REGISTERED COMPANY NUMBER: 02958170 (England and Wales) REGISTERED CHARITY NUMBER: 1058649 UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 kqARCH 2024 FOR YSTALYFERA DEVELOPMENT TRUST B8van Buckland LLP Chartered Accountants Ground Floor Cardigan House Castl8 Court Swansea Enterprise Park Swansga SA7 9LA YSTALYFERA DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Report of the Trustees 1 to 2 Indopgndent Examlnofs Report Statement of Financial Aclivitiè8 Balance Sheet Notes to the Flnandal Statements 6 to 14 Detailed Statement of Financial Activities 15 to 16 YSTALYFERA DEVELOPMEKf TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purFN)ses of th8 Companies Act 2006. present Iheir report with the financial ststements of the charity for the year ended 31 March 2024. The trusteas hav8 adopted the provisions of Accounting and Reporting by Charities: Statement of ReGommerKled Pradce applicable to charilies preparing their ac￿Unts 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 alms The company is a non-profit Ma￿ng organisation whose objedives are to promots the economic and social regeneration of the communty of Ystalyfera in the Swansea Valley. When planning the activities for the year. the directors have considered the Commission's guidancE on public benefit. The comp8ny was formed as a vehicle in which to further the objectives of a partnership of local authoiity and public bodies which was set up to regenerate the town ntre of Ystalyfera. The partnership was successful in obtaining substantial fvnding to acquire and refurt)ish properles ich were then transfeThed to the company as a rneans of endowing the community with these assets. The charity is also promoting and assisting all organisations, clubs and entities by providiThJ facilities and accomrnodation. The charity also manages th8 finance of numerous clubs on their behalf. Finally the charity continues ts objectives of regeneration within the ar8a. as well as the develoFNnent and letting of properties. ACHIEVEMENT AND PERFORMANCE Achievement and Performance The company's main source of fvnding during the year comprised of grants and letbng of property for ¢omm8rdal and residential purposes. We also have a tharity shop and café, the proffts ofwhich will fund the activities of Ihe Trust. The directors consider that the company's financial POSFlion at the balance sheet date was satisfactory. Cor8 funding for 202412025, comprising grants from local authority (Communty Regeneration Fund) has been obtsined. FINANCIAL REVIEW Inveslment and Othor Powers The dire¢tors have the power to expand the funds of the company in SLth manner as they consider being beneficial for the achievement of the company's objects. They are also empowered to invest such part of the funds as they see fft in tha fijrlherance of the objecls of the Company. Reserves policy Ystslyfera Development Trust aims to build up rasepies in future years to enable It to continue and expand the sorvices they currently provide and develop new projects in the futur8. This policy will be revlewed annually or when significant ¢hang8s occur v￿thin the organisation. FUTURE PLANS The charity plans continuing the 8¢tivlties OU￿1n8d above in the forthcomlng years subject to satisfactory fvnding arrdngements. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documgnt The OTganisatlDn is a charitable company limited by guarantee. incorporated on 12th August 1994 and registered as a charity on 15th October 1996. The company was established under a Memorandum of Association which established the obJ"e(ts and powers of the charitsble company and is govemed under its Articles of Association.The Memorandum of Associalion was updated on 12th March 2009. Recwiiment and appointment of new trustees The directors of the company are also charity trustees for the purFK)se of charity law. The rules regarding the number of directors and their appointment, reappoinlment and removal are contained in the Articles of Association to thich reference should b8 ffladg. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02958170 {England and Wales) Registered Charlty number 1058649 Reglstered office 22 CommerGial Street Ystalyfera Swansea West Glamorgan SA9 2HR Page 1 YSTALYFERA DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trnstees R Davies Councillor M Gladdish Teacher Ms A Christie Director Ms R C Makin Retlred Ms J Man8er-Thomas Civil SeNant l Hawkins Retired P H Brandon Retired Mrs G Payne {appointed 16.4.24) Independent Examlner Alison Vlckers Bevan Buckland LLP Chartered AccA)untants Ground Floor Cardlgan House Castle Court Swansea Enterprise Parf( Swansea SA7 9LA Solicitors Beor, Wilson & Lloyd Calvert House Calvert Terrace Swansea SA16AP Bankers Lloyds TSB Bank plc 113 Hlgh Street Gorseinon Swansea SA4 4BR REPORTING ACCOUNTANTS Alison Vickers has indi¢ated that she Is wllllng to be re-appointed at the fortrwming Annual General Meeting. This report has been prepar8d in accordance with the speoal provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ...... )l¥............ and slgned on rts b8half by: R Davies- Trustee Page 2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YSTALYFERA DEVELOPMENT TRUST Independènt examlnerfs report to the trustsos of Ystalyfera Development Trust {Xhe Company,) I report to charity trustees on my examlnation of the accounts of the Company for the year ended 31 March 2024. Responslblllties and basis of report As the charTWs trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Act,). Having satisfied myself that the accounts of the Cornpany are not required to be audited under Part 16 of the 2006 A( and are eligible for independent examination, I report in resped of my examination of your charity's accounts as carri8d out under Section 145 of the Charities Act 2011 {Ihe 2011 Act.). In carying out my examination I have followed the Dlrections given by the Chaty Commission under Section 145{5) {b) of1he 2011 ACL Independent examlnefs sL*ment I have completed my examination. I confim that no matters have come to my attention in connection with the examination giving me cause to b8li8V8: accounting records were not kept in respect of the Company as required by Section 386 ofthe 2006 Ac( or the accounts do not accord with those records., or the aceA)unts do not comply with the accounting requirements of Section 396 of th8 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an ind8pendent examination; or the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in aGcordance wtth the Financial ReportirffJ Stsndard applicable in the UK and Republic of Ireland {FRS 102}). I hav8 no concems and have coma across no otheT matters in Connection ￿ the examination to which attention should be drawn in this report in order to en8ble a proper understanding of the accounts to be reached. Alison Vickers Bevan Buckland LLP Chartered Accountsnts Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: .... Page 3 YSTALYFERA DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl fvnds 2023 Totsl funds Unrestrtcted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and lega¢i8S 35.000 35,000 37.634 Charltable actlvltlo8 Promote economic and social regeneration of the communty 33.351 33,351 34,605 Other trading activities Investment income 43.936 207 43,936 207 37,337 Totsl 112.494 112.494 109,612 EXPENDITURE ON Charltable actlvltles Promote economic and s(￿￿1 regenerdtion of the community 138,341 138.341 123,399 NET INCOMEI(EXPENDITURE) Transfars between funds Other recognised galnsl{losses) Gains on revaluation of fixed assets (25,847) 3,981 (25,847) (13,787) 16 (3.981) 240,293 240,293 Net movement in fvnd8 218.427 (3.981) 214,446 (13.787) RECONCIUATION OF FUNDS Total funds brought forward 593.166 80,822 673,988 687.775 TOTAL FUNDS CARRIED FORWARD 811.593 76.841 888,434 673,988 The note5 fom part of these financial 8tstements Page 4 YSTALYFERA DEVELOPMENT TRUST BALANCE SHEET 31 MARCH 2024 2024 Totsl funds 2023 Total funds Unrestrithd fjjnds Restrlcted funds Noles FIXED ASSErs Tangible assets Investment property 12 13 202,886 412,006 202.886 480.000 124,717 322.444 67,994 614.892 67,994 682,886 447.161 CURRENT ASSETS Debtors Cash at bank and in hand 14 1,251 210,531 1,251 219,378 5.586 238,030 8,847 211,782 8,847 220,629 243,616 CREDITORS Amounts falling due withln one year 15 (15,081) {15,081) (16,789) NET CURRENT ASSETS 196,701 8,847 205,548 226.827 TOTAL ASSEfs LESS CURRENT LIABILITIES 811,593 76,841 888,434 673,988 NET ASSETS 811.593 76,841 888,434 673,988 FUNDS Unrestricted funds Restricted funds 16 811,593 76.841 593.166 80.822 TOTAL FUNDS 888,434 673,988 The chari12ble company is entitled to exemption from audit under Section 477 of the Compani8s Act 2006 for the year ended 31 March 2024. The members have not required the company to obtsin an audit of its financial statements for the year ended 31 March 2024 In accordan￿ with Section 476 of the Companies Act 2006. The trustees acknowledge their r8sponsSbilities for {8) ensuring that the charitsble company keeps accounting records that ¢omply with Sectlons 386 and 387 of the Companies Act 2006 and preparing finan¢ial 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 accordan￿ with the requiremgnts of S8Ctlons 394 and 395 and which othe￿Is8 comply with the requirements of the Companies Act 2006 relating lo financial statements, so far as applt¢able to the charitable company. {b) The￿ financial statements have been prepared in accordarte wlth the provisions applle2bla to charitable companies subject to the small companies regime. The fin cial statements were approved by the Board of Trustees and authorised for isgje ..zEILKk.... and were signed on its behalf by: on R Davies- Trustee - Truste8 The Dote8 fom part of these fjnancial statements Page 5 YSTALYFERA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccoupillNG POLICIES Basls of preparing thè financlal statements The financial statements of the charitsble company. whlch 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 Recommend8d Practice applicable to tharities preparing their accounts In accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019),. Financial Reporting Stsndard 102 The Financial Reporting Stsndard applicable in the UK and RepubliG of Ireland, and th8 Companies Act 2006. The financial statements have been prepared under the historical cost convention. as modffied by the revaluation of ceriain assets. Flnanclal reporting standard 102 - reduced dlsdosure exemptions The charitable company has laken advantage of the fi￿lowIng disdosure exemption in preparing these financlal statements. as pernitted 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 Acliviiies On￿ the charity has enliuemgnt to the funds. it is probable that the income will be received and the amount can be measure(I reliably. Revenue grants are credited to th8 Inc(The and expenditure account during the period of expenditure. Capital grants are credited to the SOFA in restricted reserves and Ihe depreciation on the assets to which they relate Is charged to the Income and Expenditure account as restricted expenditure. The value of goods for sale in the shops operated by the Charitable Company Is recognised at the point of sale, as this is the earll8St polnt at which it is practical to rewgnlse such income. Donaknons and slmllar Incoming resources are r8cognised vh)en they a￿ r8celved. Where a rthndable incoTne is re￿iVed in respect of a spedfied event or project, the income 18 deferred until completlon of that event or projecL Expendlture Liabilities ar8 recognised as expenditure as soon as there is a legal or constructlve obligation committing tho charity to that expenditure. It 18 probable that a transfar of economic beneffts will be requlred in settlement and the amount of the obligation can be measured reliably. Expendliure is accounted for on an ac¢ru81$ basls and has bean classified under headings that aggr8gate all cost rdated to the category. Where cK)sts cannot b8 directly attributed to particular headings they have been allocated to activities on 8 basis COn￿stant wth the use of resources. Tangible fixod a88ets and depreclallon Depreciatlon Is prowded at the following annual rates in order to wrlte off 8ach asset over lis estimated useful Equipment & Fittings Leasehold Propety ImproveTll8nts 15Dh Straight Line 2% Straight Line Assets below £1 CQ are not capitalised, but included wilhin expenses. The T￿SleeS do not believe any assets are impaired and do not cary OLrt impairnent reviews. Inveslment Propertles FRS 102, requires investment properties to be aux)unted for using the fair value accounting rU￿s, therefore: a) rovalualron differences are refiected in the profft and loss account; and bl the fact that no depreaation is charged is no longer a breach of the Companies kt. Investment property Investsment propety is sht)wn at most re￿nt valuation. Any aggregate surplus or deficri arising from changes in fair value is recognised in the Stslgmont of Financial Activities. Investment property was re-valued by Dawson in Decemb8r 2023 and is shown at this ValUat￿)n cost in the Finan¢ial Stat8ments. Page 6 continued... YSTALYFERA DEVELOPMENT TrUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES- contlnued Taxalion The charity is exempt from corporation tsx on its charitable activities. Fund accountlng Unrestricted fvjnds are available for use at the discretion of the Trust8as in furlherance of the general objecttves of the charity and which have not been designated ft)r 0th8r purposes. Designated funds are unrestricted funds earnarked by the Trustees for particular purposes falling in futu￿ time periods. Restricted fvnds are funds subject to specific restrictions imposed by donors or which have been raised ty the chaiity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial Ponsions The pension costs charged in the accounts represent the contribultons payable by Ihe charity durirtg the year in accordance with accounting requirement& The company is paying Fn trj a defined Ix)ntribulion scheme. L￿Ing Rentals payable under operating leases are charged against income on a straight Ilne basis over le￿ temi. Baslc financial a880ts BasiG financial assets which inc[L￿e debtors and ¢a$h and bank balan￿$. are initially measured at transaction price includirg transa¢tion costs and are subsequenuy carried at amortised cost usiro the effective interest methcKI unless th8 arrangement constitutes a financing transaction, where the Irdnsactlon Is measured at the present Val￿ of future r8ceipts discounted 8t a mathet rate of interest, Financial assets classified as receivable wIU)In one year are not amortlsad. Debtors Short tem debtors ar8 measured at transaction price, less any impainnent, Cash at bank Cash at bank and ¢ash In hand includes cash and short temi htghly liquid investments ￿ a short matuiity of three months or less from the date of acquisition or opening of the deposit or similar accKJunt. Classification of finandal Ilablllues Financial liabilities and equity instruments are classlfied according to the substance of the (￿ntraCtUal arrangements entered into. An equity instwment is any ¢ontract that evidences a ￿sIdUal Interest in the assets of the company after deducting all of its liabilities. Basic financial liabiliti88 Basic financial liabilities. including creditOTS. bank loans, loans from fdlow group companies. are initial recognised at transaction price unless the arrangement consiiiutes a financing transaction. where the debt instrument is measured at the P￿sent value of the fvrture payments discounted at a marf