Registered Charity Number 1116764 Company Registered Number 05855440 ACE CARDIFF LIMITED Financial Statements For The YEAR Ended 30 JUNE 2024
ACE CARDIFF LIMITED FOR THE YEAR ENDED 30 JUNE 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
ACE CARDIFF LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 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 30 June 2024. This report meets the requirements for a Directors, Report for Companies Act purposes. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accoi'dance with the Financial Repoiting Standai'd applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). The financial stateinents have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing docuinent, the Charities Act 2011, Coinpanies 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 l January 2015). OBJECTS OF THE CHARITY, PRINCIPAL ACTIVITIES AND ORGANISATION OF WORK The company is governed by a memorandum and articles of association. The principal object of the company is the relief of those in need, by I'eason of youth, age, ill-health, disability, financial hai"dship or other disadvantage including unemployment, pi'imarily in cai.diff and the siin'ounding ai"eas, foi" the public benefit. In recent times our main focus has been to work with children and adults to improve their quality of life through an appreciation of learning - whether that be through help with core skills of literacy and numeracy, improved communication skills or appreciation of reading. Inusic and the arts. ACE Cardiff s Learning Club aims to stimulate young people's enthusiasm for learning in the Butetown and Grangetown areas of Cardiff, in order that they feel Inore confident, in their abilities to face the personal, acadeinic and social challenges that life brings with it! We work, in p.tneI.ship with others to make sure that our sessions are: Enjoyable Exciting Engaging It is important that we help young people to: solve problems overcome confidence issues, experiment with theii" learning build relationships within and outside their communities have a 'safe learning environment, In response to an obvious need in the cominunity, the charity also runs a variety of mixed and single-sex ESOL classes in the Butetown, Grangetown and Ely areas of Cardiff, including refugees and asylum seekers, with the aim of assisting the process of settling in Wales and becoming economically self-sufficient. Classes of up to 10 are aiined primarily at those at Pre-Entry and Entry levels, from beginners onward. Each class has a teacher who is qualified both academically and through practical experience. In addition, a teaching assistant is also present to support the tiitor and pi'ovide individual attention. The charity is organised so that the Board Ineet regularly to Inanage its affairs. All staff are engaged in charitable activities.
ACE CARDIFF LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS During the second year of funding from the National Lottery, ACE Cardiff has achieved significant milestones in its mission to provide educational support and foster community engagement. From the expansion of our ESOL and digital skills prograinmes to the success of community events like Singing Down the Bay, we have demonsti.ated resilience and adaptability. With sti'ong volunteer suppoit and careful financial and policy Inanagement, ACE Cardiff is well-positioned to continue making a positive impact on the communities we serve. Highlights of the year were: Singing Down the Bay: In this project, around l 00 children were trained and performed in a concert at the Wales Millenium Centre that attracted around 150 parents and community members. The expansion of ESOL classes, catering to both Butetown and Grangetown cominunities. Attendance continues to be high and new students regularly join the classes, often thanks to students sharing positive feedback with family and friends. Our Saturday Code Club has flourished, leading to a split between beginner and advanced groups. In one of our Vocational sessions we had the first Muslim female football referee from Wales talk to the children. A young lady who grew up and lives in Gi"angetown. Our Community Development Officers shave introduced sessions, such as knitting and crafts, which have increased our connections with the local commiinities and spread the word of the development opportunities that are available for local children. We took a party of our ESOL students around the Senedd to help understand how the Welsh Government operates. This followed two ESOL classes focussed on the topic of democratic engagement and voting rights. Volunteers have also been instrumental in driving new initiatives such as our life skills workshops, including support for driving theory tests, which have had a tangible iinpact on participants. FUTURE DEVELOPMENTS The trustees continue to review the company's activities, together with other opportunities that fit with its objects, and will provide a level of support consistent with its ability to attract future funding. It is anticipated that both the learning support and the ESOL classes will gradually expand around our core activities and geographies. RISKS POLICY The trustees actively review the major risks that the charity faces on a regular basis and believe that ongoing reviews of the financial position, establishing adequate reserves, will provide sufficient resources in the event of adverse conditions. The trustees also examine other operational risks faced by the charity and have established systems to mitigate any significant risks. RESULTS The results for the year and the charity's financial position at the end of the yeai" are sliown in the attached financial statements. The charity received the first of four year's funding from The National Lottery Community Fund - People and Places 3 which has enabled us to commence our strategy to expand and develop our provision.
ACE CARDIFF LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 RESERVES POLICY The trustees have examined the level of reserves held at the year-end in light of the main risks facing the organisation. A policy has been established to maintain sufficient fi.ee reserves equivalent to meet the immediate needs of the charity in the event of a service interruption. The free reserves of a charity represent the funds tliat are freely available to spend. In calculating the free reserves the trustees have deducted from the total of unrestricted funds any funds designated at the year end. The policy is reviewed by the trustees on an ongoing basis. GOING CONCERN Having considered budget and cash flow projections foi. the next twelve months, the tt'ustees are confident that the chai.ity will continue to meet its liabilities as they fall due for the foi"eseeable futiire and consider that there are no material uncertainties about the Tnist's ability to continue as a going concern. It is therefore considered appropriate by the trustees to prepare the financial statements on a going concern basis. DIRECTORS AND TRUSTEES Recruitment and appointment of new trustees All directors of the company are also trustees of the charity and there are no other trustees. THE TRUSTEES The Trustees who Seed the charity during the year were as follows:_ Alina Trigger (Chair) Stuart Cox (Treasurer) Helen Edgeworth Geoff Hollett Luay Karrar Robyn Mercer-Davies (appointed October 25th 2023) Dr Emily Morris RESPONSIBILITIES OF TRUSTEES The trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice). Company law requires the trustees to prepare financial statements for each financial year which 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 inconie and expenditure, of the charitable company for that period. In preparing these financial stateinents, the trustees are required to;
ACE CARDIFF LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 RESPONSIBILITIES OF TRUSTEES (CONTINUED) Select suitable accoiinting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State wliether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INDEPENDENT EXAMINER The Trustees have decided to review the appointment of independent examiner for the ensuing year and will carry out this process during the coming months. DECLARATION This report was approved by the board on 7th November 2024 Signed on behalf of the chai"ity's trustees. A Trigger
ACE CARDIFF LIMITED INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF ACE CARDIFF LIMITED I report to the trustees on my examination of the financial statements of Ace Cardiff Limited ('the charity,) for the year ended 30 June 2024. Responsibilities and basis of report As the trustees of the company (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 accounts of the company 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 accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirn] that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 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 independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Signed Date Philip Harris FCA Independent Examiner Gordon Down & Company Accountants & business advisors 144 Walter Road SWANSEA SAI 5RW
ACE CARDIFF LIMITED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restricted 2024 2023 Funds Funds Total Total Incoming Resources Voluntary Incoine Other Income 6,143 85,800 91,943 85,480 1,394 1.394 504 Total Incoming Resources 7,537 85,800 93,337 85,984 Resources Expended Charitable Activities 6,821 83,664 90,485 76,822 Total Resources Expended 6,821 83,664 90,485 76,822 Net income/(expenditure) for the year 716 2.136 2,852 9,162 Transfers between funds Net movement in funds 716 2,136 2,852 9,162 Funds brought forward 2,665 14,273 16,938 7,776 Funds carried forward 3,381 16,409 19,790 16,938 The stateinent of financial activities includes all gains and losses recognised in the year. All income and expenditure derive fi'om continuing activities. The notes on pages 8 to 14 form an integral part of these financial statements.
ACE CARDIFF LIMITED BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Current assets Debtors 10 50 832 Cash at bank and in hand 24.785 18,696 24,8J5 19,529 Creditors: Amounts falling due within one year 11 5,045 2,590 Net current assets 19,790 16,938 Total assets less current liabilities 19,790 16,9)8 Net assets 19,790 16,938 Funds 13 General Unrestricted Funds J,381 2,665 Restricted Funds 16,409 14,273 19,790 16,938 The trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Coinpanies Act 2006 and that meinbers have not required the coinpany to obtain an audit in accordance Nvith section 476 of the Act. The directors aclaiowledge their responsibilities for complying Ivith the requirements of the Coinpanies Act 2006 Ivith respect to accounting records and the preparation of accounts. These financial stateinents have been prepared in accordance with the provisions applicable to coinpanies subject to the small companies, regime. These financial statements are approved by the trustees on 7th November 2024 And are signed on their behalf by: A Trigger The notes on pages 8 to 14 form an integral part of these financial statements.
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 l. General information The charity is a public benefit entity and a private company liinited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 113-116 Bute Street, Cardiff Bay, CFIO SEQ. 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 3. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern Having considered the consequences of Covid-19 and other events and conditions, the ti"ustees are confident that the charity will continue to meet its liabilities as they fall due and consider that there are no material uncertainties that impact on the going concern basis being used to prepare these financial statements. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the disclosure exemption available under paragraph 1.12 of FRS 102 not to prepare or disclose a cash flow statement. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements - There are currently no key judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial stateinents. Key sources of estimation uncertainty - There are currently no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Income tax The charity is exempt from tax on its charitable activities.
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 3. Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of incoine: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived froin the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably Ineasured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as uni"estricted funds unless there is a contractual requirement foi. it to be spent on a particular pui.pose and I'eturned if unspent, in which case it may be regarded as I"estricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. otlier expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at tt"ansaction value and subsequently measured at their settlement value with the exception of bank loans which would be subsequently measured at the carrying value plus accrued interest less repayments.
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 3. Accounting policies (continued) Defined contribution plans Conti'ibutions to defined contribution plans are recognised as an expense in the period in which the related sei.vice is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 4. Limited by guarantee The charity company is limited by guarantee. 10
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Incoming Resources Unrestricted Restricted 2024 2023 Funds Funds Total Total Voluntary Income Grants and Donations National Lottery Community Fund Adult Learning Wales Cardiff Council 83,800 83,800 76,400 6,143 6,143 7,335 1,300 CCLA 2,000 2.000 407 Other 38 6,143 85,800 91,943 85,480 Other Income Interest 1.394 1,394 504 1,394 1,394 504 Total Incoming Resources 7,$37 85,800 93,337 8S,984 11
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Resources Expended Unrestricted Restricted 2024 2023 Funds Funds Total Total Cost of Charitable Activities Management & Administration Costs Staffing Costs Salaries 50,198 50,198 42,121 Consultancy Tutor fecs 920 920 162 6,143 12,119 18,262 13,105 Volunteers fees and expenses DBS Checks 661 661 233 410 410 148 6,143 64,308 70,451 55,769 Premises Costs Rent and l.ates 678 10,907 11,585 10,616 Telephone and internet Repairs and maiiitenance 683 683 483 678 11,590 12,268 11,107 General Administrative Expenses Bank charges and interest Insurance 149 149 157 518 518 452 Website and marketing Accountancy Office supplies 632 632 987 724 724 780 764 764 637 2,787 2,787 3,013 Other Expenses Expensed equipinent Event costs and venue fees 2,422 2,788 1,835 1,8J5 Project materials Training IT SLlPPOrt 1,925 1,925 1,195 772 772 528 447 447 4,979 4,979 6,933 Total Cost of Charitable Activities 6,821 83,664 90,485 76,822 Total Resources Expended 6,821 83,664 90,485 76,822 12
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent exainination of the financial statements Other financial services 165 165 495 495 660 660 Staffing The average head count of employees during tlie year was 4 (2023 - 4). No employees received employee benefits of more than £60,000 during the year (2023 - Nil). Trustee remuneration and expenses No trustees received any reinuneration or other benefits during the year ended 30 June 2024. There were no trustees, expenses paid for the year ended 30 June 2024. 10. Debtors 2024 2023 Sundiy debtors 50 832 11. Creditors: amounts falling due within one year 2024 2023 Payroll Accrued Accountancy Sundry Rent 398 398 660 1320 1822 872 2165 5,045 2,590 12. Pensions and other post-retirement benefits The charity operates a defined contribution pension scheme. The amount recognised in income and expenditure as an expense in relation to defined contribution plans was £1046.82 (2023 - £613). 13
ACE CARDIFF LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 13. Fund Balances Balances at Transfers Balances at 01 July 2023 Movement between funds 30 June 2024 Unresti"icted Funds 2,664 716 J,380 Resti'icted Funds 14,274 2,1)6 16,410 Total Charity Funds 16,938 2,852 19,790 14. Analysis of net assets between funds Unrestricted Restricted Total funds Total funds Funds Funds Total funds 2023 CuiTent assets 3,381 21,454 24,835 19,528 Creditors less than one year Net assets (5,045) (5,045) (2,590) 3,381 16,409 19,790 16,938 15. Related party transactions There wei"e no related party transactions during the year. 14