2023-03-31-accounts - Awen Cultural Trust

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Report ofthe Trustees incorporating	the Strategic Report
Report ofthe Independent Auditors
Statement of Financial Activities
Balance Sheet
Statement ofCash Flows
Notes to Financial Statements

	FO	R	THE Y	EAR ENDED 31MARCH 2023
Case Study
Creating awelcoming community	space			Monday crafting group —Pyle Library
				Sam, a member ofthe local community, saw a need for a
				social, practicalactivity for people tojoin in with. The
				library worked in partnership with Sam to offer the space,
				and storage to the group for free. This is her testimony
				about the benefits ofthe group:
				"The ladies that have taken part have made lasting
				friendships, this was important to some when Covid
				closed many things and isolated lots ofpeople. The
				friendships that were made allowed each other to have
				contact throughout and when able they have had days ou
				together.
				lt has been evident that craft has helped with the mental
				health ofmembers as they have started and not said
				much to begin and as time progressed that have shared
				ideas and helped others with the crafts that we have done
				or share new skills that others have not done.
				Skills and crafts that have been almost forgotten have
				been taught to other members ofthe community so they
				can be kept alive and keep being shared for many years to
"This one ofthe 3groups Iattendin		Pyle		come.
Library, the croft group on a Monday		has		When planning future classes, the whole group share thei
been life changing.				ideas and say what other things they would like to do.
8efore Iattended the Monday group		It		Once things have been made and finished, we have given
took acouple ofmonths ofplanning		to		them to the centre so they can decorate. Other items that
leave the house; Isuffer with anxiety		and		have been made have been donated to Porthcawi
PDSDand had spent nearly two years				Museum to sell and raise funds as well as to help the
confined tothe house.				premises to look festive.
The library has become asafe placefor me.				The community and further afield have something to look
The group has enabled me tomake some				forward to each week and have lasting friendships that
new friends; Inow attend other groups the village and recently was successful			in in	have allowed them to access other things and have someone to share time with outside ofthe group. "
becoming alocal councillor.
From a64year old woman never	leaving			Sam —Group Leader
the house Ihave become an independent
growing 66year old woman.
Thestaff and welcoming envimnment Pyle library issecond tonone. "			at
Sue - Participant

Name:		Awen Cultural Trust
Charity number:		1166908
Company	number:	09610991
Registered	Office:	Stable Offices, Bryngarw	Park, Brynmenyn,	Bridgend, CF32 BUU
Advisers
Auditors:		Azets Audit Services, Ty	Deiw, Lime Tree Court, Cardiff Gate Business Park, CF23 BAB
Bankers:		Barelays Bank, 1-6Pocketts Wharf, Maritime			Quarter, Swansea, SA13XL
Solicitors:		Blake Morgan, One Central Square, Cardiff,			CF101FS

						Total	Total
				Unrestricted	Restricted	funds	funds
			Note	funds	funds	2023	2022
				E	E	6	f
Income and endowments		from:
Donations and legacies			3	14,851		14,851	4,186
Charitable activities			4	4,555,217	573,169	5,128,386	4,813,498
Investment income			5	13,467		13,467	9,285
Other trading activities			11	1,566,917		1,566,917	1,055,633
Total income and endowments				6,150,452	573,169	6,723,621	5,882,602
Expenditure on:
Raising funds				5,406		5,406
Charitable activities				5,781,741	209,311	5,991,052	4,956,402
Awen Trading Limited				1,279,267		1,279,267	875,601
Total expenditure				7,066,414	209,311	7,275,725	5,832,003
Losses on investments				(29,535)		(29,535)
Net income				(945,497)	363,858	(581,6391	50,599
Transfers between funds			18,19	447,745	(447,745)
Other recognised losses:
Actuarial gains/(losses)	on	defined
benefit pension schemes			19,24	3,220,000		3,220,000	1,090,000
Net movement infunds				2,722,248	(83,887)	2,638,361	1,140,599
Reconciliation of Funds
Total funds brought forward			18,19	688'636	636,137	1,324,773	184,174
Totalfunds carriedforward			19,20	3,410'884	552,250	3,963,134	1,324,773

						Total	Total
				Unrestricted	Restricted	funds	funds
				funds	funds	2023	2022
			Note
				E	E	E	E
Income and endowments		from:
Donations and legacies				14,851		14,851	4,186
Charitable activities				4,866,997	573,169	5,440,166	4,952,735
Investment income				13,467		13,467	9,285
Total income and endowments				4,895,315	573,169	5,468,484	4,966,206
Expenditure on:
Raising funds				5,406		5,406
Charitable activities				5,808,383	209,311	6,017,694	4,956,402
Total expenditure				5,813,789	209,311	6p023,100	4,956,402
Gains/losses on Investments				(29,535)		(29,535)	9,804
Net income				(948,009)	363,858	(584,151)	1,099,804
Transfers between funds			18,19	447,745	(447,745)
Other recognised losses:
Actuarial gains/(losses)	on	defined
benefit pension schemes			19,25	3,220,000		3,220,000	1,090,000
Net movement in funds				2,719,736	(83,887)	2,635,849	1,099,804
Reconciliation of Funds
Total funds brought forward			18,19	723,931	636,137	1,360,068	260,264
Totolfunds carried forward			19,20	3,443,667	552,250	3,995,917	1,360,068

		AWEN CULTURAL	AWEN CULTURAL	AWEN CULTURAL	TRUST
		BAlANCE SHEET		-CONSOLIDATED
			AS AT31MARCH		2023
					202$		2022
			Note	E
Fixed assets:
Tangible assets Intangible assets			10 11			1,916,751 4,090		1,668,686 6,927
Investments			12			766,564
						2,6$7,205		1,675,613
Current assets:
Stocks				42,119			43,259
Investments			13	1,099,71,0
Debtors			14	1,708,1$5			238,150
Cash at bank and in	hand			713577			BD56,459
				$,56S,341			4,867468
Uabgities:
Creditors: Amounts	falling due within
one year			15	(2,162,068)			(2,236,274)
Net current assets						1,401,27$		2,631,594
Total assets less current liabilities						4,0$8,478		4,307,207
Creditors: Amounts more than one year Net assets exdudlng	falling due after pension goblllty		16			(125,344) 3,96$,134		(164,434) 4,142,773
Defined benefit pension scheme		liability	24					(2,818,000)
Total net liabilities						5.963,134
The funds ofthe group: Restricted income funds						552,250		636,137
unrestricted funds
General fund			19	672,943			561,709
Designated fund Pension reserve			19 24	2,737,941			2,944,927 (2,818,000)
						3,410,884		688,636
Total group funds			20			$.$6$,154		1,324,773

						Note	2023	2022
								E
Net cash provided by operating activities						24	(1,487,278)	1,022,024
Cosh flows from investing	activities:
Dividends, interest and rents from investments						5	13,467	9,285
Purchase of property plant	and equipment					10	(500,213)	(622,344)
Purchase of investments						11	(1,$69,308)
Net cash used in investing	activities						(2,356,054)	(613,059)
Cash flows from financing	activities:
Repayments ofborrowing							(3,448)	(1,602)
Cash inflows from new borrowing								42,030
Net cash used in investing	activities						(3,448)	40,428
Change in cash and cash equivalents		in the	reporting	period			(3,846,780)	449,393
Cash and cash equivalents	at the beginning		ofthe reporting		period	23	4,586,459	4,137,066
Cash and cash equivalents	at the end	ofthe reporting		period		23	739,679	4,586,459

	Unrestdcted	Restricted	Total	Total
	funds	funds	2023	2022
~Grou	E	E	E	E
Donations	14,851		14,851	4,186
	14,851		14,851	4,186
Charity
Donations	14,851		14,851	4,186
	14,851		14,851	4,186

INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES
						Unrestricted	Restricted	Total	Total
						funds	funds	2023	2022
~Grou							E	E	E
Contract income						26,736	110,000	136,736	24,615
Grants						40,230	463,169	503,399	826,837
Hire and rental income						135,419		135,419	72,131
Library income						14,083		14,083	10,293
Management	fee					3,569,779		3,569,779	3,304,342
Membership						865		865	450
Car park income						63,437		63,437	79,892
Sundry						59,709		59,709	59,417
Sale ofgoods						8$,393		83,393	76,405
Ticket sales						561,565		561,565	359,116
						4,555,217	573,169	5,128,386	4,813,498
Grants include:
Architectural	Heritage								5,000
Arts Ik Business Cymru						875		875
Arts Council	ofWales —Various								227,865
Aura Leisure	and	Libraries			Ltd	1,500		1,500
BAVO						2,650		2,650	7,922
Books4U						31,942		31,942	28,725
Bridgend County		Borough			Council		187,061	187,061	296,665
Cardiff City	Borough		Council				1,973	1,973	2,654
Cwmpas						1,963		1,963
Heritage Lottery		Fund					62,237	62,237
HMRC Coronavirus			Job	retention
Scheme									3,390
KCooks									1,000
Literature Wales						550		550
Pobi							1,000	1,000
Purcell									12,000
Pyle Community		Council				450		450
VOL									30,878
WCVA							5,000	5,000
Welsh Government							205,898	205,898	210,738
Ynysawdre	Community			Council		300		300
						40,230	463,169	503,399	826,837
								Total	Total
								2023	2022
								E	E
Income is attributable				to:
Parks and work based				projects				541,790	517,884
Central								3,082,149	3,279,918
Community	centres							46,014	17,637
Libraries								346,025	354,767
Venues								2,707,643	1,709,696
								6,723,631	5,882,602

						Unrestricted	Restdcted	Total	Total
						funds	funds	2023	2022
Charity						E	f		f
Contract income						51,614	110,000	161,614	41,968
Grants						40,230	463,169	503,400	826,837
Hire and rental income						379,886		379,886	182,075
Library income						14,083		14,083	10,293
Management	fee					3,569,779		3,569,779	3,304,342
Membership						865		865	450
Car park income						63,438		63,438	79,892
Sundry						64,697		64,697	71,357
Sale ofgoods						120,840		120,840	76,405
Ticket sales						561,565		561,565	359,116
						4,866,997	573,169	5,440,166	4,952,735
Grants include:
Architectural	Heritage								5,000
Arts & Business Cymru						875		875
Arts Council	ofWales- Various								227,865
Aura Leisure	and	Libraries			Ltd	1,500		1,500
BAVO						2,650		2,650	7,922
Books4U						31,942		31,942	28,725
Bridgend County		Borough Council					187,061	187,061	296,665
Cardiff City	Borough		Council				1,973	1,973	2,654
Cwmpas						1,963		1,963
Heritage Lottery		Fund					62,237	62,237
HMRC Coronavirus			Job retention
Scheme									3,390
KCooks									1,000
Literature Wales						550		550
Pobl							1,000	1,000
Purcell									12,000
Pyle Community		Council				450		450
VOL									30,878
WCVA							5,000	5,000
Welsh Government							205,898	205,898	210,738
Ynysawdre	Community			Council		300		300
						40,230	463,169	503,399	826,837
								Total	Total
								2023	2022
								E	E
Income is attributable to:
Parks and work based projects								541,790	517,884
Central								3,393,930	3,279,918
Community	centres							46,014	17,637
Libraries								346,024	354,767
Venues								1,140,726	796,000
								5,468,484	4,966,206

S.	INVES	TM	EN	T INCOME
						Unrestricted	Restricted	Total	Total
						funds	funds	2023	2022
	Grou	and		char				E	E
	Bank	interest				12,451		12,451	9,285
	Dividend		income			1,016		1,016
						13,467		13,467	9,285
6.	RAISING		FUNDS
						Unrestricted	Restricted	Total	Total
						funds	funds	2023	2022
	~rgis~n~hrity					E		E	E
	Investment			management	fees	5,406		5,406
						5,406		5,406

						Total	Total
			Direct	Support	Governance	2023	2022
~Grou						E	E
Artists and theatre		costs	373,779			373,779	261,079
Audit and accountancy					10,183	10,183	9,000
Bad debts			2,806	(26)		2,780	991
Bank charges			15,550	3,547		19,097	13,562
Cleaning			108,187	(95)		108,092	87,989
Depreciation			215,728	8,992		224,720	273,837
Events and arts activities			149,313			149,313	65,249
Goods for resale			30,487			30,487	36,715
Grants			667			667	28,333
Heat and light			189,660			189,660	166,261
Insurance			1,440	42,393		43,833	38,890
Irrecoverable	VAT		3,239	50,456		53,695	21,969
ITand Telephone			42,229	51,730		93,959	89,643
Library books	and	periodicals	202,611			202,611	206,321
Motor costs			15,871			15,871	11,327
Pension finance costs			73,000			73,000	71,000
Printing, post	and	stationery	8,293	2,929		11.222	8,002
Professional fees			44,697	332,962		377,659	108,440
Repairs, renewals		and
maintenance			265,489	4,769		270,258	219,290
Recruitment and marketing			61,651	48,786		110,437	89,931
Rent and rates			21,750	132		21,882	56,002
Staff costs			2,514,380	965,149		3,479,529	2,996,776
Staff training			1,968	55,789		57,757	37,956
Subscriptions	and	licenses	8,565	4,601		13,166	14,047
Sundry			4p915	14		4,929	3,644
Sundry tools	and	equipment	16,319	1,564		17,883	18,386
Ticket costs			22,397			22,397	14,794
Travelling			4,923	7,263		12,186	6,968
			4,399,914	1,580,955	10,183	5,991,052	4,956,402

XPENDITUR	E	ON CHARITAB	LE ACTIVITIES (continued)
				Total	Total
~Grou				2023	2022
				E
Expenditure		isattdbutable	to:
Parks and work based projects				873,543	634,192
Central				2,001,681	1,435,834
Community	centres			66,692	83,087
Libraries				1,461,503	1,250,812
Venues				1,593,039	1,552,477
Awen Trading		Limited		1,279,267	875,601
				7,275,725	5,832,003
Charity
Expenditure		is attributable	to:
Parks and work based projects				900,185	634,192
Central				2,001,681	1,435,834
Community	centres			66,692	83,087
Libraries				1,461,503	1,250,812
Venues				1,593,039	1,552,477
				6,023,100	4,956,402

he charity paid grants to the following institutions during the	period:
~Gd h	2023 f	2022 E
Bridgend Youth Theatre	667	13333
It's My Shout -Short Film Training Scheme		15,000
	667	28,333

	Total	Total
	2023	2022
~Grou		E
Wages and salaries	3,316,603	2,643,665
Social security costs	259,378	207,618
Defined benefit pension costs	507,000	570,000
Other pension costs	108,092	80,974
	4,191,073	3,502,257
	Total	Total
	2023	2022
Char(ty	E	E
Wages and salaries	2,643,014	2,175,729
Social security costs	235,720	182,287
Defined benefit pension costs	507,000	570,000
Other pension costs	93,794	68,760
	3,479,528	2,996,776

he number ofemployees whose annual remunerat	ion wasf60,000or more were:
	Total	Total
666dC h	2023 E	2022 E
E60,000 - E69,999
E80,000 - E89,999
690,000 - E100,000

	2023	2022
Group	No.	No.
Park and work based projects	16	14
Central	26	19
Libraries	64	57
Venues	40	55
Trading	57
	203	145
	2023	2022
Charity	No.	No.
Park and work based projects	16	14
Central	26	19
Libraries	64	57
Venues	40	55
	146	145

	2023	2022
Group	No.	No.
Park and work based projects	11	12
Central	25	19
Libraries	35	33
Venues	16	11
Trading	13
		75
	2023	2022
Charity	No.	No.
Park and work based projects	11	12
Central	25	19
Libraries	35	33
Venues	16	11
	87	75

ANGIBLE FIXEDASSETS
	Equipment
	and fixtures	Property
~Grou	and fittings	improvements	Motor	Total
	E	E	6	E
Cost
At 1April 2022	782,574	1,422,354	65,397	2,270,325
Additions	292,534	194,062	13,617	500,213
Disposals	(4,900)			(4,900)
At 31March 2023	1,070,208	1,616,416	79,014	2,765,638
Depreciation
At 1April 2022	288,584	275,751	37,304	601,639
Charge forthe year	108,615	125,068	14,660	248,344
Disposals	(1,095)			(1,095)
At 31March 2023	396,104	400,819	51,964	848,887
Net book value
At 31March 2023	674,104	1,215,597	27,050	1,916,751
At 31March 2022	493,990	1,146,603	28,093	1,668,686
	Equipment
	and fixtures	Property
Charity	and fittings	improvements	Motor	Total
	f	E		E
Cost
At 1April 2022	706,153	1,325,174	65,397	2,096,724
Additions	281,190	194p062	13,617	488,869
At 31March 2023	987,343	1,519,236	79,014	2,585,593
Depreciation
At 1April 2022	266,044	268,781	37,304	572,129
Charge for the year	83,576	125,069	14,660	223,305
At 31March 2023	349,620	393,850	51,964	795,434
Net book value
At 31March 2023	637,723	1,125,386	27,050	1,790,159
At 31March 2022	440,109	1,056,393	28,093	1,524,595

NTANGIBLE FIXEDASSETS
	Website
Garou	costs	Total
	E	E
Cost
At 1April 2022	14,185	14,185
At 31March 2023	14,185	14,185
Depreciation
At 1April 2022	7,258	7,258
Charge forthe year	2,837	2,837
At 31March 2023	10,095	10,095
Net book value
At 31March 2023	4,090	4,090
At 31March 2022	6,927	6,927
Charity
Cost
At 1April 2022	7,075	7,075
At 31March 2023	7,075	7,075
Depreciation
At 1April 2022	2,830	2,830
Charge for the year	1,415	1,415
At 31March 2023	4,245	4,245
Net book value
At 31March 2023	2,830	2,830
At 31 March 2022	4,245	4,245

		Listed	Cash Held in
Garou		Investments	Portfolio	Total
		E	E	E
8/F
Additions		769,598		769,598
Cash Movement			26,301	26,301
Valuation	Charges	(29,535)		(29,535)
		740,063	26,301	766,364

		Investments
		in Group	Listed	Cash Held in
Charity		Undertakings	Investments	Portfolio	Total
		E	E	E	E
8/F					1
Additions			769,598		769,598
Cash Movement				26,301	26,301
Valuation	Charges		(29,535)		(29,535)
			740,063	26,301	766,365

he results ofthe compa	ny for the year en	ded 31March	2023 can be foun	d below:
		202$	202$	2022	2022
		E	E	f	f
Profit and Loss Account
Turnover			1,59$,559		1,055,633
Administrative expenses			(1,591,046)		(1,014,835)
Operating profit/ (loss)			2,51$		40,798
Statement ofChanges	in Equity
Balance brought forward			($5,290)		(76,089)
Profit/ (loss) and total comprehensive
income for the period			2,513		40,798
Balance carried forward			(32,777)		(35,291)
Balance Sheet
Fixed assets:
Tangible assets			126,591		144,091
Intangible assets			1,260		2,682
			127p851		146,773
Current assets:
Stock		26,957		29,959
Debtors		4,601		67,529
Cash at bank and in hand		176,582		268,209
		208,140		365,697
Current liabilities:
Trade creditors		21,252		47,168
Amount due to parent		12,954		47,923
Taxation and Social security		28,173		5,957
Other creditors		181,045		282,278
		243,424		383,326
Net current assets			(35,284)		(17,629)
Total assets less current liabilities			92,567		129,144
Creditors: amounts falling due after
more than one year			(125,344)		(164,434)
Net assets! (liabilities)			327,777		(35,290)
Capital and Reserves:
Called up share capital			1		1
Profit and loss reserves			(32,778)		(35,291)
			(32,777)		(35,290)

G~dd	G~dd	Deposits held to Maturity
		6
Balance	B/F
Amounts	invested	1,099,700
Fee reserve		10
Amounts	C/F	1,099,710

DEBTORS
		Total	Total
Garou		2023 E	2022f
Trade debtors		1,373,931	150,457
Prepayments	and accrued income	333,984	87,492
Other debtors		221	201
		1,708,135	238,150
Charity
Trade debtors		1,371,601	149,159
Amounts owed by group undertakings		12,954	47,923
Prepayments	and accrued income	331,713	83,844
Other debtors		221	201
		1,716,488	281,127

CREDITORS: AMOUNTS
	Total	Total
~Grou	2023 E	2022f
Trade creditors	337,578	277,006
Accruals	308,955	372,844
Deferred income	1,367,185	1,375,900
Taxation and social security	103,104	133,774
Other creditors	30,158	65,641
Loan	15,088	11,109
	2,162,068	2,236,274

Trade creditors	Trade creditors		316,326	229,838
Accruals	and deferred	income	276,790	333,264
Deferred	income		1,233,392	1,144,311
Taxation	and social security		78,322	190,400
Other creditors			26I767	65,641
			1,931,597	1,963,454

					2023	2022
Garou					E	E
WCVA	Loan				56,512	63,939
Deferred		income			68,832	100,495
					125,344	164,434
Grou	-loans		due in	&1 ear	2023f	2022 E
Amounts		due	2-5 years		50,460	52,545
Amounts		due	&5years		6,052	11,394
					56,512	63,939

				2023	2022
Grou	-deferred		income due in &1 ear	E	f
Amounts		due 2-5 years		68,832	100,495
				68,832	100,495

					Catering lk
			Grant	Manage-	wedding	Total	Total
Garou		Ticket sales f	income f	rnent feef	incomef	2023 f	2022 f
Balances as at 1April
2022		165,376	97,367	878,565	335,087	1,476,395	1,300,639
Income received	in the
year		607,947	459,040	3,658,472	1,026,040	5,751,499	3,792,491
Released to income		(561,565)	(503,400)	(3,569,779)	(1,157,135)	(5,791,879)	(3,616,735)
Balance as at31March 2023		211,758	53,007	967,258	203,992	1,436,015	1,476,395
Charity
Balances as at 1	April
2022		165,376	97,367	878,565	3,003	1,144,311	928,993
Income received	in the
year		607,947	459,040	3,658,472	378,250	5,103,709	4,887,688
Released to income		(561,565)	(503,400)	(3,569,779)	(379,886)	(5,014,630)	(4,672,370)
Balance as at 31March 2023		211,758	53,007	967,258	1,367	1,233,390	1,144,311

RESTRICT	ED FUNDS
		Asat				Balance at
		1April				31March
		2022	Income	Expenditure	Transfers	2023
QrrIR3Lnn;bsLr~i			E	E	E	E
Bridgend	County Borough
Council		105,500	297,061	(139,101)	(210,000)	53,460
Cardiff Council			1,973	(1,973)
Garfield	Weston	200,000				200,000
Heritage	Lottery Fund		62,237	(62,237)
Maesteg	Town Council	40,000				40,000
Oakdale	Trust	1,500				1,500
Pobl			1,000	(1,000)
WCVA			5,000	(5,000)
Welsh Government		289,137	205,998		(237,745)	257,290
		636,137	573,169	(209,311)	(447,745)	552,250

				As at				Balance at
				1April				31March
				2021	Income	Expenditure	Transfers	2022
d	Ch				E	E	E	f
Architectural	Heritage		Fund		5,000	(5,000)
Arts Council	ofWales—
Various				31,847	227,865	(216,045)	(43,667)
Bridgend County Borough
Council				72,716	296,665	(229,679)	(34,202)	105,500
Garfield Weston				311,029			(111,029)	200,000
HMRC Coronavirus		Job
Retention	Scheme				3,390	(3,390)
Maesteg Town Council				40,000				40,000
Millennium	Stadium	Trust		7,500			(7,500)
Oakdale Trust				1,500				1,500
Purcell					12,000	(12,000)
VOL Welsh Government				250,000	30,878 210,738	«7,7DIl	(30,878) (163,901)	289,137
				714,592	786,536	(473,814)	(391,177)	636,137

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							Actuarial
							losses on
		Balance at					defined
		1April					benefit	Balance at
		2021					pension	31March
~Grou			Income f	Expenditure	f	Transfers f	schemef	2022f
General fund		545,102	5,096,066	(4,418,292)		(661,167)		561,709
Pension deficit		(3,448,000)		(460,000)			1,090,000	(2,818,000)
Designated funds:
ITdevelopment	fund	19,314						19,314
Project development
fund		50,000						50,000
Property asset
development	fund	95,000						95,000
Grand Pavilion		200,000						200,000
Maesteg Town Hall		160,000						160,000
Bryngarw House		100,000				50,000		150,000
Fixed asset fund		1,348,166		(294,897)		622,344		1,675,613
Covid-19 recovery
fund		300,000		(150,000)				150,000
Sustainable energy
fund		100,000		(35,000)				65,000
Job Evaluation						100,000		100,000
8-Leaf						280,000		280,000
		(530,418)	5,096,066	(5,358,189)		391,177	1,090,000	688,636
Charity
General fund		639,807	4,179,670	(3,563,751)		(511,950)		743,776
Pension deficit		(3,448,000)		(460,000)			1,090,000	(2,818,000)
Designated funds:
ITdevelopment	fund	19,314						19,314
Project development
fund		50,000						50,000
Property asset
development	fund	95,000						95,000
Grand Pavilion		200,000						200,000
Maesteg Town	Hall	160,000						160,000
Bryngarw House		100,000				50,000		150,000
Fixed asset fund		1,329,551		(273,837)		473,127		1,528,841
Covid-19 recovery
fund		300,000		(150,000)				150,000
Sustainable energy
fund		100,000		(35,000)				65,000
Job Evaluation						100,000		100,000
8-Leaf						280,000		280,000
		(454,328)	4,179,670	(4,482,588)		391,177	1,090,000	723,931

			Unrestricted	Designated	Restricted	Total
~Grou			funds	funds	funds	2023
			E	E	E	E
Fixed and intangible		assets		1,920,841		1,920,841
Investments			766,364			766,364
Current	assets		2,193,991	817,100	552,250	3,563,341
Current	liabilities		(2,162,068)			(2,162,068)
Creditors	due &1year		(125,344)			(125,344)
Pension	surplus
			672,943	2,737,941	552,250	5,477,134
Charity
Fixed and intangible		assets		1,792,989		1,792,989
Investments			766,365			766,365
Current	assets		1,992,875	823,035	552,250	3,368,160
Current	liabilities		(1,931,597)			(1,931,597)
Pension	surplus
			827,643	2,616,024	552,250	3,995,917
			Unrestricted	Designated	Restricted	Total
~Grou			funds	funds	funds	2022
			f	f	f	f
Fixed and intangible		assets		1,675,613		1,675,613
Current	assets		2,962,417	1,269,314	636,137	4,867,868
Current	liabilities		(2,236,274)			(2,236,274)
Creditors due &1year			(164,434)			(164,434)
Pension	deficit		(2,818,000)			(2,818,000)
			(2,256,291)	2,944,927	636,137	1,324,773
tharitg
Fixed and intangible		assets		1,528,840		1,528,840
Investments				1		1
Current	assets		2,707,230	1,269,314	636,137	4,612,681
Current	liabilities		(1,963,454)			(1,963,454)
Pension	deficit		(2,818,000)			(2,818,000)
			(2,074,224)	2,798,155	636,137	1,360,068

he following operating leases were in place as at	31March 2023:
~Gd Ch	Total 2023	Total 2022
	E	E
Due less than one year	4,622	7,790
Due two to five years	802	5,487
	5,425	13,277

RECONCILIATION OF NET MOVEMENT	RECONCILIATION OF NET MOVEMENT	IN FUNDS TO NET CASH FLOW	IN FUNDS TO NET CASH FLOW	FROM OPERATING	FROM OPERATING
ACTIVITIES
~Grou				2023	2022
				E	E
Net income for the reporting period				2,638,361	1,140,599
Adjustments for:
Depreciation charges				248,344	292,060
Amortisation				2,837	2,837
(Increase)/decrease in stocks				1,140	(23,930)
(Increase)/decrease in debtors				(1,469,985)	(38,233)
Increase/(decrease) in creditors				(2,927,848)	(342,024)
Dividends, interest and rents from investments				(13,467)	(9,285)
(Gains)/loss on disposal offixed assets				3,805
(Gains)/loss on disposal of investments				29,535
Net cash provided by operating	activities			(1,487,278)	1,022,024
Ana sis of Cash and Cash E uivalents
Cash in hand				713,377	4,586,459
Cash held in investment portfolio				26,301
Total Cash and Cash Equivalents				739,678	4,586,459
Anal sisofchan es in net debt
			At 1April	Cash-flows	Asat31
			2022f		March 2023 E
Cash Other loans falling due( more than 1 Other loans falling due)1year		year	4,586,459 (11,109) (63,939)	(3,873,082) (3,979) 7,427	713,377 (15,088) (56,512)
			4,511,411	(3,869,634)	641,777

Date ofthe last full actuarial	valuations	valuations	ofthe employer's	LGPS funded	benefits	31March 2019
Expected employer contributions		next	year (EM)			0.214
Duration ofliabilities						25.3years
Discount rate				4.60	2.70	2.10
CPI Inflation				2.60	2.90	2.60
Pension increases				2.60	2.90	2.60
Pension accounts revaluation	rate			2.60	2.90	2.60
Salary increases				3.85	4.15	3.85

				'31March:2023	31Mrarch 2022
Males
Member aged 65at accounting	date			21.6	21.6
Member aged 45at accounting	date			22.9	22.6
Females
Member aged 65at accounting	date			24.2	23.9
Member aged 45at accounting	date			25.7	25.4
Equities		69.2	7.835	67.5	8.091
Property		6.8	0.770	0.0	0.000
Government bonds		10.3	1.166	11.6	1.391
Corporate bonds		12.2	1.381	12.7	1.523
Multi asset credit		0.0	0.000	7.3	0.875
Cash		0.8	0.091	0.6	0.072
Other		0.7	0.079	0.3	0.036
		100.0	11.322	100.0	11.988

Fair value ofassets		11.322	11.988
Present value offunded	defined benefit obligation	9.808	14.806
Funded status		1.514	(2.818)
Restriction on scheme	assets	(1.514)
Asset/(liability) recognised on the balance sheet			(2.818)

Active members	669o
Deferred Pensioners	13'Yo
Pensioners	219o

Amopnts reco/fn(sed in	income statement	income statement	income statement		Pei(od ending,	Pei(od ending,	pe~ri	deeding
					8$%larchrZ028 =31Iiriarcli 2)I22- @Mj,--; ' gQ)
Operating cost
Current service cost						0.507		0.570
Past service cost						0.000		0.000
Curtailment cost						0.000		0.000
Financing cost
Interest on net defined	benefit liability/(asset)					0.073		0.071
Pension expense recognised		in profit and loss				0.580		0.641
Allowance for administration		expenses	included	in	Current	0.006		0.006
Service Cost
''4ecogri'sad to: -"ercom '~x'n'siija2				"„''"e"'-,":-'-„, ' ''		iitl "' (ci"-'-'gr	",'" '	if" ((I'-
Asset gains/(losses) arising during the			period			(0.970)		(0.233)
Actuarial gains/(losses)	due	to changes	in financial
assumptions						6.192
Actuarial gains/(losses)	due	to changes	in demographic
assumptions						0.036
Actuarial gains/(losses)	due	to liability	experience			(0.524)		1.323
Adjustment in respect	ofparagraph 28.22					(1.514)
Total amount recognised in other comprehensive					income	3.220		1.090

Opening defined benefit obligation	Opening defined benefit obligation		14.806	15.385
Current service cost			0.507	0.570
Interest expense on defined benefit obligation			0.397	0.322
Contributions by participants			0.085	0.086
Actuarial (gains)/losses due to	changes	in financial
assumptions			(6J,92)
Actuarial (gains)/losses due to	changes	in demographic
assumptions			(0.036)
Actuarial (gains)/losses due to	liability	experience	0.524
Actuarial (gains)/losses on liabilities				(1.323)
Net benefits paid out			(0.283)	(0.234)
Closing defined benefit obligation			9.808	14.806
			";-4eib)d:ending. '-. =. Tprjg+4irtg. 31Marcfiit2I)23 .3ikhaarch'Zb22 /EM) . ':($illi)
Opening fair value ofassets			11.988	11.937
Interest income on assets			0.324	0.251
Re-measurement gains/(losses)	on assets		(0.970)	(0.233)
Contributions by the employer			0.178	0.181
Contributions by participants			0.085	0.086
Net benefits paid out			(0.283)	(0.234)
Closing fair value ofassets			11.322	11.988

Act)sisi return. on assets	Period ending;, :;Per)edendirig ' 81'plarshg()23~;:;9%gula'rcfikQ2"
Interest income on assets	0.324 0.251
Gain/(loss) on assets	(0.970) (0.233)
Actual return on assets	(0.646) 0.01&

Current service	cost			0.260
Interest on net	defined	benefit liability
Total estimated	pension	expense		0.260
Allowance for	administration expenses included		in Current Service Cost	0.006
Estimated pensionable		payroll over the period		1.252

OMPARATIVE STATEMEN	T OF FINANCIAL ACTI	VITIES
				Total
		Unrestricted	Restricted	funds
~Grou		funds	funds	2022
		E	E	E
Income and endowments	from:
Donations and legacies		4,186		4,186
Charitable activities		4,026,962	786,536	4,813,498
Investment income		9,285		9,285
Other trading activities		1,055,633		1,055,633
Totalincome and endowments		5,096,066	786,536	5,882,602
Expenditure on:
Charitable activities		4,482,588	473,814	4,956,402
Awen Trading Limited		875,601		875,601
Total expenditure		5,358,189	473,814	5,832,003
Net income		(262,123)	312,722	50,599
Transfers between funds		391,177	(391,177)
Other recognised losses:
Actuarial (losses) on defined benefit pension
schemes		1,090,000		1,090,000
Net movement infunds		1,219,054	(78,455)	1,140,599
Reconciliation of Funds
Total funds brought forward		(530,418)	714,592	184,174
Total funds carried forward		688,636	636,137	1,324,773

OMPARATIVE STATEMEN	T OF FINANCIAL ACTI	VITIES (continued)
				Total
		Unrestricted	Restricted	funds
Charity		funds	funds	2022
			E
Income and endowments	from:
Donations and legacies		4,186		4,186
Charitable activities		4,166,199	786,536	4,952,735
Investment income		9,285		9,285
Totalincome ond endowments		4,179,670	786,536	4,966,206
Expenditure on:
Charitable activities		4,482,588	473,814	4,956,402
Total expenditure		4,482,588	473,814	4,956,402
Net income		(302,918)	312,722	9,804
Transfers between funds		391,177	(391,177)
Other recognised losses:
Actuarial (losses) on defined benefit pension
schemes		1,090,000		1,090,000
Net movement in funds		1,178,259	(78,455)	1,099,804
Reconciliation of Funds
Total funds brought forward		(454,328)	714,592	260,264
Totalfunds carried forward		723,931	636,137	1,360,068