OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-30-accounts

Charity registration number 1048708

Company registration number 03091199 (England and Wales)

TIRCOED VILLAGE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2023

TIRCOED VILLAGE TRUST

CONTENTS

Page
Trustees’ report 1-5
Independent examiner's report 6
Statement offinancial activities 7
Balance sheet 8
Notestothefinancialstatements 9-17

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 30 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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) (effective 1 January 2019)".

Objectives and activities

The objectives and principal activity of the charity are set out in the company's Memorandum of Association and summarised as follows:

The main activities undertaken in relation to the above purposes are noted throughout the report.

Our objectives

Our objectives are set to reflect our community aims and ethos. Each year trustees review objectives and activities to ensure they continue to reflect our aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit. In particular, the trustees consider how planned activities will contribute to the aims and objectives we have set.

The focus of our work

Our main objectives for the year were to maintain the village hall and communal areas of the village to ensure accessibility, provide a welcoming and safe environment, and support community welfare. The strategies used to meet these objectives included:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

How our activities deliver public benefit

The charity carries out a range of activities in pursuance of its charitable aims which benefit the inhabitants of Tircoed.

As well as maintaining outside areas for the benefit of the community the charity works with Natural Resources Wales to ensure the general accessibility of Penllergaer forest to the public via several paths from the village.

The village hall provides a centre for general recreational use and community events and attracts other local communities to Tircoed.

a

TIRCOED VILLAGE TRUST

TRUSTEES’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2023

Achievements and performance

Grass cutting and maintenance has been completed as per schedule. The village hall benefited from some refurbishment and improvements.

Trustees have been active in encouraging a wide range of activities in the village hall to ensure it is used as much as possible to benefit our community, and there is a diverse range of activities regularly available.

Trees which are in a dangerous condition have either been removed or identified for removal. CLC continued with responsibility for arboreal management and a comprehensive report is produced on a yearly basis. Routine tree maintenance is undertaken on an informal basis.

A solution was developed for homeowners in Tircoed in response to issues presented by some mortgage lenders in recent years. This solution is called a ‘Deed of Variation’ and has been successfully implemented for many properties within the village.

New play equipment was installed in the village square and the younger children’s play area was refurbished.

Trustees organised several successful events within the village including a Summer Fete, a community police open day, a Winter Market, and a Christmas Fayre which were all met with great success and feedback. Key events were turned into opportunities for the community to support local food bank charities.

Trustees who agreed to re-stand for a further term are Eleanor Burn, Jane Davies, Paul Davies and Anne-Marie Morgan. Simon Fisher resigned in June 2023.

Financial review

The charity made an unrestricted surplus for the year ending 30th August 2023 of £17,773 (2022: £15,730).

The trustees believe the finances remain satisfactory. The income of the charity is derived from annual rent charges on all new properties developed at Tircoed.

Policy on reserves

The development of Tircoed and its neighbourhood was not fully completed until 2004 and its facilities are newly built. The trustees' intention is to build up the funds of the charity so that it will have adequate resources to maintain and manage the local amenities in years to come.

As at 30th August 2023 the charity had free reserves totalling £155,933 (2022: £138,200).

Principal funding sources

To finance its activities the charity collects an annuai charge from householders living in the village.

Investment policy

The charity has no long-term investments, Cash reserves are held in deposit accounts.

Risk management

The trustees have assessed the risks the charity faces and have identified the major risks, the nature of those risks, the likelihood of the risks happening, and the measures taken to manage them. The trustees are satisfied systems are in place to mitigate the effect of these risks.

ae

TIRCOED VILLAGE TRUST

TRUSTEES’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2023

Plans for future periods

Projects for 2023/2024

Structure, governance and management

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 9th August 1995 as Tircoed Village Trust Limited, company registration number 03091199, and on 21st August 1995 changed its name to Tircoed Village Trust. The company was established under Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The company registered as a charity on 16th August 1995, charity registration number 1048708.

Recruitment and appointment of trustees and directors

The directors of the company are also charity trustees for the purposes of charity law and are known under the company's articles as members of the board. Under the requirement of the Memorandum and Articles of Association the minimum number of directors is three, there being no maximum number specified. Directors are appointed by ordinary resolution of the members or by existing directors to fill a vacancy or as an additional director. A director so appointed shall hold office only until the next following annual general meeting, and if not re-appointed at that meeting, shall vacate office at the conclusion thereof.

All directors give their time voluntarily and do not receive any salary, remuneration or benefits from the charity.

Organisational structure

The business of the charity is managed by the trustees who may exercise all the powers of the charity. The quorum for a trustees’ meeting is a minimum of one third of the total number of trustees plus one. Every issue may be determined by a simple majority of the votes cast, with a chairperson having a casting vote, in the event of a tie.

aie

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2023

Reference and administrative details Registered charity number 1048708 Registered company number 03091199 Registered office 2-3 Abernethy Square Maritime Quarter Swansea SA1 1UH Trustees J Davies S Fisher -resigned 29/6/2023 R Davies E Burn A Morgan Bankers Lloyds Bank 802 Oxford Street Swansea SA1 3AF Independent Examiner Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

sfx

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2023

The trustees’ report was approved by the Board of Trustees.

Da = Paul Davies - Trustee Dated: 231dMay 2024

—— —— = :

=

——

————

i

TIRCOED VILLAGE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TIRCOED VILLAGE TRUST

| report to the trustees on my examination of the financial statements of Tircoed Village Trust (the charity) for the year ended 30 August 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement | have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| 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 financial statements to be reached. Joanne Va Azets Audit TaylorServices FCCA DChA laa a

Ty Derw, Lime Tree Court Cardiff Gate Business Park

Cardiff

-6-

TIRCOED VILLAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 AUGUST 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations and
legacies 3 20,824 15,690 36,514 15,138 1,970 17,108
Charitable activities 4 48,311 - 48,311 47,247 - 47,247
Investments 5 1,059 - 1,059 213 - 213
Totalincome 70,194 15,690 85,884 62,598 1,970 64,568
Expenditure on:
Charitable activities 6 52,461 2,097 54,558 46,868 1,271 48,139
Net income forthe year/
Netmovement in funds 17,733 13,593 31,326 15,730 699 16,429
Fund balances at 31 August
2022 138,200 699 138,899 122,470 - 122,470
Fund balances at 30
August2023 155,933 14,292 170,225 138,200 699 138,899

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

=7'=

TIRCOED VILLAGE TRUST

BALANCE SHEET

AS AT 30 AUGUST 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 14,268 -
Currentassets
Debtors 12 67,137 84,447
Cash atbank and in hand 99,437 59,322
166,574 143,769
Creditors: amounts falling due within
one year 13 (10,617) (4,870)
Net current assets 155,957 138,899
Total assets less current liabilities 170,225 138,899
Income funds
Restricted funds 14 14,292 699
Unrestricted funds 155,933 438,200
170,225 138,899

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 23rd May 2024

oaSe

Paul Davies - Trustee

Company Registration No. 03091199

me

TIRCOED VILLAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2023

Charity information

Tircoed Village Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o CLC Chartered Surveyors, 2-3 Abernethy Square, Maritime Quarter, Swansea, SA1 1UH, United Kingdom.

1.1. Accounting convention The financial statements have been prepared in accordance with the charity's governing document, 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) (effective 1 January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for small charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity 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.

Rental income is credited to the Statement of Financial Activities in the year in which it is due.

income from interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Grants are recognised in the SOFA when the general income recognition criteria are met.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

-9-

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

(Continued)

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Play Equipment 25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. !f any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

-10-

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

(Continued)

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

As a registered charity, the charity is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.

2 Critical accounting estimates and judgements

In the application of the charity'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.

-11-

N bam '

irs Nx“ tt 86/8 8 | & -e N we | Ww | ow canou NG 'o | o& fo]8 ce - |= 3 oc a] B25 8 : 7 wv: | Se 5 ate 4 =| o i“ c pas:| $e a™S a23/:© | a& || a& be = a) oo Gl 'o | oOo oy oe 25 WN 5 | wo B= eile o el ao a | Bes a” A'S ala | 3 =| a ala c = ral Ww a = - z ie) o 2 om Z2N i2™N =bh uw Ee ce > | om FE OQ > jo 2 34 < | we is | F Da wu £u 8 | oO 29 A | gq |- 2 b~ 2) ” 2 S$ + w 2 = D + wt z = z > if wS z S a o> S 5 S | Ww fF WwW 5 £ » 22 Ont (= es e< Oo wk a af of —anneOo O oO a oO me 2 we ”

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 AUGUST 2023

4 Charitable activities

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2023|2022| |£|£| |Rent charges|44,465|42,536| |Other|income|3,846|4,711| |48,311|47,247|

----- End of picture text -----

5 Investments

Interest receivable

----- Start of picture text -----
||| |---|---| |Unrestricted|Unrestricted| |funds|funds| |2023|2022| |£|£| |4,059|213|

----- End of picture text -----

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

6 Charitable activities

2023 2022
£ £
Communal events - 1,123
Ground rent - 3
Landscape maintenance 23,411 16,066
Legal and professional fees 612 180
Management fee 8,100 8,633
Postage 1,127 -
Repairs and maintenance - 4,047
Tree inspection and maintenance - 4,300
Village hall administration 719 862
Village hall electricity 1,889 3,937
Village hall insurance 2,632 2,326
Village hall maintenance 12,047 3,763
Sundry expenses 45 42
Village hallwater rates 96 177
50,678 45,459
Share ofgovernance costs (see note 7) 3,880 2,680
54,558 48,139
Analysis by fund
Unrestricted funds 52,461 46,868
Restricted funds 2,097 1,271
54,558 48,139

Ae

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

rk Supportcosts
Support Governance 2023 2022
costs costs
£ £ £ £
Trustees insurance - - - 160
Independent examination fees - 3,880 3,880 2,520
- 3,880 3,880 2,680
Analysed between
Charitableactivities - 3,880 3,880 2,680

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year, 1 trustee was reimbursed expenses totalling £1,271 in relation to charitable expenditure incurred on behalf of the charity (2022: 5 trustees were reimbursed expenses totalling £2,549).

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000,

10 Key management personnel

The key management personnel of the charity are the trustees who not remunerated during the current or previous year.

-15-

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

11 Tangible fixed assets

Tangible fixed assets
Play Equipment
£
Cost
At 31 August 2022 10,500
Additions 14,976
At 30August 2023 25,476
Depreciation and impairment
At 31 August 2022 10,500
Depreciation charged in the year 708
At 30August 2023 11,208
Carryingamount
At 30August 2023 14,268
Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 33,246 53,032
Other debtors 32,362 _ 29,990
Prepayments and accrued income 1,529 1,425
67,137 84,447
Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,385 2,350
Other creditors 132 -
Accruals and deferred income 3,100 2,520
10,617 4,870
  1. Debtors

13 Creditors: amounts falling due within one year

-16-

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2023

14 Restricted funds

Movement Movement in funds Movement in funds
Incoming
resources		 Resources
expended		 Balance at
31 August
2022		 Incoming
resources		 Resources
expended		 Balance at
30August
2023
£ £ £ £ £ £
Swansea Council
- Mynydd
Y Gwair Wind Farm
Community Fund 990 (541) 449 - (449) -
Swansea Council -
Summer ofFun 980 (730) 250 - (250) -
Swansea Council -
Voluntary Services for play
facilities - - - 15,000 (708) 14,292
Swansea Council Grant - - - 690 (690) -
1,970 (1,271) 699 15,690 (2,097) 14,292
Swansea Council - Mynydd Y GwairWind Farm Community Fund - grant received towards new sporting
equipment.
Swansea Council -Summerof of Fun - grant received towards a summerfete.
Swansea Council Voluntary Services grant- funding received towardsnew playground facilities.
Analysis of netassets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 30
August2023 are
represented by:
Tangible assets - 14,268 14,268 - - -
Current assets/(liabilities) 155,933 24 155,957 138,200 699 138,899
155,933 14,292 170,225 138,200 699 138,899

15 Analysis of net assets between funds

16 Related party transactions

There were no related party transactions that require disclosure in the current or previous year.

oe ir a