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2023-10-31-accounts

Abergavenny Community Trust CIO

Charity No. 1177133

Trustees Report and Unaudited Accounts

31 October 2023

Abergavenny Community Trust CIO CONTENTS

Pages
Trustees' Annual Report 1 to 13
Independent Examiner's Report 14
Statement of Financial Activities 15
Balance Sheet 16
Notes to the Accounts 17 to 25
Detailed Statement of Financial Activities 26 to 27

Page 1

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

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 - resigned 18/05/2023 I.S. Kumar - resigned 18/05/2023 S. Burch C.E. Lewis D. Chipp - resigned 14/07/2023 S.I. Lloyd-Jones J. Edmonds J.P. Logan P.J.S. Hannay G. Miles Clark - resigned 18/05/2023 N.R.C Hoyal C. Irving

Secretary to the Trust

L. Meagher – from 01/08/2023

Centre Manager

M. Pearse

Treasurer

L. Meagher

Accountants Bankers Andersons Accountancy Services Ltd Barclays Bank 10 The Cedars Abergavenny Branch Llanfoist 57 Frogmore Street

Page 2

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

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, individuals and good causes who hire space from us at low cost or free, such as:

Page 3

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

The Centre and refurbished Welcome Room (with kitchenette) is available at affordable rates for private bookings such as children’s parties, family celebrations and funeral gatherings. It also 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 Warm Spaces initiative, a weekly Monday Club for vulnerable adults, Singing with Meg and the Dementia Friendship Cafe.

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

Sustainability

Page 4

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

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 incubate and spark new ventures by encouraging individuals to share and try their ideas in a supported space.

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, Abergavenny Civic Society, Action for Children and EverydayPLAY – to name but a few.

Contribution made by volunteers

Volunteer activity is returning to pre-covid levels which in turn has enabled new growth and new volunteer opportunities as a result. Volunteering continues to play a pivotal role in delivering the Centre’s activities and the Trust’s governance responsibilities.

A group of committed garden volunteers have maintained and enhanced the grounds through the year and our community kitchen is regularly supported by volunteers who help to deliver the weekly coffee mornings, lunches, teas and cooking sessions.

The team of Community Kids parents/childminders and stalwart volunteers has enabled the Parent & Toddler group to function throughout the year. The new urban nature garden is a magnet for the group who regularly incorporate outdoor activities into their weekly 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 family cooking sessions.

Volunteers 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 administration throughout the year.

Page 5

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

ACHIEVEMENTS AND PERFORMANCE

It has been a busy and successful year for the Trust and Trustees are pleased to note that the Centre has returned to its normal levels of activity post-Covid. Much was achieved during the year, new activities and projects proved successful and the Trust has been able to consolidate its performance following a significant investment in improving the building and grounds last year.

Health and wellbeing

Summer Activities

Core funding, grants and small donations have enabled the Trust to continue to provide its popular and successful summer programme consisting of outdoor play sessions, art club & craft activities, cooking from scratch sessions, and a craft session dedicated to families from Ukraine. The sessions took place over an 11 day period in the early part of August, and were attended by 102 children and young people from 64 families. The cooking from scratch sessions were oversubscribed and families have asked the Centre to offer more activities throughout the year. Funding secured from the Monmouthshire County Council’s Food Partnership means that we will be able to run more Cooking for Life sessions next year.

Singing with Meg

This activity has been funded by the ‘You Decide’ public vote grant through Monmouthshire County Council. These joyful sessions are attended by some 8-13 people with most of these staying on after Wednesday Lunch club. Attendees' ages range from late 50’s - mid 90’s encompassing a broad range of vulnerabilities.

Sport in Mind

The mental health charity ‘Sport in Mind’ facilitate weekly sessions of table tennis and yoga at the Centre. These free, weekly sessions are for any person who is experiencing stress, social isolation or low mood and people are invited to self-refer. An average of 18 people attend weekly with a high proportion being vulnerable males.

Monday Morning Club

The first of 12 planned weekly sessions took place in February 2023. The Trust’s role was to simply provide a free, warm, welcoming space in which vulnerable people can meet and be feel comfortable in an open communal setting. ‘Warm Welcome’ cost of living funding was provided by Monmouthshire County Council. Initially the numbers of people attending was 30, but this levelled out to some 15 people who attended regularly. The sessions were coordinated and facilitated by volunteers and the sessions have covered a range of activities put forward by the attendees e.g. crafts, art, radio and drumming. The Trust continued the sessions free of charge, once the grant had been utilised, until the group decided there was another space they could relocate to.

Core Activities

The Centre’s core health and wellbeing activities, room hire classes, and food related activities have all been well attended throughout the year. Friday Coffee morning attendances are at pre-Covid 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.

Page 6

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

Wednesday Lunch Club caters for 25 covers, and Sunday teas average 12 attendees, chair yoga has 15 regular attendees, and on average 12 people come to Friday Knitting club. The African themed World Bistro was fully sold out with 99 people in attendance from Abergavenny, Newport, Cardiff and London.

Sustainability

Investment in the Building and Grounds

Last year the Trust had a really busy year of investment in the Community Centre building and grounds. A new boiler and central heating were installed, solar panels on the roof were installed, new windows were fitted in the main hall, a new food storage area was developed and our outside space was made more accessible and a nature garden was developed.

This year has been more about consolidation, taking a well earnt rest from significant building projects and enjoying the new facilities in the building and outside space.

The Trust would like to replace the remaining windows in the Centre building and has undertaken a competitive tender exercise to do so. The estimated cost of the replacement windows is c£40k, and the Trust is now seeking to fundraise to make this investment happen in the coming year.

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 (a sharedspace) that helps broker relationships between the public sector, charities and 3[rd] sector agencies. The Centre has responded to expressed needs by undertaking a host of community benefit activities that promote inclusion and help to build compassionate and resourceful neighbourhoods.

Our food related activities in particular benefit members of the public, promoting wellbeing by addressing problems of social isolation and loneliness and meeting basic needs through offering nutritious meals and emergency food relief. At the weekly coffee mornings, refreshments are made available for a donation however small. Our food related activities – growing, cooking and sharing – 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 as well as being a natural safe haven.

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.

Page 7

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

Fundraising

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

Core Costs

This was a priority highlighted by Trustees in last year’s annual Report and following a successful application to the Garfield Weston Foundation, the Trust has been awarded £15,000 per annum for two years to cover core costs. This has enabled the Trust to strengthen the small core staffing team with the appointment of a new part-time Activities Coordinator post. This post has been created to strengthen the overall management of the Centre and to provide cover for the afternoon activities, as well as to develop new activities, support volunteers, and to provide performance and case study information to support fundraising bids. The Trust also received a Monmouthshire County Council ‘You Decide’ grant of £800 which was used to establish the ‘Singing with Meg’ sessions. These were so successful that the Trust hopes to continue to provide singing sessions as part of its core offering in the future.

‘Cost of Living’ support

A GAVO small grant of £1,000 and two Monmouthshire County Councils grants, one of £500 and the other ‘Warm Welcome’ grant of £1,070 were secured to support the increased costs faced by the Trust, particularly utility costs, so that we could continue to provide warm welcoming spaces for Centre users and the ‘Monday Club’ sessions for vulnerable people. John Lewis/Waitrose provided a donation of £527 to provide food support to people in need which the Trust will distribute through a ‘pop-up’ shop offering.

Outside space – Peace Garden

The Trust received a donation of £1,000 from the Society of Friends to help establish a peace garden with water feature as part the nature garden.

Future Fundraising

Fundraising priorities for next year will continue to focus on securing grants to support the Trust’s core costs, particularly to cover the costs of a more sustainable staffing structure for the operational needs of the Centre. In addition, there will be a continued focus on securing grants to improve the fabric of the Centre and its grounds, in line with the Trustees ambition to reduce the Trust’s carbon footprint.

FINANCIAL REVIEW

Financial Performance 2022/23

Summary

The focus this year was on consolidation and the continued delivery of core activities. Trustee’s set a prudent budget which did not fully reflect a return to normal activity levels post-Covid. The budget provided a net loss of £3.8k on unrestricted funds which would be covered by a brought forward designated fund for core costs. Within the budgeted income there was a minimum core costs fundraising target of £6k.

Page 8

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

Trustees are pleased to report that the Trust was able to better the agreed budget this year and delivered a surplus of £11.8k on unrestricted funds rather than the budgeted loss of £3.8k. Income of £100.4k was achieved against expenditure of £88.6k. Trustees were therefore able to increase the designated fund balances for planned maintenance and core costs, which will be needed to finance future activities.

The in-year surplus of £11.8k largely arose from increased unrestricted income this year compared to last year, as follows:

Unrestricted expenditure reduced from £94.5k to £88.6k although if you remove the large one-off maintenance expenditure items of £30k from the 2021/22 year, then the underlying position on unrestricted expenditure is an in-year increase of £24.1k. Most of this increase relates to core staffing and class teacher costs. This year most of the class teacher costs were funded by unrestricted income whereas last year we were able to secure small restricted grants, and staff costs have increased following the in-year recruitment of a new part-time staff member, identified as a priority by Trustees as part of establishing a sustainable staffing structure. This post is funded by the GWF grant. Kitchen food costs also increased by £2k which were funded by increased income, and light and heat costs increased by £3.1k overall which was offset to a large extent by the award of c£2k of restricted ‘cost of living’ grants from GAVO and Monmouthshire County Council.

Unrestricted fund balances increased from £42.8k to £54.6k with the general fund remaining at £20k in line with Trustees minimum requirement, and designated funds for planned maintenance and core costs increasing to £11.7k and £17k respectively. There is also designated depreciation fund of £5.7k to meet future depreciation charges on fixed assets.

This year was a quiet year on restricted items activity, following the completion of a significant number of projects last year. Income of £4.4k was received in year, most of which was spent in year, with the main items being the completion of the water feature and galvanised railings in the Nature Garden project, the delivery of warm spaces, the Monday Club project and expenditure on the hosted Benthyg and the ‘Repair Café’ projects. The remaining expenditure on restricted funds (c£14k) relates to depreciation and amortisation charges on fixed assets created by restricted funds. These charges are funded by restricted fund balances set aside for this purpose.

Restricted fund balances have reduced from £223.6k to £208.5k in year. Only £3.1k of this year’s restricted fund’s balance is available for future expenditure. The remaining £205.4k is not available to spend as it has already been spent on creating fixed assets, which have been capitalised on the balance sheet and will be released as an amortisation or depreciation charge over the estimated life of the asset. This charge will be funded by a corresponding release from restricted fund balances.

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 20% of our normal operating expenditure and cover for some three months of expenditure at any one time.

Page 9

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

Other policies are 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.

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

Unrestricted Funds Opening
Balance		 Closing
Balance
General Fund £20.6k £20.2k
Designated Fund -planned maintenance £9.3k £11.7k
Designated Fund - core staffing £7.7k £17.0k
Subtotal useable balances £37.6k £48.9k
Designated Fund - future depreciation £5.2k £5.7k
Total £42.8k £54.6k

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 £208.5k. Of this balance, some £205k 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 £3.1k. 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 £147.9k £140.4k (£140.4k) £0
Circular Economy grants £9.5k £8.4k (£6.6k) £1.8k
Technologysupport £1.9k £1.1k (£1.1k) £0
Outside space and naturegarden £22.3k £20.8k (£20.8k) £0
Hostingsupport for communityactivities £1.6k £0.8k £0 £0.8k
Supportingfamilies £0.4k £0.2k (£0.2k) £0
Equipment £1.2k £0.1k (£0.1k) £0
ECO improvements £38.8k £36.1k (£36.1k) £0
Cost of Living grants £0 £0.5k £0 £0.5k
Subtotal - useable balances £223.6k £208.5k (£205.4k) £3.1k
Future depreciation/amortisation £0 £0 £205.4k £205.4k
Total £223.6k £208.5k £0 £208.5k

Page 10

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

Forward Look

Unrestricted funds

Fundraising is a key priority to be taken forward next year. This year, the fundraising target to balance the budget on core costs was achieved in year with the successful bid to the GWF and an award of £15k for two years. This has enabled the Trust to recruit to the part time Activities Coordinator post and the part-time Trust Secretary post, both on fixed term contracts at this stage, which completes the staffing structure for the Trust.

Next year, with inflationary cost pressures and the full year effect of staff costs, there is a further core cost budget gap of £7k which could rise to an estimated £23k the year after once the GWF grant has finished, if no other fundraising bids are successful.

Restricted funds

Trustees have prioritised the replacement of the remaining windows at the Centre, to address health and safety concerns and to improve insulation and energy usage. A competitive tender exercise has taken place and the estimated cost is c£40k. A bid for capital funding will be prepared in the early part of next year to be taken forward with the various potential funders. It is likely that match funding will be required, so Trustees will look at all potential sources of funding including the Trust’s designated fund for planned maintenance.

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 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 2023 was £47,405.

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 2023 contribution being paid in November 2023.

Going Concern

Our financial statements have been prepared on a going concern basis. Our budget for 2023/24 has been set on a prudent basis on income, and with assumed inflationary cost pressures on expenditure. Overall a breakeven budget position has been approved with the targeting and assumed achievement of £7k of core cost funding. Based on previous experience, Trustees are optimistic that sufficient income will be generated to meet the budget, but as a precaution they have increased the ‘core costs’ designated fund balance to £17k to which would be used to meet any shortfall, should it arise. Trustees are therefore of the opinion that this indicates we have sufficient funds to remain operational for at least the next 12 months.

Page 11

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

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 eight members. The Trustee Board meets quarterly and focuses on performance and evaluating the impact of the charity’s work, communications and risk management. In addition, there is a Trustee sub-committee, the Resources Committee, which also meets quarterly and focuses on Finance, Estates, HR and IT. The Trustee Board and Resources Committee also establish, where required, Trustee led Task & Finish Groups to deal with specific issues as they arise.

The Trust Secretary convenes meetings and prepares reports, and the Treasurer prepares management accounts and other financial information, and advises the Board and Resources Committee on financial matters. The day-to-day management of the Centre is delegated to the Manager, who reports to meetings of the Board and its committees. The Manager is supported by the Operations Coordinator (main focus on managing the building) and the Activities Coordinator (main focus on activities and performance). The small team of part-time staff also includes a Cook & Kitchen Assistant and a Cleaner.

Recruitment and appointment of trustees

Four Trustees resigned during the year. The Board completed a skills audit in year and agreed to try to appoint two replacement Trustees, with, if possible, skills in fundraising, marketing & communications or I.T. & digital delivery. Improving the diversity of the Board was also agreed as an aspiration. This will be taken forward in 2023/2024, although it should be noted that it is becoming harder to recruit and retain suitable individuals on a volunteer basis.

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

Risk management

Risks associated with the building and day to day running of the Community Centre have been monitored in line with the Trust’s Risk Management policy.

Page 12

Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2023

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 on 28th March 2024 and signed on their behalf by:

Caroline Lewis

Caroline Lewis Trustee

Page 13

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 2023 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 inaccordance 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 examinationof 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.

Mary Anderson

Mrs M Anderson FCA/ICAEW

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

Page 14

Abergavenny Community Trust CIO STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2023

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
2023
2023
2023
2022
£
£
£
£
12,427
1,841
14,267
20,843
87,644
2,570
90,214
128,765
335
-
335
40
100,406
4,411
104,816
149,648
88,585
19,507
108,092
173,057
88,585
19,507
108,092
173,057
-
-
-
-
11,820
(15,096)
(3,276)
(23,409)
11,820
(15,096)
(3,276)
(23,409)
11,820
(15,096)
(3,276)
(23,409)
42,805
223,610
266,415
289,824
54,625
208,514
263,139
266,415

Page 15

Abergavenny Community Trust CIO BALANCE SHEET

at 31 October 2023

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		 2023
£
£207,790
£3,260
£211,050
£8,123
£51,309
£59,432
(£7,343)
£52,089
£263,139
£263,139
£263,139
£208,514
£208,514
£20,235
£34,390
£54,625
-
£263,139		 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

Approved by Trustees on 28[th] March 2024. And signed on their behalf by:

Caroline Lewis

C. E. Lewis Trustee

Page 16

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 no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to the accounts for previous years.

Fund accounting

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is reported expenditure gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies SoFA when receivable and only when the Charity has unconditional entitlement to the income.

Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. 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 17

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

Expenditure

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 18

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 19

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

2. Statement of Financial Activities - prior year

2. Statement of Financial Activities - prior year 2. Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Charitable activities
Investments
Total
Expenditure on:
Charitable activities
Total
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
3. Income from donations and legacies
Unrestricted
2023
£
Donations and legacies
12,427
12,427
4. Income from charitable activities
Unrestricted
2023
£
Grants
26,050
Room hire
44,492
Food, refreshments
17,102
Other
-
87,644		 Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
20,367
476
20,843
50,875
77,890
128,765
40
-
40
71,282
78,366
149,648
94,483
78,574
173,057
94,483
78,574
173,057
(23,201)
(208)
(23,409)
(23,201)
(208)
(23,409)
(23,201)
(208)
(23,409)
66,006
223,818
289,824
42,805
223,610
266,415
Restricted
Total
Total
2023
2023
2022
£
£
£
1,841
14,267
20,843
12,427 1,841
14,267
20,843
Restricted
Total
Total
2023
2023
2022
£
£
£
2,570
28,620
88,505
-
44,492
26,991
-
17,102
12,519
-
-
750
87,644 2,570
90,214
128,765

Page 20

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

5. Income from investments

Interest receivable
6. Expenditure on charitable activities
Expenditure on charitable activities
Kitchen labour
Kitchen food and drink
Class teachers
Wages and salaries
Pension
Rent and rates
Light and heat
insurance
Repairs and maintenance
Cleaning materials
Website, wifi and telephones
Advertising
Bad debt
Licences and subscriptions
Sundry
Amortisation
Depreciation
Governance costs:
Accountancy and inspection
Payroll and bookkeeping		 Unrestricted
2023
£
7,122
9,106
6,032
42,144
611
2,037
5,041
2,893
4,505
379
1,000
2,064
-
721
576
209
707
1,340
2,099		 Unrestricted
Total
Total
2023
2023
2022
£
£
£
335
335
40
335
335
40
Restricted
Total
Total
2023
2023
2022
£
£
£
-
7,122
12,381
452
9,558
8,032
650
6,682
6,320
400
42,544
40,337
-
611
709
770
2,807
3,996
1,550
6,591
3,462
30
2,923
2,882
1,605
6,110
69,719
-
379
311
-
1,000
1,432
155
2,219
2,683
-
-
58
-
721
747
-
576
1,743
10,371
10,580
10,502
3,523
4,230
4,414
-
1,340
1,300
-
2,099
2,029
88,585 19,507
108,092
173,057

Page 21

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:

2023 2022
Number Number
2.06 2.28
2.06 2.28

The charity pension scheme for auto enrolment is Nest.

8. Intangible fixed assets
Cost
At 1 November 2022
Additions
At 31 October 2023
Amortisation and impairment
At 1 November 2022
Amortisation charge for the year
At 31 October 2023
Net book values
At 31 October 2023
At 31 October 2022		 Other
Total
2023
2023
£
£
249,112
249,112
1,716
1,716
250,828
250,828
32,458
32,458
10,580
10,580
43,038
43,038
207,790
207,790
216,654
216,654

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 22

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

9. Tangible fixed assets
Cost or revaluation
As at 1 November 2022
Additions
At 31 October 2023
Depreciation and impairment
As at 1 November 2022
Depreciation charge for the year
At 31 October 2023
Net book values
At 31 October 2023
At 31 October 2022
10. Debtors
Trade debtors
Other debtors
11. Creditors
amounts falling due within one year:
Other taxes and social security
Other creditors
Accruals		 Equipment,
fixtures and
Total
fittings
2023
£
£
39,126
39,126
1,320
1,320
40,446
40,446
32,956
32,956
4,230
4,230
37,186
37,186
3,260
3,260
6,170
6,170
Total
Total
2023
2022
£
£
680
1,926
7,443
7,591
8,123
9,517
Total
Total
2023
2022
£
£
235
936
301
156
6,807
37,433
7,343
38,525

Page 23

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

12. Movement in funds
Restricted funds
Restricted Income funds:
Cost of Living
Technology improvements
Outside space & nature garden
Equipment
Circular Economy grants
Total restricted funds
Unrestricted funds
General funds
Designated funds:
Medium term maintenance plan
Core costs support
Total designated funds
Total unrestricted funds
Total funds
Building improvements -
future depreciation
Supporting families and
outdoor activities
Hosting support for
community activities
Building improvements -
future amortisation
ECO/environmental
improvements		 Incoming
At 1st
resources
Resources
Gross
At 31st
November
(including
expended
transfers
October
2022 gains/losses)
2023
£
£
£
£
£
-
3,098
(2,570)
528
435
313
(530)
-
218
1,898
-
(809)
-
1,089
1,555
-
(735)
-
820
22,288
1,000
(2,476)
-
20,812
147,899
-
(7,476)
-
140,423
38,775
-
(2,675)
-
36,100
1,255
-
(1,125)
-
130
9,505
-
(1,109)
-
8,396
223,610
4,410
(19,506)
-
208,514
20,629
85,406
(77,110)
(8,690)
20,235
9,300
-
-
2,400
11,700
7,700
15,000
(11,000)
5,300
17,000
5,176
-
(476)
990
5,690
22,176
15,000
(11,476)
8,690
34,390
42,805
100,406
(88,586)
-
54,625
266,415
104,816
(108,092)
-
263,139

Purposes and restrictions in relation to the funds: Restricted funds:

Cost of living

Provision of warm space and food supplies to alleviate the cost of living crisis

Supporting families & outdoor activities Summer activities to suport families Technology improvements Technology solutions for new ways of working Hosting support for community activities Hosting support for community groups Outside space and nature garden

Summer activities to suport families Technology solutions for new ways of working

Develop the outside space and create a nature garden Property improvements, future depreciation costs Improve environmental footprint, energy efficiency New equipment to improve facilities

Building improvements ECO/environmental improvements Equipment Circular Economy grants

Replace windows, improve storage and establish 'Benthyg' facility

Page 24

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

12. Movement in funds (continued)

Purposes and restrictions in relation to the funds:

Designated funds:

Medium term maintenance plan Planned maintenance from stock condition survey Core costs support Core costs support to sustain new staffing structure Building improvements Property improvements, future depreciation costs

13. Analysis of net assets between funds

Fixed assets
Net current assets
14. Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted Restricted
Total
2023
2023
2023
£
£
£
5,692
205,358
211,050
48,933
3,156
52,089
54,625
208,514
263,139
£
£
£
72,599
(21,290)
51,309
At 1
November
2022
Cash
flows
At 31
October
2023
72,599
(21,290)
51,309

15. Commitments

Operating lease commitments

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

Land and
buildings
Other
2023
2023
£
£
Operation lease with expiry date
-
-
Pension commitments
The pension cost charge to the charity amounted to:
Unpaid contribtions due to the fund are included in
other creditors and amounted to:		 Land and
buildings
Other
2022
2022
£
£
-
-
2023
2022
£
£
611
709
-
-

Page 25

Abergavenny Community Trust CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2023

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
Kitchen food and drink
Class teachers
Wages and salaries
Pension
Rent and rates
Light and heat
insurance
Repairs and maintenance
Cleaning materials
Website, wifi and telephones
Advertising
Bad debt
Licences and subscriptions
Sundry
Amortisation
Depreciation		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
12,427
1,841
14,267
20,843
12,427
1,841
14,267
20,843
26,050
2,570
28,620
88,505
44,492
-
44,492
26,991
17,102
-
17,102
12,519
-
-
-
750
87,644
2,570
90,214
128,765
335
-
335
40
100,406
4,411
104,816
149,648
7,122
-
7,122
12,381
9,106
452
9,558
8,032
6,032
650
6,682
6,320
42,144
400
42,544
40,337
611
-
611
709
2,037
770
2,807
3,996
5,041
1,550
6,591
3,462
2,893
30
2,923
2,882
4,505
1,605
6,110
69,719
379
-
379
311
1,000
-
1,000
1,432
2,064
155
2,219
2,683
-
-
-
58
721
-
721
747
576
-
576
1,743
209
10,371
10,580
10,502
707
3,523
4,230
4,414
85,147
19,507
104,653
169,728

Page 26

Abergavenny Community Trust CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2022

Governance costs:
Accountancy and inspection
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
£
£
£
£
1,340
-
1,340
1,300
2,099
-
2,099
2,029
3,439
0
3,439
3,329
88,585
19,507
108,092
173,057
-
-
-
-
88,585
19,507
108,092
173,057
-
-
-
-
11,820
(15,096)
(3,276)
(23,409)
11,820
(15,096)
(3,276)
(23,409)
-
-
-
-
11,820
(15,096)
(3,276)
(23,409)

Page 27