The trustees present their annual report and financial statements for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's Memorandum and Articles, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).
The objects of the charity are to provide a Community Centre for the benefit of the inhabitants of
Abergavenny and district.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the
trust should undertake.
The year April 2024 to March 2025 saw a continuing return in bookings to good levels.. The Centre is used for statutory elections, and many social, fitness, well being, counselling, support, cultural and leisure activities by the local community and organisations from further afield. In addition it provides space for businesses providing services to the local community, and booking of our small office is increasing by these..
Apart from cleaning and catering, the Centre is operated entirely by volunteers. Numbers are now at eleven, enabling a swift and courteous response to enquiries. New volunteers are of course always welcome, particularly those with IT and web design skills. Training is available and undertaken. Thanks are due to all those who work for the Centre as officers or volunteers, who make it possible for it to function. Particular thanks are due to Andy Palmer for managing the Centre and the volunteers, and to Tom Whyatt for keeping accounts and much else.
Another case of a vehicle driving into the Centre caused considerable damage and some disruption, in particular leading to the closure of the main kitchen for a lengthy period, and some cancelation of bookings. The cost has been met by the driver’s insurance. Substantial barriers have now been put in place to prevent a recurrence.
Proposals for improving audio/visual facilities are being progressed. Grant funding has just been awarded from the National Lottery Awards for All for repairing a roof, and replacement of a dish-washer and crockery.
The Centre also provides the venue for pastoral and social activities of the Roman Catholic parish of our Our Lady and St Michaels, which adjoins the Centre and was one of its original funders. It is though a legally separate and independent organization. The parish continues its substantial donation to the Centre for its extensive use of the Centre.
During the year up to the end of March 2025, overall trading income from lettings of the hall, kitchen, training room and offices has increased substantially. Expenditure also increased, mainly on maintenance, resulting in a maintenance of trading profit and increased unrestricted reserves. These comfortably meet the declared objective of being able to meet average expenditure for six months without any income. Debtors have remained at similar levels and invoicing and follow-up procedures have improved.
The trustees consider that the Centre is not at risk of insolvency and may properly continue its activities. We recognise the work still required continually to bring new users to the Centre and to maintain its profitability without grants.
The trustees may with appropriate financial advice invest reserves in property or securities but in view of the relatively limited funds available and current investment climate have retained the funds in a savings account with their bankers.
The trustees have a risk management policy and revise annually the risks faced by the charity and the establishment of systems and procedures to reduce such risks and lessen the impact of any problems which may arise. There is a safeguarding policy and an experienced safeguarding officer is in place, but the Centre does not work particularly with vulnerable individuals or children, and the primary responsibility where events including such individuals meet at the Centre lies with the organisation hiring the Centre and responsible for the event.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Board of Trustees are legally responsible for the administration of the Charity, and meet as necessary, and at least once every year for the AGM.
Day to day management of the Centre is undertaken by individuals and groups of volunteers supporting on bookings, office, administration, sales invoicing, book-keeping and general repairs, with professional caretaking and cleaning. Officers of the charity are Andy Palmer (Centre Manager), Edmund Hayward (Company Secretary), Tom Whyatt (Treasurer), Jimmy Harris ( Maintenance Officer) and Janet Battersby (Safeguarding Officer). The trustees extend their grateful thanks to all volunteers and officers for their continuing hard work and dedication.
The Centre has a close relationship with Belmont Abbey, whose Abbot ultimately controls the appointment of directors and trustees, and the Belmont Abbey Charitable Incorporated Organisation (previously the Belmont Abbey Mission Trust) from which the land on which the Centre is built is leased at a peppercorn annual rent on a long lease.
on.
The trustees report was approved by the Board of Trustees.
I report on the accounts of the trust for the year ended 31 March 2025, which are set out on pages 4 to 11.
The trust’s trustees, who are also the directors of St. Michael's Centre (Abergavenny) Trust Limited for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
examine the financial statements under section 145 of the 2011 Act;
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Investments
St. Michael's Centre (Abergavenny) Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Belmont Abbey, Hereford, Herefordshire, HR2 9RZ.
The accounts have been prepared in accordance with the trust's Memorandum and Articles, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts have been prepared on the historical cost convention.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Cash and cash equivalents include cash in hand and deposits with banks.
The trust has only financial assets and liabilities of a kind that qualify as basic financial instruments.
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Insurance
Telephone
Rates
Other costs
Heat, light and power
Maintenance
Sundry expenses
Bad debts
Telephone
There were no employees during the year.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.