OpenCharities

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

← Tircoed Village Trust

2024-08-30-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 2024

TIRCOED VILLAGE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr S Rees Mrs K Pittard

(Appointed 14 October 2024) (Appointed 14 October 2024)

Charity number 1048708 Company number 03091199 Registered office 2-3 Abernethy Square Maritime Quarter Swansea UK SA1 1UH Independent examiner Mark Howells FCCA Charter Court Swansea Wales SA7 9FS

TIRCOED VILLAGE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 17

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 30 August 2024.

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

In connection with its objectives the charity has a long leasehold interest in the "protective belt land" at Tircoed.

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:

Public benefit

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

Activities

How our activities deliver public benefit

The charity carries out a range of activities in pursuance of it's 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.

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

Achievements and performance

Grass cutting and maintenance has been completed as per schedule.

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.

The ground surface of the new play equipment had to be updated due to safety concerns.

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 during this accounting period were Eleanor Burn, Jane Davies, Paul Davies and Anne-Marie Morgan. All of whom resigned on 18 October 2024. New trustees appointed on 14 October 2024 are Simon Rees, Kirsty Pittard and Helen Llewellyn,

Financial review

A prior period error was identified in the year. As a result of this adjustment total funds reduced by £70,066.

Total incoming resources for the year amounted to £50,528 (2023 - £58,787). Resources expended amount to £59,698 (2023 - £54,986). The net deficit for the year is £9,170 (2023 - surplus of £3,801).

The total net reserves at the balance sheet date are £90,989 (2023 - £100,159). Unrestricted funds total £80,448

(2023 - £85,868) and restricted funds total £10,541 (2023 - £14,291).

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 were 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.

Principal funding sources

To finance its activities the charity collects an annual 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.

Plans for future period

Projects for 2024/2025

TIRCOED VILLAGE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 9 August 1995 as Tircoed Village Trust Limited, company registration number 03091199 and on 21 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 16 August 1995, charity registration number 1048708.

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:

Ms A M Morgan (Retired 18 October 2024) Mr R P Davies (Retired 18 October 2024) Mrs J E Davies (Retired 18 October 2024) Mrs Eleanor Burn (Retired 18 October 2024) Mr S Rees (Appointed 14 October 2024) Mrs K Pittard (Appointed 14 October 2024) Ms H Llewellyn (Appointed 14 October 2024 and resigned 1 June 2025)

Recruitment and appointment of trustees

The directors of the company are also charity trustees for 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.

All directors give their time voluntarily and do not receive an 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.

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

.............................. Mr S Rees Trustee

Date: ..............................................01 July 2025

TIRCOED VILLAGE TRUST

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

I report to the trustees on my examination of the financial statements of Tircoed Village Trust (the charity) for the year ended 30 August 2024.

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, I 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 I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. The accounts include a prior year adjustment of £70,066 to correct errors in the accounting for potential bad debts, income in advance, other debtors and fixed asset carrying value. This adjustment has been made in accordance with FRS 102 and the Charities SORP and has been reflected in the current year's accounts.

I confirm that no other matters have come to my attention in connection with the examination of the accounts, including this adjustment, giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mark Howells FCCA

CJH Charter Court Swansea SA7 9FS Wales Dated: .........................

TIRCOED VILLAGE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
-
4,550
Charitable activities
4
44,270
-
Investments
5
1,708
-
Total income
45,978
4,550
Expenditure on:
Charitable activities
6
51,398
8,300
Total expenditure
51,398
8,300
Net income/(expenditure) and
movement in funds
(5,420)
(3,750)
Reconciliation of funds:
Fund balances at 31 August
2023
As originally reported
155,933
14,292
Prior year adjustment
(70,065)
(1)
As restated
85,868
14,291
Fund balances at 30 August
2024
80,448
10,541		 Total
Unrestricted
Restricted
Total
funds
funds
as restated as restated as restated
2024
2023
2023
2023
£
£
£
£
4,550
-
15,690
15,690
44,270
42,038
-
42,038
1,708
1,059
-
1,059
50,528
43,097
15,690
58,787
59,698
52,888
2,098
54,986
59,698
52,888
2,098
54,986
(9,170)
(9,791)
13,592
3,801
170,225
138,200
699
138,899
(70,066)
(42,541)
-
(42,541)
100,159
95,659
699
96,358
90,989
85,868
14,291
100,159

TIRCOED VILLAGE TRUST

BALANCE SHEET

AS AT 30 AUGUST 2024

2024 2023
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 12 17,442 17,121
Current assets
Debtors 13 29,974 20,202
Cash at bank and in hand 80,239 99,437
110,213 119,639
Creditors: amounts falling due within 14
one year (36,666) (36,601)
Net current assets 73,547 83,038
Total assets less current liabilities 90,989 100,159
The funds of the charity
Restricted income funds 16 10,541 14,291
Unrestricted funds 17 80,448 85,868
90,989 100,159

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 2024.

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 .........................

..............................

Mr S Rees Trustee

Company registration number 03091199 (England and Wales)

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 AUGUST 2024

1 Accounting policies

Charity information

Tircoed Village Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 2-3 Abernethy Square, Maritime Quarter, Swansea, SA1 1UH, UK.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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 Prior period error

The accounts to 30 August 2023 have been restated to correct a number of errors identified during the examination of the account to 30 August 2024. These errors are summarised as follows:

Please see note 20 for the detailed impact these corrections have had on the accounts.

To summarise, the revised surplus for 2023 is £3,801 from £31,826. Total funds have decreased to £100,159 from £170,225 (Restricted Funds £14,291, Unrestricted Funds £85,868).

1.3 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.

1.4 Charitable funds

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.

1.5 Income

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

1 Accounting policies

(Continued)

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 recognised when the 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.

1.6 Expenditure

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 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.

1.7 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% on cost

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.

1.8 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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 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.

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

1 Accounting policies

(Continued)

1.10 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.

Derecognition of financial assets

Financial assets are recognised 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.

1.11 Taxation

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 it charitable objects purposes only.

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

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.

3 Income from donations and legacies

Restricted Restricted
funds funds
as restated
2024 2023
£ £
Grants 4,550 15,690
Donations and gifts
- -
Grants
Swansea Council 1,050 15,690
Pontlliw and Tircoed Community Council 3,500 -
4,550 15,690
Income from charitable activities
Unrestricted Unrestricted
funds funds
as restated
2024 2023
£ £
Charitable activities
Rent charges 42,156 44,465
Movement in bad debt provision (2,636) (6,273)
Other income 4,750 3,846
44,270 42,038

4 Income from charitable activities

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 AUGUST 2024

5 Income from investments

Unrestricted Unrestricted
funds funds
as restated
2024 2023
£ £
Interest receivable 1,708 1,059

6 Expenditure on charitable activities

Charitable Charitable
activities activities
as restated
2024 2023
£ £
Direct costs
Depreciation and impairment 4,533 849
Communal events 3,892 482
Ground rent 3 -
Landscaping and tree maintenance 28,585 20,033
Management fee 8,100 8,100
Postage and stationery 934 1,127
Village hall admin costs 920 822
Village hall electricity 3,489 1,889
Village hall insurance 2,902 2,632
Village hall maintenance 2,065 12,459
Village hall water rates 321 96
Book-keeping discrepancies (78) 1,340
55,666 49,829
Share of support and governance costs (see note 7)
Governance 4,032 5,157
59,698 54,986
Analysis by fund
Unrestricted funds 51,398 52,888
Restricted funds 8,300 2,098
59,698 54,986

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 AUGUST 2024

7 Support costs allocated to activities

Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Independent Examination fees
Legal and professional
Bank charges
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets		 2024
2023
as restated
£
£
4,032
5,157
4,032
5,157
2024
2023
£
£
3,300
4,500
688
612
44
45
4,032
5,157
2024
2023
£
£
3,300
4,500
4,533
849		 2024
2023
as restated
£
£
4,032
5,157
4,032
5,157
2024
2023
£
£
3,300
4,500
688
612
44
45
4,032
5,157
2024
2023
£
£
3,300
4,500
4,533
849
5,157
2023
£
4,500
612
45
5,157
2023
£
4,500
849

9 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

During the year, 3 trustees were reimbursed £4,507 in relation to charitable expenditure incurred personally. (2023 - 1 trustee was reimbursed expenses totalling £1,271).

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

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

11 Key management personnel

The key management personnel of the charity are the trustees.

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 AUGUST 2024

12 Tangible fixed assets

Tangible fixed assets
Cost
At 31 August 2023
Additions
At 30 August 2024
Depreciation and impairment
At 31 August 2023
Depreciation charged in the year
At 30 August 2024
Carrying amount
At 30 August 2024
At 30 August 2023
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Notes
Deferred income
15
Trade creditors
Other creditors
Accruals		 Play
Equipment
£
28,471
4,853
33,324
11,349
4,533
15,882
17,442
17,121
2024
2023
as restated
£
£
20,143
8,475
8,092
10,198
1,739
1,529
29,974
20,202
2024
2023
as restated
£
£
23,732
23,732
5,100
7,385
176
132
7,658
5,352
36,666
36,601
36,601

13 Debtors

14 Creditors: amounts falling due within one year

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 AUGUST 2024

15 Deferred income
2024 2023
as restated
£ £
Arising from rent service charges in advance 23,732 23,732
Deferred income is included in the financial statements as follows:
2024 2023
as restated
£ £
Deferred income is included within:
Current liabilities 23,732 23,732
Movements in the year:
Deferred income at 31 August 2023 23,732 23,732
Released from previous periods (42,255) (42,255)
Resources deferred in the year 42,255 42,255
Deferred income at 30 August 2024 23,732 23,732

16 Restricted funds

At 31 August Incoming Resources Prior year At 30 August
2023 resources expended adjustment 2024
£ £ £ £ £
Swansea Council - Voluntary
Services for Play Facilities 14,292 - (3,750) (1) 10,541
Pontlliw and Tircoed
Community Council - 3,500 (3,500) - -
Swansea Council - COAST - 1,050 (1,050) - -
14,292 4,550 (8,300) - 10,541

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

16 Restricted funds (Continued)
Previous year: At 31 August Incoming Resources Prior year At 30 August
2022 resources expended adjustment 2023
£ £ £ £ £
Swansea Council - Mynydd Y
Gwair Wind Farm Community
Farm 449 - (449) - -
Swansea Council - Summer of
Fun 250 - (250) - -
Swansea Council - Voluntary
Services for Play Facilities - 15,000 (708) - 14,292
Swansea Council Grant - 690 (690) - -
699 15,690 2,098 - 14,292

Swansea Council Voluntary Services - grant funding received towards new playground facilities.

Pontlliw and Tircoed Community Council - grant funding received towards new playground facilities.

Swansea Council COAST - grant funding received towards the 2024 fête.

17 Unrestricted funds

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.

At 31 August Incoming Resources Prior year At 30 August
2023 resources expended adjustment 2024
as restated
£ £ £ £ £
General funds 95,659 45,978 (51,398) (9,791) 80,448
Previous year: At 31 August Incoming Resources Prior year At 30 August
2022 resources expended adjustment 2023
as restated
£ £ £ £ £
General funds 138,200 43,097 (52,888) (32,750) 95,659

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

18 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 30 August 2024:
Tangible assets 6,901 10,541 17,442
Current assets/(liabilities) 73,547 - 73,547
80,448 10,541 90,989
Unrestricted Restricted Total
funds funds
2023 2023 2023
as restated as restated as restated
£ £ £
At 30 August 2023:
Tangible assets 2,854 14,267 17,121
Current assets/(liabilities) 83,014 24 83,038
85,868 14,291 100,159

19 Related party transactions

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

20 Prior period adjustment

TIRCOED VILLAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 AUGUST 2024

20 Prior period adjustment (Continued)
Changes to the balance sheet
At 30 August 2023
As previously Adjustment As restated
reported
£ £ £
Fixed assets
Tangible assets 14,268 2,853 17,121
Current assets
Debtors due within one year 67,137 (46,935) 20,202
Creditors due within one year
Other creditors (10,617) (2,252) (12,869)
Deferred income - (23,732) (23,732)
Net assets 170,225 (70,066) 100,159
Capital funds
Income funds
Restricted funds 14,292 (1) 14,291
Unrestricted funds 155,933 (70,065) 85,868
Total equity 170,225 (70,066) 100,159
Changes to the profit and loss account
Period ended 30 August 2023
As previously Adjustment As restated
reported
£ £ £
Donations and legacies 36,514 (20,824) 15,690
Charitable activities 48,311 (6,273) 42,038
Charitable activities 54,558 428 54,986
Net movement in funds 31,326 (27,525) 3,801