REC.ISTERED cllARr NUMBER: 1167244 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR TYWI GATEWAY TRUST Xeinadin Audii I.imiled Statutory Auditors and Chartercd AccounL2nis 24 Lammas Street Carniarthen CaTTnaTthcn%hire SA313AL
TYWI GATEWAY TRUST CONTENTS OF THE FIIN'ANCIAL STATEMI ENTS FOR THE YEAR ENDED 31 MARCH 2024 P*%e Report of the Trnstees Report of the Independent Auditors Statement of Financial Activities io Balance Sheet Notes to the Financial Statemen15 12 10 22
TYWI GATEWAY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees pre.sent their report with the fmancial statemenLs of the charity for thc ycar ended 31 March 2024. The trustecs haN'e adopted thc provisions of Accounting aDd Reporting by Chatitics.. Statement of Recon)mended Practice applicablc to charities pieparing their accounts in accordance Thith the FiDallcial Rcpclrting Standard applicable in the UK and Republic of Irelalld (FRS 102) (etTeciive l January 2019). OBJECTIVES ACTII'ITIES Objectives and aims Thc Tywi GatcllEy Trust is indcpcndcnl Charitsblr InrcTrTpofdled Organisation (Registercd Charity Number 1167244) and MTas established in May 2016 10 promote for the benefil of the public at the Bishop's Park and its cuIturdl sctting in Abergwili the conscrvation, protection, improvemeni and understsnding of thc built and natural elliMellts. This rcport covcrs thc l ? month pui()d Cnding 31 MarLh 2024. Throughout the period and in preparation of this report the truslces liave paid due regard io public benefit gvidance published by the Charilies Commission in COTnplian¢e their duty in Section 17 of the Charities Act 2011. During thc pcriod thc Tru%tees mel six times and held thc Trust'5 AGM on 14th January 2025. Pa¥c I
TYWI GATEWAY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVF.I¥IENT AND PERFORMANCE Charitoble activities 'I'he principal actiN'ities of thc I"tu%i hai.'e been thc nkn2nagemeni and mainl¢nancc of Parc )T Esgob and the dei'elopment phase of the u'allcd garden resioraiion proje¢t &$ suptxTrned bv the National Lotterj Hcritagc Fund. l Lcgal issues None 2 Trustees 2.1 There were changes to membership of tlLe Board during the reporting year. the resignatton of DaN'id Ricc in June 2023, and the appoinlment of neiv truste&% Joscph Athin in Augusi 20?3and HU." Michael in Januarv 2024. 2.2 Board meetings continued io be held bi-monthlv during the year. as did sulFEroup meetings, with detailed Minutes recorded in the Minute Book. 2.3 During thc year. the following TNslees served a8 officers.. Bctsan caIdrI] (Chair), Neil CaldThell {Trcasurer) and Ann Dorsetl (Secretsry}. 3 Staff There were several changes sthffing during the rcpoTting year. 3.1 Louise Austin continued in her role as Trust Mana&*er until 31 July ?073, prior to tsking up the role of walled gJardcn project D]anagcr on l August, oversccing the Nl.IIF funded development phase of the project. 3.2. Tina Muryhy stepped up from her role &$ Commercial Manager to become Tn1 Manager on l August 20?3, exeuutive responsibility for tbe park and gardens. 3.3 Blue Barnes-Thomas joined as AssisTant Gardcncr in October 20?3. Following Piers Lunt's departure Irom his role as Head Gardener in February 2024, Blue then stepped up to this role. 3.4 Tere Il'dlters and Anne Ma). were appointed lo job-shaTe the role of Con]munity Engagement Officer for the wallcd garden projeLI in October 2023. 3.5 Jenny IIanson ivas appoinlcd as trainer in NoN'eniber ?023 to work on the horticultural Employability programme lunded through the Shared Prospcrity F'und i'la CCC. but resigncd frorn her post the following montlL Her replacernenl. Yvonne Lee, started in March 20?4. 3.6 In addition to slaff. Tr"olunieers in many differenl rolc5 hai'e continued to play a crucial rolc in the work of thc T)TrTri Gateway Trust. Staff worked directl), widi 49 volunteer% as part of the wallcd garden development phase, contributin¥ more than 1000 hours towards the management alld a]ntCancC of the park and supportitig activities and ei'ents. 4 Volunteers 4.1 The Trust succeeded in gaining Investin¥ in Volunteers accrcditatioo and was also aTh?rded the prcstigloS Kings Award for Volunteerinu ServiLes {KAVS) in autun]n 2023. 5 The Tywi GateY Projcct 5.1 The phase I restoration project was fitjally sigm¥d off by NLHF in May ?023. 5.2 Progress Gontinued toivards converting the lodge into a holiday cottagc follow4ng 'Steps to SuslaiDabilily' Ifdining and funding, hICh will be a signifiianl part ot the trnsvs incorT]e gcTJernlion drive. In addillo staff worked on preparing for a Visiior Attraction Qualilv Assurance Scheme {V.4QAS) certification. Page 2
TYWI GATEWAY TRUST REPORT OF THF TRUSTEES FOR THE YEAR EINDED 31 MARCH 2024 5.3 Stacey's KitcheTh.'Ccoin Stacey continued to deeloP as a succ¢5sful café and destination OniNg 7 days a week from 9-5 daily. The business operdlc5 on a leased basis with the rru5t. and etnplov% 15 1()Lal people. A Partnership, CooneGILVLty and Funding 6.1. Following sigmificani S1[ reswcturing within ihe wvi¢e. the Joint Working Group llryth Cartnarthenshire County Council ICCC} and museum met 3 times during the year. 6.2 The funding applicatton .submittcd to NLHF for the del'elopment phase of the ii•lled oarden restoration projcct wa% successtul, together with a bid far vnaiL'h funding to the Shared Prosperiry Fund- SLLslainable Communities. adn]inistered by CCC. Staning in August 2023. Ihis 15-month fimding enabled stsff lo put together a team of arclll"tects' and can%ultanL% to %upport the trusi in WOTkn"ng tOwar(L a dc11Cry siage bid to restore and de&clop the wdllcd garden as a mulii-putPOSC COmTnunily sTace. 6.3 The trust was also success1 in obtsining funding from the Shared Prosperity Fund to start deljiiering a borticuliural trainiDg programme in auiumn 2023. FLYANCL4L REVXEIV Financial positio At 31 MarLh ?024 the cbari15' had total re5er¥'&4 of £1,478.807 of wthich £1,330,fA2 were restricted including £1,243,813 of rcstrictcd fixed assets. The charity had frcc rc5cTh'cs of£1 12.946 Principal funding sources The NLHF awarded ihc charily an initial grdnt of £1:274.300 in order to carry out the Chariws objectives. Thc Trust was a150 awardcd £300.000 by the Local Authority. These granTS were recogniscd in the ye8T ended 31 March ?019. In the vear ended 31 Mar¢h 2014 thc charity awarded £89,530 from NLHF- Dcvclopmenl ph&se, £39,910 from the Shared Prosperity Communities Fulld aTJd £22.183 from Ihe Shared Prospcrity, F.mployability Fund along ryth unre%triLied funding of £25:000 from the People's Postcode LA)ttery. Tbe charity has also receivcd a number ot" other maller granLs. Page 3
TYWI GATEWAY TRLST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRL'CTifRE, GOVERNLNCE I¥lNAGE1¥1ET GoTrerning document Thc ch<irity 1.% controllcd by ils governing documen¢ a constithtion. and constitutcs an incory)oratcd charity .hICh is limited by gLAarantce. Mernbcrship of ihc Trust All members of the Tnl. the Tru%tees. voluntsrily Lontribu(e theit unpaid time and experti.qe to the charitable objecL% of the Trusl. 'I'he extcnt of this contribulion is not rcflecled in the Tru%t's fanCIal ststements but the Trusl 1% hvavily dependent upon th¥ ber¥'ices and cxpertisc proi'ided by ILS members serviug as trustees, as wetl as vDlunteers engaged in gardening and other actiiiitics. Recnjitment and Appointhienl of Trustees All trustees are members of thc boaTd. Applications for trusteeship are .sought by adi".erti%cmenl and per.%onal contact. One Ihird of Trustees retire by rolation at ei'er). annual gellcrdl mceting as required by the Tnt'S coftstitulion and .4crve for a MlMU of thrce 3-year teTms. Key Ilanagement Remuueration Key management coDsisls of the C.hariWg manager Tina Murphy. Her salary has beell ad bv the trustees and set at a rate deemed appropriate for the Tole. This is reviewtd annually in August in linc uith CPIH Jnfiation figures i4su¢d by the OtTice of Nalional StatAStics. Conflict of Interest I'bc I'twt ha% a Trnstce.s Confiict of Inicrest policy. All trusiees complelc an annual register of interest and declare any changes at the beginning of each board meeting. Related Portles Thcre were n() related parties in the period of this rcporL Risk )lanagement The Trustees have assessed the major risks ro wtitch the Trnst i8 currently expo%e(L in particular those relating to its finances and IL% operaiions (including Health & Safery) and the.v are satisfied thai %yslenL* are in plc?ce to monitor, reducc and mitigate the Trust'.% cxposurc to such ri%k%. Th¢), are also satisfied that a robust procedure in plaLtr for identifving and tvalualing the risL£ &%sociated with the dcveloprnent of the site. with the Ri.sk Register updated as required by the TnLSt's Risk Managemcnt sub-gr(Trup which is chaired by one of the Trustees. Health and Safety The Trust has a Health and Safety Policy and supporting documentstion. It is the Trustees, duty to declare any serious incidents. thal rnay po.se a threat to the Tru51's bencficiaries, 5cr¥'ices. awts or reputation. The fnLSte¢s declarc thal no uck incidenls were reponed during this reporting per(od. REFF.RENCE AND ADJ[lS.l4TIVE DETAILS Registered Charili. nurnber 1167244 Principal address The Old Bishop'5 Palace Abergwill Catmarthen Cdrtnarthenshire SA312JC7 Pagc 4
TYWI GATEWAY TRLTST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr P Alder Mr G BeN'an Mrs B Caldwell Dr N caId'ell Mrs A Dorsett Mr E Kitchen Mr5 A Loughran Dr L Morgans Mi f) Riuc Mi J Atkin Mr H Michael Resigned Aptil ?024 Resigned June 2023 Resigned Julv 2024 Appoinied January 20?4 ey staff T Murphy Manager Auditors Xeinadin Audit Limited Statutory Auditors and Chanered Ac¢ountant5 24 Lamrnd% Str¢¢1 Catniarthcn Carmartbenshire SA313AL STATEMENI T OF TRLSTEES, RESPONSIBILITIES The ttuste¢t4 are re8ponsiblc for preparing the Report of the Trustees and the financial statements in accordanGe qth applicable law and United Kingdom Accountin¥ Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. thc Charities Act 2011, Charity {AccoullL% and Reports) Regulations !008 and the provisions of the Int deed requiie4 the trust¥ to prepare financial stalem¢nL8 for each fmancial ycar Mthich give a trur dnd fair view of the stale of atTaits of thc charity and of the incoming resources and application of resourcrs. Including the incornc alld e.Ipendiiure. of the chartty for that pcrii)d. In preparing those rinancial statements: the trustees are rcquircd to %elect suitable accounting policies and then applv them coTrsi%tcntly- obscrvc thc mcthods and principles in lh¢ Charity SORP: make judgemenL8 and estinjates that are reasonable and pwdenl. prepare the tinancial stateTnenls' on the going concern basis unles it 1£ inappropTTatc to presume that the charity will coniinue in busines.q. The tn]stee.s arc rcsponsible for keeping proper accounting records which disLlo%e '11b r&qsonable accutacy at any time the financial position ol the ¢harily and io enable them to enslle that the financial Statements comply iiith ihe Charities .4ct ?0 I I, the Charity (Accounts and Reports) Regulations 2008 and the Provisions of the trust deed. Thev are a150 responsible for safeguarding the assets of the Llwity and hence for takmg reasonable sIcp5 fcir the prevention and detection of fraud and other irre.(pularitics. Approvcd by order of the board of trustec5 On...l.4.:..Q.l.,..2..r.... and signcd on its behalf by." Mrs B Caldwell - Trustee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TYWI GATEWAY TRUST Opinion Wc havc audited the linancial statcnicnt5 OfT¥1 Galeway Trust (the 'chaTity) for thc ye#r ended 31 March 2024 which comprise ihe Siatement of Financial Activities: the Balance Sheet and notes to the financial statelltrnts. including a summary of significant accounting poliLie4. The fU]cIal reporting framewo that has b¢¢n applied irn their preparation i% applicable law and United Kingdom Accounltng Standards (United Kingdom Generdllv Acccpted Accounting Prdctice). In our npinion the financial %latements'. give a lrne and fair 'leW of the state of the charitys affairs as at 31 March 2024 and of its incotntngT f¥SOUTces and applicaiion of resources, for the )'cttr then ended- have been propeTI)' prepared in accc?Tdan¢e 1th United Kingdom Generdlly Accepted Accounting Practice; and have been preparcd ill accordance with the requirements of thc Charities Act 201 I. Basis for opinioll We conducted our audit in accordance with Inlernaiional Standards on Audiling (UK) {ISA8 (UK)) and applicable law. Our rcsponsibLiitics under those standards are furthcr dcscribed in the Audiiors, responsibilitics for the audil of the financial .statcments Section of our report. Ille are indcpcndcnt ofthe charity in accordance the ethiial requirements that arc rclcvant lo our audit of the fmancial statements in the UK. inuluding the FRC'S Ethical Standard, and we h&ive fulfilled our other cihical rc%pon%ibilitie% in accordancc 7th these requirements. We b¢lievc that the audit evidcncc wc have obtained is sutticient and appropriate to provide a basis for our opinion. Con¢lu8ions relating to going concern In auditing th¢ financial _qtatements: wc havc concluded thai the truslees. of the going Concern basis of accounting in the preparation of the financial statemcnts is appropriate. Based on the Th'ork we have perfOrn]. have noi tdeniified any malcrial uncerlainties relating to evcnts or Londitions that. indtvidually or Collecti.eIy, may cast Significant doubt on the chariW% ability to coniinue as a going concern for a period of at lea4t Im'elve months from when the fEnancial %taiements are authorised for issue. Our responsibilities and the re8wn8ibilitie5 of tbc trus'tces with respect lo going concern arc described in the relevant sections oliM's report. Other informati(bn The tN%tees are r¢.%pon%ible for ihe oihcr inforn]alion. The other inforn)ation cotnprises the inforniation illcluded In the Annual Report. other than the fmancial sthiemenLs and our Report of the Independcnt Auditors thereon. Our opinion on thc finanLial sthiements does not cover the othcr infonnaLi(bn and, except to the cxtcnt othenvise explicitly staled in our reporL 'e do nol express any fonn of assurance nclUSion thereon. In connection with our audit of the financial stalemenis. our respo$1b11ity is io read the other infotination and: in doing so. consider whether tlie other information 1% matLYialls' inconqiqtent with the fu)ICial statcmcnts or our knoii,ledge btained in the audii or othenvise appcars lo be materially misstatcd. If wc identify such marerial inconsi%tencies or apparcnl material misstatements, M'e are rcquircd io detern)ine ivhether this. givcs risc 10 a marerial ini%%tatCTncnt in the linancial statements thCcli"e$. If, based on the Miork we haic pcrfornied, Pe conclude that therc i% a material misstatement ot this other infomialion, we are required to report that fact. We have nothing to report in this regard. Matters on which Ne are required to report bv exeepfAon We have nothing to report in respect ot the following mattcTS where the Charities (Accounts alld Reports) RegulatioThs ?008 requirLs us to report to you il, in our opinton.. the information gii'en in the Report of the Trus*es is inconsisteni in any matcrial respect with the financial slatemenis. or suITicieni accounting records have not becn kvpt- I the fmaneial statements are not in agre¢ment with the accounting rccords and retunLS' or we have nol rcccived all the infomiation and explanations wc rcquirc for our audit. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TYWI GATEWAY TRUST ResponsibiiEties of trustees As cxplaincd tnore fully in the Siatement of Tnlstees. RespoTrsibilitics. thc tru%tees are responsible for thc prLyaration of the financial qtatements lch giiie a true and fair vicw. and for such internal conrrol as thc trustees detern]inc is necessary to enable the preparation of r]nancial slalemen15 thai are free frc)m material misstatemenL ivhether due to fraud OT ertur. In preparing the flllancial statements. thc trustccs arc respon%ible for assessing the charitNls abilitv to continue a going concern, disclosing, as applicable. matters relaied ic) LonLern and u.sing the ooing concern basis of accounting unless the tnLStees either intcnd io liquidate the cliariry or to cease operdtions. or has'c no realistic aliernalii'e but to do Page 7
REPORT OF THE INDEPENDENT A[lTORs TO THE TRUSTEES OF TYWI GATEWAY TRUST Our responsibilities for the audit of the fill&Dcial 5tYdtements Wc have been appointed as auditors under Seclion 144 of the Charities Act 2011 and report in accordance with the Act and relei'ant regulations made OT hal'ing etTe¢i thereunder. Our objectives are to obtaiti reasonable assurance about whether the fmancial ststemenLs as a whole are free from malerial tnisslaicmenl, whether due io fraud or error. and TO issue a Report of the Independcnt Auditors that includes our pinion. lieasonable a%sLEfdnce is a .h lee1 of &ssurance, but is not a guararjtcc that an audit c()nductcd in accordance with ISAS (UK) will always detect a material rnisstatement when il exists. Misstatements can ari from fraud or error and are considered material if, individually or in the a[egate, they could reasonablv be expected to llffluence the economic decisions of users laken on the b&sis of these financial 51alements. Thc cxtcnt to M'bich our procedures are capable of deCtIng irregularities: including fraud is detailcd bclow: Extent to Th'hich tbe audit Considered eap8ble of detecting irregularities, ineluding fraud We identify and asEess the risks of Tnal¢rial mi¥%tdl¢menl of the financial statements. whether due to fraud or effor, and then destgn and perfonn audit procedures re.spornsiN'¢ 10 those risks: including obtsining audit cvidence thal is sufficicnt and appropriate to provide a basis for our opinion. IdentifTr'ing assessin2 potenttal ri$k$ related to irreoularities In identifjqrtg and assessing risks of material mikstsiement in respect of irregularities, including fraud and non-cornpliance 1th laws and regulations, we considered the followThg'. the nature of the industr). and sector. control cnvironment and business perfornwice including the design of the Charl5 remuneration poli¢ies and perfornnCe tar(pcts: - results of our enquiries of managcmcnt about their own identification and assessment of the risks of irregularitie5' any ltterS we idelltifjed having obtained and Tcvicwcd thc Ch¢Witgs docwnentation of their wlicÈes atLd procedures rclating to.. idcntifyryng, cs'aluating and complying with lawB and regulations and whether they were aw'arc of any instances of noncotnpliancc,. d¢tecting ar]d rcspvnding. tc) the risks ol (rdud and 1vhedr they have knowledge of any 8¢tual: suspecd or allegFed fraud: - the internal Controls established to mitigatc risL%" of frdud or non-compliance with laws and regulations. the matters di.scussed among the audit engagemeni ieam regarding how and where fraud miLFht o¢cur in the financial statements and any potential indicalors of fraud. As a rc%ult of thc5e procedures, we considered the opportunities and inccntivcs that mav cxist Hqthin the or£ani8ation for fraud and identified the great&81 Poteniial for fraud in relation lo rei'enue recogniiion. In comtnon i4qth all audits under ISAS (UK).. we are also required to perforn] specific priKedures fo Tespond to the tisk- of tnanagement oi'erridc. We also obtained an understanding ol the legal and regulaiory frameworks thai the Charity operates in, Ic)tiw%ing an provisio$ of those law% and regulations that had a dirc¢l effeLi nn the ddern)inalinn of maierial aniounts and di5closurcs ID the fanCIal statemcnts. Thc kcy laThs and regulations 'C Considered in this context tncluded thc Charities Act 2011. In addition %N'e considered provisions of other lails and regulation% thai do not have a dircct cfytsci on ihe financial %tatements but cnmplianLe with 'hICh mav be fundamental to the Charity s abilit! to opcrdtc 01 to aioid a matcrial penalty. I"he8e included Compliance Health and Safety Icgislatioffj EmploTrincni Icgislation and Data protection law.4 (including General Data Protection Rcgulation (GDPR)). Audit response to risks identified 2Ls a result of perforniing the aboN'¢, wc IdeAed revenue re¢ogniiioD as a key audil matter related to the potcntial risk of fraud. Our procedures to respond io risks identifled includcd ihc following= revieiving the fUnCl1 statcmcnt disclo4ur¢% and tesiing to %upporting documentstion to &8.qess compliancc Trth proviSiODS olrelcvant la..5 and rcgwlJtiClTt% ¢ribed haN'ing a direcl effect on the financial statemenLs,' - carrying oui walkthrough. transaction testing or proof in total on all maErial income and expenditurc streanL% - enquirinb of managyement concerning actual and potential litigaiion and claims. Page S
REPORT OF THE INDEPEINDENT AUDITORS TO THE TRUSTEES OF TYWI GATEWAY TRLiST perforniing analytical proccdure% to identify any unusual or unexpected relationships" that may indicatc risLq of niaterial tnisstat¢Tnent du¢ to fraud,. - reading minutes of meetings of those ¢haroed with goveTnance and the %CDiur management teaiii: In addressing the risk of fraud through mana£einent 0er[1d¢ of controls, testing the appropriateness of journal entric5 and other adjustments: assessing ithether thc judgcmcnts made in Making accountin? cstimaies are indicatÈi"e of a potential bt&s: and cvaluating thc business raiionaIe of any significant trdnsactions that are ullusual or outside tlie notmal course of business. We also ¢onynunicaled r¢lcvant identified laws: regulations, and potcntial fraud risks io all engagement team members and rernaincd alert to any indications ot"fraud or noncompliance 7th and regulations throughout the audit. A further dcsctiption of our re.spoLsibilities for the auth't of the fiDancial 5tatcJncnts is l()cated on thc Financial Reporting CouTKiI's wcbsite at www.frc.org.uklauditorsrcsponsibilities. This descriplion fornis part of our Rewrt of the Independent Auditors. Use of our report This rcport 15 madc solely to the chariws trustccs: as a body. in accordance Pan 4 of the Charitic% (Accounts and Reports) Regulations ?008. Our audit work ha% been undertaken so that we might state to the Ch1¢1% trnstees those tlcrs we are required lo state to them in an audiioTh' Icport and for no other purpose. To the lIest extent permitted by la". we do not accepi or assume responsibiliry to an)'one other than the chariry and Ihe crI5 Trusie¢5 as a b(xly, for our audit work for this report. or for the opiniotLS M'e ha¥'e fonned. Xcinadill Audit Limited Statutory Audiiors and Chartered Ac¢ountaats 24 Lna$ Street Carn]arthL Camarthenshire SA313AL Dale= Pagc 9
TYWI GATEWAY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total nds Unrc5tricted fi]nd 31.3.23 Total funds Reslricted fun¢ls INCONIE Af*D ENDOMTrIENTS FROM Dc)natioTrs and legacies Not&s 35,065 162,884 197,949 265,860 Other trading activitie8 27.121 27,121 27,319 Total 62.186 162.884 225.070 293,179 EXPEINDITURE ON Rai.8ing fimds 3,360 3,360 1,494 Charitable activities Project e.xpcndilure 80,235 238,015 318.250 247.128 'rotal 83.595 2351,015 321,610 248.622 NET INCOIIIF.I(EXPE)DITURL) Transfers between fuuds (21.409) 27.248 13 (75.131) {27,248) {96.540) 44,557 Net movemeot In funds 5,839 (102,379) (96,540) 44,557 RECONCILIATIOY OF FITNDS Total funds brought f0Thd 14? 324 1,433,023 1,575.347 1.530,790 I'OTAL FuDs CARIUED FORWARD 148.163 1.330,644 1.478,807 ,57.fj,347 The notes forni part of thcse financial Statements Page 10
TYWI GATEWAY TRUST BALA'CE SHEET 31 MARCH 2024 31.3.24 Total funds 31.3,23 Total Unrestricied Resiricied Notc5 FIXED ASSETS Tangible assets io 35.219 1.243,813 1.279.032 1,286.349 CURRENT ASSETS Dcbtors Cash at bank and in hand 16.7?8 124,086 87.886 2.297 104,614 126.383 145.?28 163.23? 140.814 90,183 230,997 308.460 CREDITORS Amounts falling due within one year 12 (27.868) (3.3)4) {31,222} (19,461) NET CURRE.YT ASSETS 112.946 86,829 199,775 288,998 TOI"AI. AS>Sb.'rs E.b.SS cLlllRET LL4BILrriES 148.165 1.330,642 1,478,807 1.575,347 IYET ASSETS 148.165 1.330,642 1,478,807 1,575,347 FLNDS Unrestricted funds Rcstri¢t¢d funds 13 148,165 1,330,(A? 142,324 1.433,023 TOTAI. FLThDS 1.478.807 l.57i,347 The fmaneial statements were approi'ed by the Board of Trustee5 and authorised for issue Oll .14. 01. 20?r . and 'ere signed on its behalf by. Mr% B Caldwcll - Trustce Thc notes form part of these financial sta(emenls Pagell
TYWI GATEWAY TRUST NOTES TO THE FIANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY I.NFORIIA'I"ION Tywi Gateway Trusl is a Chariiable InCoryraied Organisaiion. The principal address can bc found in the Report olthL Trnstees. The financial statements are presented in sterimg {£), the charitsls functional CUTrettc)'. and rounded to the nearcsl pound. The PrinLipal actii'ities and naturc of thc chariws operations is to promote for the benefit of thc public Parc yr EssFobiBi%hop's Park and its CUlra1 setting in Abergwili the conservatioll: proteLiion, iniprovement and understanding of the build and naturdl environments. The significant accounting policies applied iti the preparntion of these financial ststcmcnts are sel out below. These policies have been appli¢d consistcntly to all years unless otherwise stated. ACCOL'N'I'INC. POLICIES BASIS OF PREPARtiNG THE Fll¥ANCL4L STATETrIEhryS The FancIal staiements ot the charity. H,hiLh its a public benefit entity under FRS 102. ILai'c been prepared in accordancti 7th the Charities SORP {FRS 102) 'Accounting and Reporting b!, LIrItieS.. Stafrmcnt of Recommended Prncticc applicable io charities preparing their a¢counLs in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (cffCLtie l January 2019),, Financial Reporting Standd 10? 'The Financial Reporting Standard applicable in thc UK and Republic of Ireland, and the Charities Act 2011. The financial %iatements hai'e bccn prcpared under the historical cost convention. There are no material uncertainties alx)ut the chan.tys ability to continue, as such the financial statements have been prepared on the going concern basis. INCOIIE AII illLOTnc i% re¢o¥ni¢£d in the Statement of Fitwicial AGtii.'ities once the charity h&s cnlitlcment to the fun(Ls, it is probabl¢ that the income 711 bc received and the amouni can be measured reliably. EXPENDITURE l.i¢ibililie% are recognised as expendithic as s(Tron there is a legal or constructivc obligation conllnitting the charity to that expenditure, it is probable ihat a traSfer of economic benefits will be required in settlen]cnt and the amount of the obligaiion can be measured reliably. E.xpenditurc is accowitrd for on an accThals basis and h&s been clas5ificd under headings that agirrcgatc all cosi relaied io the category. Ilffiere costs cannot be direcilv attributed to particular headings the), ha¢ becn allocated to activities on a basis consistcnt with the use of resources. TAYGtBLE FtXED ASSETS Depwiation is provided at thc following gJu)ual rales in order lo wrile gff each a5SCt ovcr its eslimatcd uscful life. Lon¥ lea%ehold PlaT]t and machincry strdight line basis over the Iva%e term 33.33I/bo on cost and 15 /0 OD reducing balance The charity is ¥xcmpl from tax on ILS charitable activitie%. FUP4D ACCOUliTING Unrestricred fvnds can be used Tn accordance with the char&table objectives at the discrction of the trustees. Pagc 12 continued...
TYWI GATEWAY TRUST NOTES TO THE FINAI,CIAL STATEMEfi'TS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTILYG POLICIES- continued FUND ACCOLNTLNG Rcsttictcd fund.s can only be used lor particular restricled purposes Mrythin the objccts of the charity. Rc5trictians arise when specified by the donor or when funds atr rdised for particular re5trictcd pury)o¢£s. Furthcr cxplanation of the nan]re and purpose of each T% included in the notes to the financial Sthlemcnts. IIIRE PURCIIASE ALID LEASLNG COMMrtl4lEJ'TS Rentals paid under operating Ic&ses are charged to the Siaiemeni of Financial Activitics a 4trdiglit line basi over the period of the lease. PENSION COSTS AYD OTHER POST-RETIREJIEYf BENEFrrs The charity operaies a defined contribution pe10n scheme. Contnbutions payable tu the charitys pension scheme are charged to the Statemenl of Finavtcial Acti%".ilie8 in the period io which they r¢late. FIAINCL4L INSTRLTrIENTS The charity only has financial &8sets and fmancial liabilities of a kind that qualify a5 b&%ic financial instruments. Basic financial instruments arc initially tecngni.%ed at transaction N?lue and subscquenily measured at their 8ettlemeut N'alue. DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations Grants 9,292 188,657 259,828 197,949 265.860 GranL% received, included in the above. as follows- 31.3.24 31.3.23 NatlODal L4)ttery Hcritagc Fund CADW Carniarthenshire County. Council Carmarth¢nshire Couniy Council Targeted Financc Fund Carniarthen8hire County Council Welsh Church Fund Brechfa Forest Windfam Tree Council Branchmg Out Third Setyior Resiliance Fund Kickstart Project HSBC UK The Architecturnl Hetilage Fund Peoplc's P051code Illery Shared Prospcrity Fund- Employability Fund VCVA Naliullal Lollery Heritage Fund - Developnlcnt Phasc shared Prosperity Communities Fund StCPS to Sustainabilitv 85.000 1,900 66,828 6.078 912 ?,659 3.1 O 50.000 4.479 27.990 13,632 25.000 22,183 774 89.530 39.980 11,190 188.657 259,828 Page 13 colltinued...
TYWI GATEWAY TRUST NOTES TO THE FIINTANCIAL STATEMEII'TS- continued FOR THE YEAR E.NDED 31 MARCH 2024 OTHER TRADG ACTIVITIES 31.3.24 31.3.23 Fundrdising events SponsoThhips Venue hire Cafe hire Vegetable sales Commission incomc ITr%urance procceds 889 253 300 2,14.5 3,792 1,069 40 19,720 2.152 3,353 458 27,1?] 27,319 SUPPOR r COSTS GO.¢ManCe Costs Management Totals Project expenditure 51.721 8,250 59.971 AUDITORS. REMDThE114TIOI 31.3.24 Fees payable to the cijaritys auditors for the audit of the chariW5 financial %tatements Other non-audit sern'ices 4.750 3.500 3,312 2.20S TRUSTEES, REI¥IUNERATION AIII) BE.EFITs There were no trustecs, remunerdtion or other bcnefits for the ycar ended 31 Marcb 2024 nor for the year ended 31 March 2023. TRiiSTEES' EXPENSF.S There were trustees, cxpcTr8es paid for the year ended 31 March 20?4 nor for the ycar ended 31 March 2023. STAFb" COSTS 31.3.24 31.3.23 Wagcs and salaries Social security COSLS Other pension custs 132,738 5,796 5.337 106,0?0 4.206 3,612 143,871 113,838 Page 14 colltinucd...
TYWI GATEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS - continued The aerage rnonthly number of employees during the vear M•s as folloll6: 31.3.24 31.3.23 Manager Gardener Project Staff No employees receiN'ed crnolumcnts in exce of £60,000. The iotal remuneration benefits paid to key managemeni petsomiel during the year ivere £35,572 (2023.. £34,777}. COMP.4IL4TIVES FOR THE STATEMENT OF FIIIANCIAI. ACTITrITIES Unrestricted fimd Kestricted funds 'I'otal nds INCOI¥IE AL%D END0ENTs FROM Donations and leoa¢ie. 6,032 259,828 265,860 Other trading activities 27,319 27.319 Total 33,351 259.828 293.179 EXPENDrruRE ON Raiqing ndS 1,494 1,494 Charitable aetivities Project expenditLire 11,280 235,848 247.128 Total 12.774 235,848 248,6?2 r*ET tNCOIME Transf¢rs between funds 20,577 13.879 23,980 (13,879) 44,557 et movement in funds 34.456 10,101 44,557 RFCONCII,IATJON OF FuDs Total funds brought fonvard 107,868 1,422,9?2 1,530,790 TO'IAL FUI%DS CARRIED FORWARD 142.324 .433.023 ,575,347 Page 15 continued...
TYWI GATEWAY TRUST OTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MI ARCH 2024 TANGIBLE FIXED AS.SETS Long Icasehold Plant and machinery COST Ai l April 2023 Additions Dispo15 1,38? 384 51.056 (10.86?) 33.474 11,775 1,415,8.58 62,831 (10,862) Ai 31 March 2024 1.422,578 45.249 1,467,827 DEPRECI.4TtON At l April ?023 Charge for J'ear 107.559 47,41 21.950 11.868 1 ?9,509 59.286 At 31 March 7024 154.977 33,818 188,795 ET BOOK V.4LL'E At 31 March 2024 1,267,601 1.431 1,279.032 Ai 31 hlarch 2023 1.274.825 11.524 ,286.349 DEBTORS: AMOIThTS FALLING DLfE WITHIN O.YE YEAR 31.3.24 31.3.23 Trade debtors Granr debtor VAT Prepavments 5,914 87,886 9,613 2,428 136,694 476 5,630 104,614 145,228 12. CREDITORS: AMObThTS FALLllYG DUE IVTTHLW ONE YEAR 31.3.24 31.3_23 Trdde crediiors Social security and other taxes Other creditors Accrued expcnses 2.972 4,141 1,984 457 12.880 ,157 27.091 -11.2?2 19.462 Pdge 16 continued...
TYWI GATEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. .IIOVEMENT IN FLryDS Net OtMent in funds betleell fund5 At 31.3.24 At 1.4.23 Unrestricted funds CJeneral tiind 14? 324 (ry1,407} 148,165 Restricttd funds National Lottery Heriiage Fund National Lott¢ry Herilage FLmd Capitsl lid Carniarthenstu'rt County Council fund Canllarthenshire County c.ouncil Capital fund F.NRaW Capital fund Rural Development Programme Fund Capital fund NLHF - 15 Minut¢ H¢ritagFe Fund Third Secior Resilience Fund HSBC UK Fund 8Pb' Employability Fund Step.8 To Sustainabilty 'attonal Lottery Eleritage Fund- Developfftenl Phase Sharcd Prosperily Communities Fund Shared Prosperity Community F.und - Capit&l National Lottery devclopmcnl Phase - Capital expenditure 110.405 (70,384) {3,3081 36,713 764.211 (30,795) 3,308 {21,742) 736.724 308.289 86.227 (12.487) {3.103} 11,839 (554) 307.641 82,570 107.245 1.003 5.911 27,990 (6.549) 100,696 (1,003) (5,911) (11,2?9) 2.465 10,721 (7,251) 9,510 2,465 3,912 (6.809) 22.435 30,262 (14,591) {2,148} 7,844 28,114 {72) 1,284 1,212 (486) 13.727 1,433,0?3 {75,133) (27,248) 1,330,64? TOTAL FUNDS 1,575,347 {96:540) 1,478,807 Page 17 continued...
TYWI GATEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. I¥IOVEMEiYT Th FUNDS - continued Nel moveTnenl in fund4 included in the above are as follows: Incoming rcsourcc Resource expended Moi'en)cnt Ullrestricted funds General fvnd 62,186 {83,593) (*1.407) Res¢ri¢ted funds National Lottcry Hcritage Fund National I.ottery Heritage Fund Capital imd Carnwthcnshire Counry Council Capital fund ENRalV Capilal fund Rural D¥i'¢lvpmeni PIo.(wrdmme Fund Capital fund Third Sector Resilience Fund HSBC UK Fund SPF F.TTwIo)'dbility l.und Sieps "fo Swstainabilty National Lottery Heritage Fund - Development Phase Shared Prosperity CotnrnuTriti¢% Fund Shared Prosperity Communiry Fund- Capital National Intterv development Phasc- Capitsl expenditure (70,384) (70,3S4} (30,795) (30.795) (12.487) (3.103) (12.487) (3.103) (6.549) {5,911) (11,229) {19,718) (469) (6,549) 15,9111 (11,229) 2,465 10.721 ?2,183 11,190 89,531 39.980 (67,096) (9,718) 22,435 30,?62 (72) (721 (486) (486) 162,8g4 (238,017) (75,1331 TOTAL FUNDS 225,070 (321.610) (96.540) Page 18 continued...
TYWI GATEWAY TRUST NOTES TO THE FINANI CIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. IOVEMENT LN FUNDS - continued ComparAtives lor movement in funds Net moN"cmcnl in fundg Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund 107.868 20,577 13,879 142,324 Restricted funds National IA)ttery Herilage Fund National Lottery Heritage Fund Capital nd Clw fund Carmarthcnshire CoLtY Counctl fund Cartnarth¢nshir¢ Counly Council Capithl fund ENRaW Capital fimd Rural Dei'elopmcnt Programme Fund Capital fund NLHF- 15 Minutc Ilcritage Trund -I'hird Secror Resilience Fund Kickslart PToje¢i The ArchitectLal Heritage Fund HSBC UK Fund 225.254 (30,706) (84,143) 10.405 709,138 (30,758} 1.900 66.374 85.831 (1.900) {71,192) 764,211 26.560 21,742 249.189 89.349 (1?,092) 71,192 308.289 113.793 7.590 {6:548) {6:587) 5.911 (30) 11.648 27,990 107,245 1,003 5,911 2.049 (?,019) (11.648) 27,990 1.422.92? 2.3.980 (13.879) 1,433.023 TOT.4L FUNDS ,530,790 44.557 1.575,347 Paec 19 continued...
TYWI GATEWAY TRUST NOTES TO THE FINANCIAL STATEmE,Ts- continued FOR THE YEAR ENDED 31 MARCH 2024 13. OVE.%qENT IN FUNDS- Continued Comparative nel rnovemenl in fim(Ls, included in the abo¢ are as follows: Incoming resourccs Resources cxpLnded Movement in fund L'urestricted fund5 General lund 33.351 (12.774) 20,577 Restricted funds National Lottcry IIcritage Fund National l.ortery' Ileritage Fund Capilal fund CADW fund Carniarthcnshire County Council fund C.drniarthen%hire County Council Capital fund Camiarthenshire Countv Council - Targeted Finance Fund CamiartheJL%hire County Counvil _ W¢15h Church Fund Brcchfa Forest Windfarm Community nd Tree Council - Brdllchmg Out fimd ENRaW Capital fi]nd Rural Devclopment Progrdll]me Fund Capital fLmd NLHF - l i Minute Heritage FLmd Third Sectnr Resilience Fund Kickstart Project The Architecturat Heritage Fund HSBC UK Fund 85.O¢X) (115,706) (30,706} (30.758} (30,758) 1.900 66.374 1,900 66,828 (454) (12,092) {12,09?} 6.078 (6.078) 912 2.659 350 {91?) (2,659) (350) {3.122) (3,122) (6,548) (6,587) {44,089) (4.509) (1.984) (6:548} (6.5871 5,911 (30) 11,648 27,990 50.000 4.479 13,632 ?7,990 259,828 (235,848) 23.980 TOTAI, FUNDS 293,179 (248,622) 44,557 National Lottery Heritage Fund - "I he National IDttcry Ilcritage Fund has awarded th]s grdnt for the the project including conservation u'orks, access improvements, new capital works. National Lottery Heritage Fund capital fimd - This fund consists of &%sets purch&sed sing National Lottery Heriiagc Fund grdnt incorne, on which restrictions Still exist. Carnrthen9hirc County Council Fund - Thi5 fund consists of income from Camianbenshire County Council to carry out capital work on land owned by the Council. Carnwthenshire Count). Coun¢il Capital Fund - This fuod con%isL% of asbets purchascd L25illg Carmarthellshirc County, Council grant incomc. on u,hich restriciiorns still exist. F.NRaW Capital nd - This THI coThsi%ts of purcha%ed using FNRal¥ grdnl income, on which restrictions still exist. Page 20 continued...
TYIVI GATEWAY TRUST IYOTES TO THE FINAINCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUliDS- CotInUed Welsh Government Rural Communiiies Rural Devel(¥Jmeni Pro.orarnme fund- EU bUPPOrted Rurnl Communities Development Fund. This supporLS the restorntion and conversion of thc Old Bishops Place nutbuildin¥8 and the creali()n of neiii visiinr facilities including cafe 'intergarden, and learning space. Rural Development Fund Capitsl fvnd _ This fimd consists of &ssets purchased using RDCF grdnl income, on which restrictions still exist. C2rnWthenshire County Council _ Targeted Finallce Fund. This is to support the employinent of a Community Engagement and t£arning OtTicer NTrithin the organisaiion over a 2 year period. Carmarthcn5hirc County Council - Wel%h Church liund. This is to suppon the employmcnt of a Communiry Engagefftent and Learning Officer 1th1n the organisation over a 2 vear period. The Archilecturnl Heritsge Flmd - Funding reLeii'ed tod$ professional Fees in relation to thc Walled Garden project. HSBC UK Fund - Funding received tQiVdrds acces5 inprovements including path Tcsurfacing and the purchase of an all-terrain mobility 00ter. Shared Prosperity Employabilitv fund - the fundi 'ere received to emplo). an addition<11 skn.lled and qualificd hurtiLultural tTaincTI&Fardener, tn M.ork ihe "frusl's L£arning Officer: from October 20)3 to Decembci 2024, to support horticultural i'olunteering opportunities for people with a rdnge of abilities and skills. Steps lo Sustsinabiltly is fw)ding au?rded to help SUPWtrrt the organi.sation to Teduce carbon emi55ions and adapt iu Climate Lhange bj dei'eloping skills, changino behaviour and promoting uryder sustainable devclopment. NLHF - Devclopment Phase - This ig to support the developmeni and restoration of the Walled Garden to brin the gardeKL to a safe spacc foi visiloT5 to ubc. Shared Prosperity Communities Fund - This is to support the developn]ent and reslordtion of the Wallcd Gardcn to bring the garden to a safe space ,hICh IAryll increase phical and intelle¢lual accessibility to thc wallcd gurden bringing ne. ']ltorS 10 Bishop's Park TRAPSFF.RS BETEr, FUNDS A trdnsfcr of £3308 was rnadc from the iNational L(ytlery Ilerithge lund the National l.ottery Heritage capital fund in respect of fed assets purchased on which restriclLOILS still exist. A transfer of £21,742 wds made from the Carniarthenshire County Council tund lo thc Carmarthenshire County Cc)uncil capilal fund in respeci of fixed &sseLS purchased on which restrictioThs still exist. A trdnsfcr of £9.903 wa5 madc from the Carniarthenshire County Council Capital fund to the general limd for the adjustment re". V A"L' reclaim A transfer of £554 made from the FNRaW Capitsl to the gerra1 fimd for the adjustment rc: VAT reclaim A transfer of £1,003 was made from the NLFtr. _ 15 Millute Heritaoe fiTlld to the General Fund to rclea%e the balance on this fimd. A tran%Fer of £7:251 tnadc from the HSBC UK fiujd lo the general fund in reqpect of fLxed assets purchased where restriction5 no longer cxist. Page 21 continued...
TYWI GATEWAY TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. .IJOVEMEI%T IN FLI¥DS- continutd TRLNSFERS BETIVLLN FLTNDS- continued A transfer of £6.809 was Tnade from the Stcps to Sustainabiliry fvnd to the general fund in respec¢ of fed assets purchased ll'here restrictions no longer exist. A tran%Fer of £1164 was made from the NLIIF D¢elopment Phase fund io the General liind in rcspecl of fL¥ed a56eLS pUrChd where restriciions no longer exist. A transfer of £864 %9 made from thc Shared Prosperity Communities Fund to thc Genernl fund in respect of fed assets purcbased u,here restn"ctions no longer exisL A trdnsf¢r of £14,591 was made from the National l.ottery Heritage Fund -Dei".elopment Phase to thc NLIIF Dcvclopment Ph&se capital fid in respeci of fixed ats purchased on which rc5(riCtioS still exist. A transfer of £2,148 was made from the Shared PrOer11V CommLmities Fund to the Shared Prosperity Communities capital ftd in respe¢t of fixed assets purchased on th'hich restrictions still exist. 14. MPLOYEE BEI%EFIT OBLIGATIOIIS The charity pays into a defined contribution pension scheme for its employec5. The pen%ion cost charge represents contributions paid by thc charitv to the fimd and amountcd to £5.336 {20?3: £3.612). At thc ycar end 31 Nlarch ?Q24 £1,157 (?023.. £4f7) of pension contributio$ remained outslanding. 15. CAPIT AL C0Tr1MITMENTS 31.3.24 31.3.23 Contracted but not proi.'ided for An the fmancial statemenLS 2?,000 16. RELATED PARTY DISCLOSURES There were no related party transaclions for the year ended 31 March 2024. 17. ULTLWIATE CONTROLLING PARTY Ultimate control is exercised by the Board of Truslees. 18. LIABILITY OF mEIBERs Each membels liability is limited to £5 on ivindints up of the TnL Page 22