**CHARITY REGISTRATION NUMBER: 1183959** 

## **The Palmer Centre Unaudited Financial Statements** 

**30 June 2024** 

## **WALTER HUNTER & CO LIMITED** 

Chartered accountants 

24 Bridge Street Newport South Wales NP20 4SF 



## **The Palmer Centre** 

## **Financial Statements** 

## **Year ended 30 June 2024** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|





## **The Palmer Centre** 

## **Trustees' Annual Report** 

## **Year ended 30 June 2024** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2024. 

## **Reference and administrative details** 

|**Registered charity name**|The Palmer Centre|
|---|---|
|**Charity registration number**|1183959|
|**Principal office**||



## **The trustees** 

Ms SE Bushell Mr PS Farley Father MJ Gollop (Appointed 19 October 2023) Reverend S Jackson (Resigned 19 October 2023) Mrs PA Jones (Appointed 19 October 2023) Mr CE McGonagle Mr M Le Peltier Colonel R Richardson-Aitken **Independent examiner** Mr Jonathan Rhodes BSc BFP FCA 24 Bridge Street Newport South Wales NP20 4SF 

## **Structure, governance and management** 

## **Nature of the Governing Document and constitution of the charity** 

The Palmer Centre is a registered charity, registered on 18th June 2019. It was formally known as the Chepstow Senior Citizens Welfare Trust, charity number 505655, but converted to a CIO from the Trust in June 2019. The objects and powers of the charity are formed in a formal governing document. 

## **The methods adopted for the recruitment and appointment of new trustees** 

Each trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. A charity trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term but may be reappointed after an interval of at least one year. 

**1** 



## **The Palmer Centre** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **Objectives and activities** 

## **A summary of the Objects of the Charity as set out in its Governing Document** 

The objects of the Palmer Centre are 

- I. To relieve the needs of the elderly and people with a disability, their families, friends and carers, within Chepstow and the surrounding areas, in particular but not exclusively by the provision of recreational activities directed towards relieving their needs in the interests of social welfare. 

- II. To further or benefit the residents of Chepstow and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. 

In furtherance of these objects but not otherwise, the trustees shall maintain and manage such a centre for activities promoted by the charity in furtherance of the above objects. 

## **Summary of the main activities** 

The Palmer Centre is a well-used and highly regarded community centre, located in the heart of Chepstow. The facilities at the Centre are designed to ensure that it is fully accessible and in particular to be Dementia Friendly. 

The Centre facilitates a number of activities that benefit members of the community - particularly those who experience loneliness and isolation, either through living alone or from having a physical or mental disability. 

Notable activities are the 'Monday Club' and 'Friday Singing Club', run by staff and volunteers at the Centre. These activities are particularly designed to support people with dementia and provide support to them and their families and carers. The Monday Club holds stimulating and inclusive activities, such as reminiscence sessions, objects handling and playing games. The Friday Singing Club includes a lunch, after which members participate in communal singing and chat. Both Clubs are well attended (over 20 each session) and professionally run. 

The Palmer Café, located within the Centre, attracts hundreds of visitors each week and provides them with a comfortable and affordable environment in which to enjoy a cup of tea or coffee, toasted tea cake or other freshly cooked refreshments and meals. Many of the customers are regulars and well known to the staff and volunteers. The Café provides a safe and attractive environment in which to catch up with friends or just enjoy some social contact. 

Several organisations and groups regularly use the Centre as a base; these include the Morello Clinic, Slimming World, Tai Chi, U3A Choir, Film and Classical Music groups, the RCG Church, Zumba, Martial Arts and a regular Record Collector's Fair. The Centre also hosts information sessions with our local police and provides information and access to Assistive Tech Monmouthshire (Careline). 

## **Public benefit** 

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. 

**2** 



## **The Palmer Centre** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **Achievements and performance** 

## **Summary of the main achievements of the charity** 

The Palmer Centre was able to provide a full range of activities and services during 2023-24 while maintaining a close watch on our costs and pricing. 

The Centre continued to run and enhance our the 'Monday Club'; the 'Friday Singing Club' and 'People and Places', our archive of photographs of Chepstow created for rolling display in the café and to support presentations by local historians at the Centre and with local schools. 

The year saw several special events at the Centre. These included a Christmas Craft Fayre, a Christmas Party for the Monday Club and a Christmas Festive Tea in December and 'Elvis Comes to Chepstow' in the early Summer. 

During the year there were some important activities behind the scenes including continuing training for our staff and volunteers in Food Hygiene, First Aid; customer care; and offering help to customers, for example by signposting services such as Citizens Advice and Monmouthshire's Assistive Technology service. We have also equipped the main hall with state-of-the-art audio-visual equipment including a public address system and the potential for virtual reality experiences. 

As ever, none of these activities would have been possible without the energy, commitment and loyalty of our people: volunteers, staff and trustees alike, and their willingness to go that extra mile. Nor would they have been possible without much appreciated and generous support from Chepstow Town Council, Gwent Association of Voluntary Organisations (GAVO) and the Foyle Foundation. 

## **Financial review** 

## **Transactions and Financial position** 

The financial statements are set out on pages 6 to 16. These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. 

The Statement of Financial Activities shown on page 6 to the accounts discloses net outgoing resources for the year of £1,045 (2023: net outgoing £21,470). 

The total reserves at the year end stand at £25,756 (2023: £26,801). 

## **Policy on reserves** 

The Trustees have approved a policy on reserves in accordance with the Charity Commissions Guidance CC19 “Charity reserves: building resilience”. 

Reserves are vital to support the charity’s ability to operate effectively and to the long-term viability of the charity and to its ability to achieve its aims and objectives. They are also vital to enable the charity to meet its legal and contractual liabilities should the organisation have to close. 

At the year end the unrestricted reserves of the charity were £19,768 (2023: £26,801). 

No funds of the charity, restricted or unrestricted, have been or are in deficit as at 30 June 2024. 

**3** 



## **The Palmer Centre** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **Plans for future periods** 

In 2024-25 The Palmer Centre will continue our practice of the iterative development of our offering to the community. We are mindful, however that this is likely to still be against the background of pressures on our costs, including those for food, energy and wages that will require further mitigation and vigilance, and of course the pressures faced by many of our customers who include some of the most vulnerable members of the community. 

The Centre has long kept an eye out for individuals known to us who may be experiencing loneliness and other difficulties. The Centre provides a lifeline for some of our customers, and we would like to increase the scope of this work and explore the possibilities for developing a more comprehensive befriending service by telephone and other means within the capacity of a small organisation.  In doing this we will actively explore the potential for collaboration with national and other local organisations and services. 

We anticipate that the coming year will also be one of transition as we address renewal and succession planning issues for the board of trustees and the wider organisation. 

## **Responsibilities of the trustees** 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Charity law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the income and expenditure, for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees' annual report was approved on 19 September 2024 and signed on behalf of the board of trustees by: 

Mr PS Farley Trustee 

**4** 



## **The Palmer Centre** 

## **Independent Examiner's Report to the Trustees of The Palmer Centre** 

## **Year ended 30 June 2024** 

I report to the trustees on my examination of the financial statements of The Palmer Centre ('the charity') for the year ended 30 June 2024. 

## **Responsibilities and basis of report** 

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I 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: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination. 

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

Mr Jonathan Rhodes BSc BFP FCA Independent Examiner 

24 Bridge Street Newport South Wales NP20 4SF 

19 September 2024 

**5** 



## **The Palmer Centre** 

## **Statement of Financial Activities** 

## **Year ended 30 June 2024** 

||||**2024**||2023|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**4**|3,280|–|3,280|1,795|
|Charitable activities|**5**|12,400|9,938|22,338|8,993|
|Other trading activities|**6**|88,992|–|88,992|82,790|
|||`─────────`|`───────`|`─────────`|`────────`|
|**Total income**||104,672|9,938|114,610|93,578|
|||`═════════`|`═══════`|`═════════`|`════════`|
|**Expenditure**||||||
|Expenditure on charitable activities|**7,8**|111,705|3,950|115,655|115,048|
|||`─────────`|`───────`|`─────────`|`─────────`|
|**Total expenditure**||111,705|3,950|115,655|115,048|
|||`═════════`|`═══════`|`═════════`|`═════════`|
|||`─────────`|`───────`|`─────────`|`─────────`|
|**Net expenditure and net movement**|**in**|||||
|**funds**||(7,033)|5,988|(1,045)|(21,470)|
|||`═════════`|`═══════`|`═════════`|`═════════`|
|**Reconciliation of funds**||||||
|Total funds brought forward||26,801|–|26,801|48,271|
|||`─────────`|`───────`|`─────────`|`─────────`|
|**Total funds carried forward**||19,768|5,988|25,756|26,801|
|||`═════════`|`═══════`|`═════════`|`═════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 8 to 16 form part of these financial statements.** 

**6** 



## **The Palmer Centre** 

## **Statement of Financial Position** 

## **30 June 2024** 

|||**2024**|2023|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**14**|12,161|10,782|
|**Current assets**||||
|Stocks|**15**|475|400|
|Debtors|**16**|2,356|1,450|
|Cash at bank and in hand||34,878|32,189|
|||`────────`|`────────`|
|||37,709|34,039|
|**Creditors: amounts falling due within one year**|**17**|18,066|11,166|
|||`────────`|`────────`|
|**Net current assets**||19,643|22,873|
|||`────────`|`────────`|
|**Total assets less current liabilities**||31,804|33,655|
|**Creditors: amounts falling due after more than one year**|**18**|6,048|6,854|
|||`────────`|`────────`|
|**Net assets**||25,756|26,801|
|||`════════`|`════════`|
|**Funds of the charity**||||
|Restricted funds||5,988|–|
|Unrestricted funds||19,768|26,801|
|||`────────`|`────────`|
|**Total charity funds**|**20**|25,756<br>`════════`|26,801<br>`════════`|



These financial statements were approved by the board of trustees and authorised for issue on 19 September 2024, and are signed on behalf of the board by: 

Mr PS Farley Trustee 

**The notes on pages 8 to 16 form part of these financial statements.** 

**7** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** 

## **Year ended 30 June 2024** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Place de Cormeilles, High Street, Chepstow, NP16 5LH. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis. 

## **Going concern** 

Having reviewed the plans and future projections of the charity the trustees are confident that the charity will continue to operate for at least the next 12 months.  As such, there are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **Income tax** 

As a registered charity, the charity is exempt from income tax to the extent that its income and gains are applicable to charitable purposes only. Value added tax is not recoverable by the charity and is therefore included in the relevant costs in the Statement of Financial Activities. 

## **Fund accounting** 

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity.  Such funds may be held in order to finance both working capital and capital investment. 

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them. 

There is no formal policy of transfers between funds. 

**8** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Tangible assets** 

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 

**9** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Depreciation** 

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

Plant and machinery - 20% straight line Fixtures and fittings - 20% straight line Equipment - 20% straight line 

## **Stocks** 

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

## **Defined contribution plans** 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 

## **4. Donations and legacies** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|**Donations**|||||
|Donations|3,280|3,280|1,795|1,795|
||`═══════`|`═══════`|`═══════`|`═══════`|



**10** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **5. Charitable activities** 

|||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|
|||Funds|Funds|**2024**|
|||£|£|**£**|
|Chepstow Town Council||12,400|3,243|15,643|
|GAVO||–|6,695|6,695|
|Monmouth County Council||–|–|–|
|||`────────`|`───────`|`────────`|
|||12,400|9,938|22,338|
|||`════════`|`═══════`|`════════`|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2023|
|||£|£|£|
|Chepstow Town Council||8,000|–|8,000|
|GAVO||–|–|–|
|Monmouth County Council||–|993|993|
|||`───────`|`────`|`───────`|
|||8,000|993|8,993|
|||`═══════`|`════`|`═══════`|
|**Other trading activities**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Fundraising events|681|681|688|688|
|Cafe income|74,403|74,403|69,024|69,024|
|Room hire income|13,908|13,908|13,078|13,078|
||`────────`|`────────`|`────────`|`────────`|
||88,992|88,992|82,790|82,790|
||`════════`|`════════`|`════════`|`════════`|



## **6. Other trading activities** 

**11** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **7. Expenditure on charitable activities by fund type** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Community centre & cafe|79,045|–|79,045|
|Monday Club|2,751|–|2,751|
|Audio Visual Improvement Project|–|392|392|
|Centre events|–|3,243|3,243|
|Support costs|29,909|315|30,224|
||`─────────`|`───────`|`─────────`|
||111,705|3,950|115,655|
||`═════════`|`═══════`|`═════════`|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2023|
||£|£|£|
|Community centre & cafe|70,568|–|70,568|
|Monday Club|5,051|993|6,044|
|Audio Visual Improvement Project|–|–|–|
|Centre events|–|–|–|
|Support costs|38,436|–|38,436|
||`─────────`|`────`|`─────────`|
||114,055|993|115,048|
||`═════════`|`════`|`═════════`|



## **8. Expenditure on charitable activities by activity type** 

||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly|Support costs|**2024**|2023|
||£|£|**£**|£|
|Community centre & cafe|79,045|28,569|107,614|107,944|
|Monday Club|2,751|–|2,751|6,044|
|Audio Visual Improvement Project|392|315|707|–|
|Centre events|3,243|–|3,243|–|
|Governance costs|–|1,340|1,340|1,060|
||`────────`|`────────`|`─────────`|`─────────`|
||85,431|30,224|115,655|115,048|
||`════════`|`════════`|`═════════`|`═════════`|



## **9. Analysis of support costs** 

|||Audio Visual|||
|---|---|---|---|---|
||Community|Improvement|||
||centre & café|Project|**Total 2024**|Total 2023|
||£|£|**£**|£|
|Premises|16,135|–|16,135|15,368|
|Communications and IT|1,127|–|1,127|1,080|
|General office|1,629|–|1,629|3,513|
|Finance costs|862|–|862|1,285|
|Governance costs|1,340|–|1,340|1,060|
|Professional fees|4,207|–|4,207|10,073|
|Depreciation|4,609|315|4,924|6,057|
||`────────`|`────`|`────────`|`────────`|
||29,909|315|30,224|38,436|
||`════════`|`════`|`════════`|`════════`|



**12** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **10. Net expenditure** 

Net expenditure is stated after charging/(crediting): 

||Net expenditure is stated after charging/(crediting):|||
|---|---|---|---|
|||**2024**|2023|
|||**£**|£|
||Depreciation of tangible fixed assets|4,924|6,057|
|||`═══════`|`═══════`|
|**11.**|**Independent examination fees**|||
|||**2024**|2023|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|1,310<br>`═══════`|1,160<br>`═══════`|



## **12. Staff costs** 

The total staff costs and employee benefits for the reporting period are analysed as follows: 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Wages and salaries|58,572|48,695|
|Employer contributions to pension plans|245|684|
||`────────`|`────────`|
||58,817|49,379|
||`════════`|`════════`|



The average head count of employees during the year was 7 (2023: 7). 

No employee received employee benefits of more than £60,000 during the year (2023: Nil). 

## **Key Management Personnel** 

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £13,655 (2023:£12,624). 

## **13. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

No trustee expenses have been incurred. 

**13** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **14. Tangible fixed assets** 

|||Plant and|Fixtures and|||
|---|---|---|---|---|---|
|||machinery|fittings|Equipment|**Total**|
|||£|£|£|**£**|
||**Cost**|||||
||At 1 July 2023|302|23,047|1,450|24,799|
||Additions|–|6,303|–|6,303|
||Disposals|–|–|(1,450)|(1,450)|
|||`────`|`────────`|`───────`|`────────`|
||**At 30 June 2024**|302|29,350|–|29,652|
|||`════`|`════════`|`═══════`|`════════`|
||**Depreciation**|||||
||At 1 July 2023|302|12,265|1,450|14,017|
||Charge for the year|–|4,924|–|4,924|
||Disposals|–|–|(1,450)|(1,450)|
|||`────`|`────────`|`───────`|`────────`|
||**At 30 June 2024**|302|17,189|–|17,491|
|||`════`|`════════`|`═══════`|`════════`|
||**Carrying amount**|||||
||**At 30 June 2024**|–|12,161|–|12,161|
|||`════`|`════════`|`═══════`|`════════`|
||At 30 June 2023|–|10,782|–|10,782|
|||`════`|`════════`|`═══════`|`════════`|
|**15.**|**Stocks**|||||
|||||**2024**|2023|
|||||**£**|£|
||Raw materials and consumables|||475|400|
|||||`════`|`════`|
|**16.**|**Debtors**|||||
|||||**2024**|2023|
|||||**£**|£|
||Trade debtors|||1,876|970|
||Prepayments and accrued income|||480|480|
|||||`───────`|`───────`|
|||||2,356|1,450|
|||||`═══════`|`═══════`|
|**17.**|**Creditors:** **amounts falling due within**|**one year**||||
|||||**2024**|2023|
|||||**£**|£|
||Trade creditors|||3,559|3,978|
||Accruals and deferred income|||12,269|5,679|
||Social security and other taxes|||1,355|630|
||WCVA Third Sector Loan|||806|806|
||Pension creditor|||77|73|
|||||`────────`|`────────`|
|||||18,066|11,166|
|||||`════════`|`════════`|



The WCVA Third Sector Loan, drawndown in February 2021, is repayable over 10 years, commencing February 2023.  The loan, which was interest free for the first 24 months, accrues interest at the rate of 3% from month 25, calculated daily on the outstanding balance of the loan. 

**14** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **18. Creditors: amounts falling due after more than one year** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|WCVA Third Sector Loan|6,048|6,854|
||`═══════`|`═══════`|



The WCVA Third Sector Loan, drawndown in February 2021, is repayable over 10 years, commencing February 2023.  The loan, which was interest free for the first 24 months, accrues interest at the rate of 3% from month 25, calculated daily on the outstanding balance of the loan. **19. Pensions and other post retirement benefits** 

## **Defined contribution plans** 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £245 (2023: £684). 

## **20. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**||||||||
|---|---|---|---|---|---|---|---|
||||||||**At**|
||At|1 July 2023|Income|Expenditure|**30 June**||**2024**|
|||£|£|£|||£|
|General funds||26,801|104,672|(111,705)||19,768||
|||`════════`|`═════════`|`═════════`||`════════`||
||||||||At|
||At|1 July 2022|Income|Expenditure|30 June||2023|
|||£|£|£|||£|
|General funds||48,271|92,585|(114,055)||26,801||
|||`════════`|`════════`|`═════════`||`════════`||
|**Restricted funds**||||||||
||||||||**At**|
||At|1 July 2023|Income|Expenditure|**30 June**||**2024**|
|||£|£|£|||£|
|Monday Club||–|–|–|||–|
|GAVO - Audio Visual Equipment||–|6,695|(707)||5,988||
|Chepstow Town Council - Events||–|3,243|(3,243)|||–|
|||`────`|`───────`|`───────`||`───────`||
|||–|9,938|(3,950)||5,988||
|||`════`|`═══════`|`═══════`||`═══════`||
||||||||At|
||At|1 July 2022|Income|Expenditure|30 June||2023|
|||£|£|£|||£|
|Monday Club||–|993|(993)|||–|
|GAVO - Audio Visual Equipment||–|–|–|||–|
|Chepstow Town Council - Events||–|–|–|||–|
|||`────`|`────`|`────`|||`────`|
|||–|993|(993)|||–|
|||`════`|`════`|`════`|||`════`|



**15** 



## **The Palmer Centre** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2024** 

## **21. Analysis of net assets between funds** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2024**|
||£|£|**£**|
|Tangible fixed assets|6,173|5,988|12,161|
|Current assets|32,709|5,000|37,709|
|Creditors less than 1 year|(13,066)|(5,000)|(18,066)|
|Creditors greater than 1 year|(6,048)|–|(6,048)|
||`────────`|`───────`|`────────`|
|**Net assets**|19,768|5,988|25,756|
||`════════`|`═══════`|`════════`|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2023|
||£|£|£|
|Tangible fixed assets|10,782|–|10,782|
|Current assets|34,039|–|34,039|
|Creditors less than 1 year|(11,166)|–|(11,166)|
|Creditors greater than 1 year|(6,854)|–|(6,854)|
||`────────`|`────`|`────────`|
|**Net assets**|26,801|–|26,801|
||`════════`|`════`|`════════`|



**16**