Charity regitstrntion number 1056969 CYLCH MEITHRIN PORTHMADOG ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CYLCH MEITHRIN PORTHMADOG LEGAL AND ADMINISTRATIVE INFORMATION Trustees Anna Oukes Nia Jeffreys Lois Jones Erin Rhodri Gwyn Jones Charity number 1056969
CYLCH MEITHRIN PORTHMADOG CONTENTS Pago report Statement of re$ponsibilrttes Independent auditorfs rep)rt Statement of finanal activities Balance sheet stateffnI of cash fl¢)ws Notes lo the financial statements 8-11
YLCH MEITHRIN PORTHMADOG REPORT OR THE YEAR ENDED 31 MARCH 2024 he Trustees present fheir annual report and financial statements for the year ended 31 Marth 2024. he financial slaternents have been prepared in accordance with the accounting policies set out in note 1 to the nancial statements and comply with the Charity's Igoverning documentl, the Charities Act 2011 and "Accounting nd Reporting by Charities- Statement of Recownmended Practice applicable to charities preparing their accounts n accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" leffectsve 1 January 20191. bjgrtives and activities he aim of the Cylch Meilhrin is lo promote the education and development of children from two years old to hool age. Children will be able lo learn through play and socialise under the guidance of professbjnal, qualified nd dedicated staff. here are over 500 Cylchoedd Meilhrin throughout Wales ver 13,000 attend our Cylchoedd Meithrin and enjoy learning through play through the medium of Welsh. Ish is the language of the Cylch Meithrin. but every chikl 1$ welcomed to attend the Cylth Meithrsn whatever he language spoken al home. Special empashis is given on developing the Welsh language skills of every child Play is very important to every aspect of a child's development. Therefore. the experiences and activities offered In the Cylchoedd Meithrin are based on leaming through play. There is a special emphasis on language evelopment and the personal, social and emotional development of children in the cylchoedd. 11 ¢hildren are wamily welcomed to the cylchoedd whatever their tOUr. race. social cla55, family status or dditional needs. Children with additional needs are given extra support in order lo enable them lo join in all the Ich's activities. he Trustees have paid due regard to guidance issued by the Charity Commission in deciding what acliv¢ties the harity should undertake. chievements and perfomiance his yea¥ Ihe charity has made further investment in renewing and updating the infrastructure, which can be en as an act of faith in Cylch Meilhrin Porthmadog's future. TRATEGIC REPORT he Trustees were aware if their surplus fund built up over the years. They invested in repairing and renewing he ¢hildren'$ play area oulisde and introduced a deckling facility. e expenditure was foreseen as a prudent way to secure the Cylch's future as an attractive. appeding and iable community a&8el in a competitive environment. inancial roviBw l is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be aintained al a level equivalent to beeen three and six month's expenditure. The Trustees Gonsider that eserves al this level will ensure that, in the event of a signtficant drop in funding, they will be able to continue the harity's current activities while consideration is given to ways in which additional funds may be raised. This level reserves has been maintained throughout the year. he Trustees have assessed the major risks lo whtch the Charity is exposed. and are satisfied Ihat systems are n pla to mitigate exposure to the major risks.
CYLCH MEITHRIN PORTHMADOG REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 StNcture, govemance and management The Charity is governed by its constitution. It has been registered as a chartty since 2015. The charity registration number is 1056969 and it operates from Ysgol Erfion Wyn, High Street, Pgrthmadog, LL49 9NU . It is an unincorpoiated assouatson. The trustees named below have served during the year. AJI trustee apw)intments are govemed by the conslitvlion and all appointments are approved by the Board of Trustse$. The Board of Trustees 1$ auth0ri5ed to appoint new trustees to fill vacancies arising through resKdnation or death of an eslIng trustee. The Board of Tnjstees meets onc& 8 year for annual management meetsng5. It 1$ during th688 meelingB that all significant decisions are made. Should any major decisKJns arise for which the board feel they do not PO88888 the relevant experience, they will source exiemal professional advice. The Trustees have had regard to the Charity ComffMssion'$ guidance on publK benefit. The Trustees who seThed during the year up to Ihg date of signature of th8 financial statemgnts wet8'. The report was approved by the Board of Trustees. Ml88 Nla Robert8 Date: ....Q. .l..l.a..aib......................
CYLCH MEITHRIN PORTHMADOG STATEMENT OF RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trusleey are resnsIble for preparing the Rep)rt and the firkincial statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingd Generalty Acwted Accounting Practice). The law applicable to charities in England and IAtsles tequires the TTusl8es to prepare financial statements for each finanaal year which give a true and fair view of Ihe state of affairs of the Charity and of the incoming resourGes and application of resourc£s of the Charty for that year. In preparing thèse financial statements, the Trustees are required to.. - select suitable accounting policies and then appty them ¢onsist&nty". - observe the methods and principies in the Chafitres SORP", - make judgements and eslimates that are reasonable and prudent.. state whether applicable accounting standards hwe been folluwed. subJ"e¢l to any material departures dI10$$d and explained in the fin•n¢rdl $tslements". and prepare the financial stslernenls ¢)n the going concem baws unles0 it 1$ inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial posltion of the Chanty and enable them lo ensure that thè financial statements ¢omply wllh the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the tNsl deed. They are also responsible for safeguarding Ihe assets of the Charity and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregulariti"è8.
CYLCH MEITHRIN PORTHMADOG STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unre8tri¢t•d funds fund8 2024 2023 Notes Donations and legacies Charitsble aclivilie$ Investments 54.635 23.888 37 15,651 48.130 89 Total Incomo 78,580 63,870 Ch8rilabte activities 86.414 49,896 Net lexpendlturèylncom• for the yoarf Net movement In funds 17.8541 13.974 Fund balance8 at 1 April 2023 37.266 23,292 Fund balancfjs at 31 March 2024 29.412 37.266 The Ststemenl of financial a¢tivit*s indudes all gains arKI losses re¢ognis8d in the year. All income and exFenditure derive from Continuing a¢tiwtie$.
CYLCH MEITHRIN PORTHMADOG INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CYLCH MEITHRIN PORTHMADOG I report lo the TTUStee5 on my examinabon of the financial statements of Cylth Meithrin Porthmathg {the Charty) for the year ended 31 March 2024. Responslbllltle¥ and ba818 of report As the Tru51ees of the Charity you are respjnsible for the preparation of the financial statemnts in accordance with the requirements of the Charthes Act 2011 (the 2011 Act). I report in resp8Ct ol my examinalion of the Charity's financial statements carri OLrt under seclion 145 of the 2011 Act. In carrying out my examination I have folb*ed all the applicable Direcbon$ given by the Charity Commission under section 145(5llbl of the 2011 Act Independent gxamln•rf8 stst8ment Your attention is drawn to the fact that the charity has prepared financial statements in 8c¢ordanca with Accounting and Reporting by Charities preparing their accounts in e0rdance with the Financial Reporting Standard applicable in the UK and Republ ol Ifeland IFRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice IssL on 1 April 2005 which relerred to in the extant regulations but has now been wrthdrawn_ urbder818nd that thi¥ has be8n done in order for financial stataThnts to provide a trug and fair vlew in accordance with Generally Accepted Attounting Practice effective for re[ing periods beginning on or after 1 January 2015. I have Completed my examination. I confimi that no matters have CL8 to my attention in nneC1Th with the examination giving me cause lo belwe Ihal in any material fespect. accounting records were not kept in respect of the Chanty as required by 8ectKJn 130 of Ihe 2011 Actr. or the financial stalemenl$ do not accord with those records.. or the financial stslemenls do not comply with the appluble requirements conceming the fomi and con18nt of accounts sel out in the Charities (A¢Unts and Reports) Regulatn$ 2008 other than any requirement that the accounts give a true and fair Mew which is not a matter consKlered as part of an independgnt examination. I have no concerns and have come across no other mattets in connection wrth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Dated..
CYLCH MEITHRIN PORTHMADOG BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Currnnt assets Cash at bank and in hand 30.612 38,466 Crfjdttorn: amounts falllng duowithln one ygar (1,200) (1.2CQ} Net Current assets 29.412 37.266 Income fund8 Unreslrieled funds 29,412 37.266 29.412 37,266 The financial statement$ were approved by the Trustees on ..OZ..I.Q..I4..... Tru8t•e
CYLCH MEITHRIN PORTHMADOG STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not•8 Cash flow5 from operating a¢tlvltS8* Cash (absorbed byllgenerated from operations 11 {7.891) 14,053 Inv08tlng actlvltlos Investment income receNed 37 89 Net cash ggnoratod from Inv•8tSng actlvltlos 37 89 Not cash u8•d In Ilnanclng acttvitle• Net Idecreas&)Ilncre•8a In cash and cash •qulval•nts (7.854) 14,142 Cash and ¢a5h equivalents at beginning of year 24,324 Cash and cash oquivalents at ènd of year 30.612 38,466
CYLCH MEITHRIN PORTHMADOG NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollci•s 1.1 Accounting convention The fin£nci81 ststements have been prepared in accordance with the Charity's Igoverning documenll, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Praelice appSicable lo chanlies preparing their accounts in accordance with the Financol Reporting Slanéard applicable in the UK and Republic of Ireland (FRS 102)° {8ffective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities {Accounls and Reports) Regulations 2008 onty to the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Stslement of Recommended Practice which is feferred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the fun¢lion81 currency of the Charity. Monetary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. Imodified lo include the revaluation of freehold Pfoperties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are sel out below. 1.2 Going concern At the time of approving the financial stalemenls. the Trustees have a reasonable expectation Ihal the Charity has adequate SoUrceS lo continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the going concern basis of accounting in preparing the financial ststemenls. 1.3 Charitable funds Unreslficled funds are available for use at the discretion of the Trustees in furtherance of their charitable obje¢lives. Restricted funds are subject to specific conditions by thnors as to h(Iw they may be used. The purp)ses and uses of the restricted funds are sel out in the notes to the financial statements. Endowment funds are subject lo specffic conditions by donors that the capital must maintained by the Charity. 1.4 Income Income is recognised when the Charity rs legally entitled to it after any perfomance conditions have been met, the amounts can be measufed reliably. and il is probable that income will be Teceived. Cash donations are recognised on receipt. Other donations are recognised once the Charity h88 been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on reIpt or otherwtse if the Charity has been nob'fied of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CYLCH MEITHRIN PORTHMADOG NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng policies {Contlnued) 1.5 Expenditure Expenditure is recognised once there is a kgal or LX)nstructwe obligation to transfer eorniC benefft to a third paty, it is probable that a transfer of econom benefits will be required in setuement. and the amount of the obligation can be measured re1L. Expenditure is classified by activity. The costs of each activity are made up of the tota5 of direct costs and shared costs. including support costs invofved in undertaking each actswty. Direct ¢osts attributatde to a single activity are allocated directly to that ath"vtty. Shafed costs which wntribute lo more than one activity and support costs which are not attributsble to a sirgbe activity are appoi1ioned between those activities on a basis consistent with the use of rsoUl¢e$. Central staff wsts are albLXted on the basis of time spent. and depreciation charges are allrtated on the portic of the asseys use. 1.6 Cash and cash equivalents Cash and cash equNalent5 indude cash in hand. dewsits held at 11 wth banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets. whh include deblors and cash and bank baLn5, are initially measured at transaction price induding transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing tran5act¢on, where the transaction is measured al the present value of the fijture receipts discounted at a market rate of interest. Financial assets classrfied as receivable wthin one year are not amortised. Basic financial liabilities Basic financial liabilities, including credttors and bank bans are initlalty reeognised at transaction price unless the arrangement constitutes a financing transacb"on. where the debt instnjment is measured at Ihe present value of the future payments discounted at a mathet rate of interest. FinancAal liabilities dassffied as payable within orbe year are not amortised. Debt instruments are subsequenty earried at amorted cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or servKes that have been acquired in the ordinary u)urse of operations from suppliers. Amounts payab are dassthed as current liabilrties rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri and subsequentty measured at amortised cost using the effectNe interest method. DerecogniTtion of financial liabilities Financial liabilitS are derecognised when the Charli5 contractl obligat)ns expire or are discharged or CanLled. 1.7 Employeft benefits The cost of any unused holiday entytlement is recognised in the Fwiod in which the employee's servi8 are received Temiination beneffts are recognised immédiatety as an e4)ense when the Charity is demonstrabty committed to tetminate the employment of an employee to prowde tsmiination benefits. 1.8 Retirement b•n•fits Payments to defined conthbution retirement benefft schemes are charged as an expense as Ihey fall due.
CYLCH MEITHRIN PORTHMADOG NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting ostirnatss and judgemonts In the appliCatn of the Charity's accounting policies. th8 Trustees ar8 required to make judgements. eslimales and assumpl¢ons atM)Ut the caffying amount of assets and liabilities that a not readily apparent from other souices. The estimates and associated assumptions are based on historical experience and othgr factors that are considered to be relevant. Actual resulls may drfter from these estimal88. The eslimales and undertying aSsumptn8 arg reviffwed on an ongoing basis. Revisions to o¢Gounting estimates are recognised in Ihe peri¢xl in which the estftnale is r8vised where Ihe revision affects only that period, or in the period of the revi8ft and future pellods where the revision affects both current and future periods. DoDation8 and lega¢le• Unrnstrictod Unr8Stricted fund¥ funds 2024 2023 Donations and gifts 54,635 15,651 Inva8trn•nt• Unrestrlclod Unrestricted funds fund8 2024 2023 Interest receiv8bSe 37 89 Charltable actlvltle8 2024 2023 Cyngor Gvrynedd 23.888 48.130 Trustees None of the Trustees {or any persons connected with them) receNed any remuneration or beneffts frtyn the Charity during the year. 10-
CYLCH MEITHRIN PORTHMADOG NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employeos The average monthly number of empk)yees during the year w8s". 5 2024 Number 2023 Numbor Employrngnt Costs 2024 2023 Wages and salaries Othér pension cost8 70,711 2.092 42.196 1,467 72.803 43,663 There were no employees whose annual remuneration was more than £60.(M)O. Cr•dltorn: amount8 falllng du• wlthln on•yo•r 2024 2023 Trade creditors 1,200 1,200 10 Rolat•d party transactions There were no discjosable related party transaclions during the year (2023 - none). 11 Cash genorat¢d from oporatson8 2024 2023 {Deficit}Isurpus for the year (7,854) 13,974 Adjustments for.. Investment Income recognised in statement of finaneAal activibe$ 1371 {891 Movements in working capital-. IDecreaseKincrease in creditors 168 Cash (absorbed byvgenerated from operntions (7,8911 14.053 12 Analysis of changes in ngt funds The Charity had no debt during the year. 11