Company reglstratlon number 12990619 (England and Wales) THE CYFARTHFA FOUNDATION Annual Report and Unaudited Financial Statements for the Year Ended 31 March 2025
THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are directgrs for the purposes of company law, present the annual report together with the financial statements of the charitsble company for the year ended 31 March 2025. The Foundation is a registered charity. Charity No.. 1199025. Objectives and activities Our Vision To transform Cyfarthfa Castle and Park in Merthyr Tydfi1- a Cc]ble of th¢ indusirial r¢volullon- into a cultural entre and visitor attraction of international quality and an engin¢ of social renewal. Our Mi$5iOll To celebrate the history and h¢ritage of the place. to heal and enhan¢e its natural environment, to be a platforni for culture and creativity, and to do so with regard for the needs of all parts of the ¢OTnmunity and the principles of sustsinability. Progre%5 durlllg ilieye&r The year under review was notable for four things.. i) an accelerali(Trn Én prwess, li) the beginning of Cyfarthfa's bicentenary y¢ar with its attendant publicity, iii) the appointment of a new Chief Executive, and iv) some changes to Board Tnembership. An acceleration in progress In partnership with Merthyr Tydfil Council, tonsiderable progres5 was made in defining some of the first Sk$ needed to safeguard Cyfarthfa Castle from further deterioration. The castle is a Grade I listed property. A programme of works has been agreed that will bring about improvements to the roof over the currently operational parts of the castle. as well as rep8irs to windows. In addition, there will be major repairs to the historic Pont-y- Cafnau bridge that suffered damage in severe stomis a few years ago. Following a visit to the castle by Welsh Government's Culture Minkster, Jack SergeanL this initial work is being fided by the Welsh Govemrnent and Merthyr Tydfjl Council on a 50150 basss at a total Cost of £4.5m. and is expected to be completed in 2026. This will safeguard that portion of ihe building that 15 currently open to the public. In February 2025, in partnership with the Council. we submitted an Bxpression of Interest to the National Heritage Lottery Fund. This has been accepted and we anticipate submitting the full application in the autumn of 2025. At the same time. we appointed architectural and project management consultants to define the brief for the first phase of the castle development. Although it is intended that responsibility for the castle and park will eventually b¢ transferred from the Couneil to the Foundation, in advance of this we are collaborating clos¢ly with the Council staff who are ¢UTrently responsible. With the longer term in mind we have undertaken further work to shape a narrative for the future of both the museum and gallery elements. This will lead on to a new branding scheme for the castle and park. Last year we reported that we had submitted a bid for Cyfarthfa to become the anchor gallery for a proposed National Contemporary Arts Gall¢ry for Wales, but thai, in the event. the Welsh Governrneni had decided not to proceed with the anchor site concept. Although this was a disappointment. we believe that the work undertaken to fomiulate ourbid will be ofgreat value in planning the future Of dir110 of the castle's collection and grt displays. We are also urging government to include Cyfarthfa in the curreni chain of galleries, as there is ¢urrently no participating gallery in the south Wales valleys. We have also initiated discussions with Llufyr, Ihe Welsh People's Hislory Society. a broad-based academic organization, as well as with local history societies so that we can begin to shape themes within a more rounded story of the industrial r¢voluiion that we will be able to relate when the galleries are enlarged.
THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 IARCH 2025 Bicentenary of Cyfarthfa Castl¢ We hav¢ been fortunate that this cjucial stage in the development of the castle has coincided with its bicentenary. The Foundation, the Council and its Cyfarthfa staff ¢ollaborated to plan a year-long programme gf events- under the Cyfarthfa 200 branding- that will raise the profile of Cyfarthfa aeross the year. In the first three months of 2025 no less than 25 events took place. The Foundation's exhibition at the musewn - Crfarihfa.. Pasi. Presenl. Future. was designed to give a glimpse of the Foundation's firture plans for the castle and, following a well-attended launch event. wa5 ViSit¢d by nearly 4,000 people. This also established a strong partnership with the team at the University of South Wales who provided 3D scans of the castle building to be used as part of the exhibition. Bicentenary aetivities included.. Cyfarthfa200 Schools and Community Exhibit0 by students of Merthyrcollege. history talks and le¢tur¢s' workshops for families and other tours and activitie5 at the museum., the Merthyr Half Marathon was directed through Cyfarthfa. Many more events ar¢ planned for the remaiTider of the bicentenary year. Strong partnership projects have been established with Merthyr College and the University of Souih Wales. Students on Mertlw College's HND Creative Visual Arts course developed and des]ed an exhibition based on primary school pupil's sk¢tches made at Cyfarthfa whieh culminated in an exhibition at the college in January 2025. We will a150 be engaging with 130 college students to work at Cyfarthfa on a'Then and Now, end of year exhibition. To expand professional practice and gain an understanding of the career paths in a museum. a small cohi)rt of students have had the opportunity to work c105ely with the museum team once a week over a four-week peritxl. This allowed the students to discover the different role opportunities within museums. Across the academic year2023-24 we engaged with 17 of the 21 Prirnary Schools in Merth)TTydfil. The education programrne, in pthership with the Cyfarthfa Museum team and Merthyr's Roots was well attended and well received. An external evaluation of the education package was undertaken by a heritage education specialist and highlighted SOTne outstandin¥ learning opportunities for pupils as recommendations for future action. Working with the museum and Merthyr's Roots. we produced activity sheet ai]ned at families with young children and which is now avaitable fre¢ of charge from the castle reception desk. With funding frorn th¢ UK'S Shared Prosperity Fund ext¢nstve communications activity took place to support the launch of the bicentenary including lamppost bannetS throughout Merthyr and other outdoor. digital activity. PIL rnerchandising, print distribution and community activity. Preliminary figures showed a 380/0 increase in visits to Cyfarthfk Castle in January tg April 2025 compared with the same period in the previous year. The Foundation supported with wordination of a Halloween trail around various organi5ations and locations on the park which participators all fed back had led to an increase in visitor5 and engagement to the ¢astle and park. This saw over 700 participation5 and formed part of a programme of increased in-person community engagement by the Cyfarthfa Foundation. Just after the end of the financial year a new art prize wa5 awarded. made possible thanks to support from the Cyfarthfa Foundation-. Cyfurihfu.'JtLtiaposed. This drew entries from 76 artists working in Wales, who were asked to explore the existing art collection at Cyfarthfa to produce a'juxtapo8ed' contstnporary response.
THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 CommllDi¢ations Cyfarthfa'sbicentenary prov¢d an excell¢ntplatforn) for publicisinglhe CyfarthfaprojecL notonly within Merthyr Tydfil but also much further afield. This was done via an exiensive season of Merthyr-related radio and television prosrammes by BBC Wales, as well as through a number of public lectures. We also made good progress with the introduction of new digital communication channels including a new website, Linkedln and Instagram, as well as a wealth of branded materials to support our community and outreach. A webpage now directs people to all organisations that operate within the pwk. We also started work towards a new signage strdtegy designed to guide people to all activities within Cyfarthfa Park. Strong partnerships were established over the course ofthe year. A new Cyfarthfa Park Forum was created to bring together organisations resident within the park. This has been a catalyst for joirti workin& problem solving and collaborativ¢ evenis. focussing issues that impact on the quality of visitor experiences. Eight meetings of the forum took plate acr05S the year. Publie benefit The trugiees confim that they have complied with the requirements of secti(Trn 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The sole purwse of the Foundation isto develop Cyfarthfa as a single location where powerfully connectedthemes and purposes will work holistically to benefit the community and to attract a large and wide audience. This will include the promotion and advancement of the arts, culture, education and the environment through developTnent of th¢ castle and its museum as well as related histori¢al structures and the landscape in which they sit. Thi5 will entail deep engagement with the community in ways that will also assist social renewal. In all these ways it will r¢rfomi a national as well as local function. In advance of the restoration of the castle (that will take some years) and following the appointment of our Community Engagemeni Manager, we began to lay down foundations for our work with the community. Th55 saw the establishment of a Park Forum to bring together the many businesses and organisations currently operating within Cyfarthfa ParK together with a Bicentenary Working Groupto shape aprogramme of events forth¢castle' bicentenary year in 2025. Board of Trustees The Board's membership has been detemiined by the need to draw together a rdnge of hi8h-level expertise, skills and experience, as well as community representation, necessary to carry out the full remit of the Board. resEx)nsibilities and to pmgress the realisation of the Cyfarthfa Plan. Merthyr Tydfjl County Borough Council ha$ Ihe right (o nominate two of its elected Tnembers to the Board of the Foundation. There were three changes to Board membership in 2024-25. Following local elections, Ihe new Leader of the Council. Councillor Bient Carter. replaced Councillor Geraint Thomas. I would like to thank Councillor Thomas for his enthusiastlc 5UPPOrt of this project from the outset, and to welcome Councillor Carter. Two members of the Board tendered their resignations: Sara Hopkins and Hanif Kara. S would like to thank them ly)th for their wise contributions and wami ¢ncourageTnent from th¢ outset of the project. My thanks are also due to all Board colleagues and to the whole staff for their considerable energies and wisdoln s well as dedication to a project that cannot be fully achseved in short order.
THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 OrganivdtioNal structure The Board of Trustees. which now has 13 members, is responsible for approving overall policies, plans and organisation. It ha5 three standing committees to which responsibility is delegated for scrutiny of specialist areas. Each Committee reports to the Board of Trustet5, which is the decision-making Ix)dy. It meets not less than six times a year and delegates appropriate matters to the CQTnmittees listed below.. Operations & Finance Committee- Geoff Hunt {Chair and Vic¢ Chair ofthe Board) - Community & Commerce CoTnmittee- Sara Turnbull (Chair) - Capital & Content Committee- Ewan Jones (Chair) Each Committee detemiines its own fr¢quency for meetings- nornially, at least quarterly- and subject to the f(>rnial requirement to meet not less than twirx each year. Senior management As reported last year. our first Chief Executive, Anna Baker, had decided to stand down for personal reasons. In September 2024 Jess Mahoney was appointed to succeed her and took Up the post in January 2025. Jess is familiar with the cultural and creative industries. having been Head of Creative Cardiff at Cardiff University's Centre for the Creative Economy and having h¢ld a senior policy role at the Greater London Authority. Sh¢ grew up in Merthyr Tydfil. Ind4clion alldlrnlnimg of truslees All new Trustees are provided with an induction to the Company and given guidance as to the role and responsibilities of being tx)th a charity tne¢ and a company director. A copy of the Cojnpany's Governance Code is provided for each director as part of the inductiQTI process. Financial review The financial period under review is covered in the financial statements on pages 9 and 10. Activities encompassed establishing future prograTnmes. projects and feasibility studies alongside recruiting Trustee5 and members of the staff team. The Charity's funding thus far during the development phase has been provided through a grant fr¢)m Welsh G0Vement of £1.2m. For practical reasons, this grant has been administer¢d on the Foundation's behalf by Merthyr Couneil, with the Foundation calling down fund5 as required. £620.067 of this grant has been drawn thus far. In 2022-23 th¢ Foundation was awarded £429,171 un¢kr the UK Government'5 shed Prosperity Fund ftir a variety of purposes including the appointment of the Community Engagement Manager and further inv¢stigation of both landscape and art proposals at Cyfarthfa and has now b¢en fully dJ3wn down. During the year the Foundation wa5 awarded additional UK Government Shared Ftosperity Fund grant of £21,966 towards events and promotional activity in relation to the Bicentenary Celebrations across 2024125 and £15,000 towards the hosting of an exhibition at Cyfarthfa Museutn and Art Gallery to celebrate the bicentenary and demonstrate the Foundation's work to the community and stakeholders, as well as £212,579 towards the core running costs of the Foundation. At the end of the accounting period covered by this report, the Foundation had Restricted Funds carried forward of £173,260. This does not include the balance of th¢ Welsh Govemment grant of £579.933 held on the FoLthdation's beha]f by Merthyr Council.
THE CYFARTHA FOUIYDATION TRUSTEES REPORT (INCLUDING DIRECTORSI REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Foundation mgnitors its current and eXpted cashflows carefully, through its Operations and Finance Committee, to ensure continued liquidity. Its fundraising activities are integrated into financial plannsng. Major projects will be undertaken only when a clear financin¥ strategy has been approved by the Trustees. Sn the year the Tnjstees identified ihe need to cover core costs on an ongoing basis through earned income and are investigating opportunities for potential revenue rnising activities. Policy OA reserve5 The Cyfarthfa Foundation will be engaged in fundraising to cover the major capital plans that will emerge over time in order io achieve its aims. The Foundation's Reserves Poli is to ensure that r¢serves are maintained at a l¢vel of at least three months, charitable exkynditure. Principal funding sources Initial funding of this project has been via a combination of £250.000 from Merthyr Council for the commissioning of the masterplan and the provision of £1.2m by the Welsh Govemment for a development phase. The masterplan process was undertaken before the formation of the charity. The Community & Commerce COTnmittee of the board ha5 been established and ha% oversight of the ndraiSIng sirategy. Funding has been obtained in the period under review from.. l. Merthyr Tydfil CBC to contribute towards the pr(xluction of an updat¢d Conservation Management Plan for Cyfarthfa Castle. 2. UK Government Shared Prosperity Fund administered by Merthyr Tydfil CBC to ¢ontribute toward5 the running costs of the Foundation in 2024-25. We anticipate that further fvnding will be sought from a ¢ombination of government SOUT¢¢S, the Nationa] Lottery Heritage Fund and private foundations. Plans for future periods Aims und key objee¢lvesforfuiureperiods The appointment of the full staff teaTn and the creation of the standing committees will create conditions which we hope will enable accelerated progress in ternis of.. i) Formulating dev¢l(yment proposal5, ii) Fundraising, and iii) Community engagement. Nalure ofg&verniMg dncHmenl The charity is controlled by its ¥overning dMent, a Memorandum and Articles of Association, artd constitutes a limited company limited by guarantee, as defined by the Companies Act 2006. Arrangements for setting key rnanagement personnel remuneratio Th¢ Foundation had four employets during the yeaT under review. A remuneration policy will be d¢veloped and reported upon in the next Annual Report and Financial Statements. Management Overall responsibility for the management of the charity remains with the Chair and Vice-chair. Responsibility for the day-t041ay management and administration of th¢ charity is delegated to the CEO. Th¢ CEO and Finan¢¢ Manager are accountable to the board foT resources expended.
THE CYFARTHA FOUIYDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 IVIARCH 2025 Relationships with related parties Trustees hav¢ no interests in the group or any related bodies. The Foundation has no related parties. Major risk5 and management of those risks A Risk Register has been developed and approved by the board, and 15 reviewed quarterly by the Operations and Finance ¢ommittee. Reference and Adrninistrative Details Registered Charity Number.. 1199025 Registered Company Number- 12990619 (England & Wales) Trustees.. Dr Carol Bell Ms. Bryony Bond Mr Br¢nt Carter (appointed 24 November 2024) Mr G Thomas (Tesigned 24 November 2024) Ms. Alison Copus Mr Geraint T Davies (Chair) Julie Finch Mr Geoff N Hunt (Vice Chair) Sir Simon Jenkins Mr D Ewan Jones Dr Marion B Loeffler Coun¢illor Lisa V Mytton Mr Robert W Rummey Ms S Hopkins (resigned 16 July 2024) Prof Hanif M Kara (resigned 10 May 2025) Ms. Sara K Mcconnell Turnbllll Senior Managers Jess Mahoney (Chief Exe¢utive) Regi5ter¢d OITice'. Clo Mitchell Associates Limited The Business C¢ntre Triangle Busin¢5s Park Merthyr Tydfil CF48 4TQ Bankers.. Barclays Bank plc Aberfan Branch 9 Aberfan Road Aberfan Merthyr Tydfil CF48 4QL Independent Examiner.. Mitchell Asswiates Limited The Business Park Triangle Business Centre Merthyr Tydfil CF48 4TQ
THE CYFARTHA FOUNDATION TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 IRCH 2025 Financi81 instruments Ob}eclives undpolicies The ¢h8rity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees. which provide written principles on the use of financial derivatives to manage these risks. The ¢harity does not Use derivative financial instruments for speculative purposes. Credil rlsk The charity's principal fllwicial assets are baDk balances and eash, trade and other receivable5. and investments. The charity's credit risk is primarily attributsble to its trade receivables. The amounts present¢d in the balanee sheet ar¢ net of allowances for doubtful receivables. An allowance for impairnient is mad¢ where there i5 an identified loss event which, based on previous exrienCe, is evidence of a r¢duction in the recoverability of the cash flows. The tredit risk on liquid funds and derivati¥¢ financial instrument5 is limited because the counterparties are banks with high credit-rating5 assigDed by intemational credit-rating agencies. The charity hag no significani Concentration of credit risk, with exposure spread over a large number of counterparties and customers. The trustees (who 8re also the directors of The Cyfarthfa Found8tion for th¢ purSe8 of company law) are responsible for preparing the trustees, report and the financial statements in atcordan¢e with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢¢} and applicable law and regulations. The report and accounts have been prepared ID accordan¢e with the provisions in th¢ Companies Act 2006 relating to small Companies. Company law requires the trLtstees to prepare financial statements for each fmancial p¢riod. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial ststements, the iNstee5 are required to: select suitable accounting policies and apply them consistently. . observe the methods and prillciples in the Charities SORP. • make judgements and estimates th* are reasonable and prnd¢nL' ' state whether applicable UK Accounting Standards have been followed, subject to any matsrial departures di%l(Trsed and explained in the financial ststements; and ' prepare the financia] statements on the going concern basis unless it is inappropriate to prUme that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that sufficient to show and explain the charitable Company's tran5actioDs and disclos¢ with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the finaneial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE CYFARTHA FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of information to the independent examiner Each trusiee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any r¢levant audit inforn)ation and to establish that the charity's independent examiner is aware of that infomiation. The trnstees confirm that there is no relevant information that they know of and of which they know the Indendent examiner 15 unaware. The annual report was approved by the trnstees of the Charity on and signed on its behalf by Mr G T Davies Trustee
THE CYFARTHFA FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE CYFARTHFA FOUNDATION I report to the trustee on my examination of the financial statements of The Cyfarthfa Foundation (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the trustee of the charity land also its director5 for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Actl. Having satisfied myself that the financial st3tement5 of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitys financial statements carried out under section 145 of the Charities Act 2011 Ithe 2011 Act). carrying out my examlnation I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's Statement Since the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Att,. or the financial statements do not accord with those records,. or the financi31 statements do not comply with the accounting requirements of section 396 of the 2006 Att other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with 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. Mitchell Asso tes Ltd I P Mltchell ACA BFP The Business Centre Triangle Business Park Merthyr Tydfil CF48 4TQ Dated.. as
THE CYFARTHFA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestrltted Restricted funds funds 2024 2024 Total 2025 2024 Notes ndowmènts come a Grant Income Other income 454,510 454,510 545,682 545,682 24 24 Total income 454,510 454,510 24 545.682 545,706 endltur on: Charitable activities 475,615 475,615 592,267 592,267 Net Incomellexpendlturel for the yearl Net movement in funds Fund balanies at l April 2024 121,1051 121.1051 24 146,5851 146,5611 24 151,438 151,462 198.023 198,023 Fund balances at 31 March 2025 24 130.333 130,357 24 151,438 151.462 The statement of financial activitie5 includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. The statementof fin3nclal activities also complies with the requirements for an Sncome and expenditure account under the Companies Act 2006. 10
THE CYFARTHFA FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets 10 10,734 7.400 Current assets Debtors Cash at bank and in hand 11 1,827 169.778 17,654 176,741 171.605 194,395 Credltors: amounts falling duè wlthin one year 12 151,9821 150,3331 Net current assets 119,623 144,062 Total assets les5 current liabilltles 130,357 151,462 Income funds Restricted funds Unrestricted funds 13 130,333 24 151,438 24 130,357 151,462 The company is entitled to the exemption from the audit requirement contained in secrlon 477 of the Companles Act 2006, for the year ended 31 March 2025. The director acknowledges her responsibilities for complying with the qUIreMentS of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company tts obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared In accordance with the provlslons applicable to companies subject to the small companies regime. The financial stat ents were approved by the Trustee on .... Mr G T Davies Trustee MrGNHunt Trusteè Company re8iStratlon number 12990619
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollc1è5 Charlty Informatlon The Cyfarthfa Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is The Business Park. Triangle Business Centre, Merthyr Tydfll, CF48 4TQ. 1.1 Accounting convention The financial Statements have been prepared in accordance with the charity'5 Igoverning documentl, the Companie5 Act 2006. FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charlties SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance wSth the Financial Reporting Standard applScable in the UK and RepublSc of I14 IFRS 1021 (effective 1 Jènuary 20191. The charity Is a Public Benefit Entity as defined ty FRS 102. The charity has taken advantage of the pS1On5 in the SORP for charitles not to prepare a Statement of Cash Flows. The flnancial ststements are prepared in sterling, which is the functional currency of the charSty. Monetary amount5 in these financial statements are rounded 10 the nearest £. The financial statements have been prepared under the historlcal cost convention. The princlpal accounting policies adopted are set out below. 1.2 Golng concern At the time of appromng the financial statements, the trustee have a asOnable expectation that the charity has adequate resource5 to contlnue in operatlonal existence for the foreseeable future. Thus the trustee continue to adopt the goSng concern basss of accounting in preparing the financial sraternents. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustee In furtherance of their charitable objectives. Restricted funds are subject to specific conditions ty donors as to how they tTFay be used. The purposes and uses of the restricted fLJnds are set out in the notes to the financlal statements. Endowmentfunds are subject to specific conditlons by donors that the capital must be maintalned by the charity. 1A Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income wlll be received. Cash donatSons are recognSsed on receipt. Other donations are recognised once the charity has been notifled of the donatlon, unless performance condition5 require deferral of the amount. Income tax recoverable in relation to donatlons received under GIftd ordeeds of covenant is recognised atthe time of the donation. Legacles are (08n1$ed on recelpt or otherwise if the charity has been notified of an impending distribution, the amount Is known. and receipt is expected. If the amount is not known, the legacy Istreated as a contingent asset. 12-
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies 1.5 Expenditure Expenditure is recognlsed once there is a legal or constructive obligation to transfer economic benefit to a third party, It is probable that a transfer of economic benefits will be required in settlemenL and the amount of the obligation can be measured reliably. Expenditure is cla55ified by attivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attrlbutable to a single activity are allocated directly to that actlvity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activitie5 on a basi5 con51Stenr with the use of resources. Central staff costs are allocated on the basis of time spenL and depreciation charges are allocated on the pgrdon of the a55ets use. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and 5ubsequendy measured at cost or valuation, net of depreciation and any impairment losses. Depreciation 15 recognised so as to write off the cost or valuatlon of assets less their resldual values over their useful live5 on the following bases: Fixrures and flttings Computers 20% 5tralght line 20% straight Ilne The gain or loss arislng on the disposal of an asset Is determined 85 the dlfference between the sale proceeds and the carrying value of the asseL and is recognlsed in the statement of flnancial actlvlties. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indicaiion that those asset5 have suffered an impairment loss. If any such indication exists. the cOVerable amount of the asset is estimated in order to determlne the extent of the impairment1055 lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with 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. 1.9 Financlal Instruments The charity ha5 elected to apply the provislons of Section 11 'Basit Flnancial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its flnancial instruments. Financial instruments are recognised in the charity's balance Sheet when the charity becomes party to the contTactual provisions of the instrument. Financlal assets and liabilities are offset, with the net amounts presented in the financlal statements, when there is 3 legaSly enforceable right to set off the recognised amounts and there is an intendon to setde on a net basis or to realise the assei and settle the liability slmultaneously. 13-
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles 805ic Jinonclul u$5ets Baslc financial assets, which include debtors and cash and bank balances, a initially rneasured at transaction price Including transaction costs and are subsequently carried at amortised cost using the effertive interest method unle55 the arrangement constitute5 a financlng transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of InteSL Financlal assets classified as receivable wthin one year a not amortised. 8¢7sicJlttonciol liubilltles Basic financlal liabilities, including creditors and bank loans afft initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fvture payments dSscounted at a market rate of interest. Financial Ilabilities classified as payable within one year B not amortised. Debt instruments are Subsequent carried at amortised cost, using the effectlve interest rate method. Trade credltors a obligatonS to pay for goods or setvSces that have been acquired in the ordinary course of operations from suppliers. Amount5 payable are classified as current liabilities if payment is due within one year or less. If not, theyare presented as non-current Ilabilitie5. Trade creditors are recognised initially at transactlon price and subsequently measured at amortised cost using rhe effective interest method. Derecoxnition offlnonciol liubllltles Financlal liabilities are derecognised when the charltys contrartual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused hollday entitlement Is recognised In the period in which the employees SeICe$ are received. TerTnination benefit5 are recognised immediately as an expense when the charity is demonstrably committed to terminate the etnployment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to deflned contributlon retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estimates andjudgements In the appllcation of the charitys accounting policies. the trustee are required to make judgements. estlmate5 and assumptions about the carrying amount of assets and liabilitles that are not readily appant frotn other sources. The estimates and a550ciaied assumptions are based on historical experience and other factors that are conSided to be relevant. ActLJal result5 may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estirnates are recognised in the period in whlch the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future perlods. 14-
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Grant Income Re5trlcted Restrlcted funds funds 2025 2024 Grant5 received (see note 121 454.510 545,682 Other income Total Unrèstrlcted funds 2025 2024 Other Income 24 Charitable actlvities Charitable Charitable ExpenditureExpendlture 2025 2024 Stsff costs 227.626 219,9)5 Share of support costs Isee note 81 Share of governance costs Isee note 81 234,786 13,203 359,278 13,084 475,615 592,267 Trustee None of the trustee lor any persons connerted wlth them) received any remuneration or benefts from the charity during the year. Employèes The average monthly number of employees during the year was.. 2025 Number 2024 Number Charitable activity
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Employees Employment Costs 2025 2024 Wages and salaries Social Security costs Other pension costs 202,348 18,318 6,960 197,292 17.101 5,512 227,626 219,905 The number of employees whose annual remuneratlon wa5 more than £60,CM)O is as follows.. 2025 Number 2024 Number Over £80,000 Over£60,000 Support costs Support Governance osts Costs 2025 2024 Office expenses Subscrlptlons Advertising and marketing Project Costs Legal & professlonal Depreciation Bank charges other expenses Travel & sub515tence Staff Training Recruitment Costs 19.212 145 898 186,249 1.369 20,581 145 898 186,249 4.141 2,394 102 1.039 1,192 19,784 804 30,750 257,790 2,728 1,795 112 721 12,200 11,737 34,473 4,141 2,394 102 1,039 1.192 248 23,307 23,307 Accountancy Cost of Trustee meetlngs 5,620 2,073 5.620 2.073 5,202 4,003 234.786 13,203 247,989 372,362 Ana]ed between Charitable aCtltIeS 234,786 13,203 247,989 372,362 Included wlthln accountancy are costs for the Independent examiners fees of £3,94012024- £3,8501 for examlnation of the financlal statements. 16-
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Taxation The charity is exempt from tsx on income and gain5 falling within section 505 of the Taxes Act 1988 or seciion 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applled to its charitable objects. 10 Tanglble fixed assets Fktturesand Computers rittlng$ Total Cost At 1 April 2024 Addltions 2,784 1,452 6,732 4,276 9,516 5,728 At 31 March 2025 4,236 11,008 15,244 Depreciation and Impairment At 1 April 2024 Depreciation charged in the year 654 571 1,741 1,544 2,395 Z115 At 31 March 2025 1,225 3.285 4,510 Carrying amount At 31 March 2025 3.011 7,723 10,734 At 31 March 2024 2,213 5,187 7,400 11 Debtors 2025 2024 Amounts falling due wlthin one year: Prepayment5 and accrued incotne 1,827 17,6S4 12 Credltor& amoynts falling due wlthln one year 2025 2024 Trade creditor5 Accruals and deferred income 4,370 47,612 45,875 4,458 51.982 50,333
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Rèstricted funds The income funds of the charity include strICted funds comprlslng the following unexpended balances of donatlons and grants held on trust for specific purposes.. Movement in funds Incomlng Resour$ Balance at resource$ expended 1 Aprll 2024 Movement In funds Incomln8 Resources Balance at resources expended31 March 2025 Balamee at l Aprll 2023 WG Seed Fund 206,260 231,000 1295,1551 142.105 128,6001 113,505 MTCBC Seed Fund 2,756 14231 2,333 11801 2,153 Art Consultancy 63,966 163,9661 National Contemporary Art Gallery 15,010 115,0101 UK Shad Prosperity Fund 1 110.9931 218,706 1207,7131 204,965 1201,9051 3,060 Architectural Herltage fund 10.000 110,0(KII CMP 7,000 7,000 7,000 MTCBC Bicentenary Events & Promotlons 21.966 121,9661 Uk Shared Prosperity Fund 2 212,579 1212.2701 309 Uk Shared Prosperity Fund Bicentenary Grant 15.(K)O 110,6941 4,306 198,023 545,682 1592,2671 151,438 454,510 1475,6151 130,333 18-
THE CYFARTHFA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Restricted funds WG Seed Fund - to support the development and delivery of The Cyfarthfa Plan. MTC8C Seed Fund- to support the development and delivery of The Cyfarthfa Plan. Art Consultancy- to develop an art proposition at Cyfarthfa Castle, vla consultancy. Natlonal Contemporary Art Gallery Welsh Government- to dLwelop an Art Proposition at Cyfarthfa Castle and to support with the bid to become the National Contemporary Art Gallèry. UK Shared Prosperlty Fund - to support the development of communlty engagement and to assess the feaslbllity of associated projects. The Architectural Heritage Fund to enable the engagement of professlonals and contrlbutlon to the costs of outline activity plan development. CMP Funding - a contribution to the productlon of an updated Conseryatlon Management Plan for Cyfarthfa Castle. MfcBC Bicentenary Events & Promotions to support the promotlon of Blcentenary events In 2024125. UK Shared Prosperity Fund 2- to SLJPPOrt the core running costs of the foundation. UK Shared Prosperity Fund Bicenienary Grant- to fund the Cyfanhfa PasL Present and Future Exhlbltion. 14 Analysi5 of net asset5 between funds Unrestrlcted Restrlcted funds funds 2025 2025 Total UnrnstrScted Rèstrlcted funds funds 2024 2024 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets 10,734 10,734 7,400 7,400 CUrnt 119,623 119,623 24 144,038 144,062 130,357 130,357 24 151,438 151,462 15 Related party transactlons There were no disclosable related party transactions during the year12024- none). 19-