Docusign Envelope ID.. 5E303BF&10ED4D0>97A7-AE780670C969 REGISTERED CHARITY NUMBER.. 1137751 ABERGAVENNY MINISTRY AREA UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID.. 5E3038F6-10ED4D03-97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Reference and administrative details of the charity, its trustees and advisors Trustees Report Statemont of Trustees Rosponsibilities 13 Independent examiners, report to the trustees 14 Statement of financlal activities 15 Balance 8heet 16 Notes to the financial statements 17-25
Docusign Envelope ID.. 5E303BF6-10ED4D0&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Chair Reverend Canon John Connell (resigned 7 July 2024) The Reverend Lea Ryder (appointed 30 September 2024) CowLay Chair Trustees Canon Caioline Woollard Mrs Elizabeth Crawford Mr Miles Kennah Mrs Gaynor Parfitt (resigned 25 April 2024) Mr Clifford Jayne {resigned 25 April 2024) Mr Hywel Griffiths (resigned 25 April 2024) Mrs Marion Morden (resigned 25 November 2024) Mrs Sian Taylor Mr Nigel Patterson Mrs Angela Jones (resigned 25 April 2024) Mrs Mar9aiet Woodyatt Mr Stephan Grabner {r8signed 22 May 2025) Mrs Pip Hassall Mr Robin Smith Mrs Bonita Mary Russell (8ppointed 25 November 2024) Mr W D Evans (appointed 22 May 2025) Mrs Sh8ron Michelle Dickinson (dppointed 22 May 2025) Charity registration number 1137751 Registered Office St Mary's Vicarage, Monk Streel, Abergavenny NP7 5ND Independent Examiner J M Roderick, BSC ACA WJ James & Co Limited Bisliop House 10 Wheat Street Brecon LD9 7DG
Docuslgn Envelope ID.. 5E303BF6-1 OE04D0>97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Banker5 Lloyds Bank, 54 Cross Street. Abergavenny, Monmouthshire NP7 5HB HSBC Bank plc, 2 Frogmore StreeL Abergavenny, NP7 SAF Barclays Bank, 57 Frogmore Street, Abergaveniiy, NP7 SAT Co-operative Bank, 1 Balloon Street, Manchester, M4 4BE CCLA. 1 Angel Lane. London EC4R 3AB Professional Advisers (Historic Buildings) Amold Bartosch Ltd. 1 Bath Mews, Bath Parade, Cheltenham, Gloucestershire GL53 7HL Morgan Horowskyj, The School Room, Castle St, Aberg2venny NP7 SEE Hiraelh Architeclure. The Maltings, East Tyndall Street, Cardiff CF24 SEA Page & Dean Consultants (2017) Old St Peters, Peterstone, Cardiff CF3 2TR
Docusign Envelope ID: 5E3038F6-10ED4D0&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT The Charity Trustees (the Trustees) of Abergavenny Ministry Area (the Trust) have pleasure in presenting their annual report together with the financial statements of the Trust for the year ended 31 December 2024 These financial slalements have been prepared in accordance with Statement of Recommended PractiGe.' Accounting and Reporting by Charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR8 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011 and the Trust's Constitution. The organisation81 structure, administration details and governance of the charity are set out later in this report, while the aclivities of the church form the first part. SUMMARY This year saw further progress in collaborative mission and growing the mission of the Church among the seven member churches of Abergavenny Ministry Area. There was a change in leadership with the Rpverend Canon John Connell leaving to take a post as Canon for Liturgy and Congregation21 Life at Newport Cathedral in July. Following a competitive interview, Team Vicar the Reverend Lea Ryder was appointed as Ministy Area Leader for the Abergavenny Ministry Area on 30 September 2024. Her replacement as Team Vicar, the Reverend Canon Clare Griffiths. was appointed in February 2025 and was licensed on 8 May 2025. ACTIVITIES UNDERTAKEN TO FURTHER THE TRUST'S PURPOSES FOR PUBLIC BENEFIT The Trust continued to endeavour to support both Gongregations and the wider community in practical terms and to 8nable them lo live out their faith through wide-ranging activities, which can be split broadly into four categorie5: worship, prayer and pastoral care. mission and outreach; special events., fiJndraising, fellowship and hosting events. Worship, prayer and pastoral Care The Ministry Area continued to offer a regular service pattern throughout the year, despite only having one stipendiary minister for much of it. This was achieved through the good offices of lay and retired ministers, which meant that all churches had at least one Sunday seNice. The St Mary's Priory Eucharist continued to be livestreamed, watched between 200 and 300 times each week. A lange of service forniats was offered, inLluding the 1662. 1984 and 2004 liturgies, Morning and Evening Prayer, and more informal famlly services. The use of the Welsh langLiage wa encouraged in all our churches, with Holy Trinity hosting a c8ndlelit Plygain Service. As well as the usual weekday and Sunday worship during the year, whether online or in- persoii, there were a number of special services and events, wlilch inGluded:
Docusign Envelope ID.. 5E3O3BF&10EtoQ}97A7-AE7BO67OC9s9 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT (continued) Monthly Open House services, aimed at people of all ages. It features worship, music, prayer, and praise and is followed by a soup lunch. This relaxed but thought-provoking Servi has continued to grow with themes including the Epiphany. putting on the Armour of God, whlch ended with the congregation parading around the church singing; Remernbrance and 'Mess and Sacrifice.. Hosting a Monmouth Diocesan Day of Prayer in October, featuring praying through art led by St Mary's Artist in Residence Jez Thomas. Hosting Monmouth Diocese's Pentecost Day of Celebration for the birthday of the Church. Hosting the Mothers, Union Deanery Festival in April. Celebrating Love & Relationships at a special Evensong. Walking Ihe Way of the Cross through Holy Week, with services every evening. including Holy Eucharist. Tenebrae, a Seder meal, washing of feet, and the joyful Faster Vigil where the pascal candles of all our churches were blessed and lil from the Holy Fire. Hymns of Praise service at Christchurch, North Street, lo celebrate worship through music. Celebrating Christmas at all our Churches wilh services of Nine Lessons and Carols and Chrisiingle seNices at St Mary's Priory Church and Christchurch, Govilon. Offering a 'Blue Christmas, service for people for whom the festive season is a difficult time. In addition to our regular seNices, we continued to enable our cr)rnmunity to celebrate and thank God in the milestones of their journey through lrfe. 17 baptisms. 16 weddings and 33 funerals. The number recorded on the MA Electoral roll on December 31, 2024, was 290. M ission and outreach work Examples of the churches, mission and outreach included.. Supporting Abergavenny Food Bank throughout the year and especially during the Hawest season, with collections and donations at our services. Holdirig assembles in one of our local primary stthools and developing conlacts in all other se.hools in the MA, although the latter was help up by only having one stipendiary priest. Holding 5eNices at one of our local care homes. Members of Mothers, Union continuing to volunteer at a contact centre for children suffering family break-up, including providing Christmas gifts" running a project to collect 9ood quality dothes for prisoners in Usk & Prescoed" and taking part in thp Bphind Closed Doors and Summer of Hope campaigns. Collecting coals, warm clothing and hand-knitted blankets for Operation Orphan, which benefit young Ghildren in various parts of the world Collecting Christmas parcels of toiletries and small gtfts for 'looked afteff older teenagers and young adults who 2re living oli their own. Holding coffee mornings, soup lunches and bingo. providing fellowship for people in our communrties. Caring for God's crealion, including creating Remembrance flower beds at Christchurch, Govilon, and starting the process to restore the Abbots Garden at St Mary's Priory Church. Work on sustainability resulted in Christian environment Charity A Rocha bronze awards being granted to Christchurch, North Street. and Holy Trinity, and a silver award to Christchurch, Govilon. Holding a Quiet Fireworks event at Christchurch, Govilon, well attended by villagers who don't normally come to church. Membefs of the ministry area co
Docusign Envelope ID.. 5E3038F&10ED4D0&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT {¢ontinued) Taking part in Cnurches Unlocked with some of the churches holding special open events. Continuing to be involved with other charities, including Abergavenny in Need. the Rachel Herbert Almshouses Trust; 2nd the 7Corners project in Abergavenny, which aims lo provide a saf8 place for young people lo meet, and whiGh is also financially supported by one of our Churches. Supporting the Rukungiri Project in Uganda by sponsoring a child's education and donating money to the project's general fund. Maintaining our church halls to provide community space. Supporting young people overseas through Compassion. Continuing our online presence, wilh a new website - Abergavenny,church- with the main St Mary's Priory Eucharist continuing to be livestreamed and our Fabook account keeping people up to d8te with events. Members of the MA taking part in the Abergavenny Churches Together Walk of Witness on Good Friday. Members of the MA taking part in a Walk of Witness on Good Friday along part of the Monmouthshire & Brecon Canal. Holding a Christmas Card competition with a local school, with the winning designs printed with details of the MA'S Christmas seNicks and distributed via the congregations and at special events. Hosting Christinglelchristmas events for three of our town schools, St John Ambulan and Tenovus at St Mary's Priory Church. H05ting Easter, Harvest and Christingle services for the local primary school at St Faith's, Llanfoisl. Hosting 8 harvest service at Christchurch, North Street. for the local primary school. Staging a Noel with Neighbours Carol Service for people living around Holy Trinity Church. Members of the Ministry Area continued to be encouraged to think about and tackle climale change, in however small a way, through articles in the Four Chiirches, Magazine, which was published 11 times during the year. The magazine, which is distributed widely, also tackled social justice and kept subscribers up-to-dale wilh diocesan and provincial Church in Wales matters. Painting railings and benches in a square near to Holy Trinity Church and then holding a barbeque for the neighbourhood. On the wider Church in Wales stage, the Reverend Canon John Connell, Jenny Lloyd. Chris Cotterill, Gaynor Parfitt, and Caroline Woollard continued to serve on the Governing Body of ttr7e Church in Wales. The Reverend John Connell and Caroline Woollard also served on other Provincial committees. Music, bells and vlsitors The work of St Mary's Priory continued to be greatly enhanced by St Mary's Priory Choir, under the musical directorship of Tim Pratt. Recruitment and training of choristers remained an integral part of the mission of Ihe church. The Choir was nhoir in Residence at Durham Cathedral in August and performed a devotional concert on Good Friday. Church bells continued lo be rung at some of our churches on Sundays and special occasions as well as by visiting bands at St Mary's Priory. Marianne Elliott was appointed Tower Captain at St Mary's with a mission to reinstate training evenings to grow the work of bellringing - bells being often described as the largest musical instruments in churches.
Docusign Envelope ID.. 5E3038F&IOED400>97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT (contiftuod) The number of visitoi's to St Mary's continued to increase, with the unique Jesse figure and the Jesse stained glass window two of the main attractions. Our stewards continued to make people welcome and to facilitate bolh heritage visits and those who wishing to pray. SPECIAL ACTIVITIES Fellowship, Fundraising and Hosting Events, which included but was not limited to: Hosling the BBC for a live broadcast of Newsnight on Tour. Staging a General Election hustings at St Mary's Priory Church. Christchurch. North Street, hall beirKJ used as a polling station. Coffee after seThices at five of our seven Churches. Concerts by the Gwent Bach Society, th9 Unicorn Singers to ceSebrate Petertide. and the Phoenlx Singers. Food Festival organisation agiain using the Priory and Ttthe Barn Coutyards in September. Church volunteers providing refreshments during the Food Festival, providing a quiet space within St Mary's Priory on an otherwise very busy weekend in town. Hosting Abergavenny Pride in July. Holding Christmas Fayres at Christchurch, Govilon, and St M8ry's Priory. Renting out our various church halls to a wide range of organisations for both social and training events, induding art exhibitions, Alzheimer's meetings, AODDS, dog training, Commiinity Kitchen, Tai Chi. yoga. Papillon Art Group for vulnerable adults, and a number of community choirs. Reference and adminlstration details Abergavenny M inisty Area, now co-terminus with the Deanery of Abergavenny, is in the Diocese of N4onmouth in the Church in Wales. There are seven churches in the Ministy Area: Christchurch, Abergavenny Christchurch. Govilon Holy Trinity, Abergavenny St Faith's, Llanfoist St Helen's, Llanellen St Mary's Priory, Abergavenny st Peterfs. Llanwenarth Citra Incumbent and ministers The Reverend Canon John Coiinell Gonlinued to serve as Rector and Area Dean lunlil Juty 2024) and the Reverend Lea Ryder as Vicar (until appointed as Rector and Area Dean in September 2024). The worship in the parish was made possible through the on-goin9 contribulion of our Licensed Lay Ministers Gaynor Parfitt, Clifford Jayne and Hywel Griffiths . retired ministers the Reverend Malcolm L8ne. the Reverend Jan Delaney. the Reverend Francis Buxton, the Reverend Andrew Willie, the Reverend Canon Stephen James and the Venerable lan Rees. The Reverend Ashley Davies served as curate from his ordination in June, until he moved to a difference rriinislry area in October.
Docusign Envelope ID.. SE3038F6-10ED4D0>97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT (continued) OBJECTS AND ACTIVITIES Wè review our aims, objectives, and activities each year, looking at what we have achieved and the outcomes of our work in the previous e1ve months. The review looks at the success of each key activity and benefrts of activrties in a wide variely of cultural areas. The review also helps us ensure our aims, objectives and activities remained focused on our stated objective. When reviewing our aims and objectives and in planning and considering our activilies for the year, the Trustees, sitting as the Ministry Area Council (MAC), have considered the Charity Cornmission's guidance on public benefit and. in particular, the specific guidance on charities for the advancemcnt of religion. The objective of the CTr)arity is promoting in the ecdesiastical Ministry Area the whole mission of the Church. Encouraging and facilitating the practice of the Christian Faith by the Churches includes tlie followii)g'. Conducting regular Christian worship in 811 seven Churches. Marriages. funerals and baptisms. The provislon and maintenance of the fabric of all seven Churches and their associated buildings. Opening St Mary's Priory daily for the public to enter and benefit from personal spiritual contemplation and to be able to view the medieval monumeiits and learn about the Benedictine foundation of the Church and its place in the history of Christianity and of Abergavenny. Openin9 St Peterfs daily during the summer, when it is particularly visited by walkers. Opening other churches in the MA for visltors when asked. The maintenance of Chrislian burial places. Promoting the study of Christian teaching. practices and Scriptures, through Lent and Advent Sludy groups. The prniljoion of means and encouragemenl to promote fellowship within the mernbership of the Churches and the wider community, including various fundraising events such as Race Nights. Hymns of Praise. Harvest and Epiphany Lunches. In addition to the above. ChrisÉian devotional acts and outreach work are carried out including: VisitTllg the sick. Administering ihe Sacranients to those unable to attend regular acts of worship. and to the sick and dying. Supporting pastoral work. A training course for Lay Pastoral Assistants look place ii) October and November, wilh practical training following. Fostering 8cumenical links between differing Christian denominations. Supporting the work of other charities through, among others, the Mothers, Union, the Bridge to Cros5 Trust (7Corners) and the Rachel Herbert Trust. The work of the Trust and its churches is governed by safeguarding policies of the Church in Wales" responsible adults are required to have DBS checks and the Truslees have appointed a safeguarding co-ordinator who liaises with the Provincial Safeguarding Offir rf necessary. F.laving completed Modules A & B of the Church in Wales Safeguarding training, the majority of Trustees have now completed Module C.
Docusign Envelope ID.. 5E3038F&10ED4DO>97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT (continued) Further achiovements in the year Monies were raised by freewill offertory and by donations. These were used to support the work and administration of the Churches and wider mission. Volunteers have donated their time to help at 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 activities. without which the churches could not survive. The churches will continue with acts of worship and pastoral care during 2025 and will continue actively to try to increase the Electoral Roll. through our mission work in the community. PLANS FOR THE FUTURE The Trustees have the following plans for 2025 and beyond.. To expand the Trust's work in schools through the appointment of a sch.ools Pioneer minister, supported by the Mission and Oulrpach leam. This appoinknent has been delayed due to unforeseen cirCumstans. but it is hoped the post will be filled during Ihe first half of 2025. To encourage and train lay ministers through fornial and infOal tralning courses and mentoring. To run a Stewardship course. to encourage financial giving and discipleship. To continue working towards sustainability through the Christian environment tharity A Rocha. To ensure safeguarding is promoted throughout the churches and DBS checks are updated as necessary. To streamline the govemance and management of St Mary's Priory. To encourage members of the congregation to serve on Diocesan and Pn)vincial bodies. STRUCTURE, GOVERNANCE AND MANAGEMENT COWSTITUTION Abergavenny Ministry Area is part of the Diocese of Monmouth within the Church in Wales. The Church in Wales is a Province within the Anglican Communion and, as such. exists to advance the Christian Religion through world-wide mission. The object of the bAinistry Area Council is to ensure that the life and work of the Church within the Parish helps to fulfil that Inission, both locally and more widely. The Representative Body of the Church in Wales (RB) holds the larKJ and property of the Church in Wales. including all the MA'S Churches and other church buildings, churchyards and gardens of rest. and their conlents. The Representatwe Body is an exempt Chanty and was set up under Section 13(2) of the Welsh Churches Act 1914. It acts on behalf of the Province in paying the stipends of the full-time clergy, and administers the Church in Wales scheme of covenanted and gift aid giving. recovering tax on behalf of the parishes. Organisational Structure The Trustees are responsible inler-alia for promoting th6 mission of the Church, the budget and all expenditure thereunder, the care and maintenance of the fabric of the Churches and associat8d buildings and of the graveyards and gardens of remembrance, and for action on an/ other matter referred to it in accordanGe with the consts"tution. The MAC is also the normal channel of communication between the parishioners and the Bishop of the diocese. All meinbers of the MAC are volunteers, apart from the stipendiary ministers.
Docusign Envelope ID: SE3038F&10ED4DO&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT {continued) In addition lo the election of members, the People's MA Ward8n is elected at th& annual Vesty meeting and the Rector appoints the Rectorfs MA Warden at the same meeting. Thereafter, both MA Wardens have the same role. New representatives are told of their responsibilities and of the issues facing the Churches by existing representatives, and receive such additional training as required. Other Officers. Including the Co-lay Chair. Secretary, Treasurer and Gift Aid Treasurer are appointed at the first meeting of the MAC after the Vestry Meeting. Each individual church is served by a local church committee with two local wardens. As indicated. members of the MAC and the Churches also serve as representstives on the Deanery and Diocesan Conferences and the Governing Body of the Church in Wales, the Electoral College and the Provincial Discemment Panel. The MAC is de factor Abergavenny Deanery. The bAinistry Area us an active member of Abergavenny Churches Together and volunteers h8lp run mission events in Abergavenny, including activities for Fair Trade Foitriight, Easter and Christmas. The Churches are run entirety by volunteers as the clergy are remunerated by another charity from the Ministry Share payments made by all the Churches in the Diocese. Without the work of these volunteers the Churches would not function. As of Dernber 2024, the Charity employed five people (1.8 full-time equivalent). Committee structure The Trustees met nine time% during the year, with the Slanding Committee (ReGlor, Treasurer aiid MA Wardens) meeting a couple of weeks beforehand. Othpr committees including the mission & outreach, finance and communications groups met ai regular intervals and reported bad( to the MAC. Some delegated decisions were taken bythe Standing Committee in addition to those taken by the MAC at meetings or via email. ST MARY'S PRIORY TRUSTEES The Priory Trust was founded by a Deed of Indenture dated 24 December 1925, under the oversight of the then Parochial Churbh Council to operate and administer certain lands and buildings associated with St Mary's Church ("The Priory Properties"). Although the properties have changed over 99 years the Truslees have continued to discharge their responsibilities including, in recent years, the development and management of commercial activities in the Priory Centre, Tithe Barn and other facilities. The Deed proTrrfiaed that any surplus generated by the Trustees is to be used for the benefit of St Mary's Priory. The Priory TrLisI reports to the MAC and the financial activit eo cf the Priory Trust, including the ownership of certain freehold properties, are incorporated into the Charity Accounts. Any surplus generated continues to be used for the benefit of St Mary's Priory. The incom8 received from the house sale reported in our 2023 Report was used to cover the costs of the first of the major building schemes long planned to maintain the int8grity of the fabric of St Mary's Church (see 'Fabric'), and also contributed to covering, in part, the running osts of the Church. The balance of the funds remains in Deposit Account5, and the Fixed Rate Bond in whirh £200,000 is invested has been renewed for a further 12 months. sin the closure of the Food Hall, the Trustees have struggled to 8¢1)ieve an appropriate financial return froni the Tithe Barn despite the use and hire of parts of the building on bolh regular and occasional bases by a number of organisations..
Docuslgn Envelopè ID.. 5E3D3BF6-IOED400&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT (Gontinued) However, early in 2024 the Trustees were approached by one of the weekly users (then known as 'Crafting 4 Cancer,) with a view to increasing significantly their use of the facilities in retum for an appropriate increased consideration. The revised arrangements have operated from May 2024 and are continuing. The group, now the 'fithe Barn Wellbeing Community Cafe CIC,, have reopened the Food Hall five days each week and also offer a range of meetings and counselling services for users. From the Trustees, perspective th6 development has brought on-going levels of activity in a hilherto undetutilised facility. as well as an increase in tlieir regular income. POLICIES Complaints handling Conflicting interests Investment Paying slaff Risk management Health & Safety, including lone working and working at height Safeguarding vulnerable beneficiaries Volunteer management Internal charily financial controls policy and procedures Safeguarding policy and procedures Financial Toserves policy and procedures Serious incident reporting policy and procedures Internal risk management policy and procedures Bullying and harassment policy and p.,CdureS Social medid pvlicy and prOdureS First Aid, including action to be taken when someone collapses in church RISK REVIEW The Trustees continue to review major risks to vihich the Charity is exposed and systems have been established to mitigate those risks. Tl)e risks facing the Charity include the state of repair of the Churches and the financial requirements to meet its stated activities, including payment of its Annual Parish Share. bearing in mind the fall in the numbers of regular worshippers and the ieduction in regular giving. The structure of the Churches is continually monitored by the Trustees and the Church's professional advisers and the finances are controlled by careftjl budgeting and encouragement and appeals to the worshippers and visitors. 'The Trustees continued to develop an evacuation plan in the event of a major incident. This plan will include the safe removal of both people and major artefacts. There have been no serious incident5 or other malters relating to this charity over the previous financial year that we should have brought to the attention of the Charity Commissioners but have not. GOING CONCERN Taking account of the Charity's assets. the TTUStees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. T.or this reason, they continue to adopt the going concern basis in preparing Ihe financial statements. Further details regarding the adoption of Ihe going concern basis can b& fourKI in the AcUnting Policies. 10
Docusign Envel¢pe ID.. 5E303BF6-1 OED4D03-97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT {continued) PUBLIC BENEFIT In planning the Charities 8Ctlvlties for the 2024 year we kept in rnlnd the Charity Commission's guidance on public benefit at our regular trustees. meetings. FABRIC As well as ongoing general maintenance on all churches, the following work was rrIed out: Christchurch, Abergavenny: Painting the interior of Christchurch Community Hall, in Ihe curtilage of the church. Commissioning a survey of drylwet rot in the hall. St Faith's, Llanfoist: Repairs to the vestry roof Holy Trinity, Abergavenni: Porch roots repaired. Contrasting nosing added on slep up lo the altar. Main boiler in the church repaired. Repairs to the organ. St Peterfs, Llanwenarth Citra: Restoration of the organ. Hall reroofed with improving insulation and renewed guttering. St Mary's Priory, Abergavenny: The work to stabilise the cracks in the North Transept Turret stairGase, along with extensive re-pointing, bolh internally and externally, was completed during April and May at a total cost of just under £60.000, of which some £9,000 of VAT was recovered through the Listed Places of Worship Grant Scheme. Attention then switched lo a scheme to repair the south west boundary wall where severe deterioration in the integrity of the conslruction has resulted in the adjant gateway between the Prince ofwales Courtyard and the Church forecourt bng Closed off for safety reasons. The specffication was compleled prior to going out to tender. INDUCTION AND TRAINING OF TRUSTEES Trustee meetings routinely start with a celebration of the Eucharist which draws the Trustees together in the work of the Ministry Area. The Trustees have undertaken various development days and training together. including safeguarding, lay pastoral ministry and leam building. Twstees are briefed on their roles and responsibilities on appointment and undergo refresher training through online resources from the Charity Commission. FINANCIAL REVIEW The Trust continues to operate Gn a going concem basis slnce the forniation of the Ministry Area in January, All the 7 churches and Priory Trustees ret8ined their treasurer (local treasurer) and maintained their accounls reporting to a central Ministry Area Finance and Propety Committee headed up by a newly appointed Ministry Area Treasurer. The operation and financial thresholds are defined by the MAC with a guidance policy, All the financial management uses Data Development's MyFundAccounting.Online supported by the diocese. This 8nabled consolidation of all the management and reporting to be produced in compliance with the Charity Commission. A central fund was created lo allow for payment of all centrali8ed payments, including ministry share and Insurance. 11
Docusign Envelope ID.. 5E3038F6-10ED400&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 TRUSTEES REPORT {continued) To enable the continuin9 transition from individual churches to Ministry Area, the local treasurers continued to manage their entity. Where items were paid centrally. the charges were PTOPOrtional to their previous year's Parish Share. Most churches managed to meet all their normal commitments through direct voluntary Contributions, weddings, funerals and fundraising. Holy Trinity and St Mary's was the exception to this, having both the highest proportion to pay and still sufferlng from the impacts of the Covid Pandemic. The direct voluntary contributions received during Services, excluding tax reclaimed through Gift Aid, amounted to £92,341. Other general income, induding that generated from fundraising activities, was £106,864 £17,062 was received by way of grants from extemal agencies to the various churches. The level of general expenditure, excluding exceptional items. amounted to £394.285. Expenditure on exceptional Items during the year amounted to £60,988 which w8s for the repair of the North Transept Stairs in St Mary's and the Organ Refuibishment at St Peter's. The nel assets of the Charity at 31 December 2024 amounted to £651.135 a reduction of 63,044 compared to 31 December 2023. This reduction was the Charity having to continue using {and reducing) its financlal reserves to cover its ongoing expenditure. During the year the Charity conlinued to face Ihe challenge of managing its cash flow parlicularly because of the reduced levels of income and the diminishing level of financial reserves within which it operates. contrary to its policy but reflecting current realities. RESERVES POLICY The Trustees recognise the need to hold reserves lo ensu funding is available to provide continuing mission should income levels fall. Reserves are also required to meet the future maintenance programme for the Churches and Church buildings. A minimum level of reseNes also needs to be retained to ensure the Trusl can meet tts leqal commitments should Ihe Charity be unable to conlinue due to a18¢k of a sustainable income strearn. The Officers of the Trusl have established a policy whereby the unrestriGted funds not designated for specific use by tho Trust or invested in tangible fixed assets, ie the free reseNes held by the Trust, should ideally be between three and six months of the resources expended in general !iJnde The Charity is dependént on donations, grants and investment income. The economic climate remalns uncertain and, while interest rates are starting to improve, they are still not where they once were, botti of which factors are likely to have an on-gning negative impact on future income streams. INVESTMENT POLICY AND PERFORMANCE There is an ongoing review of our investments as there are different approaches across the 7 churches. Where some churches hold reserves in the CCLA COIF Charities Investment Fund and others dJe to historically low rates of interest, achieve the best possible rate fro our bankers commensurate wilh maintaining the capability of rapid access to the funds in the event of a call on them. 12
Docuslgn Envelope ID.. 5E303BF&10ED4D03-97A7-AE78D670C989 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trLISts are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the truslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoining resoUrS and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Irustees 8re SponSible for keeping proper accounting recordv that disclose wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Charities Act 2011, the Charities (Accounls and Reports) Regulations 2008 and the provislons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence fortaking reason8ble steps for the prevention and detection of fraud and otl)er irregularities. 17J1012025 Approved by order of the Trustee Board on . and signed on their behalf by Slgnedty.. r7 Chalr of Trustees 13
Docusign Envelope ID: 5E303BF&IOED4DO&97A7-AE780670c969 ABERGAVENNY MINISTRY AREA YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ABERGAVENNY MINISTRY AREA {'the Charity.) I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 December 2024 which are set out on pages 15 to 25. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charrties Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){b) of the Act. Independent examiner's statement sin the cornpany's gross income exceeded £250,000 your examiner must be a mamber of body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake th8 examination because l am a member of Institute of chartered accountants, which is one of the listed bndies. I hgve ¥omplptea my ex.am ination. I confirm that no material matters have come to my attention in corinection Kvith the examination giving me cause to belipiie that in any material respect: aGcouriling records were not kept in respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and coiitent of accounts set out in the Charities (Accaiints and Report) Regulations 2008 other than any requireftiei)I that the accounts give 8 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of the accounts lo be reached. J M Roderick Bqknc ACA WJ James & Co. Chartered Accountanl Bishop House 10 Wheat Street Brecon Powys LD3 7DG i. ..oth]beA2025 14
Doeusign Envelope ID.. SE303BF6-10ED4003-97A7.AE780670C969 ABERGAVENNY MINISTRY AREA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Deslgnated Restrlcted Funds Funds Funds 2024 2024 2024 Total Funds 2024 Total Funds 2023 Note INCOME FROM: Donations and leg8¢les Charitable activities Other activities Inveslffients Other income 155,533 40,893 105,594 371 40,085 295 8,294 1,270 7,547 163.375 49.187 106.864 441 75.798 176,734 25,395 120,040 2,358 186,309 70 35,713 TOTAL INCOME 342,476 9,859 395.665 510,836 EXPENDITURE ON: Raising funds Charitable activlties 3,436 42'7,3'16 3.436 455.273 6,769 371.536 9.582 18,375 TOTAL EXPENDITURE 43Q.752 9,582 18,315 458,709 378,305 NET INCOMEI{EXPENDITURE) 277 24,955 (63.044 132,531 Tr3iisfers between funds 17 13,210 (23,674) 10,464 NEf MOVEMENT IN FUNDS 1'),06f) 3,397} 35,419 63.044 132,531 RECONCILIATION OF FUNDS Tot81 funds brought forward 638,356 45,120 30,703 714.179 581.648 TOTAL FUNDS CARRIED FORWARD 563.290 21,723 56,122 651,135 714.179 The Statement of Financial Activities includes all gains arKI losses recognised in the year. All of the actlvities of the charity are classed as continuing The notes on pages 15 to 25 form part of these financlal statements 15
Docusign Envelope ID.. 5E3038F6-10E04D03-97A7-AE780670C969 ABERGAVENNY MINISTRY AREA BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Tangibl& fixed assets Investments 10 11 101,752 1,989 101,752 103,741 103.712 CURRENT ASSETS Stock Debtors Cash at bank and hand 10,000 3,681 533,745 547,426 10,000 4.916 623,325 638,241 12 Creditors . Amounts falling due within one year 13 32 127.774 NEf CURRENT ASSErs 547,394 610,467 TOTAL ASSETS LESS CURRENT LIABILITIES 651,135 714,179 TOTAL NEf ASSETS 651,135 714.179 CHARITY FUNDS Llnr¢strlcted funds Restricted funds 14 14 585,013 66,122 683,476 651,135 714,179 The above balance sheets reflects the amalgamatad financial postion of all churchgs INithin the newly formed Abergavenny Ministry Area, and therefore no comparative figures have been included as it would be impracticable to restat@ these amounts. ThL%e financial staterneiits were approved by Ihe trustees and authorised for issue by the trustees on wwned on its behalf by: 2025 and SipnEd by.. DABCD37FABB44TB... Trustee Trustee The notes on pages 15 to 25 form part of these financial statements 16
Docustgn Envplope ID= 5E303BF6.10END0&97A7_AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES Statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Slalenient of Recommended Practice issued in Qctober 2019. the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charilies Act ?011. Basis of preparation The Abergavenny Ministry Area meets the definition of a public benefit entily under FRS 102. The accounis (financial stalemenls) have been prepared undef the historical cost convention with items recognised at cosl or transaction value unless otherwise stated in the relevant note(s) to these accounts. Exemption from preparing a ¢a5h flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 arKI have therefore not included a cash flow statement in these financial statements. Going concern The financial statements have been prepared on a going concern basis. The trustees a55ess whelher the use of going concern is appropriate i.e. whether there are any malertal uncertaintles related to events or conditions that may cast sonrficant doubt on Ihe abilily of the charity lo continue as a going concern. The trustees make this asse8srnenl iii respect of a period of one year from the d8te of approval of the financial slatements. Incomlng resourGes Voluntary income including danations, gifts. legacies and grants Ihal provide core lunding or are of a general nalure is .< enlillement to the income. it is probable that the income will be received and the amount recognised when the charily h- can be measured wilh sufficient relSability. Donations and legacies are recogriised on a receivable basis when receipt is probable and the amour)t can be rellably measured. Doriated services or fae.ililies, whsch comprise of donated services, are included in income al a valuation 1¢h is an estimate of the finan_cial cost borne by 11)e donor where such a cost is quantifiable and ffleasurable. No income is recoqnised where tliere is no financial cost borne by a third parW. Grants are recognised when Ihe charity has an entillement to the funds and any conditions linked to the granls have been Met. Where performance conditions are allached lo the grant and are yel lo be met, the income is recognised as a liability and included on the balance sheet as deferred inwme to be released. Government grants are recognised based on the arUar model and are Measured at the faT value of the asset received or receivable. Grants are classified as relating either to revenue or to asspts. Grants relating lo revenue are recognised in income over Ihe pyriod in which the r8laled costs ar8 recognised. Granls relating lo assets are recognised over th expetsled useiul life of the assel. Where part of 8 grant relating to an dssel is deferred, it is recognised as deferred income. Gifi Aid relief on eligible donations is recognised on an accruals basis at the same point as the original donatlon. Investment income is recognised at the time of being received. 17
Docusign Envelope ID.. 5E303BF6-IOED4D03-97A7.AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES (CONTINUED) Expendlture All expenditure is recognised once there Fs 8 legal or constructive obfigation 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 rnn0t be direclly attributed to particular headings they have been allocated on a basis consistenl wilh 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 Ihe 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 furKfs. Charitable activities fl2rilable expenditure comprises those costs incurred by the ch8rity in the deltv•Thi of its activities and service5 for its benefiGi8ries. It includes both costs Ihal can b8 allocated direGtly to such activities and those cosls of an indirecl nature iiecessaiy to support them. Govwnance costs Those include the costs attribulable lo the charity's Gompliance with constiluticnal and statutory requirements, including audit, strategic mdnagerrienl and trustees, meetiros and reimbursed expenses. I'axation l-he r,l)arity is coiisidered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it nipels the definition of a charitable company for UK corporation tax purposes. ALCOfdingly, the charity is potentially exempt from taxation in respeLt of income or capital galns received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or oeLtion 256 of the Taxation of Chargeable Gains Act 1992, to the extent Ihat such income or gains are applied exclusively to cliaritab5e purposes. Tangible fixed assots and depreclatlon Tangible fixed assets ar8 initially recognised at cost. After recognition, under 11)e Cost Inodel. tangible fixed assets are mpasured at cost less accuniulaled depreciation and any accumulaled impairmp.nl losses. All costs incurred to bring a tang ble fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so a5 lo allocate the cost of tsngible fixed assets less their residual value over their eslimated Depreciatior7 is provided on the following basis: Freehold property- O % Stock Stock 15 recognised at the lower of cost and net fealisable value. Tr?de debtors Trade and other debtors are recogTrised at the settlement amount due after any trade discount offered. Prepayinenls are value(J al the aryiounl prepaid net of any trade discounls due. Cash and cash equivalents Cash arid cash equivalents comprise c8sh on hand and call deposits, and other short-lerm 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 credltors Creditors and provisions are recognlsed where the charity has a present obligatior) resulttr@ from a past event that will probably Tesull in the transfer of fuiids to a third party and the amount due to settle the obligation can be measured or estimaled reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounls due. 18
Docusign Envelope ID-. SE303BF6_10ED4D03_97A7_AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES (GONTINUED) Fun(1 structure Unrestricted iiicome funds are general funds that are available for use al the trustees, discretion in furtherance of the objectives of the charity. Designaled funds are unrestricted funds set aside for specrfic purposes at the discretion of Ihe 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. Flnancial instrumonts Classification Financial assets and flnancial liabillties are recognised when the charity becomes a party io the conlractual provisions of ttr instrument, Financial liabilities and equty instruments are classified according to the substance of Ihe conlraclual arr8ngemenls entered into. An equity instrument is any contract that evidences a residual interèst in the assets of the charity after deducting all of rts liabilities. Recognition and measurement All financi8188sets ané Ilabllitles are initlally me8sured at Iransaction price (including transaction costs), except for those f>nantrial a.8s@ts classifiBd as at [r value through profit or loss, which are initially measured at fair value {ICh Is normally Lne transactiori Pf LixcILiding trdnsaction costs). unless t1 arrangement constilulès a financing transaction. If an arfafigement ron8lilules a finario14ng transaction. the financial asset or financial liability is measured at the present value of the fijlure paynienls discoJiited al a markpt rale of interest for a similar debl inslrurnenl. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to sel off Ihe recognised arnounts and the charrty intends eiltter to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financi812ssets arp derecogni8ed when and only when a) the c.ontractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party subst8ntially 811 of the risks and rewards ol ownership of the financial asset. or c) the charity, despite having retained some, but not all. signtficant risks and rewards of ownership. has transferred control of the asset to another paty- Financkql liabilities are derecognised only when the obligation speGiified in the contract is discharged, cancelled or expires. 19
Docusi9n Envelope ID.. 5E303BF&10ED400&97A7-AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2 INCOME FROM DONATIONS AND LEGACIES Unrestrlctgd Designated Restricted Funds Funds Funds 2024 2024 2024 Total Funds 2024 Total Funds 2023 Planned giving (dlrect debit & SO) Loose Collections Donations For Mission Tax Reclaimed - GFft Aid Tax Refunds - GASDS Legacies Grants 76,078 16,265 23,493 1,051 20,548 2,478 76,076 16,265 23, 788 1.051 20,548 2.478 6.107 17.062 70,596 20,699 31,359 2,780 15,427 2,366 10.040 23.467 295 6.107 1.440 15,622 155,533 295 7,547 163.375 176,734 During the year grants were received from the following.. Unrestricted Deslgnated Restricled Fund8 Funds Funds 2024 2024 2024 Total Funds 2024 Total Funds 2023 Monmouth DBF Energy eyrant Church hall gr2nt Govilon - qranl frorn Wdsh Churches fund Communit/ COUllCil grant for churchyard Diocesan Church Fabric Grant- ¢hancel roof 100 Club assistance with roof Llanfoisl Fawr Communliy Council Mgn Dioc MCC grant - organ repairs Mon Dio Grant Lloyds - Bariking - Benefact Tnjst Grant BACS - Monmouth t)BF - Energy grant Llanfoist Fawr Com LFCC Grant Monmouth Diocese Monmouth C)iocese Garfield Weslon Churches unlockecl VAT Reclalm North Transept 269 1,550 2.000 2.000 1.000 1,000 2.000 165 165 165 5,000 2,000 500 118 2.000 1.150 2,100 5.209 500 200 1.440 1.440 41 3.000 400 8,857 400 8,857 15,622 1,440 17,062 23,467 3 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds 2024 Designated Restrict6d Funds Funds 2024 2024 Totsl Funds 2024 Total Funds 2023 Fees Fundraising 22,326 18.567 22,326 26,861 25,395 8.294 8,294 49.187
Docusign Envelope ID.- 5E3038F&10ED4D03_97A7.AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 OTHER ACTIVITIES Unrestricted Funds 2024 Designated Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Fundraising Hall Rental Income Sundry Magazinelolher PL*blcalion sales Catering & 8ar ReGetpls Eouipmenl ReIPts Priory Centr8 lusic Roorn Tilhe Barn Car Park Courtyard 37.559 57,221 25,260 16,634 9,643 1,733 16,479 978 30,240 950 14,734 11,011 3,192 16.634 9,643 3,003 16,479 978 30.240 950 14,734 11.011 3,192 1,270 105,594 1,210 106,864 120,040 5 INVESTMENT INCOME Unrestricted Funds 2024 Deslgnated Restricted Fund5 Funds 2024 2024 Total Funds 2024 Total Funds 2023 Investment income 371 70 441 2,358 371 70 441 6 OTHER INCOME Unrestrlcted Funds 2024 Deslgnated Restrlcted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Bank interest Sale of fixed assets Insurance claims Loans received Funds introduced MAIParish Share Rebate 12,588 12,588 400 9,543 3,000 44,990 5,277 385 9,543 3,IX)O 9.277 5,277 28.924 35.713 35.713 75.798 186,309 21
DoJ819n Envelope ID.. 5E303BF6-10ED4D03-97A7_AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 ANALYSIS OF EXPENDITURE 8Y ACTIVITIES Activities Wages & Undertaken Salarles Dlrectly 2024 2024 Total Funds 2024 Total Funds 2023 Charitable activities 54,953 400,320 455.273 371,536 54,953 400,320 455,273 371,536 . Analysis of direct costs Total Funds 2024 Total Funds 2023 Parish Share Parochial pxp9.nses of clerics Maintenance of services Gener31 parish expenses Mainlen3nce ol churches Malnlersali of church I1} Aaiiitenance cl olh.ef properly MBsion and p¥trish M¥ssion and gfanl h)melworkl Professtonal faes Parsonage expenses MAILMA central costs Major building repairs and renovations Purchase of asstes for church purposes Loan repayments i rading expenses 76,987 4,649 4,921 52,158 58,549 44,826 62,818 2,039 4,670 840 1,872 117,807 325 3,589 16,069 62,805 23,314 59,678 2,029 6,600 3,040 1,799 65 14,358 1.465 2,500 9,248 80,988 12.773 3,000 9.230 400,320 324 691 . Total Funds 2024 Total Funds 2023 b. Staff costs Wages and sal2rSes Pension contributions 54,210 743 46.335 510 54,953 46,845 Tlie average number of persons employed by Abergav1nY Ministry Area during the year are as follows: _ 2024 2023 mployees No employee received remiineration amounting to more than £60,LX)O in the year. 22
Docusign Envplope ID.. SE303BF6_10ED4D0>97A7_AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8 TRUSTEES, REMUNERATION AND EXPENSES During the year. no trustees received any remuneration of other benefits . Durlng the year ended 31 December 2024, expenses to1211ing £2,843 {2003'. £Nill were reimbursed or paid directly to Trustees. 9 TAXATION The charity is exempt From corporation tax on its charitable actNities. 10 FIXED ASSETS FREEHOLD PROPERTY COST Balance brought forward a11 January 2024 101,752 Disposals Balance carrled forward al 31 December 2024 101,752 It is not considered necessary to charge depreciation on the cost of the Freehold Property owned. 11 INVESTMENTS 2024 2023 Market Value at 31 December 2023 Addition51{Disposals) Unr83Iise(l Gainsl{losses) 1,960 1,96U 29 Market Value al 31 December 2024 1,989 12 DEBTORS 2024 2023 DUE wrrH ONE YEAR Other debtors 3.861 4.916 3,861 4,916 13 CREDITORS: AMOUNTS FALLING DUE WITH ONE YEAR 2024 2023 Other creditors 32 27,714 32 27,774 23
Docusign Envekjpe ID.. 5E303BF6_1 OED4D0&97A7_AE780670C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 MOVEMENT IN FUNDS MOVEMENT IN FUNDS - CURRENT YEAR Balance at 31 Decembe Incoming 2023 resources Balance at Gainsl 31 December (Losses) 2024 Outgolng resources Transfers Inlout Rèstrieted funds Christ Church, Abergavenny LegaGy and Church Improvemenl Christchurch Maintenance Christchurch Hall 5,589 1,500 1,580 70 5,659 gg8 (504) (4,340) 2,760 St Helen, Ll¢inelle,n L13nellen Churchyard Fiind 6,956 6,956 Christ Church, Govilon Govjlon Maintenance Govilon Peace Garden Govilion Toilet {6,306) 1,640 10,000 8,107 199 {482) 1,158 10,OIXI St Peter, Llanwenarth Fabric Fund Organ Fund 35,713 35,713 2,000 (70,000) 8,000 St Mary's Priory North Transept Staircase Repairs 2,100 {3,049) 949 Holy Trinty, Abergavenny HT Bciilding Fund 5,644 1,440 (1,444) 5,640 43,330 10,464 66,122 Unrestricted funds General fund5 638.356 342.476 1430.752) 13,210 563,290 Designated funds Christ Church, Govilon Govilon Maintenance Gowlon Peace Garden Govilion Toilet 7,000 7,000 (43) 43 10,000 10,000 St Mary's Priory Choir fund Mothers Union St Mary's LegaGies - L8gacies/Fabric/organ/Holywell Funds 3,613 132 7.419 1,170 {8,876) (536) 2,156 766 23,717 (23,71 n Ministry Area Magazine 658 1,270 (127) 1.801 683,476 352,335 440,334 10,464 585,013 Total funds 714,179 395 665 458,709 651,135 Restricted furid5 have been included as advised by the indiviudal church treasurers. 24
Docusign Envelope ID.. 5E303BFP*10ED4D0>97A7-AE780fj70C969 ABERGAVENNY MINISTRY AREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15 ANALY515 OF NET ASSETS BETWEEN FUNDS Unrestricted Funds 2024 Restricted fund5 2024 Tangible fixed assets Fixed asset inyestmenls Currenl a5sels Stock Debtors Cash al bank and iii hand Credilors due with one year 101,752 1,989 10,000 3.681 467.623 {32) 66,122 TOTAL 585,013 66,122 16 RELATED PARTY TRANSACTIONS There were no related party transactions during the year. 17 TRANSFERS BETWEEN FUNDS The transfers beleen funds represent movement been designated and unreslricled funds during the year, and transfers from unrestricted to restircted Iuiids to clear any deficit balances arising at the year end. 25