Towy Community Church Charity number.. 1136394 Company Registration Number.. 07181550 Trustees, report and financial statements for the year ended 31$1 December 2024 Towy Community Church 07181550 Contents Page Legal and administrative information Trustees report Independent Examination report Statement of financial activities 10 Balance sheet Notes to the financial statements 12-17 Towy Community Church 07181550 Le al and administrative information Charity Name.. Towy Community Church Charity Registration Number- 1136394 Company Registration Number.. 07181550 Address: Xcel Centre Llansteffan Road Johnstown Carmarthen SA313BP Trustees & Directors.. Mary Bayes- resigned 07.11.2024 Niall Pickup Paul Griffiths Emyr Jones Tim Howells Charlie Evans Auditors.. Ashmole & Co The Old School, The Quay. Carmarthen, Carmarthenshire, SA313LN Bankers: Lloyds TSB King Street Carmarthen Nat West King Street Carmarthen 21Page Towy Community Church 07181550 ort of the Trustees For the yearended 31 December 2024 The Trustees present their report and the financial statements for the year ended 31 December 2024. The trustees who served during the year and up to the date of this report are set out on page 1. Structure, governance and management The Charity is managed by trustees who are appointed by the church leadership. The board of trustees will Gonsist of mernbers equally representing the church leadership and church attendees. Governing Document The charity is governed by its Memorandum and Articles of Association as a Company Limited by Guarantee. Objectives and activities I Public Benefit The main purpose and objects of the charity are set out in the Memorandum of Association as follows.. to advance the Christian faith in accordance with the Statement of Belief in Carmarthenshire and in such other parts of the United Kingdom or the world as the Leadership Team may from time to time think fit and to fulfil such other purposes which are exclusively charitable aGGording to the law of England and Wales and are connected with the charttable work of the Church- to relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the Leadership Team may from time to time think fit,. to benefit the local community of Carmarthenshire and the neighbourhood by associating together with the said local community and the local authorities, voluntary and other organisations in a common effort to advance education andlor to provide facilities in the interests of social welfare for healthy recreation and leisure time occupation with the objective of irnproving conditions of life for the residents. Achievements and erforrnance 2024 Church Re ort 2024 The venue at St Catherine's Walk continues to be a great blessing for us as a church. Its open door allows the community access to see and hear our Sunday services. A number of individuals have joined us in our services to experience a church serwice. Our online Zoom prayer meeting continues to be a success with various church members leading us in prayers for our nation and for our local community. We were also invited at the beginning of the year to present the GSUS Live exhibition which helps secondary school students explore the themes of fear, forgiveness and rejection through the teachings of Jesus. This same week we hosted a student from Holland who wanted to improve her English and so helped us at QEHS as we presented GSUS live. This gave us the opportunity to invite young people to our"Gathering" event. We had many visiting speakers from all over Wales and even as far as Hong Kong and the USA. We continue to hold regular family services when the children are involved in the service and where the talk is mainly directed at them. These services have been so rewarding and also an opportunity for our children's team who wonderfully each week put on a fantastic program to have a week's break. We have adapted the cafe church service each month so that the speaker from the week before summarizes their message on a second Sunday before we break up into table groups to discuss the message with preset questions. This has been life Ghanging for so many as they have had the opportunity to ask questions and receive prayer in a small group setting. We began the year by finishing our study of Romans before moving on to a long series entitled "Conversations with Jesus" We've also continued to meet up on a regular basis with our close friends from Bethel Church and worshipped together as ONE Church with some excellent visiting speakers which included Les Issac of the national initialive "Street Pastors" We also met with Bethel midweek over two months together to sludy Ihe "Practicing The Way" course developed by John Mark Comer. We continue to run the Alpha course jointly with Bethel. The Ghurch has continued to grow and many have come to faith in Jesus Christ. baptising 5 in Saundersfoot in July and another 3 at St. Catherines Walk in October. Many from the church attended the New Wine Cymru GonferenGe, and we Gontinue to be grateful for their support to Towy Community ChurGh. 3 | Plc oe Towy Community Church 07181550 This year also saw the launch of a Young Adult group (18- to 30-year-olds). This group has grown both in numbers and faith over this year. The joy and growth in ouryoung people has been a blessing to the whole church. The football pod events continued throughout the year, and we enjoyed a football match between Towy and Bethel which raised money ready for a missions trip to Malawi in Easter 2025. We hope this will be the first of an annual friendly fixture against Bethel, particularly because both our children and adult teams won their respective matches. The Gathering has continued to hold meetings every four months for secondary school children and has been supported by well over 100 young people at each event. on￿ again, we held a Christmas Fun Day at St Catherine's Walk and were joined by Carmarthen Town Council who, due to inclement weather, could not hold a separate"Turning on the Lights" event. In this we were joined by the Mayor and Mayoress. Close to 1,000 people attended throughout the day. The Xcel Project continues to fulfil our mission of blessing our community through Carmarthen Foodbank, Xcel Furniture and Xcel Community Shop, Carmarthen Community Money Advice and of course Ihe excellent community venue, Xcel Bowl. This is the church and Community working together to bless our town. So again, a very busy year. for Towy Community Church. A year when we continued to reach out to bless, help and support our community. W@ praythatwe will Gontinue to serve Camiarthen in practical and spiritual ways. Our mission remains the same, displaying God's love this wonderful community bringing hope in Jesus, name, "Reaching People and Changing Lives" Xcel 2024 Re ort In 2024 we have continued to face the pressures faced by the economy as a whole - the cost-of-living crisis being a major factor in both the bowling operation (our main source of income) and the demands on our social outreach projects. 11 has been a difficult year financially. However. we managed to secure refinancing in December with Kingdom Bank and outstanding loans were repaid. We are very grateful to the dedication of our staff and volunteers for their hard work to maintain our project's main aim of reaching people and changing lives. Xcel Bowl The Bowl continues to be utilised by a variety of community groups on a weekly basis and provides a safe and accessible space for people to meet. Again, a big thank you to all our staff for their hard work and dedication, especially to Nat Gale who left us in August having been with us since the beginning of the Project. We welcome our new Bowl Manager. Jack Wildsmith. We have applied to Carmarthen County Council for a grant to open a Multiball facility to add to our offering in the hope that this will add an income stream to our activities. The Bowl was used to host a small number of Towy Community Church events. Xcel Furniture The Furniture recycling centre. incorporating the Community Shop was fully open throughout the year. Again, we place on record our thanks to Hywel Jenkins and his team of employees and volunteers for their hard work through the year. During 2024 we Gollected 30,153 items, totalling 109 Tonnes. In total, 207 units were given free of charge to the community, and 56 families were assisted with free furniture under our voucher scheme. We would want to record our thanks to EasyBooks fortheir continued sponsorship ofthe furniture van, which enables us to run delivery vehicles. Carmarthen Foodbank and Carmarthen Community Money Advlce We place on record our thanks lo Cath Cork, Carolyn Yelland and teams for their continued dedication to supporting our community with food parcels, money advice and, above all, their compassion. We received a grant from Trussell as part ofthe Pathfinder programme to employee an additional Debt Advisor, Tinashe Kaseke who has quickly settled into the team and is very popular with our client base. Carolyn resigned towards the end of the year to work with one of our partners, the Salvation Arrny, and her replacement, Suzy Phelps, commences her role in the new year. As directors we are humbled by their diligence and compassion in meeting the needs of our community. Towy Community Church 07181550 During the year, the Foodbank worked with over fifty referral agencies (the most referrals coming from Carmarthen County Council Housing Services, CAB and our own Community Money Advice) and saw an increase of 8 % in emergency food parcels. In total, 1,477 three-day emergéncy food parcels were distributed with a total of 3,362. Stock levels however are down as donations have reduced and we have had to purchase over 2,OOOkg of food to maintain the service. The main reasons for the referrals were the rising costs of food and energy bills allied to low wages, debt issues and ongoing physical and mental health issues. We have also seen a significant increase in the number of homeless clients accessing our services. Community Money Advice is now established as a support to any requiring debt and budgeting assistance. We recognise that the work with every client is Gomplex and work intensive and would thank all our volunteers through the year and in particular Peter Mount for his volunteer work. The Table in the centre of Carmarthen is now fully open and is used by both us and other agencies to support our community. We have supported 86 clients over the year and managed £770,673.77 of debts. We have achieved £109,000 of financial gains for our clients. Case Studies Case study 1 A single person, unable to work due to ill health. They attended The Table drop in after hearing about our services from a friend. They had tried to resolve their debts but were unable to manage them and became very anxious. After speaking with a friend, they chose to attend the drop in. After going through the debt advice service Carmarthen CMA were able to offer a debt relief order. They accessed budgeting supportfrom Carmarthen CMA and are now managing theirfinances. The words that were uttered when the DRO was approved 'you have lifted the weight off my shoulders., it's like I have had a second chance thank you,. Case Study 2 A couple visited our Foodbank. During a conversation it was disclosed that they owed over £30,000 in debts due to having to borrow money since one of them lost theirjob over 12 months previously. They were referred to CMA and a debt management plan was set up. They had been paying over £700 a month just to service those debts but following the work of CMA this was reduced to £32 a month with agreements secured with all creditors. The huge monthly saving has meant the couple no longer need to access the Foodbank. Summary We began these projects to support Towy Church's mission of reaching people and changing lives and remain committed to these goals. We appreciate your prayers for wisdom in planning for the future of the projects, and for the support many of you give in volunteering roles - thank you. 51Pic OC Towy Community Church 07181550 Financial review Policy on reserves The Charity's policy is to keep a minimum in general funds to run the organisation for 3 months. Statement of trustees, responsibilities The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each finanoial year which give a true and fair view of charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent. and prepare the financial statements on the going concérn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees declare that they have approved the trustees, report above. On behalf of the board Signed.. ..Trustee Date:..tr4....S.ff.T 2 Print NaMe....￿.1fr￿￿...... Towy Community Church 07181550 ort of the Inde endent Auditors to the Trustees Opinion We have audited the financial statements of Towy Community Church (the 'charitable Gompany'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting poliGies. 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 ofthe charitable company's affairs as at 31 December 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 opinlon 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. Conclusions 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 al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation 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 tho Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿iSe 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 othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we aré required to delermine 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. Matters 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 inGonsistent in any material respecl with the financial statements; or the charitable company has not kept adequate accounting records., or the financial statemenls are not in agreement with the accounting records and returns., or we have nat reGeived all the information and explanations we require for our audit. 71Piige Towy Comrnunity Church 07181550 Responsibilities of trustees As explained more fully in the Staternent of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of finanGial 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 cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 ofthe 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 not a guarantee that an audit conduGted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Gan 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.. Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud. the objective of our audit are to identify and assess the risk of material misstatament of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team.. Obtained an understanding of the nature of the industry and sector, including legal and regulatory framework that the company operates in and how the company is complying with the framework; Inquired of management, and those charged wilh governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instanGe of fraud., Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements and be susceptible to fraud. As a result of these procedures , we consider the most significant laws and regulations that have a direct impact on the financial slatements are FRS 102, the Charities Act and the Companies Act 2006. We performed audit procedures to detect non compliance which may have a material impact on the financial statements whiGh included reviewing the financial statements disGlosures. The audit engagement team identified the risk of management override of controls as the area where the financial ststements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant , unusual transactions and transactions entered into outside the normal course of business. Towy Community Church 07181550 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.ukl3uditorsresponsibilities. This desGription forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste 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 charitsble company and the charitable company's trustees as a body, for audit work, for this report, or for the opinions we have formed. organ BSC FCCA (Senior Statutory Auditor) For and on behalf of Ashmole & Co. Chartered Certified Accountants & Registered Auditors The Old School The Quay Carmarthen Carmarthenshire SA313LN Date.. 9 | Ptel Bowl, miture Xcel and HWB Project R8siricied Restricted Re51ricled Restricted Restricted Lhrestrict8d Totsl Funds Fundrdise Pathfind er General Funds CMA Foodbank Youth Incoming Funds Grants reCeI￿d Trading Income GiftslDonalionslFundraising Offerings & Tithes Gift Aid Rebate of lax Profil on Sale of Assets Other income 107,283 992,579 18,718 111,357 29.391 6,615 22,500 78,168 992,579 3,000 2,115 11,884 15,718 84,818 16,095 1,250 250 23,174 1,162 4,470 1,263.798 2,336 1,011.914 1,146.660 181 181 112 1,335 79.503 506 117.138 1.500 31,062 22,500 Expendlture of Funds Costs of operating the charity 1,410,357 1,1 Q2,331 51,676 72,148 81 66,163 1,464 116.495 Depreciation 57.299 1,467,656 50,300 1,152,631 1,349, 152 (140,7181 166 {30.3551 148.142) 909 52,585 5.529 77,677 15 81 66,163 1,464 117,039 Net movgmont of fvnds for y Fund Tlfers In Year {203,8581 151.0851 146.615) 50.886 35,938 22,419 13,340 {1,4641 98 0 18,3271 Net Move After Fund Tlfers 1203.8581 1171,0731 147,9761 (1991 (10.6771 22,419 13.340 (1,464} 18,2291 opening Fund balances 999.814 896.687 49,046 832 27,426 0 1.464 24,360 clo￿ng Fund Balances 795.956 725.614 1.070 634 16.749 22.419 13.340 11 16.131 Balance Sheet Funds Fixed Assets 1,267,582 1578.9361 5.895 29,799 {121,5781 193,193 1.247,908 {578.9361 5,895 19,804 {115,3911 146.365 1321 725,614 679 1,948 16,095 953 less Loans & Mortgages Stock Debtors & p￿paYrnents Creditor5 & Accruals Bank & Cash 25 8,189 {2.5891 15.1611 215 1,782 0 12,349} 15,839 1941 16,131 11.2501 391 22.419 13,340 Intemal bank transfers pending (891 634 795,956 1.070 16,749 22,419 13,340 Description of restrlcted Funds: XCelBO￿ - All fvnds relating to the running of the bowling alley and fvmilure re¢ycling cantre. Y£el Project All fvnds relating lo th8 delplopmenl of Phase 2 of the building lo promde a conferencing facility. FocNJbank - All funds held ft)r the specific purpose of the bodbank. Howe*r the ￿lue of donations in kind that are gI￿n are not shown in the figures, only monetary gifts and expenditure. CMA- All funds for operating the Community Money adiAce setvce Fundraiser- Grdnl lo ftjnd wages and other costs of fvjndraising Pathfinder- Grant lo contribute to Community Money AdiAce to encourage preK4nlion of financial difficulty Youth - donations gI￿n for the specific purpose of youth work CMA - All funds relating to the Community Money Adiice Project 17 | Pclgc