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 C￿llered 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 iegul1&[ed to coiryon ouditvioik In UK ond ieouitsie& loits long@ thg Insliiule ol Chorteied Accountan1& In Efigbnd ￿￿WOleS. bpu c￿￿lIe1edACtOUft%0nlI Iiodiru noTne ol BPU 11 Company Number 31?3948 Reglsieied In Wo￿5. 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