Partner Article

Manchester's The Monastery reports good prospects

Plush east Manchester venue, Gorton Monastery, has enjoyed another successful year, with a trading surplus of £82,000 for the year. The Pugin-designed site in Gorton, Manchester, is owned by The Monastery of St. Francis & Gorton Trust, a registered charity.

According to its annual results, sales remained flat at £1.4m, but there was a group profit on unrestricted funds of £61,000.

The Trust described prospects for trading in 2013 and 2014 as “encouraging”.

Consolidated sales, which include income from its subsidiary The Monastery Manchester Limited which manages and delivers events at the historic venue, were flat year on year at £1.4m. The net surplus of £82,000 (before prior year adjustments) matched last year’s result.

The Trust regards the results as “encouraging” when seen “in the context of demanding market conditions and increased quality competition from new and existing event venues in and around Greater Manchester”.

Paul Griffiths DL, Chairman said; “It is encouraging to the Trustees, and to all our supporters, that the charity has now returned a surplus on unrestricted funds for the third successive year.

“This consistent progress, allied with our confidence that Monastery Manchester Ltd (the charity’s trading subsidiary) will continue to deliver profits in 2013 and subsequent years, means that the charity is on course.

“We have established a quality and value for money offering that customers appreciate. Since 2011 the trading subsidiary has taken responsibility for all its catering activities. As a result, gross profit margins have improved, and the company now enjoys more discretion over its operating practices.”

He added;“We are encouraged with the result. The Monastery’s reputation as a unique and inspiring venue is growing and it is reassuring to know that so many people support our vision. It has taken the Trust 17 years so far to ensure that these historic buildings were saved, lovingly restored and well used, for the benefit of current and future generations”

“Commercial success is important to the projects long term sustainability. It is rewarding to know that all of our customers use The Monastery because they share our vision and understand that we work to support the maintenance of these magnificent buildings, the ongoing restoration of the site, and our community and charitable work locally. 100% of our profits flow back into maintaining The Monastery.”

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