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← Cyfle Building Skills Limited

2024-08-31-accounts

REGISTERED COMPANY NUMBER: 08601303 (England and Wales) REGISTERED CHARITY NUMBER: 1170264

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

CYFLE BUILDING SKILLS LTD

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA? 9LA

CYFLE BUILDING SKILLS LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Page Page
Report of the Trustees to 3
Report of the Independent Auditors 4to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11to 17
Detailed Statement of Financial Activities 18to 19

CYFLE BUILDING SKILLS LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e[f] fective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

On 18 November 2016, the company obtained charitable status. Our main activities are to advance, develop and promote the educations of persons through Wales and England by way of the provision of apprenticeship schemes and training opportunities in relation to construction and/ or related occupations which may relate to the built environment as the Charity's trustees think fit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Cyfle Building Skills Ltd has received many accolades which illustrates the success of the apprenticeship scheme. Such recognitions include The Princess Royal Award for Outstanding Training and Skills Development and also the Princess Royal Award for Quality, Diversity and Inclusion in the Workplace.

The charity is the recipient of two Queen's Awards for Enterprise - Promoting Opportunity and Social Mobility. The charity has developed and is currently delivering a Mentoring in the Workplace project.

Cyfle Building Skills Ltd has diversified its operation with the Regional South West Wales Onsite Construction Hub. This innovative scheme, in collaboration with the Construction Industry Training Board's (CITB) Onsite Experience Commission, offers site experience, training opportunities and mentoring to candidates considering a career in construction.

The delivery of the South West Wales Onsite Construction Hub and a new Low Carbon Awareness Training scheme takes place across five local authority areas within the region and is designed to help tackle the skills gap within the construction industry.

Cyfle Building Skills Ltd attributes its success and increase in profitability to the diversity of the organisation and its ongoing commitment to invest in the community we serve.

FINANCIAL REVIEW

Reserves policy

Reserves policy The Board has set out the charity's reserve policy to enable trustees to be in proper financial control of the organisation and meet its legal obligations.

The Board has set the reserves policy to ensure there are enough funds to cover designated closure costs, which include staff redundancy costs and any outstanding amounts owing at the year end along with a provision for the expected decrease in Welsh Government funding in future periods.

The deficit for the year was £30,249 (2023 surplus: £55,498), which has resulted in reserves at 31 August 2024 of £705,005 (2023: £735,254).

FUTURE PLANS

The Charity aims to continue to offer the full range of services it currently delivers.

Cyfle Building Skills Ltd has invested in developing new training initiatives during the year and is currently in the process of developing and delivering a Low Carbon Awareness course in conjunction with the Skills and Talent project supported by Swansea Bay City Deal.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure the appropriate controls are in place to provide reasonable assurance against fraud and error.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 1

CYFLE BUILDING SKILLS LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The appointment of a new trustee is an important matter. Before appointing a new trustee, the trustee board must make sure that it is acting within the law, in accordance with the charity's governing document, and that the prospective trustee is not disqualified from being a trustee. The trustees must first ensure that the prospective trustee is permitted to be a trustee. This will include being of age (at least 16 years old), not being disqualified under the Charities Act 2011, being a fit and proper person, and being able to work with children and vulnerable adults.

A trustee shall cease to hold office if they become disqualified, decide to retire or the board decides to remove a trustee for a specific reason. The removal of a trustee by the board can only take place if the board has a good reason to remove the trustee,

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08601303 (England and Wales)

Registered Charity number

1170264

Registered office

Ammanford Campus Dyffryn Road Ammanford Carmarthenshire SA18 3TA

Trustees W G John Company Director K H Pearson Company Director W J Davies Director 0 H Jones Director A R Thomas Director D V Jones Company Director

Company Secretary 0 H Jones Auditors Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA79LA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Cyfle Building Skills Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 2

CYFLE BUILDING SKILLS LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ........ U .. / .. ?.}/.&.?. . ..... and signed on its behalf by:

0 H Jones - Trustee

Page3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CYFLE BUILDING SKILLS LTD

Opinion

We have audited the financial statements of Cyfle Building Skills Ltd (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CYFLE BUILDING SKILLS LTD

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CYFLE BUILDING SKILLS LTD

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Q)

Llinos Williams (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA79LA Date . ............................................ . . 11/03/2._s

Page6

CYFLE BUILDING SKILLS LTD

STATEMENT OF FINANCIAL ACTIVITIES (IN CORPORA TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 858,787 858,787 695,347
Charitable activities 4
Charitable activities 1,545,957 1,545,957 1,602,518
Investment income 3 7,092 7,092
Total 2,411,836 2,411,836 2,297,865
EXPENDITURE ON
Charitable activities
Charitable activities 2,442,085 2,442,085 2,242,367
NET INCOME/(EXPENDITURE) (30,249) (30,249) 55,498
RECONCILIATION OF FUNDS
Total funds brought forward 735,254 735,254 679,756
TOTAL FUNDS CARRIED FORWARD 705,005 705,005 735,254

The notes form part of these financial statements

Page 7

CYFLE BUILDING SKILLS LTD

BALANCE SHEET 31 AUGUST 2024

31 AUGUST 2024 31 AUGUST 2024
2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible assets 12 7,401 7,401 13,437
CURRENT ASSETS
Debtors 13 326,432 326,432 263,690
Cash at bank 434,096 434,096 531,393
760,528 760,528 795,083
CREDITORS
Amounts fal ing due within one year 14 (62,924) (62,924) (73,266)
NET CURRENT ASSETS 697,604 697,604 721,817
TOTAL ASSETS LESS CURRENT LIABILITIES 705,005 705,005 735,254
NET ASSETS 705,005 705,005 735,254
FUNDS 15
Unrestricted funds 705,005 735,254
TOTAL FUNDS 705,005 735,254

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:

. ...... . (?f ........ .

0 H Jones - Trustee

The notes form part of these financial statements

Page8

CYFLE BUILDING SKILLS LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations (104,389) (2,911)
Net cash used in operating activities (104,389) (2,911)
Cash flows from investing activities
Interest received 7,092
Net cash provided by investing activities 7,092
Change in cash and cash equivalents in
the reporting period (97,297) (2,911)
Cash and cash equivalents at the
beginning of the reporting period 531,393 534,304
Cash and cash equivalents at the end of
the reporting period 434,096 531,393

The notes form part of these financial statements

Page 9

CYFLE BUILDING SKILLS LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024 2023
as restated
£ £
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities) (30,249) 55,498
Adjustments for:
Depreciation charges 6,036 6,036
Interest received (7,092)
Increase in debtors (62,742) (85,803)
(Decrease)/increase in creditors (10,342) 21,358
Net cash used in operations (104,389) (2,911)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.23 Cash flow At 31.8.24
£ £ £
Net cash
Cash at bank 531,393 (97,297) 434,096
531,393 (97,297) 434,096
Total 531,393 (97,297) 434,096

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 10

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charity is a private company limited by guarantee without share capital and is incorporated in England and Wales. The registered office is Ammanford Campus, Dyffryn Road, Ammanford, Carmarthenshire, SA18 3TA

Going Concern

The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Presentational and functional currency

The presentational and functional currency is£ sterling.

Significant accounting judgements and key sources of estimation uncertainty

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

This includes determining the value of designated funds needed at the year end to meet specific future expenditure.

Income

Grant income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Contribution income is recognised in the Statement of Financial Activities once the charity has received confirmation that a contribution will be received from the provider and the amount of income that will be received.

Other income is recognised in the Statement of Financial Activities in the period it is receivable and to the extent the Charity has provided the services.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Costs have been allocated as far as possible between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Others have been apportioned based on the estimated usage of the resource.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles - 25% on cost Computer equipment - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued ...

Page 11

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Employee benefits

The Charity provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
2024 2023
as restated
£ £
Contributions 858,787 695,347
3. INVESTMENT INCOME
2024 2023
as restated
£ £
Deposit account interest 7,092
-- --

continued ...

Page 12

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

4. INCOME FROM CHARITABLE ACTIVITIES

4. INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES
2024 2023
as restated
Activity £ £
Other income Charitable activities 277,925 175,234
On Site Hub Charitable activities 523,869 473,491
Employer Network Charitable activities 237,398 394,358
Grants Charitable activities 506,765 559,435
1,545,957 1,602,518
Grants received, included in the above, are as follows:
2024 2023
as restated
£ £
CITB Grant 247,849 293,752
YRP Grant 9,933
Other Grants 7,500 22,500
Welsh Government - Consortium Welsh Government - Consortium 153,750 161,250
Welsh Government - FE Work Experience 97,666 72,000
506,765 559,435
5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Charitable activities 1,787,087 654,998 2,442,085
6. SUPPORT COSTS
Management Finance Totals
£ £ £
Charitable activities 645,124 9,874 654,998
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2024 2023
as restated
£ £
Depreciation - owned assets 6,036 6,036

Depreciation - owned assets

Page 13

continued ...

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

9.

STAFF COSTS

STAFF COSTS
2024 2023
as restated
£ £
Wages and salaries 1,715,420 1,468,545
Other pension costs 46,000 40,023
1,761,420 1,508,568

Total cost in relation to Key Management Personnel durin[g ] the[y] ear was £64,333[(] 2023: £60,251[)] .

The average monthly number of employees during the year was as follows:

10.

2024 2023
as restated
Employees 113 102
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
as restated
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 695,347 695,347
Charitable activities
Charitable activities 1,602,518 1,602,518
Total 2,297,865 2,297,865
EXPENDITURE ON
Charitable activities
Charitable activities 2,242,367 2,242,367
NET INCOME 55,498 55,498
RECONCILIATION OF FUNDS
Total funds brought forward 679,756 679,756
TOTAL FUNDS CARRIED FORWARD 735,254 735,254

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued ...

Page 14

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 31 AUGUST 2024

11. PRIOR YEAR ADJUSTMENT

The accounts have been restated to incorporate the impact a cut-off error in relation to income, which occured firstly in the year ended 31st August 2022 financial statements and in subsequent years. The correction is recognised in other debtors and reserves of the balance sheet.

The movement between previously reported reserves and restated reserves is noted below:

£
Reserves as previously reported to 31/08/2022 575,040
Inclusion of income in relation to the year ended 31/08/2022 104,716
Reserves at 31/08/2022 as restated 679,756
Surplus for the financial year to 31/08/2023 as previously reported 41,515
Removal of the income in relation to 31/08/2022 (104,716)
Inclusion of income in relation to the year to 31/08/2023 118,699
Reserves at 31/08/2023 as restated 735,254

12. TANGIBLE FIXED ASSETS

12. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 September 2023 and 31 August 2024 24,144 5,293 29,437
DEPRECIATION
At 1 September 2023 10,707 5,293 16,000
Charge for year 6,036 6,036
At 31 August 2024 16,743 5,293 22,036
NET BOOK VALUE
At 31 August 2024 7,401 7,401
--- ---
At 31 August 2023 13,437 13,437
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£ £
Other debtors 326,432 263,690

continued ...

Page 15

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
as restated
£ £
Social security and other taxes 18,593 11,189
Other creditors 7,554 6,726
Accrued expenses 36,777 55,351
62,924 73,266
---
15. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£ £ £
Unrestricted funds
General fund 565,254 (30,249) 535,005
Designated closure costs 80,000 80,000
Designated Fund - Reduction in future
funding 90,000 90,000
735,254 (30,249) 705,005
TOTAL FUNDS 735,254 (30,249) 705,005
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 2,411,836 (2,442,085) (30,249)
TOTAL FUNDS 2,411,836 (2,442,085) (30,249)
Comparatives for movement in funds
Net Transfers
movement between At
At 1.9.22 in funds funds 31.8.23
£ £ £ £
Unrestricted funds
General fund 534,756 55,498 (25,000) 565,254
Designated closure costs 70,000 10,000 80,000
Designated Fund - Reduction in future
funding 75,000 15,000 90,000
679,756 55,498 735,254
TOTAL FUNDS 679,756 55,498 735,254

continued ...

Page 16

CYFLE BUILDING SKILLS LTD

NOTES TO THE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 31 AUGUST 2024

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £
Unrestricted funds
General fund 2,297,865 (2,242,367) 55,498
TOTAL FUNDS 2,297,865 (2,242,367) 55,498

Unrestricted funds

Unrestricted funds can be deployed in any way the charity sees fit, apart from designated reserves which are set aside for a specific purpose.

Designated costs

Designated closure costs are made up as follows:

£
Redundancy allowance for staff 60,000
Other debtor allowances 20,000
Designated closure costs 80,000
Reduction in funding from Welsh Government 90,000
Total designated costs 170,000

Designated fund for the reduction in future funding is in respect to the expected reduction in future funding from Welsh Government

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st August 2024. Some of the trustees are also directors of companies and apprentices from Cyfle Building Skills Ltd work on their projects. The companies make regular donations similar to other organisations and are no way given any special terms or treatments.

17. ULTIMATE CONTROLLING PARTY

The Charity is controlled by its trustees.

Page 17

CYFLE BUILDING SKILLS LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
as restated
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Contributions 858,787 695,347
Investment income
Deposit account interest 7,092
Charitable activities
Other income 277,925 175,234
On Site Hub 523,869 473,491
Employer Network 237,398 394,358
Grants 506,765 559,435
1,545,957 1,602,518
Total incoming resources 2,411,836 2,297,865
EXPENDITURE
Charitable activities
Apprentice wages 1,203,442 971,767
Work experience 14,000 100
Apprentice equipment 1,298 1,209
Apprentice travel 68,009 68,062
Apprentice training 2,262 1,737
Vehicle costs 3,183 3,958
On Site Hub 224,763 219,356
Net carbon zero 15,292
Employer Network 254,838 350,441
1,787,087 1,616,630
Support costs
Management
Wages 511,978 496,778
Pensions 46,000 40,023
Insurance 4,404 4,084
Travelling 21,006 17,332
Telephone
Office expenses
Meeting and events		 4,917
32,525
5,069		 5,752
30,035
11,256
Sundries 1,317 525
Counsellor/Community Schemes 2,854 974
Donations 9,018 2,930
Motor vehicles 6,036 6,036
645,124 615,725
Finance
Consultancy
Carried forward		 1,532
1,532		 2,067
2,067

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CYFLE BUILDING SKILLS LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

FOR THE YEAR ENDED 31 AUGUST 2024 FOR THE YEAR ENDED 31 AUGUST 2024
2024 2023
as restated
£ £
Finance
Brought forward 1,532 2,067
Accountancy 8,224 7,821
Bank charges 118 124
9,874 10,012
Total resources expended 2,442,085 2,242,367
Net (expenditure)/lncome (30,249) 55,498

This page does not form part of the statutory financial statements

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