MCRA
Annual report
2022 – 2023
Montgomeryshire community regeneration association Cymdeithas adfywio cymunedol maldwyn
registered charity/rhif elusen gofrestredig 524426 company registration number/rhif cwmni cofrestredig 486755
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn Annual report 2022/2023
Montgomeryshire Community Regeneration Association (MCRA) was formed in July 1919, to provide recreational and educational opportunities for the people of Montgomeryshire. The Association was registered as a Company Limited by Guarantee number 486755, in 1950 and registered as a Charity, number 524426, in 1964. Plas Dolerw, Milford Road, Newtown, is the registered office of the Association.
Reference and Administrative details
MCRA has a Council of Management of between 12 and 21 members. These members are also the Directors of the Company and the Trustees of the Charity. Members serving during the year 2022/23 were: -
| Mrs Camilla Davies | MCRA President |
|---|---|
| Mr Alan Davies | Member |
| Dr Rhian Davies | Member |
| Mr John Evans | Member |
| Mr David Hall | MCRA Chairman |
| Dr John Hughes | Member |
| Mr Gwyndaf James | Treasurer |
| Mr Michael Jones | Vice Chairman |
| Dr Janet Lewis | Member |
| Mrs Joy Shearer | Member |
| Mr Christopher Tomley | Member |
| Mrs Julie Turner | Member |
| Cllr Elwyn Vaughan | Member |
MCRA is governed by a Memorandum and Articles of Association; both were updated in July 2007. The aims of the Association remain substantially similar to those set out when it was first established as a facilitating organisation, helping other charities, voluntary and community groups to flourish in Montgomeryshire.
Whereas in 1919 it brought together those groups in sports and musical competitions, it now offers facilities for groups to meet at Plas Dolerw, and provides an art-gallery which is managed by Oriel Davies.
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The aims are : Assisting, facilitating and supporting the work of other charities, voluntary organisations, community groups and statutory authorities engaged in advancing education, arts and music, developing physical improvement, furthering health and welfare, or in pursuing any other objects which now or hereafter may be deemed by law to be charitable. Promoting and organising co-operation and the sharing of facilities, especially by bringing together the authorities and organisations engaged in furtherance of the above purposes.
By the provision of high quality meeting facilities at an affordable rate, MCRA considers that it is still providing a much-appreciated service to the voluntary sector, allowing groups to hold seminars, meetings and training sessions in Plas Dolerw. By the provision of Oriel Davies Gallery, it is providing a venue from which Oriel Davies is able to show a wide range of exhibitions of modern art and arts education and research facilities for Montgomeryshire.
The Council meets every 4 months and an Annual General Meeting is held towards the end of each year. Day to day management is conducted on the members’ behalf by the Chairman, Vice-Chairman, Treasurer and Company Secretary, who meet regularly to discuss and carry out on-going business. The Company Secretary is an employee of the Association and is also the House Manager of Plas Dolerw, keeping officers informed of developments via regular e-mail messages and weekly meetings. MCRA also employs two further part-time assistants who act as caretakers and cleaners for Plas Dolerw.
The Council has currently three sub-committees which are responsible for specific areas of work. These sub-committees report back recommendations for action and expenditure, where appropriate, to the main MCRA Council.
Finance and Audit Sub-Committee Terms of Reference
The Finance and Audit Sub-Committee is chaired by the Treasurer of MCRA. It consists of a minimum of 4 and a maximum of 7 members, including the Chairman of MCRA.
The Sub-Committee discusses financial matters relating to MCRA, receives and considers draft annual accounts provided by the Auditors and makes recommendations to the Council. The Sub-Committee, other than in its capacity as the audit committee, does not have delegated powers other than those that might be assigned to it from time to time by the Council. In its role as the audit committee, it is empowered to take such actions as may be necessary and to take professional advice without the prior approval of Council at the cost of the Charity.
In particular the Sub-Committee will:-
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Meet a minimum of once a year to study the draft annual accounts provided by the Auditor.
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Consider whether the accounts accurately reflect the state of the Association’s finances, and whether their adoption can be recommended to the main Council.
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The Sub-Committee may ask to meet with the Auditor for further discussions if this is thought necessary.
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Have an overview of the investments of MCRA, ensuring a maximum/safe return on capital investment.
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Have an overview of insurance cover relating to MCRA’s buildings and the equipment therein.
Members of the Finance and Audit Sub-Committee were:-
Mr Gwyndaf James Committee Chairman Mr John Evans Member Mr David Hall MCRA Chairman Mr Michael Jones MCRA Vice Chairman Dr Janet Lewis Member Mrs Clair Stevens Company Secretary
Oriel Davies Gallery Sub-Committee Terms of Reference
The Oriel Davies Gallery Sub-Committee is chaired by the Treasurer of the Charity. It consists of a minimum of 3 and a maximum of 7 members, including the Chairman of the Charity. All members of this committee will be members of the Council
The Sub-Committee will be responsible for liaison between the Charity and Oriel Davies Gallery
In particular the Sub-Committee will:-
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Liaise with representatives of the Trustees and the Gallery Director of Oriel Davies Gallery
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Monitor the performance of the Charity and Oriel Davies Gallery regarding their duties and responsibilities under the lease dated 14[th] April 2003, including inspecting the gallery premises at least once in every twelve months.
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Recommend to the Council, when appropriate under the above lease, the rent to be paid by Oriel Davies Gallery in the coming rent period.
Members of the Oriel Davies Sub-Committee were:
Mr Gwyndaf James Committee Chairman Mr David Hall MCRA Chairman Mrs Clair Stevens Company Secretary
Development Sub-Committee Terms of Reference
The Development Sub-Committee is chaired by the Chairman of the Charity. It consists of a minimum of 7 members, and there is no maximum number. The quorum for a meeting is 4 people of which one must be an officer of the Charity. The Sub-Committee verbally reports its actions and any recommendations to the following Council meeting.
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The sub-committee is concerned with forward planning, marketing communications for MCRA and the maintenance of the Plas Dolerw building and grounds. Its specific terms of reference are to be responsible for:
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Establishing a strategy to ensure the sustainable future of MCRA
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Production of a forward programme together with supporting plans for action
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Reviewing past actions and monitoring against targets including ensuring this information is taken into account in the development of the forward programme.
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Managing the corporate identity
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Ensuring the highest level of customer service by recommending appropriate action
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Monitoring the structural and decorative condition of Plas Dolerw both internally and externally including an inspection of the building and grounds at least once a year.
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Identifying, discussing, evaluating and recommending the marketing communications needed to maximise the income from Plas Dolerw and support and promote the corporate aims of MCRA
Members of the Development Sub-Committee were:
Mr Alan Davies Member Mr John Evans Member Mr David Hall Committee Chairman Dr John Hughes Member Mr Gwyndaf James Treasurer Mr Michael Jones Vice Chairman Mrs Julie Turner Member Mrs Clair Stevens Company Secretary
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MCRA – Developments, Activities and Achievements during the Year
Plas Dolerw
MCRA’s Voluntary Sector Centre – Plas Dolerw – continues to serve the local community in a variety of capacities, providing a place for conferences, meetings, training courses, music exams, recreational activities with the benefits of office space for local voluntary associations.
The office spaces on both the ground and first floor are utilised by four charities which are based here.
Current tenants of Plas Dolerw are: -
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Lingen Davies Cancer Charity
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Mid and North Powys Mind
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Powys Association of Voluntary Organisations
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Gwendoline and Margaret Davies Charity
There are approximately 26 staff based in the building, many of them part-time. Roughly half of that number are employed by Powys Association of Voluntary Organisations, which occupies four offices in the building.
Users of the meeting and conference rooms are very varied in size and subject matter, from Yoga to workshops for the disabled. The rooms are also used by local organisations and meetings of the U3A, Ramblers Cymru, Montgomeryshire Beekeepers Society, Compass Care, and Powysland Club, are held within the premises. Driver training courses and music examinations continue to be held at Plas Dolerw.
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Plas Dolerw is particularly suitable for people with disabilities, as the ground floor is all on one level and there is an loop system fitted to the conference room. For this reason some people with hearing loss are known to attend various meetings here simply because they are able to take advantage of the loop system.
There is a Smartboard which is in the Meeting Room and has proved an invaluable asset for IT training courses, meetings involving video conferencing, Advocate training, Health and Safety courses, First Aid training and for general meetings.
MCRA is able to fulfill its aim of providing public benefit to charities, voluntary organisations and community groups by the provision of meeting rooms and office accommodation at Plas Dolerw.
Oriel Davies Gallery
The Oriel Davies Gallery, which is owned by MCRA but leased to a separate charity, continues to be popular and attracts visitors from far and wide.
Oriel Davies is the largest and most significant visual arts venue in the region and a key gallery of Wales, showing groundbreaking national and international art and craft.
The Gallery originates and presents various exhibitions throughout the year, across three gallery spaces. These range from major exhibitions selected from national collections, through to new work by established artists. Oriel Davies also produces artist films and a range of high quality publications.
Alongside the exhibition programme, which often tours to other venues nationally, Oriel Davies also runs a broad mix of stimulating workshops, courses, talks and
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events. The Gallery is also widely known for its innovative offsite projects and outreach programmes for schools, colleges and the wider community.
The provision of the art gallery as a resource to the people of Wales helps MCRA to achieve the public benefit of advancing education and the arts as outlined in the Memorandum and Articles of Association.
Financial Review
The majority of income for MCRA normally comes from the casual letting of meeting room facilities, rents of offices at Plas Dolerw and the rent of Oriel Davies Gallery.
MCRA has tried to keep expenditure to a minimum however there has been removal of various trees and the maintenance of the wooded area of Plas Dolerw and the Oriel Davies Gallery. This will continue to be a priority and managed during the next financial year. Repairs to the building and decoration of offices and the meeting rooms are ongoing.
MCRA aims to provide a balanced budget, including an annual contribution towards the ‘sinking fund’ which will pay for larger repairs or refurbishment to both of its properties.
A Voice for You and Cruse Bereavement vacated their offices due to the charities no longer having a presence in Powys. Two new organisations have occupied offices and other tenancies remained in place.
Income from casual lettings of the meeting rooms were not in line with that predicted in the projected budget due to the continued aftermath of the pandemic.
MCRA were very fortunate in receiving revenue grant of £2,000 from the Gwendoline and Margaret Davies Charity.
Sinking Fund/Reserves
The Trustees of MCRA consider that unrestricted funds not committed or invested in tangible or intangible fixed assets (i.e. free reserves) held by the Charity, should be sufficient to cover the turnover of the organisation for a period of not less than 9 months.
The free reserves held by the Charity should not exceed the turnover required for a period of 18 months, unless additional funds are required to cover a contingency over and above the general running costs of the organisation. Unrestricted reserves held were in accordance with the Reserves Policy, being in excess of 9 months running costs of the Association.
Plans for the future
The Development sub-committee will continue to oversee the operation and marketing of Plas Dolerw, and will ensure that potential projects for the future will be regularly reviewed.
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A Strategy sub-committee will be created to discuss the future role of the MCRA to reflect the current needs and vision of the locality and to discuss the recruitment and succession of MCRA.
The maintenance of the trees and wooded area of Plas Dolerw will continue to be a priority and managed during the next financial year. Running repairs and decoration are always in hand, but more major refurbishment work, will be completed as and when finances allow.
MCRA has also benefited from Funding provided by: The Gwendoline and Margaret Davies Charity
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REGISTERED COMPANY NUMBER: 00486755 (England and Wales) REGISTERED CHARITY NUMBER: 524426
Report of the Trustees and Financial Statements for the Year Ended 31 March 2023
for
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Morgan Griffiths LLP Chartered Accountants Cross Chambers
9 High Street Newtown Powys SY16 2NY
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 18 |
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Reference and Administrative Details for the Year Ended 31 March 2023
| TRUSTEES | Hon Mrs C Davies President |
|---|---|
| Dr R Davies (resigned 30.3.23) | |
| Mr J Evans | |
| Mr D W Hall | |
| Mr D G James | |
| Mr M Jones | |
| Dr J D Lewis | |
| Ms J Turner | |
| Mrs J Shearer | |
| Mr C Tomley | |
| Mr A Davies (resigned 30.3.23) | |
| Mr A T Hughes (deceased 19.7.22) | |
| Dr J Hughes | |
| Cllr E Vaughan (resigned 14.12.22) | |
| COMPANY SECRETARY | Mrs C Stevens |
| REGISTERED OFFICE | Plas Dolerw |
| Milford Road | |
| Newtown | |
| Powys | |
| SY16 2EH | |
| REGISTERED COMPANY | 00486755 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 524426 |
| NUMBER | |
| INDEPENDENT EXAMINER | Morgan Griffiths LLP |
| Chartered Accountants | |
| Cross Chambers | |
| 9 High Street | |
| Newtown | |
| Powys | |
| SY16 2NY | |
| BANKERS | HSBC Bank Plc |
| The Cross | |
| 1 Broad Street | |
| Newtown | |
| Powys | |
| SY16 2LX |
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The charity's object and principal activity continues to be that of promoting the general good of the community, principally in the Shire of Montgomeryshire, improving the conditions of life of the inhabitants by assisting, facilitating and supporting the work of other charities, voluntary organisations, community groups and statutory agencies engaged in advancing education, arts and music, developing physical improvement, furthering health and welfare, or in pursuing any other object which may be deemed by law to be charitable, and promoting and organising co-operation and the sharing of facilities, especially by bringing together the authorities and organisations in the furtherance of the above purposes.
Public Benefit
The Board of Trustees has referred to the information contained in the Charity Commission's general guidance on public benefit both in relation to the objects of MCRA and in planning and executing its activities to support these objectives. The core aim of the charity is directed at assisting and enabling other charities, voluntary and community groups together with statutory bodies to enhance their efficiency and services to the public. MCRA achieves this by the provision of office accommodation and meeting rooms with disabled access, the latter equipped to the high standard now expected of such facilities, at subsidised rates to voluntary and community groups. A range of office sizes is provided so that MCRA can serve a wide range of organisations. The meeting rooms together with lectures, on a theme of relevance to the local and wider community, particularly support the second aim of MCRA which is to promote co-operation and networking between community groups and between such groups and statutory organisations.
MCRA continued to provide accommodation for an Art Gallery in 2022/2023.
The Oriel Davies Gallery, currently leased to an Arts Council funded charitable visual arts organisation, which makes a significant contribution to promoting the arts in Montgomeryshire.
ACHIEVEMENT AND PERFORMANCE
Plas Dolerw
MCRA achieves income from office lettings and the lease of the Oriel Davies Gallery.
However, room hire as not been booked to full capacity as users are still hesitant attending public events/meetings and MCRA have found it difficult to achieve the income projected for casual room hire at Plas Dolerw as a result of the pandemic.
Oriel Davies Gallery
The Oriel Davies Gallery, which is owned by MCRA but leased to a separate charity is very popular and normally attracts visitors far and wide.
FINANCIAL REVIEW
Investment policy and objectives
The Charity maintains its investments with CCLA Investment Management Ltd. MCRA investments are held in the COIF Property Fund and the COIF Investment Fund. The investment return is closely monitored by the Treasurer and the Finance and Audit Sub-Committee.
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW
Reserves policy
Reserves/Sinking Fund
MCRA was very appreciative to receive a revenue grant of £2,000 from the Gwendoline and Margaret Davies Charity during this financial year, continuing the long association between the two charities. Apart from this grant, MCRA was in receipt of income from its holdings in COIF, income from room hire and office rental and the lease of Oriel Davies Art Gallery.
The 'sinking fund' was not utilised during the year as there were no unexpected costs on the upkeep of the two buildings
Unrestricted free reserves held of £172,282 were in accordance with the Reserves Policy, being in excess of 9 months running costs of the Association.
The charity's funds have all been applied in accordance with its objectives. The charity's assets are all being maintained in the furtherance of these objectives. The Statement of Financial Activities shows a net deficit for the year of £85,361 (2022 net deficit £85,327) after charging depreciation of £67,403 (2022 £67,403) and loss on investments of £8,445 (2022 gain £13,819). The charity generated a deficit on its normal activities excluding these charges of £9,513 (2021 £7,406) and reserves stand at £899,130.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association.
Recruitment and appointment of new trustees
All Directors of the Company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named on page 1 served throughout the year, unless appointed, resigned or passed away as shown. The Board has the power to co-opt additional Trustees as it considers fit to do so. Members are chosen for their expertise in various fields, but the Board also strives to achieve a gender, age and Welsh language balance.
Organisational structure
The Council of MCRA is also the Board of Directors of the Company, and has responsibility for the management of the Association. The Council of MCRA meets 3 times a year. Attendance at meetings is good, with all meetings held at Plas Dolerw. There are a number of sub-committees that have particular roles and responsibilities, and these report back to the main Council at the quarterly meetings, recommending any action required. The current sub-committees are as follows:
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a) Finance and Audit Sub-Committee
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b) Oriel Davies Gallery Sub-Committee
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c) Development Sub-Committee
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d) Strategy Sub-Committee
Induction and training of new trustees
New Trustees are provided with copies of the most recent Annual Report and the audited accounts as well as a short history of the Association, They are invited to Plas Dolerw to discuss the activities of the Association with the Company Secretary, and to ask any questions they might have about current and future plans.
Related parties
All Trustees of MCRA serve as full members of the Board of Directors and have responsibility for the running of the Association. Trustees are required to complete a Trustees Declaration of Interests statement when they join the Association and declare any potential conflicts of interest at the beginning of each Council meeting.
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Company Secretary is responsible for the day-to-day management of the charity and for the management of Plas Dolerw. Officers' meetings are held regularly, to discuss any issues that need resolution in between Council meetings.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 18 December 2023 and signed on its behalf by:
Mr D G James - Trustee
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Independent Examiner's Report to the Trustees of Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Independent examiner's report to the trustees of Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Thomas Landers BA FCA
Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown SY16 2NY
18 December 2023
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Oriel Davies Gallery Plas Dolerw Other trading activities 3 Investment income 4 Other income Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Oriel Davies Gallery Plas Dolerw Textile Museum Other 9 Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 Unrestricted Restricted Total funds funds funds £ £ £ 4,000 - 4,000 13,286 - 13,286 45,955 - 45,955 - - - 2,933 - 2,933 - - - 66,174 - 66,174 - - - 5,616 57,589 63,205 71,590 8,295 79,885 - - - - - - 77,206 65,884 143,090 (8,445) - (8,445) (19,477) (65,884) (85,361) 240,851 743,640 984,491 221,374 677,756 899,130 |
31.3.22 Total funds £ 7,658 13,286 40,450 2,271 2,112 5,000 70,777 1,419 61,223 68,826 14,118 24,337 169,923 13,819 (85,327) 1,069,818 984,491 |
|---|---|---|
The notes form part of these financial statements
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 14 Investments 15 CURRENT ASSETS Debtors 16 Cash at bank and in hand CREDITORS Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 19 Unrestricted funds Restricted funds TOTAL FUNDS |
31.3.23 £ 704,683 113,962 818,645 14,209 75,467 89,676 (9,191) 80,485 899,130 899,130 221,374 677,756 899,130 |
31.3.22 £ 772,086 122,407 894,493 10,447 84,797 95,244 (5,246) 89,998 984,491 984,491 240,851 743,640 984,491 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Balance Sheet - continued 31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18 December 2023 and were signed on its behalf by:
Mr D G James - Trustee
The notes form part of these financial statements
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost or valuation |
|---|---|
| Long leasehold | - 0% on cost or valuation |
| Improvements to property | - 4% on cost |
| Plant and machinery | - 2% on cost or valuation |
| Fixtures and fittings | - 20% on cost |
| Computer equipment | - 20% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: G&M Davies Charity PCC - Business restrictions 3. OTHER TRADING ACTIVITIES Shop income 4. INVESTMENT INCOME Deposit account interest Investment Income 5. INCOME FROM CHARITABLE ACTIVITIES Activity Oriel Davies Gallery Lease Oriel Davies Gallery Lettings Plas Dolerw Rental Income Plas Dolerw CJRS Grants Plas Dolerw |
31.3.23 £ - 4,000 4,000 31.3.23 £ 2,000 2,000 4,000 31.3.23 £ - 31.3.23 £ 798 2,135 2,933 31.3.23 £ 13,286 33,178 12,777 - 59,241 |
31.3.22 £ 2,658 5,000 7,658 31.3.22 £ 5,000 - 5,000 31.3.22 £ 2,271 31.3.22 £ 19 2,093 2,112 31.3.22 £ 13,286 17,828 18,963 3,659 |
|---|---|---|
| 53,736 |
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. RAISING FUNDS
Other trading activities
| Goods for resale 7. CHARITABLE ACTIVITIES COSTS Oriel Davies Gallery Plas Dolerw 8. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Insurance Postage and stationery Advertising Sundries Room Hire Services Premises Running Costs & Repairs Grass Cutting & Maintenance Security & Fire Equip Maint Museum running costs Museum repairs and renewals Bank charges Depreciation 9. OTHER Exceptional items |
Direct Costs (see note 8) £ 62,869 78,721 141,590 |
31.3.23 £ - Support costs £ 336 1,164 1,500 31.3.23 £ 37,323 4,041 581 559 478 2,711 17,756 10,282 456 - - - 67,403 141,590 31.3.23 £ - |
31.3.22 £ 1,419 Totals £ 63,205 79,885 |
|---|---|---|---|
| 143,090 | |||
| 31.3.22 £ 37,657 4,655 878 362 311 1,711 13,009 2,755 312 5,622 608 6 67,403 |
|||
| 135,289 | |||
| 31.3.22 £ 24,337 |
This amount represents the transfer of the Textile Museum reserves generated up to 31st December 2021. At this point the assets and ongoing activities of the Textile Museum were transferred to the Newtown Textile Museum (CIO with registered Charity number 1188651).
Page 11
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| Independent Examination Fee | 1,500 | 1,300 |
| Depreciation - owned assets | 67,403 | 67,403 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
No expenses were reimbursed to trustees in the year to 31 March 2023. General expenses amounting to £77 were reimbursed to two trustees in the year to 31 March 2022.
12. STAFF COSTS
| Wages and salaries Other pension costs |
31.3.23 £ 36,718 605 37,323 |
31.3.22 £ 37,033 624 |
|---|---|---|
| 37,657 |
The average monthly number of employees during the year was as follows:
| Direct charitable work Administration |
31.3.23 2 1 3 |
31.3.22 3 1 4 |
|---|---|---|
The charity considers its key management personnel comprises the Company Secretary . The total employment benefits including employer pension contributions of the key management personnel for the year ended 31 March 2023 were £25,038 (2022: £24,184).
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was nil (2022 nil).
Page 12
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,658 Charitable activities Oriel Davies Gallery 13,286 Plas Dolerw 40,450 Other trading activities 2,271 Investment income 2,112 Other income 5,000 Total 70,777 EXPENDITURE ON Raising funds 1,419 Charitable activities Oriel Davies Gallery 3,634 Plas Dolerw 60,532 Textile Museum 14,118 Other 23,799 Total 103,502 Net gains on investments 13,819 NET INCOME/(EXPENDITURE) (18,906) RECONCILIATION OF FUNDS Total funds brought forward 259,757 TOTAL FUNDS CARRIED FORWARD 240,851 |
Restricted funds £ - - - - - - - - 57,589 8,294 - 538 66,421 - (66,421) 810,061 743,640 |
Total funds £ 7,658 13,286 40,450 2,271 2,112 5,000 70,777 1,419 61,223 68,826 14,118 24,337 169,923 13,819 (85,327) 1,069,818 984,491 |
|---|---|---|
Page 13
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
14. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 15. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Plant and machinery £ 295,350 99,725 5,907 105,632 189,718 195,625 |
Freehold property £ 199,865 53,950 2,997 56,947 142,918 145,915 Fixtures and fittings £ 25,581 25,581 - 25,581 - - |
Long leasehold £ 45,227 25,227 - 25,227 20,000 20,000 Computer equipment £ 10,993 10,993 - 10,993 - - |
Improvements to property £ 1,463,364 1,052,818 58,499 1,111,317 352,047 410,546 Totals £ 2,040,380 1,268,294 67,403 1,335,697 704,683 772,086 Listed investments £ 122,407 (8,445) 113,962 113,962 122,407 |
|---|---|---|---|---|
Page 14
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
15. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
The historic cost of listed investments on 31st March 2023 was £57,831 (2022 £57,831). Investments comprise, £73,424 (2022 £76,312) in a COIF Charities Investment Fund, and £40,538 (2022 £46,095) in a COIF Charities Property Fund.
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.3.23 £ 11,259 1,776 1,174 14,209 31.3.23 £ 4,713 1,037 3,441 9,191 |
31.3.23 £ 11,259 1,776 1,174 14,209 31.3.23 £ 4,713 1,037 3,441 9,191 |
31.3.22 £ 7,496 1,776 1,175 |
31.3.22 £ 7,496 1,776 1,175 |
|---|---|---|---|---|---|---|---|---|
| 10,447 | ||||||||
| 31.3.22 £ 1,256 2,330 1,660 5,246 |
||||||||
| 5,246 | ||||||||
| Fixed assets Investments Current assets Current liabilities |
Unrestricted funds £ 27,030 113,962 89,573 (9,191) 221,374 |
Restricted funds £ 677,653 - 103 - 677,756 |
31.3.23 Total funds £ 704,683 113,962 89,676 (9,191) 899,130 |
31.3.22 Total funds £ 772,086 122,407 95,244 (5,246) |
||||
| 984,491 |
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Fixed assets | 27,030 | 677,653 | 704,683 | 772,086 |
| Investments | 113,962 | - | 113,962 | 122,407 |
| Current assets | 89,573 | 103 | 89,676 | 95,244 |
| Current liabilities | (9,191) | - | (9,191) | (5,246) |
| 221,374 | 677,756 | 899,130 | 984,491 |
Page 15
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS
| Unrestricted funds General Fund - Revenue Building Repairs Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Oriel Davies Gallery - Property Awards for All TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General Fund - Revenue 66,174 Oriel Davies Gallery improvements - Plas Dolerw improvements - Plas Dolerw capital - 66,174 Restricted funds Oriel Davies Gallery - Improvements - Plas Dolerw - Improvements - Plas Dolerw - Property - - TOTAL FUNDS 66,174 |
At 1.4.22 £ 190,240 22,063 6,373 19,060 3,115 240,851 404,174 176,565 142,800 20,000 101 743,640 984,491 Resources expended £ (75,687) (910) (512) (97) (77,206) (57,589) (5,395) (2,900) (65,884) (143,090) |
Net movement in funds £ (17,958) - (910) (512) (97) (19,477) (57,589) (5,395) (2,900) - - (65,884) (85,361) Gains and losses £ (8,445) - - - (8,445) - - - - (8,445) |
At 31.3.23 £ 172,282 22,063 5,463 18,548 3,018 221,374 346,585 171,170 139,900 20,000 101 677,756 899,130 Movement in funds £ (17,958) (910) (512) (97) (19,477) (57,589) (5,395) (2,900) (65,884) (85,361) |
|---|---|---|---|
Page 16
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General Fund - Revenue Building Repairs Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Textile Museum - Revenue Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Oriel Davies Gallery - Property Awards for All Textile Museum TOTAL FUNDS |
At 1.4.21 £ 174,719 22,063 7,283 19,573 3,212 32,907 259,757 461,763 181,959 145,700 20,000 101 538 810,061 1,069,818 |
Net movement in funds £ 15,521 - (910) (513) (97) (32,907) (18,906) (57,589) (5,394) (2,900) - - (538) (66,421) (85,327) |
At 31.3.22 £ 190,240 22,063 6,373 19,060 3,115 - |
|---|---|---|---|
| 240,851 404,174 176,565 142,800 20,000 101 - |
|||
| 743,640 | |||
| 984,491 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund - Revenue Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Textile Museum - Revenue Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Textile Museum TOTAL FUNDS |
Incoming resources £ 65,848 - - - 4,929 70,777 - - - - - 70,777 |
Resources expended £ (64,146) (910) (513) (97) (37,836) (103,502) (57,589) (5,394) (2,900) (538) (66,421) (169,923) |
Gains and losses £ 13,819 - - - - 13,819 - - - - - 13,819 |
Movement in funds £ 15,521 (910) (513) (97) (32,907) |
|---|---|---|---|---|
| (18,906) (57,589) (5,394) (2,900) (538) |
||||
| (66,421) | ||||
| (85,327) |
Page 17
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS - continued
Plas Dolerw provides a base for the charity as well as office accommodation for local charities and conference/meeting hire facilities. Oriel Davies Gallery provides the public with an opportunity to access high quality exhibitions as well as opportunities for arts education, classes in poetry, etc.
20. RELATED PARTY DISCLOSURES
Dr Janet Lewis is a trustee of the Gwendoline and Margaret Davies Charity who have provided grant support to the charity in the year as disclosed in note 2.
21. SECURED ASSET
The trustees of the charity have been required to provide security charges over freehold property in respect of grants provided for the improvement of the property. Disclosure of these requirements has been made by the trustees to the charity commission who have indicated their agreement to this charge.
Page 18
REGISTERED COMPANY NUMBER: 00486755 (England and Wales) REGISTERED CHARITY NUMBER: 524426
Report of the Trustees and Financial Statements for the Year Ended 31 March 2023
for
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Morgan Griffiths LLP Chartered Accountants Cross Chambers
9 High Street Newtown Powys SY16 2NY
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 18 |
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Reference and Administrative Details for the Year Ended 31 March 2023
| TRUSTEES | Hon Mrs C Davies President |
|---|---|
| Dr R Davies (resigned 30.3.23) | |
| Mr J Evans | |
| Mr D W Hall | |
| Mr D G James | |
| Mr M Jones | |
| Dr J D Lewis | |
| Ms J Turner | |
| Mrs J Shearer | |
| Mr C Tomley | |
| Mr A Davies (resigned 30.3.23) | |
| Mr A T Hughes (deceased 19.7.22) | |
| Dr J Hughes | |
| Cllr E Vaughan (resigned 14.12.22) | |
| COMPANY SECRETARY | Mrs C Stevens |
| REGISTERED OFFICE | Plas Dolerw |
| Milford Road | |
| Newtown | |
| Powys | |
| SY16 2EH | |
| REGISTERED COMPANY | 00486755 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 524426 |
| NUMBER | |
| INDEPENDENT EXAMINER | Morgan Griffiths LLP |
| Chartered Accountants | |
| Cross Chambers | |
| 9 High Street | |
| Newtown | |
| Powys | |
| SY16 2NY | |
| BANKERS | HSBC Bank Plc |
| The Cross | |
| 1 Broad Street | |
| Newtown | |
| Powys | |
| SY16 2LX |
Page 1
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The charity's object and principal activity continues to be that of promoting the general good of the community, principally in the Shire of Montgomeryshire, improving the conditions of life of the inhabitants by assisting, facilitating and supporting the work of other charities, voluntary organisations, community groups and statutory agencies engaged in advancing education, arts and music, developing physical improvement, furthering health and welfare, or in pursuing any other object which may be deemed by law to be charitable, and promoting and organising co-operation and the sharing of facilities, especially by bringing together the authorities and organisations in the furtherance of the above purposes.
Public Benefit
The Board of Trustees has referred to the information contained in the Charity Commission's general guidance on public benefit both in relation to the objects of MCRA and in planning and executing its activities to support these objectives. The core aim of the charity is directed at assisting and enabling other charities, voluntary and community groups together with statutory bodies to enhance their efficiency and services to the public. MCRA achieves this by the provision of office accommodation and meeting rooms with disabled access, the latter equipped to the high standard now expected of such facilities, at subsidised rates to voluntary and community groups. A range of office sizes is provided so that MCRA can serve a wide range of organisations. The meeting rooms together with lectures, on a theme of relevance to the local and wider community, particularly support the second aim of MCRA which is to promote co-operation and networking between community groups and between such groups and statutory organisations.
MCRA continued to provide accommodation for an Art Gallery in 2022/2023.
The Oriel Davies Gallery, currently leased to an Arts Council funded charitable visual arts organisation, which makes a significant contribution to promoting the arts in Montgomeryshire.
ACHIEVEMENT AND PERFORMANCE
Plas Dolerw
MCRA achieves income from office lettings and the lease of the Oriel Davies Gallery.
However, room hire as not been booked to full capacity as users are still hesitant attending public events/meetings and MCRA have found it difficult to achieve the income projected for casual room hire at Plas Dolerw as a result of the pandemic.
Oriel Davies Gallery
The Oriel Davies Gallery, which is owned by MCRA but leased to a separate charity is very popular and normally attracts visitors far and wide.
FINANCIAL REVIEW
Investment policy and objectives
The Charity maintains its investments with CCLA Investment Management Ltd. MCRA investments are held in the COIF Property Fund and the COIF Investment Fund. The investment return is closely monitored by the Treasurer and the Finance and Audit Sub-Committee.
Page 2
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW
Reserves policy
Reserves/Sinking Fund
MCRA was very appreciative to receive a revenue grant of £2,000 from the Gwendoline and Margaret Davies Charity during this financial year, continuing the long association between the two charities. Apart from this grant, MCRA was in receipt of income from its holdings in COIF, income from room hire and office rental and the lease of Oriel Davies Art Gallery.
The 'sinking fund' was not utilised during the year as there were no unexpected costs on the upkeep of the two buildings
Unrestricted free reserves held of £172,282 were in accordance with the Reserves Policy, being in excess of 9 months running costs of the Association.
The charity's funds have all been applied in accordance with its objectives. The charity's assets are all being maintained in the furtherance of these objectives. The Statement of Financial Activities shows a net deficit for the year of £85,361 (2022 net deficit £85,327) after charging depreciation of £67,403 (2022 £67,403) and loss on investments of £8,445 (2022 gain £13,819). The charity generated a deficit on its normal activities excluding these charges of £9,513 (2021 £7,406) and reserves stand at £899,130.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association.
Recruitment and appointment of new trustees
All Directors of the Company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named on page 1 served throughout the year, unless appointed, resigned or passed away as shown. The Board has the power to co-opt additional Trustees as it considers fit to do so. Members are chosen for their expertise in various fields, but the Board also strives to achieve a gender, age and Welsh language balance.
Organisational structure
The Council of MCRA is also the Board of Directors of the Company, and has responsibility for the management of the Association. The Council of MCRA meets 3 times a year. Attendance at meetings is good, with all meetings held at Plas Dolerw. There are a number of sub-committees that have particular roles and responsibilities, and these report back to the main Council at the quarterly meetings, recommending any action required. The current sub-committees are as follows:
-
a) Finance and Audit Sub-Committee
-
b) Oriel Davies Gallery Sub-Committee
-
c) Development Sub-Committee
-
d) Strategy Sub-Committee
Induction and training of new trustees
New Trustees are provided with copies of the most recent Annual Report and the audited accounts as well as a short history of the Association, They are invited to Plas Dolerw to discuss the activities of the Association with the Company Secretary, and to ask any questions they might have about current and future plans.
Related parties
All Trustees of MCRA serve as full members of the Board of Directors and have responsibility for the running of the Association. Trustees are required to complete a Trustees Declaration of Interests statement when they join the Association and declare any potential conflicts of interest at the beginning of each Council meeting.
Page 3
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Company Secretary is responsible for the day-to-day management of the charity and for the management of Plas Dolerw. Officers' meetings are held regularly, to discuss any issues that need resolution in between Council meetings.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 18 December 2023 and signed on its behalf by:
Mr D G James - Trustee
Page 4
Independent Examiner's Report to the Trustees of Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Independent examiner's report to the trustees of Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Thomas Landers BA FCA
Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown SY16 2NY
18 December 2023
Page 5
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Oriel Davies Gallery Plas Dolerw Other trading activities 3 Investment income 4 Other income Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Oriel Davies Gallery Plas Dolerw Textile Museum Other 9 Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 Unrestricted Restricted Total funds funds funds £ £ £ 4,000 - 4,000 13,286 - 13,286 45,955 - 45,955 - - - 2,933 - 2,933 - - - 66,174 - 66,174 - - - 5,616 57,589 63,205 71,590 8,295 79,885 - - - - - - 77,206 65,884 143,090 (8,445) - (8,445) (19,477) (65,884) (85,361) 240,851 743,640 984,491 221,374 677,756 899,130 |
31.3.22 Total funds £ 7,658 13,286 40,450 2,271 2,112 5,000 70,777 1,419 61,223 68,826 14,118 24,337 169,923 13,819 (85,327) 1,069,818 984,491 |
|---|---|---|
The notes form part of these financial statements
Page 6
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 14 Investments 15 CURRENT ASSETS Debtors 16 Cash at bank and in hand CREDITORS Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 19 Unrestricted funds Restricted funds TOTAL FUNDS |
31.3.23 £ 704,683 113,962 818,645 14,209 75,467 89,676 (9,191) 80,485 899,130 899,130 221,374 677,756 899,130 |
31.3.22 £ 772,086 122,407 894,493 10,447 84,797 95,244 (5,246) 89,998 984,491 984,491 240,851 743,640 984,491 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 7
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn (Registered number: 00486755)
Balance Sheet - continued 31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18 December 2023 and were signed on its behalf by:
Mr D G James - Trustee
The notes form part of these financial statements
Page 8
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost or valuation |
|---|---|
| Long leasehold | - 0% on cost or valuation |
| Improvements to property | - 4% on cost |
| Plant and machinery | - 2% on cost or valuation |
| Fixtures and fittings | - 20% on cost |
| Computer equipment | - 20% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 9
continued...
Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: G&M Davies Charity PCC - Business restrictions 3. OTHER TRADING ACTIVITIES Shop income 4. INVESTMENT INCOME Deposit account interest Investment Income 5. INCOME FROM CHARITABLE ACTIVITIES Activity Oriel Davies Gallery Lease Oriel Davies Gallery Lettings Plas Dolerw Rental Income Plas Dolerw CJRS Grants Plas Dolerw |
31.3.23 £ - 4,000 4,000 31.3.23 £ 2,000 2,000 4,000 31.3.23 £ - 31.3.23 £ 798 2,135 2,933 31.3.23 £ 13,286 33,178 12,777 - 59,241 |
31.3.22 £ 2,658 5,000 7,658 31.3.22 £ 5,000 - 5,000 31.3.22 £ 2,271 31.3.22 £ 19 2,093 2,112 31.3.22 £ 13,286 17,828 18,963 3,659 |
|---|---|---|
| 53,736 |
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. RAISING FUNDS
Other trading activities
| Goods for resale 7. CHARITABLE ACTIVITIES COSTS Oriel Davies Gallery Plas Dolerw 8. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Insurance Postage and stationery Advertising Sundries Room Hire Services Premises Running Costs & Repairs Grass Cutting & Maintenance Security & Fire Equip Maint Museum running costs Museum repairs and renewals Bank charges Depreciation 9. OTHER Exceptional items |
Direct Costs (see note 8) £ 62,869 78,721 141,590 |
31.3.23 £ - Support costs £ 336 1,164 1,500 31.3.23 £ 37,323 4,041 581 559 478 2,711 17,756 10,282 456 - - - 67,403 141,590 31.3.23 £ - |
31.3.22 £ 1,419 Totals £ 63,205 79,885 |
|---|---|---|---|
| 143,090 | |||
| 31.3.22 £ 37,657 4,655 878 362 311 1,711 13,009 2,755 312 5,622 608 6 67,403 |
|||
| 135,289 | |||
| 31.3.22 £ 24,337 |
This amount represents the transfer of the Textile Museum reserves generated up to 31st December 2021. At this point the assets and ongoing activities of the Textile Museum were transferred to the Newtown Textile Museum (CIO with registered Charity number 1188651).
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| Independent Examination Fee | 1,500 | 1,300 |
| Depreciation - owned assets | 67,403 | 67,403 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
No expenses were reimbursed to trustees in the year to 31 March 2023. General expenses amounting to £77 were reimbursed to two trustees in the year to 31 March 2022.
12. STAFF COSTS
| Wages and salaries Other pension costs |
31.3.23 £ 36,718 605 37,323 |
31.3.22 £ 37,033 624 |
|---|---|---|
| 37,657 |
The average monthly number of employees during the year was as follows:
| Direct charitable work Administration |
31.3.23 2 1 3 |
31.3.22 3 1 4 |
|---|---|---|
The charity considers its key management personnel comprises the Company Secretary . The total employment benefits including employer pension contributions of the key management personnel for the year ended 31 March 2023 were £25,038 (2022: £24,184).
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was nil (2022 nil).
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,658 Charitable activities Oriel Davies Gallery 13,286 Plas Dolerw 40,450 Other trading activities 2,271 Investment income 2,112 Other income 5,000 Total 70,777 EXPENDITURE ON Raising funds 1,419 Charitable activities Oriel Davies Gallery 3,634 Plas Dolerw 60,532 Textile Museum 14,118 Other 23,799 Total 103,502 Net gains on investments 13,819 NET INCOME/(EXPENDITURE) (18,906) RECONCILIATION OF FUNDS Total funds brought forward 259,757 TOTAL FUNDS CARRIED FORWARD 240,851 |
Restricted funds £ - - - - - - - - 57,589 8,294 - 538 66,421 - (66,421) 810,061 743,640 |
Total funds £ 7,658 13,286 40,450 2,271 2,112 5,000 70,777 1,419 61,223 68,826 14,118 24,337 169,923 13,819 (85,327) 1,069,818 984,491 |
|---|---|---|
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
14. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 15. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Plant and machinery £ 295,350 99,725 5,907 105,632 189,718 195,625 |
Freehold property £ 199,865 53,950 2,997 56,947 142,918 145,915 Fixtures and fittings £ 25,581 25,581 - 25,581 - - |
Long leasehold £ 45,227 25,227 - 25,227 20,000 20,000 Computer equipment £ 10,993 10,993 - 10,993 - - |
Improvements to property £ 1,463,364 1,052,818 58,499 1,111,317 352,047 410,546 Totals £ 2,040,380 1,268,294 67,403 1,335,697 704,683 772,086 Listed investments £ 122,407 (8,445) 113,962 113,962 122,407 |
|---|---|---|---|---|
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
15. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
The historic cost of listed investments on 31st March 2023 was £57,831 (2022 £57,831). Investments comprise, £73,424 (2022 £76,312) in a COIF Charities Investment Fund, and £40,538 (2022 £46,095) in a COIF Charities Property Fund.
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Trade debtors Other debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.3.23 £ 11,259 1,776 1,174 14,209 31.3.23 £ 4,713 1,037 3,441 9,191 |
31.3.23 £ 11,259 1,776 1,174 14,209 31.3.23 £ 4,713 1,037 3,441 9,191 |
31.3.22 £ 7,496 1,776 1,175 |
31.3.22 £ 7,496 1,776 1,175 |
|---|---|---|---|---|---|---|---|---|
| 10,447 | ||||||||
| 31.3.22 £ 1,256 2,330 1,660 5,246 |
||||||||
| 5,246 | ||||||||
| Fixed assets Investments Current assets Current liabilities |
Unrestricted funds £ 27,030 113,962 89,573 (9,191) 221,374 |
Restricted funds £ 677,653 - 103 - 677,756 |
31.3.23 Total funds £ 704,683 113,962 89,676 (9,191) 899,130 |
31.3.22 Total funds £ 772,086 122,407 95,244 (5,246) |
||||
| 984,491 |
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Fixed assets | 27,030 | 677,653 | 704,683 | 772,086 |
| Investments | 113,962 | - | 113,962 | 122,407 |
| Current assets | 89,573 | 103 | 89,676 | 95,244 |
| Current liabilities | (9,191) | - | (9,191) | (5,246) |
| 221,374 | 677,756 | 899,130 | 984,491 |
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS
| Unrestricted funds General Fund - Revenue Building Repairs Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Oriel Davies Gallery - Property Awards for All TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General Fund - Revenue 66,174 Oriel Davies Gallery improvements - Plas Dolerw improvements - Plas Dolerw capital - 66,174 Restricted funds Oriel Davies Gallery - Improvements - Plas Dolerw - Improvements - Plas Dolerw - Property - - TOTAL FUNDS 66,174 |
At 1.4.22 £ 190,240 22,063 6,373 19,060 3,115 240,851 404,174 176,565 142,800 20,000 101 743,640 984,491 Resources expended £ (75,687) (910) (512) (97) (77,206) (57,589) (5,395) (2,900) (65,884) (143,090) |
Net movement in funds £ (17,958) - (910) (512) (97) (19,477) (57,589) (5,395) (2,900) - - (65,884) (85,361) Gains and losses £ (8,445) - - - (8,445) - - - - (8,445) |
At 31.3.23 £ 172,282 22,063 5,463 18,548 3,018 221,374 346,585 171,170 139,900 20,000 101 677,756 899,130 Movement in funds £ (17,958) (910) (512) (97) (19,477) (57,589) (5,395) (2,900) (65,884) (85,361) |
|---|---|---|---|
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General Fund - Revenue Building Repairs Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Textile Museum - Revenue Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Oriel Davies Gallery - Property Awards for All Textile Museum TOTAL FUNDS |
At 1.4.21 £ 174,719 22,063 7,283 19,573 3,212 32,907 259,757 461,763 181,959 145,700 20,000 101 538 810,061 1,069,818 |
Net movement in funds £ 15,521 - (910) (513) (97) (32,907) (18,906) (57,589) (5,394) (2,900) - - (538) (66,421) (85,327) |
At 31.3.22 £ 190,240 22,063 6,373 19,060 3,115 - |
|---|---|---|---|
| 240,851 404,174 176,565 142,800 20,000 101 - |
|||
| 743,640 | |||
| 984,491 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund - Revenue Oriel Davies Gallery improvements Plas Dolerw improvements Plas Dolerw capital Textile Museum - Revenue Restricted funds Oriel Davies Gallery - Improvements Plas Dolerw - Improvements Plas Dolerw - Property Textile Museum TOTAL FUNDS |
Incoming resources £ 65,848 - - - 4,929 70,777 - - - - - 70,777 |
Resources expended £ (64,146) (910) (513) (97) (37,836) (103,502) (57,589) (5,394) (2,900) (538) (66,421) (169,923) |
Gains and losses £ 13,819 - - - - 13,819 - - - - - 13,819 |
Movement in funds £ 15,521 (910) (513) (97) (32,907) |
|---|---|---|---|---|
| (18,906) (57,589) (5,394) (2,900) (538) |
||||
| (66,421) | ||||
| (85,327) |
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Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
19. MOVEMENT IN FUNDS - continued
Plas Dolerw provides a base for the charity as well as office accommodation for local charities and conference/meeting hire facilities. Oriel Davies Gallery provides the public with an opportunity to access high quality exhibitions as well as opportunities for arts education, classes in poetry, etc.
20. RELATED PARTY DISCLOSURES
Dr Janet Lewis is a trustee of the Gwendoline and Margaret Davies Charity who have provided grant support to the charity in the year as disclosed in note 2.
21. SECURED ASSET
The trustees of the charity have been required to provide security charges over freehold property in respect of grants provided for the improvement of the property. Disclosure of these requirements has been made by the trustees to the charity commission who have indicated their agreement to this charge.
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