Member Article

Manchester venue celebrates 18th anniversary with solid financial progress

The Monastery in Gorton, Manchester, has announced a year of solid financial achievement.

Designed by Pugin and owned by The Monastery of St. Francis & Gorton Trust, a registered charity, it has secured a reputation as a leading venue for weddings and other eventsThe charity announces its annual results for the financial year to January 3rd 2014.

The charity’s annual results show that consolidated sales, which include income from its subsidiary The Monastery Manchester Limited which manages and delivers events at the historic venue, were level year on year at £1.4 million.

The report states: “In the context of a demanding and dynamic market, and increased quality competition from new and existing event venues in and around Greater Manchester, the results are encouraging”.

The financial results of the trading subsidiary, Monastery Manchester Ltd represent the most important commercial element of the group’s activities.

In the year the company achieved another creditable profit on static turnover and this year’s accounts again demonstrate the subsidiary’s potential to underpin the group’s viable operation. Furthermore, as a result of its profitable operations the subsidiary was able to repay £70,000 of loan finance to the charity.

The charitable group is expected to generate an improved operating surplus in 2014 and beyond. This assessment is based on encouraging evidence that a viable operation will be maintained in future years as the harsh economy of recent year’s easies slightly and operational improvements introduced during 2013 flow through the subsidiary and the charity.

Paul Griffiths DL, Chairman of The Monastery of St. Francis & Gorton Trust said: “We have now returned a surplus on unrestricted funds for the fourth consecutive year, indicating the charity is sustainable and is expected to remain on course which is really good news.

“Commercial success is important as 100 percent of our profits are ploughed back into maintaining these magnificent buildings. Our customers share our vision to continue the ongoing restoration of the site, and support the local community and charitable work.”

Paul Griffiths added: “These results are very encouraging. The Monastery’s reputation as a unique and inspiring venue is growing. The Trust, formed 18 years ago, has saved and lovingly restored Gorton Monastery so that it can be enjoyed by others. The charity now needs to raise sufficient funds to complete the restoration and finish the job it first started in 1996.”

A bid has recently been submitted to Heritage Lottery Fund for a £2million grant which alongside a matched fund from the charity of £1m would enable a fully restored Monastery to be ‘Open every day for everyone’ which building restrictions and layout currently make impossible. If the funding bid is successful, it is hoped that this phase of work will be completed by 2017.

This was posted in Bdaily's Members' News section by Simon Malia .