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2023-09-30-accounts

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

REFERENCE AND ADMINISTRATIVE REFERENCE AND ADMINISTRATIVE REFERENCE AND ADMINISTRATIVE REFERENCE AND ADMINISTRATIVE DETAILS
Charity name Building Communities
Trustee		 Limited
Charity registration number 1164509
Linked charities
1164509-1—Invest Local Trust T/A Building Community Trust 8 BCT
Company registration number 08916805
Registered office Britannia House
Caerphilly
Business Park
Caerp hilly
CF833GG
Trustees David Dallimore - Chair
Dr Eva Elliot - Chair Programme sub-committee
Joanne Oak - Chair Finance and General Purposes Committee
Professor Kent Matthews
Dewi Llwyd Evans —Resigned 26October 2023
Hannah
Thorn —Appointed 03		 January 2023
Casy Edwards
-Appointed
03		 January 2023
William Jenkins —Appointed 03January 2023
Martin Blakebrough
Graham
Benfield
Carol Green —Resigned 25August 2023
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
Brindley Place
9Brindley Place
Birmingham,
812HB
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 2023 2022
f E f
Income and endowments from:
Charitable
activities		 7,100 7,100 3,501
Investments 268,652 268,652 52,504
Other income 92 92 389
Totalincome and endowments 275,844 275,844 56,394
Expenditure
on:
Charitable
activities		 2,048,902 2,048,902 1,070,328
Total expenditure 2,048,902 2,048,902 1,070,328
Net (losses)/gains
investments		 on 12 224.295 224.295 ~303,5423
Net expenditure (1,548,763) (1,548,763) (1,317,476)
Reconciliation of Funds
Total funds brought forward 18 11,729,939 11,729,939 13,047,415
Totalfunds carried forward 18,19 10,181,176 10,181,176 11,729,939

Total Total
Unrestricted Restricted funds Funds
Note funds funds 2023 2022
E E E f
Income and endowments from:
Charitable
activities
Investments
Other income
Totalincome
and		 endowments
Expenditure
on:
Charitable
activities		 179 179 179
Total expenditure 179 179 179
Net movementin funds (178) (178) (179)
Reconciliation of Funds
Total funds brought forward 18 9,229 9,229 9,408
Totalfunds carried forward 18,19 9,051 9,051 9,229
BUILDING COMMUNITIES TRUSTEE BUILDING COMMUNITIES TRUSTEE BUILDING COMMUNITIES TRUSTEE LIMITED
CONSOLIDATED BALANCE SNEET
ASAT30SEPTEMBER2023
2023 2022
Note
Fixed assets:
Tangible assets 11 4,386 5,004
Investments 12 11,164,227 12,342,629
11,168,613 12,347,633
Current assets:
Debtors 14 30,302 14,093
Cash at bank and in hand 742,972 651,452
773,274 665,545
Uabilities:
Creditors: Amounts falling due
within one year 15 (1,285,148) (871,961)
Net current (liabilities)/assets (511,874) (206,416)
Total assets less current liabilities 10,656,739 12,141,217
Creditors: Amounts falling due after
more than one year 16 (475,563) (411,278)
Net assets 19 10,181,176 11,729,939
The funds ofthe charity:
Restricted income funds 18 10,181,176 11,729,939
Total charity funds 19 10,181,176 11,729,939

~Grou Note 2023 2022
E E
Net cash (used in) operating
activities		 25 (1,578,249) 1,100,789
Cash flows from investing
activities:
Dividends,
interest and rents from investments		 268,652 52,504
Proceeds from sale ofinvestments 2,932,128
Purchase ofproperty,
plant and equipment		 (1,580) (4,693)
Purchase ofinvestments (2,932,128) (2,000,000)
Net cash provided
by investing
activities		 267,072 (1,952,189)
Change
in cash and cash equivalents		 in the reporting pedod (1,311,177) (3,052,978)
Cash and cash equivalents
at the beginning ofthe reporting
period 8,272,762 11,325,740
Cash and cash equivalents
at the end		 ofthe reporting period 25 6,961,585 8,272,762

Depreciation
is calculated
the useful economic life of		 so as to writ
the asset a
IT Equipment -3years
Fixtures and Fittings -3years
Leasehold
Improvements		 -3years

4. INCOME FROM INVESTMENTS
Unrestricted Restricted Total Total
~Grou fundsf funds
f		 2023f 2022
f
Interest earned on cash and cash
instruments 268,652 268,652 47,910
Dividends
from equities		 4,594
268,652 268,652 52,504
Unrestricted Restricted Total Total
~Charlt funds funds
f		 2023f 2022
f
Interest earned on cash and cash
instruments
5. INCOME FROM OTHER SOURCES
Unrestricted Restricted Total Total
funds funds 2023 2022
~Grou f f f f
Insurance
claim		 389
Event income 92 92
92 92 389
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unds Distrib uted
Total Total
committed committed
to date todate
2023 2022
Invest local area E
Caerau 694,207 656,365
Cefn Golau 966,487 966,487
Clase 444,682 400,404
Glyn 438,886 499,019
Hubberston and Hakin 996,975 590,070
Llwynhendy 345,035 142,385
Maesgeirchen 572,225 572,225
Penywaun 305,856 290,106
Phillipstown 246,006 206,006
Pillgwenlly 303,815 288,065
Plas Madoc 894,997 894,997
Trowbridge and StMellons 936,206 245,530
ynysowen 339,534 323,784
7,484,911 6,075,443

Governance costs
Unrestricted Restricted Total Total
funds funds 2023 2022
~Grou E E f f
Trustees' expenses 832 832 338
Costs ofmeetings 820 820 204
Trustees training 1,650
Trustee recruitment 901 901
ITcosts 308 308
Protector's fees 8,000 8,000 8,000
Staff costs 24,559 24,559 22.331
Audit fees 7,212 7,212 6,324
42,632 42,632 38,847

Fees for examination ofthe accounts
Unrestricted Restricted Total Total
~Grou funds funds 2023 2022
f f f
Auditors fee 7,212 7,212 6,324
7,212 7,212 6,324
8. NET EXPENDITURE FOR THE YEAR
This isstated after charging:
2023 2022
~Grou f f
Operating
leases		 9,834 5,808
Depreciation 2,198 2,686
Auditors
remuneration:
Audit fees 7,212 6,324

MANAGEMENT
PERSONNEL
2023 2022
~Grou E E
Wages &salaries 330p054 272,141
Social security costs 28,148 22,853
Pension costs 18,279 20,925
376,481 315,919

he ave rage monthly
number ofstaff employed		 during the year was as follows:
Total Total
2023 2022
~Grou No No
Office staff 10 9
10 9

Fixtures 8 IT
~Grou Rttings
f		 Equipment
E		 Total
E
Cost
At 1October 2022 1,490 15,411 16,901
Additions 1,580 1,580
Disposals (2,034) (2,034)
At 30September 2023 1,490 14,957 16,447
Depreciation
At 1October 2022 1,490 10,407 11,897
Charge for year 2,198 2,198
Disposals (2,034) (2,034)
At 30September 2023 1,490 10,571 12,061
Net book value
30September 2023 4,386 4,386
30September 2022 5,004 5,004
~Charit
Cost
At 1October 2022 1,490 1,000 2,490
At 30September 2023 1,490 1,000 2,490
Depreciation
At 1October 2022 1,490 1,000 2,490
At 30September 2023 1,490 1,000 2,490
Net book value
30September 2023
30September 2022

2023 2022
Garou E f
Market value 1October 2022 4,721,319 3,024,861
Investment
additions		 2,932,128 2,000,000
Investment
disposals		 (2,932,128)
Net (loss)/gain
on revaluation		 224,295 (303,542)
Fair value at 30September 2023 4,945,614 4,721,319
Cash held on deposit at30September 2023 6,218,613 7,621,310
Total investments 11,164,227 12,342,629
Net cash released from investments was E1,655,000(2022:E1,480,000).
Investments by type
Equity 2,012,324 4,721,319
Fixed interest 2,933,290
Cash 6,218,613 7,621,310
11,164,227 12,342,629

A summary
ofthe results		 are shown below:
Unrestricted Restricted Total funds Total funds
funds funds 2023 2022
E E E f
Income and endowments from:
Charitable
activities		 7,100 7,100 3,501
Investments 268,651 268,651 52,504
Other 92 92 389
Total income and endowments 275,843 275,843 56,394
Expenditure
on:
Charitable
activities		 2,048,723 2,048,723 1,070,149
Total expenditure 2,048,723 2,048,723 1,070,149
Net losses/gains
on investments		 224,295 224,295 (303,542)
Net income/(expenditurej (1,548,585) (1,548,585) (1,317,297)
Reconciliation ofFunds
Totalfunds
brought forward		 11,720,710 11,720,710 13,038,007
Totalfunds carried forward 10,172,125 10,172,125 11,720,710
Balance Sheet 2023 2022
E f
Fixed assets 4,386 5,004
Investments 11,164,227 12,342,629
Debtors 30,302 14,093
Cash at bank 733,921 642,223
Liabilities (1,760,711) (1,283,239)
10,172,125 11,720,710
Restricted reserves 10,172,125 11,709,710
BUILDING COMMUNITIES TRUSTEE LIMITED BUILDING COMMUNITIES TRUSTEE LIMITED BUILDING COMMUNITIES TRUSTEE LIMITED BUILDING COMMUNITIES TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30SEPTEMBER 2023
14. DEBTORS
Group Group Charity Charity
2023 2022 2023 2022
f f f f
Prepayments 2,963 3,103
Accrued income 27,339 10,990
30,302 14,093
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Group Charity Charity
2023 2022 2023 2022
f f f f
rrade creditors 9,907 18,942
Other creditors 1,206
Social security and other taxation 8,166 7,550
Accruals 6,996 6,901
Funding Commitments 1,258,873 838,568
1,285,148 871,961
16. CREDITORS:AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group Group Charity Charity
2023 2022 2023 2022
f f f f
Funding Commitments 475,563 411,278
475,563 411,278
17. FINANCIAL INSTRUMENTS
2023 2022
~Grou f f
Carrying amount offinancial assets
Investments measured at fair value 11,164,227 12,342,629
~Chari
Carrying amount offinancial assets
Investments measured at fair value

F OR THE YEAR ENDED 30SEPTEMB ER2023
18. RESTRICTED FUNDS
At At 30
1October Gains/ September
~Grou 2022
E		 Income
E		 Expenditure
E		 (losses) 2023f
Big Lottery fund 7,470,842 (2,041,710) 5,429,132
Other Income 7,192 (7,192)
Investment income 4,259,097 268,652 224,295 4,752,044
11,729,939 275,844 (2,048,902) 224,295 10,181,176
Charity
Big Lottery fund 9,229 (179) 9,051
9,229 (179) 9,051
~pr vi ~se r
At At 30
1October Gains/ September
~Grou 2021
E		 Income
f		 Expenditure
f		 (losses)
f		 2022
f
Big Lottery fund 8,537,280 (1,066,438) 7,470,842
Other Income 3,890 (3,890)
Investment income 4,510,135 52,504 (303,542) 4,259,097
13,047,415 56,394 (1,070,328) (303,542) 11,729,939
tharitE
Big Lottery fund 9,408 (179) 9,229
9,408 (179) 9,229

19. ANALYSIS OF NET ASSETS BETWEEN FUN DS
Unrestricted Restricted Total
~Grou E f f
Fixed assets 4,386 4,386
Investments 11,164,227 11,164,227
Current assets 773,274 773,274
Current liabilities 1,285,148 1,285,148
Long term liabilities 475,563 475,563
10,181,176 10,181,176
~Chari
Current assets 9,051 9,051
9,051 9,051
Unrestricted Restricted Total
~Grou f f f
Fixed assets 5,004 5,004
Investments 12,342,629 12,342,629
Current assets 665,545 665,545
Current liabilities (871,961) (871,961)
Long term liabilities (411,278) (411,278)
11,729,939 11,729,939
~Charit
Current assets 9,229 9,229
9,229 9,229
20. OPERATING LEASES
Total Total
~Grou 2023f 2022
f
Due less than one year 7,834
7,834

RECONCILIATION
OF NET INCOME/(EXPENDITURE)		 TO NET CASH FLOW FROM OPERATING ACTIVITIES
~Grou Note 2023 2022
E E
Net income/(expenditure)
for the reporting		 period (as
per the Statement ofFinancial Activities) (1,548,763) (1,317,476)
Adjustments for.
Depreciation 2,198 2,686
(Gains)/losses
on revalued
fixed assets		 (224,295) 303,542
Dividends,
interest and rents from investments		 (268,652) (52,504)
(Increase)/decrease
in debtors		 (16,209) 9,934
Increase/(decrease)
in creditors		 477,472 (46,971)
Net cash (used in) operating
activities		 (1,578,249) (1,100,789)
Analysis ofCash and Cash Equivalents
Cash in hand 742,972 651,452
Cash held in dealing account 12 6,218,613 7,621,310
Total Cash and Cash Equivalents 6,961,585 8,272,762

Total
Unrestricted Restricted funds
funds funds 2022
~Grou f f f
Income and endowments from:
Charitable
activities		 3,501 3,501
Investments 52,504 52,504
Other income 389 389
Totalincome and endowments 56,394 56,394
Expenditure on:
Raising funds
Charitable
activities		 1,070,328 1,070,328
Total expenditure 1,070,328 1,070,328
Net (losses)/gains on investments ~353,542) )3D3,542)
Net expenditure) (1,317,476) (1,317,476)
Reconciliation
of		 Funds
Total funds brought forward 13,047,415 13,047,415
Totalfunds carried forward 11,729,939 11,729,939
Charity
Income and endowments from:
Charitable
activities
Investments
Other income
Total income and endowments
Expenditure
on:
Charitable
activities		 179 179
Total expenditure 179 179
Net movement
in		 funds (179) (179)
Reconciliation
of		 Funds
Total funds brought forward 9,408 9,408
Totalfunds carried forword 9,229 9,229