## **Trustees’ Annual Report for the period** ## **From 1 January 2024 to 31 December 2024** ## **Charity name: The Friends of Neath Abbey Iron Company (FNAIC) Charity registration number: 1178391** ## **Objectives and Activities** ||SORP
reference|| |---|---|---| |Summary of the purposes
of the charity as set out in
its governing document|Para 1.17|The objects of the CIO are:
(1) To preserve, restore and maintain
for the benefit of the public the historic
structure and environs known as Neath
Abbey Ironworks, Neath Abbey, south
Wales.
(2) To advance the public's education
with regard to the heritage and culture,
especially that pertaining to engineering
and science, of Neath Abbey Ironworks
andits environs.| |Summary of the main
activities in relation to
those purposes for the
public benefit, in
particular, the activities,
projects or services
identified in the accounts.|Para 1.17
and 1.19|We preserve for the public's benefit the
historic structure and environs of Neath
Abbey ironworks, Neath Abbey, south
Wales. This involves vegetation control
and conservation work.
We advance the public's education
regarding the heritage and culture,
especially engineering and science, of
Neath Abbey Ironworks and its
environs. This involves, amongst
others, community educational events
such as guided tours, open days,
exhibitions and talks.| |Statement confirming
whether the trustees have
had regard to the
guidance issued by the
Charity Commission on
public benefit|Para 1.18|We confirm that the trustees have had
regard to the Charity Commission’s
guidance on public benefit when
planning our activities.| ## **Additional information (optional)** You may choose to include further statements where relevant about: ||SORP
reference|| |---|---|---| |Policy on grant making|Para 1.38|**N/A **| |Policy on social
investment including
program related
investment|Para 1.38|**N/A**| |---|---|---| |Contribution made by
volunteers|Para 1.38|The achievements of the charity would
not have occurred without the
contributions made by volunteers. The
Trustees give freely of their time, and
lead the volunteers. We meet every
Sunday afternoon, and frequently on
weekdays. This is apart from
archaeological digs, guided tours,
lectures and talks given by the trustees.
The Friends work in the Ironworks
sometimes 3-4 days per week. This
work has been curtailed recently due to
lack of insurance.| |Other||**N/A**| ## **Achievements and Performance** ||SORP
reference|| |---|---|---| |Summary of the main
achievements of the
charity, identifying the
difference the charity’s
work has made to the
circumstances of its
beneficiaries and any
wider benefits to society
as a whole.|Para 1.20|Heritage is a huge resource which
cannot be replaced once it is lost.
The Ironworks has been completely
transformed from a derelict dumping
ground into a community space.
Removal of trees and ivy has stopped
the damage of archaeological remains,
and herbicide spraying of vegetation
such as buddleia and ivy has saved the
monuments from further degradation.
Clearing of illegal refuse tipped from
the site has metamorphosed this
forgotten valley into a useable
community space. The volunteers have
achieved this alone.
The benefits of heritage engagement
cannot be understated, especially in an
area where 11 per cent of working age
adults have no qualifications and is
ranked as amongst the most deprived
areas in Wales. FNAIC provides skills
training for its volunteers, and this
engagement has improved
employment skills; ranging from
technical and business management to
conservation and information
management.
Volunteering opportunities provide a
wayto activelyimprove one’s mental| and physical health. By giving people meaningful roles and physical work, FNAIC offers a real opportunity to add value to the community in a worthwhile way and at the same time it provides a context in which people can live a healthy life. We meet once a week on a Sunday afternoon, and in the summer on Wednesday nights. Between 12-20 people of all ages volunteer each week, but our pool of volunteers is approximately 50. Shared learning is vital to sustaining the historic environment; it raises awareness and understanding of heritage, including the varied ways in which our past is perceived by different generations and communities. It encourages informed and active participation in the historic environment. Knowledge and expertise are vital in encouraging and enabling others to learn about, value and care for our heritage. The Ironwork’s site is vital to the community, and it is important that the site is conserved, so that future generations can benefit from its legacy. In February, our insurance for working on the site provided by Keep Wales Tidy expired, Due to the dangers of working on the site due to falling masonry, we were unable to obtain new insurance cover. This meant that we are no longer able to access or work on the site, with the resultant cessation of our practical activities. We, hoverer, still continue to lobby for and work towards the restoration of the site. ## **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|| |---|---|---| |Performance of
fundraising activities
against objectives set|Para 1.41|| |Investment performance
against objectives|Para 1.41|| Other ## **Financial Review** |Review of the charity’s
financial position at the
end of the period|Para 1.21|Cash at bank on 31/12/2024 was
£6622. The funds are held to cover
operational costs in the future.| |---|---|---| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|Reserves are held to provide funds for
future liabilities, such as running costs
for 12 months and restricted cash for
grant work. However, this is only to the
extent that the limited resources of the
charity allow, and we are fortunate that
ourexpenses arelow.| |Amount of reserves held|Para 1.22|£6622| |Reasons for holding zero
reserves|Para 1.22|N/A| |Details of fund materially
in deficit|Para 1.24|N/A| |Explanation of any
uncertainties about the
charity continuing as a
going concern|Para 1.23|There are no uncertainties about the
charity continuing at present.| |**Additional information (optional)**
Youmay choose toincludefurtherstatementswhererelevant about:||| |The charity’s principal
sources of funds
(including any
fundraising)|Para 1.47|Our main source of funding this year
has been grant funding.| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|**N/A**| |A description of the
principal risks facing the
charity|Para 1.46|The main risk is the finding of
successors to the trustees. Due to the
site’s liabilities, we find difficulty in
finding new trustees.| |Other||| ## **Structure, Governance and Management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing
document
(trust deed, royal charter)|Para 1.25|**Foundation model constitution**| |How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|**CIO**| |Trustee selection
methods including details
of any constitutional
provisions e.g. election to
post or name of any
person or body entitled to
appoint one or more
trustees|Para 1.25|**Eligibility for trusteeship**
a) Every charity trustee must be a
natural person.
b) No one individual may be appointed
as a charity trustee of the CIO:

if he or she is under the age of 16
years; or

if he or she would automatically
cease to hold office under the provisions
of clause [12(1)(e)].
c) No one is entitled to act as a charity
trustee whether on appointment or on
any re-appointment until he or she has
expressly acknowledged, in whatever
way the charity trustees decide, his or
her acceptance of the office of charity
trustee.
**Number of charity trustees**
a) There must be at least four charity
trustees. If the number falls below this
minimum, the remaining trustee or
trustees may act only to call a meeting of
the charity trustees, or appoint a new
charity trustee.
b) The maximum number of charity
trustees is 14. The charity trustees may
not appoint any charity trustee if as a
result the number of charity trustees
would exceed the maximum.
**Appointment of charity trustees**
1) Apart from the first charity trustees,
every trustee must be appointed by a
resolution
passed
at
a
properly| |convened
meeting
of
the
charity| |---| |trustees.| |2) In
selecting
individuals
for| |appointment as charity trustees, the| |charity trustees must have regard to the| |skills,
knowledge
and
experience| |needed for the effective administration of| |the CIO.| |**Retirement and removal of charity**| |**trustees**| |1) A charity trustee ceases to hold| |office if he or she:| |a) retires by notifying the ClO in writing| |(but only if enough charity trustees will| |remain in office when the notice of| |resignation takes effect to form a| |quorum for meetings);| |b) is absent without the permission of| |the charity trustees from all their| |meetings held within a period of six| |months and the trustees resolve that his| |or her office be vacated;| |c) dies;| |d) becomes incapable by reason of| |mental disorder, illness or injury of| |managing and administering his or her| |own affairs; or| |e) is disqualified from acting as a| |charity trustee by virtue of sections 178-| |180 of the Charities Act 2011 (or any| |statutory reenactment or modification of| |that provision).| |2) Any person retiring as a charity| |trustee is eligible for reappointment.| **Additional information (optional)** You may choose to include further statements where relevant about: |Policies and procedures
adopted for the induction
and training of trustees|Para 1.51|**Information for new charity trustees**
The charity trustees will make available
to each new charity trustee, on or before
his or her first appointment:| |---|---|---| |||a) a copy of the current version of this
constitution; and
b) a copy of the CIO’s latest Trustees'
Annual
Report
and
statement
of
accounts.
Training is arranged for trustees so that
they may learn more about their roles
andresponsibilities.| |---|---|---| |The charity’s
organisational structure
and any wider network
with which the charity
works|Para 1.51|| |Relationship with any
related parties|Para 1.51|| |Other||| ## **Reference and Administrative details** |Charityname|TheFriends of Neath AbbeyIronCompany| |---|---| |Other name the charity
uses|| |Registered charity number|**1178391**| |Charity’s principal address|Secretary: PL Richards
Wern Ddu Uchaf Farm
Wernddu Rd
Alltwen
Pontardawe
Swansea
SA8 3JA| ||| ## **Names of the charity trustees who manage the charity** |1
2
4
5
6
7
8
9
10
11
12
13
14
15
16|**Trustee name**|**Office (if any)**|**Dates acted if not for**
**whole year**|**Name of person (or**
**body) entitled to appoint**
**trustee(if any)**| |---|---|---|---|---| ||Victor Kean
James|Chair||By a properly convened
meeting
of
the
charity
trustees.| ||Sandra Jane
Morgan|Vice-Chair||By a properly convened
meeting of the charity
trustees.| ||Peter Richards|Secretary||By a properly convened
meeting of the charity
trustees.| ||Cathryn
Elizabeth Lloyd
Richards|Treasurer||By a properly convened
meeting of the charity
trustees.| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| – Corporate trustees names of the directors at the date the report was approved **Director name N/A** Name of trustees holding title to property belonging to the charity |**Trustee name**|**Dates acted if not for**
**wholeyear**|| |---|---|---| |**N/A **||| |||| |||| |||| |||| |||| ## **Funds held as custodian trustees on behalf of others** Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements N/A for safe custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** **Type of Name Address adviser** **Name of chief executive or names of senior staff members (Optional information)** ## **Exemptions from disclosure** - Reason for non disclosure of key personnel details ## **Other optional information** ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** **Full name(s)** Peter Lloyd Richards **Position (eg Secretary,** Secretary **Chair, etc) Date** 17.9.2025 and return thls £> wbv copy Chartered Accountants OFFICE COPY The Friends of Neath Abbey Iron Company Flnanclal Statements For the Year Ended 31 December 2024 WitknwBrntheld&Co. *ndWW•r*trLdlThiMwtslW&¥LlMitod.4￿￿plnYW￿dinEr411r￿&waknp￿Ollso66J steTEdCfflce w￿￿￿•1d￿o￿.¢*$tknv1Ilk. Me&ihUII 3LN D¢t?ilsof¢uradni Wl¥lrntwJn¢&nbiY￿wM￿￿WwWIv￿itr*￿lStII.QT ukUnd•rr*f*wrthnuThknr(w2565￿ The Friends of Neath Abbey Iron Company Index Year Ended 31 December 2024 Annual Report Independent Examiners Report Flnanclal Statements The Friends of Neath Abbey Iron Company Annual Report Year Ended 31 December 2024 ADMINISTrAnvE DETAIiS OFTHE CHARITY, ITS TRUSTEES AND ADVISERS CHARITY REGisfRATION IK). 1178391 ADDRESS Wernddu Uchaf Farm Wernddu Road Alltwen Pontardawe Swansea SA8 3JA BANKERS Natwest Bank pl¢ 35 Green Street Neath SAII IDB INDEPENDENT EXAMINER Richard N Chapple Bsc (Econl FCCA WBV Limlted Chartered A¢countants The Third Floor Langdon House Langdon Road SAI Swansea Waterfront Swansea SA18QY The Friends of Neath Abbey Iron Company Annual Report Year Ended 31 December 2024 The Frlends of Neath Abbey Iron Company Is re855tered wilh the Charity Commissioners INO.. 11783911 and is a Charitable Incorporated Organisation ICIOI Boverned by the foundation model constitution. srRucfuRE, GOVERNANCE AND MANA6EME14T The Charily is administered by the officers of the charity and executive Committee comprising:. Trustees CHAIRMAN MrVKlames VICE CHAIRMAN MrsSI Morgan SEcR￿ARy Mr P Rlthards TREASURER Miss C E Lloyd Richards Trustees are appointed followin8 elertion by member5 at 8eneral meetings. They are encoura8ed to attend appropriale external trainin8 events where these will facilltate the undertaklng of thelr role. OBJEcf5 AND ACTIVfflES The oblert of the Charity is to.. al Conserve the heritage site. bl Provide safe public acce55 to all visitors. cl Explain the heritage of the site throu8h information board5, a website and bilingual guide. dl Encoura8e tourists to visit the sSte. el Provide a venue for a heritage/ educatlonal ￿ntre to encourage the study of world science. ACHIEVEMEfrJTS. PERFORMANCE AND FINANCIAL REVIEW The Charity had a le55 successful year. with General Fund receipts of £IOO12023.. £6011 and General Fund net recelpts of £86, 12022: net payments l£1,1241. The CharSty received grant income of £16,993 during the year compared to £8,429 recelved In 2023 from NPTCBC. The Charity made £21,7SO payments from the Testrlcted fund this year. The Charity aims to maintain its level of reserves In future years to enable it to effectNely undertake the Chariws objecrlves In accordance with the terms of the Deed of Trust. The Friends ol Neath Abbey Iron Company Annual Report Year Ended 31 December 2024 PLIBLIC BENEFrr The Trustees are aware of thelr responsibilltles In ensuring that the Charlty delivers identifiable benefits to the public in accord with established objectwes and permitted activities. We have referred to the guidan￿ contained in the Charily Comrnission's general Buldance on public benefit whèn rèvlewing our aims and objectives and in planning our future activitie5. In particular, Ihe Trustees conslder how planned activities will contribute to the aims and objectives they have set. FL?I,a dg 5iÈned For and on behalf of the Trnstees Mr P Rlchards Secretary Date: The Friends of Neath Abbey Iron Company Independent Examinerfs Report to Friends of Neath Abbey Iron Companv Year Ended 31 December 2024 I report to the charity trustee5 on my examination of the accounts of the charity for the year ended 31 December 2024 whlch are Set out on pa8e 5. Responslbllltles and ba￿$ of report As the charivs trustees you are responsible for the preparation of the accounts in attordance wtth ihe requlrements of the Charitie5 Art 20111'the ACYI. I report in respect of my examlnation of the charlty's accounts carried out under se¢tlon 145 of the Act and In carrylng out my examlnatlon I have followed all the appllcable D1￿ctionS given by the Charlty Commission under sectlon 14515Hbl of the A¢L Independent examlner's statement I have completed rny examirtation. l Confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accountlng records were not kepi In respect of the charlty as requlred by sertlon 130 of the Act; or the accounts do not a¢¢ord with those records. I have no Concerns and have come across no other matters in connection with the examination to whith attÈAtion should be drawn in thi5 report in order to enable a proper understsnding of the accounts to be reached. RICHARD N CFV4PPLE 6S¢ IE¢onl FCCA WBV LIMITED THE THIRD FLOOR LANGDON HOUSE LANGDON ROAD SAI SWANSEA WATERFRONT SWANSEA SAI 8QY Date: The Friends of Neath Abbey Iron Company Financlal Statements Year Ended 31 December 2024 RECEIPTS AND PAYfvIENTS ACCOUNT (GENERAL PURPOSES FUNDI 20Z4 Restrlrted Funds 2024 Total Fund5 2023 Vnrestrlcted Funds Total Funds Income Receipts Grants Donations Fundraising 16,993 16,993 100 8,429 601 100 TOTAL RECEIPTS 100 16,993 17.093 9.030 Other Expendltur• Insurance Other Repairs & Maintenance 308 516 9,151 9.975 14 14 21,750 21,764 21,750 21,750 14 Asset Purchases Purchase of functional assets TOTAL PAYMENTS 14 21,750 21.764 9.975 Net IPayments11 Receipts forthe yéar Transfer between funds 86 14.757 14,6711 19451 Cash and Bank balances 31 De￿mber 2023 13711 11,664 11,293 12,238 Cash and Bank Balances at 31 De¢ember 2024 12851 6,907 6.622 11,293 ststement ol Assets and Uabllltle5 2024 Total Funds 2023 Total Fund5 Natwest current Account 6,622 11.293 Assets Tetained for charSty use (Functional A55ets) The charity holds variou5 Iterns of 8ardenin8 t¢x)Is and equipment. **----- Start of picture text -----**
The Friends of Neath Abbey Iron Company 1178391
Receipts and payments accounts CC16a
For the period Period start date Period end date
To
from 1.1.2024 31.12.2024
Section A Receipts and payments
Unrestricted Restricted Endowment
Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Grants 16,993 - 16,993 8,429
Donations 100 - - 601
Fund raising - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Sub total (Gross income for
AR) [ 100 ] 16,993 - 17,093 9,030
A2 Asset and investment sales,
(see table).
- - - -
- - - - -
Sub total - - - - -
Total receipts 100 16,993 - 17,093 9,030
A3 Payments
Insurance - - - - 308
Other 14 21,750 - 21,764 516
Repairs and maintenance - - - - 9,151
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Sub total [ 14 ] 21,750 - 21,764 9,975
A4 Asset and investment
purchases, (see table)
- - - -
- - - -
Sub total [ - ] - - - -
Total payments [ 14 ] 21,750 - 21,764 9,975
Net of receipts/(payments) 86 - 4,757 - - 4,671 - 945
A5 Transfers between funds - - - - -
A6 Cash funds last year end - 371 11,664 - 11,293 1,447
Cash funds this year end - 285 6,907 - 6,622 11,293
**----- End of picture text -----**
CCXX R1 accounts (SS) 21/09/2025 1 |**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|| |---|---|---|---| |**Categories**
Signed by one or two trustees on
behalf of all the trustees
**B1 Cash funds**
**B2 Other monetary assets**
**B4 Assets retained for the**
**charity’s own use**
**B5 Liabilities**
**B3 Investment assets**|Signature
**Details**
**Details**
Various items of gardening tools and
equipment.
**Details**
**Details**
**_Total cash funds_**
(agree balances with receipts and payments
account(s))
**Details**|**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**-285**
**6,907**
**-**
**-**
**-**
**-**
**- 285**
**6,907**
OK
OK
**Unrestricted**
**funds**
**Restricted**
**funds**
**to nearest £**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Cost (optional)**
Functional Assets
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**liability relates**
**Amount due**
**(optional)**
**-**
**-**
**-**
**-**
**-**
Print Name
PL Richards
CEL Richards|**Endowment**
**funds**
**to nearest £**
**-**
**-**
**-**| ||||**-**| ||||OK| ||||**Endowment**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**Current value**
**(optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**When due**
**(optional)**
Date of
approval
**17.9.25**
**17.9.25**| CCXX R2 accounts (SS) 21/09/2025 2