**CORNELLY DEVELOPMENT TRUST**
**Year ended 31[st] March 2023**
**Registered Charity: 1158680 COMPANY NUMBER: 05505171**
**0**
**CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
## **CONTENTS**
|**LEGAL AND ADMINISTRATIVE INFORMATION**
**DIRECTORS’ REPORT**|**PAGE**|
|---|---|
||**2**
**3-9**|
**1**
**CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Directors Mr Craig Lambourne (Chair)**
**Mrs Annette Pritchard (Vice Chair)**
**Mrs Mary Hughes**
**Miss Nicola Sheppard**
**Secretary Adrian Morgan**
**Chief Executive Officer Adrian Morgan**
**Registered Office 45/47 Heol Fach, North Cornelly, Bridgend. Cf33 4LN**
**Company Number 05505171 Charity Number 1158680**
**Bankers Barclays Bank Plc, 1-6 Pocketts Wharf, East Burrows Road, Swansea, SA1 3XL**
**2**
**CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
## **REPORT OF THE DIRECTORS**
## **TO THE MEMBERS OF CORNELLY DEVELOPMENT TRUST (CADDT)**
The Directors present their report and financial statements for the year ended March 31[st] 2023.
## **Structure, Governance and Management**
Cornelly Development Trust (CADDT), is a registered charity and a company limited by guarantee, established under a Memorandum of Association which defined the objects and powers of the charitable company and is governed under its Articles of Association.
## **Reference and administrative information**
The company number, charity number, registered office and details of the Directors and Chief Executive can be found on page 1 of these financial statements.
## **Objectives**
CADDT’s charitable objects are:
The promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation by all or any of the following means:
(a) the relief of poverty in such ways as may be thought fit;
(b) the relief of unemployment in such ways as may be thought fit, including assistance to find employment;
(c) the advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience;
(d) the provision of financial assistance, technical assistance, or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help: (i) in setting up their own business; or (ii) to existing businesses;
(e) the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use of favourable terms;
(f) the provision of housing for those who are in the conditions of need and improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing;
(g) the maintenance, improvement or provision of public amenities;
**3**
## **CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
(h) the provision or assistance on the provision of recreational facilities for the public at large and/or those who, by reasons of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities;
(j) the protection or conservation of the environment;
(k) the provision of public health facilities and childcare;
(l) the promotion of public safety and prevention of crime; and
(m) such other means as may from time to time be determined subject to the prior consent of the charity commissioners for England and Wales
## **Recruitment and Appointment of Management Committee**
The Management Committee member selection process is as follows:
(1) The charity in general meeting shall elect the officers and the other trustees.
(2) The trustees may appoint any person who is willing to act as a trustee. Subject to sub-clause
5(b) of this clause, they may also appoint trustees to act as officers.
(3) Each of the trustees shall retire with effect from the conclusion of the annual general meeting next after his or her appointment but shall be eligible for re-election at that annual general meeting.
(4) No-one may be elected a trustee or an officer at any annual general meeting unless prior to the meeting the charity is given a notice that:
(a) is signed by a member entitled to vote at the meeting;
(b) states the member’s intention to propose the appointment of a person as a trustee or as an officer;
(c) is signed by the person who is to be proposed to show his or her willingness to be appointed.
(5) (a) The appointment of a trustee, whether by the charity in general meeting or by the other trustees, must not cause the number of trustees to exceed any number fixed in accordance with this constitution as the maximum number of trustees.
(b) The trustees may not appoint a person to be an officer if a person has already been elected or appointed to that office and has not vacated the office
## **Induction and Training of Directors**
Directors receive induction training covering background information and the work of the current management committee. Informal meetings and attendance at a committee meeting are encouraged followed by a formal process of application and selection. Additional training is offered from time to time, which contributes to the skills and effectiveness of our management committee.
Committee members are encouraged at any time to seek further information on relevant matters from the Chair or Chief Executive Officer.
**4**
## **CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
## **Risk Management**
The Directors actively review the major risks that the Trust faces on a regular basis and believe that the establishment of a reserve fund combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks faced by the Trust and confirm that they have established systems to mitigate the risks.
## **Organisational Structure**
The Trust is organised so that the Directors meet regularly to manage its affairs. Meetings take place nine times a year. The Directors delegate day to day running of the Trust and its medium term strategic development to the Chief Executive Officer.
## **Our Staff**
We believe that our staff are our most valuable asset. We currently employ 5 members of staff who represent the equivalent of 3.2 full time employees across the organisation. We aim to encourage and support them to realise their full potential. Their dedication and commitment to CADDT is exceptional.
## **Volunteers**
CADDT is very fortunate to have a dedicated team of volunteers who work in various positions across the organisation. 12 new volunteers were recruited throughout the year, and over 30 have supported the organisation in total during the year. We currently have 23 volunteers working each week for the Trust. Their commitment and support is rewarded with on the job training and work experience, and their contribution to the organisation is greatly valued by the board and staff alike.
## **Achievements and Performance**
(Based on the priorities we agreed with the Chief Executive.)
|**_Priority_**|**_Outcome_**|
|---|---|
|**Engage with 25 local volunteers**|30 local people have volunteered with CADDT
enterprises or in the community through being
signposted byCADDT staff|
|**Support 100 individuals or families with food**
**support over theyear**|237 people and families have been supported|
|**Provide assistance to find employment to 50**
**people during theyear**|28 people were assisted to find employment|
|**Communicate effectively with all sections of the**
**community to enable them to become involved in**
**the development of the trust.**|Through our drop in services, activities and social
groups, we have excellent communication with our
service users,and local businesses,statutory|
**5**
**CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
**----- Start of picture text -----**
bodies etc are very supportive and work in
collaboration with the trust on many issues
Develop a funding strategy and prepare bids to help Funding strategy was developed and finalised, and
secure funding from a variety of sources. Write reports grant applications, bids etc have been produced
as required and provide finance and monitoring monthly on an ongoing basis. Financial monitoring
information
and reporting have also been submitted to funders
in a timely manner.
Set up Community Enterprises to create sustainable Our charity shop, Just a Second has been growing
income thus ensuring the survival and continuity of each week and is bringing in a steady income. The
CADDT into the future ReFab social enterprise is also growing steadily
with additional participants getting involved and
generating ideas for products and training
required.
Stabilise the charity finances in order to be able Funding income and trading income for the charity
to progress and grow in the next financial year. have both been increasing and making the Trust
more sustainable. The Trust was also able to
access grant funding to purchase its main property
in North Cornelly. Funding from the Welsh
Government Community Facilities Programme was
accessed, and the property transfer completed on
31 [st] March 2023. This now gives the Trust a much
more stable base for the future.
Complete the Investing In Volunteers process. Investing in Volunteers accreditation was achieved
at the end of December 2022, and will now be held
for 3 years before having to be renewed.
**----- End of picture text -----**
## **Plans for Future Periods**
Our immediate priorities for the next year include:
- Offering volunteering opportunities to an additional 50 people
- Continuing to put forward ideas and plans for projects in conjunction with partners
- Consolidating the existing enterprises and driving sales to encourage growth
- Rolling out informal and accredited CADDT training courses in relation to public demand
- Improving communications across the Trust and working in an “Inclusive” manner
## **Longer Term Plans**
- Secure funding for additional full time roles in support of the CEO for 3 years
- Continue to improve the range and profitability of our range of Social Enterprises to act as a hedge fund against the lack of public and private funding streams that are available
- Continue to work with local people and take on board their ideas and wishes for their community
**6**
## **CORNELLY DEVELOPMENT TRUST**
## **Year ended 31[st] March 2023**
## **Public Benefit Statement**
In addition to more than 150 people who are supported each week, the wider benefits to the general public are very apparent. Our services and products are sold on the ability to pay and assessment of need. This means that many local people are receiving very low-cost services and assistance while the volunteers gain wide ranging, invaluable work experience in return.
From a financial point of view, a person who doesn’t work and claims benefits, costs the government £20,000 p.a. With that in mind, the 28 people that have been helped into employment, are saving the country over £560,000 per annum.
## **Responsibilities of the Management Committee**
Company law requires the management committee to prepare financial statements for each financial year which give a true and fair view of the state of the Trust as at the balance sheet date and of its incoming resources and the application of resources, including income and expenditure for the financial year.
In preparing those financial statements the management committee should follow best practice and:
- Select suitable accounting policies and apply them consistently
- Make judgements and estimates that are reasonable and prudent
- Prepare the financial statements on the going concern basis unless it is inappropriate to consider that the organisation will continue on that basis
The management committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy, the financial position of the organisation and to enable them to ensure that the financial statements comply with the Companies Act 2006. The management committee is also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and any other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities (March 2005) and in accordance with the special provisions of the Companies Act 2006, relating to small entities.
Approved by the board of directors on 30[th] June 2023, and signed on its behalf by:
Craig Lambourne
Chair
Date: 30.06.23
Adrian Morgan Company Secretary Date: 30.06.23
**7**
## **Cornelly Development Trust**
Company Registration Number: 05505171
Charity Registration: 1158680
Unaudited Micro-Entity Accounts
Year Ended 31[st] March 2023
## **Period of Accounts**
Start Date: 1[st] April 2022 End Date: 31[st] March 2023
**Cornelly**
## **Development Trust**
This company is Limited by Guarantee and therefore has no share capital.
## **Contents of the Financial Statements**
For the period ended 31[st] March 2023
Company Information Income and Expenditure Account Balance Sheet Footnotes to the Balance Sheet
## **Cornelly Development**
## **Trust**
## **Registered Office:**
Cornelly Development Trust 45/47 Heol Fach North Cornelly
Bridgend
CF33 4LN
Company Registration Number (England and Wales) 05505171 Charity Registration Number (England and Wales) 1158680
## **Trustees (Directors)**
Craig Lambourne
Annette Pritchard
Nicola Sheppard
Mary Hughes
## **Bankers**
Barclays Bank Plc 262 Oxford Street
Swansea
SA1 3BR
## **Cornelly Development**
## **Trust**
## **Financial Activities**
For the period ended 31[st] March 2023
|**Income**
Grant Income
116,866
Sales
33,062
Community Asset Loan Fund_(Surplus from building purchase)_
90,000
**Total Income**
23**9,928**
Cost of Sales
10,673
Direct Expenses
31,827
Operating Costs - Labour
122,698
Operating Costs - Materials
67,317
**Total Operating Costs**
**232,515**
**TOTAL**
**7,413**
**Expenditures**
Advertising/Promotions
413
Bank Charges Paid
1,667
Bank Interest Paid
343
Computer Costs
524
Delivery Charges
1,708
Electricity
3,875
ENIC
Entertaining
2,280
Insurances
1,777
Legal
3,800
Maintenance & Repairs
2,261
Office/General Administrative Expenses
1,172|61,156
67,782
**128,938**
2,187
2,417
115,753
16,315
**136,672**
**-7,734**
380
868
3,505
168
105
2,891
4,722
0
1,175
0
670
5,020|
|---|---|
## **Cornelly**
## **Development**
## **Trust**
|Other Professional Fees
Payroll Expenses
Phone Costs
Printing Postage & Stationery
Rent or lease of Buildings
Travel & Accommodation
Water
**Total Expenditure**
**NET OPERATING INCOME**
**NET INCOME/EXPENDITURE**|1,009
806
668
1,578
14,385
1,637
165
**40,068**
**(32,655)**
**(32,655)**|3,723
0
755
362
15,100
1,533
162
**41,139**
**(33,405)**
**(33,405)**|
|---|---|---|
**Cornelly Development**
## **Trust**
## **BALANCE SHEET**
|31stMarch 2023
**Tangible Fixed Assets**
Buildings & Freehold at Cost
Fixtures and Fittings at Cost
Fixtures and Fittings Depreciation
Office Equipment Cost
**TOTAL TANGIBLE ASSETS**
TOTAL FIXED ASSETS
**CASH AT BANK AND IN HAND**
Charity Current Account
Restricted Current Account
Petty Cash
**TOTAL CASH AT BANK AND IN HAND**
Debtors
Current Assets - Stock
**NET CURRENT ASSETS**
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade Creditors
**Total Creditors, Amounts Falling Due Within One year**
**NET CURRENT ASSETS(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Community Asset Loan
Third Sector Resilience Fund
HP Loan – A0 Printer
**Total Creditors, Amounts Falling Due After One year**
TOTAL NET ASSETS(LIABILITIES)
CHARITY FUNDS
Opening Balance - Equity
Retained Earnings
Surplus/Deficit
**TOTAL CHARITY FUNDS**|360,000
10,237
-770
17,677
**387,144**
387,144
9,324
38,206
40
**47,570**
5,597
18,676
**71,843**
420
**420**
**71,423**
**458,567**
(150,000)
(2776)
(364)
**(153,140)**
305427
119,965
218117
(32655)
**305427**|
|---|---|
## **Cornelly**
## **Development**
## **Trust**
## **Balance Sheet Continued**
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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions of the small companies regime applicable to micro entities.
For the year ending 31[st] March 2023 the company was entitles to exemption under section 477 of the Companies Act 2006 relating to small companies.
## **This report was approved by the board on 10th October 2023 and signed on behalf of the board by:**
**Craig Lambourne**
**Chair of the Board of Trustee** s
The notes form part of these financial statements
el
Charlty Number: 1158680
Company Registration Number: 05505171
Accounts ending: 3111 March 2023
I report to the trustees on my examination of the accounts of the above
charity {'the Trust-) for the year ended 3110312023.
As the charitytrustees of the Trust, you are responsible forthe
preparation ol the accounts in accordance with the requirements of the
Charlties Act 2011 (°the Act").
I report in respect of my examination of Ihe Trust's accounts carried out
under section 145 of Ihe 2011 Act and in carrying out myexamination, I
have followed the applicable Directions gNen bythe Charity
Commission under section 145{5)Ib) oftheAct.
I have completed myexamination and I confimi that no material matters
have come to my attention in connection with the examination which
gives me cause to believe that in, any material respect:
accounting recordslvere not kept in accordance with section 130
of the Act or
the accounts do not accord with the accounting records
I have no concems and have come across no other matters in
connection wilh the examination towhich attention should be drawn in
orderto enable a proper understandingoftheaccountsto be reached.
Signature:
Name: J Lewls IAAT).
2DO September 2023