## MCRA ## Annual report 2023 – 2024 Montgomeryshire community regeneration association Cymdeithas adfywio cymunedol maldwyn registered charity/rhif elusen gofrestredig 524426 company registration number/rhif cwmni cofrestredig 486755 1 ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn Annual report 2023/2024** 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 10 and 18 members. These members are also the Directors of the Company and the Trustees of the Charity. Members serving during the year 2023/24 were: - |Mrs Camilla Davies|MCRA President| |---|---| |Mr John Evans|Member| |Mr David Hall|MCRA Chairman| |Dr John Hughes|MCRA Vice Chairman| |Mr Gwyndaf James|Treasurer| |Mr Michael Jones|Member| |Mrs Eldrydd Lamp|Member| |Dr Janet Lewis|Member| |Mr Roger Morgan|Member| |Mrs Joy Shearer|Member| |Mr Christopher Tomley|Member| |Mrs Julie Turner|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. 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_ 2 _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:-_ - _Meet a minimum of once a year to study the draft annual accounts provided by the Auditor._ - _Consider whether the accounts accurately reflect the state of the Association’s finances, and whether their adoption can be recommended to the main Council._ - _The Sub-Committee may ask to meet with the Auditor for further discussions if this is thought necessary._ - _Have an overview of the investments of MCRA, ensuring a maximum/safe return on capital investment._ 3 - _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 Member 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:-_ - _Liaise with representatives of the Trustees and the Gallery Director of Oriel Davies Gallery_ - _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._ - _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._ _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:_ 4 - _Establishing a strategy to ensure the sustainable future of MCRA_ - _Production of a forward programme together with supporting plans for action_ - _Reviewing past actions and monitoring against targets including ensuring this information is taken into account in the development of the forward programme._ - _Managing the corporate identity_ - _Ensuring the highest level of customer service by recommending appropriate action_ - _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._ - _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 John Evans Member Mr David Hall Committee Chairman Dr John Hughes MCRA Vice Chairman Mr Gwyndaf James Treasurer Mr Michael Jones Member Mrs Julie Turner Member Mrs Clair Stevens Company Secretary ## **Strategy Sub-Committee Terms of Reference** _The Strategy Sub-Committee 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._ _The sub-committee is concerned with the future role of MCRA. Its specific terms of reference are to be responsible for:_ - _Identifying the future role of MCRA_ - _Establishing a strategy to ensure the sustainable future and role of MCRA_ 5 **Members of the Strategy Sub-Committee were:** |Mrs Camilla Davies|Member| |---|---| |Mr John Evans|Member| |Mr David Hall|MCRA Chairman| |Dr John Hughes|Committee Chairman| |Mr Gwyndaf James|Treasurer| |Dr Janet Lewis|Member| |Mr Roger Morgan|Member| |Mrs Julie Turner|Member| |Mrs Clair Stevens|Company Secretary| ## **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: -** - Lingen Davies Cancer Charity - Mid and North Powys Mind - Powys Association of Voluntary Organisations - Gwendoline and Margaret Davies Charity There are approximately 27 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, Newtown Textile Museum, Angling Club, Ramblers Cymru, Stori 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. 6 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. The Oriel Davies Gallery is the largest and most significant visual arts venue in the region and 7 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 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 an increased expenditure with electricity costs due to the high increase of energy costs nationally. There is continued maintenance of the wooded area of Plas Dolerw and the Oriel Davies Gallery. 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. Income from casual lettings of the meeting rooms continue to be not in line with that predicted in the projected budget due to the 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. 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** 8 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. The Strategy sub-committee will continue to oversee 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 house 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** 9 **REGISTERED COMPANY NUMBER: 00486755 (England and Wales) REGISTERED CHARITY NUMBER: 524426** ## **Report of the Trustees and Financial Statements for the Year Ended 31 March 2024** ## **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 2024** |||**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|17| **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Reference and Administrative Details for the Year Ended 31 March 2024** |**TRUSTEES**|Hon Mrs C Davies President| |---|---| ||Mr J Evans| ||Mr D W Hall (deceased 11.9.24)| ||Mr D G James| ||Mr M Jones| ||Dr J D Lewis| ||Ms J Turner| ||Mrs J Shearer| ||Mr C Tomley| ||Dr J Hughes| ||Mrs E J Lamp (appointed 20.7.23)| ||Mr R Morgan (appointed 20.7.23)| |**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 2024** 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 2024. 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 the Oriel Davies Art Gallery in 2023/24. 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 has 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 Covid. ## **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 2024** ## **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, 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 £169,700 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 £69,985 (2023 net deficit £85,361) after charging depreciation of £67,403 (2023 £67,403) and including a gain on investments of £6,559 (2023 loss £8,445). The charity generated a deficit on its normal activities excluding these charges of £9,141 (2023 £9,513) and reserves stand at £829,145. ## **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 approximately 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 2024** ## **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 19 December 2024 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 2024. ## **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 19 December 2024 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 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Oriel Davies Gallery
Plas Dolerw
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Oriel Davies Gallery
Plas Dolerw
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**31.3.24**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
£
£
**£**
**2,000**
**-**
**2,000**
**13,284**
**-**
**13,284**
**44,345**
**-**
**44,345**
**106**
**-**
**106**
**4,452**
**-**
**4,452**
**64,187**
**-**
**64,187**
**3,113**
**57,589**
**60,702**
**71,734**
**8,295**
**80,029**
**74,847**
**65,884**
**140,731**
**6,559**
**-**
**6,559**
**(4,101)**
**(65,884)**
**(69,985)**
**221,374**
**677,756**
**899,130**
**217,273**
**611,872**
**829,145**|31.3.23
Total
funds
£
4,000
13,286
45,955
-
2,933
66,174
63,205
79,885
143,090
(8,445)
(85,361)
984,491
899,130| |---|---|---| 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 2024** |Notes
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**31.3.24**
**£**
**637,280**
**120,521**
**757,801**
**17,822**
**58,917**
**76,739**
**(5,395)**
**71,344**
**829,145**
**829,145**
**217,273**
**611,872**
**829,145**|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| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024** 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 19 December 2024 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 2024** ## **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 2024** |**2.**
**DONATIONS AND LEGACIES**
Grants
Grants received, included in the above, are as follows:
G&M Davies Charity
PCC - Business restrictions
**3.**
**OTHER TRADING ACTIVITIES**
Other 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|**31.3.24**
**£**
**2,000**
**31.3.24**
**£**
**2,000**
**-**
**2,000**
**31.3.24**
**£**
**106**
**31.3.24**
**£**
**2,317**
**2,135**
**4,452**
**31.3.24**
**£**
**13,284**
**31,970**
**12,375**
**57,629**|31.3.23
£
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| Page 10 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **6. CHARITABLE ACTIVITIES COSTS** |Oriel Davies Gallery
Plas Dolerw
**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
Depreciation|Direct
Costs (see
note 7)
£
**60,267**
**78,364**
**138,631**|Support
costs
£
**435**
**1,665**
**2,100**
**31.3.24**
**£**
**34,841**
**4,960**
**989**
**557**
**698**
**2,824**
**18,629**
**7,413**
**317**
**67,403**
**138,631**|Totals
£
**60,702**
**80,029**| |---|---|---|---| ||||**140,731**| ||||31.3.23
£
37,323
4,041
581
559
478
2,711
17,756
10,282
456
67,403| ||||141,590| ## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES** ## **8. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||**31.3.24**|31.3.23| |---|---|---| ||**£**|£| |Independent Examination Fee|**2,100**|1,500| |Depreciation - owned assets|**67,403**|67,403| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 11 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **9. TRUSTEES' REMUNERATION AND BENEFITS - continued** ## **Trustees' expenses** No expenses were reimbursed to trustees in the years to 31 March 2024. and 31 March 2023. ## **10. STAFF COSTS** |Wages and salaries
Other pension costs|**31.3.24**
**£**
**34,240**
**601**
**34,841**|31.3.23
£
36,718
605| |---|---|---| |||37,323| The average monthly number of employees during the year was as follows: |Direct charitable work
Administration|**31.3.24**
**2**
**1**
**3**|31.3.23
2
1
3| |---|---|---| 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 2024 were £24,611 (2023: £25,038). The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was nil (2023 nil). ## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Oriel Davies Gallery
Plas Dolerw
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Oriel Davies Gallery
Plas Dolerw
**Total**|Unrestricted
funds
£
4,000
13,286
45,955
2,933
66,174
5,616
71,590
77,206|Restricted
funds
£
-
-
-
-
-
57,589
8,295
65,884|Total
funds
£
4,000
13,286
45,955
2,933| |---|---|---|---| ||||66,174| ||||63,205
79,885| ||||143,090| Page 12 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** |**11.**
**COMPARATIVES FOR THE STATEMENT**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**12.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|**OF FINANCIAL ACTIVITIES -**
Unrestricted
funds
£
(8,445)
(19,477)
240,851
221,374
Freehold
property
£
**199,865**
**56,947**
**2,997**
**59,944**
**139,921**
142,918
Fixtures
Plant and
and
machinery
fittings
£
£
**295,350**
**25,581**
**105,632**
**25,581**
**5,907**
**-**
**111,539**
**25,581**
**183,811**
**-**
189,718
-|**continued**
Restricted
funds
£
-
(65,884)
743,640
677,756
Long
leasehold
£
**45,227**
**25,227**
**-**
**25,227**
**20,000**
20,000
Computer
equipment
£
**10,993**
**10,993**
**-**
**10,993**
**-**
-|Total
funds
£
(8,445)
(85,361)
984,491
899,130
Improvements
to
property
£
**1,463,364**
**1,111,317**
**58,499**
**1,169,816**
**293,548**
352,047
Totals
£
**2,040,380**
**1,335,697**
**67,403**
**1,403,100**
**637,280**
704,683| |---|---|---|---| Page 13 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **13. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 April 2023
Revaluations
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Listed
investments
£
**113,962**
**6,559**
**120,521**
**120,521**
113,962| |---|---| There were no investment assets outside the UK. The historic cost of listed investments on 31st March 2024 was £57,831 (2023 £57,831). Investments comprise, £80,070 (2023 £73,424) in a COIF Charities Investment Fund, and £40,450 (2023 £40,538) in a COIF Charities Property Fund. ## **14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
Other debtors
VAT
Prepayments and accrued income
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
VAT
Accrued expenses|**31.3.24**
**£**
**11,440**
**1,776**
**1,215**
**3,391**
**17,822**
**31.3.24**
**£**
**1,811**
**420**
**-**
**3,164**
**5,395**|31.3.23
£
11,259
1,776
-
1,174|31.3.23
£
11,259
1,776
-
1,174| |---|---|---|---| |||14,209|| |||31.3.23
£
4,713
443
594
3,441
9,191|| ||||9,191| Page 14 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **17.** |Fixed assets
Investments
Current assets
Current liabilities
**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**|Unrestricted
funds
£
**25,511**
**120,521**
**76,636**
**(5,395)**
**217,273**|Restricted
funds
£
**611,769**
**-**
**103**
**-**
**611,872**
At 1.4.23
£
**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**|**31.3.24**
Total
funds
**£**
**637,280**
**120,521**
**76,739**
**(5,395)**
**829,145**
Net
movement
in funds
£
**(2,582)**
**-**
**(910)**
**(512)**
**(97)**
**(4,101)**
**(57,589)**
**(5,395)**
**(2,900)**
**-**
**-**
**(65,884)**
**(69,985)**|31.3.23
Total
funds
£
704,683
113,962
89,676
(9,191)
899,130
At
31.3.24
£
**169,700**
**22,063**
**4,553**
**18,036**
**2,921**
**217,273**
**288,996**
**165,775**
**137,000**
**20,000**
**101**
**611,872**
**829,145**| |---|---|---|---|---| Page 15 continued... **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **17. MOVEMENT IN FUNDS - continued** 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
**Restricted funds**
Oriel Davies Gallery - Improvements
Plas Dolerw - Improvements
Plas Dolerw - Property
**TOTAL FUNDS**|Incoming
resources
£
**64,187**
**-**
**-**
**-**
**64,187**
**-**
**-**
**-**
**-**
**64,187**|Resources
expended
£
**(73,328)**
**(910)**
**(512)**
**(97)**
**(74,847)**
**(57,589)**
**(5,395)**
**(2,900)**
**(65,884)**
**(140,731)**|Gains and
losses
£
**6,559**
**-**
**-**
**-**
**6,559**
**-**
**-**
**-**
**-**
**6,559**|Movement
in funds
£
**(2,582)**
**(910)**
**(512)**
**(97)**| |---|---|---|---|---| |||||**(4,101)**
**(57,589)**
**(5,395)**
**(2,900)**| |||||**(65,884)**| |||||**(69,985)**| ## **Comparatives for 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**|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|Net
movement
in funds
£
(17,958)
-
(910)
(512)
(97)
(19,477)
(57,589)
(5,395)
(2,900)
-
-
(65,884)
(85,361)|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| Page 16 continued... **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **17. MOVEMENT IN FUNDS - continued** 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
**Restricted funds**
Oriel Davies Gallery - Improvements
Plas Dolerw - Improvements
Plas Dolerw - Property
**TOTAL FUNDS**|Incoming
resources
£
66,174
-
-
-
66,174
-
-
-
-
66,174|Resources
expended
£
(75,687)
(910)
(512)
(97)
(77,206)
(57,589)
(5,395)
(2,900)
(65,884)
(143,090)|Gains and
losses
£
(8,445)
-
-
-
(8,445)
-
-
-
-
(8,445)|Movement
in funds
£
(17,958)
(910)
(512)
(97)
(19,477)
(57,589)
(5,395)
(2,900)
(65,884)
(85,361)| |---|---|---|---|---| 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. ## **18. 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. ## **19. 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 17 **REGISTERED COMPANY NUMBER: 00486755 (England and Wales) REGISTERED CHARITY NUMBER: 524426** ## **Report of the Trustees and Financial Statements for the Year Ended 31 March 2024** ## **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 2024** |||**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|17| **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Reference and Administrative Details for the Year Ended 31 March 2024** |**TRUSTEES**|Hon Mrs C Davies President| |---|---| ||Mr J Evans| ||Mr D W Hall (deceased 11.9.24)| ||Mr D G James| ||Mr M Jones| ||Dr J D Lewis| ||Ms J Turner| ||Mrs J Shearer| ||Mr C Tomley| ||Dr J Hughes| ||Mrs E J Lamp (appointed 20.7.23)| ||Mr R Morgan (appointed 20.7.23)| |**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 2024** 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 2024. 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 the Oriel Davies Art Gallery in 2023/24. 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 has 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 Covid. ## **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 2024** ## **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, 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 £169,700 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 £69,985 (2023 net deficit £85,361) after charging depreciation of £67,403 (2023 £67,403) and including a gain on investments of £6,559 (2023 loss £8,445). The charity generated a deficit on its normal activities excluding these charges of £9,141 (2023 £9,513) and reserves stand at £829,145. ## **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 approximately 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 2024** ## **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 19 December 2024 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 2024. ## **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 19 December 2024 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 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Oriel Davies Gallery
Plas Dolerw
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Oriel Davies Gallery
Plas Dolerw
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**31.3.24**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
£
£
**£**
**2,000**
**-**
**2,000**
**13,284**
**-**
**13,284**
**44,345**
**-**
**44,345**
**106**
**-**
**106**
**4,452**
**-**
**4,452**
**64,187**
**-**
**64,187**
**3,113**
**57,589**
**60,702**
**71,734**
**8,295**
**80,029**
**74,847**
**65,884**
**140,731**
**6,559**
**-**
**6,559**
**(4,101)**
**(65,884)**
**(69,985)**
**221,374**
**677,756**
**899,130**
**217,273**
**611,872**
**829,145**|31.3.23
Total
funds
£
4,000
13,286
45,955
-
2,933
66,174
63,205
79,885
143,090
(8,445)
(85,361)
984,491
899,130| |---|---|---| 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 2024** |Notes
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**31.3.24**
**£**
**637,280**
**120,521**
**757,801**
**17,822**
**58,917**
**76,739**
**(5,395)**
**71,344**
**829,145**
**829,145**
**217,273**
**611,872**
**829,145**|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| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024** 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 19 December 2024 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 2024** ## **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 2024** |**2.**
**DONATIONS AND LEGACIES**
Grants
Grants received, included in the above, are as follows:
G&M Davies Charity
PCC - Business restrictions
**3.**
**OTHER TRADING ACTIVITIES**
Other 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|**31.3.24**
**£**
**2,000**
**31.3.24**
**£**
**2,000**
**-**
**2,000**
**31.3.24**
**£**
**106**
**31.3.24**
**£**
**2,317**
**2,135**
**4,452**
**31.3.24**
**£**
**13,284**
**31,970**
**12,375**
**57,629**|31.3.23
£
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| Page 10 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **6. CHARITABLE ACTIVITIES COSTS** |Oriel Davies Gallery
Plas Dolerw
**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
Depreciation|Direct
Costs (see
note 7)
£
**60,267**
**78,364**
**138,631**|Support
costs
£
**435**
**1,665**
**2,100**
**31.3.24**
**£**
**34,841**
**4,960**
**989**
**557**
**698**
**2,824**
**18,629**
**7,413**
**317**
**67,403**
**138,631**|Totals
£
**60,702**
**80,029**| |---|---|---|---| ||||**140,731**| ||||31.3.23
£
37,323
4,041
581
559
478
2,711
17,756
10,282
456
67,403| ||||141,590| ## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES** ## **8. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||**31.3.24**|31.3.23| |---|---|---| ||**£**|£| |Independent Examination Fee|**2,100**|1,500| |Depreciation - owned assets|**67,403**|67,403| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 11 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **9. TRUSTEES' REMUNERATION AND BENEFITS - continued** ## **Trustees' expenses** No expenses were reimbursed to trustees in the years to 31 March 2024. and 31 March 2023. ## **10. STAFF COSTS** |Wages and salaries
Other pension costs|**31.3.24**
**£**
**34,240**
**601**
**34,841**|31.3.23
£
36,718
605| |---|---|---| |||37,323| The average monthly number of employees during the year was as follows: |Direct charitable work
Administration|**31.3.24**
**2**
**1**
**3**|31.3.23
2
1
3| |---|---|---| 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 2024 were £24,611 (2023: £25,038). The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was nil (2023 nil). ## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Oriel Davies Gallery
Plas Dolerw
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Oriel Davies Gallery
Plas Dolerw
**Total**|Unrestricted
funds
£
4,000
13,286
45,955
2,933
66,174
5,616
71,590
77,206|Restricted
funds
£
-
-
-
-
-
57,589
8,295
65,884|Total
funds
£
4,000
13,286
45,955
2,933| |---|---|---|---| ||||66,174| ||||63,205
79,885| ||||143,090| Page 12 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** |**11.**
**COMPARATIVES FOR THE STATEMENT**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**12.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023
**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|**OF FINANCIAL ACTIVITIES -**
Unrestricted
funds
£
(8,445)
(19,477)
240,851
221,374
Freehold
property
£
**199,865**
**56,947**
**2,997**
**59,944**
**139,921**
142,918
Fixtures
Plant and
and
machinery
fittings
£
£
**295,350**
**25,581**
**105,632**
**25,581**
**5,907**
**-**
**111,539**
**25,581**
**183,811**
**-**
189,718
-|**continued**
Restricted
funds
£
-
(65,884)
743,640
677,756
Long
leasehold
£
**45,227**
**25,227**
**-**
**25,227**
**20,000**
20,000
Computer
equipment
£
**10,993**
**10,993**
**-**
**10,993**
**-**
-|Total
funds
£
(8,445)
(85,361)
984,491
899,130
Improvements
to
property
£
**1,463,364**
**1,111,317**
**58,499**
**1,169,816**
**293,548**
352,047
Totals
£
**2,040,380**
**1,335,697**
**67,403**
**1,403,100**
**637,280**
704,683| |---|---|---|---| Page 13 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **13. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 April 2023
Revaluations
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Listed
investments
£
**113,962**
**6,559**
**120,521**
**120,521**
113,962| |---|---| There were no investment assets outside the UK. The historic cost of listed investments on 31st March 2024 was £57,831 (2023 £57,831). Investments comprise, £80,070 (2023 £73,424) in a COIF Charities Investment Fund, and £40,450 (2023 £40,538) in a COIF Charities Property Fund. ## **14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
Other debtors
VAT
Prepayments and accrued income
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
VAT
Accrued expenses|**31.3.24**
**£**
**11,440**
**1,776**
**1,215**
**3,391**
**17,822**
**31.3.24**
**£**
**1,811**
**420**
**-**
**3,164**
**5,395**|31.3.23
£
11,259
1,776
-
1,174|31.3.23
£
11,259
1,776
-
1,174| |---|---|---|---| |||14,209|| |||31.3.23
£
4,713
443
594
3,441
9,191|| ||||9,191| Page 14 continued... ## **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ## **17.** |Fixed assets
Investments
Current assets
Current liabilities
**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**|Unrestricted
funds
£
**25,511**
**120,521**
**76,636**
**(5,395)**
**217,273**|Restricted
funds
£
**611,769**
**-**
**103**
**-**
**611,872**
At 1.4.23
£
**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**|**31.3.24**
Total
funds
**£**
**637,280**
**120,521**
**76,739**
**(5,395)**
**829,145**
Net
movement
in funds
£
**(2,582)**
**-**
**(910)**
**(512)**
**(97)**
**(4,101)**
**(57,589)**
**(5,395)**
**(2,900)**
**-**
**-**
**(65,884)**
**(69,985)**|31.3.23
Total
funds
£
704,683
113,962
89,676
(9,191)
899,130
At
31.3.24
£
**169,700**
**22,063**
**4,553**
**18,036**
**2,921**
**217,273**
**288,996**
**165,775**
**137,000**
**20,000**
**101**
**611,872**
**829,145**| |---|---|---|---|---| Page 15 continued... **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **17. MOVEMENT IN FUNDS - continued** 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
**Restricted funds**
Oriel Davies Gallery - Improvements
Plas Dolerw - Improvements
Plas Dolerw - Property
**TOTAL FUNDS**|Incoming
resources
£
**64,187**
**-**
**-**
**-**
**64,187**
**-**
**-**
**-**
**-**
**64,187**|Resources
expended
£
**(73,328)**
**(910)**
**(512)**
**(97)**
**(74,847)**
**(57,589)**
**(5,395)**
**(2,900)**
**(65,884)**
**(140,731)**|Gains and
losses
£
**6,559**
**-**
**-**
**-**
**6,559**
**-**
**-**
**-**
**-**
**6,559**|Movement
in funds
£
**(2,582)**
**(910)**
**(512)**
**(97)**| |---|---|---|---|---| |||||**(4,101)**
**(57,589)**
**(5,395)**
**(2,900)**| |||||**(65,884)**| |||||**(69,985)**| ## **Comparatives for 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**|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|Net
movement
in funds
£
(17,958)
-
(910)
(512)
(97)
(19,477)
(57,589)
(5,395)
(2,900)
-
-
(65,884)
(85,361)|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| Page 16 continued... **Montgomeryshire Community Regeneration Association Cymdeithas Adfywio Cymunedol Maldwyn** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** ## **17. MOVEMENT IN FUNDS - continued** 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
**Restricted funds**
Oriel Davies Gallery - Improvements
Plas Dolerw - Improvements
Plas Dolerw - Property
**TOTAL FUNDS**|Incoming
resources
£
66,174
-
-
-
66,174
-
-
-
-
66,174|Resources
expended
£
(75,687)
(910)
(512)
(97)
(77,206)
(57,589)
(5,395)
(2,900)
(65,884)
(143,090)|Gains and
losses
£
(8,445)
-
-
-
(8,445)
-
-
-
-
(8,445)|Movement
in funds
£
(17,958)
(910)
(512)
(97)
(19,477)
(57,589)
(5,395)
(2,900)
(65,884)
(85,361)| |---|---|---|---|---| 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. ## **18. 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. ## **19. 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 17