REGISTERED COMPANY NUMBER: 3001569 REGISTERED CHARITY NUMBER: 1053465 Chailered Accountonts Report of the Trustees and Audited Flnancial Statements for the Year Ended 31 March 2024 for Taff Bargoed Development Trust Limited (A Company Limited by Guarantee) Rodnoi House GieenwcK)d Cli)se Coidill Gole Buslness Pork Coidiff CF23 8AA BPU Limited Chartered Accountants statutory Auditor Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA i51ete¢ to colyc gvdrt %'ioik Irk1 UK c?n i&ou101ed Ioia ltsng@ the In51rtuie ol Chtsiieied ACCOUntont& In Erolon¢ onJWoies bpu Cllered Accoun1tsnlSIS o Iio4ing norneof BPU Comwny NU[Tr[ 372394 A Iisl of dii@c1us 15 Qvoibblg fTtsm the ie9l$leied ol[e ObOYe. usiness potential unleashed
Taff Bargoed Development Trust Llmited Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements 11 to 17 Detailed Statement of Financial Activities 18 to 19
Taff Bargoed Development Trust Limited Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 Objectives and aims To promote any charitable purposes for the benefit of the community in the Taff Bargoed Valley and its surrounding neighbourhood and in particular.. (a) advancement of education by the provision of facilities classes and courses training opportunities advice and information seminars and conferences and other services for the benefit of the community; (b) the provision in the interests of social welfare of facilities for recreation and other leisure time occupation and improvements to the environment with the object of improving the conditions of life for the said community; (c) the furtherance of health and the relief of poverty distress and sickness., and (d) the relief of unemployment for the public benefit in such ways as may be thought fit. including assistance to find employment. ACHIEVEMENT AND PERFORIVIANCE Charitable activities The centre generated rents of £140,962 during the year (2023 - £121,576) The charity has been involved in the Tree Planting Scheme, planting trees below Treharris library. FINANCIAL REVIEW Financial Position Income totalled £159,731 (2023- £132,101). Expenditure totalled £136,239 (2023 - £98,480) This resulted in a surplus for the year of £23,492 {2023 - surplus £33,621). Total funds carried forward were £661,842 (2023 - £638,350), which includes £369,565 (2023 £380,008) restricted fund and £292,277 (2023 - £258,342) unrestricted fund carried forward. Reserves policy The directors have reviewed the reserves of the charity and consider them adequate to meet the charity's requirements for the foreseeable future. The charity has designated £150,000 of its unrestricted reserves to meet future operating costs. FUTURE PLANS The Trustees will seek to explore opportunities where possible in order to develop business, and reate employment, for the betterment of the local community. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, the Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 1985.
Taff Bargoed Development Trust Limited Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Trustees are recruited from members of (or those that have links with) the local community who have an interest in our work or have a particular skill or expertise required to enhance the existing board. Trustees are appointed by the board.. The trustees apply the Charity Governance Code's principles and recommended practice, ensuring that the charity's aims are being delivered effectively and trustees aim to provide strategic leadership and act with integrity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 3001569 (Not specifiedlother) Registered Charity number 1053465 Registered office Taff Bargoed Centre Trelewis Treharris CF46 6RD Trustees G Preston JLRees CGFenn B E Mansbridge K Moran (resigned 41912023) A K Moran Auditors BPU Limited Chartered Accountants Statutory Auditor Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Bankers HSBC 92A Taff Street Pontypridd CF37 4SR
Taff Bargoed Development Trust Llmlted Report of the Trustses for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Taff Bargoed Development Trust Limited for the purposes of company law) are responsible for preparlng the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policles and then apply them consistently", observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriats to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which dlsclose with reasonable accuracy at any time the financial position of the charitable cornpany and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection Of fraud and other irregularities. In so far as the trustees are aware". there is no relevant audit infonmation of [ch the charitable company's audttors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves awa of any relevant audit infonnation and to establish that the audilors are aware of that infonnation. Approved by order of the board of trustees on behalf by: and signed on its G Preston - Trustee
Report of the Independent Auditors to the Trustees of Taff Bargoed Development Trust Limited Chartered Accountants Opinion We have audited the financial statements of Taff Bargoed Development Trust Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ftacjnoi House Greenwood Close Coidiff Gole Business Pork CoiJill CF23 8AA Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. In Ihg UKond iegul<Jieo Icrfo fang& Ih9 1Th51rtule ol Chodeiea Accoun1onts In Èngland Vlol@ bpu ChorteiedAccoun10n1sL4 O Iioding ol BPU Ltd Compony Numb&i 3P23948 eglsieie¢J ITrvioles. Allsi of driec10151S Ovoib1è ftcth Ihe le9lsteied ofIteovQ. business potential unleashed
Report of the Independent Auditors to the Trustees of Taff Bargoed Development Trust Limited Chortered Accountants other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Ivlatters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, In our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or the charitable company has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Rodnor House Greenwoocl Close Coidill Gole Business Polk Coidill CF23 8M Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to ase operations, or have no realistic alternative but to do so. Tr1>1&[ed to coiryon ouditvioik In UK ond ieouitsie& loits long@ thg Insliiule ol Chorteied Accountan1& In Efigbnd WOleS. bpu clIe1edACtOUft%0nlI Iiodiru noTne ol BPU 11 Company Number 31?3948 Reglsieied In Wo5. teglsteieclollte obtr. business potential unleashed
Report of the Independent Audltors to the Trustees of Taff Bargoed Development Trust Limited Chorleied Accountonts Our responslbilitles for the audit of the flnancial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risks of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. Radnor House Gieenw(x)d Ck)se Coidlll Gole Business Polk Cardiff CF23 8AA The laws and regulations that we determined were most significant to the company were the Companies Act 2006, Charities Act 2011 and Employment Act 2002. We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates, A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Regi51eiea lo cciryoTroudii ¥Ik In the UK 189ulol@d loi a iangg of Invesirnerht SInesS Ocimties by tne InS1rtLrte ol ChOrf@18d AccOunloThtS In Englon<y orf Woles. bpu chail6iÈdAtreounlanls o Iiooing Trome ol BPU Ltd Compony Number 3723948 ftegisl81@d InWol@& A Ils1 of JiieotO151$ OVQibUe Iiorn1h& Isieiedollice ObDVè. business potential unleashed
Report of the Independent Auditors to the Trustees of Taff Bargoed Development Trust Limited Charleied Accountants Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. for and on behalf of BPU Limited Chartered Accountants Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA Rodnoi House Date.. Gieenw(K)d Close Coidlll Gole 8usiness Paik Cardiff CF23 8AA ggi&teied lo cOn Oudl %.IOJK In Ihe UK Ond i•Jukn1ea loi a rang9 ol Invo5tmenl blislness OClivi1e5 by Ihe 5111U1& of Chort@iedAceounlonls In onuvJope5. bpu ChOi1ei&a Atcaunlants IS o tioding ol BPU Lld Compon¥ Numbei 3723948 Tregs16iEd In Wol@5. A *&tol diieclw * ovoiiatylg from In gÈieieaollte atx&. busiriess potential unleashed
Taff Bargoed Development Trust Limited Statement of Financial Activities for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 250 16,544 16.794 6,400 Investment income Other income 140,962 1,975 140,962 1,975 121,576 4,125 Total 143,187 16,544 159,731 132,101 EXPENDITURE ON Charitable activities Property Repairs Centre Management 11,019 83,645 10,279 16,708 21,298 100,353 9,730 71,048 Other 14,588 14,588 17,702 Total 109,252 26,987 136,239 98,480 NET INCOMEI(EXPENDITURE) 33,935 (10,443) 23,492 33,621 RECONCILIATION OF FUNDS Total funds brought forward 258,342 380,008 638,350 604,729 TOTAL FUNDS CARRIED FORWARD 292,277 369,565 661,842 638,350 The notes form part of these financial statements
Taff Bargoed Development Trust Limited Balance Sheet 31 March 2024 2024 2023 Notes FIXED ASSETS Tangible assets 390,674 403,144 CURRENT ASSETS Debtors Cash at bank 4,906 307,334 5,005 266,529 312,240 271,534 CREDITORS Amounts falling due within one year (41,072) (36,328) NET CURRENT ASSETS 271,168 235,206 TOTAL ASSETS LESS CURRENT LIABILITIES 661,842 638,350 NET ASSETS 661,842 638,350 FUNDS Unrestricted funds Restricted funds 10 292,277 369,565 258,342 380,008 TOTAL FUNDS 661,842 638,350 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenmise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The notes form part of these financial statements continued...
Taff Bargoed Development Trust Llmlted Balance Sheet - contlnued 31 March 2024 These financial statements have been prepared In accordance with the provlslons applicable to charitable companies subject to the small companles regime. The finanGial statements were approved by the Board of Trustees and authorised for issue on !f./i&/..?.o.4.*......... and were signed on its behalf by.. G Preston - Trustee The notes form part of these financial statements 10
Taff Bargoed Development Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Financial reporting standard 102 reduced disclosure exemptions The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources, Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Plant and machinery 20/0 Straight line 10 % straight line Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. continued..
Taff Bargoed Development Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Fund accounting Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVESTMENT INCOME 2024 2023 Rents received Interest receivable 135,041 5,921 120,555 1,021 140,962 121,576 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Auditors, remuneration Depreciation owned assets 3,670 12,470 4,845 12,470 TRUSTEES. REMUNERATION AND BENEFITS STAFF COSTS The average monthly number of employees during the year was as follows.. 2024 2023 Administrative No employees received emoluments in excess of £60,000. 12 continued...
Taff Bargoed Development Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Freehold property Plant and machinery Totals COST At 1 April 2023 and 31 March 2024 573,644 76,132 649,776 DEPRECIATION At 1 April 2023 Charge for year 192,484 10,333 54,148 2,137 246,632 12,470 At 31 March 2024 202,817 56,285 259,102 NET BOOKVALUE At 31 March 2024 370,827 19,847 390,674 At 31 March 2023 381,160 21,984 403,144 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors 4,906 5,005 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes VAT Accruals and deferred income 2,982 12,331 25,759 1,657 9,858 24,813 41,072 36,328 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Designated Unrestricted Restricted funds funds funds Fixed assets Current assets Current Liabilities 21,109 161,731 {41,072) 369,565 509 390,674 312,240 (41,072) 403,144 271,534 (36,528) 150,000 150,000 141,768 370,074 661,842 638,350 13 continued...
Taff Bargoed Development Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 10. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund Designated Fund 108,342 150,000 33,935 142,277 150,000 258,342 33,935 292,277 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund 380,008 (10,443) 369,565 TOTAL FUNDS 638,350 23,492 661,842 Net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 143,187 (109,252) 33,935 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund Tree planting fund Merthyr Tydfil (10,443) (2,074) (14,470) (10,443) 2,074 14,470 16,544 (26,987) (10,443) TOTAL FUNDS 159,731 (136,239) 23,492 14 continued...
Taff Bargoed Development Trust Limited Notes to the Financlal Statements - continued for the Year Ended 31 March 2024 10. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transfers between funds At 3113123 At 114122 Unrestricted funds General fund Designated Fund 114,278 100,000 44,064 (50,000) 50,000 108,342 150,000 214,278 44,064 258,342 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund 390,451 (10,443) 380,008 TOTAL FUNDS 604,729 33,621 638,350 Comparative net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 129,701 (85,637) 44,064 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund Tree planting fund (10,443) (2,400) (10,443) 2,400 2,400 (12,843) (10,443) TOTAL FUNDS 132,101 (98,480) 33,621 15 continued...
Taff Bargoed Development Trust Limited Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 10. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows.. Net Transfers movement between in funds funds At 3113124 At 114122 U nrestricted funds General fund Designated Fund 114,278 100,000 77,999 (50,000) 50,000 142,277 150,000 214,278 77,999 292,277 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund 390,451 (20,886) 369,565 TOTAL FUNDS 604,729 57,113 661,842 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming Resources resources expended Movement in funds Unrestricted funds General fund 272,888 (194,889) 77,999 Restricted funds Taff Bargoed Centre Redevelopment and Operating Fund Tree planting fund Merthyr Tydfil (20,886) (4,474) (14,470) (20,886) 4,474 14,470 18,944 (39,830) (20,886) TOTAL FUNDS 291,832 (234,719) 57,113 16 continued...
Taff Bargoed Development Trust Limited Notes to the Financial Statements continued for the Year Ended 31 March 2024 10. MOVEMENT IN FUNDS - contlnued Restricted Funds The Taff Bargoed Centre Redevelopment Fund was established in 1995 for the purpose of establishing a community business centre at the Drift Mine Site, Trelewis. In addition to the redevelopment of the property as a community centre, the fund has also been used to build an internal climbing wall. The Taff Bargoed Centre Operating Fund was established in 1995 for the purpose of providing financial assistance towards the operating costs of the Taff Bargoed Centre, which exists for the benefit of the Taff Bargoed community. The Tree Planting Fund represents a grant of £2,074 from Merthyr Tydfil County Borough Council's tree planting scheme to plant trees at Treharris Library. The Merthyr Tydfil Fund represents a grant of £14,470 frrom Merthyr Tydfil County Borough Council to purchase heaters in the units, a security system and LED lights. Unrestricted Funds £150,000 has been transferred to a designated fund to cover future operating costs of the charity. 11. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 17
Taff Bargoed Development Trust Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 4,000 2,400 16,794 16,794 6,400 Investment income Rents received Interest receivable 135,041 5,921 120,555 1,021 140,962 121,576 Other income Other income 1,975 4,125 Total incoming resources 159,731 132,101 EXPENDITURE Charitable activities Wages Insurance Repairs and renewals Depreciation of tangible fixed assets Grants to institutions 61,380 20,754 20,787 12,470 46,882 13,291 3,935 12,470 3,875 115,391 80,453 Other Sundries Bank interest 14,457 131 9,072 140 14,588 9,212 Support costs Governance costs Auditors, remuneration Carried forward 3,670 3,670 4,845 4,845 This page does not form part of the statutory financial statements 18
Taff Bargoed Development Trust Limited Detailed Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 Governance costs Brought forward Accountancy and legal fees 3,670 2,590 4.845 3,970 6,260 8,815 Total resources expended 136,239 98,480 Net Income 23,492 33,621 This page does not form part of the statutory financial statements 19