**Company registration number 12990619 (England and Wales)** ## **THE CYFARTHFA FOUNDATION** Annual Report and Unaudited Financial Statements for the Year Ended 31 March 2024 THE CYFARTHFA FOUNDATION CONTENTS TN5t•e r•p(wt 10 TRUSTEES REPORT (INCLUDING DIRECTOKS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees. who are directors f¢x the purposes of cornpany law. pr¢5eni the annual report together with the fiDancial statcrnents of the ¢baritsble company for the year ¢ndtd 31 FAarch 2024. The Fouodatioll is a Tegistered cbarity. Charity No.. 1199025. Obj¢ctiv¢J amd activities 0￿r Vlsion To transform Cyf4rthfa C&qtle and Park in Mttthyr Tydfii. a ¢n￿ible of the ityJustri81 mlutton. itito a culturnl Our MissloD To celebrate the history aDdheritsge oftbe place. to heal and en1￿￿ itsnaturnl ¢nvizonmenL tobe aplatforni for Culture atsd creativity. and to do so with regard for the rAeeds of ail parts of the comrrity ottd the principles of s￿rainabl11ty. Ppogress dwimgtheyeor Thc yearunder reviewhasbeeo anotherytsr of valuable pI￿ltiga￿d dEvelopment: developinB tbe busitiess plan. exploring Optio￿ for a compelling narrativ¢ for a r¢dcveloFrtd Cjfarthfa Castlc and Parl fiwther work on the land￿ape potential within the ParK tAu"lthng our relationsbip with schools alld the wider coffjmunity in the 8Tea not le&%L rectuittng key staff to ￿ team. The Foun￿lOn,$ small team grew to * compleTnellt of five dwing the year. led by the a)ief Executive. Arkn Baker. The other wjsts filled were Pmiect Coordinator (Man" iwe). Ftnance MaDagu (Wren Bull) and Community Ettga8eJD¢nt Manager (Anneleise Shephffd) Sh￿￿Y afterthe year ensi a Brand aod Engagement DiTCGtor Dutlwn). The year also saw ￿lSid¢T4b1e tffogrcss iti definiDE the Foundation's approach to the future corLtent of the castle. reviewitig both historicaj them&% atd aPprnach￿ and exploriDg optiow for d¢v¢10p￿S the srt wllcction. The last of these included considerable work in developing the Fountholl'5 bid for thr Wt15b Governtnthrt's proposed National Contemwrary Art Gallery for Wales. There wue five other sites bidding for this role. In July 2024, after the fiD2acial year UDd¢r review eode& the Welsh Governo￿1 decide4 for financial reasotts, not to proceed with the proje¢L Althougb this w&8 a disapN)iDtrnent, the work in pr¢parinE th¢ application will Dot go to waste. as it has given us a mucEL deew undersraDdmg of Cyfarthfa'5 currettt art colltttioD and the ditections in which itcan be developelicies. pl￿ and orgatiisatlon. It bas thtce ststidin8 conimittees to Twbicb respo￿bility is delegat*J for scrutiny of specialist #rw. Each Committe¢ reports to the Board of Trustr4 whi¢h is the thision.D* iKdy. It tneets Dot It￿ thatt six . 0￿dtiOn1 & Fitiance Commi"ttee- Geoff Hunt (Cbair and Vic£ Cbairof the Boud) . Capital & Content Committee- EvrdTh Jones (Chair) Each c￿￿nittee deknittt iLq own frequettcy for meetsDg5- norn)ally. at least quarterly- and subject ts the forn]al T¢quiremeDt to D)e¢t noi less thjn twice ￿¢b year. SeDityr m*n8gemertt Soon aft¢r the y¢aT en(L our fjrst Chief Exe¢utiv< Anna Baker. de¢ided to stand for personal reasons. Anna brougbt gr¢at skill a￿1 cnergy to the task in the en￿121 early yeaT5 of this projec¢ and has l&"d iMport￿t foundatio￿ We ar¢ very grdt¢fill ty ber for what sb¢ achieved and wisb ber well. The PToeess of aPPJittling a sue¢¢sw was srt ID tsJiD inJtn¢di41¢ty and w¥s undeT way as thi8 report W&4 being prepared. All new Tn￿$ or¢ provid￿ with aD iDthJction to the ConwaDy a￿1 given guidance as to the Tole and responsibiliti&8 of being both a clJaTity and a company directi￿. A copy of the Company's GoVerna￿t G)d¢ is provided for each di[￿tor as part of the indu¢tiott prittss. FiD#neia] revithv The financial period wthrT¢Vi¢W is ¢ov¢r&l in the financial StateMa￿ on pages 9 and 10. Activities encompassed e5tablisbin8 fllfft￿e pr08rall￿¢s, projects and feasibility Sti￿leS alongside remilin8 TTUSt¢es and memb¢TS of th¢ stsff team. Th¢ Cbarity's fimding tbus far ¢luTing th¢ developmeut plwe has Eten provid>J through a grant from Welsh Govetnment of £1.2m. Forpractiral reaso￿. this grdDt b&% been adtnirristCTcd on the Fo￿￿tion'S behalf by merth￿ Council. with the Foundation ulling down fiu￿ as requ￿￿ £620.067 of this 8r8Tht ]￿ be£D dtawn thus far. In 2022-23 the Foundation awarded £429,171 under th¢ UK GovwDrneni's Sh8rn1 Prosperity Fund for a variety of purposes including th¢ appoiDtm¢nt of tbe Community Ell￿geMent Manager aDd fillther itivestiBation of both land%cape attd art ptoposals at Cyfartbf& £210.074 of this w h&% been drawn down thus far. During the year the Foundation vras 8wardcA an ad￿"tio￿al UK (knvernTne￿ Shared Prosperity Fund grant of £212,579 towards the nmniDg costs of tb¢ Foundation ID 2024.25. At the end of the acwmiing period covered by this report the F(￿nd￿l¢M l￿d Reskn"cted Fwids carried forward of £151,438. This does not include thc balatKe of the WeLsb Govanow￿ W of £579.933 beld on the Foundation's behalf by merth￿ Council. The Foundation tnoDitors its Cu￿1 alld expected cashfiows carefvlty. through its Operations aDd Financ¢ C¢)mmittee, to el￿ continued liquidity. Its fimdraisiD8 activitses inte* into fr￿1¢1￿1 planning. M4j(Ir projecL4 will be undeth only when a clear finaDCiDg strategy has been approv￿ by the Tn￿e¢s. THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 In the year th¢ TTUStres identified th¢ need to cov¢r ￿ costs on an ongoiD8 iwis through ¢In￿d income aDd are itivestigatiti8 QPPOttimities forpoteDtial teveoue raisiog actiTrities. Policy on re¥erves Th¢ Cyfarthf8 Fouttd8tion wAll be en88ged in fiJndrws1￿ th cknver L¥pityI plans will ¢merye over Th¢ Foundation's Reserv&% Policy 1$ ty eJtsur¢ thatrtserves are maintsined at a l¢vel of at le&%t threc nKmths' cljaritsble exp¢tLditure. Prlntipai fuDdlDg sowc Jnitiol fimding of this projrtt ba8 been via a combinatioD of £250.(Krf) fmm Merthyr Council for the ¢ommi&sioniog of th¢ tnasterpkn and the provision of £1.2m by the Welsh GovenJnkAi for a development plwe. The Dwteolatt prwes5 w&s uDdertakeD befor¢ tb¢ fomJatioD of the ¢bariry. Th¢ c01nll￿ty & Commerce cThnmittee of the board has been estsblisha and bas overstgbt of the fundTrwg straiegy. Fulldingbas b¢¢D obtsin¢d in the puiod und¢rTCViry fr￿. l. Mtrthyr Tydfil CBC to contributr towatth the pTodu¢tiim of arA upda*d Conservation Managemcnt Plan for Cyfartlrfa Castle. 2. UK Govemment Shared Pmsperity Fund admi01￿ by Muthyr Tydfil CBC to c0thtrltA￿ towards the Tutining costs of th¢ FouDdatioo in 2024-25. We anticipate that furthr funding will b¢ sougbt from a combinatiOD of 8ovullm￿t source4 theNational IA)ttery Heritage Fund and private foundatioL8. Pla￿ for periods Aims andk¢y obied1￿$￿I￿￿J￿l￿l8 The appoilltment of the full staff team And the ¢r¢*ioD of 5tandin8 ￿￿mitte¢S will create ¢onditioDS which we bope t￿bI¢ accei#at¢d intttms OE ii) Fundraisin& and iii) Conllnunity engagemenL The ¢harity ?s controlled by tts govuniDg a MemoT¥DdLknll atyj Articles of AssLxiatio4 and coLstit a limited conlpany limited by giirntee. ¥s d¢fmed by the Companics Act 2006. Arr44g¢meDts for Jettfing key mx**gemtllt ptrsontttl remutrer•tiTrn The Foundatioll bad four cmployees the yw und¢r review. A remunvati(n policy will be developed and reported UWTrD in th¢ wt Anllual Report atrj FiDaDcial Statemeo MaD•gement Overall respottibility for the managetn¢ttt of th¢ ch￿lty remains with th¢ Cbair and Vice-cbair. ReSp)￿1b1[lty rorthe daY4￿daY nwyg¢m¢ni and &Imin￿on of th¢ cljarity is del¢gatcdto th¢ CEO. The CEO and FiDaDce Manager are a¢cowitable to the board for zesow¢es exp*ndrJl R¢J4tloD¥hipJ rdated ￿rtIes Ttusttts bave no iDtrytsts in the or any￿lated i*)dic& THE CYFARTHA FOIINDATIOI4 TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The FoundatiOD h&% no relatedwiies. Major risks and min*g¢meDt of those rljks A Risk R¢gisterhas brcn develO￿d and approved by the and is revi¢wcd quarterty by the Owation5 aod Referente and Adwinistrntive Deta115 Register￿ Th8rity Numb¢r'. 11991f25 R¢gistued Company Nulnber. 12990619 (En8]and & Waks) TnL%tres: Dr Carol B¢ll Ms. Bryony Bond (ap5x)inted January 2024) Ms. Alison Copus (apFKJinted January 2024) Mr G¢Taint T Davies (Chair) Mr G Rowland DavTres Iviee Chair) (rtS1￿¢d Novemb¢r 2023) Juli¢ Fittch {appoiDtd January 2024) MT Geoff N Hunt (Vice Cbair) Sir Simon JeDkins Mr D Ewao Jones Prof Hajjif M Kara Dr FAaTion B LA)effl¢r Councillor Lisa V Mytton Ms Helen Protheroe (resI￿d November 2023) Mr Roixrt W Rwt]mey Councilltsr Gtrdint V ThottW5 Ms. Sarn K Mcconnell Turnlxdl Ms S Hopkins (resi8lled Juty 2024) Stnlor Managtrs Ms Anna Baker (Chief Executive) R¢gist¢red Offi¢¢: Clo Mitthell Asswiates L4mit¢d The Busitiess Centrc Triangle Business Park Merthy Tydffl CF48 4TQ Bankez5." Barclays B8nk plc Ab¢rfan Br¥￿h 9 Aberfan Road merth￿ fydfil Mid GlamorgaD CF48 4QL Inde￿ndent Examiner.. Mi¢thell Associates Limite4J The Busitiess Park Triangle Bwiness Centre Mertbyr Tydfil CF48 4TQ THE CYFARTHA FOUNDATION TRUSTEES REPORT ONCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Financial Anjtrnthettts Objtdiv¢s andpolicies The charity's activiti6s ex￿5¢ it to a Tmmiber of financial risk5 i￿1￿￿ti8 Cl￿11 risk Cash tlow risk aDd liquidity risk The of finaD¢ial d¢riYativ¢s is governed by the charity's policies aFprovcd by the board of truste wbicbprovide vnittert priticipl&% on tbe ￿le of fiDan¢ial dcrivativ¢s to ow￿ge tbes¢ risks. The chaEity does not The charity's prit)cipal financial assets are bank balanctt and eas￿ trade and other receivables. and investment5. Th¢ charity'$ cr¢dii risk is primarily attnknble to its trade receivables. The amovnts pre5¢Dted in the balanc¢ sbeet are ttet of allDwances for doubtfid i¢¢eivabl￿. An allowaoce for impairmellt is made wbere ther¢ is au identified loss ¢vent Whi¢￿ based on previous exptiierK< is ¢videw¢ of a r¢du¢tiOD in th¢ Tecov¢rabitity of ¢he flows. The credit ri¥kryi liquid fuDds aDd d¢Eivativ¢ fin￿la1 iD5truwts is limited becay% the count¢rE>arties ar¢ baTths with ljigb ￿9]It-[alIngs by ioternational ¢￿j1t.rat1D8 agenci The tTUStees (WI￿ are a]so tbe dif¢¢￿ of The Cyfthfa Foundation for the purywes of company law) #re re5powible forprEpann8 the trustecs, W and the fiDancial statrments iti XCOTdan¢e with the Utiited Kingdom Accounting StaDdarth (United Kingth)m G¢￿¢￿]Y Awted A￿tillg Practice) and applicable law attd re8ulatiotts. The report and aC￿Ullts have been prepued in acckn with the pyovisions in the CompaDies A¢t 2Crt)6 relating to small ¢on4>anies. Company law requires the trustees to prepare fmancial styteumts fw eacb fin￿la1 P¢Tiod. Under company law the tr￿Slee5 must not approve the financial statements Unless they are satisfied that they give a attd fair view of the 51ate of affairs of tbe ¢baritsble coMp￿Y and of its incomi08 resouw￿ and applic¥tioo ofr¢sow¢¢5. including its illcome aDd expendiDJre. foT that In prep￿1￿8 these fiDancial slat¢MeD￿ the tnJst¢es are ' Se)￿1 suiuble xcouoting ￿li¢jeS and apply them c4xsithtfy' • obseThe thc rnetbod8 attd pri1￿1p1¢S iti the Cbariti¢s SORP. b stste wbether appli¢•bl¢ UK A￿￿￿tIll8 Standarth have b¢¢n followvl subj'ect to kny material depwtUTes disclosed 8nd explained An the fir￿1￿ ststemellts" and . prepare the fiJwL¢ial stalenlents on th¢ gotng cow¢rnbasis uoi¢ss it 15 ioapwwtr to pYesura¢ that th¢ charitsble company will continue in The trustees are Its￿n$1￿11t forkeeping W acC(￿g Yec4)rds that ave suffici¢Dt to sbow and explain the h4Titsble compaoy's tiaDS¥tioDs and di5clos¢ with r¢450Dabl¢ arKuracy at any tim¢ the fiDati¢ial position of the chaTitabl¢ cornpally and enable tbem to e￿sure that the fitwKial statements comply with the Companics Act 2006. They are also responsible for safrguarding the &$5ets of the cbaritable company and heDce for tsking re&g)nabk stw for th¢ preveotion aDd dd¢ctÉon of frajjd oth¢r i￿¢gUlaTIti THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDINGDIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 DiK105ur¢ of iDfonnation to auditor Each trustee bas taken Steps that they Ought to bave tsk¢n a$ 4 trws*e ID to mak¢ th¢m5¢1ves aware of aDy relevant audit infornution and to estsbli5h that th¢ charitys audiior is awaT¢ of that inforroation. The In￿ceS coth that tbere is Jo relevant info￿￿10n that they know of and of which they know the auditor is unaware. The aWlu￿ i•)rt was approv¢d by the ITUSttu ofthe cbarity on..... aod sigDed on its bebalf by mrGTD#￿ Tnthtce THE CYFARTHFA FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE CYFARTHFA FOUNDATION I rgFQrt lo the InLSt8• ￿ my fin•Kial ofThe c￿ F￿ndatic￿l (tr* tharityl for the y•*ended 31 Math 2024. R•8pon8lbllltleB and basts of rnport As the tnjstee of Ihe L*arty {and al*trits direcior5 foT the pu￿ of ojrpawy Lv*l you are re5[>￿81b1e fDr Ihe pr8p8ration of th• finandal stAttments in attudanc* *ith Ihe of thè Comparmes Act 2006 Ilh• 20C Ha￿fig 5attsfiod my8df Ihat lh¢ finarKaal stat¢ments of Ihe charity are not requlred to te a(*Jited I￿18r Part 16 of the 2006 Act and are elKJible for inllependeni examinalrm. I rewi fn respect of my examffjati￿ of Ihe Chaiitys fin￿￿1 stslements Carried wt urthr secxicffl 145 of th8 Charii*s Art 2011 (the 2011 Adl. ln Carrying ￿J1 my examination I have fokn¥•J an the aFWicablB Dim¢kn Charity C¢yT¥nww uwthr 5edion 14515llbl of the 2011 Aet. Ind•p•nd•nl *x•mln•e• •l•tem•nt Since the Ghanty'$ gross incoTh exceeded £250.0ty) >￿T examiw must be a of a body listed tn section 145 of the 2011 Ad. I c4Jnfinn that l am qualrf*d to the wm1nabC￿ t*￿USe I wn a m8mberofACA8FP. whtch i¥ one of th8 lisied L>>*¢s. •xarnination giving rne tau5• to that in ary materiat Iwecf.. attwntrrtg retofds w8rè kept in feSP8¢t ofthe dwrty as r8w*ed by s￿n 386 ofthe 2￿8￿. or th8 financial statements actsnl with th058 r•)xds.' or Ihe financkql $tstements ¢Jo nol c3￿￿Y wilh th? a(xountiThJ r8quYmnts of seC￿n 396 of the 2(￿6 Act othar than any requwernentthat &ttyJnts gNe a t￿￿ and falrview r•)t a matter e¢MhsK1ered as part o14n Indwndent exanwnatM: or the firtanciol stst¢ments hav• not bew p￿Pared in arxudwc• ¥&ilh the mell*>J$ arKI wincipf85 of the ststsm*Tht of R8￿mM￿nded Prnclit* for actr￿N￿Tr9 and rEF¢)rb"ro by char￿"t$ applicabJ• to ehaiitiès preparin9 thetr acc4unts In acojrdanco *ith Ihe Financaal Repm Star*Jard appficth in tho VK and Rewblic of Ireknl IFRS 1021 strkwld be ¢Jrawm in r8FQrt in wder Io * PIDperwwJw*arth￿ ofthe fnanclal ststemants to be r•ach8d. Mlld*ll AMociat•s Lld The 8¢￿InesS Park Triwle Bu$iness Centre MethyrTydfjl CF48 4TQ THE CYFARTHFA FOUNDATION STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Tolal R•8trlcl•d nds 2023 fund* 2024 2024 Incom• and Grant Income Olher irKome nts from.. 545.682 54S.682 24 367,486 24 Totsi ineome 24 545.682 545.706 367,486 Chanlable activrf Wl.267 591287 182.920 Net In¢om•ll*xpendlture) forlhe N•t mov•ment in lunds (46.5851 146.5611 184,566 balarrns at l Apl 2023 198,023 198.023 13,457 Fund b*lathc•8 at 31 Mar¢h 2024 24 151.438 151.462 198,023 The statsrnenloffinancial ¥tiVi￿￿ al 98ins ¥*J kjsses reco3nse(l ypar. l inojrne aThl exFenditure (knive frurn ¢rrfMiuiThJ xb4ryt*s. d•rthe CompaniesAci 2(￿. THE CYFARTHFA FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 TawvJibK8 ass•ts 10 3.935 Curr•nt ••¥•t• 11 17.654 176.741 Cath at bank aTrJ in hand 197.708 194.395 198.692 Cr•ditoTr: afftoynts falthw T*lthln on• year 12 {￿.333> 14.6041 Net¢￿￿ent assets 144.C62 194,088 Total ￿•ts ¢urr•nt Il•blllll•s 151.462 198.023 In¢om• funds 13 151.438 24 198,023 151.462 198.023 Th8 company is enbuod to th• oX•mKrtk￿ fffjrn lh• ￿q￿r￿m￿l C￿1•￿0 in 477 of lh• Cornpanin Act 2006. for the year ended 31 Marth 2024. r8SPOCt to aco)unts"ry ￿0)r￿S and the kveparati￿ of fina￿￿ statements. ha¥e Th)t roqu￿¢d ts ¢￿panY * d)l•n of ibfttwnoal slatem8nts for the year in qU￿￿on in accordance wilh sectkn 476. These finanoal statements have teen wepared to C4)mp8nies subl8Ct Thè fffjandal sta 22 lil.lz Mr G T Oavi•s Tntst¢• GN￿￿TrI Company rnqlstra114)n numb•r 12*￿1• 10- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polld Charty Informatlon The Cylarthfa Foundalthx Is a Wivdte ¢x*iwny lkn•t•J by 9uaant•e Sn(¥)r￿ted In Ewand Wèlès. Th? registe￿ offir* 15 The Part Tri•YJk Centt MgrthyrTydN. CF48 4TQ. 1.1 A¢counting corh¥ontlon Compantes Act 2006, FRS 102 Tr Ftnaftcaal Reporting Slandard apfvble in the UK and Repubfre of IrelaN4' I"FRS 10fl aThJ the Charrbes SORP 'ActtJunbny ￿ Reporiry by Chaiitw.. Statement of R￿OrnMen￿ed Practtce aWicatAe to thwitses preparir¥J thew accowts in ax4xdanc¢ the Financkl Repoitirttj Standard app￿¢¥I)Ie ￿ the UK atMI RWi¢ cl IFRS 1021" {gff8cti¥e 1 JaNary 20191. The chwity is a PublK Benefft Entity •5 deffined by FRS 102. Th8 financ4al staten*nts are WBpared in steding. i8 the lunclkxa cwrenry of Ihe c*arity. Mon•tAry The fin￿Cial slatements have teen prep*Bd undor Ihe Woneal u)5t corwenkn"on. [M¢#Jrf￿d to include the ats.￿ ol freehold propewties and w inchjde inveslment prowbes an¢J certain finaroal instruments al fair v4lu•l. Tr prinr¥Jal at£OUn￿ pobx •JWed arè s* (xrt bebAt. 12 Golng ¢on¢em At the time of approvrry lh• finanual stalèments. the trustetr have a reasoxabl• •ypeclation that the tharity has adequate resour￿ to (thinue in operalxjnal eytsterKe ts Ihe foreseeable fu1u￿. Thu8 the ￿$tee 1.3 Charll•ble lunds Un￿tr￿tted funts ￿ waiLabk 8t Ihe disu•bw d Ihe trus1•• in furtMrydnc• of their L*aritat4e Endowment furth we sut¥&l lo speufic by dtXK*5 Ihat the ￿p1a1 must b8 maintsI￿d by the c*arity. . 1A Incoffle the ￿lounts Can t* rneasw￿ rdiatty. and it is rXrJ)3b￿ Ihat inca)nw bo rnc*Nod. Cash donatbjns ar8 r•t(*Jnised on reC￿pL Otsr are recogrrised orK* the tharrty ha5 been notsfied ol the donation, unless perfom)ance aTrJitbJn5 deferral of the an￿￿￿t Income tsx recoverabb in r•Lation to dcthiths rec*Ned undèr GrftA¥J or deeds ofLxMnant is recognised at the timè of the donation. Lega¢x we [￿4)￿￿80￿ on rnu¥pl ¢y olhV*l￿ rftre has bw nobfied of an impendH¥J tJistribulKJn, Ihe amt￿nI ks known. and rec*ipt is eypthj. wnt is not knth￿. the legacy 15 treat8d BS a rfjgnt asseL 11 THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 AGeounting pollcl•• 1.5 Exp•ndilurn thtrd paty. it is Wob#￿tr that a transfér of•cgY￿YC bweffts wll be requyed in selllerrf thè amount of Ih¢ Obliga￿ort ean be Th￿￿￿d rtli8trty. wed costs. W￿￿dIng svppyi costs invc4ved in uThJ#rtakn"rg eath acts￿ty. ￿'rect Cg>5ts attrbutablè to a single acllvity a￿ aMo&ited Lliredty to that acb¥rfy. sha￿ fX)Sts contn.bute to more Ihan acbwty and pport 1*8 ar8 allributable to a sin* athity are apwti(￿ed beknn Ihw ac*vit*5 on a ba$18 ctysistent with the us• ol ffjsources. tstral staff eosts are ak4*d on the b￿S of time spent, and 1.1 Tangibl• fix•d •M•ls Tang*le fmed assets are Inth"alty mfrasu￿ at cost aThJ mgasured at t￿51 cff v•luatlon. n•t of depreu8bon ￿ any ￿￿￿ment Depre¢lati￿ is rerxgnised so as to ¥fftte off the ￿$1 or v*abm of assets less IW ￿KlU81 valu9$ ov¢r lh¢ useful lives on the fdl¢MThJ bases: FiXiu￿9 and fill CDmputWS % str•ght IM Al each ￿p¢￿t￿￿ •nd date. the ¢*aiity rev*Ary Ihe Ca￿1r￿￿ an))unts of Ks tafig1￿e assets to detem)ine whether Ihere is any I￿1￿xti0n tw lfv)se assets have Suffe￿ an impainnent loss. tl any indication sls, the recov￿¢ anwnl of g¥linth in wd8r lo ￿ten￿1r* tho ￿tent ol IM￿l￿ent rogs Irf any). Cash and ¢•sh •qul¥•l•nts Cash and rAsh equivalents indude cash h) Iwd. det¥J*ts at cal *ith banks. of￿1 short-tem) lryutd Investments with otyinal Ma￿lIt*S of Ilww rrthths or knss. ar¥J bank ov¢rdr¥fts. Bank ovwdraft¥ aTg shown Trmihin torrowiThJ5 in liatrfliti85. 1.9 Hn4rKl•l In•trum•nts The tharlty has elected to apply the of SeL*on 11 'BaS￿ Financd hstrun*nts' and Pjectm 12 'Olher Financial Irthments E55u¢s' of FRS 102 to of ts fivanual instnJm8nts. Fmonoal assets and li8bibties are offs•( with ts net amoLmts Txesented in the finawal slate￿nts. wfren there is a18gally enforc88tAe right to set off the r8CC4Jnk8ed èn¥xni8 the￿ ￿ an intention tn 5etM8 on a net ba￿5 OT to realise asset ar#J setlle th• liakn.lty simumarwith. 12- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 8•$k finartKlalass•ts Bas￿ financaal assels, inthJd• thtrtors and eash bwk balan￿s. arn Inilially mea$ured at transactton prKe indudiThJ transac￿￿ costs and are subsequently car￿ at amoritsed ￿$1 U5irvJ th8 8ffecliv8 m*asured at the present of th• ftrture rscapts at a rato of Finarrtlal a8s8ts dassw as rKeNable wthin one year a￿ amcfl1￿. Basic financaal &abdits'¢s, indtyJ¥b3 ueditws ar•J aro inrt4ty roD)gnwd at transacti(￿ unless Ihe 3ry8ThJ8rnent consbtules a financ*ng transadtrjn, lh8 d8lX instrument ts nwutyd at the present Trtlue of the fulure paywts disoxmted * a I￿a￿et rnte ol ¥￿t￿l Finanoal liablth.es dassthed as payable ilhin one not •r￿rIb￿l. Trade creditoTs afe ￿￿tionS to pay for 9¢￿$ or servbx Ih* been au4UW8d in the ordinary course of c¢ernth?ns fmm SUP￿•erS. Amounts Payab￿ are d￿lfi￿ as uJnEnt kabI1￿e9 rf payment 15 duè wilhln one year or less. 11 noL they are presente¢J as N)nlloJffent I1abth￿&$. Tfade creditiys a￿ ￿ta)gnised ib¥tially at transacb.on wce and subsequenty measurnd at al￿￿11$ed c4JSt ugrwj the ellectrve inierest Mett￿d. Finan¢ial liat41ths a￿ dele￿gnised th•iW$ obS9ations ewr• or ar• di5charyed or 1.10 EnylDyq• b•nefas Th8 tcsi of any lYAKlay •nlilenwt h ter4n¥•J pWI￿j the ernF4ry89'5 are beneffits are rew•￿ as ￿ expense is oWn￿3trabIY c4ynmitted 1.11 R•Urgm•nt b¢n•fits Paymerts to defined ¢cffitribution ￿l￿ement 118nÈfrt5cl*￿s are I*￿r9ed as an expense ￿ Ihey fal d￿. In the apF4Kation of Ihe acuunting ￿108￿. the tnJSts8 ar• rBqiumd lo make jwlg8rnents, estirn•t85 and 8￿MpIOnS atoul Ihe carying *Th)unt of assets and liabifths that are Trot rtadity apparent from olher The eslmates and uThJethng asgJmptth5 af* fEvitr**d cfi an C￿￿r￿j basis. Remsions to wunting estirnates we recognised in th? in the estimale i5 wsed wthere the revi5iDn affects onty that P8ric•Js. 13- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grnnt R¢stricted Ra8tri¢ted funds funds 2024 2023 Grants r¢c*15￿ {see rk)tè 12} 545.682 367.486 UTrr•strl¢t•d fvnd• Total 2424 2023 Other IrKXJn 24 Cl4rltablo Charltabl• Exp•ndbtuTr Exp•ndliur• 2024 2023 Steff ￿$ty 219,905 53.763 Shwe ofsupFL¥I COSls15e6 61 Shafè ofgoN*mance tsxts Ise• 6} 359278 13,084 109,853 19.304 5Y2267 182.920 14- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Support eo•ts 2024 offi￿ exptnses Subs¢ripts'or Adverb"sing antj markel PrDJect cosis Legal & wole￿lTh1 Deprp.tia Bar* charg8S Other expenses Travel & Subs"st￿¢¢ St8ff Training RecFuiln*nt 18.633 1.151 19,784 1,761 30.750 257.T9) 30,7SO 25T.79) 2,728 1.795 112 2.721 463 11.737 34.473 20,862 79,086 11.482 321 B2 1728 112 2.721 11.737 34.473 .011 5.202 4.003 4,467 3.128 359.278 13.084 372.362 139,157 Charitable 8CtN4ts•s 359.278 13.084 372.362 129.157 Ind￿Sed within ac￿ntsncy are caists for Ihe IIKI8pe￿ exaThir*T3 fees of £3.850 120T3- £3.7471 for ax2￿￿na￿ ofthe fI￿nCIal stat¢rnents. None of th• trustee lor any per￿ ts)nn8cted ththnl r•c•ived any rnrnw*ralTh or benèfits from th• thanty duTY*J the year. Efflploy•e$ 2024 NuM￿r 2023 Murn￿r chaiitab￿ ac Empl•yThnt ¢Mts 2023 Wages and s8lari8S Sooal seojnty c¥Jsts Othèr penS￿n o)sts 197.292 17.101 5.512 47,231 733 219,905 53.763 15- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMEKts FOR THE YEAR ENDED 31 MARCH 2024 Employ••s L8 a5 follws.. 2024 Mumb•r 2023 Numbor Ovef £80.(KKI 252 ofthe fa¥ationof ChW9eaL￿e GainsAct 1992 to the extent Ihat these a￿ appljed to its rhntatle obj'ects. 10 T•nglbl•llx•d At f April 2023 3.447 1.975 5,259 At 31 March 2024 6.731 9.515 D•prKlatl¢n lrnpalnn•rrt At 1 2023 D*p￿tIo￿an chargtd Mi the jtaf 320 1,795 539 1256 At 31 Morth 2024 571 2.115 Cwrylno amount At 31 Mareh 2024 2,213 5.187 Al 31 Marth 20rJ 776 3.159 3.935 2024 2023 17.654 16- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 er•dliors: ¥fflounts Wlno du• vAthln on• > 2024 2033 Traje ¢reditor5 Acc¥uals and defen*d irK£4M 45,875 4.458 17- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 R•strl¢t•d funds dcnal*)n$ and grats h￿[1 on trust for specifK wrposes: In fund& 94•rK• R•80¥rt•s B•l*¢••t •ThJ•d I Wl 2033 WG Seed Fund KfrcBC Sèed Fund 8,817 {121.349) kn.260 231.rJ)0 1295,1 142.105 11.8841 17¥6 1423) Consuttancy Nabonal 33.204 (332041 (63.966) yArt G￿lery VK Sha￿d Prwrity F￿d Architectural Hentsge fund cmp 19.9901 15,010 IIS,010) (16.4931 (10.9931 218.706 (207.713) 10,Otrf> {10.LXYII 13.4S7 367.486 1182,920) 198.orJ 545,662 1592.2671 151.438 MTCBC S8•d Fund. to gJpp(¥t thvewrnnt ar￿ delwy Cfvthfa Pkn. Nats'onal c￿ry￿ Galtry Vl•tsh GfN•mm￿t. to dev•*)p an Art Pro￿￿**7 at cfvthfa cast￿ and fewbilrty of a5socaat8d projects. ¢yJtllne • t4an dev*prrnnL 18- THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 funds 2023 2024 2024 Fund balances at 31 M¥ch 2024 are rewesen TangiL48 ass¢ts Currgnt assetslllobithl 7.4CrfJ 144.038 3.935 194,088 24 144.062 24 151.438 151.462 198.023 19-