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← Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras

2023-09-30-accounts

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras

Charity No. 1137744

Company No. 07217979

Trustees' Report and Unaudited Accounts

30 September 2023

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Contents

Pages
Trustees' Annual Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Summary Income and Expenditure Account 7
Balance Sheet 8
Notes to the Accounts 9 to 15
Detailed Statement of Financial Activities 16 to 17

Page 1

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Trustees Annual Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 September 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 07217979

Charity No. 1137744

Principal Office

C/O 5 Bradenham Place Penarth CF64 2AG

Registered Office

Office 10 Workspace Penarth Albert Road Penarth CF64 1FD

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Lisa Cordery-Bruce Katherine Hutchinson Deborah Llewellyn (Resigned 24 June 2024) Gianpiero Molinu Claire Thomas (Resigned 15 February 2023) Daniel Walsh Gareth Watts

Accountants

Naunton Jones Le Masurier 24 St Andrews Crescent Cardiff CF10 3DD

Bankers

The Co-operative Bank PO Box 250 Skelmersdale WN8 6WT

Page 2

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Trustees Annual Report

OBJECTIVES AND ACTIVITIES

Pride Cymru has been running since 2000 and until 2010 was run as a subsidiary activity of the charity 'Safer Wales'. In 2010 Pride Cymru became a charity in and limited company in its own right, establishing itself as a charity with the following objectives:

a: Elimination of discrimination on the grounds of sexual orientation, gender, race or religion b:Raising awareness of equality and diversity through an arts festival. c: Creating a sentiment in favour of equality and diversity.

On a day to day basis Pride Cymru is managed by a team of volunteers who fulfil a number of roles including

:-

Chairman

The Board Event Director Deputy Event Director Markets Manager Sponsorship Manager Volunteers Manager Entertainment Manager

Family & Youth Manager Access Manager

Marketing & PR Manager

A number of these post holders are also trustees of the organisation. In order to deliver the charitable objectives the committee is supported by a team of approximately 40 volunteers. The management team of the organisation meet on a monthly basis with the trustees meeting separately on a bi-monthly basis. There are no sub-committees to the board. The Directors have referred to the guidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives that have been set.

ACHIEVEMENTS AND PERFORMANCE

The financial statements for the year ended 30th September 2023 show a profit of £82,582 The trustees recognise a number of key achievements in 2022/23 and these include:In 2023 there was a parade and festival that was funded by donations and ticket sales.

The board would like to express its thanks to the following for their support:

Principality Building Society, Admiral, S4C, the National Lottery Community Fund and all Pride Cymru volunteers and partners.

FINANCIAL REVIEW

The organisation commenced the year with a profit of £192,691, the operating performance of the charity is set out on pages 6 to 17. The Trustees recognise the need to manage the key financial risks. The key risks are identified as follows:- (a) Potential reduction in support from the public sector. (b) Non-expansion in diversity of income base. (c) Ensuring that the event carries appropriate messaging to meet our charitable objectives; and (d) To reduce the weather dependency of the main event.

Page 3

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Trustees Annual Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

The founding Trustees of the organisation were recruited from the committee members that developed the organisation prior to 2010 under the management of Safer Wales. Management committee volunteers are recruited on a skills and experience basis. All applicants are required to complete an application form describing the expertise they can contribute to the board. A prospective applicant then typically meets with a minimum of two Trustees to discuss the application. The applicant may also attend a Board meeting as an observer.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees ( who are also directors of Pride Cymru for the purpose of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (UK GAAP). 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 income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:(a) select suitable accounting policies and then apply them consistently, (b) observe the methods and principles in the charities SORP, (c) state whether the applicable UK accounting standards have been followed, subject to any material departures and explained in the financial statements, (d) make judgements and estimates that are reasonable and prudent, (e) prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping 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. They 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislationin other jurisdictions.

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006. 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.

In planning our activities for the period we kept in mind the Charity Commissions guidance on public benefit at our Trustees' meetings.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Gianpiero Molinu Trustee 25 July 2024

Page 4

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Independent Examiners Report

Independent Examiner's Report to the trustees of Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras

I report to the charity trustees on my examination of the accounts of Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (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 ('the 2006 Act.

Having satisfied myself that the accounts of the charity 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 your 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

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants.

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:

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.

Caroline Candy Association of Chartered Certified Accountants Naunton Jones Le Masurier 24 St Andrews Crescent Cardiff

CF10 3DD 25 July 2024

Page 5

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Statement of Financial Activities

for the year ended 30 September 2023

Notes
Income and endowments
from:
Charitable activities
4
Other trading activities
5
Other
6
Total
Expenditure on:
Charitable activities
7
Other
8
Total
Net gains on investments
Net income
9
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		 Unrestricted
funds
2023
£
301,399
-
887		 Restricted
funds
2023
£
-
438,564
-		 Total funds
2023
£
301,399
438,564
887		 Total funds
2022
£
188,388
443,325
2
302,286
504,954
153,314		 438,564
-
-		 740,850
504,954
153,314		 631,715
354,307
147,382
658,268
-		 -
-		 658,268
-		 501,689
-
(355,982)
-		 438,564
-		 82,582
-		 130,026
-
(355,982) 438,564 82,582 130,026
(355,982)
192,691		 438,564
-		 82,582
192,691		 130,026
62,665
(163,291) 438,564 275,273 192,691

Page 6

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Summary Income and Expenditure Account

for the year ended 30 September 2023

Income
Gross income for the year
Expenditure
Interest payable
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income before tax for the year
Net income for the year		 2023
£
740,850
740,850
656,759
28
1,481
658,268
82,582
82,582		 2022
£
631,715
631,715
501,689
-
-
501,689
130,026
130,026

Page 7

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Balance Sheet

at 30 September 2023

Company No.
07217979
Notes
2023
£
Fixed assets
Tangible assets
11
4,443
4,443
Current assets
Debtors
12
89,841
Cash at bank and in hand
202,607
292,448
Creditors:Amount falling due within one year
13
(17,907)
Net current assets
274,541
Total assets less current liabilities
278,984
Creditors:Amounts falling due after more than one year
14
(3,711)
Net assets excluding pension asset or liability
275,273
Total net assets
275,273
The funds of the charity
Restricted funds
15
Restricted income funds
438,564
438,564
Unrestricted funds
15
General funds
(163,291)
(163,291)
Reserves
15
Total funds
275,273		 2022
£
-
-
45,578
206,472
252,050
(51,778)
200,272
200,272
(7,581)
192,691
192,691
-
-
192,691
192,691
192,691

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 25 July 2024

And signed on its behalf by:

Gianpiero Molinu Trustee

25 July 2024

Page 8

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

for the year ended 30 September 2023

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

Income

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 9

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

Expenditure

Taxation

The charity is exempt from corporation 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 10

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras 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 company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company 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.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 11

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

3
Statement of Financial Activities - prior year
Income and endowments from:
Charitable activities
Other trading activities
Other
Total
Expenditure on:
Charitable activities
Other
Total
Net income
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
4
Income from charitable activities
5
Income from other trading activities		 Unrestricted
funds
2022
£
188,388
-
2
188,390
354,307
147,382
501,689
(313,299)
(313,299)
(313,299)
62,665
(250,634)
Unrestricted
£
301,399
301,399
Restricted
£
438,564
438,564		 Restricted
funds
2022
£
-
443,325
-
443,325
-
-
-
443,325
443,325
443,325
-
443,325
Total
2023
£
301,399
301,399
Total
2023
£
438,564
438,564		 Total funds
2022
£
188,388
443,325
2
631,715
354,307
147,382
501,689
130,026
130,026
130,026
62,665
192,691
Total
2022
£
188,388
188,388
Total
2022
£
443,325
443,325

Page 12

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

6 Other income

7
Expenditure on charitable activities
Expenditure on charitable
activities
Governance costs
8
Other expenditure
Other interest payable
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
9
Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets
10 Staff costs
Salaries and wages
Pension costs		 Unrestricted
£
887
887		 Total
2023
£
887
887		 Total
2022
£
2
2
Unrestricted
£
504,954
504,954
Unrestricted
£
28
104,846
11,707
5,807
1,481
23,713
5,732
153,314
2023
£
1,481
103,598
1,165
104,763		 Total
2023
£
504,954
504,954
Total
2023
£
28
104,846
11,707
5,807
1,481
23,713
5,732
153,314		 Total
2022
£
354,307
354,307
Total
2022
£
-
64,184
5,307
15,541
-
46,687
15,663
147,382
2022
£
-
55,397
1,308
56,705

No employee received emoluments in excess of £60,000.

Page 13

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

11 Tangible fixed assets

Cost or revaluation
Additions
At 30 September 2023
Depreciation and
impairment
Depreciation charge for the
year
At 30 September 2023
Net book values
At 30 September 2023
12 Debtors
Trade debtors
VAT recoverable
Other debtors
13 Creditors:
amounts falling due within one year
Other loans
Trade creditors
Other taxes and social security
Accruals and deferred income		 2023
£
67,546
6,820
15,475
89,841
2023
£
2,019
9,881
3,372
2,635
17,907		 £
5,924
5,924
1,481
1,481
4,443		 £
5,924
5,924
1,481
1,481
4,443
2022
£
30,103
-
15,475
45,578
2022
£
168
27,805
19,264
4,541
51,778
14 Creditors:
amounts falling due after more than one year
Other loans		 2023
£
3,711
3,711		 2022
£
7,581
7,581

Page 14

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

15 Movement in funds

Restricted funds:
Restricted income funds:
Total
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds
16 Analysis of net assets between funds
Fixed assets
Net current assets
Creditors due in more than one year and
provisions
17 Reconciliation of net debt
Cash and cash equivalents
Borrowings
Net debt		 At 1 October
2022
-
-
192,691
192,691		 Incoming
resources
(including
other
gains/losses
)
£
438,564
438,564
302,286
740,850
At 1 October
2022
£		 Resources
expended
£
-
-
(658,268)
(658,268)
Unrestricted
funds
£
4,443
274,541
(3,711)
275,273
Cash flows
£		 At 30
September
2023
£
438,564
438,564
(163,291)
275,273
Total
£
4,443
274,541
(3,711)
275,273
At 30
September
2023
£
206,472 (3,865) 202,607
206,472
(7,749)
(7,749)
198,723		 (3,865)
2,019
2,019
(1,846)		 202,607
(5,730)
(5,730)
196,877

Page 15

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Notes to the Accounts

18 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

2023 2023 2022 2022
Land and
buildings		 Other Land and
buildings		 Other
£ £ £ £
Operating leases with expiry date:
Pension commitments
2023 2022
£ £
The pension cost charge to the company
amounted to: 1,165 1,308

19 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company. The Guarantors are the Trustees as set out on page 2. The liability is limited to an amount of £1 per member in accordance with the organisations memorandum of articles of association.

Page 16

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Detailed Statement of Financial Activities

for the year ended 30 September 2023

Income and endowments from:
Charitable activities
Other trading activities
Other
Total income and endowments
Expenditure on:
Charitable activities
Total of expenditure on charitable
activities
Other expenditure
Other interest payable
Employee costs
Salaries/wages
Pension costs
Staff training
Motor and travel costs
Travel and subsistence
Premises costs
Rent
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Depreciation of
Bank charges
General insurances		 Unrestricted
funds
2023
£
301,399
301,399
-
-
887
887
302,286
504,954
504,954
504,954
28
28
103,598
1,165
83
104,846
11,707
11,707
4,806
1,001
5,807
1,481
522
2,523		 Restricted
funds
2023
£
-
-
438,564
438,564
-
-
438,564
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2023
£
301,399
301,399
438,564
438,564
887
887
740,850
504,954
504,954
504,954
28
28
103,598
1,165
83
104,846
11,707
11,707
4,806
1,001
5,807
1,481
522
2,523		 Total funds
2022
£
188,388
188,388
443,325
443,325
2
2
631,715
354,307
354,307
354,307
-
-
55,397
1,308
7,479
64,184
5,307
5,307
15,541
-
15,541
-
15
1,987

Page 17

Cardiff Wales Lesbian Gay Bisexual Transgender Mardi Gras Detailed Statement of Financial Activities

Information and publications
Postage and couriers
Software, IT support and related
costs
Stationery and printing
Subscriptions
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
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		 12,640
68
4,686
158
2,195
921
25,194
2,400
3,332
5,732
153,314
658,268
-
(355,982)
(355,982)
-
(355,982)
192,691
(163,291)		 -
-
-
-
-
-
-
-
-
-
-
-
-
438,564
438,564
-
438,564
-
438,564		 12,640
68
4,686
158
2,195
921
25,194
2,400
3,332
5,732
153,314
658,268
-
82,582
82,582
-
82,582
192,691
275,273		 29,720
27
12,566
78
2,294
-
46,687
1,800
13,863
15,663
147,382
501,689
-
130,026
130,026
-
130,026
62,665
192,691

Page 18