## ## |Protectors Report|||| |---|---|---|---| |Group Report ofthe Trustees|including|Strategic Report|2-11| |Report ofthe Independent
Auditors|||12 - 15| |Statement of Financial Activities|||16-17| |Balance Sheet|||18-19| |Statement ofCash Flows|||20| |Notes to Financial Statements|||21-41| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Charity name|Charity name|Charity name|||Building Communities|Trustee|Trustee|Limited|Limited|Limited||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Charity registration|||number||1164509|||||||| ||||||Linked charities|||||||| ||||||1164509-1—Invest Loca||ITrust|T/A Building Community|||Trust & BCT|| |Company|registration|||number|08916805|||||||| |Registered||office|||Brittania
House|||||||| ||||||Caerphilly
Business Park|||||||| ||||||Caerphilly|||||||| ||||||CF83 3GG|||||||| |Trustees|||||Graham
Benfield (Founding Trustee)|||||—Chair||| ||||||Carol Green
(Founding||Trustee)||- Vice Chair & Chair||Program'me|sub-| ||||||committee|||||||| ||||||Joanne Oak - Chair Finance and General Purposes Committee|||||||| ||||||Professor Kent Matthews|||||||| ||||||Dewi Llwyd Evans|||||||| ||||||Derith Powell|||||||| ||||||Lindsey Williams —Resigned 1|||October 2021||||| ||||||Martin
Blakebrough|||||||| ||||||David Dallimore|||||||| ||||||Dr Eva Elliott|||||||| |Chief Executive|||||Mr CJohnes|||||||| |Key management|||personnel||Mr CJohnes - Chief Executive|||||||| ||||||Mrs M Williams-
Finance Manager|||||||| |Independent||auditors|||Azets Audit Services|||||||| ||||||Chartered
Accountants|&Statutory||||Auditors||| ||||||Ty Derw, Lime Tree Court, Cardiff||||Gate Business Park|||| ||||||Cardiff, CF23 BAB|||||||| |Bankers|||||Unity Trust Bank|||||||| ||||||Brindleyplace|||||||| ||||||9 Brindley Place|||||||| ||||||Birmingham,
B12HB|||||||| |Solicitors|||||Geldards|||||||| ||||||4 Capital Quarter|||||||| ||||||Tyndall Street|||||||| ||||||Cardiff CF104BZ|||||||| |Investment||Managers|||CCLA Investment
Management|||Ltd||||| ||||||COIF Charity
Funds|||||||| ||||||80Cheapside,
London,|EC2V 6DZ||||||| ## ## ## ## ## ## ## ## ## ## ## |||||||Total|Total| |---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|funds|funds| ||||Note|funds|funds|2021|2020| |||||f|f|f|f| |Income and endowments||from:|||||| |Charitable
activities|||||3,501|3,501|3,501| |Investments|||||397,895|397,895|441,056| |Other income|||||14|14|471| |Total income ond endowments|||||401,410|401,410|445,028| |Expenditure
on:|||||||| |Raising funds|||||48,118|48,118|54,680| |Charitable
activities|||||1,780,458|1,780,458|1,451,016| |Total expenditure|||||1,828,576|1,828,576|1,505,696| |Net gains oninvestments|||13||25,374|25,374|51,446| |Ne(t expenditure)|||9||(1,401,792)|(1,401,792)|(1,009,222)| |Reconciliation of Funds|||||||| |Tata I funds brought|forwa|rd|19||14,449,207|14,449,207|15,458,429| |Totalfunds carried|forward||19,20||13,047,415|13,047,415|14,449,207| ## ## ||||||||Total|Total| |---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Restricted|funds|Funds| |||||Note|funds|funds|2021|2020| ||||||E||f|E| |Income and endowments|||from:|||||| |Charitable
activities||||||||| |Investments||||||||| |Other income||||||||| |Total income and|endowments|||||||| |Expenditure
on:||||||||| |Charitable
activities||||||||179| |Total expenditure||||||144||179| |Net movementin|funds|||||(144)|(144)|(179)| |Reconciliation
of|Funds|||||||| |Total funds brought||forward||19||9,552|9,552|9,731| |Total funds carried||forward||19,20||9,409|9,40$|9,552| ## |~Grou|||Note|2021|2020| |---|---|---|---|---|---| |||||F.|E| |Net cash (used in) operating
activities|||26|(1,774,547)|(1,326,958)| |Cash flows from investing
activities:|||||| |Dividends,
interest and rents from investments||||397,895|441,056| |Proceeds from sale of investments||||7,372,670|6,387,862| |Purchase ofproperty,
plant and equipment|||||(7,068)| |Purchase of investments|||||(942,253)| |Net cash provided
by investing
activities||||7,770,565|5,879,597| |Change
in cash and cash equivalents|in the reporting|period||5,996,018|4,552,639| |Cash and cash equivalents
at the beginning ofthe reporting|||||| |period||||5,329,723|777,085| |Cash and cash equivalents
at the end|ofthe reporting|period|26|11,325,741|5,329,724| ## ## ## ## ## ## ## ## ## ## ## ## |IT Equipment|-3years| |---|---| |Fixtures and Fittings|-3years| |Leasehold
Improvements|-3years| ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---|---| |~Grou|||fundsf|funds
f|2021
f|2020
f| |Grant|income|WCVA||3,501|3,501|3,501| |||||3,501|3,501|3,501| ## ||FOR THE YEA|FOR THE YEA|R ENDED 30SEPT|EMBER 2021||| |---|---|---|---|---|---|---| |4.|INCOME FROM INVESTMENTS|||||| ||||Unrestricted|Restricted|Total|Total| ||Garou||fundsf|funds
f|2021
f|2020
f| ||Interest earned on cash|and cash||||| ||instruments|||652|652|3,160| ||Fixed interest from bonds|||296,167|296,167|356,757| ||Dividends from equities|||101,076|101,076|81,139| |||||397,895|397,895|441,056| |5.|INCOME FROM OTHER SOURCES|||||| ||||Unrestricted|Restricted|Total|Total| ||||funds|funds|2021|2020| ||~Grou||f|f||f| ||ILTacting as Fundholder|Fee||||471| |||||14|14|471| |6.|EXPENDITURE ON RAISING FUNDS|||||| ||||Unrestricted|Restncted|Total|Total| ||||funds|funds|2021|2020| ||~Grou|||f|f|f| ||Investment
management|fees||48,118|48,118|54,680| |||||48,118|48,118|54,680| |||||||e O
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C|| ## ## ## |unds Distrib|uted||| |---|---|---|---| |||Total|Total| |||committed|committed| |||to date|to date| |||2021|2020| |Invest local|area|f|| |Caerau||585,702|585,991| |Cefn Golau||966,487|279,666| |Clase||351,006|351,006| |6lyn||216,644|101,500| |Hubberston|and Hakin|491,901|395,285| |Llwynhendy||138,385|138,385| |Maesgeirchen||386,886|386,886| |Penywaun||290,106|290,106| |Phillipstown||207,700|207,700| |Pillgwenlly||288,065|288,064| |Plas Madoc||908,220|506,194| |Trowbridge|and St Mellons|245,530|245,530| |Ynysowen||323,784|290,297| |||5,400,416|4,066,610| ## |Governance
costs||||| |---|---|---|---|---| ||Unrestricted|Restricted|Total|Total| ||funds|funds|2021|2020| |~Grou||E|6|E| |Trustees' expenses||462|462|2,567| |Costs of meetings||788|788|385| |Protector's fees||8,000|8,000|3,548| |Staff costs||21,979|21,979|21,537| |Audit fees||6,180|6,180|6,060| |||37,409|37,409|34,097| ## ## ||Fees for examination|Fees for examination|ofthe accounts||||| |---|---|---|---|---|---|---|---| |||||Unrestricted|Restricted|Total|Total| ||~Grou|||funds|funds|2021|2020| |||||E|E||f| ||Auditors|fee|||6,180|6,180|6,060| ||||||6,180|6,180|6,060| |IL|NET EXPENDITURE FOR||THE YEAR||||| ||This is stated after charging:||||||| |||||||2021|2020| ||~Grou||||||f| ||Operating|leases|||||9,485| ||Depreciation|||||3,438|3,381| ||Auditors|remuneration:|||||| ||Audit fees|||||6,180|6,060| ||FOR THE YEAR ENDED 30|FOR THE YEAR ENDED 30|SEPTEMBER 2021|| |---|---|---|---|---| |10.|ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION||AND EXPENSES, ANO THE COST OF KEY|| ||MANAGEMENT|PERSONNEL||| ||||2021|2020| ||~Grou|||E| ||Wages 8 salaries||266,101|241,913| ||Social security|costs|21,798|19,114| ||Pension costs||23,562|20,771| ||||311,461|281,798| ## ## ## |STAFF NUMBERS|STAFF NUMBERS||||| |---|---|---|---|---|---| |The average|monthly|number ofstaff employed|during the year was as follows:||| |||||Total|Total| |||||2021|2020| |~Grou||||No|No| |Office staff||||9|9| |||||9|| ## |FIXEDASSETS||||| |---|---|---|---|---| |||Leasehold||| ||Fixtures &|improve-|IT|| |Garou|fittings
6|ments
E|Equipment
f|Total
E| |Cost||||| |At 1October 2020|1,490|1,560|35,652|38,702| |Disposals||(1,560)|(11,666)|(13,226)| |At 30September 2021|1,490||23,986|25,476| |Depreciation||||| |At 1October 2020|1,490|1,560|29,217|32,267| |Charge for year|||3,438|3,438| |Disposals||(1,560)|(11,666)|(13'226)| |At 30September 2021|1,490||20,989|22,479| |Net book value||||| |30September 2021|||2,997|2,997| |30September 2020|||6,435|6,435| |tharitg||||| |Cost||||| |At 1October 2020|1,490|1,560|12,666|15,716| |Disposals||(1,560)|(11,666)|(13,226)| |At 30September 2021|1,490||1,000|2,490| |Depreciation||||| |At 1October 2020|1,490|1,560|12,666|15,716| |Disposals||(1,560)|(11,666)|(13,226)| |At 30September 2021|1,490||1,000|2,490| |Net book value||||| |30September 2021||||| |30September 2020||||| ## ## ||2021|2020| |---|---|---| |~Grou|E|E| |Market value 1October 2020|10,372,157|15,766,320| |Investment
additions||942,253| |Investment
disposals|(7,372,670)|(6,387,862)| |Net gain on revaluation|25,374|51,446| |Fair value at 30September 2021|3,024,861|10,372,157| |Cash held on deposit at 30September 2021|11,046,302|5,046,118| |Total investments|14,071,163|15,418,275| |Investments|by type||| |---|---|---|---| |Equity||3,024,861|2,715,367| |Fixed interest|||7,656,790| |Cash||11,046,302|5,046,118| |||14,071,163|15,418,275| ## |A summary
ofthe results|are shown|below:|||| |---|---|---|---|---|---| |||Unrestricted|Restricted|Total funds|Tota I funds| |||funds
f|funds
f|2021f|2020
f| |Income and endowments|from:||||| |Charitable
activities|||3,501|3,501|3,501| |Investments|||397,895|397,895|441,056| |Other|||14|14|471| |Total income and endowments|||401,410|401,410|445,028| |Expenditure
on:|||||| |Raising funds|||48,118|48,118|54,680| |Charitable
activities|||1,780,314|1,780,314|1,450,837| |Total expenditure|||1,828,432|1p828,432|1,505,517| |Net gains on investments|||25,374|25,374|51,446| |Net income/(expenditure)|||(1,401,648)|(1,401,648)|(1,009,043)| |Reconciliation ofFunds|||||| |Total funds brought forward|||14,439,655|14,439,655|15,448,698| |Total funds carried forward|||13,038,007|13,038,007|14,439,655| |Balance Sheet||||2021
f|2020f| |Fixed assets||||2,997|6,435| |investments||||14,071,163|15,418,275| |Debtors||||24,027|9,241| |Cash at bank||||270,030|274,052| |Liabilities||||(1,330,210)|(1,268,348)| |||||13,038,007|14,439,655| |Restricted reserves||||13,038,007|14,439,655| ## ||||FOR THE YEAR END|ED 30SEPTEM|BER2021||| |---|---|---|---|---|---|---|---| |15.|DEBTORS||||||| |||||Group|Group|Charity|Charity| |||||2021f|2020f|2021
f|2020f| ||Prepayments|||2,369|2,949||| ||Accrued income|||21,658|6,292||| |||||24,027|9,241||| |16.|CREDITORS: AMOUNTS|FALLING DUE WITHIN ONE YEAR|||||| |||||Group|Group|Charity|Charity| |||||2021
f|2020
f|2021
f|2020f| ||Trade creditors|||9,491|4,976||| ||Social security and other||taxation|6,551|6,260||| ||Accruals|||14,754|22,320||| ||Funding Commitments|||776,500|1,234,792||| |||||807,296|1,268,348||| |17.|CREDITORS: AMOUNTS|FALLING DUE AFTER MORE THAN ONE|||YEAR||| |||||Group|Group|Charity|Charity| |||||2021f|2020
f|2021|2020
f| ||Funding Commitments|||522p914|||| |||||522,914|||| |18.|FINANCIAL INSTRUMENTS||||||| |||||||2021|2020| ||~Grou|||||f|f| ||Carrying amount offinancial assets||||||| ||Investments
measured||at fair value||14,071,163||15,418,275| ||Charity||||||| ||CarryIng amount offinancial assets||||||| ||Investments
measured||at fair value||||| ## |RESTRIC|TED|FUNDS|||||| |---|---|---|---|---|---|---|---| ||||At||||At 30| ||||1October|||Gains/|September| |~Grou|||2020
E|Income
E|Expendituref|(losses)
f|2021
f| |Big Lottery||fund|10,314,223||(1,776,943)||8,537,280| |Other|Income|||3,515|(3,515)||| |Investment||income|4,134,984|397,895|(48,118)|25,374|4,510,135| ||||14,449,207|401,410|(1,828,576)|25,374|13,047,415| |Charity|||||||| |Big Lottery||fund|9,552||(144)||9,408| ||||9,552||(144)||9,408| |tfgvio~us|ger||||||| ||||At||||At 30| ||||1October|||Gains/|September| |~Grou|||2019
E|Income
E|Expendituref|(losses)
f|2020f| |Big Lottery||fund|11,761,267||(1,447,044)||10,314,223| |Other|Income|||3,972|(3,972)||| |Investment||income|3,697,162|441,056|(54,680)|51,446|4,134,984| ||||15,458,429|445,028|(1,505,696)|51,446|14,449,207| |Charity|||||||| |Big Lottery||fund|9,731||(179)||9,552| ||||9,731||(179)||9,552| ## ||~Grou||Unrestrictedf|Unrestrictedf|Restricted
f|Total
f| |---|---|---|---|---|---|---| ||Fixed assets||||2,997|2,997| ||Investments||||14,071,163|14,071,163| ||Current|assets|||303,465|303,465| ||Current|liabilities|||(807,296)|(807,296)| ||Long term liabilities||||(522,914)|(522,914)| ||||||13,047,415|13,047,415| ||~Charit|||||| ||Current|assets|||9,408|9,408| |||||||9,408| ||||Unrestricted||Restricted|Total| ||~Grou|||f|f|f| ||Fixed assets||||6,435|6,435| ||Investments||||15,418,275|15,418,275| ||Current|assets|||292,845|292,845| ||Current|liabilities|||(1,268,348)|(1,268,348)| ||||||14,449,207|14,449,207| ||Charity|||||| ||Current|assets|||9,552|9,552| ||||||9,552|9,552| |21.|OPERATING LEASES|||||| ||||||Total|Total| ||~Grou||||2021f|2020f| ||Due less|than one year||||3,162| |||||||3,162| |22.|COMPANY|STATUS||||| ## ## ## ## ## ## ## ## |~Grou||Note|2021|2020| |---|---|---|---|---| ||||E|f| |Net income/(expenditure)
for the reporting|period (as|||| |per the Statement of Financial Activities)|||(1,401,792)|(1,009,222)| |Adjustments
for:||||| |Depreciation|||3,438|3,380| |(Gains)/losses
on revalued
fixed assets|||(25,374)|(51,446)| |Dividends,
interest and rents from investments|||(397,895)|(441,056)| |(Increase)/decrease
in debtors|||(14,786)|47,225| |Increase/(decrease)
in creditors|||61,862|124,161| |Net cash (used in) operating
activities|||(1p774,547)|(1,326,958)| |Analysis ofCash and Cash Equivalents||||| |Cash in hand|||279,438|283,604| |Cash held in dealing account||13|11,046,302|5,046,118| |Total Cash and Cash Equivalents|||11,325,740|5,329,722| ## |||||Total| |---|---|---|---|---| |||Unrestricted|Restricted|funds| |~Grou||funds|funds|2020| |||f|E|E| |Income and endowments|from:|||| |Charitable
activities|||3,501|3,501| |Investments|||441,056|441,056| |Other income|||471|471| |Totalincome and endowments|||445,028|445,028| |Expenditure
on:||||| |Raising funds|||54,680|54,680| |Charitable
activities|||1,451,016|1,451,016| |Total expenditure|||1,505,696|1,505,696| |lvet gains on investments|||51,446|51,446| |Net expenditure|||(1,009,222)|(1,009,222)| |Reconciliation ofFunds||||| |Total funds brought forward|||15,458,429|15,458,429| |Totalfunds carried jbrward|||14,449,207|14,449,207| |Charity||||| |Income and endowments|from:|||| |Charitable
activities||||| |Investments||||| |Other income||||| |Totalincome and endowments||||| |Expenditure
on:||||| |Charitable
activities|||179|179| |Total expenditure|||179|179| |Net movementin
funds|||(179)|(179)| |Reconciliation of Funds||||| |Total funds brought forward|||9,731|9,731| |Totalfunds carried forward|||9,552|9,552|