Charity registration number 1186136
CLWB IFOR BACH
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

CLWB IFOR BACH
CONTENTS
Pagg
Trustees. report
statement of trustees. responsibilities
Independent auditorfs report
8-10
Stslemenl of financial activities
Balance sheet
12
Stslemenl of cash flows
Notes lo the financial ststemenls
14-29

CLWB IFOR BACH
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with thè charity's governing document, the Charities Act 2011 and Accounting and
Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 (effective 1 January 20191.
ObJectlves and actlvltles
The principle objective of the charity is to 'advance the education of the public by encouraging the understanding
and appreciation of contemporary music, including music of Welsh originllanguage in such ways as the trustees
consider appropriate,.
We are Committed lo In¢￿asIng audience engagement wlh new music, providing opportunities for arb'sls lo grow
and develop, and support those looking for other potential pathways into the industry.
We believe that everyone. of all backgrounds and abilities, should be able lo access music - be that on or off the
stage- and focus our work on the following key areas to achieve our charitsble objectives..
Artists Development
Audience Development
Skills Development
Community Engagemènt
During the summer our trustees and stsff came together to create a 'Theory of Change, document for the charity.
Facilitated by Richard Newton Consulting this piece of work will be the basis for the future development of our
charitable objectives. As the year ended, we received confirmation fomi the Arts Council of Wales of revenue
funding to support research to examine and explore best practise within the sector, lo develop a strategic framework
for the delivery of our'Theory of Change,.
Achievements and performance
2023 was a significant year for us as an organisation as il was both our 40th anniversary and our first full year
operating as a charity. We successfully staged 438 events to a combined audience of just under 90,000, of which
two-thirds 12821 were promoted by our in-house team, 35 of those being delivered in other venues in Cardiff and
elsewhere in Wales. Average attendan¢e across all events was 202 and we saw a slight increase 19231 in total
attendance Compared to 2022.
Our signature event since 2018 is Swn Festival., a multi venue ￿lebratiOn of new and emerging music staged over
three days in mid-october. This year saw over 5,000 attendees and 122 artists play across 10 different venues. We
were also able to expand our programme lo include a music industry Collferen￿ to focus on the different pathways
and opportunities available to those looking lo enter the music sector. Working in partnership with local further
educational Colleges and universities we also provided volunteering opportunities for over 80 people during the
event. The success of the festival in recent years has led lo funding by Welsh Govemmenl's through Event Wales,
and in 2024 it is to be included in Cardiff Council's inaugural 'Cardiff Music City Festival,, a three week long
celebration of music and culture.
other notable activity for 2023 includes our work for the National Eisleddlod, Ta￿1 and a new project for the Welsh
Government, which saw us stage our first overseas event.
Stsged in a different location each year and delivered exdusively through the medium of Welsh, The National
Eisteddfod is Wales, biggest arts festival. We have been responsible for the past three years for curating and
promoting ils late night offering, Maes B, a festival in ils own right whose primary target audience is those aged
16-25. This is often the first festival experience for many attendees and is an important milestone in their continuing
relationship with the Welsh language. We also provide programming support for other stages on the main
Eisteddfod site.

CLWB IFOR BACH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Tafwyl is another event whose primary focus is promoting the Welsh language and here again we provide our
support to programme the festival's main music stages. Tthyl, which is held in the centre of Cardiff, is a free event
and is open lo all. It now attracts over 50,000 people and has become a key focus for the city's wotk lo promote the
language.
Finally, we were asked to promote an event in Nantes as part of the Vvelsh Government's 'Wales in Fran￿,
programme. Staged lo coincide wth the rugby Worfd Cup, the show featured artists from Cardiff and Nantes Iwhich
is twinned with Cardiffl and proved lo be a great opportunity lo promote music from Wales lo a new audience. One
of the featured artist5 from Nantes will play the 2024 edition of Swn Festival lo further strengthen the relationship
between the two musical communities.
Our work al the venue saw us increase the number of events featuring local artists. This has been a key focus for
us in 2023 as we look to strengthen our relationship with the local music community, both on and off the stage. This
led us to approach Creative Wales to help us curale a stsge at The Great Escape festival, a key milestone in the
career development of new and emerging artists. Working in partnership with both Creative Wales and BBC'S
Horizons initiative, we delivered a h￿o-daY programme featuring 8 Welsh artists. We worked with them before and
after the showcase to ensure they maximised the opportunity, and we invited music industry professionals lo attend
the event lo raise awareness of the artist performing. This work Is especially important due lo the lack of music
industry infraslruclure in Wales as il aims to build relationships between Wales and the wider music industry,
providing pathways and opportunities for both artists and industry professionals alike.
Capital Redevelopment Project
Our biggest project during 2023 remains the proposed capital redevelopment of our Womanby Street trRse.
Following completion of RIBA 3 in 2022 we progressed to RIBA 4A in 2023. We also submitted the planring
application for the project following completion of the agreement for lease process, the approval of which was still
ongoing al the end of 2023.
Our intention is lo redevelop our current home and the adjoining property lo create a new, fully accessible venue
featuring two event spaces, which will address an identified gap in the current provision within the city. The smaller
room will house new and emerging artists up lo a capacity of 200, while the bigger ground floor space will be able lo
support an audience of up to 500. helping artists to progress towards the next step of their development. The larger
overall capacity of the bLJilding will also enable us to fully realise the ambition of our charitable objectives as we look
to broaden our scope of work lo increase opportunities for those looking to engage with the music sector- be it off
or on the stage.
With RIBA 4A completed and the planning approval due lo be finalised, we have taken the project as far as we can
for now, the next stage requiring funding for the build itself before we can appoint the conlraclors. This is an
ambitious project, and subslanlial funding is needed lo realise the work. 11 is also Currently a very challenging
funding environment and we will need lo secure support from several sources to proceed.
Flnanclal revlew
Despite end of year turnover hitting the forecasted target, the cost of generating the income has increased post
lockdown. A major contributing factor has been the changing make-up of our income over the course of the year..
with bar sales down and ticket income up, the amount we need to spend has risen sharply as a result. Coupled with
our investment towards the next stage of our redevelopment project, which had been planned, end of year figures
will show that our ￿ServeS have decreased Compared lo our position al the end of 2022.
Restricted fund income for the year are split across revenue and capital projects as follows..
Revenu9 Funding
Creative Wales (Welsh Govemmentl.. The Great Escape Showcase
Event Wales Iwelsh Govemmenll.. Swn Festival
Arts Council of Vvales.. Theory of Change

CLWB IFOR BACH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Capltal Fundlng
Cardiff Council.. Redevelopment RIBA Stage 4A delivery
Archrtectural Heritage Fund.. Redevelopment RIBA 4A delivery
Charty
Clwb Ifor Bach CIO continued lo invest in our core purpose and did so within a conlrDlled financial and operational
framework, whilst meeting the expectations of our audiences, stakeholders and funders alike.
Trading
As outlined above turnover matched our forecast for the year, however, profilabilily decreased due lo the increase in
our delivery costs. Trading conditions will need lo be continually reviewed through 2024 to ensure reserves remain
al expected levels.
Overheads
Core expenditure was closely monitored and well controlled with some ongoing savings throughout the year, and we
took every opportunity for support as provided by all the various government schemes and inilialives, to reduce
costs and liabilities.
Reserves pollcy
The purpose of the unrestricted fund is lo provide funds for the day-lo-day running of the charity. Should a deficit be
achieved on a specific project. a transfer of funds will be made from the unreslricled funds lo cover the deficit.
Free reserves at the year totalled £66,621 12022.. £284,140) reflecting the investment in the capital redevelopment
project.
Plans for future perlods
We continue lo focus on the followng core areas of business..
Clwb Ifor 8ach
Clwb Ifor Bach, the venue, remains al the core of the organisalion's activity wlh the majority of our oulpul taking
place within the spa￿$ available.
Tourlng l Festlvals I Programmlng
Touring and programming events outside Clwb Ifor Bach continues to be a strong area of business, enabling us lo
maintain a longer term relationship with new and emerging artists as they build their audience in Wales, strengthen
relationship with external partners within the creative sector and increase opportunities for those looking to gain a
foothold in the industry as they progress in their career.
Clwb Muslc
We plan lo build on the work done lo strengthen our engagement with the wider music sector, improve the music
industry infrastructure in Wales and increase engagement and opportunities for Welsh artists.
Skills Development
We are looking to create more opportunities, and develop more partnerships, lo increase engagement with the
sector- both on and off the stage.
structure, governance and management
Governlng Document
The charity is controlled by its governing document, a foundation conslilution, and is defined as a Charrtable
Incorporated Organisalion and registered with the Charity Commission since 4 November 2019.
Working name ofthe Charity
The working name of the Charity is Clwb Ifor Bach.
Recruitment and appointment of trustees
New Iru5tee5 are elected by the Board in accordance with the charity's governing document.

CLWB IFOR BACH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustee Inductlon and tralnlng
The policy of Clwb Ifor Bach CIO is to provide each new trustee with a copy of the Charity Commission document
'The Responsible Trustee, and to provide background information about the work of the Charity at an induction
session. Trustees are also encouraged to review prior documents, business and development plans, and
encouraged lo attend training events about charity governan￿.
Key management personnel
Chief Executive.. Mr G Brychan
Head of Music. MrA Williams
Financial Manager.. Ms R Edwards
Oryanisation
The Trustees are responsible for the affairs of the charity. In particular they decide the strategic direction of the
Charity and ensure that It IS solvent, well-run and fulfils the aims of the Charity. They delegate day-to-day operations
and activities lo the Chief Executive Officer and Senior Management team. Vvhere there is a project of significant
scale or risk - as with the ongoing Capital project - they lake professional advice, Including employing eXperIen￿d
consullanls and other specialists lo ensure that risks are minimised and the best possible result for the Charity is
achieved. Their role as employers is also tsken seriously and time is given over to ensure compliance within all
areas of employment law.
staff seek lo implement the organisation's business plan currenuy in place, and report on progress on a regular
basis lo the Board. Regular financial reports are provided to the Board and, when required, consultants, reports are
commissioned. The 8oard has approved a procedure for online and olhei payments, and this is Implemented by thè
Finance Manager, Technical Manager, Head of Music and CEO.
Rlsk management
The major risks lo which the organisation is exposed. as identified by the Trustees. have been reviewed and
systems implemented to mitigate those risks. The management of cash flow during the period remained a priority
and despite the challenges, creditors were paid as and when due. Core costs were well controlled throughout the
year and systems established to manage risk.
The business model always pre-supposed an expansion of activity outside of the building and the CIB staff now
have systems well established lo manage events across Wales. Ajthough this has provided growth, il also comes
with risk, and this has been noted by the Trustees.

CLWB IFOR BACH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Reference and admlnlstratlve detslls
Reglstered Charfty Name:
Clwb Ifor Bach
Registered Charity Number
118136
Principal Addresy
11 Womanby Street
Cardiff
CF10 18R
Trustees
Mr S Tudur (Chairl
Ms C Rogers
Ms L Squire
MrA Elliott
Ms T Marsh
Ms L Price
Mr M Phipps
Ms L Herde
Mr. L Jones (resigned 18 July 20241
Auditors
Azels Audit Services
Chartered Accounlanls & Ststulory Auditors
Ty Drew
Lime Tree Court
Cardiff Gale Business Park
Cardiff
CF23 8AB
Bankers
Natvvest
96 Queen Street
Cardiff
CF10 2GR
Solicitors
Hugh James
Two Central Sqaure
Cardiff
CF10 1FS

CLWB IFOR BACH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees. report was approved by the Board of Trustees.
T Marsh
Trustee
29 October 2024

CLWB IFOR BACH
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The Iruslees are responsible for preparing the Trustees, Report and the financial slalements in accordance with
applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each
financial year which give a true and fair view Df the slate of affairs of the charity and of the incoming resources and
application of resources of the charity for that year.
In preparing these financi81 stslemenls, the trustees are required to".
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and eslimales that are reasonable and prudent.,
slate whether applicable accounting stsndards have been followed, subject lo any material departures disclosed
and explained in the financial slalements", and
prepare the financial slalements on the going concern basis unless il is inappropriate to presunE that the charity
will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any
time the financial position of the charity and enable them to ensure that the financial statements comply wth the
Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They
are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.

CLWB IFOR BACH
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF CLWB IFOR BACH
Oplnlon
We have audited the finanaal statements of Clwb Ifor Bach (the 'charity'l for the year ended 31 December 2023
which comprise the slalement of financial aclivilies, the balance sheet, the statement of cash flcms and notes lo the
financial stslemenls, including significant accounting policies. The finanaal reporting framework that has been
applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standard applicable the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slatemenls".
give a true and fair view of the slate of the charity's affairs as at 31 December 2023 and of its incoming
resour¢es and appli¢alion of resources, for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿,.
and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditorts ￿spOnSIbl1rt1eS for the audit ol
the financial slalements section of our report. We are Independent of the charity 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 obtsined is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial slatemenls. we have concluded that the Iruslees, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have nDI identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going
concern for a period of at least twelve rnonlhs from when the financial slalements are authorised for issue.
Our responsibilities and the responsibilities of the trustees Imth respect lo going concern are described in the
relevant sections of this report.
Other inforniation
The other information comprises the information induded in the annual report other than the fina￿la1 statements
and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual
report. Our opiniDn on the financial statements does not cover the other infomiation and we do not express any fomi
of assurance conclusion Ihereon. Our responsibility is lo read the other Information and, in doing so, consider
whether the other Information is materially inconsistent wth the financial slalements or our kno￿edge obtained in
the course of the audit, 01 otherwise appears to be materially misstated. If we identify such malerral Inconsi51encies
or apparent material misstslemenls, we are required lo determine whether this gives rise lo a material misstalemenl
in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there is a
material misstslement of this other information, we are required lo report that fact.
We have nothing to report in this regard.
Matters on which wg ar& requirod to report by 8xception
We have nothing to report in respect of the followng mallers in relation lo which the Charities (Accounts and
Reports) Regulations 2008 require us lo report lo you if, in our opinion..
the informab'on given in the financial ststemenls is inconsistent in any material respect with the trustees,
report., or
sufficient accounting records have not been kept., or
the financial slalements are not in agreement with the accounting records.. or
we have not received all the information and explanations we reqLJire for our audit.

CLWB IFOR BACH
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CLWB IFOR BACH
Responslbllltles of trustees
As explained more fully in the ststement of trustees, responsibilities, the trustees are responsible for the preparation
of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as
the trustees delemiine is ne￿SSary to enable the preparation of financial statements that are free from material
misslalement, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for
assessing the charity's ability lo continue as a going concem, disclosing, as applicable, matters related lo going
concern and using the going concem basis of accounting unless the trustees either intend to Cease operations, or
have no realistic altemalive but to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under se¢tion 144 of the Charities Act 2011 and report in accordan￿ ¥Mth the
Act and relevant regulations made or having effect thereunder.
Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from
material misstatement, whelher dLJe to fraud or error, and to iSSLJe an auditorfs report 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 IUKI will always detect a material misslalement when it exists. Misstatements can arise from fraud or
error and are considered material rf, individually or In the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial slatemenls.
A further description of our responsibilities is available on the Financial Reporting Council's website al.. https.'Il
www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, Induding fraud, are instances of non-compliance with laws and regulations. We design procedures in
line wth our responsibilities, outlined above and on the Financial Reporting Council's website, lo delect material
misslalements In respect of irregularities, including fraud.
We obtain and update our understanding of the enlily, its activities, ils control environment, and likely future
developments, including in relation lo the legal and regulatory framework applicable and how the entity is ¢omplying
with that frameworf(. Based on this understanding. we identify and assess the risks of material misstatement of the
financial stslements, whether due to fraud Dr error, design and perfomi audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which induded".
Enquiry of management and those Charged with governance around actual and potential litigation and
claims as well as actual, suspected and alleged fraud.,
Reviewng minutes Df meetings of those charged with governan￿.,
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the enlily through enquiry and inspection,.
Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance
with applicable laws and regulations",
Performing audit work over thè risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness. evaluating the business rationale of significant
Iransa¢lions outside the normal course of business and reviewing accounting estimates for indicators of
potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those
leading to a material misslalement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance wlh a law or regulation 15 removed from the events and transactions reflècted
in the financial stalemenls, as we will be less likely lo become aware of Instances of norpcomplian¢e. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentslions, or the override of internal control.

CLWB IFOR BACH
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CLWB IFOR BACH
Other matters
Under the Charities Act 2011, the charity was exempt from audit for the year ended 31 De￿mber 2022. As a
consequen￿, the financial statements of the charity for the year ended 31 De￿mber 2022, which form the basis for
the corresponding figures presented In the current period's financial stalemenls, were unaudited. For the year
ended 31 De￿rnber 2023, the trustees were no longer able lo lake advantage of the exemption from audit available
under the Charities Act 2011.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting
and Reporting by Charities". Statement of Recommended Practice applicable to eharrties preparing their accounts in
accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las
amended) in preference to the Accounting and Reporting by Charities. Slalement of Recommended Practice issued
on 1 April 2005 which is referred lo in the extant regulations bul has now been withdrawn.
This has been done in order for the financial statements lo provide a true and fair view in accordance with current
Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts
and Reportsl Regulations 2008. Our audit wotk has been undertaken so that we might stale to the charity's trustees
those matters we are required to slate lo them In an auditor'5 report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's
trustees as a body, for our audit work, for this report, or for the opinions we have fomied.
Aw haF
Azets Audit Services
30 October 2024
Charter9d A¢¢ountsnts
statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as
auditor of a company under section 1212 of the Companies Act 2006.
10-

CLWB IFOR BACH
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestrl¢ted Restrlcted
funds
funds
2023
2023
Total
Unrestrlcted Restrlcted
funds
funds
2022
2022
Totsl
2023
2022
Notes
Donations and
legacies
Charitable activities
5,480
176,632
5,480
1,872,788
430.597
485,957
430.597
561,957
1,696,156
76,000
Total Incomg
1,696,156
182,112
1,878,268
916.554
76,000
992,554
Charitable activities
1,799,736
126,632
1,926,368
470,577
76,000
546,577
Net loutgoingllincoming
resources before
transfers
1103,5801
55,480
148,1001
445,977
445,977
Gross transfers
belween funds
55,480
{55,4801
Net lexpenditurellincome
for the yearl
Net movement In fund$
148,1001
148,1001
445,977
445,977
Fund balances al 1 January
2023
840,977
840,977
395,000
395,000
Fund balances at 31
De¢ember 2023
792,877
792,877
840,977
840,977
The statement of financial activities indudes all gains and losses recognised in the year.
All income and expenditure derive from continuing aclivilies.

CLWB IFOR BACH
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Notes
Flxgd assets
Goodwll
Other intangible assets
10
10
9,448
4,597
10,557
1,800
Total Intsngible assets
Tangible assets
14,045
712,211
12,357
544,480
11
726,256
556,837
Currant assgts
stocks
Debtors
Cash at bank and in hand
12
13
19,029
65,155
120,579
21,431
86,923
343,993
204,763
452,347
Creditors- amounts falling due within
one year
14
1138,1421
1138,7001
Net current assets
66,821
313,647
Totsl assets less curront Ilabllltlo$
792,877
870,484
Credltors: amounts falllng due after
more than one year
15
129.5071
Net assets
792,877
840,977
Income funds
nr
Designated funds
General unrestricted funds
18
726,256
66,621
556,837
284,140
792,877
840,977
792,877
840,977
The financial statements were approved by the Trustees on 29 October 2024
T Marsh
Trustee
12-

CLWB IFOR BACH
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
Cash flows from opgratlng actlvltlgs
Cash generated fromllabsorbed by)
operations
22
25,480
1127,9411
Investing activities
Purchase of intangible assets
Purchase of tangible assets
13,9841
1208,3121
Net cash used In Investlng actlvltles
1210,2961
Financing activities
Transfer of bank loans
Repayment of bank loans
76,934
{38,5981
Net cash (used inllgenerated from
financing activities
138,5981
76,934
Net decroasa in cash and cash &quival8nts
1223,4141
151,0071
Cash and cash equivalents at beginning of year
343,993
395.000
Cash and cash equlvalents at end of year
120,579
343,993
13-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
Charity infomiation
Clwb Ifor Bach is a Charitable Incorporated Organisation whose principal office is 11 Womanby Street, Cardiff,
CF10 1BR.
1.1 Accountlng conventlon
The financial statements have been prepared in accordance wlh the charity's governing document, the
Charities Act 2011, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of
Ireland" l°FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charrties.. Statement of
Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial
Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The
charity is a Public Benefit Enlily as defined by FRS 102.
The financial slalements have departed from the Charities IAccounls and Reportsl Regulations 2008 only lo
the exlenl required lo provide a true and fair view. This departure has involved following the Statement of
Recommended Practice for ¢harities applying FRS 102 rather than the version of the Stslemenl of
Recommended practi￿ which is referred to in the Regulations but which has since been withdrawn.
The financial stslemenls are prepared in slerting, which is the functional currency of the charity. Monetary
amounts in these financial stslements are rounded to the nearest £.
The financial slalements have been prepared under the historical cost convention. The principal accounting
policies adopted are sel out below.
1.2 Golny concern
At the time of approving the financial stalemenls, the trustees have a reasonable expectation that the charity
has adequate resources lo continue in operational existen￿ for the foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting In preparing the financial stalemenls.
1.3 Charltable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable
objectives.
Reslricled funds a￿ subject to specific conditions by donors as lo how they may be used. The purposes and
uses of the restricted funds are sel out in the notes to the financial slatemenls.
Endowment funds are subject to specific Conditions by donors that the capitsl musl be maintained by the
charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any Performan￿ Conditions have been met,
the amounts be measured reliably. and il is probable that In￿Me will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified
of the donation, unless performance conditions require deferral of the amount
14-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounllng poll¢lg$
Icontlnugdl
Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has
enlillemenl lo the funds, any performance conditions attached to the grants have been met, it is probable that
the income will be received and the amount can be measured reliably and is not deferred. Capital grants are
released lo the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants
are capilalised, and depreciation charged is offset against the grant Income, in a reslricled fund. Income from
events is recognised at the dale the event tskes place.
Match fundlng
here a project has been undertaken on the condition that the grant funding will be matched by funding from
the charity's resetves the income from the grant funder is shown as restricted income and only the
expenditLJre redaimed by the grant funder is sho¥Nn as restricted expenditure. That part of the project
expenditure which is met by the charity is induded within unrestricted expenditure.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a
third paty, 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 classified by activity. The costs of each activity are made up of the total of dir￿1 cost5 and
shared costs, Including support costs involved In undertaking each aclivily. Direct costs attributable lo a single
activity are allocated directly lo that activity. Shared c051s which contribute lo more than one activity and
support costs which are not attributable to a single a¢livily are apportioned between those activ1(￿$ on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of lime spent.
Costs associated with events are recognised at the date at which the event takes place.
Expenditure on charitable activities includes all costs relating lo the furtherance of the charitys objectives as
slated in the Iruslee's report and their associated support costs.
Supt>ort costs have been allocated between governance costs and other support. Some direct eosls have
been reclassified to support costs in the current year to beller reflect the underlying nature of the expenditure.
This change in classification has no impact on the overall financial position and has been made lo ￿hance
clarity within the financial stslemenls.
Govemance costs comprise all costs involving public accountability of the charity and its compliance with
regulation and good practice.
1.6 Intangible fixed assets - goodwill
Goodwill represents the eX￿sS of the cost of acquisition of unincorporated businesses over the fair value of
nel assets acquired. It is initially recognised as an asset at cost and is SLJbsequenlly measLJred at cost less
accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite
useful life, and shall be amortised on a systematic basis over ils lrfe, being 10 years from 2018.
1.7 Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised al cost and are subsequently measured
at cost less accumulated amortisation and accumulated impaimient losses.
Intsngible assets acquired on business combinations are recognised separately from goodwill al the
acquis11ion date where il is probable that the expected future economic benefits that are attributable lo the
855et wll flow to the enlily and the fair value of the asset can be measured reliably," the intangible asset arises
from contractual or other legal rights,. and the intangible asset is separable from the entity.
15-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounllng poll¢lg$
Icontlnugdl
Amortisation is recognised so as to write off the Cost or valuation of assets less their residual values over their
useful lives on the following bases..
Website
3 Years Straight Line
1.8 Tanglble fixed assets
Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of
depreciation and any impaimient losses.
Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
2Qkn Straighl Line
25'h Reducing Balance
250/0 Reducing Balance
25% Reducing Balan
Costs incurred lo dale associ8led with the redevelopment project that meet the criteria to be ¢apilalised are
classified wthin tsngible fixed assets and are not depreaated.
The gain or loss arising on the disposal of an asset is determined as the difference belween the sale proceeds
and the carrying value of the asset, and is recognised in the statement of financial acb'vities.
1.9 Impairment of fixed assets
Al each reporting end dale, the charity reviews the carrying amounts of ils tangible and intangible assets lo
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impaimient loss lif anyl.
1.10 Stocks
Stocks are stated at the lower of cost and estimated selling pri￿ less costs to complete and sell. Cost
mprises direct materials and, where applicable. direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition. Items held for distribution al no or
nominal consideration are measured the lower of replacement cost and cost.
Nel realisable value is the èstimated selling price less all estimated costs of completion and costs to be
incurred in marketing. selling and distribution.
1.11 Cash and cash equivalents
Cash and cash equivalents indude cash in hand, deposits held at call with banks, other Short-lerm liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
16-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounllng poll¢lg$
Icontlnugdl
1.12 Flnancial instrum8nl$
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the
contractual provisions of the inslrumenl.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net
basis or to realise the asset and setue the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balan￿8, are initially measured at
transaction price including transaction costs and are subsequently carried al amortised cost using the effective
interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is
measured at the present value of the ftjlure receipts discounted al a market rale of interest. Financial assets
classified as receivable within one year are not amortised.
8aslc flnanclal liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured al the present
value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable
wthin one year are not amortised.
Debt instruments are subsequently carried al amortised cost, using the effective interest rale method.
Trade creditors are obligations to pay for goods or setvices that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al
transaction price and subsequenuy measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are dischaTged or
cancelled.
1.13 Employee benefits
The costs of short-temi employee benefits are re¢ognised as a liability and an expense, unless those costs
are required to be recognised as part of the ¢ost of stock or fixed assets.
The cost of any unused holiday enlilement is recognised in the period in which the employee's services are
received.
Teminalion benefits are recognised immediately as an expense when the Charity is demonstrably committed
lo lerminale the employment of an employee or to provide termination benefits.
1.14 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16 Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense
on a straight line basis over the term of the relevant lease.
17-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Crltlcal accountlng estlmates and Judgements
In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates
and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other
sources. The eslimales and associated assumptions are based on historical experience and other factors that
are ¢onsidered lo be relevant. Actual results may differ from these eslimales.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
eslimales are recognised in the period in which the estimate is revised where the revision affects cnly that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Donations and legacies
Restricted Unrestricted
funds
funds
2023
2022
Donations and gnls
5,480
430,597
The net assets from Clwb Ifor Bach CIC (Company number 109089731 were transferred lo the Charilab
incorporated organisalion on 1 October 2022.
The net assets consisted of unrestricted net assets of £430,597.
18-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable actlvltles
2023
2022
servI￿s and events
Entrance fee income
Grants
Bar income
Venue hire fees
Other income
68,419
812,392
176,632
769,437
41,908
4,000
199,996
76.000
267,979
10,509
7,473
1,872,788
561,957
Analysis by fund
Unrestricted funds
Restricted funds
1,696,156
176,632
485,957
76,000
1,872,788
561,957
Government grants
Welsh Government
PRS
Cardrff County Council
Archileclural Heritage Fund
125,000
1,832
35,000
15,000
75,000
1,000
176,632
76,000
19-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltable actlvltles
2023
2022
staff costs
Depreciation and impairment
Stock Purchases
Marketing
Performers
Event Costs
Security Costs
Insurance
Premise costs
Rèpairs & Maintenance
Cleaning
Hire of Equipment
Telecommunications
Office & Travelling Expenses
Computer software, Consumables & Maintenance
Entertainment licenses
Bank Charges
346,039
40,877
295,740
121,827
10,169
109.405
28,612
112,677
66,775
25,820
2,951
4,208
7,483
14,083
671
1,546
7,548
1,951
11.182
5,295
452,501
193,921
80,861
11,351
23,749
27,074
53,914
22,916
6,051
34,739
15,111
22,053
17,526
1,844,423
532,2Q3
Share of support costs Isee note 61
Share of governance costs (see note 61
247,757
34,188
1,271
13,103
1,926,368
546,577
Analysis by fund
Unrestricted funds
Restricted funds
1,799,736
126,632
470,577
76,000
1,926,368
546,577
-20-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support costs
Support Governance
costs
costs
2023
Support Governance
costs
costs
2022
Staff costs
Accounlacy and payroll
Costs
Marketing
Memberships
HR costs
Sundry expenses
148,396
148,396
8,886
76,258
1,200
10,570
2,447
8,886
76,258
1,200
10,570
2,447
1,271
1,271
Audit fees
Independent Examination
fees
Legal & Professional
Fees
Trustee Expenses
12,000
12,000
2,750
2,750
21,178
1,010
21,178
1,010
9,832
521
9,832
521
247,757
34,188
281,945
1,271
13,103
14,374
Analysed be￿een
Charitable adivilies
247,757
34,188
281,945
1,271
13,103
14,374
Governance costs includes payments lo the auditor of £12,000 in respect of audit fees {2022'. £2,750 for
Independent examination).
Trustees
None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the
charity during the year. Two trustees were reimbursed for expenses during the year of £1,01012022." £5211.
Employees
The average monthly number of erllployees during the year was".
2023
Number
2022
Number
35
30
Employment costs
2023
2022
Wages and salaries
Social security costs
Olhei pension costs
459,374
28,039
7,022
111,257
8.363
2,207
494,435
121,827
21

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Employ99$
Icontlnugdl
Kgy managament personnel
The key management personnel as detailed in the Iruslees report received benefits linduding gross salary,
employers national Insuran￿ and employers pension Contributions) totalling £139,85612022'. £35,413).
There were no employees whose annual remuneration was more than £60,000.
Taxallon
The charity is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects.
10 Intsnglble flxed assets
GolYl￿11
Web$ite
Totsl
Cost
Al 1 January 2023
Additions- separately acquired
11,085
2,213
3,984
13,298
3,984
Al 31 December 2023
11,085
6,197
17,282
Amortisation and impairment
Al 1 January 2023
Amortisation charged for the year
528
1,109
413
1,187
941
2,296
Al 31 December 2023
1,637
1,600
3,237
Carrying amount
Al 31 December 2023
9,448
4,597
14,045
Al 31 December 2022
10,557
1,800
12,357
-22-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Tanglblg flx9d 0$$ots
Icontlnugdl
12 Stocks
2023
2022
Raw materials and consumables
19,029
21,431
13 Debtors
2023
2022
Amounts falling due within one year-
Trade debtors
Other debtors
Prepayments and accrued income
59,884
37
5,234
62,272
4,961
19,690
65.155
86,923
14 Creditors: amounts falling due within one year
2023
2022
Not9$
Bank loans
Other taxation and social security
Trade credilois
Other creditors
Accruals and deferred income
16
38,336
10,413
75,602
1,791
12,000
47,427
20,447
66,265
1,261
3,300
138,142
138,700
15 Creditots- amounts falling due after rnore than one year
2023
2022
Notes
Bank loans
29,507
16 Loans and overdrafts
2023
2022
Bank loans
38,336
76,934
Payable wthin one year
Payable after one year
38,336
47,427
29,507
-24-

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16 Loans and ovgrdrafts
Icontlnugdl
The bank loan is secured by a fixed charge over the property at 11 Womanby Street, Cardiff CF10 1 BR.
-25-

000)
oo*
oNooo
o r<) O C O)
O¢DOCf
Lfi Lri L

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18 Deslgnated funds
The Income funds of the chaiily include the following designated funds which have been sel aside out of
unrestricted funds by the Iruslees for specific purposes".
Movement in funds
InGoming
Resource5
re50urGes
expended
Balance at
1 January 2022
Transfers
BalanGe at
1 January 2023
Transfers
Balan¢e at
31 December
2023
Intangible
Fixed Assets
Tangible
Fixed Assets
Redevelopme
nt project
12,357
12,357
3,984
12,2961
14,045
544,480
544,480
24,031
138.5811
529,930
182,281
182,281
556,837
556,837
28,015
140,8771
182,281
726,256
Designated funds represent the investment in intangible and tsngible fixed assets.
-27-

ro
ZS ¢n ry
0>?
4>7J
0￿¢0
Jw
z>

CLWB IFOR BACH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20 Operatlng lease commltments
At the reporting end date the charity had outstsnding commitments for ftjture minimum lease payments under
non-cancellable operating leases, which fall due as follows..
2023
2022
Within one year
Between two and five years
24,384
11,090
35,474
21 Rglatgd party transa¢tlon$
The charity received a donation of £nil 12022.. £430.5971 from Clwb Ifor Bach CIC, which transferrred all its
activities, assets and liabilities to the ¢harily on 1 October 2022.
22 Cash generated from operatlons
2023
2022
{Defiatllsurplus for the year
148,1001
445,977
Adjustments for..
Transfer ol goodw"Il
Transfer ol intangible assets
Transfer of tangible fixed assets
Depreciation and impairment of tangible fixed assets
{11,0851
12,2131
1553,7081
10,169
40,877
Movements in working capital".
Decreasellincreasel in stocks
Decreasellincreasel in debtors
Incrèase in creditors
2,402
21,768
8,533
121,4311
186,9231
91,273
Cash generated fromllabsorbed by) operations
25,480
1127,9411
23 Anatysis of changes in net funds
At 1 January
2023
Cash flows At 31 D8cemb8r
2023
Cash al bank and in hand
343,993
1223,4141
120,579
Loans falling due within one year
Loans falling due after more than one year
147,4271
129,5071
9,091
29,507
138,3361
267,059
1184,8161
82,243
-29-