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2025-10-31-accounts

Abergavenny Community Trust CIO

Charity No. 1177133

Trustees' Report and Unaudited Accounts

31 October 2025

Abergavenny Community Trust CIO CONTENTS

Pages
Trustees' Annual Report 2 to 16
Independent Examiner's Report 17
Statement of Financial Activities 18
Balance Sheet 19
Notes to the Accounts 20 to 30
Detailed Statement of Financial Activities 31 to 32

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

The trustees present their annual report and unaudited financial statements for the year ended 31 October 2024 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 C. Irving C.E. Lewis J. Edmonds S.I. Lloyd-Jones P.J.S. Hannay J.P. Logan (resigned 27/06/25) N.R.C Hoyal S. Burch (resigned 31/10/25) Secretary to the Trust L. Meagher

Trust Manager M. Pearse

Treasurer

L. Meagher Accountants Bankers Andersons Accountancy Services Ltd Barclays Bank 10 The Cedars Barclays Local Llanfoist Gateway Centre Abergavenny, NP7 9LX Monk Street Abergavenny, NP7 5ND

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

OUR STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Abergavenny Community Trust (the 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.

Organisation structure

The Trust is run by a small group of trustees who 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 Centre). The trustees give their time freely and receive no remuneration or other financial benefits.

The full Board of the Trust comprised eight trustees for most of the year, reducing to seven in June 2025. The Board meets quarterly and focuses on strategy, planning, performance and risk management. In addition, there is a trustee sub-committee, the Resources Committee, which also meets quarterly and focuses on finance, estate management, human resources and IT. The Board and Resources Committee also establish, where required, trustee-led Task & Finish Groups to deal with specific issues as they arise.

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 two coordinators, one whose main focus is on managing the building, and the other whose main focus is on activities and performance. The small team of part-time staff also includes two kitchen staff, a cleaner and the Trust secretary.

Recruitment and induction of trustees

The existing trustees are responsible for the recruitment of new trustees and in doing so they make use of a set of guidelines for recruiting trustees to ensure:

New trustees are introduced to their new role and given copies of the Trust Constitution document and other relevant governance documents adopted by the Trust e.g. policies and procedures, the latest accounts and TAR, the annual budget. Charity Commission documents are also provided including the guidance on charities and public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act.

A skills audit was undertaken in 2023 to assess Board diversity, and the strengths and gaps in trustee skills and experience. Following this, Trustees tried to recruit replacement Trustees early in 2024, but were not successful. Knowing that another trustee would be leaving at the end of October 2025, the Board sought to recruit again in September 2025. On this occasion, they were successful and a new trustee with senior education experience including leadership, risk management and fundraising, and with strong community and engagement values, joined the Board to start in the 2025/26 financial year.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Risk management

The Trust had updated its Risk Management Policy and Procedure in September 2024. Risks associated with the building and day to day running of the Community Centre are monitored in line with this updated version.

Towards the end of the year, the Trust secured the services of a volunteer with experience in risk management. A workstream has been established to update our procedures and our individual risk assessments of activities and operations, most of which will take place next year.

The Trust also has a number of other risk management arrangements in place, for example: insurance cover; regular trustee review of the Trust’s finances; a financial controls framework; safeguarding and first aid training; DBS checks undertaken; and a regular review of policies and procedures including a recent extensive update to our Health & Safety and Safeguarding policies and procedures.

OUR OBJECTIVES, AIMS AND PRIORITIES

Our objectives

The Trust’s charitable objects are set out in our deed of trust and are summarised as follows:

a) To improve the lives of the diverse residents of Abergavenny by working with the local authorities, voluntary sector, other organisations and community groups to provide an opportunity for residents to mix together and enjoy educational, social, welfare, leisure and recreational activities in a welcoming facility b) To maintain and manage the Abergavenny Community Centre in furtherance of this common purpose, through income generation and rental fees

Our aims and priorities

Our priorities are set by trustees to ensure we deliver our charitable aims. Trustees reviewed and updated the Trust’s Strategic Plan in January 2024 and in carrying out this review the trustees considered the Charity Commission’s general guidance on public benefit. Trustees have identified the Trust’s two key priorities as:

These priorities are supported by ten high level actions in the strategic plan, summarised as follows:

These priorities are supported by ten high level actions in the strategic plan, summarised as follows:
Priority 1 – aims Priority 2 - aims
Maintain the Centre and grounds, and make them safe,
accessible, relevant and welcoming		 Fully utilise the Centre for the wider benefit of the locality
Fundraise for core costs Better understand local priorities to inform delivery
Fundraise for new/enhanced activities and sustainable Develop a sustainable and affordable staffing structure to
estate improvements respond to locality needs
Recruit, nurture, train, develop and retain our people Collaborate with partners, co-create, share space,
knowledge and skills
Operate in an eco-friendly way, enhance biodiversity and Develop more partnerships and collaborations to deliver
foster sustainable behaviour objectives

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

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 six days a week. In addition, some regular events are held on a Sunday e.g. a monthly Sunday afternoon tea and chat, a seed-swap Sunday event, a local community orchard juicing event, and the annual Water Aid plant sale. 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 priorities, the Centre provides three distinct (but overlapping) areas of activity which benefit the public and local community:

Room Hire Activities

The Centre hosts a range of health and wellbeing activities and services which are delivered by local groups, individuals and good causes who hire space from us at a fair price, low cost and in some cases, free of charge. The refurbished Welcome Room, containing a kitchen suite, is available at reasonable rates for private bookings such as children’s parties, family celebrations and funeral gatherings. It also provides a warm, accessible reception area for agencies, practitioners and public sector bodies to run meetings, training and one to one consultations/appointments for example family visitations, counselling, political and medical appointments.

Community Kitchen Activities

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

Community Centre Regular Activities

Our other regular activities include:

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Partnership Working

Many of the Centre’s activities and projects could not be delivered without the support of its 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 and the Community Orchard who share produce with the Community Kitchen and a mental health sports charity that draws an audience specific to their reach. The Centre’s senior leadership team invites and innovates new activities by encouraging individuals to put their ideas into action by offering support and flexible terms.

Significant public sector partners are “Monmouthshire County Council” who have provided a 25-year lease on the building and an ongoing lease on the car park, and “Abergavenny Town Council” with whom the Trust has just secured a new funding agreement for the period April 2026 to March 2029.

Other significant delivery partners are “Sport in Mind” who offer free, weekly table tennis and yoga sessions attracting on average 20 people each week, “Action for Elders”, a charity set up to “add life to later life” which offers free Chair Tai Chi with some 13 people aged 65 and over in attendance, the NHS Primary Child and Adolescent Mental Health Service looking for a free community setting to deliver 1:1 therapy for children and young people living in the local area, and the peer-led Breastfeeding Support Group. The Centre offers these organisations a supported space at low cost or without charge.

In addition, the “Abergavenny Repair Café” and “Abergavenny Benthyg” run their community-benefit services from the Centre and enjoy the benefits of a supported space with storage solutions at low cost.

Use of volunteers

Volunteers are a significant and very important resource in delivering the Centre’s activities and the Trust’s governance responsibilities. Volunteers are involved in most of our community activities. For example, a group of committed garden volunteers have maintained and enhanced the grounds through the year, our community kitchen is regularly supported by volunteers who help to deliver the weekly coffee mornings, lunches, teas and cooking sessions, and the team of community kids parents/childminders and stalwart volunteers has once again enabled the ‘baby & toddler’ group to function throughout the year.

Volunteers of all learning abilities played a considerable role in the summer play, art and family cooking activities during the school holidays. A small number of volunteers who were previously trained by the Trust as playworkers are now able to support the Centre’s holiday provision, other play initiatives within Abergavenny, and other activities (e.g. cooking sessions) within the Community Centre.

The Trust’s governance arrangements are also supported by volunteers, who act as minute takers for Trustee meetings, as bid writing support to fundraising, 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.

Overall, we have some 40 people regularly giving their time as volunteers including most of our staff members. All our trustees also give of their time freely. . Previous analysis shows that these volunteers provide over 5,000 hours of volunteer time over the year, and therefore for every paid staff hour, the Trust also receives 1¼ hours of volunteer support.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

How our activities deliver public benefits

The Community Centre building was established by residents in 2018 for the benefit of the local community. Its activities and grounds are open to the general public. The Centre provides an innovative space where better working relationships with the public and private sectors, charities and 3[rd] sector agencies might be forged. 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 necessary opportunities for volunteering and the essential sharing of knowledge and skills. We are aware of how important the outside space 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, practice life-skills like riding a bike / skateboard and to observe nature. Older people, too, use the space to sit, watch and stroll around.

Groups that are not constituted have benefited from the Trust acting as a fiscal host for them by, for example, holding grants for them, or managing their income and expenditure 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 and an example of this is the Dementia Friends Cafe and we also provide free support and storage space for litter picking equipment used by Keep Abergavenny Tidy volunteers for regular litter collections in and around the town. Finally, Ukrainian guests meet freely and campaign groups store resources in the grounds.

ACHIEVEMENTS AND PERFORMANCE

The Trust has had a busy and successful year and has been able to:

In an average week, some 500 people use the Community Centre for a variety of reasons - to keep active and involved in community life; to stay fit; learn or sing; to come to a meeting, creative project, interest group or social club; to access a service; borrow resounces; and to volunteer. The Centre is used by customers and visitors alike. Specific examples of why people come are as follows:

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Activities, Events and Projects

Room Hire

The Centre’s room hire sessions have been well attended. Overall, we received some 1,600 bookings during the year which provided for some 3,200 hours of activities and income generation of £59k. The bookings cover a wide range of activities. Examples of these activities are:

Community Kitchen

Attendance at the kitchen’s food related events has grown during the year, with the following activities and events held:

The kitchen recycles all organic matter on site and produces very little in the form of cooked food waste. The people who come to our food events tell us they appreciate the warmth and hospitality which the Centre provides and how lucky they are to have the Community Centre. They tell us that eating in company and being anticipated by lunch companions provides the motivation to get out of bed, wash and dress on lunch days. Now, many stay on to enjoy the singing for fun sessions.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Keeping cooking skills & knowledge alive

Thanks to a grant from the Monmouthshire Food Partnership, we were able to continue our cooking for life sessions for children aged 8-15 yrs, trial a Saturday cooking club, offer batch cooking sessions to 19 adults, hold an intergenerational lunch and host a seasonal family picnic attended by 55 people in collaboration with the Family Volunteering Club.

In total 25 children attended one or more of the thirteen, 2-hour long cooking from scratch sessions held this year. The cooking sessions were varied and included, for example, growing and harvesting food and using local and seasonal produce to make nutritious, low-cost, waste-free meals. The cooking sessions were facilitated by freelance cooks, our own staff with help from volunteers, including a young person undertaking Duke of Edinburgh volunteer hours. Some of the older children involved in the cooking for life sessions have remained as volunteers at the Centre supporting other food related events e.g. baking for coffee morning, lunch and World Bistro events.

School holiday activities

Core funding and small donations have enabled the Trust to continue to provide its popular and successful school holidays programme. During July and August, 17 sessions of activities were provided, covering art & crafts, cooking and outdoor play learning. In total, 87 children attended these sessions, booked by some 56 family units with the children’s ages ranging from 3 to 13 years. Most sessions were run by external facilitators, supported by staff and volunteers. Some 121 hours of volunteer time was provided to support these sessions, which includes 51 hours from the recently trained volunteer playworkers.

The Centre continues to support local families by offering accessible, nurturing and creative activities run by staff, volunteers and partners like the Abergavenny Origami Club. Sessions are tailored towards families with young children, and children aged 8+ years. Activities always prove popular and with 200+ names on the Holiday Activities distribution lists, it is not difficult to fill limited places.

We held two Autumn Craft sessions during October half term and facilitated a third Stop Motion animation workshop led by a Ukrainian film maker. In all, 27 families with 40 children between them took part. The popular Halloween Disco attracted 60 people.

During the Spring break, we offered two Easter themed art and crafts activities which were attended by 21 families with some 34 children between them. In addition to our own efforts, we partner with the very popular Abergavenny Origami Club who run complimentary themed workshops from the Centre e.g. Halloween, Christmas, Easter, Summer workshops along with an intergenerational workshop with help from older volunteers.

Other Activities

Our weekly singing session ‘Singing for Fun’ continues to thrive, thanks to our activities staff member and the support of volunteers. Numbers vary between 11 -19 people, some of whom have been to lunch, others who drop in from another group and some who come, alone or assisted.

The Community Kids baby and toddlers’ group is run by a team of older volunteers. There are 26 families on the register which reflects cultural diversity and changes as children grow and families often return with the birth of a new child. The fee is kept low to ensure that no family is excluded on the grounds of affordability.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Led by an inspirational practitioner, the Slow and Gentle chair yoga is a popular circle of support for older women aged 60 - 96 years. This session has proven to be so popular that a second weekly session and waiting list has been added to manage the demand.

Fundraising and other events

In addition to the above activities, the Centre also organised or helped to organise five larger events during the year. In March 2025 the Trust held an ‘Open-Day’ at the Centre to celebrate our 10-year anniversary and to raise awareness of the Centre and the activities and support it provides. The event was well attended with some 150 people attending throughout the day. In addition, the Centre held four other events which were in support of the Trust’s charitable objectives but which were also designed to raise some money for the Trust through ticket sales, food & refreshments income and donations. These events, listed below, raised income of £5.1k in total and contributed a small financial surplus of £2k in total:

All of the above events were supported by the Trust’s staff and volunteers and enjoyed by those who attended and supported the event.

Sustainability Plan project

The Trust has developed a Sustainability Plan (previously called a Facilities Plan) which outlines the actions required to achieve the aims and priorities outlined in its Strategic Plan. The work so far has focused on building and grounds improvements and on a gap analysis to help inform our future sustainable staffing structure requirements. The Sustainability Plan will develop and evolve in phases as capacity permits, and fundraising will be a key requirement to deliver many of the actions.

Maintaining the Centre building and grounds

One of the aims for the Trust is to ensure that the Community Centre is a warm, accessible, welcoming, safe and suitable place for the people using it and the activities held within it. Trustees also want to make sure that the building is as efficient as possible and sustainable in the longer term.

Our overarching Estates Strategy focuses on the short term and medium-term requirements, with the longer term limited to securing an extension to our existing building and car park leases, combining them into one, and preferably setting them on a rolling renewables basis.

The short-term and medium-term requirements in the Estates Strategy are being taken forward by our part-time Operations Coordinator with support from other staff members and Trustees, and these our reflected in our Sustainability Plan. This year we have achieved the following:

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Fundraising Overview

The Trust undertakes a number of fundraising activities to raise income. We encourage local donations through appeals and publicity as regular monthly amounts or adhoc payments, paid either as standing order bank transfers or as on-line giving using our localgiving web page. We run charitable events with a focus on fundraising through ticket prices, food and refreshment purchases and sometimes by holding a raffle at the event with donated prizes. We submit small grant bids to local or known funders to support new projects, to expand current activities, or to purchase equipment or improve the building and grounds. We also call on the support of others to help with fundraising applications and bid writing for larger grants - our Centre Manager, our Secretary and Treasurer, our Trustees and professionals we know who volunteer help with fundraising research and bid writing.

Trustees have noted that it is becoming more and more difficult to successfully fundraise, particularly to secure larger grants to fund existing core costs, as the level of competition has noticeably increased. The Trust has been successful in raising funds in year as follows:

These funds were all spent in furtherance of the Trust’s charitable aims and priorities, either by contributing to the costs of running our activities e.g. cooking sessions or for specific initiatives such as the purchase of shelving to enable storage expansion for partners. The fundraising events delivered a net contribution of £2k, and most of the rest of funding was spent in year, with a small restricted fund balance carried forward to next year.

FINANCIAL REVIEW

Unrestricted Funds Performance 2024/25

The financial climate remains challenging for the Trust as the efforts of the small staffing team understandably are more focused on delivery rather than development and fundraising. In addition, the grant bidding processes have become more competitive and thus more difficult to secure.

That said, the Trust is in a reasonably secure financial position in that its ‘village hall’ room hire activities generate sufficient income to cover the running costs of the building and associated buildings related staffing. Both the kitchen activities and other Centre activities run at a small loss, and the Trust is looking at ways to address this to create staffing and volunteer capacity to address this.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

Trustees set a prudent budget again this year which included the use of £4k of our core costs reserve, £6k of a restricted grant to cover core staffing costs and a £7k income generation target, which was needed to achieve a balanced position.

Trustees are pleased to report, that despite a challenging financial environment the Trust was able to better the approved budget this year. Income was £109.3k (£104.8k last year) and expenditure was £98.8k (£90.6k last year) which generated a surplus on unrestricted funds of £10.45k at the end of the year.

Income increased by £4.5k (4.3%) overall and bettered the budget by some £6.7k. The main growth relates to Room Hire income (grown by £12.5k - 27%), and food and refreshments income (grown by 7.2k - 41%). It should be noted that £5.1k of the latter’s growth relates to four fundraising events that were held in year (which are covered elsewhere in this report. Local donations have remained at the same level as last year at £14.5k, which includes some known reductions and some growth in donor numbers.

Our main income sources were:

Expenditure increased by £8.2k on last year, to £98.8k which was some £3.7k less than the budget. Staffing costs increased by £3.6k (7%) to £52.4k which largely relates to pay awards and the net change on staffing levels arising from the appointment of an Activity Coordinator in April 2025 and a part year vacancy on the Cleaner post. Non staffing costs increased by £4.7k on last year to £46.4k. Some £4k of this increase relates to two larger maintenance items, one for £1.6k for new thermostatic valves for several radiators (funded by our planned maintenance designated fund), and one for £2.3k to replace our emergency lighting.

Unrestricted Funds Reserves Policy and Balances

The Trust’s policy previously, was to have a minimum general fund balance of £23k. However, given the cost-ofliving challenges and inflationary price increases, trustees agreed in December 2025 to increase this fund balance to a minimum of £25k. This £25k equates to 25% of our normal operating expenditure and provides cover for some three months of expenditure at any one time.

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 try 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 2025

The unrestricted fund balances at the end of the year are:

General fund - £25.7k Core Costs - £31.5k Planned maintenance - £18k Depreciation - £4.1k Total Fund balances- £79.3k

Restricted Funds Performance 2024/25

New restricted funds income of £10.3k was received in year and expenditure of £30k was incurred, most of which related to previous years brought forward fund balances. The new sources of income were:

With the exception of the food related donations, most of this money was spent in year. In addition, expenditure was incurred from brought forward fund balances, in particular the ‘Awards for All’ Lottery grant (£9.5k on the development and implementation of our Sustainability Plan) and on depreciation and amortisation (£14k) from previously funded fixed assets.

Restricted Funds Reserves Policy and 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 thereafter.

At the end of this financial year, our restricted fund balances have reduced by £19.7k from £221.9k to £202.2k.

Of this £202.2k only £12.5k is available for future expenditure. The remaining £189.7k is not available to spend as it has already been spent on creating fixed assets on the balance sheet. These funds will be released to fund the annual amortisation or depreciation charge related to the fixed assets over the estimated life of the asset. The restricted fund balances available for future expenditure are as follows:

Circular Economy grants - £0.5k Warm Places - £0.6k Awards for All - £6.5k

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

The Repair Café - £0.6k Cooking and food activities - £4.3k Subtotal useable funds - £12.5k Depreciation and amortisation - £189.7k Total restricted fund balances - £202.2k

Investment policy and objectives

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 unrestricted reserves balances. The objective is to provide a low-risk savings option to earn some interest before the expenditure takes place. The balance on the deposit account at 31[st] October 2025 was £80,656.

Other financial matters

Pensions

The Trust operates a defined contribution pension scheme which is managed by NEST. All contributions have been paid over during the year.

Going Concern

Our financial statements have been prepared on a going concern basis. Our budget for 2025/26 has been set on a prudent basis on income, and with assumed inflationary cost pressures on expenditure. Originally, a breakeven budget position was approved but this did include the targeting and assumed achievement of £16k of extra income to cover core costs. Early on in 2025/26 the Trust was informed that it had been successful in securing a new, improved 3-year funding agreement with the Town Council, which reduces the income generation target to £6k. Based on previous experience, Trustees are hopeful that extra income will be generated, but as a precaution Trustees have increased the ‘core costs’ designated fund balance to £31.5k, which would be used to meet any shortfall, next year (and thereafter), should one arise. Trustees are therefore of the opinion that this indicates we have sufficient funds to remain operational for at least the next 12 months.

PLANS FOR FUTURE PERIODS

Going forward the Trust will focus on the continued development and implementation of its Sustainability Plan. The focus will be on four areas:

1. Continuing to improve the sustainability of the building and grounds

Trustees recognise the need to make Abergavenny Community Centre as independently sustainable as we can through better building planning. We have had a strong focus on environmental sustainability, for example we have raised funding for solar panels and batteries; replaced our boilers, radiators and fitted thermostatic valves; replaced some of our drafty /damaged windows; and we conserve water through tanks and planters. We wish to build on this going forward, with energy efficiency being a big part of this. We will look at ways of further future proofing the building by replacing more of the original windows, refurbishing the stairwell and replacing the downstairs entrance doors, reviewing our heating solutions and improving ceiling insulation. The Trust will need to raise capital funds to achieve this.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

We also plan to secure a longer combined lease for the buildings and grounds including the car park, with Monmouthshire County Council, which will help meet the requirements of some of the capital grant funders. We have agreement in principle to do this but now need to complete the legal formalities.

2. Establishing a sustainable core staffing team to meet the Charity’s future needs

The key focus so far has been on undertaking a gap analysis with the existing staff to think about capacity and skills issues and what a sustainable staffing structure might begin to look like. The structure needs to provide the capacity not just for delivery at the Centre, but capacity to take forward the wider development of the charity too. As part of this we want to improve our volunteer recruitment, management & development processes. We also want to create staffing capacity for community development, partnership working, Board reporting and the skills needed to direct volunteers who can provide professional support, for example, on fundraising, risk management, and report writing.

The aim is to complete the sustainable staffing structure work next year, and to secure core costs funding support through fundraising. Short term professional support is likely to be needed to make this successful particularly in the area of establishing a best practice volunteer framework, and on fundraising.

3. Fundraising

The future plans outlined above cannot happen without an injection of new resources and associated funding. Fundraising will therefore continue to be a priority for the Trust going forward. Fundraising priorities for next year will be twofold:

Once funding is secured and capacity is increased, the Trust will then look at developing a focused campaign to increase local donations and legacy giving.

4. Community Development and responding to growing and changing needs

Over the 10 years the centre has been open, strong links have been formed with a wide cohort of people who have aged with the centre and are increasingly needing support. The Trust has a strong volunteer group, with many being aged 65+ years who tell us that volunteering is a valuable way to stay fit and active and contribute to the community. Whilst we have focused on creating activities - mooring stations and watering holes - that prevent social isolation and allow people to get to know each other the Trust now faces a turning point in its cradle-to-grave response.

Because of its proximity to older people, the Centre’s staff and volunteers feel a natural compulsion to respond but lack some of the skills and resources needed to build enough community capacity to sustain and maintain all of the other important work and functions the Centre performs in helping people to help each other and themselves.

A future phase of development of the Trust’s Sustainability Plan will be to look how the Charity could grow and evolve over medium term, with an emphasis on building support at grass roots level. With funding to secure a sustainable building, sufficient staffing and volunteer capacity, the Trust can then look at how it will move to its next stage of community development through partnership working which is informed by wider community engagement and needs assessment.

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Abergavenny Community Trust CIO Report of the Trustees for the Year Ended 31 October 2025

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 28 May 2026 and signed on their behalf by:

Caroline Lewis Joint chair of the Board of Trustees

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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 2025 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

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

Page 17

Abergavenny Community Trust CIO STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2025

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Total
Net gains on investments
Net income / (expenditure)
Transfers between funds
Net income / (expenditure)
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
2025
2025
2025
2024
£
£
£
£
14,471
3,438
17,909
15,916
88,583
6,831
95,414
132,789
5,063
-
5,063
-
1,165
-
1,165
1,019
109,282
10,269
119,551
149,724
3,068
-
3,068
-
95,765
29,983
125,748
122,090
98,833
29,983
128,816
122,090
-
-
-
-
10,449
(19,714)
(9,265)
27,634
-
-
-
-
10,449
(19,714)
(9,265)
27,634
-
-
-
-
10,449
(19,714)
(9,265)
27,634
68,863
221,910
290,773
263,139
79,312
202,196
281,508
290,773

Page 18

Abergavenny Community Trust CIO BALANCE SHEET

at 31 October 2025

Charity No. 1177133

Notes
Fixed assets
Intangible assets
10
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors:Amount falling due within
one year
13
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
14
Unrestricted funds
General funds
14
Designated funds
14
Reserves
14
Total funds		 2025
£
£186,630
£7,100
£193,730
£9,483
£86,186
£95,669
(£7,891)
£87,778
£281,508
£281,508
£281,508
£202,196
£202,196
£25,732
£53,580
£79,312
-
£281,508		 2024
£
£197,210
£10,046
£207,256
£8,569
£82,596
£91,165
(£7,648)
£83,517
£290,773
£290,773
£290,773
£221,910
£221,910
£23,878
£44,985
£68,863
-
£290,773

Approved by Trustees on 28 May 2026. And signed on their behalf by:

Caroline Lewis

Caroline Lewis Trustee

Page 19

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 20

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 21

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. Assets held under finance leases are depreciated in the same way as owned assets.

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 22

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
2025
£
Donations and legacies
14,471
14,471
4. Income from charitable activities
Unrestricted
2025
£
Grants
10,000
Room hire
58,927
Food, refreshments
19,656
Other
-
88,583		 Unrestricted
Restricted
Total
funds
funds
funds
2024
2024
2024
£
£
£
14,526
1,390
15,916
89,244
43,545
132,789
1,019
-
1,019
104,789
44,935
149,724
90,551
31,539
122,090
90,551
31,539
122,090
14,238
13,396
27,634
14,238
13,396
27,634
14,238
13,396
27,634
54,625
208,514
263,139
68,863
221,910
290,773
Restricted
Total
Total
2025
2025
2024
£
£
£
3,438
17,909
15,916
14,471 3,438
17,909
15,916
Restricted
Total
Total
2025
2025
2024
£
£
£
6,032
16,032
67,193
-
58,927
46,423
-
19,656
18,825
799
799
348
88,583 6,831
95,414
132,789

Page 23

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

5. Income from other trading activities

Fundraising activities
6. Income from investments
Interest receivable
7. Expenditure on raising funds
Fundraising trading costs
Fundraising activities		 Unrestricted
Total
Total
2025
2025
2024
£
£
£
5,063
5,063
-
5,063
5,063
-
Unrestricted
Total
Total
2025
2025
2024
£
£
£
1,165
1,165
1,019
1,165
1,165
1,019
Unrestricted
Total
Total
2025
2025
2024
£
£
£
3,068
3,068
-
3,068
3,068
-

Page 24

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

8. Expenditure on charitable activities

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
Licences and subscriptions
Sundry
Amortisation
Depreciation
Governance costs:
Accountancy and inspection
Payroll and bookkeeping		 Unrestricted
Restricted
Total
Total
2025
2025
2025
2024
£
£
£
£
12,209
1,080
13,289
10,220
7,031
530
7,561
9,280
5,946
2,945
8,891
11,743
38,201
7,297
45,498
43,218
609
137
746
663
4,771
344
5,115
4,734
4,447
164
4,611
7,785
3,213
70
3,283
2,747
7,112
1,555
8,667
4,093
366
-
366
139
1,208
-
1,208
1,378
3,231
738
3,969
2,240
1,453
-
1,453
1,136
1,691
1,098
2,789
3,672
208
10,372
10,580
10,580
598
3,633
4,231
4,827
1,410
-
1,410
1,350
2,061
20
2,081
2,285
95,765
29,983
125,748
122,090

9. 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:

2025 2024
Number Number
2.27 2.14
2.27 2.14

The charity pension scheme for auto enrolment is Nest.

Page 25

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

10. Intangible fixed assets
Cost
At 1 November 2024
Additions
At 31 October 2025
Amortisation and impairment
At 1 November 2024
Amortisation charge for the year
At 31 October 2025
Net book values
At 31 October 2025
At 31 October 2024		 Other
Total
2025
2025
£
£
250,828
250,828
-
-
250,828
250,828
53,618
53,618
10,580
10,580
64,198
64,198
186,630
186,630
197,210
197,210

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.

11. Tangible fixed assets
Cost or revaluation
As at 1 November 2024
Additions
At 31 October 2025
Depreciation and impairment
As at 1 November 2024
Depreciation charge for the year
At 31 October 2025
Net book values
At 31 October 2025
At 31 October 2024		 Equipment,
fixtures and
Total
fittings
2025
£
£
52,059
52,059
1,285
1,285
53,344
53,344
42,013
42,013
4,231
4,231
46,244
46,244
7,100
7,100
10,046
10,046

Page 26

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

12. Debtors
Trade debtors
Other debtors
Prepayments and accrued income
13. Creditors
amounts falling due within one year:
Trade creditors
Other taxes and social security
Other creditors
Accruals		 Total
Total
2025
2024
£
£
73
129
9,410
8,440
-
-
9,483
8,569
Total
Total
2025
2024
£
£
128
-
462
273
156
316
7,145
7,059
7,891
7,648

Page 27

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

14. Movement in funds
Restricted funds
Restricted Income funds:
The Repair Café
Supporting families
Technology improvements
Hosting community activities
Outside space & nature garden
Sustainable facility plan
Building improvements -
amortisation costs
ECO improvements
Equipment
Circular Economy grants
Cooking and food activities
Warm places and spaces
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 costs		 Incoming
At 1st
resources
Resources
Gross
At 31st
November
(including
expended
transfers
October
2024
gains/losses)
2025
£
£
£
£
£
466
799
(652)
-
613
415
-
(415)
-
-
280
-
(280)
-
-
820
-
(820)
-
-
19,821
-
(991)
-
18,830
16,042
-
(9,500)
-
6,542
133,060
-
(7,362)
-
125,698
41,881
-
(4,219)
-
37,662
886
-
(382)
-
504
6,910
1,277
(1,033)
-
7,154
1,329
5,938
(2,652)
-
4,615
-
2,255
(1,677)
-
578
221,910
10,269
(29,983)
-
202,196
23,878
109,282
(92,378)
(15,050)
25,732
15,100
-
(1,650)
4,550
18,000
25,000
-
(4,000)
10,500
31,500
4,885
-
(805)
-
4,080
44,985
-
(6,455)
15,050
53,580
68,863
109,282
(98,833)
-
79,312
290,773
119,551
(128,816)
-
281,508

Purposes and restrictions in relation to the funds:

Restricted funds:

The Repair Café Hosting support for the Abergavenny Repair Café Supporting families Indoor and outdoor activities to support families Technology improvements Technology solutions for new ways of working Hosting community activities Hosting support for community groups

Page 28

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

14. Movement in funds (continued)

Purposes and restrictions in relation to the funds (cont'd):

Restricted funds

Outside space & nature garden Develop the outside space and nature garden Sustainable facility plan Develop and implement a sustainability plan for the Centre Building improvements Property improvements, future amortisation costs ECO improvements Improve environmental footprint and energy efficiency Equipment New equipment to improve facilities Circular Economy grants Replace windows, improve storage and establish 'Benthyg' facility Cooking and food activities Cooking activities for children, young people and families Warm places and spaces Provision of a warm place and associated activities

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

15. Analysis of net assets between funds

Fixed assets
Net current assets
16. Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted Restricted
Total
2025
2025
2025
£
£
£
4,080
189,650
193,730
87,778
-
87,778
91,858
189,650
281,508
£
£
£
82,596
3,590
86,186
At 1
November
2024
Cash
flows
At 31
October
2025
82,596
3,590
86,186

Page 29

Abergavenny Community Trust CIO NOTES TO THE ACCOUNTS

17. Commitments

Operating lease commitments

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

Land and
buildings
Other
2025
2025
£
£
Operation lease with expiry date:
over five years
3,050
-
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
2025
2025
£
£
3,050
-		 Land and
buildings
Other
2024
2024
£
£
3,050
-
2025
2024
£
£
746
663
-
-

Page 30

Abergavenny Community Trust CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2025

Income and endowments from:
Donations and legacies
Charitable activities
Grants
Room hire
Food, refreshments
Other
Other trading activities
Fundraising activities
Investments
Total income and endowments
Expenditure on:
Costs of other trading activities
Fundraising activities
Total expenditure on other trading activities
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
Licences and subscriptions
Sundry
Amortisation
Depreciation		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2025
2025
2025
2024
£
£
£
£
14,471
3,438
17,909
15,916
14,471
3,438
17,909
15,916
10,000
6,032
16,032
67,193
58,927
-
58,927
46,423
19,656
-
19,656
18,825
-
799
799
348
88,583
6,831
95,414
132,789
5,063
-
5,063
-
5,063
-
5,063
-
1,165
-
1,165
1,019
109,282
10,269
119,551
149,724
3,068
-
3,068
-
3,068
-
3,068
-
12,209
1,080
13,289
10,220
7,031
530
7,561
9,280
5,946
2,945
8,891
11,743
38,201
7,297
45,498
43,218
609
137
746
663
4,771
344
5,115
4,734
4,447
164
4,611
7,785
3,213
70
3,283
2,747
7,112
1,555
8,667
4,093
366
-
366
139
1,208
-
1,208
1,378
3,231
738
3,969
2,240
1,453
-
1,453
1,136
1,691
1,098
2,789
3,672
208
10,372
10,580
10,580
598
3,633
4,231
4,827
92,294
29,963
122,257
118,455

Page 31

Abergavenny Community Trust CIO DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2025

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
Net (expenditure) / income before other
gains and losses
General administrative costs, including depreciation
and amortisation		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2025
2025
2025
2024
£
£
£
£
1,410
-
1,410
1,350
2,061
20
2,081
2,285
3,471
20
3,491
3,635
95,765
29,983
125,748
122,090
-
-
-
-
98,833
29,983
128,816
122,090
-
-
-
-
10,449
(19,714)
(9,265)
27,634
10,449
(19,714)
(9,265)
27,634
-
-
-
-
10,449
(19,714)
(9,265)
27,634

Page 32