Registered number- 07491038 Charlty number.. 1140505 THE PANT & DOWLAIS BOYS & GIRLS CLUB (A company Ilmited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) CONTENTS Pag8 Reference and administrative detsils of the Charity. its Trustees and advisers Trust••s' rèport Trustees. responslbllltles statement Independent examiner's report Statèmènt of flnan¢lal a¢tlvltl•s 2-13 14 15 16 Balance sheet 17 Not¢s to tho flnan¢lal $tat•m¢nt8 18-34 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Palricia Weaver Gareth Davies Gerald Brian Beattie Kenneth Davies Clive Barsi M.B.E Louise Davies Company reglstered numb¢r 07491038 Charlty règlst•r•d number 1140505 Regl8tered offlce Panl & DovAais Boy5 8 Girts Club Engine House High Slreel Dowlais Merthyr Tydfil CF48 3HA Chalrper$on Gerald Brian Beatbe Pr•sld•nt Th8 Presidenl of the Charity {as set oul in 8b of the Constitulionl is 8rian Beattio. Inde￿ndent •xarnln•rs MHA MHA House Charter Court Phoenix Way Swansea Enterprisg Park Swansea SA7 9FS Pagè 1 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annu81 report al￿ financi81 statements for the year ended 31 March 2024. The financial statements have been p￿pared in a¢oydan¢e with the a¢¢ounting policies set out in note 1 to the financial siatements and comply wilh the charilrfs ￿verning document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chariiies preparing their accounts in accordance with the Financial Repcffting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. ObJ•¢tlv•$ and a¢tIvIt￿8 The objectives of the organisalion are to educale all ages of people residing in the area of Merthyr through their leisure lime. Our aim is lo adapt a MO￿ positive attilu4Je lo young peoples. ITves. raise their aspirations, realise their full potential and bg in¢luswe to all to support development of their physical and mgntsl capabililigs so that they may grow to full maturity as individuals and members ol society. Page 2 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Pant & Dowlais Boys & Gids Club Thè Boys and Girfs Club is a ¢harity-run youth organisalK)n that is open five days a wggk 4pm-8pm during s¢h(K>l term and 9am- 4pm during ￿h(￿lI holidays. Daily Entry Fees cost £3 which enable young people lo use ihe facilibes which include.. Arts, Cr•ft$ Arts and Crafts, Ori8nt8ering. environmental projects. c(Mnmunity work, litt8r licking and movie club. Sports and Games Football, dodgeball. table tsnnis, mixed martial arts. tsg rugby. arKt pool competitions. During the summer months we offer a range ol activities for young people to experience such as trips out to local parks, attractions and beaches. including visits to cuhural and listening centres, libraries, museums. sporting Stadiums, and attending theatre performances. Visits have ￿en arranged lor Big Pil, Sl Fagan's Museum. Cyfarthfa Museum, Dowlais Library. Gnoll Park, Community nature trails, Merthyr Fire Station, Bryn Ba¢h Park. local fooiball matches. Pumpkin picking, Wal8s Millenium Centre, Aberavon Beach and Deri Park. 111,, Page 3 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Public 8enefrt We have complied with the duty in the 2011 Charities Act to have due regard to guidance published by the Commission in respect of our duty io provide public benefit. Pant and Dowlais Boys and Girfs Club is a registered charity and was established in 1987 and was originally a youth organisation supporting children 8-11 years old. 11 is In a large Industrial building known locally as 'The Engine HoLJse' which is a Grade 1 listed building and has a large Sports Hall. Dance Studio, Cafe as w811 as a number of break out and activity T￿)m$ to support a wide range of activities. A¢hl¢vem•nts and p¢rformanc• In 2019 Cllr Dav￿ Hughe$ was appointed as manager to develop an Inlergeneratsonal Community Hub. David had previously been a volunteer and Trusiee and had an integral understanding ol the operating ol the centre. The decision was also made lo change the ￿nstitUtion lo widen the involvement ol the cenlrè beyond young children lo include teenagers and adults. The Youth Club is manage(1 by David Hughes and 3 Level 3 Youth Workgrs and support8d by a team of 6 Lgvel 2 Youth Workers along with a ¢ore of volunteèrs. Al level 2 youth workers have completed their youth work level 3 qualif￿liOn and are awaiting iheir certificates. Page 4 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The funding for these staff comes from the Legacy Trust Funding grant. This grant pays for staff salaries and training for three members of staff. This grant provides the ¢ore fvnding lo support the Youth Club and without this the charity would find it difficult to attract qualified Salar￿ staff. This grant was and still is fundamental to the success ol Pant and Dowlais Boys and Girls Club. www.auctioneers.co.uk MERTHYR MOTOR AUCTIONS www.auctioneers.co.uk MULTIPLY MER THYR YYDFIL *• Cyrw Bwrdefj5trf&iol K4ERTHYR TUDFUL K4ERTHYR TYDFIL Merthyr Tai Housing Merthyr DowP Co¢Jnty (c￿￿1 The charity is now supporting a wide range of community groups and Stx)rt clubs five days a week 8am -8pm and several special evenls on weekends. As Dme has progressed. we have developed robust relalionships with local groups such as Merthyr Tydfil County Borough Council; Voluntary Action Merthyr Tydfil, Gwemllwyn School- Bishop Hedley Comprehensive School; Merthyr H¢xJsing Association- Merthyr Motor Auctions. Pro8ieet Gwyliw Gwaith Chwarae Pla4work8 Holida4 Proj6et Page 5 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 A number of activities that are run from the Hub including F¢Jolball. K8rale. Judo. Archery. basketball, table- l&nnis, mixed martial arts. lag rugby and pool Compet￿"on$. These are lor adults. ¢hildrtrn, able bodièd. disabled and those with learning diffi¢ulties. ,iiIjo￿I.. N O R T H G W E MT ARCHERS Hope for the alleys FRIE* | KUGB• SHOTOKAN KARATE WALES 4RouP Page 6 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 During the Pandemic it acted as a Food Bank and a place of support and assistance for all community showing il can respond to the community needs matter how they manifest itself. Post Pandemic using our community contac15 we identified that loneliness and isolalion among51 the elderty was evident. and we now support three separate groups lo supwrt those affecte(J by this issue. Previously the Engine House was a main cLJllection point for sUPPOrt and supplies lo the Ukraine and volunteers have driven to Europe lo take clothing. lood. and other Supplies. Page 7 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 We are committed lo equal opportunities and provide a wde range of SUPFN)rt and acb"vrtl8s lo a wide range of groups. We provide fa¢ililiès for the elderfy. disabled adults group Ymlaen. Barnardo's young ¢artrrs, Aulisbc Support Diversity Dragons, Probation Servi¢es, Gwernllwyn Primary S¢hcK)I, Bishop Hedley Comprehensive School, MTCBC Educab'on Departmenl Inter Schools Socw Toumaments. MTCBC Literacy support. Isir Ji p, Page 8 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 During the festive season a number of these partnerships arrange additional events with a strong community f￿U$. Barnardo's. Diversity Dragons. Only th& Lonèly Gr￿p and Good Friendship Group arrange their own Christmas party at our venue. The team working for PDBCG also arrange a B￿akfast with Santa., Santas Grotto for young children and a communily Christmas Carol Service for all ages with guest stars Dowlais Male Voice Choir performing. 11., 1,1 rl Page 9 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Gardenin In 2023 the Engine House along with the 'Go(xl Friendship Grcwp, was awarded a Levg14 for our gardens by the Royal Horti¢ultural S￿iety. We obtained finance Irom 'Levelling Up fund knich allowed us to purchase and erect a Polyiunnel. This structure will be ulilised by the Cyfarthfa Gardening Group who have recently located themselves in the large park adja¢8nl lo our building. This area will now be use(1 by the group and members ol th8 ¢ommunity lo not only enhance the biodiversity and ecology ol Ihe land surrounding the Dowlais Engine House bLJI also provid8 a wtential income stream for the charity {e.g. Community growing courses, educational school sessions etc.) Ir 11 will advance the knowledge of gardening and wider environment81 issues. The group will en￿Urage volunteers and local schools lo visit the venue and provide IrainirwJ and instruction. A key aspect would be encouraging active handS￿n experience on planting and cultivating and how they can work towards a belter environment and reducing Ihe carbon footprint. From a business perspective this grant coulty open new markets for DEH and has the potential lo create new opportunitl8s induding seasonal produce cooking sassK)ns. specialis8d pollinator planting and possibly on-sita bee keeping. iGh Page 10 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Fit and Fed Previously. during all school holidays Iw¢e a week we provided free healthy meals and snacks to promote a healthier way of living. To do this we wothed wilh Merthyr Housing Associats'on who run a scheme 'Fit & Fed. that supply us with a budget that covers the cost of our Staff to promote healthy ealing and physical activities. Irat¢S Elltrf// Page11 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Financial Review Resetve As in the previous period we have adopled the policy of trying to maintain one yearfs unrestricted reserves to cover running costs, this requirement becoming even more relevant as traditional streams of funding become less available and we aim lo ¢reale more sustainability within the organisab"on. Brief Review of the Chari 's financial siti'on The free reserves ollhe charity are1£10.341112023.. £26.9851 against a tsrgel value ol approximately £132,000. The lorecasl lor the next 12 months shows that we have suffi¢i8nl anticipated incomes and thus overall funds to operate through securing new sources of fvnding as well as our pn'mary funding sources (see the next paragraph). Princi al Fundin Sources We have several consistent and loyal supporters who have enabled us to continue to deliver our pro9rammes from year to year Isee note 3 to the accounts). We have also secured fiJnding from the Merthyr Tydfil Borough via the Legacy Trust Fund. and we have also obtained new sources ol funding during 2024 which should enable us lo continue until 202515ee Plans lor future peris)Js paragraph below). Our income generats.on is made up of admission lees and hire and hire ol our rwms. Plans for future eriods Allracting grant funding lo pay lor the salaries of qualifie(J youlh workers remains the bigg&st challenge. We are continuing lo work with grant funders lo attracl lunding without which we Cannot continue lo operate, ¢h8r&by enabling us lo oper81e in Ihe same way as 81 the pre Covid 19 level. Now having security of tenure of the premises. ihe charily is finding that funders are now more readily amenable lo our requesly and have oblaineij additional grants of almost £100k since the March 2023 year end, which we have utilised in 2023124 or carry forward lo 2024125. Following the club's re-opening after the pandemic we continue lo renl rcom and facility space during the days and nights lo I￿1 businesses and groups bul want lo create more use out of the building structure so that can generate more of ils, own Income. The aim is Ih8t hopefully this will le8d to 8 reduction in the need for grant funding lo run thg Pant & Dovlais Boys & G￿$ Club and create wNJer ￿MMunity benofits and diversify what we can offer. Structure, governance and management Nature of the Charities Govemin Document The Charity is governed by its Constitution and, as a limiled company, its, Articles of Association having been incorporated on 10 May 2012. The Consts"tution was adopted from the old constitution of the Pant & Dowlais Boys & Girls Club, an unincorporated ¢harity number 1099325. The Artides of Association was modrfied in March 2022 to extend the objects To service all ages in the borough, including the elderfy and those with a disability. Page 12 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A Company Llmlt•d by Guarant••l TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Members and the board of trustees The Pant & Dowlais Boys & Girls Club are a l¢xal charity a￿1 a￿ non -profit making. It is currently run by a Board of 6 Trustees. Method of Recruf(in andA New Trustees The existing trustees constanuy e-evaluate Ihe needs ol ihe skills of the charity, they then search lor individuals with their appropriate skill seis and invite them to join the committee. They also consider applications from individuals who have an interest and are willing to make a contribution lo the overall development of the charity. Decisions are made al regular Boar¢J meeting where minutes are kepl as a record. As staled, the goveming document 1$ the Constitution and Articles of Associ*ion. Trustees are selected in accordance with these documents. Procedure for the Induction and Trainin of TnJslee$ New Trustees are given a full tour of the organisalion and the full extent of lh6 charity's activits'es explain8d. They are taken through the business plan and aims and aspiralions ol the charity and their role in it explained. anisalion Structure Since re-opgning in the summer of 2021, followin9 the easing of Covid 19 restrictions, Iho Board of Trustees are again being reported to by the Youlh Project Manager who manages the day-to. day operations through other sènior youth sUPPOrt officers. These in lum man*gè the junitir staff and any volunteers. terests ol the Trustee No tru$tee$ have any Children attending as Junior Members. Ke Mana emenl Personnel The truslges considgr thal key managem9nt personnel is thg Youih Prgect Manager, Mr David Hughgs. Related Parties The Pant and Dowlais Community Engine H(KJse 8n(l Merthyr Tydil Car Auction Limited are rolated partles. The Trustees. report was approved by the Board of Trustees. Mr G Davies Trustee Mrs P Weaver Trustee Dated 11 21 Dated ? 3,i.y£ Page 13 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the Charity for the purrx)ses of company lawl are responsible for preparing the Trustees. report and the financial statemenls in accordance with applicable law and United Kingdom Accountsng Standards (United Kingdom Generally Accepted Acwjnting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial slatemenis unless they are sab'sfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statement5, the Trustees are required to.. select suitable accounting FM)licies and then apply them consistenuy, observe the melh¢yJs and principles of the charib.es SORP IFRS 1021.. make judgments and accounting estimates Ihat are reasonable and prudent. stale whether appliCa￿e UK Accounliro Stsndards IFRS 1021 have been followed, 5ubj8cI lo any material dgpartures disclosed and explained in ihe financial siatements." prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continu8 in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitys Iransacbons and disclose with reasonable accuracy at any tirne the financial Position of the Charity and enable them lo ensure that the financial stalements cornply wth Ihe Compani85 Act 2006. They are also responsible for safeguarding the assets ol the Charity and hence for taking reasonable steps for tho prevention and detection of fraud and othei irregularities. Approved by order of the members of the t#)8rd of Trustees and s19r￿ on its behalf by.. Gareth Davies Trustee Date.. 27 J£ Pagè 14 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indapandont Examlnees R¢port to th• Tw$ts¢$ of Th• Pant & Dowlal$ Boy$ & Glrf$ Club (Yho Charity'l I report lo the charty Trustees on my examination of the aC￿￿￿ts of the Charity for the year ended 31 March 2024. Responslbllltlos and Basls of Report As the Trustees of the Charity land its direclors for the purpjses of company lawl you are responsible lor the preparation of the 8ccoun15 in accordance wlh the requirements of the Companie5 Act 20061'lhe 2006 Acl'l. Having satisfied myEelf that the accwnts of the Charity are Th)t required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my 8xamination of the Charitrfs accounts carried out under section 145 of the Charities Act 2011 I'ihe 2011 Acri. In carrying out my examination I have lollowed the Directions given by the Charity ComMiss￿n under section 14515llbl of the 2011 Aet. Indep8nd*nt Examlnerfs Statom•nt Since the Charity's gross income exceeded £250.OC4) your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualif￿d ￿ undertake the examination because l am a member of ICAEW. whid) is one of the lisle(J bodies. I have completed my examination. I confirm that no matters have coma to my attènbon in connèction with th8 examination giving me cause to believe.. accounting records were not kept in respect of the Charity as required by section 386 01 the 2006 Act., or the accounts do not accord with those records," or the accounis do not comply wilh the accountsng requiremenls of section 396 of the 2006 Act oiher than any requirement that the accounts give 8 Irue and fairf wew vthich is not a matter considered as of an independent examination.. or the accounts have not been prepared in accordance ￿th the methods and principles of the S¢alem8nl of Recommendèd Practice for accounting and le￿rting by ¢haritlg$ lapplicable to chariti8$ preparing their accounts in accordance with the Financial Reporti'ng Standard applicable in the UK and Republic of Ireland IFRS 1021]. I have no concerns and have come across no other matters in conne¢b"on with Ihe examination lo which attention should b¢ drawn in this roport in ordgr to enable a prwr und¢rstsnding of thg accounts to bg reached. Signed.. Dated.. 23 January 2025 R8¢h81 Do￿$ ACA FCCA DChA MHA Chartered Accountsn15 MHA House Charter Court Swansea Enterprise Park Swansea SA7 9HS Pagè 15 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrèstricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Incom• from.. Donations and legacies Charitsble activitses other trading activities Other income 134,686 56,637 27,005 261 134,686 202,249 27,005 261 119,439 746,009 20,532 938 145.612 Total Incom• 145,612 218,$89 364,201 286,918 Expendlture on: Raising funds Charitable adivitios 19,391 242,184 19,391 417,315 12,502 346,758 175,131 Total 0x￿ndItUr* 175.131 261,57S 436,T06 359,260 Nèt mov¢m•nt In fund• {29,$19} 142,9861 172,5051 (72,342) Rè¢on¢lllatlon ol lund8: Total funds brought foMard Net movement in funds 97,749 {29,519) 32,645 142,9861 130,394 172,5051 202,736 (72,342) Total fund$ ¢arri¢d forward 68.230 110,3411 S7,889 130,394 The Slalemenl of Financial Actiwlies indudes all gains an(1 losses rec(¥Jnised in the year. The notes on pages 18 to 34 fom) part of these financial statements. Pagè 16 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A company limited by guarantsè REGISTERED NUMBER.. 07491038 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flx¢d ass¢ts Tangible assets 14 69.587 99, 775 69.587 99,775 Current assets Stocks 3.803 7,155 12,761 3.757 3,913 39,589 Debtors Cash at b8nk 8nd in hand 15 23,719 47,259 Creditors.. amounts falling due within one year 16 135,4171 (16,640) Net curr•nt Ilabllltl•s l a8s•ts {11.698} 30,619 Total nèt assèts 57.889 730,394 Charlty funds Restricted funds Unreslricled funds 17 17 68,230 {10,341) 97, 749 32,645 Total funds 57.889 13Q,394 The Charity was entitled to exempts'on from aLMlit under s8clKJn 477 of th8 Companies Act 2006. The members have not required the company lo cotain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees a¢knO￿edge their responsibilities for ￿mpl￿n9 wilh the requirements of the Act vAth respect to accounting records and preparation of financial siatements. The financial slalemenls have been prepared in accordance wlh Ihe provisions applicable lo entf(ies subject to the small companies regime. The fina ments were approved and authorised for issue by the Trustees and signed on their behalf by. Gareth Davi•5 Trustee Date.. l{ The notes on pages 18 to 34 fom) part of these financial stalements. Pagè 17 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Pant & Do￿alS Boys & Gids Club is a charitable company limited by guarantee incorporated in England and Wales. The regislered office is= Pant & Dowlais Boys & Girts Club, Engine House, High Street, Dowlais, MerthyT T￿fil, CF48 3HA. Accountlng pollcl•s 2.1 Bas18 of prepar¥tlon of Ilnanelal Ststèments The financial ststements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charibes.. 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 IFRS 1021 leffective 1 January 20191. the Financial Reporting Standard 8ppIic8ble in the UK and Republic of Ireland IFRS 1021 antl the Companies Act 2006. The Pant & Dowlais Boys & Girls Club meets the definition of a public benefrt entity under FRS 102. Assets and liabilitses are initially recognis8d at hislorical cost or transaction value unless otherwis8 stated in the relevant accounting policy. The financial stalemenls are wepared in pounds sleding which is both the functional and presenlalional currency of Ihe Foundatson and ar8 rounded to the nearest pound slerfing. 2.2 Golng eone•m The financial statements have been prepared on a going concern basi5 as the Trustees believe that no material uncertainties exisl. The Trustees have considered the level of funds held and the expected level ol income and expenditure for 12 months from authorising these financial statomgnts. The budgete(l In￿Me and expenditurg is sufficienl ￿th the 1gvg1 of resorves for the charity to be a￿e to continue as a going concem. 2.3 Income All income is recognise(l once the Charity has entiuemenl lo the income, il is probable that th8 income will be received and the amount of income receivable can be mèasured reliably. Other income is recognised in the peric*J in whith it is receivable and to the extent the goods have been provided or on completion ol the service. Cash donations are re¢(yJnised ￿ receipt. Other donatsons are re¢oynised once the charity has been notified of the donatson, unless perfomiance condits'ons require deferral of the amount. Income tax recoverable in relation lo donatsons received under Gift Aid or deeds of covenanl is recognised al the time of the donation. Pagè 18 THE PANT & DOWLAIS BOYS & GIRLS CLUB {A ¢ompany limit•d by guarants¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng poll¢l•$ {¢ontlnuedl 2.4 Expendlture Expenditure is rec(KJnised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable thal a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivrty. The costs of each activity are made up of the total of direct costs and shared costs, including suppx)rt cos15 involved in undertaking each ath'vity. Direct cos15 8ttributable Its a single 8Ctivily artr allocale(I directly lo that activity. Shared Costs vthich Contribulg to more than one activity and SLJPPOrt costs which are nol ailribulable to a sin9le activity are apportionèd bètweèn those adivities on a basis consislent with the use of reSoUr￿s. Central staff costs are allocated on the basis of tsme spent, and depr8ciaticffl charges alkncated on the portion of the asset's use. Expenditure on Charitable aclivikn'eg is incurred on diredly undertaking the activities which further the Charitys objectives, as well as any 8SSOCiated supwrt costs. All exp8nditur8 is inclusive of irrecoverable VAT. Donated costs and serwces are recognised in the statements at a fair market value. Wher8 these costs occur there is a corresp¥)nding income shown on the financial statements equal to the deemed value of the donal8(I costs. 2.5 Taxatlon The Charity is considered lo pass the tests sel oul in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it ffjeels the definition ol a charitable company for UK corporation tax purpos&s. Accordingly, the Charity is potentially exempl from t8xalion In respect of income or capi181 gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extsnt that such income or gains are applied exclusively lo charitable purFM)ses. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially rec&3nised at cost. After recognition. under the Cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred io bring a iangible fixed assel into ts intended working condits'on should be included in the measurement of cost. Depreciation is Charged so as lo allocate the Cost ol tangible fixe(l assots less thgir residual value over their estimated useful li￿$. using the straight-line Meth￿1. Depreciation is provided on ihe fc4lowing basis= Freehold property Plant and machinery 25% 2.7 Stocks Stocks are valued at the lower of c05t and net realisable value after makTng due allowance for obs