity. Donathxs aTrJ tegoe￿$ are rwksed ￿ a t4sis T￿p1 k% probth and amount can b& rdia measurgd. Donated serv¢¢es or I￿￿11*5. comwtse ol donated semces, are income ai a vahJalkJn which is an estimatè of the financi￿ cosl i¥)me by the donor thre SLKh a c￿1 is want1r￿*￿tr atyj measurable. No inrth)e 18 Tecoonised where there Trs financial cosl trM)me bv a thyd partv. Grants are reiwnL8e(I wh¢n the charty has an entiilamsnt lo the ILmd$ and arhy ¢g>ndit•yB ts'nked to Ihe grdnts have been mel. whe￿ p*fomiance c¢ndrty)ns are attached to the grant are Jtt to te met, the inr¥)me is ￿c￿￿￿ed as a Ik4bility and induded on Ihe sheet as deferred wKome to te rd&3s•Y. Government grants wè reeognised based on accru* arwj are measured at the fair value of the asset receNed or receivat4è. Grani$ we classrfEd a5 ￿lat￿￿J &rther lo reverFue or to assels. Grants ￿lating to revenue are recogni5ed in gncome over the perK*l in vthich the related o)sts r￿sed. Grants rdamg to aSS8ts are recogntsad over the expected lrfe of asset. Where part of ¥ gyani relati￿ to an asset ts deferred. it is rec¥¥nised as *Jeferred in¢ome. Grft Aid relief on elvJlble doro1¥)ns is recog1￿￿ on an a¢xxuals bas￿ at IhÈ same po¥)10s the LYig1￿1 ¢Jonalth). nv•stment iroyn• i8 rwnised al the lime cl bery ro¢eNed. 17 OooJg*Jn EnveWe10.. CEFA2E4fFES4F4744-93A1-S418B851EAF7 ABERGAVENNY MINISTRY AR£4 NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 I ACCOUNT114G POLICIES (CONTINUED) Expèndlturn All expènditure Is reco￿lSed once th is a1og4 or constructive otrAybon to that ex￿nd￿re. it ts sKobat4e setuernent is roquir8d and Ihe amount can t* measwed tell￿y. All costs are aWAted to the applKabk expenditure headin9 that aggregale sirnilaT Costs to that c*eg¢)ry. Where cosls camot be difeth attributed io PartKular headiros ￿eY have t￿n allO￿ted on a basts w)sistenÉ with Ihe use cd rwurces, wilh central staff eosts alloGqied on b85is of time spent. and depreclat*)n charges *lo¢ated on lh8 ￿￿0￿ cl the assd's Ltse. Olher support costs we 8lbc4ted based on the spread of staff costs. R•l$lng funds These are cosls incurred in attractw vokjntwy rTrwmenl of #wesiments and those In￿rred in tradFng act￿lt￿$ thai ra￿ funds. Charitabl• actlvi¢l•• Charitabb expeftdilvre oThprises those costs irKxwred by the tharty in delrywy actNsbes and s8rvic8s for Its beneliGiaths. It indudes ￿$ts that can be ¥Mo¢*td dre(* kn SLK* *tMties and IIKJse c￿ts of ¥n indirect nature necessary lo support th¢m. Governance costs Th&se I￿Vde the costs att￿.1￿￿LI& to the charivs comp1rdr￿ wilh constrtubon* and statuiory requirsm8llts, Induding aL*Yit. stralegK managemenl 8fvJ trust•8s' m•ètirvJs aThJ r¢lmlMwsed èxpenses. Taxatlon The charity is consM1ered to pass the tests set out In Paragr￿h 1 Schedde 6 of the Finance Act 2010 therelore il meols the delinitpy) of a chaTitaiAe company for UK cniractual rfjhts to the cash flows from the financlal a$8et expl￿ or are Settled, bl the ch*ity transfers lo aTh)thw party substanlially ￿ of the risks and reward5 01 ownership of the linancid asset, or cl the charity. desiNte haw retained bLrt ￿t al. 5wanrf￿ftt risks and rewar(Is ol ovmershp. h8S tr8nsfarred control of iho as5ei to another p•ty. Financial Ikqbiliti&s are dergcognlsed oblgakn spwf*d kn the conlwt Is d15chwG*d. CA￿dIed or expires. 19 Envelope ID.. ¢EFA2E4￿E&4F474*9>I1￿Al89BSl£AF7 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 DECEM8ER 2023 2 INCOME FROM DONATIONS AND LEGACIES Unwo5tricl•d i)•slgnated Rè¥trKt•d FuThls Funds Funds 2023 2023 2023 Total Fund8 2023 Planned gNing (direct detxt & SOI Loose Colle¢lw)ns Donations For MisS￿n Tax Recl*rned- Grft AKF Tax Refunds - GASDS Legac Granls 70.596 70,596 28.274 2.735 15.427 31.359 2,780 1S.427 45 10,040 7.667 10.040 23.467 3.150 12,650 157.804 176734 DuriwJ the year grants V*We re¢eNed frryn th2 faHtyMro.' ilnr•strl¢tod D•slgnated R￿triCt•d Funds Funds FurKI• 2023 2023 2023 Total Funds 2023 Monmwth DBF- Erergy Grwrt Church hall gr8nl Govilon- grant We￿h Churches Comrnunty grant for churchyard Duesan Chureh Fabr￿ Grant- chancel roof 100 aub aSSFStancg wrfh roof Llanfoist Fawr Communtsy CoLmcl MonD MCC grant. organ repaws Mon Gran¢ Lfoyls- 8anking- 881)6fact Tnjst Grant BACS- Monmouth DBF- Ener9y grant Llanloisl Fawr Com LFCC Grant Monrnwlh Dtocese Monmwlh D￿se 269 1.550 165 165 500 118 118 1,150 1.150 2,100 5,209 2.1(K) 865 41 41 3.19) 12.650 23,487 3 INCOME FROM CHARITABLE ACTMTIES Unr•strkled D￿Tr9n•t•d Restrkl¢d Fundg Funds Funds 2023 2023 2023 Total Funds 2023 25,395 2S.395 Oow9n ID.. CEFA2E*￿EW4744-95￿1-J4l8Bb5IEAF7 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2tr23 4 OThER TRADING ACTivmES Unr•striet•d D•slgn•t•d Res¢rl¢t•d Fund• FuDd$ Fund$ 2023 2023 2023 Funds 2023 Fundraisirg Hall Rental Irtome Sundry 7.011 8.142 37,559 57.221 25.2fj0 $7,221 24,285 975 103.912 8.142 120.040 5 INVESTMENT INCOME Unrestrlcl•d D•81gn¥t#d Restrithfjd Funds Funds Funds 2023 2023 2023 Total Funds 2023 Investment 1￿crfne 2,217 2.358 2,217 78 8 OTHER INCOME Unr••trlcW D•signated R•strl¢t•d Funds Funds Funds 2023 2023 2023 Tot41 Funds 2023 Sale of fix¢i1 assets Insurance claims 157.385 28,W24 157,385 28,924 186.309 21 (locusoi EnveW10." cEFA?E4￿EW47￿9￿la￿188BS1É ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7 ANALYSIS OF EXPENOFfuRE BY ACTp1￿1Es ActiVtt￿* Wagès & Undertaken Salarle5 Dlrg¢tly 2023 2023 Total Fund¥ 2023 Charitable actrwitie$ 46,845 324.691 371.536 46,845 324,691 371.536 a Analy•l$ of dlr•ct tosts Totsl Funds 2023 Parish shwe Parochial expenses of clerics MaintenarKe of serV￿e$ General p￿iSh èxpenses Maintenawe of churchès Maintenar￿￿ of church hall Maintenarfe of other property Mi55ion and grant partsh MISS￿n 8nd granl homah¥ork1 Professional fees Parsonage expense8 central ￿}sts Major bjilding repairs and renovaknn5 Purch8se ol assles for thjrch purposes Loan repayments Trading expenses 117,807 325 3,589 16,069 82.805 23.314 59.678 2.029 6.600 3,040 1,799 65 14.358 .465 9,248 Total Funds 2023 b. Staff ¢o$ts Wages and salaries Pension contributictr 46.335 510 The ayerage numt¢r 0fpw5Q￿ eMplo￿d by Ab￿￿nY Mirusty kna (luriNJ the are as fdbws.. . 2023 No emrAoy8¢ received remuneralby) ¥mwntir*J lo more than £fy).IXQ in thè yBar. OooAgn Er• ID.. CEFA2E4W47I4-93A14418BP51EAF7 ABERGAVENhlY MINi¥fRY AREA NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 OECEM8ER 2023 8 TRUSTEES. REMUNERATION AND EXPENSES During the yew, no Irustees rKefftl wrernureratk)n of other benefrts During the ye* ended 31 Deeeml)er 2023. ex[￿￿#$ £Nd Mwe reimi￿r*I or pabj di• to Tru$t8es. 9 TAXATION The charty is •x•mpt from r3)rixwation tax on its ch¥itat4e &tMI*s. 10 FIXED ASSETS FREEHOLD PROPERTY COST Balance brought forvrdrd at 1 January2023 362,641 DisrKJsal$ 1260,8891 Balan￿ c8rriÈd fopward at 31 D•c￿ber 2023 101752 11 ￿ rK)i c￿s￿lered ￿c&S$¥Y to charge on ts cosl of ts Fre*Jd l*omi 11 INVESTMENrs 2023 Market Valu• at 31 D•e8mber 2022 AddIt￿n$110l5poSal5I Unrealised Gasnslllosses) Mafk•t Valutt at 31 2023 1,960 12 OE8TORS 2023 DUE ONE YEAR 4,916 13 CREDrroRS: AMOUNTS FALLING DUE WITH ONE YEAR 2023 Other creditors 27,774 Do(thwi Enydy ID." CEFA2E4%ESAF474+9Mt41188851E ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 MOVEMENT IN FUNDS MOVEMEMT IN FUNDS- CURREIIT YE*A Ba￿￿e at 1 January Incornlng Out9olng Transfws InK) 8alanc• #t GaIn￿ 31 Oecqmbgr ILoss•sl 2023 Rostrteted funds Christ Church, Atwgave St H&l¢n, Llanellen Christ chU￿h, Gowlgn St Petw, Llanwen8Nh Sl M8ry's Priory Hoty Tnnty. Abergav￿ry 8.026 3.193 8,142 7.￿0 {2.5501 {4.1761 113.3(KSI 8,669 6,956 5,334 2,OOCI 2,100 11.640 2.100 22.435 30,703 Unfeslrletsd lunds General f￿dS 538.348 475.637 (348.1811 {27,4481 638.355 D•slgnated fund$ Chrisl Church. Gowlon Holy Trinity. Atwenny Sl Ma￿$ Priory Ministry Arèa Chrisl Chlffth. Aberg8v&nny 15.C(X) 17.000 1.149 12.5941 17.4251 1561 117) 1.445 25.987 27,462 659 715 17 553.348 488,401 1358.273 683 476 Tot￿ funds 510 836 Restrideij funds have been induded as by rndThKJdal th￿ch treasurws. 15 AP4ALYSIS OF NET ASSETS BEfwEEII FUNDS Unrestrlcted Funds 2023 Rostrlct•d funds 2023 Tangiwe f*xe(J assets Fixed asset inve¥¢ments Currgnt assets Stock Deblors Cash at bank in haThl Creditty5 (kje wrth Or￿ >tar 101,752 10,OCNJ 4,916 $92,622 (27,774} 30,703 TOTAL 16 RELATED PARry TRA14SACTIONS Thew wa no related party transact￿￿5 durir¥J the sw. 17 TRANSFERS BETWEEN FUNDS The transfws tehveen fw¥Js reprtsenl movèment betth￿ fJesw•t¢¢Y urwestrkted fuThJs (ty duriro the year. 24 Lwn Envew ID.. CEFA2E4LW47I+9UI-￿IaBB51E AbERGAVENNY MIPISTRY DETAKeD IAAI•AGEMÉNYW4FORIIAVKJri FOA IHeYw ￿DE0)I DE¢EIA8ER X2J T￿>)23 4.131 7.9•1 12.7W¢ 2Y.t 110 i.J75 31.X* 2,7&) 15,427 1738 GM 111 1.1 Wedtt4tyS 453 9.lQ J131 1.674 IYJ7ty l*Y 37 57.tr1 loon 4.051 T.Sl• ¢.psi 18fft72 su IS7.>55 137J65 19D 72$ 1&7 J1 P4frfh 11 117.W7 325 13 $17 2PJY 210 1&$1T ts45 1.152 aJ14 870 4.7 >)7 1Q) 1141 14xAI 14.5S8 è.24 Jn ¢•Dur<•B IU181 (WI 120.1O4} 121675 4.785 132,$31 12NO 131031 10.131 3113S J4347 M.92 I.￿7 Dll 1•7