Company Yegislrdii()n nunibev.. CE025004 Charity Irgisrration nuinber.. 1193656 Cylch Meithrin Llangyndeyrn IA comp&ny limiled by guaYanlee} Annual Rcrx>it and FinanGi•l Siatetnents foi. the Year Ended 31 Mai'ch 2024 LFIP Caixiar(lien Llys Del'i Paic Pet)sarn Catniaiihen SA312NF Cylch Meithrin Llangyndeyrn Content8 Rtfertnce and Adminislrative Delails Trusle¢s' Repart 2to5 Independeni Examinerfs Rwrt S¢alcmer%l of Financial Activiiics B&lance Sheet NotE5 to the F5nancial Stst¢meM15 9t020 Cylch Meithrin Llangyndeyrn Reference and Administrative Details Trustees Mrs C Jenkins F Rees-owens L A McGee Ch#Ylty Regl$ti*doll Number 1193656 Comp*ny Registrxtion Number CE025￿4 The charity is incoKporated in Wales. Cylch Meithrin Llangyndeyrn Ysgol Y Fro Llangynd¢yrrt Kidwclly SA175BW Registered Office Indcpcndent Ex#mlner LHP Carmarthen Llys Deri Parc Pensarn Carmarthen SA312NF Page I Cylch Meithrin Llangyndeyrn Trustees, Repoi't The trUSl¢es. Ivho are director8 lor the puJyos¢s of company law, preseoi the annu41 report loge¢hei' with the linatlrial sttllements and auditors, IEPOrt of the charitable comp8ny foi. the year ended 31 Mavch 2024. Objective5 and actsviti Objects The object of the CIO ig to advance the education of pre-5¢hool ¢hildrett in Llangyndeyrn and tlie SUlTounding area through the niedium of the Welsh language. This will be done by.. al Providirtg al￿ piEsenung safe artd sa¢isfying play and activities. b) Afranging other charitable activities in ordei. to help parents support their childrcn's Education. Publlc beTrefil Cylcl) Meithrin Y Fro Llangyndeyin, i.% a Small rural chaiity. The Cyl¢h is often the vciy fir8181ep on the educational laddei. for a pl.￿ChoOl child, and oui. aEm, and what ive strive foj. as a chai'ity is (hal Vdch and every child who enters our doors gain canfTdEnce, dEv¢lop a love of learningtr which we hope ivill pD8ltivcly iinpaci on Iheir educattooal story within our setting and througliout tlieir educational career, leaching, cave attd guidance Alloivs each child at our selling lo giDw and bluom,. lo beconie a niembeT of not only our Cylch but of the wider eoinmuniiy in i¥hiGh wc a based. Sevei'al grants have been applied for but IhEs year unfoitunately, the cylch has not been as successful in gaining funding thrdugh 8ranls as in Ihc prcvious accounting ycaTS. ThFough gi?nl tuDding oiir niembers ot staff haire cumpleted various coui%es to upsktll and benefjl the children al the Cylch, Ivhieh irtclud¢il Safeguarding courses and Outdooi. leaining practitionei. coui'sc. We iveiE also forlunalc to ivin grant funding to pi'oduce a promotional video in conjutt¢tion iviih Y Fio school and this video llos b#en sliai.d on our social media platforiiis to lielp promole ollr services within the i¥i(kr ¢ominunity. On a day-tONday basis the Cylch provided nunici￿￿5 and varied fvn, safe and iiuituring learning opportllniiies. Outdoor play anif leariiing is alivays pYeferiEd and the Cylch 18 lucky to be able to utilize a faiJta8tic rui'al location tor this purpose to exploir. develop aiid learn fibout the ivorld ai'ound us. Nuiiuring skills ivhilst forging links H'itliin th¢ b1￿￿tr Comm￿nity and positive enrichillent opportunities outside of the classroom. Being a small gr&ss roots chai'iry, the Cylch plays an iinporlani ix)le iviihÈn ilie local cominunity and collaborated Ivith Y Fro sch￿1 lor the beNefit of all Lhildrert,. pai'licipated in trips. fundraising event% and VdiiOUS oiheT loGal events. From year.to-year Cylch me1th￿￿ Y FTO alway5 aim5 for the best,. to provide safe, saiisfyÈttg, developmental oppoi'lunÈiies across all leaTning area5, to nurluEf wid to suppoit oui. seiwice users and theii. fainilÈe8 as best ￿ can. The trugleeg of Cyleh Meithrin y fro Llangyndtyrn confirm (haL tliey have ¢{>illplied with the requiiEmenls of section 17 of ihe Chai'itie5 Act 2011 to have due IEgard to the public benefit guidan¢¢ published by the Charity Coinmission for Englatid and Wales. Page 2 Cylch Meithrin Llangyndeyrj) Trustees, Report Aehlevements and performaiice r ain happy io i'eport Cylch MeiilTrrin Y Fro received a"Bothl" report aftei. inspection by LIW and Estyn during this financial yeai.. The inspcction fTain¢ivoYk evaluates all aspects from management to learnÉng outcomes and i(kntitied %evei'al 51rengtlis that signitJc&ntly iinpraves experiences and outcornes of the childi'en al the Cylcli. This r¢cogrt17es Ihe hard work and dedication of a fantastic teatn, w'orking to 5eive Ghildren and fan)iliES ivilhin our community. Fln*nelal review 'I'he biggest ¢oit within the Cylch 15 undoubtedly the ThHge5 of Qui. staff - Oui. slaff NVOTk tiiElessly lo maintain Ihe quality of service in iwliicli we pride ourselves on, providing each child a high slandaiyl of carc and education undei. our care. Polley on reterv A8 of 3 Isc March 2024, the Cylch had £16.79] in its current account. This is £8,791 higher than our nom]al benchmai'k i'e$erves of circa £8000. Howevei. as previDusly nientiutied, The CylLh has nut been fortunale in SCLuring as many gi'ants dw'ing the year due to applying for liai'dey 10 win core cost grants. As a small ￿EssroO1S charity we reacL adju51 ond aim 10 suppol'l and during this financial year- where tlie cost of Iivit)g ciisis was felt by all families wei'L in the position io be able to keep Cylch fecs #s low as possible. F¥4ds lil dÉJ7cll The Charity has no funds thai are mateiialfy in deficit. Trust¢¢s and ofllt¢rs Th¢ trustees and officei's serving during the year and sin¢¢ the yelr end were as follows: G R Tliomas (appointed 01 Septeiiiber 2022. ceased 26 Febi'uary 20241 L A McGee {&ppointed 26 February 2024) F Ree5-Owens (appointed 21 June 20221 C Jenkins (appoinl¢d 17 Ma¥¢h 20211 StrM¢tur4 govtrnnnte And Nnliire ofgovernlNg docuvieiil Constitulion based OM Ihc Charity Comniission's model governing document for Cllaritable Incorpoiited OrganLSations. i.¢. the Trusiees are the only membe13 of the charity. Pagc 3 Cylch Meitbrin Llangyndeyyn Trustees, Report Recni1lnientu￿ll ttppoliilmenl ollrwslees There niust be at least Ihree Charity Trustees. The maximum number of Irustccs is 11 In accordance with the Constllution. Ti'usiees are appointed or re-ap￿llnttd foi. a term of three Yea1￿ hy a resolulion passed at a properly cotjvened nieeting of the cliarity's Tiwsie¢s. Jn appointing TTUStees due considetation is given tD ensure that the Tlustees liave, between them, I￿levant slulls and exr£rience neteskvy to manage tlie chatity etTeclively and itt actoj'dafftce with charity law. Stattment of tvustees, responslbhlitles The li￿SteeS (Htho aiE also (he diiEcioi¥ of Cylch Meithrin Llangyndeym for the purposes of company law) are responsible foF pi'epaiEng the tru5tee8' repoit and the financial stateJnent8 in accordance with applicable law 3nd United Kingdon) AccouE]ting Stsndai'ds (United Kingdom Generally Accepted Accounting Practicc), including FRS 102 The fin3ncial ReporlEn8 Standard applicable in the UK and Republic of Ireland" Company law rcquircs tlic Irusitcs to pirp&re tiThancial sl&temcnts for each flnancial year. Undei. eonipany law tlie ti'itStee5 must not appiDve the fiiiancial slatellienls unless Ihey are satisfied that they give a true and fail. vieiv of the S¢&le of affairs of the chJritable Lompany and of the incoming resouires and application of resourccs, including its income and exp¢nditure, of the ¢haritable company for thal period. Its p¥eparing tli¢se fin&nGial statements, the Itustees are reqllii'ed ta.. select suitable accounting policie5 and apply them consistcnilyi observe the methods ar￿ princ5ples in th¢ Charities SORP- makc judstmtnts axd eslimatts that lir¢ reasotJable and prudtnl,. siale wlieil)ti' applicable aLLounting stAndards, comprising FRS 102 have been followed, subje¢¢ to any maierial depai'luirs disclosed and explained in the fjiiancral statements. and prepaTe the financial slal¢menls Oll the going concei'n basis unless 1¢ is inappropiiate to presume that the ¢harÈtable company wrill contiiiue in bu8iness. The tiuslees are i'e8ponsible foi. keeping propel. accountÉng rccords that can disclose witli reagonable a¢curaGy al any time the fjnancial position of the charitable company and enable them to ensure Ihat the financial slateincnis totnply IVEth the Cotnpanie5 AGt 2006. Tliey are also ¥esponsible toi. safeguarding the asset5 of the cliai'itable company a￿1 hence for takirtg rezgonable steps for the prevention and deteclian af fraud atsd otlier irregularities. The Iruslees are responsible foi. the mainlenancc and ihtegi'ity of the corpor&te and financial informa¢iots included on tlic cli&i'ithble company'5 iTrrlxEite. Lcgiblation goven)ing the preparation and disseniinatioEJ of t￿nancial staÉcmeni$ may ditTei' from legi$l&tion in other jurisdi¢iions. Disclosui't of informatlon to #uditor Lach trustee has taken Steps thai the}1 oughi io have raken ￿ a uwsiee in ol'der to niakc themselves aware of any IElevani audit infoi'mation and to establish that the charity's auditoy is awire of that infoimalitsn. Th¢ IF1151ees confim) tliat there is Jio relevaTkt incorniation thai they knoiv of and of ivhiGh tliey know the auditor is unaivaiE. Page 4 Cylch Meithrin Llangyndeyrn Trustees, Report The annual re]x)rt Mjas approved by the irnstees of the ch&riLy on.................... and signed Dn its bchaifby.. Mrs C Jenkins Truste£ Pag¢ 5 Cylch Meithrin Llangyndeyrn Independent Examiner's Reporl to the trustees of Cylch Meithrin Llangyndeyrn ('the Company,) I ieport io the charity tTusLees on my examEnatson of the &Gcount5 of tlie Company foi. the year ended 31 Mdrcli 2024. Rt5P01151biliYKs a￿d basi5 of Ycport As the charity's Itwsiees of the Coinpany land also its dire¢tots tor the pui'poses of company lawl you are resJxbnsEble foi. Ihe prep&raiion of the accounts in accoi'dance with the requirements of the Cotnpanies AGI 2006 ('the 2006 Act,). Having sa(isfied myself tlial the accounts or the Company ait noi veqllired 10 be audited under Part 16 of the 2006 Act and &'e eligible for tndcpendent exaniinalion, I report in respect of Iny examinarion of your charity's a¢couTr15 as caTI'ied out und¢i' section 145 of the Chariiies ALt 2011 ('the 201 l Act'l. In cwrying out my ex￿ninatIon I hair followed Ili¢ Diieclions given by tli¢ Cliaytty CDmmi&sion undei. seGlion 14515)Ib) of the 201 l Act. Indepe1]d￿lI examlner'5 Staltmtnt I have completed niy examination. I confim) that tLO matter5 Iiave come to my attention in conneclion ivith the Lxaminaiion giving me tause to believe.. actoiittting records were not kep( in respcd of Cylch MeÈihrin Llangyndeym as required by section 386 of the 2006 Act; or 2. the accounts do nol accord ivith those i'ecords., Dr 3. the accounts do not comply with ihe a¢¢ourt¢ing requireinenis of sectEon 396 of the 2006 Act other than any i'equiiEmenl Ihat the accoun1$ give a 'true and fatr ifi¢w' i¥hi¢h is not a maittr considered as part of an independent exainination. oi. 4. the accoutjts have not ￿en prepared in accordance ivith the inethod5 and principles of the Slatemcnt of R¢comniended Pi'aclice for accounting and repoTling hy charilies lapplicable lo chayities preparing the￿¥ accounts in accordance iyitli tsie Financlal Reporting Standard applicable in tlje UK attd Republic of Ireland IFRS 102)]. I have no ¢onc¢rns Ind have ctrme a¢niss no other maiters in connection M'ith the examillatiot) to which atten(ion should be drawn in this report in oiyler ta enable a pi'opei. understanding of ihc attcotsn(S to be reached. Miss Samantha Hait Llys Deri Parc Pens&rn Caixnaithen SA31 2t*F Date.. Page 6 Cylch Meithrin Llangyndeyrn Statement of Financial Activities foi. the Year Ended 31 Majyh 2024 (Including Income and Expenditllre Aecount alld Statement of Total Recognised Gains and Losses) UJLrestricted fvJid$ Totfij 2024 Tot&E 2023 Not¢ Inconje and Eiidowmtnts fi'om: DonJ(ions and legacies other IradEng activities Other Tncome 12.803 29,029 40 12,803 29.029 40 27,194 20,287 535 Total 5ncome 41,872 41,872 48.016 Eyp¢ndltui'e on: ChariiJble activilies Otliei. expendituiE 18,321) 132,0471 18,3211 {32,0471 111,5721 133,7401 Total expenditUlE 140,368 (40,3681 145,3121 Net income 1,504 1,504 2,704 Net rnovcment in funds 1,504 1,504 2,704 RecoMoili2tioD of flljids Total tunds brought fonvard 20,749 20,749 18.045 Total funds can'ied foTwaTd 14 22,253 20,749 All of the charity's activities derive from continuing operation5 during the above Iwo periods. The funds breakdown foi. 2023 ts shown in note 14. The notes pages 9 co 20 fol￿ an integral part of these fin&n¢ial sta1eTn￿t5. Page 7 Cylch Meithrin Llallgyndeyrn (Registration number: CE025004) Balance Sheet AS #t 31 March 2024 2024 2023 Note FIKed #ssets Tangible asset5 7,916 10,122 Current xssets Debiurs Casli 2( bank and in hand 10 507 17,025 700 10,837 17,532 Creditors: Amounts fallfrng due within year 12 3,195) 910 Net eurrent assets 14,337 10,627 Net assets 22,253 20,749 Fllttds of the th2rlty'. Un￿strIcted Into￿t funds Uni'estricted funds 22,253 20,749 Total funds 14 22,253 20,749 The financial slatcmenls on pages 7 to 20 were approved by the trustees, and aulhorised for issue o &nd signed on their behalf by.. Mrs C Jenkins Tr￿s[ee The notes on pages 9 10 20 form an inlegTal part of these firtan¢ial st￿¢M¢￿L Page 8 Cylch Meithrin Llangyndeyrn Notes to the Financial StAtements for the Year Ended 31 March 2024 I Charlty status The cli&i'ity is liinited by guai'antee, incorporated in Wales, and e4)n%equetJtly doe$ rtor haile sliare tapiial. Ea¢h ot. th¢ Ii'ustees És liabl¢ to ¢onli'ibute asj aniount not exceeding £1 towards the a8sets of the ch￿ttY in the event of The address of its registered oftice 15.. Cylch Meithrin Llangyndtym Ysgol Y FID LI&n￿ndeYrn Kidwelly SA17 5BW 2 Actountlbg polltles Summary of SiEnÈfitant accounting policlt5 key aceountlng t5tlmalt5 The prittcipal accounting policies applied in ihe preparation of these financial statements are set out below. Thes¢ policies have becn con515tently applied to all Ihe years presented. unless otlieiwise stUl¢d. Statcment Df Col￿p]ranCe The financial statement5 have been pYcpar¢d in a¢cordaJ)ce with Ac¢oulltiog &nd Reporting by Chk)I'ities'. Statement of Recoinmcnded Pi'actice (appliGable 10 chai'ilieg prepartng Iheir accounts in accordance with Il* Financial Reporting Sidndaixl appliLable in Ihe UK and Republic of Ireland IFRS 102)) (issued October 20191- (Chartties SORP (fRS 102)), Uie f￿nancial Reporting Standard applicable iti the UK and Republic of Irelalld IFRS 10?J and the Companie5 Act 2006. BAsi5 of preporation Cylch Meiihrin Llangyndeyrn meets Ihe defit)ition of a public benefjl eniity under FRS 102. Asseis and liabilities ar¢ initially recogni5cd at hisioEical ¢osi oi. transaciion value unle%s oiherwi.%¢ staled in the Irl¢vatyt ac¢ountiDg policy no(es. Coing £onc£rii The tii]slces consider that there are no material uncerlaintie8 about tlie ch￿'ity'S ability lo ¢ontinu¢ as a going concern nor any sigtkiftcant area$ of uttcerlainty that affect the cariying value of assets held by the charity. Ineomt tndowments All in¢ot)Je is rttogt)i%ed once the Lharily has enÉitlenienl to the income. it is probable that the income wtll be re¢eiv¢d and ihe amouni of tl?e income receivable can be m¢a5ured Irliably. Page 9 Cylch Meithrin Llgngyndeyrll Note5 to the Financial Stat¢ments for the Year Ended 31 March 2024 Lloiifjlioiis anrflegtTcies Donations are IEcogni5ed ivlien the c]iariiy has be¢n notilied in Hryiting ot botli Ilie amount and W¢lem¢nt dai¢. In rhe eveni Ihai a doAalion ts subjecÉ 10 conditions thal require a level of performanee by the ch31.lty before the charity is entitled to Ihe fund8, Ihe income is deferyed and nol Tecognised until either those conditions aiE fiilly mel, or the Ifilnient of th08e conditions is iyliolly within the contix)l of ¢he cliai'ity and it is probable that these conditi4)ns Ivtll bc fulfilled in th¢ reporting period. Grrtnls reccivoble Grants al'e I'ecognised wlien the charity has an eniitlet)ient to tli¢ funds and any conditions linked w the grants haiie been rnEI. Whei'c pcrfoimanc¢ conditions are attachcd to the 817]nt and aye yet to be met, the incoine is IECQBni%ed a% a liabiliiy and incliided on the balance sheet as deferird income to be Irleased. EX￿ndIt￿l't All expendiluly IS It¢t)gnised once ihere is a legal or con811'uclive obligation to iha( expendIti￿c, il is pix)babl s¢ttlenient is required and the aniount can be n7easuird iEliably. All costs are allocated ￿ the applicable expenditure heading that aggirgate siniilaT Costs to that category. Whe* costs ¢aJThol be diiELtly &tti'ibuie(f to pui'li¢ular headings they have been (tIIo¢aied on a basis con81Stent iyith thc use of iE8ources, with central staff costs allocated on the basis of limc spcnt, and dcpreciatton charges allocatd on the portion of the asset'5 use. Other 5uppori cosÉ5 are allocated based on the spi'ead of 51aff cost Clirtrllttble ttctlvllle Chai'ilable expenditure con?pYises those costs inrui'red b)1 the charity in the delivery Of￿15 activitics and service8 foi. its ben¢ficiai'ies. It includes both c05t5 that can bc allocatEd dii'ectly to Such activities and ihosc costs of an indiTecL nature necessary to SUPPOiT them. Support cost5 Suppoit costs include ¢entTal ￿n¢110nS and have been allocated io &ctivity cost categories on a basis cons&stent ivitii th¢ use of IEsouires, fDr example, allocating pi'operly c05l5 by floor areas, or per capil4 staff costs by the titne spenl and otliei. costs by tlieir usage. Govei'iisnte costs Thesc include Iht ci)stS 2tlYibulable to the cl)ariiy's compliance ii?ith consiiiutional and statutory requiremen(5. iiicludiiig audit, strategic m2iiageinent and truste¢s m¢¢iings and reiiiiburseiE expenses. Government grAnts Govemmenl gilnts are recogntsed b￿¢d on the aGowal model and we tllca5vird al the faiT value of the a5sel IEc¢ived or receivable. GTanls aiE classified as Klating eiihei. io Irvenut oi. tD assets. Grdnls Irlaling to Irvchuc arc re¢ognised in inconje oiper Ilie ptriod in wliich tliE Telaled costs are recogni5ed. Gi'ant5 relating to as8els are cogllised ovei. the expected useful life of the asseL Where payt of a velatink 10 an assei is (fefeiTed, li is recognised as def¢i'Yed Éncome. Page 10 Cylch Meithiin Llangyndeyrn Notes to the Financial Statements for the Year Ended 31 March 2024 Taxatlon The charily is ￿)nside1rd to pa&s the tests s¢t aut in Paragraph I Schedule 6 of the finance Act 2010 and therefore it nieets the defInition of a charitable CDtnpany foi. UK COTPOI?lion t%LX purposes. AccordiEJgly, the ch&rity 13 pol¢fitially exempt froni taxatiort in i'cspect of incoine or capital gains received within catggorie5 Goiiered by Chapiei. 3 Parl I I of the Corporaiion Tax Act 2010 or Section 256 of Ihe Taxation of Chaigeable Gains Acl 1992, lo the extent th&t such income oi. gains are applied &xGlusiv¢ly to ¢haYirable puiposes. Tangiblt flxed assets Individual fixcd asset5 costing £100.DO OK more Jie iniiially recorded &t cosi, less any subsequent acciimiilated depreciation and subsequent accumul&t¢d inipairinen( losses. Depve¢l2tion Rmortlsatlo Depie¢i8tion is provided on tangible fixed a55els so as lo wyiie off the Cost or valuation, less ally estimated Tcsidual value, ovei. theii. cxpeeted useful econoinic life as follows.. Asstt elass Offiff F.qiiipmertl Fixtures and Fittings Furniture at)d Equipment DeprtCi9tion method rate 25YD StrAight Line 20Yo Reducing Balance 20Y• Straighi Line Ti'ade d¢btors Trade d¢btors al'e aniouttts due from customers foi. mcycliandisc sold ar services ptifomied in the ordinary couiEe of busitjcss. Trade debts)rs art IfC4)gni8ed initially at the 11?nsa¢tiott pric¢. They are subsequently measured at amortised cost using the effective intej'est method, less PYDVt8ion f¥>i' impai1￿¢￿1. A provision for thc impainnent of trade debtors is established iylien ihei'e is objective evidence tlial tiie charity wÈll not be able to collect all aiTrounts due ac¢ordittg to the original teiThs of the ieceivables. Cash cash eqylv#l¢nts Cash and cash equivalenis comprise cash on hand and call deposits, and othei. shOr￿ter[￿ highly liquid invcslmcn(s that air readily Gonvttlible to a known amoiint of cash and are.subje¢( io an insigttificant risk of change in value. Borrowlng5 Inlerest-beai'ing bori'oivings are inliially IEcorded at fail. value, net of transaction costs. In￿rest.bearing borrowrings are subsequerttly carried al aniortised c05t, willi the diffeiwice betiveen the procee(L8. llet of ts'ansaci*on costs, and the amount due on iEdemption being Ircognised as a charge tr) the St&lement of Financial Activities over the period of the J'elevant boi'rowin&. Inieiest expense Es recognised on the b&%is of the effective interest method and i5 include(l in inleiEs1 payable alld similai. charges. Boirowings air classified a$ cllntnt liabiliiies unless the chai'ity has an unGonditional right to d¢fei' seltletnent of the liability for at 1¢￿t twelve moniljs alier Iht reporting date. Page 11 Cylch Meithrill Llangyndeyrn Notes to the Fiiianeial Statements for the Ye2r Ended 31 March 2024 Fuiid Structure Unrestiicled income funds are genei?I fund5 Ihaé are available lor use at the trustee's disortion in fullhet￿ce of th¢ objectives of Ihe charity. Pensfioii8 and other post i'etirement obligatlOllS The chaiity opci'atcs a dcfincd conti'ibution pension scheme wliich is a petjsion plan undei. which lixed contribution5 are paid into a p¢n5ion fund and th¢ chaTi(y has no legal or constivctive obligation to pay turther contributrons even if the fund does not Iiold 5UtTiGicnt assLls to pay all cmpluyecs the benefsts r¥laling lo employee Service in the current and prior peri(￿5. Contribulions to defined ¢onlribulion plans aiE I'ecognised Én the Statement of Financial Activities when they are due. It contribution pa￿￿ents exc£ed the contribution due for service, the excess is reco8ntstd as a prtpaymcnL Flnaneial Instruments Claysificulioii Fin&iici&l assets and fin&rtciAI liabiliiies are re¢ognised ivh¢n the charity ￿¢0￿¢5 a party to the contiYctt]al prDvisions of the inslrumenl. Financial liabilities and eq￿IlY instruments are classified according to Éhe substantt of die coJilracLual arrangemenis entered into. An equily in51ruJnent is any contTact that evidences a Irsidual interest in the assets of the charity after All fiiiaiicial assets and liabilities are iniiially measuitd at transaction PTi¢e {including Irallsaction costsl except for those tinan¢&al asseis classitied ag at tair ipalue through prot￿[ or loss, IvliEch are iriiially o)easurtd ai lair value (which is noynially thc tI￿saCtion pi'ice cxcluding 112nsaction costs), unlcss Ihc a¥i%ngctncnl c4>nstitutc% a financing transaction. If an arrangcmeRI constitLlles a finaT2¢ing transaction, the financial asset oi. financial liability is measiired at Ihc prtscnl valuc orihc fuiurc payments discounted at a market Ixic ofintcrcst for 3 sitnilar debt insliument. Fiiiancial assets and liabililies are only offsei iii Ihe siaiement ot finaE]¢ial position wlien. and only ivhen tliere exist$ a legally enforceable righ( to s#1 ofy ihe Fe¢ognis¢d amounis and the ¢haiiiy intends either to 5ettlc on a net basis, or to rcalisc Ihc assel amd scttle Ihc liability simultaneously. Fit%an¢ial asseis are derecognÈsed when and only when al the contractual rtghis 10 lhe cash Ilows fioin the financial asset ¢XPilf Oi. .8¢llled, bl the charity iiansfers lo anoihei. patw subsrantially all of the ills￿ und rewards or ownei'ship of the fInancial asseL or cl the chai'ity. despite liaving retained sonJe, but not all, significa¢Jt i'isk% ènd rewdTds of oH'nership> has ITansferrcd Gontrol ol'ihe asset to tholher party. Finatjcial liabilities aye dereeogllised only when the obligation s￿lfIed in the contract is di5chalEed, cancelled or expires. Page 12 Cylch Meithrin Llangyndeyrn Notes to the Finallcial S¢atemen¢s foi. the Year Ended 31 March 2024 DeblliislriimeBts tkbt &nstruments which mccl Ihc tollowing coajdilions aiE subsequently measurtd at amortÉscd cost using tlic effective interest meth(kl: la) Thc ¢onifdC(ual reiurn to Ihe Iiolder is li} a fixed amounr,. lill a positive tiked ¥ai¢ or a positive variabl¢ rai¢: or liiil a COTnbinalion of a positive ai. a negative fixcd rate and a positive variable l'ate. Ibl The conlracl may piykvide for repayments of the principal or the reittrn to Ihe holder (but not both) to be lirtked 10 singlc relevant obs¢rvablc index of geneixl price intlaiton of the cui'r¢n¢y in which the debt instrujneot is denominated, provided such links are not leveraged. {cl The contract may provide for a delei'minablt Vdi&ation of the return to the holder duTIElS (he life of the Ensliiimenl, provided thai {il the new rate satisfies condilion la) and the vai'iation is not contingent on ful￿re events other than111 a change of a contractual variable i?te,' (2) to protect the holdei. agaÉnst credit detei'ioi?tion of tlie i5suer:131 clianges in lei'ies applied by a centi31 bank or arising trom ¢hanges in relevant taxation OT laiv. or (li) the new rate is a Iharket rate of interest atid salisfies condilÉon (al. Idl There is no conts7clual provision that could, by ils ternis, result in Ili¢ holdei. lo.qing the prin¢ipal atkiouni or any interest attributable to tht CUITettt period oi. prior wiods. (tl contract￿al piY)visions that permit the i55uei' to prepay Y4 debt instrument oi. perillit the holder to put it back to the 155uer b¢foiE maturity are not coniingenl Dn futurc cvcnls, oihcr than to pro(eGt the halder against the credit deteiioratioi) ot. the i$suer or a change in control of tlie TSSUtI', oi. to protect the holder oi. issuer agaÈnst changes in levies applied by a central bank oi. arising from Changes in IElevant taxation or law. Ifj CDnli2ctual provisions may pcr¥niL the extension of the term of the debt tnsti7Jmcnt, pravided that Iht return (o Ihe holder and any other toni￿CtUal piY)Vi5i0ns applicablt dui'ing Itie extended term sat15fy the conditions of paragi'aplis la) to {c). Dtbt insitiunents that ar¢ classified as payable or receivable within one year on initial iEcognition and which meet the above conditions aiE iiie8sul.ed at ihe undisrounted aniount of the cash OF other consideration ￿peCted lo be pald or received, net of1mp￿rMent. With the exception of some hedging ingtrurnell¢s, oiher debt irtstruments not rnecling these condition5 are measured al fair value thiy)ugIi piDfit oJ'1055. Cominitments io make 2nd receive loans which meet the conditions mentioned above air measured at CO51 (which Ènay be nil) less impairment. Fdlr v&liie The b&$1 evidence of fair value is 2 quoted price for an identical asset in an aclive market. When quoled prices are unavailable, the price ot-a recenl trart%action for an idenLical asgei proiiides evidence ot. rair vallle as long as there has llot beeEJ a significant ¢hange in ¢conamic circumstances ot a signifjcani lapse of time since the ti?nsaction took placc. If the market is not active and ircent trans￿l￿onS of an identical a55el otl their own are not a good e5tiinate of fair value, the tail. value is estitnaied by using a valuation iechnique. Page 13 Cylch Meithrin Llangylldeyr Notes to the Financial Statements for the Year Ended 31 March 2024 3 Ineome fyom donatltsns leg&ties UnTestricÉed funds Ceneral Totftl ds Donalions and legacÉes' Donation5 fiDiii individua15 Grants, Tn£luding capital grants. Goverjyneni grants 4,603 4,603 8,200 8,200 Total for 2024 12,803 12,803 Total for 2023 27,194 27,194 4 Expendltuye charitable hcttvltlr5 Unre8trieted runds Geiieral Total f￿1)ds Not¢ CylGh Allocated support costs Goveinance costs 1.218 5.221 1,882 5,221 1,882 Total foi. 2024 8,321 8,321 Tot41 for 2023 11.572 1,572 Page 14 Cylch Meithrin LlaDgynd¢yrn Notes to the Financial Statements for the Year Ellded 31 March 2024 S Ahaly51$ of support costs Goveyiiaiite costs Unrestricted fund5 Gencral Total fuRhd$ Otlier governance costs Allocated siippoi% coscs 125 1,757 125 1,757 Total for 2024 1.882 1,882 Total for 2023 1,425 1,425 6 Tru51¢¢5 iYmun¢rgtlon expenses During year the charity niadc the following transactions with trustees= Mrs C Jtnkins £Nil (2023.. £3671 of expenses ivere reimbursed to C Jenkins during the year. No trusttts have Irceived any other benefits irom tlie chayity during the year. Donations made by ihe tiuslees Iviil¥)ut any Conditions atth¢lied iolalled £310 for the year12023- £1,483). Page 15 Cylch Meithrin Llangyndeyr Notes to the Financial Statements for the Year Ended 31 March 2024 7 StRff costs 71ie aggirgate payroll cost8 were as follows.. 2024 2023 StAff costs duriiig tlje year were: Wages bnd 541aries Pension costs Other slaff costs 33,104 406 230 559 378 32.047 33,740 The monthly avei?ge number of persons (including senior management I leadership team) employed by the ¢hai'ily dwing the ycji. expre55￿ 05 full tini¢ equivalcnts was as follows.. 2024 2023 Average nuiiiber of $laff employed 212023 21 of the above emplayees parti¢ipatd in tlie Defined ContribuiiotJ Pension Schemes. Coi?tsibution5 to the employee pension 5cheTne5 foi. the ye￿. totalled £1,30412023- £9461 bjo eniployee received eniolunients of more than £60,000 durFng the year. 8 TaxAtlon The chai'ity is a TegisteiEd charity and is therefoi'e exempt from iaxation. 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