REGISTERED CHARtrY NUMBER: 1148268 uNAuDED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 FOR CYMRU LEADERSHIP TRUST Bevan Bu{nd LLP Grour*J Floor Cardwan House Castle Court Swansea Ent8rpri8e Park SWara SA7 8LA
CYMRU LEADERSHIP TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JANUARY 2024 Pa Report oftheTntste¢s 1 to 2 Independent Exarninerf5 Report ststrmentotFtnanthal ActNities Balance Sheet Notes tothe FlnaM¢lal Statemen¢s 6 to 11 Detaled Siaternent of Financia5 A¢ti¥ities 12
CY7ARU LEADERSHIP TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 21Y24 The trusiees pre$¢n¢ report with the finanaal st2tements of the charity for the year ended 31 January 2024. Th8 trustees have adopted the prUVK)ns Ot Acrounting and Reporbng by CharitEs." Staternent of Reryjrnrneted Prddice appluble to charibes preparing the ac£ourts in afX)rdan¢ with the FinancMI Repong Standard aPplble in th8 UK and Republ of Ireland IFRS 1021 leffeclwe l January 2019}. OWECTIVES AND AcmviTIES Objectives and alms The trust¥ principal objedive as a charity tri advan th? Chrtran faith. When PLqmi our actswlies the tW5tees havtr nsidered the Commis&ons guan1 on pllb1 beneft and. in paruttjlsr. the sperific gUKlar C chaiibes kjr th8 advancement of ryligion. The chaiity seeksto'.- Provide 0JanIsatiOnal. mirwsterial and leadèrship consutsncy kjr churches. organwtions and nehsrrks includirvJ the rnerrtoring of indivhluals and provKliig leadet5hip and Christian rnini5tsy thTDugh teachitig. preachirKJ and Spea'n9 forthe purpose of helping churches arwj Chrisban organtsations and Indiwduats becorne more effective iTh.'- - Providing 8n under#andlng of the Christian faith and Christian woddview that hdps peopk make sense ol their wortd and their 0sn Iwes - Providing a moral frdrne rk for Iwing that rndudes Tesponsitilty tthvards Or n8vJhbour that will benefft bolh the indwidual and societyat larye -Pro¥idiw a Christian education aTrJ teaching that 8Thabk5 indNiduals to d8veicp as wlb)le iThtegrated hurnarb&eing in keeping with the Cospel ofJesu$ Chrt5t resenting Ihe Chiistkqn farth in WO and deed Ihat accble to thc6e both outSKSe and the thu rnrnuni -Providing welcomiNJ and supportive (ocd cl¥Jrrh cc¢nrnunit5 that provJe a spiribJ81 and soThal 5UPWt tDr others outside of church - Engaging with ther (x)mrnunthes and corwned with justr and careforthe pc¢Jr - Etxouraging ]2adership thal is wsionary, consistenl. full of faith and builds mi8sional churches -Hetping (urch8s and netsvorks of ¢hurGhes unite together ITh ¢Jrder to be more effeclwe and be abk to gage and di81ogue wth IrKal guvemrrentaTrJ wider governrnen( scuety and Yiderchurch Revlew oTBuslness Th2 TtUSt has provided organisatK)nal. ministerial and leadetship (xjnsuttaw as well as Christian ministry Indudin9 teathing and preaching) htWivJ varirJJ5 dwTEhgs. Chri4J"an 0rganl5atio and netwo. FINANCIAL REVIEW Ftnanclal RevlFw Th? ffianGl posrtKn ofthe Trust 15 as SI in anred stateTrEnts. STRUCTURE, GOVERNANCE AND MANAGEAIENT Govemlng document Tlw charity is controlled by ts o¢)veming dogJrnen(8 deed oftrust and oJn5titutes an uThinwrporated charti. Thp organisation was oroinaty lorrned as a Trust an 10th JLdy 2012. this I was then [egiSter as a tharity Imlh charibes (x)rnrnission 24th Juty 2012. The organisation was establishad undar a deckration of Trus( established the obiacts and power5 of the rknaritab Tnjst. In the event of the Trust being wourthl up aAy a55ets mainirKJ shall be given tosuch otherdwitable body hawng sitnilarobiELts to the tharity. Re¢Nltmeniand appolntment of new trustees The appDintsnent to the Offi of TtU5tees shall be by uDanirnou5 fEsa14Jtion of the Ttustees in general meeting. N¢w trusiees would be ¢yJnsdered in tha Itghtof Ih8irabibty contrknute to the of the charity. Organisational structure The Trustees raVww the activ89 of the Trust and legal, finanal and poliw rnatter5. A ChuT¢hNètth Leader and CorK8uStsTht appdnted by the Irustees respcffjsble lor the Spiritual leadersh'p and of Cymru Leadership TNst and aLvitses of the Trusi in line with the obiectiwes of the chanty. Inductlon and tiaining of new trustees Trustee5 yrill undergo an orientation meekng wth the Chaii of the Tru5teES ar CEO to brief them on thr duties and responsibilit5 as tru5tee5, the content of Ihe Declaration of Trust, Ihe de10Th maknng proeesses and the rrent finerra1 posth.un of Ihe carityas setout in the latest published acix)uThts. Page 1
CYMRU LEADER5HIPTRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024 REFERENCE ANO ADMINISTRATNE DA Registered Charfty number 1148268 Principal address Cornerstone Church 32 Mynydd Newydd Ro4d Penlan Trnstees A Day Trtjstee R P Bowen Tnjstee Iresiwed 31.7.23) Mr5 J T Pece Trustee Dr S Qkngm8na Trustee Independent Examiner Bevan Bud(llgnd LLP GrourLd FloDr Cal98n HJse Ca$e Court Swansea Enterprfse Park Swansea SA7 9LA SoUGltors Mayo Wynne Baxterso1rt£ 20 Gi1ge Raad Eastboune E85t Sussex BN214RP Bank Uoyas Wathamstow AFprovod by order of lh8 board of trust885 On................. . and Sig[ on ts behalfby.. ADay- Trustee Pag8 2
INDEPENDENT EXAMINEifs REPUiT TO TrIE TRUSTEES OF
CYMRU LEADERSHIP TRUST
Independentexamlner¥ fftportto thetWU5tee5 of Cymyu LeadernhlpTrust
I reFQrt to the thanty trustees my examiTh8tion of the armjnts of Cymru Leadership Trust Ithe Twsil for the year
ended 31 January 2024.
Responslbllltie5 and basis of report
As the tharity trustees ol the TFust YOL¢ are re5p)nsit4e the prepaTrlion ol Ihe acrxn1S IA a¢
CYNRU LEhDERSH5P TRiIST STATEMETrif OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 JANUARY 2024 2tr24 Total Jnds 2023 Tolal tunds UNestrici8d Jnds RestrKtsd fund INCOME AND ENDOWIENTS FROM t"($ and legaGEs 59.820 59,820 97.463 EXPENDITURE ON Charttable acllvlttes charitable 80.197 80.197 83,216 NE[ INCOMEIIEXPENDITURE) (203771 120,37TI 34.247 RECONCIUATION OF FUNDS Total fvnd5 brougm forward 71.662 71,662 37,415 TOTAL FUNDS CARRIED FORWARD 51.285 51.285 71,862 The form part dthese naTh81 staernents Paga 4
CYMRU LEADERSHIPTRUST BAL4NCE SHEFr 31 JANUARY 2024 2024 TotAI tunds 2023 Unrastrthd funds Re5trtcted fund fuThJs Notes FIXED ASSErs Tangible assets 41.988 41.988 52,485 CURRENT ASSErs Debtthts Cash atbank 10 6,375 5.829 6,375 5.829 6.375 21.198 12,204 12204 27.573 CREDITORS Amounts lalling due withn one year 11 P.907} P,9071 18,3961 CURRE1 ASSETS 9.297 9,297 19,177 TOTAL ASS5 LESS CURRENT UABlL1ES 51,285 51,285 71.662 ASS5 51.285 51.285 71.662 FUNDS UThr8stricted funds 12 51.285 71,662 TOTAL FUNLIS 51,285 71,Eff2 The ffinanrAal statements were 8pprnved by th8 808rd of Trustees and 8Uthcxised for 156uo . and wer8 sJd on ils by". A Day-Trustee The nfAe$ fcrfm part oftheseffianrA41 statements PagB 5
CYMRU LEADERSHP TRUST NOTES TOTHE FINANCIAL sTATEMEPs FOR7HE YEAR ENDED 31 JANUARY 2024 ACCOUPMNG POUCIES Basls of prewkng thefinanGial statements The anCIal staternents of the charity, hyhich is a publc benefit entyty under FRS 102. have been prepaT8d in aG<x)rdance with the Charities SOFP IFRS 1021 'ArUnting and Reporting by CharitiEs". SAatèment of R8ernended PraclKe applK8bk to Chae5 preparing their 8¢WLJnts in aewTdance 1th the Financial ReporbThJ Standard applK3ble in thE UK and Republic of [rend IFRS 1021 leffecve 1 January 2019y. Financial ReForbThg Standard 102 Th8 Financial R8Forknng Standard apPIab in the UK and Repub¥c of Ireland, and th& Ch8ribes 2011. The financial statemants hawe been prepared under the histi)(1 c05t nvent)n. Flnanclal reportlng standard 102- redu¢ed dlsdosure exempuons The charity has tsken advantage of the follo%ing dClosU exernption in prepariw these financiql statements. as permiiied by FRS 102 The FSnantsal ReFx)rting Stsndard applicabl8 in the UK and Republicof Ird3nd': the r8quirem8nls clSethLfft 7 Slatemeniof Cash Fbws. Income Al irKX)rne reccgused in the Slatsm8Tht of FiThancHI A¢tivities once the tharty has entsdement to the nds, it r6 probable Ihatthe iTr¢x)rnE wll be rEcewed and Ihe arnaunt Gan be measur8d refiably. Expendtture abifrties are remgrrised as expenditure as sooTh as theo is a legal or a)rtstrudDie oblvjabon comrnittsng the tharity tr) that expenditu, "rf( is probable that a tFan5feT of erA)namic benefts will be required ITh setuement and the arnount of the obligatr)n can be measured rollay. Expenditure 15 accounted for on an accFua& basis arKI has been dassified under headIS that ag9regate all cosl related to the calegory. Where costs IXnn dire¢ attributed to parttcuLqr h8adiThJs they have been akcated to a¢A1V"9$ on 8 baws ¢xn&8tent th th8 u8e Tanolble fixed a55ets DeprECi8tion is provkled at the IC4Tr9 anThJal rales in order to wrtte off e8ch a55et over ts es"maied U11 Motor vehK5 20% cffj w5t Tajatlon The charrtyi5 exernptlrDm ta¥ on ts ch8rit£ble 8CtNltS. Fund accounting Unre5tricied funds be used n arA)rdanceiMththe charitae objectNes atthe dwetion of the tN51ee5. Restsided fvnd5 fAn onty be used for partlar reStrted purposes wthli the objects of the chaty. RestrKtJr arisewhen Specified by the doTrJr orwhen fvnds are raBed for parbrJjL4rre5tr1d PLbFP05ES. Furtherexplanation of tha natur8 and purp088 of 8ach fund i8 included in the [e5 to thp fjn#ntyal atemtrt& Penslon costs and other post-retlrement benerts The chanty operates a defined cnntribution pension 5dmè. contribub.ons payable to the charitys p8n%on scheme are cha to the Ststement of FiThancKql Adivthe5 in IhB periDd towhth they relate. Grants Grant incoTh v& reDJgri8ed when ther8 is entitmeTht to the gran( irtual cortainty Ihat it wll r6¢xN8d and SuifiuenimurabIIfy amrAJnt. Unspantgrants are the balance 5heoL Flnan¢ial instruments The corrpaThy has ekcted to apply the provisioThs of SediL¥h 11 Easc Fmand41 1Tr4ruM&ks' And Seron 12 ther FinanGwl InstNrnents Issues, of FRS 102 lo all ol its financkil in5trurnents. Finanual nstnjments FerJogrw5ed In the eA)mpatys balar sh88t then th8 Gornpary bBcanes party to the ¢x)ThtractU81 prOviOnS of the instnjment Finanal a&88ts abile& are ¢)ffsÉt. with Ihe net amourts pr888rtsd in the sl£ternents, wIn therp a legally enforceable nght to set off the re¢x)gn15ed arnaunts and there i% an inient)n to settk on a net basi5 OT to realis8 the assetand setde the liabilty simuftaneoudy. Page 6 ¢)Jntinued...
CYMRU LEADERSHIP TRUST NOTES TO THE FINANCIALSTATEMENT5- continued FOR THE YEAR ENDED 31 JANUARY 2024 ACCOUNTING POLICIES- continued Basfe fiv7anc]al a55ets BasK finantial assets. lvhith indude debtors and cash and tonk bqlan($. are InallY m8asur8d at transathon price iThdUdg transadM ctrsts and are subsequentty ¢xrried ai amorbsed cost using the effe¢the interest [nethI unless Ihe awanpmBnt con5titute5 a financing transact, where the transathon is measured al Ihe present value of thè futUTP rerxipts diSCjntad at a market rate ol int8tL Ftnanoal assets GFassffigd as receivable witlmn one Year3 r¥)t arnortised. Debtors Short term debtoys are rneayjred attransaction price. less any irnpairment Cash at bank Cash at bank and cash in hand inc)Jde5 cash and Current and depa5 accounis. Impalmient of finanrial a55ets Financial assets. other than tlbjse hakl al fair value tlmjgh proft and ktss, are assessed br WlCat0[5 of lrnp8wwTrtat eath r8POrtmg dale. FiThancial assets are impaired %here ther8 i5 objecbve eviden Ihat. a5 a result of one or event5 that after the inth.al rewgThltKm ol the finarKial asseL the estirnated fvture cash flows have been affecled. If an as8et is impaired. thè ImpaieTht I8 is the drrrerence beiwÈen carrwTrJ amouTht and Iho present value ot e5tirnated cash discounted at the a55et'S Driginal effectNe nteTEst rdte. The impa1ment Ioss 15 reCOgrsed in profi or loss If there is a decrease in the impaimienl knss 8ri5ing frDrn an went occurring alter the Smpairment was TEuJgrbised. the impairn18nt reversed. The reversal is such that current Carrying amouni does not exceed what the fAryng arnount would hdv8 been, had the irnpaimient not prewou51y bean r8cognis8d. ThB inspaient ersal is rew9Thd in profft orloss. Basic ftnanclal liabllftles 8asic finanaal liabilthe5, lrKlud9 ueditors,that are cLq55ffied a5 debt. are Tnthalty recogThk%d at transath.on pri unless the arrangernent constitutes a financing transaction. where the debt iThstrurnent is measured at the present value of thB luture paytnents dtscountsd al a market rate of iFrterpst Finanaal liabil85 classified a5 payable within one year are not amortwl. Trade creditors are oblpaation5 to pay for goods or seNices thal have been acquired in the ordinary course of bu8intS5 frorn suppliprs. ArrK)unts payabl& are dassfied as current liabil.¢$ rf payment is due within onB year or le55. If not. they are pSented as rK)rKunni Ihthih'ti88. Trade CredrtO are recwised inthally at trarhsacbon price and subsequenty rnea5ured at amortised cost usiThgthe effedwe itthrest maihod. CTeditor5 Credrtor5 aThd provisroThs are recognised where the Ghatty has a present obligation resung a past evenl thai wll probabty result in the transfer of funds to a third paty and the amourt due to see the obligation can te rneasured or estirnated relHbly. crrtOrn and plS1OriS 8re rb)rnialty recogrri5ed at their 88tUem8nl amount after allowng IOT any dv&o)unldu8. Provlsoon for liabilitie5 Pt510n$ are recogThEed when the rnrnpany has a present obligatk)Th Ikgal and cnnstrudivel fn)m a past ev8nt that will probably resutt in a transfer of ndS to a third paty and the amount due to settk the ablwJation be rneasured orestimated l8b. Funcllonal and Presentstlon Currency The wrnpanrfsfun£onal and presetrtation curtEw p)unds sterfing. Going Concem The mrnpany corbtiNesto adoplthe gcing ba$ in prepariThJ ts fiTral staterntnlÈ. PagE 7 coThtiMed...
CYMRU LEADERSHIPTRUST NOYES TOTHE FINANaAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 JANUARY 2024 DONATION8 AND LEGACIES 2024 2023 Donats"¢ DatiO1 from Comerstane Donatiorbs-stewardship other Incx)me Grants 27,C69 27.471 25.288 41.492 212 6,128 1,123 59,820 97, CHARABLE ACTIVITIES COSTS Support Costs (see note 41 re TolAIs charitAbl8 7T.T14 2.423 80.197 SUPPORTCOSTS Goveman Marwg2rnent Tot£ls dritAble 660 1,763 2.423 TRUSTEE5' REMUNERATIQN AND BENEFITS There wèrp TK) Iru5tee5' remurpTalrDn ttr ttthér boneffts for the year ended 31 January 2024 nDr k)r the year ended 31 January 2023. Twstees. •xp¢ns•s There were no trusiees. expe pa for Ihe year ended 31 JanLJary 2024 Mr for Ihe year ended 31 January 2023. 8TAFF COSTS 224 2023 Wages and salaries Social securrty ¢05ts Other par&ron costs 52.518 941 11,600 50,975 495 7.806 65,059 59,276 The average montw number ofernployee5 durirgthe yearwasa5frJllows'. 2024 ChurchlNthrk Lead2r& CiJn5uttant No empbyees receNed emolumert5 in excess o1£FJ),)o. Page 8 ThTru¢d...
CYMRU LEADERSHP TRUST NOTES TOTHE FINANCIALSTATEMENTS- continu8d FORntE YEAR ENDED 31 JANUARY 2024 COMPARATIVES FOR THE STATEMENT OF FINANcIALACTNlEs UNestrKted lunds Re&ricted fvjnd fijrnls INCOME AND ENDOWIMENT5 FROM [k)b"onS aTrJ Waes 97.463 97.463 EXPENDrtURE ON Charitable activllle$ th£rilabie 63216 83,216 tT INCOME 34,247 34,247 RECONCILIATION OF FUPIJS Total frjnds btDughtforward 37.415 37.415 TOTAL FUNDS CARRIED FORWARD 71.662 71.662 KEY MANAGEMENT The tot218mploy88 benefts of th8 key management pemnnel of th8 charty were £53.459 gxduoing pÉnÉ*2n (2023 £51,4701. TANGIBLE FIXED ASS8 Motor vehides Al 1 FebNary2023 aThd 31 January 2024 52,485 DEPRECLATION char loryear 10,497 BOOK VALUE At31 January 2024 41.988 At31 January 2023 52,485 111. DEBTORS: AMOUNTS FALLING DUE ¥VITHIN ONE YEAR 2024 2023 Oth8rdebior6 Ppay16Thts and acuued incom8 5.990 385 5,99D 385 6.375 6,375 Induded in other debtors is a balanc8 of £5,990 12023 £5.9) IT by Comer5kne ChurGh Swarffta. a ¢x)mp8nywhichA.D8y, J.T.P8ce and R.P.Bowen are tsUst. Page 9 ntinued...
CYMRU LEADERSHIP TRUST NOTES TO THE FINANCIALSTATEMENTS-contlnued FOR THF YEAR ENDED 31 JANUARY 2024 11. CREDITORS: AMOUIWts FALLING DUE IAlffHIN ONE YEAR 2024 2023 Taxation and swal securiiy CAher Grpditors 812 6,403 1,993 2.9D7 8.396 12. MOVEMENT IN FUNDS Tralfer$ beOn lunts rntjvemèrt in1uS At 1.2.23 31.124 Unrestrl¢ted TrJnd5 Genetal Designatad Funds Designated Capital Assets Degnated Strategic PLqTh 397 7.280 52,485 11.500 116.427) (3.9501 19,997 3.330 41,988 2,(0 110,4971 9.SODI 71,682 120,3771 51.285 TOTAL FUNDS 71,e82 120,3771 51.285 Net movement n tund5. included inthe alxwe are asldk)ws.' Incc<ning sources Rey)urces Movement expended in funds Unre5tsiGted fund5 Gengral DesuTrated Fund$ 58.770 1.050 75.1971 15,0001 116,4271 13.9%)) 59,820 180,1971 120.3771 TOTPL FUNDS 59,820 180.1971 120.3771 Cornparalves for movement In fund5 Net movement iThlunds Tra[r$ between funds At 1.2.22 31.1.23 UnreSts1¢t funds GeneTal tksBJnaied Funds De5ignaied Capital Aseets Designated Strategic Ptan 247 7,068 26.600 34,247 (34,0971 212 25.885 397 7280 52.485 11,500 37.415 34.247 71.662 TOTAL FUNDS 37.415 34.247 71,662 Page 10 oJntinu8d...
CYMRU LEADERSHIP TRUST NOTES TO ThE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JANUARY 2024 12. MOVEMENT IN FUNOS- rontinued Comparative nEt movement in funds, included in the aknve arE as Idkms." Incoming resources Re8rC*S Mov8Th ended in hJnd5 Unrestslcted funds GeTh8ral 97.463 163.2161 34,247 TOTAL FUNDS 97,463 163.2161 34.247 Arrent year 12 moThlhs and prKr year 12 monfh5 wmbined 15 as fdkjws". Net Tr4nsfe between furKIs movernent in fuNJs At 1.2.22 31_1.24 Unrestiicted funds General DEsLqn8ted Fu8 D8SL4nated Capital As5etS D&snated Strategic PTh 247 7.068 26,600 17.820 {3,9501 114.1001 212 15.388 11,5001 3,330 41,988 2.000 37,415 13,870 51,285 TOTAL FUNDS 37,415 13,870 51.285 A TTent year 12 mnths aTrJ prior year 12 fflorrt c>Jmbined net rnDveTnent in lund$. induded in Iha above ar8 asfdlows.. IrKrxning rEwurces Movemgnt in frJThds expended Unrestslcted funds General Designated Fur$ 156,233 1,0 {138.4131 15,0001 17,820 (3,9501 157.283 1143.413) 13.870 TOTAL FUNDS 151.283 1143,4131 13,870 The dgsvJn8ted funds are fijnds arisen from hoTr)rariums donated to CLT. A Strateg plan lund has been e5tabli5hed tts meet the expedÉd increase in coas over the next 2 year5 ifb line with th8 chaiiws Gutrenlstrategy. 13. RELATED PARTY DISCLOSURES A donatioTh of £25,500 (2023 £25.2921 was received from Comer5tone ChuTth Swansea th¢ year. a charit2tle Gumpany ofwhith A.08y, J.T.P£ce and R.P.Bowen are trustees. A donation of £25.000 12023 £24.1671 wa5 Ned 1M New Wine Cymru during the year, a charitabte rnpany of whh J Richards is ktry kader. Pag811