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2022-10-31-accounts

Abergavenny Community Trust CIO

Charity No. 1177133

Trustees' Report and Unaudited Accounts

31 October 2022

Abergavenny Community Trust CIO

CONTENTS

Pages
Trustees' Annual Report 1 to 14
Independent Examiner's Report 15
Statement of Financial Activities 16
Balance Sheet 17
Notes to the Accounts 18 to 27
Detailed Statement of Financial Activities 28 to 29

Abergavenny Community Trust CIO

Report of the Trustees for the Year Ended 31 October 2022

The trustees present their annual report and unaudited financial statements for the year ended 31 October 2022 and confirm they comply with the Charities Act 1993, as amended by the Charities Act 2006, the trust deed and the Charities SORP 2005.

Reference and Administrative Information

Charity Name Abergavenny Community Trust Charity Registration Number 1177133 Date of Governing Document 25 January 2018 Principal Office Abergavenny Community Centre, The Old School, Park Street, Abergavenny, NP7 5YB Tel: 07751 666481 aber.hub@gmail.com Board of Trustees Ff.M. Ansari I.S. Kumar S. Burch C.E. Lewis D. Chipp S.I. Lloyd-Jones J. Edmonds J.P. Logan P.J.S. Hannay G. Miles Clark N.R.C Hoyal C.J. Payne until 11/12/2021 C. Irving

Acting Hon. Secretary to the Trustees

J. Gass until 03/08/2022

Centre Manager

M. Pearse

Treasurer

L. Meagher Accountants Bankers Andersons Accountancy Services Ltd Barclays Bank 10 The Cedars Abergavenny Branch Llanfoist 57 Frogmore Street Abergavenny, NP7 9LX Abergavenny, NP7 5AT

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

OBJECTIVES AND ACTIVITIES

Our objectives

The Trust’s charitable objects are to:

a) promote the benefit of the inhabitants of Abergavenny and district, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to promote facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life of the said inhabitants.

b) establish or secure the establishment of a community centre and to maintain and manage the same (whether alone or in co-operation with any local authority or other such person or body) in furtherance of these objects to include income generation from rents for the sole purpose of maintaining the building’s structure and promote its use as a community centre.

Our purpose and strategic priorities

The Trustees have indentified the Trust's purpose to be the creation of a safe space for people to come together under one roof; enabling social connection and resilience. That roof is the Abergavenny Community Centre (the Centre).

Our strategic aims and priorities are to:

Our activities

Led by a small and very committed team of part-time staff, the Centre thrives on the additional support of its volunteers to operate seven days a week. Many of our activities are delivered by the staff and volunteers together; others are provided by local people or public bodies who hire space to run activities, classes, events or meetings that are complementary to our objectives.

In furtherance of the Trust’s strategic priorities, the Centre provides the following activities and projects to benefit the public and local community:

Health and Wellbeing

The Centre hosts a range of activities and services delivered by local groups or individuals, who hire space from us at low cost, such as:

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

The Centre and its refurbished community kitchen are also available at affordable rates for private bookings such as children’s parties, weddings, and funeral gatherings.

The Centre provides an accessible and welcoming space for other agencies and public sector bodies to hire to hold meetings, workshops and one to one appointments/consultations, for example:

The Centre provides a welcoming space, both indoors and outdoors, for the local community to visit and enjoy, with various regular activities provided, for example:

This programme is constantly evolving to meet the changing needs of our community so more recent initiatives include a weekly coffee morning for Ukrainian refugees and their host families and a Dementia Friendship Group is being set up.

The Centre also provides a number of regular food related activities for the local community to enjoy, for example:

Sustainability

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

Partnership working

Many of the Centre’s activities and projects could not be delivered without the support of our partners. The Trust works with a wide range of partners from the public and private sectors as well as voluntary organisations, community groups and local people, for example local growers who share their produce with the Community Kitchen. We also work with individuals who bounce off ideas with us and start new ventures.

Significant public sector partners are Monmouthshire County Council who have provided a 25 year lease on the building and a 3 year lease on the car park, and Abergavenny Town Council with whom the Trust has a 3 year funding partnership agreement. We also work closely with other partner organisations such as Abergavenny Town of Sanctuary, Gwent Association of Voluntary Organisations, People First, Building Bridges, Abergavenny Repair Café, Abergavenny Benthyg, Abergavenny Rotary Club, Action for Children and EverydayPLAY – to name but a few.

Contribution made by volunteers

Following the pandemic volunteer activity was slow to rebuild and is still not at the level enjoyed prior to Covid-19. However, volunteer activity is starting to increase more latterly and volunteers continue to play a vital role in delivering the Centre’s activities and Trust’s governance responsibilities.

Throughout the year the team of garden volunteers has been able to maintain and enhance the grounds. They also played a role in planning the urban nature garden project and contributed drawing ideas as part of scoping the project.

The team of Community Kids volunteers has enabled the Parent & Toddler group to function throughout the year. Following the pandemic, the volunteers have embraced the outdoor space and more latterly the new nature garden, and regularly incorporate outdoor activities into their weekly group sessions.

Volunteers also played a considerable role in the summer play and art activities during the school holidays. Over a two-week period volunteers performed different tasks including helping with the organisation, liaising with parents, supporting play workers and artists, and supporting the Cooking for Life family sessions.

Our community kitchen is regularly supported by volunteers to deliver the weekly coffee mornings and lunches. Volunteers were also active in supporting the Community Food and Nutrition Project both within the Centre and from within the various partner organisations involved in the project. This volunteer activity was the major contributor to the 25% match funding, which was required by the project funders.

Volunteers also play a key role in the governance arrangements of the Trust. Volunteers act as minute takers for Trustee meetings, and as officers in the Secretary and Treasurer roles. These roles have supported the Manager and Trustees on financial management, HR management, fundraising, and

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

administration throughout the year. The volunteer filling the Secretary role left in August 2023 and the Trust has not yet been able to recruit a replacement

ACHIEVEMENTS AND PERFORMANCE

It has been a busy and successful year for the Trust, following on from a couple of challenging years of coping with the Covid-19 pandemic and the associated lockdowns and restrictions. Trustees are pleased to note that the Centre is starting to return to normal, although activities are not yet at the levels enjoyed pre-Covid, but they seem to be on an increasing trend. Much was achieved during the year, new activities and projects proved successful and a significant investment in time and funding was made in improving the sustainability of the Centre building and grounds, and its carbon footprint

Health and wellbeing

The Community Food and Nutrition Project

This project began during the previous year and ran to the end of June with funding from the European Union and Welsh Government’s Rural Development Programme. The project evaluation identified that its legacy included:

Technology project for older people

A grant from the local Health Board’s Integrated Care Fund provided funding for IT workshops for older people as a follow on to last year’s Community Cloud virtual coffee morning. An experienced IT facilitator ran the workshops, supported by a young local IT enthusiast. Twelve workshops were held over a period of 6 weeks, some 18 people attended the weekly sessions, and in total there were 80 attendances. Class sizes were limited to 10 participants which filled very quickly.

The workshops were publicised as ‘keeping up with the digital age’ and the focus was on - plain speaking, informal, non-scary, support, to help people to use technology (ours or theirs) and build their confidence and skills to email/communicate with friends and family and to search on-line, bank and shop etc on-line.

Summer activities

Additional funding from the Margaret Davies Trust, Abergavenny Rotary Club, Waitrose and Tesco’s Community Grant meant that the Trust was able to provide its popular and successful summer programme of outdoor play sessions and art activities for the third year running over a two-week period. The programme also included for the first time some ‘Cooking for life’ sessions for families, a legacy from the Food and Nutrition Project, which were well received and the Trust is looking at continuing these as regular activities in the future, subject to fundraising.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

Core Activities

After a slow start to attendance at the beginning of the year post pandemic, the Centre’s core activities of health and wellbeing classes, room hire activities and food related events really picked up and became well attended as the year progressed.

Coffee morning attendances are now at or exceed pre-pandemic levels and the same is true of Community Kids, chair yoga and community table tennis all of which are experiencing growing numbers of participants which often have to be restricted due to the size of the space used. The only area where numbers have increased but are still down on pre-pandemic levels are the Wednesday lunches and afternoon teas.

The World Bistro was welcomed back for the first time in just over two years and a successful event was held which is all part of the Centre’s approach to diversifying our Community Kitchen offering into a wider cultural programme for example with Ukranian coffee mornings, and Independence Day celebrations.

Sustainability

Investment in the Building and Grounds

At the beginning of the year the original gas boiler, which served the meeting rooms and downstairs office, was declared unsafe and it was deemed that to repair it would be uneconomical. A replacement condensing boiler together and new thermostatically controlled radiators were installed. This was made possible by fundraising led by a community member and by drawing on reserves. Whilst unplanned and inconvenient, this has enabled heating to be provided in this part of the building more economically and with fewer carbon emissions than before. Specialist advice was taken at the time about less polluting alternatives to gas but the consensus was that the technology was not sufficiently developed at this stage.

A food storage area has been created by partitioning and improving an area on the lower floor and the windows in the main hall have been replaced. A large ‘cathedral’ window had become dangerous and all the windows were single glazed. The new double glazed windows will reduce heat loss and help conserve energy reducing carbon emissions. These two initiatives were made possible thanks to two Welsh Government Circular Economy grants totalling £33,300 sourced through Monmouthshire County Council.

Another aspiration has been to improve the grounds by investing in a nature garden with the aim of increasing biodiversity in this built up area and enhancing the outdoor learning opportunities for our children. Funding from the People’s Postcode Lottery together with a grant from the Welsh Church Fund administered by Monmouthshire County Council, has enabled the creation of the nature garden and an improved access pathway from the car park to the Centre building. This project will be completed early next year with the installation of new railings and a water feature in the peace garden.

Energy efficiency and improvement to our environmental footprint

In the previous report the long term aspiration to install PV solar panels on the roof of the Community Centre was noted and some funding had been raised towards this. This aspiration was met when In March 2022, a 21.00 kWp photovoltaic system comprising two arrays of solar panels was installed at the Centre.

The 56 solar panels and associated batteries, which cost approximately £40,000, were installed by Abergavenny-based Green Park Power after the Centre raised £20,000 from the Welsh Government’s Community Facilities Programme and £15,000 from the Community Green Energy Monmouthshire CIC and

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

Community Green Energy England / Wales CIC associated with the solar farm at Llanvapley. The balance was provided by donors from the local community and a contribution of £1,800 from our ECO improvements reserve.

At a celebration event at the Centre, Welsh Government Minister for Social Justice, Jane Hutt said: “I was delighted to award Abergavenny Community Trust with a £20,000 grant for the installation of solar panels at Abergavenny Community Centre.

The Trust’s energy consumption has reduced as a result of this new system, and also as a result of installing a replacement, more energy efficient boiler.

The Centre has a plan to be a net zero carbon producer by 2030, which in turn contributes to the Welsh Government’s wider commitment to tackling climate change

How our activities deliver public benefit

The Community Centre building was established to benefit the local community and residents. Its activities and grounds are open to the general public. The Centre provides a community setting which acts as a community broker to encourage local connections and networks for the public sector, charities and 3[rd] sector agencies to come together with local residents and find solutions that build a stronger, safer and more resourceful community.

Our food related activities in particular benefit members of the public, promoting wellbeing by addressing problems of social isolation and loneliness. At the weekly coffee mornings, refreshments are made available for a donation however small. Our food related activities – both growing and cooking – provide much needed opportunities for volunteering and skill sharing. We are aware of how important the garden has been for the wellbeing of our visitors and volunteers.

Our grounds have been landscaped and a nature garden has been established. The grounds are open to the public and are valued by local families who benefit from coming with their children to enjoy the green space and observe nature, as well as older people who have enjoyed coming for a stroll round.

Several groups that are not constituted have benefited from the Trust acting as agent for them by, for example, holding grants for them. An example is the Abergavenny Repair Café. This removes barriers in the way of new activities getting off the ground meaning they are more likely to be sustained in the longer term.

We have a policy of providing space for self-help groups to develop by waiving or subsidising room hire charges. An example of this is a Dementia Friendship group.

We provide free storage space for litter picking equipment used by Keep Abergavenny Tidy volunteers for their regular litter collections in and around the town.

Fundraising

The Trust has been successful in raising funds in year for the following projects and activities:

Community Food and Nutrition Project

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

This was agreed last year with a grant of up to £25k from the EU funded Rural Development Programme. The project started towards the end of 2020/21 and £17,500 was secured in 2021/2022 to progress and complete the project.

Buildings and Ground improvements

A £19,000 grant was secured from the People’s Postcode Lottery for our outside space project, £4,700 of individual donations were secured towards the cost of our replacement boiler, and grants of £35,000 were secured to install PV solar panels

Activities at the Community Centre

A GAVO ICF small grant of £4.3k was secured to provide a programme of IT training and support to help older people take part in social activities and enhance independent living.

Grants and donations of £2,400 were received to help run a programme of summer activities for children and ‘Cooking for Life’ sessions for families.

Fundraising priorities for next year focus on securing grants to support the Trust’s core costs, particularly in moving towards a more sustainable staffing structure for the operational needs of the Centre, and on continuing to secure grants to improve the fabric of the Centre and its grounds, and on moving towards being a net zero carbon producer.

FINANCIAL REVIEW

Financial Performance 2021/22

Overall Summary

It has been a busy year financially for the Trust. Overall the Trust spent some £243k in year: £173k of which was expensed in the Statement of Financial Activities, with £74k on core activities and £99k on oneoff projects and initiatives; and £70k was spent on fixed assets which were capitalised on the Balance Sheet. A large part of the expenditure related to improving/repairing the Community Centre building and the grounds and outside space, for which specific grants had been previously provided or were provided in year some with a condition that they were spent in year.

On the Trust’s core activities, a small surplus of £2.4k was generated, which was better than expected when Trustees set the annual budget. Expenditure on core activities increased to reflect the agreed move towards a more sustainable staffing structure and core income levels increased over last year, although they are not yet at the levels they were prior to Covid-19.

The Trust completed a significant number of building projects and other initiatives in-year, on both unrestricted and restricted funds, for which funding was provided by agreed designated fund balances, restricted fund balances or from in-year external grants and donations.

Funding for the Trust’s total expenditure of £243k was secured as follows:

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Abergavenny Community Trust CIO

Report of the Trustees for the Year Ended 31 October 2022

Unrestricted fund balances reduced by £23k to £43k, in line with Trustee designations to fund maintenance items including a replacement boiler and central heating.

There have been several movements up and down on restricted fund balances although the overall total remains the same as last year at £224k. It should be noted that the majority of the restricted fund balance (some £218k) relates to funding for future depreciation and amortisation charges for previous expenditure on fixed assets. The useable restricted fund balances total £6k.

Unrestricted Funds

Overall, the performance on unrestricted funds is an in-year loss of £23k, made up of a £2.4k surplus on core activities and a £25.4k loss on maintenance items.

On core activities the Trust generates the majority of its charitable activities income through:

The Trust generated core activities income of c£66k, which is double that received for the same activities last year. Whilst the increase is welcome it should be noted that income of £66k represents approximately 80% of the income levels received prior to Covid-19 restrictions. It is hoped that there is scope for further growth next year.

Last year the Trust received some £22.5k of Covid-19 grants, no new Covid-19 grants were received this year although Trustees were pleased to receive a 50% ‘leisure and hospitality’ discount on Business Rates.

Expenditure on staffing has increased on last year by c£20k to c£53k in total, with some £14k of this increase and £35k in total charged as core staff costs in unrestricted funds. As part of moving towards a more sustainable staffing structure, Trustees appointed two part-time Assistant Centre Managers towards the end of last year. Their costs for this year account for majority of the core staff costs increase. Work continues on staffing structures and Trustees already started the fundraising process to secure future grant funding for ongoing core staffing and core non-staffing costs.

The loss of £25k on maintenance items largely arises from the purchase and fitting of a replacement boiler and central heating in March 2022, the cost of which was c£28k. This cost was funded by various income streams including a fundraising campaign which raised c£4.7k of donations, the use of restricted funds for ECO improvements of £2.8k and Trustee designation of unrestricted fund balances of £21k to cover the remaining cost.

Restricted Funds

Aside from core activities, the year was also focused on delivering the restricted projects and activities for which various donors and organisations had provided funds either previously or in-year.

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Abergavenny Community Trust CIO

Report of the Trustees for the Year Ended 31 October 2022

The significant projects in year were:

In total, expenditure of £146k was incurred. £79k was charged as expenditure in-year and £69k was capitalised as fixed assets on the balance sheet. Details are as follows:

Project/Activity Spend £ Funded by
SOFA Expenditure
Benthyg (‘Libraryof Things’) £2k Circular EconomyGrant fund balance
Replacement Windows £26k Circular EconomyGrant fund balance
Salarycosts £10k Moondance Foundation Grant fund balance
Technologyusage - support £3k GAVO ICF smallgrant
Communityfoodproject £18k European Rural Development Project Grant
Replacement boiler £3k From ECO improvements fund balance
Supportingfamilies £3k Various donations and smallgrants
Amortisation/Depreciation charge £14k Variousgrants and donations
£79k
Fixed Asset Expenditure
Outside space & nature garden £21k Peoples Postcode Lottery Grant and Welsh Church
Fund balance.
New food storage area £7k Circular Economy grant fund balance
Technologyhardware £2k GAVO ICF smallgrant
Solar PV roof panels £39k Welsh Government, Community Green Energy
AdvisoryGroup,ECO fund balance
£69k

Reserves – Policies and Fund Balances

Unrestricted Fund Balances

The Trustees policy is to have a minimum general fund balance of £20k. This equates to c 25% of our normal operating expenditure and cover for some four months of expenditure at any one time.

Another reserves policy is to maintain and top-up (subject to affordability) designated funds for two key areas:

Trustees also seek to fund fixed asset expenditure from external grants or specific donations. On the rare occasions where such expenditure has to be funded from core unrestricted income, the policy is to top-up the designated ‘depreciation’ fund to finance the future annual charges.

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Abergavenny Community Trust CIO

Report of the Trustees for the Year Ended 31 October 2022

At the end of this financial year the unrestricted fund balances are as follows:

Unrestricted Funds Opening
Balance		 Closing
Balance
General Fund £23.3k £20.8k
Designated Fund – Covid income support £8k -
Designated Fund –planned maintenance £27.1k £9.3k
Designated Fund – core staffing £3k £7.7k
Subtotal useable balances £61.4k £37.8k
Designated Fund – future depreciation £4.6k £5.2k
Total £66k £43k

Restricted Fund Balances

On restricted funds, Trustees policy is to spend any contributions in accordance with the specific terms and conditions of any award, including meeting any procurement requirements and any time constraints on delivery. This may mean that fund balances accrue at the end of a financial year, to be spent the year after.

At the end of this financial year the restricted fund balances total £223.6k. Of this balance, some £218k has already been spent on fixed assets and is being written off as an annual depreciation/amortisation charge over the life of the asset. The restricted fund balances available for future expenditure total £6.1k. The presentation in the ‘Movement in Funds’ note in the Accounts (Note 12) complies with the Charity SORP, the presentation below separates the depreciation and amortisation balances from the individual funds so that the reader can see how much of an individual restricted fund is still available to spend:

Restricted Funds Opening
Balance		 Closing
Balance in
Accounts		 Transfer
Depreciation/
Amortisation
Revised
Closing
Balance
BuildingImprovements £155.6k £147.9k (£147.9k) £0
Circular EconomyGrants £39k £9.5k (£7.2k) £2.3k
Technology– support £1.2k £1.9k (£1.9k) £0
Outside space and naturegarden £4.1k £22.3k (£20.1k) £2.2k
Hostingsupport for communityactivities £1.6k £1.6k £0 £1.6k
Moondance Foundation – salarysupport £9.8k £0 £0 £0k
Supportingfamilies £0.9k £0.4k (£0.4k) £0k
Equipment £2.4k £1.2k (£1.2k) £0
ECO improvements £9.3k £38.8k (£38.8k) £0k
Subtotal useable balances £223.9k £223.6k (£217.5k) £6.1k
Future depreciation/amortisation £0 £0 £217.5k £217.5k
Total £223.9k £223.6k £0 £223.6k

Other Financial Matters

Investments - policies and balances

The Trust has a current account and a deposit account with Barclays Bank. The deposit account is used for

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

more significant cash deposits received in advance of expenditure taking place, for example capital and maintenance grants, and for the general unrestricted reserves balance. The objective is to provide a lowrisk savings option to earn some interest before the expenditure takes place. The balance on the deposit account at 31[st] October 2022 was £65,474.

Pensions

The Trust operates a defined contribution pension scheme which is managed by NEST. All contributions have been paid over during the year, with our October 2022 contribution being paid in November 2022.

Going Concern

Our financial statements have been prepared on a going concern basis. We are still experiencing the impacts of Covid-19 and as a response, we have sensitised our financial forecasting and set a prudent budget for 2022/23 which delivers a small loss of £3,800 which after the planned application of designated reserves is revised to a breakeven position. Trustees are of the opinion that this indicates we have sufficient funds to remain operational for at least the next 12 months.

STRUCTURE, GOVERNANCE & MANAGEMENT

Governing document

Abergavenny Community Trust is constituted as a Charitable Incorporated Organisation registered with the Charity Commission in February 2018 under charity number 1177133. It is governed by a deed of trust dated 25 January 2018.

Organisational Structure

The charity trustees are responsible for the overall direction and management of all the activities of the charity which are delivered principally through the Abergavenny Community Centre. The trustees give their time freely and receive no remuneration or other financial benefits.

At the year end the Trustee Board comprises twelve members.

Up until the end of May there were three committees which met on a bi-monthly cycle:

The Trustee Board reviewed this structure in May and resolved to replace the committees with one Resources Committee supplemented by Task and Finish Groups to be arranged as needed. The Board would take responsibility for evaluating the impact of the charity’s work.

Volunteers fill the roles of Secretary to the Board, who convenes meetings, drafts minutes and prepares reports, and Treasurer who prepares management accounts and advises the Board on financial matters.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

The Secretary to the Board retired from the role during the summer due to moving from the area. Trustees have tried to recruit a volunteer replacement without success and our now looking at creating a part-time paid role as part of the sustainable staffing structure work which is all subject to securing appropriate fundraising.

The day-to-day management of the Centre is delegated to the Manager, who reports to meetings of the Board and its committees. The funding received from the Moondance Foundation during the previous year ensured the continued employment of two part-time Assistant Managers. However one of these left the Trust during May. The small team of part-time staff also includes a Chef and a Cleaner. There is also provision for a Kitchen Assistant, but this post is under review as part of the sustainable staffing structure work.

Recruitment and appointment of trustees

Six trustees completed their 3 year terms during the year.

John Payne was not re-appointed.

Sarah Lloyd Jones and Nicholas Hoyal were re-appointed on 9th December 2021. Simon Burch, Caroline Lewis and Gaynor Miles Clark were re-appointed on 26th May 2022.

The Trust make use of a set of guidelines for recruiting trustees to ensure:

Risk management

As in the previous year, the risks associated with the Covid 19 pandemic - for staff & volunteers, members of the community & Centre users, and the sustainability of the Trust - have been uppermost in the minds of Trustees and staff for much of this year.

Covid risk assessments were reported to Board meetings together with regular financial monitoring until the March meeting of the Board when it was considered the levels of risk had reduced.

Apart from the risks posed by Covid to both health and the viability of the Trust, risks associated with the building and day to day running of the Community Centre have been monitored in line with the Risk Management policy.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2022

Statement of Trustees’ responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and financial statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees and signed on their behalf by

Dated: 18[th] May 2023

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Abergavenny Community Trust CIO INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Abergavenny Community Trust CIO

I report to the trustees on my examination of the financial statements of Abergavenny Community Trust CIO for the year ended 31 October 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ("the Act"). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mrs M Anderson FCA/ICAEW

Andersons Accountancy Services Ltd 10 The Cedars, Llanfoist, Abergavenny, Monmouthshire, NP7 9LX 18 May 2023

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Abergavenny Community Trust CIO STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 October 2022

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total
Expenditure on:
Charitable activities
6
Total
Net gains on investments
Net income
Net income before other
gains / (losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2022
2022
2022
2021
£
£
£
£
20,367
476
20,843
13,250
50,875
77,890
128,765
116,751
40
-
40
13
71,282
78,366
149,648
130,014
94,483
78,574
173,057
82,548
94,483
78,574
173,057
82,548
-
-
-
-
(23,201)
(208)
(23,409)
47,466
(23,201)
(208)
(23,409)
47,466
(23,201)
(208)
(23,409)
47,466
66,006
223,818
289,824
242,358
42,805
223,610
266,415
289,824

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Abergavenny Community Trust CIO BALANCE SHEET

at 31 October 2022

Charity No. 1177133

Notes
Fixed assets
Intangible assets
8
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors:Amount falling due within
one year
11
Net current assets
Total assets less current liabilities
Net assets excluding pension assets/liability
Total net assets
The funds of the charity
Restricted funds
Restricted income funds
12
Unrestricted funds
General funds
12
Designated funds
12
Reserves
12
Total funds		 2022
£
£216,654
£6,170
£222,824
£9,517
£72,599
£82,116
(£38,525)
£43,591
£266,415
£266,415
£266,415
£223,610
£223,610
£20,629
£22,176
£42,805
-
£266,415		 2021
£
£159,728
£7,880
£167,608
£6,755
£125,636
£132,391
(£10,175)
£122,216
£289,824
£289,824
£289,824
£223,818
£223,818
£23,322
£42,684
£66,006
-
£289,824

Approved by Trustees on 18[th] May 2023. And signed on their behalf by:

C. E. Lewis Trustee 18 May 2023

Page 17

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UKand Republic if Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.

Change in basis of accounting or to previous accounts

There has been one change to the accounting policies (valuation rules and method of accounting) since last year which is to set a capitalisation threshold. No changes have been made to the accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.

Income

Donated services and These are only included in income (with an equivalent amount in expenditure) where facilities the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable.

Gains/ (losses) on This includes any gain or loss resulting from revaluing investments to market value at revaluation of fixed the end of the year. Gains/ (losses) on This includes any gain or loss on the sale of investments. investment assets

Page 18

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable services in the furtherance of its objects, including the making of grants and activities governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The Charity is exempt from tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to wrire off each asset over its estimated useful life:

Motor vehicles 25% straight line Equipment, fixtures and fittings 25% straight line

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management .

Page 19

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Assets held under finance leases are depreciated in the same way as owned assets.

Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 20

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

2. Statement of Financial Activities - prior year

Unrestricted Restricted Total
funds funds funds
2021 2021 2021
£ £ £
Income and endowments from:
Donations and legacies 8,877 4,373 13,250
Charitable activities 45,852 70,899 116,751
Investments 13 - 13
Total 54,742 75,272 130,014
Expenditure on:
Charitable activities 44,737 37,811 82,548
Total 44,737 37,811 82,548
Net income 10,005 37,461 47,466
Net income before other
gains / (losses) 10,005 37,461 47,466
Other gains and losses:
Net movement in funds 10,005 37,461 47,466
Reconciliation of funds:
Total funds brought forward 56,001 186,357 242,358
Total funds carried forward 66,006 223,818 289,824
**3. ** Income from donations and legacies
Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Donations and legacies 20,367 476 20,843 13,250
20,367 476 20,843 13,250
**4. ** Income from charitable activities
Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Grants 10,615 77,890 88,505 97,700
Room hire 26,991 - 26,991 11,357
Food, refreshments 12,519 - 12,519 6,662
Other 750 - 750 1,032
50,875 77,890 128,765 116,751

Page 21

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

5. Income from investments

Unrestricted Total Total
2022 2022 2021
Interest receivable 40 40 13
40 40 13

6. Expenditure on charitable activities

Unrestricted Restricted Total Total
2022 2022 2022 2021
£ £ £ £
Expenditure on charitable activities
Kitchen labour costs 4,387 7,994 12,381 9,262
Kitchen food and drink costs 4,198 3,834 8,032 1,868
Class teachers 1,178 5,142 6,320 5,625
Wages and salaries 29,474 10,863 40,337 23,343
Pension 300 409 709 286
Rent and rates 3,559 437 3,996 173
Light and heat 2,943 519 3,462 2,160
insurance 2,456 426 2,882 1,136
Repairs and maintenance 37,757 31,962 69,719 12,628
Cleaning 151 160 311 1,354
ICT and Telephones 1,144 288 1,432 2,394
Advertising 2,157 526 2,683 2,106
Bad debt 58 - 58 (98)
Licences and subscriptions 710 37 747 449
Sundry 440 1,303 1,743 704
Loss/(profit) on disposal of asset - - - 11
Amortisation 208 10,294 10,502 7,570
Depreciation 520 3,894 4,414 9,105
Governance costs:
Accountancy and inspection 1,300 - 1,300 1,200
Legal fees - - 0 180
Payroll and bookkeeping 1,543 486 2,029 1,092
94,483 78,574 173,057 82,548

Page 22

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

7. Staff Costs

No employee received emoluments in excess of £60,000.

The average number of full time equivalent employees during the year was as follows:

2022 2021
Number Number
2 2
2 2

The charity pension scheme for auto enrolment is Nest.

8. Intangible fixed assets
Cost
At 1 November 2021
Additions
At 31 October 2022
Amortisation and impairment
At 1 November 2021
Amortisation charge for the year
At 31 October 2022
Net book values
At 31 October 2022
At 31 October 2021		 Other
Total
2022
2022
£
£
181,684
181,684
67,428
67,428
249,112
249,112
21,956
21,956
10,502
10,502
32,458
32,458
216,654
216,654
159,728
159,728

Intangible fixed assets relate to improvements to leasehold property and grounds which have been funded by restricted grants and are being amortised over the remaining period of the building lease on a straight line basis.

Page 23

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

9. Tangible fixed assets
Cost or revaluation
As at 1 November 2021
Additions
At 31 October 2022
Depreciation and impairment
As at 1 November 2021
Depreciation charge for the year
At 31 October 2022
Net book values
At 31 October 2022
At 31 October 2021
10. Debtors
Trade debtors
Other debtors
11. Creditors
amounts falling due within one year:
Trade creditors
Other taxes and social security
Other creditors
Accruals and deferred income		 Equipment,
fixtures and
Total
fittings
2021
£
£
36,421
36,421
2,704
2,704
39,125
39,125
28,541
28,541
4,414
4,414
32,955
32,955
6,170
6,170
7,880
7,880
Total
Total
2022
2021
£
£
1,926
249
7,591
6,506
9,517
6,755
Total
Total
2022
2021
£
£
-
55
936
414
156
309
37,433
9,397
38,525
10,175

Page 24

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

**12. ** Movement in funds Incoming
At 1st resources Resources Gross At 31st
November (including expended transfers October
2021 gains/losses) 2022
Restricted funds £ £ £ £ £
Restricted Income funds:
Covid-19 salary costs support 9,846 - (9,846) - -
Supporting families and
outdoor activities 889 2,401 (2,855) - 435
Technology improvements 1,205 4,274 (3,581) - 1,898
Hosting support for
community activities 1,555 - - - 1,555
Outside space and nature
garden 4,070 19,131 (913) - 22,288
Building improvements -
future amortisation 155,571 - (7,673) - 147,898
ECO/environmental
improvements 9,289 35,000 (5,514) - 38,775
Equipment 2,425 - (1,170) - 1,255
Circular Economy grants 38,968 - (29,463) - 9,505
Community food and
nutrition - 17,560 (17,560) - -
Total restricted funds 223,818 78,366 (78,574) - 223,610
Unrestricted funds
General funds 23,322 66,529 (64,322) (4,900) 20,629
Designated funds:
Covid-19 income support 8,000 - - (8,000) -
Medium term maintenance
plan 8,600 - (4,000) 4,700 9,300
Core salary costs support 3,000 - - 4,700 7,700
Boiler and CH replacement 18,500 4,753 (25,953) 2,700 -
Building improvements -
future depreciation 4,584 - (208) 800 5,176
Total designated funds 42,684 4,753 (30,161) 4,900 22,176
Total unrestricted funds 66,006 71,282 (94,483) - 42,805
Total funds 289,824 149,648 (173,057) - 266,415

Of the restricted funds £217,536 has already been spent on fixed assets and it is being written off over the life of the asset (see note 13).

Page 25

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

12. Movement in funds (continued)

Purposes and restrictions in relation to the funds:

Restricted funds:

Moondance Foundation grant for salary costs post Covid-19

Covid-19 salary costs support

Supporting families & outdoor activities Small grants to supplement summer activities Technology improvements Hosting support for community activities Hosting support for community groups Outside space and nature garden

Small grants to supplement summer activities GAVO grant to support older people to use technology

Various grants to improve outside space and create a nature garden Various grants for building improvements Improve environmental footprint towards net zero New equipment to improve facilities Replace main windows, improve storage and establish 'Benthyg' facility EU RDP funded partnership project to improve food and nutrition in the local community

Building improvements ECO/environmental improvements Equipment Circular Economy grants

Community food and nutrition

Designated funds:

Covid-19 income support Medium term maintenance plan Core salary costs support Boiler and CH replacement Building improvements

Final year support to recovery post Covid-19 Planned maintenance from stock condition survey Salary costs support to develop new staffing structure Replace second boiler and central heating Property improvements, future depreciation costs

13. Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Net current assets		 Unrestricted Restricted
Total
2022
2022
2022
£
£
£
5,288
217,536
222,824
37,667
5,924
43,591
42,955
223,460
266,415

Page 26

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

14. Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 £
£
£
125,636
(53,037)
72,599
At 1
November
2021
Cash flows
At 31
October
2022
125,636
(53,037)
72,599

15. Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

Land and Land and
buildings Other buildings Other
2022 2022 2021 2021
£ £ £ £
Operation lease with expiry date - - - -
Pension commitments 2022 2021
£ £
The pension cost charge to the charity amounted
to: 709 286
Unpaid contribtions due to the fund are included
in other creditors and amounted to: - 153

Page 27

Abergavenny Community Trust CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 October 2022

Income and endowments from:
Donations and legacies
Charitable activities
Grants
Room hire
Food, refreshments
Other
Investments
Total income and endowments
Expenditure on:
Charitable activities
Kitchen labour costs
Kitchen food and drink costs
Class teachers
Wages and salaries
Pension costs
Rent and rates
Light and heat
insurance
Repairs and maintenance
Cleaning
IT and telephones
Advertising
Bad debt
Licences and subscriptions
Sundry
Loss/(profit) on disposal of asset
Amortisation
Depreciation		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2022
2022
2022
2021
£
£
£
£
20,367
476
20,843
13,250
20,367
476
20,843
13,250
10,615
77,890
88,505
97,700
26,991
-
26,991
11,357
12,519
-
12,519
6,662
750
-
750
1,032
50,875
77,890
128,765
116,751
40
-
40
13
71,282
78,366
149,648
130,014
4,387
7,994
12,381
9,262
4,198
3,834
8,032
1,868
1,178
5,142
6,320
5,625
29,474
10,863
40,337
23,343
300
409
709
286
3,559
437
3,996
173
2,943
519
3,462
2,160
2,456
426
2,882
1,136
37,757
31,962
69,719
12,628
151
160
311
1,354
1,144
288
1,432
2,394
2,157
526
2,683
2,106
58
-
58
(98)
710
37
747
449
440
1,303
1,743
704
-
-
-
11
208
10,294
10,502
7,570
520
3,894
4,414
9,105
91,640
78,088
169,728
80,076

Page 28

Abergavenny Community Trust CIO

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 October 2022

Governance costs:
Accountancy and inspection
Legal fees
Payroll and bookkeeping
Total expenditure on charitable activities
Depreciation of equipment, fixtures & fittings
Total expenditure
Net gains on investments
Net (expenditure) / income
Other gains and losses
Net movement in funds
General administrative costs, including
depreciation and amortisation
Net (expenditure) / income before other
gains and losses		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2021
2021
2021
2020
£
£
£
£
1,300
-
1,300
1,200
-
-
-
180
1,543
486
2,029
1,092
2,843
486
3,329
2,472
94,483
78,574
173,057
82,548
-
-
-
-
94,483
78,574
173,057
82,548
-
-
-
-
(23,201)
(208)
(23,409)
47,466
(23,201)
(208)
(23,409)
47,466
-
-
-
-
(23,201)
(208)
(23,409)
47,466

Page 29