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 C￿c]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 fi￿ded 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 dir￿110￿ 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 I￿ARCH 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 Exhibit￿0￿ 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 tn￿e¢ 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
G0Vem￿ent 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 sh￿ed 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 eXp￿ted 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 d￿￿Ment, 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 I￿RCH 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 ex￿rienCe, 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¢ pur￿Se8 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 pr￿Ume 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
Inde￿ndent 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 I￿14￿￿ 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 p￿S1On5 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 GIft￿d 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$5ets
Baslc financial assets, which include debtors and cash and bank balances, a￿ initially rneasured at
transaction price Including transaction costs and are subsequently carried at amortised cost using the
effertive interest method unle55 the arrangement constitute5 a financlng transaction, where the
transaction Is measured at the present value of the future receipts discounted at a market rate of Inte￿SL
Financlal assets classified as receivable wthin one year a￿ not amortised.
8¢7sicJlttonciol liubilltles
Basic financlal liabilities, including creditors and bank loans afft initially recognised at transaction price
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present value of the fvture payments dSscounted at a market rate of interest. Financial Ilabilities classified
as payable within one year B ￿ not amortised.
Debt instruments are Subsequent￿ carried at amortised cost, using the effectlve interest rate method.
Trade credltors a￿ obligat￿onS to pay for goods or setvSces that have been acquired in the ordinary course
of operations from suppliers. Amount5 payable are classified as current liabilities if payment is due within
one year or less. If not, theyare presented as non-current Ilabilitie5. Trade creditors are recognised initially
at transactlon price and subsequently measured at amortised cost using rhe effective interest method.
Derecoxnition offlnonciol liubllltles
Financlal liabilities are derecognised when the charltys contrartual obligations expire or are discharged or
cancelled.
1.10 Employee beneflts
The cost of any unused hollday entitlement Is recognised In the period in which the employees Se￿ICe$
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
appa￿nt frotn other sources. The estimates and a550ciaied assumptions are based on historical
experience and other factors that are conSide￿d 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 aCt￿ltIeS
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 Sha￿d
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
CUr￿nt
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-