REGISTERED COMPANY NUMBER: 00486755 (England and Wales)

REGISTERED CHARITY NUMBER: 524426

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

Montgomeryshire Community Regeneration

Association Cymdeithas Adfywio Cymunedol

Maldwyn

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

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 (resigned 6.11.24)

Mr C Tomley

Dr J Hughes

Mrs E J Lamp

Mr R Morgan

COMPANY SECRETARY

Mrs C Stevens

REGISTERED OFFICE

Plas Dolerw

Milford Road

Newtown

Powys

SY16 2EH

REGISTERED COMPANY NUMBER

00486755 (England and Wales)

REGISTERED CHARITY NUMBER

524426

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

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 2025. 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 2024/25.

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.

ACHIEVEMENTS 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.

Reserves policy

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. £10,000 was transferred from holdings in COIF account to the HSBC bank account.

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 £155,899 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 £13,902. Total reserves stand at £815,243.

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.

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 15 December 2025 and signed on its behalf by:

Mr D G James - Trustee

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 2025.

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

15 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

-

-

-

2,000

Charitable activities

5

Oriel Davies Gallery

13,286

-

13,286

13,284

Plas Dolerw

40,326

-

40,326

44,345

Other trading activities

3

50

-

50

106

Investment income

4

4,497

-

4,497

4,451

Total

58,159

-

58,159

64,186

EXPENDITURE ON

Charitable activities

6

Oriel Davies Gallery

2,179

-

2,179

60,702

Plas Dolerw

68,293

-

68,293

80,028

Total

70,472

-

70,472

140,730

Net gains/(losses) on investments

(1,589

)

-

(1,589

)

6,559

NET INCOME/(EXPENDITURE)

(13,902

)

-

(13,902

)

(69,985

)

Transfers between funds

17

611,872

(611,872

)

-

-

Net movement in funds

597,970

(611,872

)

(13,902

)

(69,985

)

RECONCILIATION OF FUNDS

Total funds brought forward

217,273

611,872

829,145

899,130

TOTAL FUNDS CARRIED FORWARD

815,243

-

815,243

829,145

31.3.25

31.3.24

Notes

£

£

FIXED ASSETS

Tangible assets

12

637,281

637,280

Investments

13

118,931

120,521

756,212

757,801

CURRENT ASSETS

Debtors

14

8,413

17,822

Cash at bank and in hand

56,100

58,917

64,513

76,739

CREDITORS

Amounts falling due within one year

15

(5,482

)

(5,395

)

NET CURRENT ASSETS

59,031

71,344

TOTAL ASSETS LESS CURRENT LIABILITIES

815,243

829,145

NET ASSETS

815,243

829,145

FUNDS

17

Unrestricted funds

815,243

217,273

Restricted funds

-

611,872

TOTAL FUNDS

815,243

829,145

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 15 December 2025 and were signed on its behalf by:

Mr D G James - Trustee

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.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Land and buildings - the charity follows a programme of regular refurbishment and maintenance of its property in order to maintain it to a high standard. Accordingly, in the opinion of the trustees, any element of depreciation would be immaterial and therefore no provision has been made.

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.

2.	DONATIONS AND LEGACIES

31.3.25

31.3.24

£

£

Grants

-

2,000

Grants received, included in the above, are as follows:

31.3.25

31.3.24

£

£

G&M Davies Charity

-

2,000

3.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Other income

50

106

4.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Deposit account interest

2,319

2,316

Investment Income

2,178

2,135

4,497

4,451

5.	INCOME FROM CHARITABLE ACTIVITIES

31.3.25

31.3.24

Activity

£

£

Oriel Davies Gallery Lease

Oriel Davies Gallery

13,286

13,284

Lettings

Plas Dolerw

25,294

31,970

Rental Income

Plas Dolerw

15,032

12,375

53,612

57,629

6.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

Support

note 7)

costs

Totals

£

£

£

Oriel Davies Gallery

2,179

-

2,179

Plas Dolerw

66,573

1,720

68,293

68,752

1,720

70,472

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.3.25

31.3.24

£

£

Staff costs

36,105

34,841

Insurance

5,471

4,960

Postage and stationery

1,283

989

Advertising

836

557

Sundries

724

698

Room Hire Services

3,337

2,824

Premises Running Costs & Repairs

16,051

18,945

Grass Cutting & Maintenance

2,090

7,413

Bad debts

2,855

-

Depreciation

-

67,403

68,752

138,630

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Independent Examination Fee

1,720

2,100

Depreciation - owned assets

-

67,403

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

No expenses were reimbursed to trustees in the years to 31 March 2024. and 31 March 2023.

10.	STAFF COSTS

31.3.25

31.3.24

£

£

Wages and salaries

35,507

34,240

Other pension costs

598

601

36,105

34,841

The average monthly number of employees during the year was as follows:

31.3.25

31.3.24

Direct charitable work

2

2

Administration

1

1

3

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 2025 were £24,611 (2024: £24,611).

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was nil (2024 nil).

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2,000

-

2,000

Charitable activities

Oriel Davies Gallery

13,284

-

13,284

Plas Dolerw

44,345

-

44,345

Other trading activities

106

-

106

Investment income

4,451

-

4,451

Total

64,186

-

64,186

EXPENDITURE ON

Charitable activities

Oriel Davies Gallery

3,113

57,589

60,702

Plas Dolerw

71,733

8,295

80,028

Total

74,846

65,884

140,730

Net gains on investments

6,559

-

6,559

NET INCOME/(EXPENDITURE)

(4,101

)

(65,884

)

(69,985

)

RECONCILIATION OF FUNDS

Total funds brought forward

221,374

677,756

899,130

TOTAL FUNDS CARRIED FORWARD

217,273

611,872

829,145

12.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024 and 31 March 2025

2,003,807

25,581

10,993

2,040,381

DEPRECIATION

At 1 April 2024 and 31 March 2025

1,366,526

25,581

10,993

1,403,100

NET BOOK VALUE

At 31 March 2025

637,281

-

-

637,281

At 31 March 2024

637,281

-

-

637,281

13.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 April 2024

120,521

Revaluations

(1,590

)

At 31 March 2025

118,931

NET BOOK VALUE

At 31 March 2025

118,931

At 31 March 2024

120,521

There were no investment assets outside the UK.

The historic cost of listed investments on 31st March 2025 was £57,831 (2024 £57,831). Investments comprise, £76,340 (2024 £80,070) in a COIF Charities Investment Fund, and £42,592 (2024 £40,450) in a COIF Charities Property Fund.

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

4,664

11,440

Other debtors

1,776

1,776

VAT

-

1,215

Prepayments and accrued income

1,973

3,391

8,413

17,822

15.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

1,521

1,811

Social security and other taxes

439

420

VAT

922

-

Accrued expenses

2,600

3,164

5,482

5,395

16.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Fixed assets

637,281

-

637,281

637,280

Investments

118,931

-

118,931

120,521

Current assets

64,513

-

64,513

76,739

Current liabilities

(5,482

)

-

(5,482

)

(5,395

)

815,243

-

815,243

829,145