Tax Relax Limited
Mrs Gemma Watkins 17 BRYNTEG TREHARRIS CF46 5RF CYLCH MEITHRIN TREHARRIS
10 May 2021
Dear Gemma ,
Accounts for Period ended 31/03/2021
Please find attached final accounts for CYLCH MEITHRIN TREHARRIS for the period ended 31/03/2021.
Please review the attached carefully and if you are happy that the accounts can be approved please print out a set of each of the attached documents, obtain appropriate signatures at the foot of each Balance Sheet and return the signed documents to this office.
Please do not hesitate to contact us if you have any queries.
Yours sincerely,
Brandon Hutton
37 Oakland Street, Bedlinog, CF46 6TE Brandon@taxrelax.co.uk
CYLCH MEITHRIN TREHARRIS
Charity No. 1055231
Trustees' Report and Unaudited Accounts
31 March 2021
CYLCH MEITHRIN TREHARRIS Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
Page 1
CYLCH MEITHRIN TREHARRIS Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1055231
Principal Office
17 Brynteg Treharris CF46 5RF
Trustees
The following Trustees served during the year:
T. Griffiths G. Watkins
Directors of Corporate Trustees
Gemma Watkins
Tracey Griffiths
Accountants
Tax Relax Ltd 37 Oakland Street Bedlinog CF46 6TE
Bankers
HSBC UK 127-128 High Street Merthyr Tydfil CF47 8DN
OBJECTIVES AND ACTIVITIES
The purpose of the charity is to provide a happy family atmosphere in which children learn through the medium of Welsh.
The main activities undertaken in relation to those purposes are to plan daily fun and engaging activities following the foundation phase seven areas of learning to ensure every child is given the opportunity to explore and investigate through a wide range of activities whilst learning through play.
Promote such other charitable purposes as may from time to time be determined, the trustees are aware of the benefits to the community based on the guidance from the Charity Commission.
-Allowing children to learn through the medium of Welsh.
-Providing the residents access to local learning thereby allowing them to gain confidence, new knowledge and skills.
-Providing residents with job opportunities that build their confidence and self esteem.
ACHIEVEMENTS AND PERFORMANCE
Page 2
CYLCH MEITHRIN TREHARRIS
Trustees Annual Report
The Cylch Meithrin provides an important part in the community. It provides good quality, affordable, childcare through the medium of Welsh. It is also a feeder for the Welsh Medium school and majority of the children who leave us progress to Welsh education. We offer both private and flying start places and are fully inclusive. We offer the 30 hour childcare as well as full day care or sessional.
FINANCIAL REVIEW
During 2020-21 financial year our income generating capacity has seen a positive increase this year, we have seen more grants from the MTCBC and increase in children using the day-care. We always strive to further increase our footfall and subsequent income so will continue to market the centre, we believe our planned projects for the year ahead will set us on the right path to achieve this.
The Policy for holding reserves is to insure we have a fall back for the day to day running costs of the charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The nature of the governing document is constitution.
The trustees are appointed during out annual AGM and the charity is committee run and voluntary.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Treasurer is responsible for the Association’s finances and works closely with the Centre Manager to maintain proper accounting records and provide accurate and timely financial reports for the Board.
Signed on behalf of the charity's trustees
G. Watkins Trustee 31 March 2021
Page 3
CYLCH MEITHRIN TREHARRIS Independent Examiners Report
Independent Examiner's Report to the trustees of CYLCH MEITHRIN TREHARRIS
I report to the trustees on my examination of the accounts of CYLCH MEITHRIN TREHARRIS for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Grant Hutton CPA
Tax Relax Ltd 37 Oakland Street Bedlinog
CF46 6TE 31 March 2021
Page 4
CYLCH MEITHRIN TREHARRIS Statement of Financial Activities
for the year ended 31 March 2021
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Other 6 Total Expenditure on: Raising funds 7 Other 8 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricte d funds 2021 £ 2 18,692 20,796 8,940 |
Total funds 2021 £ 2 18,692 20,796 8,940 |
Total funds 2020 £ - 1,257 20,361 6,236 |
|---|---|---|---|
| 48,430 - 28,309 |
48,430 - 28,309 |
27,854 787 25,292 |
|
| 28,309 - |
28,309 - |
26,079 - |
|
| 20,121 - |
20,121 - |
1,775 - |
|
| 20,121 | 20,121 | 1,775 | |
| 20,121 (1,775) |
20,121 (1,775) |
1,775 - |
|
| 18,346 | 18,346 | 1,775 |
Page 5
CYLCH MEITHRIN TREHARRIS Balance Sheet
at 31 March 2021
| at 31 March 2021 | ||
|---|---|---|
| Charity No. 1055231 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds Approved by the trustees on 31 March 2021 And signed on their behalf by: |
2021 £ 18,346 18,346 18,346 18,346 18,346 18,346 18,346 18,346 18,346 |
2020 £ 1,775 |
| 1,775 | ||
| 1,775 1,775 |
||
| 1,775 | ||
| 1,775 | ||
| (1,775) | ||
| (1,775) | ||
| (1,775) | ||
G. Watkins Trustee 31 March 2021
Page 6
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
for the year ended 31 March 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.
Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
CYLCH MEITHRIN TREHARRIS
Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Charitable activities Other trading activities Other Total Expenditure on: Raising funds Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds carried forward 3 Income from donations and legacies |
Unrestricted £ 2 2 |
Unrestricted funds 2020 £ 1,257 20,361 6,236 27,854 787 25,292 26,079 1,775 1,775 1,775 1,775 Total 2021 £ 2 2 |
Total funds 2020 £ 1,257 20,361 6,236 |
| 27,854 787 25,292 |
|||
| 26,079 | |||
| 1,775 | |||
| 1,775 | |||
| 1,775 | |||
| 1,775 | |||
| Total 2020 £ - |
|||
| - | |||
| Donated goods, facilities and services received | |||
| Fundraising MTCBC Grants Government Grants |
Total 2021 £ 1,119 20,796 8,940 48,429 |
Total 2020 £ 1,257 18,452 1,909 |
|
| 21,618 |
Page 10
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
4 Income from charitable activities
| Charity Fundraising 5 Income from other trading activities Government Grants MTCBC Grant 6 Other income Government Covid19 Grants 7 Expenditure on raising funds Fundraising trading costs Government Grants 8 Other expenditure Employee costs Motor and travel costs Premises costs General administrative costs Legal and professional costs |
Unrestricted £ 18,692 18,692 Unrestricted £ 1,478 19,318 20,796 Unrestricted £ 8,940 8,940 |
Total 2021 £ 18,692 18,692 Total 2021 £ 1,478 19,318 20,796 Total 2021 £ 8,940 8,940 |
Total 2020 £ 1,257 |
|---|---|---|---|
| 1,257 | |||
| Total 2020 £ 1,909 18,452 |
|||
| 20,361 | |||
| Total 2020 £ 6,236 |
|||
| 6,236 | |||
| Unrestricted £ - - Unrestricted £ 21,624 - 3,021 3,608 56 28,309 |
Total 2021 £ - - Total 2021 £ 21,624 - 3,021 3,608 56 28,309 |
Total 2020 £ 787 |
|
| 787 | |||
| Total 2020 £ 20,160 463 4,252 - 417 |
|||
| 25,292 |
Page 11
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
- 9 Trustee remuneration and expenses
| The nature of the reimbursed expenses 10 Staff costs Salaries and wages Social security costs Pension costs No employee received emoluments in excess 11 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 12 Analysis of net assets between funds Net current assets 13 Reconciliation of net debt Cash and cash equivalents Net debt |
2021 Number No payments to trustees 21,090 375 159 21,624 of £60,000. At 1 April 2020 Incoming resources (including other gains/losses ) £ (1,775) 48,430 (1,775) 48,430 At 1 April 2020 £ 1,775 1,775 1,775 |
2021 Number No payments to trustees 21,090 375 159 21,624 of £60,000. At 1 April 2020 Incoming resources (including other gains/losses ) £ (1,775) 48,430 (1,775) 48,430 At 1 April 2020 £ 1,775 1,775 1,775 |
Resources expended £ (28,309) (28,309) Unrestricted funds £ 18,346 18,346 Cash flows £ |
2020 Number 20,130 - 30 |
|---|---|---|---|---|
| 20,160 | ||||
| At 31 March 2021 £ 18,346 |
||||
| 18,346 | ||||
| Total £ 18,346 |
||||
| 18,346 | ||||
| At 31 March 2021 £ |
||||
| 1,775 | 16,571 | 18,346 | ||
| 1,775 1,775 |
16,571 16,571 |
18,346 | ||
| 18,346 | ||||
Page 12
CYLCH MEITHRIN TREHARRIS Notes to the Accounts
14 Commitments
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows:
| 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|
| Land and buildings |
Other | Land and buildings |
Other | |
| £ | £ | £ | £ | |
| Operating leases with expiry date: | ||||
| Pension commitments | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| The pension cost charge to the charity | ||||
| amounted to: | 159 | 30 |
Page 13
CYLCH MEITHRIN TREHARRIS Statement of Cash flows for the year ended 31 March 2021
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ 20,121 (8,940) 11,181 8,940 8,940 - 20,121 1,775 21,896 |
2020 £ 1,775 (6,236) |
|---|---|---|
| (4,461) 6,236 |
||
| 6,236 | ||
| - | ||
| 1,775 | ||
| - | ||
| 1,775 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 18,346 | 1,775 |
| 18,346 | 1,775 |
Page 14
CYLCH MEITHRIN TREHARRIS Detailed Statement of Financial Activities
for the year ended 31 March 2021
| Income and endowments from: Donations and legacies Charitable activities Charity Fundraising Other trading activities Government Grants MTCBC Grant Other Government Covid19 Grants Total income and endowments Expenditure on: Costs of other trading activities Government Grants Total of expenditure on raising funds Employee costs Salaries/wages Employer's NIC Pension costs Vehicles - General costs Premises costs Rent Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Equipment expensed Subscriptions |
Unrestricted funds 2021 £ 2 2 18,692 18,692 1,478 19,318 20,796 8,940 8,940 48,430 - - - 21,090 375 159 21,624 - - 2,926 - 95 3,021 3,365 243 |
Total funds 2021 £ 2 2 18,692 18,692 1,478 19,318 20,796 8,940 8,940 48,430 - - - 21,090 375 159 21,624 - - 2,926 - 95 3,021 3,365 243 |
Total funds 2020 £ - |
|---|---|---|---|
| - | |||
| 1,257 | |||
| 1,257 | |||
| 1,909 18,452 |
|||
| 20,361 | |||
| 6,236 | |||
| 6,236 | |||
| 27,854 787 |
|||
| 787 | |||
| 787 20,130 - 30 |
|||
| 20,160 | |||
| 463 | |||
| 463 | |||
| 4,073 179 - |
|||
| 4,252 | |||
| - - |
Page 15
CYLCH MEITHRIN TREHARRIS Detailed Statement of Financial Activities
| CYLCH MEITHRIN TREHARRIS Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
3,608 56 56 28,309 28,309 - 20,121 20,121 - 20,121 (1,775) 18,346 |
3,608 56 56 28,309 28,309 - 20,121 20,121 - 20,121 (1,775) 18,346 |
- |
| 417 | |||
| 417 | |||
| 25,292 | |||
| 26,079 - |
|||
| 1,775 | |||
| 1,775 - |
|||
| 1,775 | |||
| - | |||
| 1,775 |
Page 16