MF.GlS'fbRLD COMPANI, NUMBER.. 011173381 IFth814nd Wales) REGIS'I'LRED CHARtIV YllMBTr.R: 264th8 Rtw)rt of the Trustees and Group Financi81 Sth¢¢m¢Nt$ for th¢ Ytar End¢d 31 MJ)rth 2024 for Barod Projtet Xcinadin Audit Limited Ch&rtued ALLvunianis & Slaltjtory Auditor5 Highdalc House 7 Centre Court Trcforcst Industrial E5r4t¢ Pontypridd Rhimdda Qnoii Taff cl.i7 SYK Bgrod Prtsjtet Lonlents of tbe Group Finantial Statements for the Year F.thded 31 March 2024 Page Rtpori of the Truitte% I to 7 Report of the Ihdepelldent Auditor4 C.onsolidateé Stattmttst Df F'inanti41 Aclii'ili 12 c.onsolidated Bal*ntt Sheet 13 Compan) Bal&nte Shttl 14 C".onJolid*ted C#$h fiow $tattment 15 Note8 to the C•DJolidated Catsh bkn*' Sl8t¢m¢nt Nott5 to th¢ C.on$olidaled Finanti*l Ststtment 17 to 30 Barod Proj¢¢t Report of tht J'ruste¢s for tbt Yefir Ended 31 Mareh 2024 Th¢ TTU5t¥Tting hy Charities.. Sixtemeni of lleconlmend￿ P￿11£¢ applicab]c to charitic% prcparing ilicir account5 in ac(x)Tdance with th¢ Financial Rep)riing Siandard applicable in th¢ UK and Republit of lrtland {FRS 1021 {effetlive l Jgnu2ry 20131. OBJEcfiiTF.S AND ACryIVITIES Objectlvtj and aims Byrod Projeci is a Third ￿tfjr Ooani8aiion (klivering a rdnge of .%erVi￿5 ￿ t￿78¢ who are vulncTablc and Ingrginali5¢d as a resulr of th¢ir own OT somcone else's dNg 8ndlor alcohol tv iTnprLlV¢ th¢ir physi￿1, sotioj tsnd etnDlionaJ w¢llbeing 10 fos*r re£4)very. AddiiN)nally we ailli io improve individuals.. cornmunili¢5 5v¥i¢li¢s wJ(krblJndingofsubslan¢e raise awateness ofilK r¢lwionship ixaw¢¢n b%laiice ￿￿e, vulnernbility. Dnd exclusion. Vision BaTod Aims reeognised by lis key stakeliolders the lcading provi(kr of iniiovaiive and qiwiity s¢rvic¢s ivithin the drug gJ]d alcolK>I KctOT. OUT VI¥IVll IS 10 bring oix)ul posiiive and susiainvd change for individuals and commuDities bv 511PPQrting th¢ aspirations and needs of ihose aff¢ct¢d by th¢iT owl or somconc clsr's subsiancc and by offering opp)rtunitiL% tiimed tti rninimising haTm thnd mLximi.sin8 resilienee. Values B*od v￿￿e$ are agreed by the iyhole i¢am incluLling Boardof Tru51* S¢atT, Volunl¢ers p¢opl¢ who us¢ our services. Th¢5¢ values guid¢ lh¢ Way we behave and how we delivei s¢rviccs. OL¢r valucs are.. Ad8plability Emphlhy Posilive Aiiiludt Its￿8￿ty W¢ believe that individuals and ihcir ¢xperienL%saTe uniqu¢. F.vervlhing el* noiY4 frr(>m thi.s. and $th the %eT%'ices we deliveT need th he r£ntre tl¢xibl¢ a￿d M."id¢-ian¥iTh¥ Iv m¢¢1 #ll the varyiTh¥ needs uf PL¥Jple Ivho use UUT serviLY$.. We believe all individuals are entitled Iv respect dnd dignity thin a saft environmeni. Welsh c￿Ver]￿lent require all serviL% providcrs io submit dararo popul&teasuiteofNational K¢v P¢rforrnanc¢lndic8tQT5 ￿KPI1. These are as foljows.. Ke) Perfomiance IndiL￿or I In¢id¢n(%s o(¢li¢nls who do nol llttend (DNA) or respond to follow up tx)st &8sesstnent. National target is 20%or￿low, Ilarod s¢rvice& ￿hIeved avera8e of 3.IY. (2d23 .. 1.8Y•) Key PerfornJanc¢ Indicator 2 A¢hiev¢ &M•iling time of less th8n 20 working days between referrnl aTrd trealmenL Natiott￿ tarpei 18 80L)/oor above. Barod services achi¢ved an avernge of 81.8•/•12023 .. 87.2%) Key P¢rforrnan¢¢ lTrdicthir 3 vbqlance use is reduced or uncliang¢d for problematic Substs￿¢C8 8tsrt and mo8t rttcnt rtvicw/cxii T￿atment 0￿CoMeS Profilc ITOP). National lar8cI is 86.5%oT a￿ve, Barod s¢rvices achie1,￿ uverfjge of 87.6%12023 .. 89.7%) Kcy P￿fornianc£ Indicator 4 Quality uf lif¢ is itllPTVVEtI r 5 Ptrc¢nl8ge of closed {with 3 tr¢8tm¢nl d8te) as Ireatmenr completed. N￿10￿￿1 targei i8 76.Th Bamd serYi¢¢s athieved an average 96.5Yo {2023 . 97.7Yo) All y¢rvi¢es arc meL￿red ort thege NKPl$ and ￿lditiOnallY there may 8]su ￿ lo￿ pprforJnanr¢ m¢a5urem&)is depen(kng on thc Area Planning Boards. Signifirant ai'tii'itieg B3rod PTovid¢ a r8mgeofscrviccs across a wide g&)gla￿7¢0l ara Servitts arc (kliv¢T¢d in fJv¢ofthe sev¢ii Ara Planniiig PthTds in Wajes. The nature r¥J SCO￿ of ihe ¥¢TViCLS Mill depend on ihe commissionin8 sirwegy Area PlaJ]nin8 B(WTd. We haye a rantcof Adult and Youiig People's service& Some ofthe5e seTvices are inCIKJSOrtiumsorAlliances andoihe]s Wh¢￿ w¢ ar¢ the solerKovider. Services and 2n*T¥enlion5 atv os follows.. Engogement servicrs Brief inlerveniions Assessment and c4re pl￿ning vitkiice based psych￿%￿jaI inl¢r¥entions o￿Tell¢h Media campaigns Needle exchange l)rop in Trwning and liaison Diversion9r)' activities Recovery, ba8ed inierventiun Structured u)un%ellin8 AdviLf and guidajice and Beneval suptx)rt Tramily SL]ppnrt and interventions Publ1¢ b¢￿tfit ie TrU￿tt5 hai'c rci'itwed the Charil). Lommission's guidgnc£ OD pl￿]1¢ b¢nefJi, and a8Jt*d thai th¢y meet the reouiTem¥nls b¥1 oul th¢rein. All our chaFitablt aciiviti¢s focuson ihe prtveniion and treAimcnt of 5ubstawe UK. Our scjviees iwork wth individuals, familiG5 and communittes across South, Soiiih East and Wcst Wa)cs and our acTivilie% are undertaken lo furtkn our¥1￿1t￿ble PUTposes for the public benefil. Page 2 Barod Project Report of the Trustees for the Ye4r Ended 31 M9rch 2024 STIL4TEGIC REPORT AihieverneDt and perfurmancr- Ch¥ri*able activities The Charity has returned ￿ providing a full 5F*¢tNm of s¢tVittS 8nd the r¢$umpiion of f¥e-ttFf&ce services and oiher aai¥iii¢s iJKluding school alucation: face.Iopfate srtsup & &tiVilies and pr¢wcnlion wo¥k We eontinued wilh adapting services implementing new innovative appTDHch¢5 ￿ seTVi¢¢ deliw¢ry We conlinu¢d iu see continued access to all our %ervitts- some of thcsc via digiral plaifom)s. including oiir Webchat scrvitt IN'e havc L¥mrInU￿ with Ihc range and diversiiv ofour serviLE5 acro55 a 1arg¢rg¢ographi￿j arta Wc continued with Ihc on8Qit)g PTogrgrnme of Digital Tran5formdlittn Th¢ Dyfed Dtug Alwhil Servi(t IDDASI h&g coniinued w 0￿rat¢ SUW¢55fully* wkr¢ w¢ are the Lead providerwith consortium partners KaleidosW￿ and ¢A8. The Gwent Dru8 and AlcoJKTrI Service (GDAS) ￿ contin￿d to operat¢ succ£ssfully. where w'e participa* ab a consortium panner with KaleIdosw￿ and CJ4S. Th¢ Cardiff & vale Drug & Altohol Setvice ICAVDASI h&8 continued w orKt#te SL￿L￿$sful15'. where we pJrticipai¢ as an Allianc¢ partner with Kal6id0S￿￿ and Recovery C>Thru. The iniep.rat¢d serviitr for Adults and ChilJr¥n & YvuTr¥ PLX)ple in Cwni I'at and 13ridgend h&8 also oFrared SUCC￿fullY (liMug￿Ul the ye￿. Th¢ Charity coniiniied 10 kan aciive conwrtium memkr in d¢liv¢ring tlie Outibf WDrk PmgT&mmewith oihei Partncrs in We*tem 1Say, LarditT &Val¢ and Dyf¢d All other Adult ChildrLal ndliondl debaie around Subs￿￿￿ use. lThe Charity has continued its campaign of raising awarcncs5 of new and ¢m¢rging i$5u¢s aGr05s a]1 are¥, in¢luding ih¢ nEW ihr¢al fro Niwxnes Th¢ charit￿ conlinued a5 accredited Real Living Wagc bmplojcr Thc annual Recover) Walk al P¢Dvfan w&s held again: with ￿ Incre￿ J]utnbeiof partieipan4 which tncluded Staff: Volunitws a]NJ people who use our service The Charity coniinue5 to have a high Profile PT¢S¢ll(¢ on w¢ial m￿la ènd expanded this tooiher platfon￿5 as they have become available. Thc Charity was r￿ass¢s5¢￿ for IDv¢sIoTS in P¢ople xcredilalion and reiairtd Cit)Id %iatus Ttrk Charir), launc￿ a new L¢ad¢Tship D¢veloprn¢nt ProgTamm¢ fur yspiring leaderg wiihkn Ihe Ch2riry' I'k Cliarity introducd a J)cw Qualify As5UT4ll¢C FT8mtWOTk for seNiL%S Th¢ Chwity h*$ eorbtinucd tt> grow. And &Ytend It￿ Teaeh in the followryng ortras.. Pla), yn JLlive part in plaiining ￿ld influencing subAanc¢ use service d¢liv¢ry xcr05b Wal¢s, Develop and d¢liv¢r service% iii lili¢ with the Wcl*h Rectsvery Tr'ramcwoTL st￿lee user involvemcni and cfr woduciion principlcs. Ensure tha( we inaiiirain ￿)d maximise a moiivated, skilled and adaptiv¢ iwrkforc¢. Dtvelop and dcliver services furlh¢r, making Ihe mo%1 Df e&ntemw)rary di8itsl sysrems a￿p1arfOnllS. Provide a h¥yJthj, ￿[e atki inclusiv¢ cnyironment for all g1&11'and people wlio use our 5¢rvice%. Devclop partnerships and s￿￿¢giC allianc¢s wilh th¢ third seLXftT, health, Social care, CTiTninal ju$iite and Ottr￿S. K¢¢p up to dthe wilh, Te5wnd adwi 10 Ireiids in drug alcohDI and ensuring that our services are flexible and meet the need5 of ihe community. keiain our.4ervice pJY)i'l5ion and actively seek fjut nriy vpFKthiinilirs to expand oUrre￿h. We have achieved a nurnber of lh￿¢ obj¢ctiv¢s and rontiTru¢ tv ¥J]d It￿¥1￿. Finahtial rti'iew Prlkn¢lpal futwjing 80ur¢ts Services lir¢ lunded by aiid are tyndeTrt on a M'ide ran8c of incomin8 reSOurL￿ including Local Hcalth Boards Unitary Authorilic4 Criminal Justicc sources from Welsh G0ven1Th￿l1. INV¢Stm¢nt poli¢), vbjertil'VS Thc Managemeni CoJnmitt¢¢ kn ￿nSId¢re￿ the Tnosi ttppropriate ￿11¢> for ini'esting fijnds 1% to keep %urplus funds at a bank dewsii accouoi. Page 3 Project Beport of the Trustees (or tbe Year Ellded 31 M8rth 2024 STR4TEGIC REPORT Finaniial review REservey polic). The Man4¥¢ment Committee have esiablistrEd & ￿litY whereby tk UnffjSlri¢*d timd5 nol committed or invested in tangiblc fixed Lwts {'Ihe tree Tttserves"} hcld by Ik thaTity Should E¢ bcDv¢eii thre and six months orth¢ resourLes expvnded. Ai this l¢v¥L the m8JJagementCL)mmittee feel Ihai th¢y would bc thle io m¢er the obliBaiions and requitemenis that would re5uIi 5knuld th¢re b¢ a signifjcanl loss in futtditig. It would Obvio￿7%, neces58Ty to consid￿ hoiv th¢ fuDding iwuld bc repl￿d or activiiies chaiiged. At the shed date the frec reserves amountyj to £1.624:066. ErroTlS io I￿r¢￿5¢ ￿5¢rVeS in line with policy will Ik made in fuDJre years. Fylur¢ plans For the following fin4th¢ial yetr, OUT #11115 and obj(¥tiv￿ are.. To continue consolidaling our seTViCeS in all - To Conlinue in delii'ering llll Adult and Yourg Persons scrvic¢8 including Consortium and AlliÈntr parttV5 - lo supwri partl￿r¥ in (kliverinE Ihe Dyfo&)I servitt in South Wales - To continue ro I1)ke opw>rtuniiies lo expthnd our s¢rvi￿5 - To supwkll ard 8row ourrange ol"stT#i¢gsi panner5 - To coniinue 10 invesi in our infrnsiructUTC to suppon OUT Staff p￿pIC who use our services 'lo continue lo influence n8tiDnal str8l¢gy and r¥)licy - To monitor Board Mernbejship nthbets glnd div¢T5it)' Of exp¢riwKr 'lo continue with adapting 5ervire% aThl impkm¢nlin8 n¢w innuYaliv¢ apptuachcs to servi(z delivery, when r¢quirea - To coniinue iviih the ongoing programme of DiBilyJ Trynsformgtion, including clou￿ Apps ctc. - lo ￿ re-a5ses%ed for Inv¢sting in Valunt¢¢rs accredilaii - To prepai'e for re-comtnissioning and fiysi-lime commis5ivningof b¢YViCCS in key operational arca& such ag Dyfed and W¢%iern B&y - To publish a BluewintlMaTrif¢sto for r￿>vi%￿n nf%¢rvices in Wales STRLIC]'III{E. I:OVkRNANC'.F ANI) MANAGEMENT Goi'erning do¢umenÈ The charitv is controlled by its govcming dtKumenl. a d¢¢d of tn￿¢ and constiiutes a limited company> limit¢d by Buviaiii¢¢. a5 defined by the CornpBnie5 Act I￿. The Charily i5 (onlrollcd by its governins documenL Articles of Associaiion and consiilutes H Companyj Limir¢d by guarantee, &8 defined bw th¢ Companies Act 2006. The organisation i8 a ch8Titable compAllV limited ty gUaTgllt￿ was incowroied on 25 September 1972 and rcgislcrcd as acharty an 14 [kcem￿r 1972. The charitv was established under a Memorandum of Associaiioii M'hich esLiblished the obje¢liv¢s and p)w¢rb of thL chartiable comW￿> and is governed uJ)deT iis ArtiLl¢¥ vf A¥wciJ¢ion. In th¢ ev￿1 of th¢ L￿￿￿P9￿Y king wound up. ¢he members ol'the ¢QTnpony ay¢ WUiT¢d ￿ contrii￿te amounl nol ¢xct¢ding £1. Rerruitmfnt and appoiDtm¢nt of trujtees Th¢ Dire￿0￿ of Ihe Componv *Te M]sv Ik TTUS1¢¢s of th¢ Chatit). as d¢fJn¢d by ch￿lty law and und* (he thmpkny'$ Artic1¢5 are known as mcmixys of the Management Lotnmille¢. Th¢ ¢xisling Marwgcmcni Commiirec appoints nNv Injsiccs in 8eneral Tneetin8S. 'rhe Man￿¢T￿ent C()rnmitt¢c s¢¢ks to cMsur¢ Itkgl rhc needs of the Charit), arc appropriatel} reflect￿ through th¢ di¥¢rsily ofihe Tru51c¢ Bod),. Poge 4 Barud Project Report of the Trthst¢t$ for the Ye&r Ended 31 MAreh 2024 s'rRIiciuRE, GOVERNAf4CE AND MAl¥ACEMENT Ory#ni5afioThAI slruitllTe Tht BoÈrd has overall respmsibility forthegoverngnc¢ of tht ChyJit)'. li tD¢¢lb Un dv¢raKe 8 iimts r*rye*r. The Board delegates au￿rI1V 10 the Chi¢r Ex¢Lwlive OftIL¢r who leads the Senitsr l£ad¢rship Tcam in Ihc day to day managcmcnt or Ihc Charity, working within th¢ finatKial framei%'tstk. proccdur¢s and tN)IiLies seidown bythe Board. The Chief EXecutiv¢O￿lr￿ hasd¢l¢gatd #utl¥)tily fOThum¥nresourttplannin￿ eMpk)￿ienL servjie developm¢Jit and firwi(%. Tr Senior Managemcnt Tegrn ¢on5j515 of the follo￿￿ng pe￿r￿￿].. Chief E%¢wiv¢ Officer ICaToline Phipps) - Di￿￿0r ufcorwraic Services (lan Hugh¢sl - DiT¢clor of operatio￿ (Huw Thomas) Indvttiom training of new trustr¢$ 'I'rustee% are already farnilidT wilh Ihe work and ¢thos of thechanty through their bT()ad b&d(gmutJds within the scthor which the charity 0￿Y&l¢S. N¥lV Trusices are iJ)Viied and ¢DLX>ur￿d 10 Siiend Irdinin8 sessions to f￿lI￿arISt themselves with Ih¢ ¢hatily and Ihe Cunlexl wiihin whirh it oEYralra. 'rraining and infi)rniaiion iyould includ¢. (he obligations of ihe Management ComrtJitt¢¢ d¢lai15 of the thaiTb documcnis which scl out thc opciational fram¢woTk ot'lhe chJrity in¢ludin8 the Menxbrandum r￿)Ur¢In8 and tlie curreni rJnanci￿ p05ilion as $¢1 ovl in th¢ 18tes% #udited rm￿￿1￿1 staiements ruture plans and objectives. a￿j Articles of AssOci￿10n K¢y m¥n¥gemeni remthneration 'll)e ￿0￿d c4)ll5i&r5 th¢ pav and T¢rnuncf&lionol&ll statre&th yearat its budget 8¢tting meeting, at which time th¢ BO￿ will considu any inflationary llplift* a% apprOpri￿e within available funds. Risk mgnageme*t The systems and intrrnal thntrol% e8tablish¢d by thc Board 8re dcstgned 10 provid¢ reJbY)rthle. but noi obsolui4 ￿$￿t￿n¢t tsgainst materi miSs￿le[￿ent or less. Trusiees aJ)d senior staff can), oiil ih¢ risk ¥s¥¢55tnenl: including Ihe wriling and review ora risk r¢gisl¢r iii orderkn confirm t113t Ihe major Tisk& 10 iithich the Charity 15 ¢xN>¢*d, hwc b(*n rcvicwed ahd systems csthblishcd ￿ miiigate th05¢ wisk5. Th¢ 8oaTds ha5 id¢nlifi¢d th¢ fullowin¥ k¢v risk *rtag'. . Governan - 0￿ratiOn FIn￿l¢la1 . Lxtemal - Lotnplianc¢ with LAWS & Regulations W¢ r¢ly on a nutnber ofgrJnts fTOTTb a small nUm￿r ofsources: 14thich are awardcd on a fix¢d-teTm knis only &nd ￿me mai, he I1￿1hdra1I'n M'iih little ntstir¢. We aim io milsgate ihis risk by m&ximising inwme g¢rnting upwrtunilies leg. Traiiijng.. (A)nlerence5 ¢1¢.}.' ¢nsuring Ihai lh¢ Charity has ade4uJl¢ re52r¥'e% p)liw' in placc: wc considcr options fordivcrsificalion of in¢om¢ 51reams and ¢reaiion Df siraiegic alltance5 and pwtherships Whe￿ apptopria*. towhcr with exploring any suitsbl¢ t¢nderin8 •P￿rtUnitieS thai may arise. In Such Lircumsianc¢& iv¢ believe Ihal lh¢ Chariiv the resilien￿ and ability to TeslrucluTe and tonlinue othcr scrviccs wsihout impairnient. Attention also focused on non-fLnanLial ri.%k8. w¢h &% fa¢iliti¢£ fi)r thc provision of s¢ryi¢cs. Thc Ch2rilv has a mix of facilities the form of PTOPerties, which il owns 0￿righT and also l¢a5es on varving t¢rn)s JtKI durntiong. tA)ss of any of tI￿se facilities ￿Uld be deirimeiiial ￿our ability to deliver uur services. .1 o Initigale agaiiist this risk-, cn%urc Ihk)i all facilili6s are adequat¢ly insur¢d alld 8etured thci, are regularly nittintatiied and when an> of our leases appn)ach Ikir end dJl¢, ￿ Sou￿# I'undin¥ 11> exiend these for wi adequat¢ dur*ion in lin¢ wilh the sejvices provided from Ihai facility ￿ld with t1￿ as4ociatcd fijndine $tJcam. RF.FF.REYCE AND AD￿11￿1￿.1.1' Acc6pl¢d Aecouniing Pra￿]ce) including Financial R¢pJrting Standard 102"Th¢ FinaDoi81 R¢ptrfiing Stsndsjrd Appli￿ble in Ik UK and Republic ofIreland" Cornp*nJ laii, rtquires ihe iruslees io prepare fjnancial st&¢in¢nts foT tach financial y¢ar whi¢h giv¢ M t￿e fait view ofih¢ of affaiT$ of the ch￿lIabIC wmpany and of Ihe incoTTring ￿tsu[C￿5 and 4)pli¢aiion of ￿￿￿rte$. including ihc incomc and cxwiditurE of t1￿ charitabl¢ compan), for that ]XTiud In prepating iiK)se financial sia*ments. the trus￿¢5 we req￿lre￿ lo select sul￿ble &euuniinB wlicies a￿j then apply ihem ¢onsisl¢nlly- observe die ￿￿tIl•d% and principks in thc Charity SORP., make.judgemeni8 a￿j e￿imateS thar are re&¥onabl¢ and prudent.. prew thc financi￿ statemcnts on the going ronccrn bth$ wil¢ss il 15 inapwptiaie io presume that Ihe charitable cot11￿), ￿11 continue in bu5in¢s5. Th¢ trusl¥¢s kyt reswnsible for keeping proper accouniing records which disclose with r&gx>nable at any lim¢ ih¢ fmancml wsition of the ¢harilablL company and 10 tr￿b]C ikm io en5UT¢ that the fiiigncial .8tstements crJinpl> wilh thc Cotnpanies 201￿. Try att also respx)nsible for safegu9￿1￿gtht a55¢isof th¢ clwiiknl¢ ivmpany and h¢Thce forl&irtg re8SOtuble $￿p5 the pteveJ)lion ￿d￿t￿¢110n of fr&ud and other irre&JulaJiiies. In so far as th¢ ITUSt¢¢s aw￿.. theT¢ is no r¢l¢vgnl audit informatlon of 14thich tile thari12ble companys a￿lI10r$ ¥re uuwartr: and the irnsiets have taken all steps thai the>, oughi 10 havc rakcn to rn￿¢ therns¢lv¢s aw￿ of any r¢lcv8nt a￿lt infomi#tion gJ)d io ¢stabli5h that the audilors are a￿'ar¢ of tha¢ informaion_ A￿TITORs The auditor5, X¢in•din Audit Ltmited ￿1] be propx)sed lorrt-&p￿lnIment ai ihe forthcoming Annual G¢))eral Meeting_ the s, Incor￿rating a ￿rategiC ￿k￿rt. approved by order of lh¢ IKwd of tmsteei ¥ the Cornpany dir¢ctors, . and sign¢d on th¥ board's ￿￿irby'. svn- Pag¢ 7 Report of the Independ¢nt Auditors to the Members of Barod Proj¢ct Opinion We have awlit¢d th¢ firwi¢i8151atem¢nts of Barod Project (d￿ Charitable Wmp￿)y￿ for Ihc year cnthd 31 Mtrch 2024 which comprisr thr GtOUP %raternenl of l.inan¢ial A¢iivilies, Ihe GTVUP Balance ShEel: the Cjroup Cash Flow Siaiemeni #nd t￿1* lo th¢ financial ststetMeni& inclut idenlif*d any mal¢riaJ uncenainiies relatingto events or conditionsihaL indi¥iduallyoT ¢ollrtliv¢ly. may casi signifiL7￿1 Ibubi vn th¢ rharilabl¢ group or pareni wmpanj s ability to thIitinu¢ ￿ a going wncern fnra ptriod ofHI 1¢&81 Iwrlv¢ months from w￿n lh¢ financial slaltm¢n15 are auihoriscd for issue. ()UT reswsibililK5 and the Teswnsibiliiies of the trustets with rcsrKcl lo going concem ¥J¢ dcscrikd in ihe Jelevanl s¢aions ofihis wort. Other informmlion The Injsiees are respk)nsibl¥ fvT ttr otlKT information. lThe other inforniuion Lompris¢¥ the InfOrFn￿10n includcd its the CJroupAnllual R¢port oth¢T Ihan the lin#nciHJ slat¢ment5 and our Rewn of thc ljthpcndent A￿litOrS thereon. Oui opinion on Ihe tinanci81 bial¢Tnents docs not covcr ihc 01￿ information an￿ exc¢pl lo the exl¢ni ￿herWISe explititly gtsted in our rekX)n. dv noi express anv fomi of issurdnc¢ ¥vn¢lusion Th¢￿on. In coni)ection wilh our audii ol'ihe fJnan¢ial STMlvtn¢n¢¥ our Tesponsibility is io read (he oiher inf<>Tmation Tn doing so. consider whether th¢ other information is matsriill}' inconsiStcnt ivith Ihc finm¢ial siaiemcnts or our knoM'led8e Dbiair*d in Ihr dudil OT otheiwise aP￿ar5 to be mai¥riall)' 11115Staled. Il. we ideniifv such rnaieiial in¢on5151¢ncies or apparent maierrial miSs￿le￿￿1& w¢ 8r¢ requircd 10 dci¢rn)ine whether thi* gives T15C lo a maieTid mi%*thtemenl in th¢ financial Maremcnis thtmsclvcs. If, b&*d the iVQTk ¥v¢ hav¢r¢Tformcd: wc conclude thatthere is a malerrial misst￿1eTncn[ of this other ii)fonnaiioii. w¢ are required 10 (h￿1 fxl. W¢ hav¢ nothing ￿ rey)rt in Ihis regard. OpiDions on other mailers pre5tribtd b). the Cump#￿ie5 Art 21)06 In our opinion: ba8ed on the work" undertak'¢n in th¢ cours£ of the audit-. the information 8iveii in the R¢rx)rt of Ihe TTuglees lor Ihe finw]cial vear for which fJnancis] thdlements JTe PTepaTed is consis*Tht with the fin￿]C1a] SLqiements", ond Ihc GTOUP RcpDrtof the ITus*es lia5 heen prepared in aCc￿[dan￿￿ with appI]￿ble legal requiremenis. Page 8 R¢port of the Independent Audilors to the Member5 of B4rod Prnjett latter8 OD whith 74'e #re requlred to report by exteplio In lh¢ light of Ilie ktxiwl¢d8e and Uilder￿and1￿B of the charitable group and Pa￿￿t thtnpany and ils envin)nm¢nl obl?ined in thct*NJrs¢ of the audii, we havc not idcnlifi¢d mat¢rial misstot¢m¢nts in th¢ R¢wkrt of th¢ T[￿￿ees. Wc hayc nothing to TeFK>TI ID r¢stY¢t vf t1￿ fulluw'ino mailers where the Companies Act 2(KI6 requires us to Tep)rt lo you if, in ouropinion.. &dequatE accoiintin8 T¢u>rds hai'c Mi i￿7 kcpl or returns adequatt torour audit li#ve not rttcived from branches nrrt visited hy ￿￿- )r Èh¢ fingncial #atemtnts arc ttot in aEr¢¢rncnr with the accouniing rccords and returns,. or iJin disclosures of irusTres' remuneration sp¢cifi¢d by law aT¢ ￿¢ t￿￿1¢. OT we have noi re¢¢iv¢d all the infrJrtnati()n and Ckplanations il'c require forour audii., or lh¢ IriLSiees not entitled to take advantage of th¢ small comp￿Ie4 exernption fTOJn the requirernenl to prcp&TC d Siralegic Rep)rt or in p]rparing Ihc Rcp)n of th¢ Tru51¢¢& Ré%ptshslbllltie$ of trns*es A5 explained rnore tulty in Ihc Stsicmcnlol'TTUSlC¢S' Responsibiltii¢& rh¢ Irustres{wkn are alw the diTeCt0￿ (>fthe thorithhle tomponyforthepurptsstt% of compttn>' lawl are responsible for the preparaiion of th¢ fmancial stal¢n￿ntS. w)d fvT ￿1￿& 5011sf￿d Ihai thei give a Itue aijd fd. ir vi¢w, w]d for such iniemal control as the dcterniine is nec¢s5ary to cnabl¢ thc PT¢P3TOtion oifin&n¢i&l sialemenisihai ITee Irom m&teTial misstaiemenL wheiher du¢ ¢0 fraud or error. In preparing th¢ r)r)yn¢ial btsiemenls, the irusiees are responsible for assessing the charirable gTOUP and P#T¢ni ¢4)mwy'5 ability to continue a5 a going coDc¢rn, disclo$irtg, applicabl4 malters related ￿ going a￿d u%ing the going contem b￿lS of ac¢ounting unl¢ss th¢ injsiees ¢ither ¢ll￿nd to liquidai¢ th¢ ihJTilable Company or lo ¢eaqe opeJation5, or have no realistic alt¢rnalive kni tD do w. Page 9 Report of the Independent Auditors to the Members of BArod Proje¢t Our rfsporKqibililiu for ikt audit of the financial 51atern¢nts Our objecrives are ioobtain reasonable a5suran¢e a￿)ul wheiher thc group fthancial stateR)entS Bs awhole are frte ITOM malctial mi55tstcm¢iii. W))￿h¢r due to fraud or erN>r, and 10 issue a R*￿1 ufih¥ Tndepend¢nl Auditors thal iiicludes our opinion. Re¥wn#ble ￿sUranc¢ is a high level of ￿sUr9￿Ce, bui is noi a guaraniee ihai audii wnducl¢d in accordancc with ISAS IUKI will &lNY&y5 d¢¢ci o m&erial missiatctncnl ith¢n it cxi%ts. MI￿181¢MentS cÈn arisc from fraud or crror and areconsiLkred maierial if, individu&llyor in th¢a88re8a￿ tliey coufvj wttsonably b¢¢xF¢Li¢d lo inAuencethe etoTh)mic decisions of u8ers raken on baqi% of th¢se fiTran¢ial sl8temenis. The cxteni 10 which our pmcedures Are ¢&pBble of dthiing irregu]arities: including fiaud is detaile4J Etlow. Idtntlfving and isst¥slng pottnti*l related to irr¢g*l#rities In idenlifying #nd ass¢s5ing Tisksof mafrrial misstat¢m¢ni in reS￿¢t olirre8uJdtili¢s in¢1￿ling fr￿ and non-compliance wih I#w5 and T¢gulations we hav¢ 0)Dsid¢￿d th¢ following.. a) The nlltU￿ ul'th¥ indu51ry 8nd sector, wntrol cnvironmeni 8nd I￿Ine*S Frrfornian(¥.' Ib} Resiills ol'iht ¢nquiTiL7 of Inanagement alxiul their owii id¢niific*iivn a¥ses¥nw]t of th¢ risk.s of irregulariiies: l¢} Any matt¢rs iv¢ have id¢niified having obtained rewiewed the charity's documcniaiion of rhcir ptslicie* Hnd pn)¢¢AJur¢% r¢laling 10-. id¢niifying, ¢valualing ¥iJd cornplying with laivs and regulations ¥HI whvihrT Ihey iyere awyr¢ of any inst￿1<¢5 of non-complian*' deieciinE and responding lo ItK risks of fraud a￿j whether Ih4' hav¢ knoivl¢dg¢ of any actual. suspectcd or alleged fraud: the tnlernal ¢onliols cslabli3h¢d to mitigatc risks of fraud or nth-a)]npliancc with laws and r¢gul*ions', the malt¥P• discu￿¢d among the audit engagement t¢g8rding how and whcr¢ ￿ud miEiIt rttur in th¢ fTrThancial %laiem¢ni$ 8nd any >t¢niial indicators of fr8ud. As aT¢suIt of these procedures, we conside￿d th¢opportunitK8and irKtnl¢ve%thai may ¢xi5t within th¢ organi5ation for fraud and idenlifi¢d ih¢gr¢atesi poiential foi fraud in the following 8r¢as'. la) Timing of rewgnition olincome Ibl FoTeign Currency Iran51alion. l¢} Valu¢ of Stocks In conimon ivith all audit5 under 14As IUKI, we hT¢ also requir¢d 10 perforni aj￿¢if)C pror¢dures lo respond lo Ihe risk vf m4nag¢ment oVe￿ide. We al80 Obl￿17¢d aTb uiiderslandin8 Dfihe l¢gal and r¢gulaiw' fratncwotk"s that the cornp8ny p¢rat¢s in. focusing on pro1'is￿ns of (hose Ittw• and r¢gulaiN)J)s that had a dircct effect on the deitnnir￿lIo￿ of maicrial amounts and distltssur¢% in the rjnanci￿ siaicnicnts. 'Ilie k-e}. lai¥s Bnd r¢gulaliiNIs w¢ ¢lM)si(kTcd in this conlext inclllded UK ComtAnies Ad: en]piuym¥ni ￿w. h¢a]th gnd safety. p¢nsjQll5 l¢gisla¢ion and tax legisl*ion. lnwldi1io￿ iv¢cot)sidered pn)visions ofoiheT lawsand reKwl4tions th* do rrf>i have adirect effedon tk fin4ncial staicm¢nts bill compliance with which mas, bc fik)daMent￿ to the ttJmpany'8 abiliry ￿ op¢rale or lo avoid a malctial Pen￿ty. Audii T¢SWnSC kn ri8ks identified Our prOCedu￿S to rewtsd 10 risks ideDtifi¢AJ included (he following." la) Reviewing Ihe group financial slaicmeni disck)sures and iesliThg >upporting doLum¢nralion io assess co]nplignc¢ with provisions of r¢l¢v8tt1 laws and regulaiiork8 de￿rI￿d bs having adirert eff¢cr on ihe fJn&ncia] staieTnenl5,' Ib) r.n9uifinE ol'Thanag¢m¢nl concerning aciual and wtenlial litl8alion and ¢laim5: l¢} Perfomiit)gsmalyli¢&l PTuirdur¢sto idtnTify any ullusual or Unex￿¢ted telaiionships Ihat indicaic risksof marerial mii*ial¢Tncnl due lo fraud., Idl ITh addressing Ihe risk offrdud through tn8nagtm¢nt overri& Orconi￿ls. iesting Ihe appTopriatenc5s of journal entries and tsth¢r adjuslmcn14 se%8ing ￿,hether I￿.1￿d8¢￿enIs malt in making acwuniing c.$timates are indicalive olJ Wbt¢nli¥l bia5. and evaluatiJL4 tlie business r￿Ionale or aiiy 5igoifi¢ani IT*nbaLiions Thdl unusu4J OT ouiside ihe fM)m)al course ofbusinw. We comiiiunic8*d relevaiii ideniifie41 lows and r¢gulalio￿ and p)reniial fraud risks 10 all ¢ng8g¢M¢nl team mcmbers and remained 81¢rt to an), indicalio￿ of fraud or rM)n-¢ampliance M'ilh law5 8nd r¢gulaiions throughout the hudit. Page 10 Report of the Ind¢pendtnt Auditor5 to the Members of B%rod Prnject No insiaiic¢5 of tD#*Ti41 nun.wtnplian¢e idenlifjed. Huwev¢T. Ihe llkelihi￿d Orde￿￿'(ln8 irregularilies, including fraud, is limi*d by lh¢ itthereni diffitultv in de*ciin8 irregularities: thc Cffe￿1Ven¢5S of th¢ enrity's contTols. th¢ DJlur< liming ¢Xlttnl vf the audit pToCdvr￿ PLYfunn¢d. Irregularitie% that result fiom fraud miEhi k inheivnilj MVTC dil]i¢ull lo delell IhaTI irrtgulanii¢s 11)at result from ¢rA)r. A.5 ¢xplain¢41 I￿)1,¢. Ihut is unavoidthle risk th￿ ma￿[laj misstatements may not dctea¢d. ev&)though the audit hasb¢en plynn¢dandTKTfvrn)¢d in a¢rordanLf wiihISAs IUK}. A fllrther desuiplNTrn ol our responsibilities for the audit of th¢ financial st￿￿¢￿15 15 loca*d on th¢ FiJ]8nGial R¢pMing Council 5 ￿￿b￿lIe al www.lrc.org.uklaiidi1or￿p(mJStbIIilieS.'lThIS descripti(m forms part Df thur Report of the A￿dI￿rS. A further description of our responsibilit1¢5 for ihe audit of the fina￿1￿] s&it¢ments is lo¢￿ed on the I"'in8ntial RewTrrtin¥ CThJncil's ￿Ebsite li w¥vw.frc.org.ukJauditorsT¢sFw$ibilili¢s. This de$4Yipiion forms of OUT Reportofthe IndeperKleni Auditors. Use olour r¢port This rewrl 1% made $thIe￿. 10 Ik ehariiablc companys memkr%, a% a ￿y. in accordw)c¢ with ChaptCT 3 of 16 of t￿ Compantes Ath 2(M)6. Our &udit work h&s b¢en ￿dertak￿ so Ihat V¥e might slate tothe charitable cornpanv's members those matters are required io siaie 10 them in an auditors. rewrt and for no oiheT p￿r￿Se. '1 o Ihe lulltsi cxtent permitted b), law. wr do not acccpt OT &￿UMe reswn5ibility to anyonc othcr tiwj thc chaTltable compan), and th¢ charithbl¢ cotnpany's meml*TS as a body.. for Mr audii work, for ihis r¢pon, or for the opinions we have fornied. tiaretli l.Tancis I',CLA1S¢nior Statutory Audittsr) roT behalf ofxeinadin Audii LiMi￿d Lhth¢red A¢countonts & S￿lUtOry Audiivrs HiEhdale Housc 7 CthTW Court Tr¢fore5t Industri￿ Estate Ponty"PTidd Rhondda CN,non Taff CF37 SYR Dal¢'. Pag¢ 11 Barod Projett Con$olid*tcd Siat¢m¢nt of Finantial Activities {irncorporgtlDg an Ineomt #nd Expenditur¢ g¢¢ount) for th¢ Year EDded 31 Mareh 2024 31.3.24 Total Fund5 31.3.23 Total fijnds Unrestrici¢d funds Restricted funds Notes INCOML AND LND()IVMFYI3 FROM DonBtiQll5 and l¢gwie5 5.418 5.41% 2.777 CbxritsblE activities Drllg 8nd Alcoh(>1 geTVi¢t5 Other Services ¥.759,715 8.759.715 216.￿[ 7.101,962 580.240 216.251 Other trading activiti¢5 Investment income Other incomc 27.392 16,166 282,738 27,392 T6.166 282.738 29.995 4,31K) 649,1 Totol 9 V91.429 216231 9 307.680 8,368,274 EXPEf4DITURE O Raising funds 70.770 70.770 7Q573 Charitable activitie5 Suwort W¢iVOTk Training 8,917.1 IS 53.597 229,766 9.146.881 53.597 8.184,875 49.725 9,041.482 22Y.766 9271,248 8305,173 N*:'I- IN(.'OMFJIF.XPEN'DITCIRE) 49,947 (13,5151 36,432 63.101 K&.'C.()NCILJA'fi()N OF FIINDS Toial funds broughi forward 1,784,572 841.986 2,626.558 2,563,457 IOI'AL b'llNDS C'.ARRIF.D FORII'AKD l 134 519 828.471 2 662 990 2.620.558 The noles fomi part of th¢sc finan¢i&l statcrnents Page 12 Barod Projeet Cortsoltdaied B#]#nte Sheet 31 Marnh 2024 31.3.24 Total funds 31.3.23 Tothl funds Unremricted fvnd5 Restricted fulld5 Notts FIXED ASSFIS Tangible assffls 15 2TO,454 1,170,375 1,380,829 1,467,207 CLIRRENT ASSE15 Siocks Debior5 C&$h at bank and in hand 16 17 957 1.397,997 1455 813 957 1,397,997 1455813 1.060 1,72.?,-160 1217.937 2,854,767 2,854.767 2,941,363 CREDITORS Amounts r￿lIng due within OK ycar 18 11.230.702) 1225,9041 11.456.606) 11.475.311) NET CURRENT ASSETS 1398.161 467 052 TOTAL ASSETS LESS CUiUiENT LIABILITIES 1,834.519 944.471 2,778.990 2.934.259 CREDITORS Amounts falling duc aftrr th￿￿ OH¢ y¢4T 19 1116.0001 1116,IKJOI 1307.701) NET ASSETS 1.8.34,519 ¥2X,471 2.626.558 unrestric￿ fvnds Rc5tnctcd funds 1,834,519 828.471 1,784,571 841987 TOTAL FLINDS 2,662.990 2 626,558 These fjnattCl￿ ￿ateMentS have been prepared in aCLordat)Lf with Ihe provFsions applicabl¢ lo charilahle ct>mpanie5 5ubj¢d lo the small companies rcgime. The f￿8￿Cl￿ gl&*menis were appmved by the Board of Trustets wjd aUth￿l￿d foT i$SU¢ On. . wer¢ on its khdlf L ClaTk-'I.ru￿e¢ 'lThe notes fomi part of th¢s¢ finan¢id statem¢nts Pa8e13 Barod Project Thy BAIAnce Sh¢tt 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restriaed funds Notes FIXF.D ASSETS Tangible asse Is 92,884 870.375 963.259 1.166,194 CIIRRENT ASSF.TS Debtors CLsh bi bank and in hand 1556.349 1430021 ,556.349 1.753,320 1.188855 2.986,370 2,980,370 2.942,175 CREDI'IORS Amounls falling due within one year (1,443,521) 1225,9041 1:669:4251 11,680.71rf>1 'ET C.I';RR VP4I' ASSETS 1.542.849 225.9041 1316945 1261.475 TOI'AL ASSF.'15 1.E&S CIIRRENT LIABILI'I'ILS 1,635,733 644,471 2280204 2,427,674 CREDITORS Amounts falling due after more than ycar 19 1116:IKK>I (1]6,￿]0) 307,701) PIET ASSEI'S .635.733 528 472 2.164204 2.119,973 21 Unreskneted funds Rc5tri£ted funds ,635:733 528.471 1.577.987 541.986 TOTAL FIINDS 2.164.2(H 2,119,973 Thes¢ financial ￿aTementS have been prepar¢d in acLordante ii'ith the provi$ions applicabk 10 ehaTildble companies subjeLI ￿ the small companie% rcgime. The fin3nciaS 51alem¢nt5 wer¢ approved b>. lh¢ Board ofTLUSiees and authorised for i55ue on . - and weR signcd on its Ethalf by.. L Clark. Tn]slee The notes fom) part of these financial statement5 Page 14 Barod Projeet Con#oli(lat¢d Cash Flow Statement for the Year Ended 31 March 2024 31.3.24 Notes C*sh flow$ from optr8ttng activiti C￿h g¢n¢Taied from E)peraiions 372 774 35J78 Na provtded by Operating aclivilics 37 C.o$h llow$ from invtjling attivities PurGha5¢ of tangible fixed ￿setS S?k oftangible fixed L%seLS Int￿es1 receive 1131.0641 {158,683) Nd rabh u¥¢xl in inv¢sillJg 8tlivilies 1134 153,383) C.ha*ge in ush and tash equii'slents in the rtporling peTiod Cash and ¢*$h eq¥iv#lent¥ 41 tht b¢2lnnlng of the repDrtih% ptriod 237,876 1118.(M)5) T217937 c.ash and ea$h ¢quivalcnts at th¢ tnd of th¢ répor(iL% ￿rItsd .455 813 1217937 The note5 form part of thcse financial statewnents Page 15 Barod Projecl No¢es lo the Consolidated Cash Flow Staternent for the Ye8r Ended 31 March 2024 R£COTrJ(.'ILIA'fioN OF NEf INCo￿lF. TO NET CASH FIA)W FROM OPERATINC ACTIIIITIES 31.3.24 31,3.23 Ntt Ineome for the rewhrtini period {8J per the Statemtnt of Aethhksl Adjustments for: Depreciation charges Profil on disp)sal of fix￿ Èssets Intcresl received tkcreas¢ in stocks DECr¢￿IliT￿TcasCI in de￿Or$ IDeLre¥seYJtterease itt crediiors 36.432 63,101 237.448 241.502 {9971 14.3001 226 1346.0831 81,929 116.1661 IU3 197,530 82 5731 provided b}. operaiions 372,774 35.378 ANALYSIS OF CHANGES IN NE'I. J.'IINDS At 1.4.23 Cash flow At 31.3.24 CLqh at bank and iii hqDd 1217.937 237,876 1 455813 .217,937 237 876 1.455.813 Total 1.217.937 237,876 1455,813 The notes forni part of these financial stat¢ment5 Pag¢ 16 Barod Project Iyotes to the Consoldiated Financial Statements for the Ye8r F.nded 31 MArch 2024 ACC'.OIIN'fiNG POI,ICITr. BaJi$ of preparing tht fin*ncial $tattm¢n(J The financial s￿ementS of lh¢ Lharilabl¢ WTnpgn!, whi¢h IS d publiL iKn¢fil ¢nlily wid¢r FRS 102, have pw&r¢d in accordanc¢ ￿'71h the Chatitics SORP {FRS 102) 'A¢coiinting and RepoTiing b), C.hariiies.' Siakmenl of Rcwmmended PthctiL% applicabl¢ lo Ch￿1¢l¢S prtpatiTr8 their accounts in accordanc¢ with Ik Financial R¢portinE sland￿rd appli¢abl¢ in Ih¢UK R¢publi¢ ofir¢lynJ IFRS 1021 leif¢cliv¢ l January 20J9)', l imntial ￿t￿rtIng sts￿d8rd 102 Fhc Financid IicpDrtin£ SL￿dard appjicablc in ihc UK and Republic of Ircland, and the Comparties Aci 2(K16. The fiiiaDcial stateinents have be¢ii prepared un(kr ih¢ histOTica] wst convenlion. The Group's funaiona] and preseJiwiona] curNcy is tlie wund sterling 1£). a￿d b￿anceS are riwnded to th¢ ne3r￿# £1. Basis of ¢on80lidation And eomp*rAtive$ Th¢ linancial stat¢Tncnls wn501idat¢ the rtM21ts of t￿ tharity Ènd iL% wholly Su￿7d7arieS on a lir* bv line b&8i5. No s¢parate Siami¢Dt of Financi8J Acitviiies (SOFA) has beett prepared for the ClJaTitable Compaoy as pennined bv S¢ciion 408 ufthtt Companies Ath 2006. Income All incomc 1.8 rccognised in thc Statcmcnt of Financial Activit1¢5 oiice thc Group ha5 tDtiil¢m¢nl lo thc fund$, it is probable that thc incomc will b¢ r￿ly¥d ynd th¢ amuunl Lan be meaSU￿d reliably. It is derived from Ihe activilies ou111n￿ below. Donations w'iihoul conditions Ère accounod foron a tasli rettived b￿1$. In the eveni a dDnaiion is subject io conditions thai require alevel of perlormance before the Groiip is entitled 10 th¢ fvnds, the income is d¢f¢rr¢d noi r¢cognised in knll ¢ith¢r until ihose ¢ondiliotis t)re fiilly )¢t, vr th¢ fuifilm¢n( ufthose ¢ondilions is whtsllv wtihin Ihe control of Iht charity and il is probdble Ihdl Ihoge ¢ondilions ivill k fuifdi¢d Tn the rep)fting ￿riod. Cjrattt income is ae£ounied for on an accruals basis a￿j is shown in thc financia] sta￿rnCnts whcn thc Group earn5 the L¥)conditional right to th¢ funds. limits received for a spetific purwse ￿ iteated as Tesiricted funds. Revenue grants are trediied directly to the Stst¢ment of in8n¢ial Aetiviiie& once the Gtoup unconditional right& and Capi1￿ granr5 arc realised Ovcri￿ life of thc in line wilh depre¢iat10n licy. Def¢rred incom¢ consistsof 8r4nts whicli they die Group do not have the unconditKbtL41 righig. r trading aLiivili£s consisiof income froffl Irainingcouraes is ¥ecognised ivhen ihc Ir&inin8 hLS bcen PTovided. Incom¢ receiv￿ in wlvanc¥ of a training Gourse 1$ def*red until the thteri& fDT incorne reeognitiott &re mei. Invc8tttieni ino)me is inclulknl whcn r¢£eivxblc *md thc ctm be me8S￿Ed rcliablv by Ihe Grou￿ this is rrtinnally urM)n nthification or Ihe inierest paid or pa)'abl¢ bj. th¢ bank. (hher incom¢ consist of moniesla5sets received from %ubsidiBry eEJlitie4 excluded from const>lidatioTh. This is r￿n19¢d wI￿n th¢ risk5 and var￿8 h￿¢ ￿¢n 152nsfened. Donatcd $¢ryiCC$* 8%sets #nd flltilitiey Dvndlcd PTtsl¢ssional serviLrq, donated ass¢ls and (kinaled facilili¢s ar¢ r¢cogniYd as inwm¢ wh¢n th¢ grwp control over the item. and C4)ndilion5 a559ciattd w'ith th¢ it¢Tll hJv¢ LY¥n th¢ T¥L#ipI ufeLUllUtni¥ i*nefil frvTll Ihe uge by Ihe ctrkvik￿1¢ of Ihv it¢m ts PTobable and thai economic ￿ne[lI can b¢ m¢&sJ￿d reliably. On rettipt. donaicd Profcssiottal ser%'iccs: dOn￿ed assers and thnaied facilities arc recognised on Ihc basis of Ihe valuc of Ihc Bifi to Ihc group which 15 th¢ amount th¢ group w'ould hav¢ b¢¢n willing to pay tu ubidio S¢TVif¢$ 3nd d)nate(J fy¢ilili¢& a wtr¢bPQT)ding amount 15 then recosniscd in ex￿ndItU￿ in the rrriod of rcccipt. t1)na￿d a8scts arc dcprecI￿¢d ovcr thc lifc of the a5s¢L F.xpenditure Liabilitl¢S 8r¢ rrfo8nised ￿ extKnditure a% ￿ort as IheTe is a leg￿ or consirnthive oblig￿10￿ committing the Group to ihat eX￿ndi1Ure, IT is p￿blibIt Ihai a transfer of economic t¢n¢filS will Ft require4J in %¢ttlciD¢ni and ih¢ amouni of 1hc obligalion Can b¢ mu811rtd wcliably. Ex'penditure is a¢counl¢d for on a¥Lrua15 basis ¥D(I has b¢¢n rl#s5ifi¢J unJ¢r h¢a(lTrn¥¥ Ihal a¥¥r¢LTdl¢ all cosi rel￿¢d lo th¢ Lal¢goTh. Wh¢r¢ CQ5ts ca]]tK)i b¢ diTecll)' aiiribuled io Wthieular he￿lIng5 they have been alloC￿led ro auivitie% on a hsis consis¢¢lli Ivith the use of rttouTttS. Emplovet bencfit5 Page 17 Continued... Barod Projeet Iyoles So the Consolld#ted FiD&nci&l Ststem¢nts- continued ror the Year ETrded 31 March 2024 ACCOUNTING POLICIF.S- ¢untin4ed Expenditure Short t¢rm ben¢fits including holiday pai arc TvLogni5¢d a5 ￿ an cxpens¢ in ihe wiod in whi¢h th¢ s¢ryice is rcctived. Allo¢•tloth and apportN)nment of Costs SuprrfTrrt wsis are those fiJnc1ions ihat aSSiSt th¢ work of Ihe Group bui do Jjot dirertly undertake dJ&ritabl¢ a¢tiviti¢s. sUp￿rt o)sts have ￿e &llv(wt¢d b¢twen governance and other support ti)5t& Governan4X LWSts comprise all to81% involving the public aceothtability of ihe lir()up and it5 rompliancc ii'iih regulation and good praciice, Th¢s¢ cosis include costs re121ed to ststutory audil f¢¢s ivith an apwnionmeni ofov¢rh¢ad and SUp￿>n costs. T#n%iblt fixed 955¢t¥ D¢pr¢ciatioD is provided & Ihc followin8 annual rates in OTd¢r lo wri1¢ off each ￿Set over its ¢stim8*d u8efuJ life. rcehold property Shori le￿￿￿1 Fixtur¢s and fittings Molui vehi¢1¢s 2Yfyon cosi the ofthe leAS¢ 25% on c4)$18nd 15 10 on LYJSI 25VD Ort L¥)SI Ikhtors Amounts T¢cov¢rabl¢ on conrracls arc re¢o8nised at Ihc seltlem¢nl 8mounl duc all¢r any discount otY¢red. Prepaymenl¥ ar¢ Yalu¢d ￿ the nouni prerdid nei ofyny tryd¢ discowiis due. c.ash 8t b4nlk #nd C&%h th bttnk" and cash in hand incI￿￿e$ c&8h and %htsrt teTtn highly liquid inveslmenis with a short Jnarurily of three months 01 k55 from I dRt¢ olacquisilion (jr o￿nIng uf th¢ d¢wsii or similar t￿)uni. C.'reditors provi$i0ths Crcdiiors and provi%itsn.% are rcognised ￿,h¢r¢ ihe charity h&$ a prt%ent obli8ation ruylling from a event that will probably resuli in I transfer of funds lo a third Pdrtj and lh¢ amouni du¢ lo s¢trle the oblig￿10￿ can be Me￿U￿d or ¢stimat¢d rcliably. Credil(>T% ￿ provi510ns are normally re￿ni*¢d at Iheir s¢ttlcmeni amoiint aftcr tor any trade disc4)unis duc. Financial inatrumtjtr The Group onl), has financial asseis and fi[￿￿LIa1 liJbilili¢s of a kind thai qualify, as basiL fitwi¢ial instnmicni8. Basic financial insiTuments arc initiall), recognis¢d lll trnnsaclion Val￿ and subscqucntly me&*ured at th¢ir ￿Ell￿n¢nI valuc. Stock8 Stocks valued at the low¢r of COA and th reali8abl¢ vJl￿, aft¢T Making due allowaiice foi ol)soli*¢ sloiv moving item Taxation The ¢harity 18 exemrn from co4)OTaiion taw on its ¢hgJitablc aciii'iiie8. accounting Unr¢slrictcd fund5 can ￿ used in accord￿(* with the Ch￿lIable vbj¢aiv¢5 at lh¢ discrnion of (he Iruglw. R&%tricled funds ¢an only be used for porticular re￿n¢ted puYp)¥es within Iht vbj¢L15 of ihe Group. Re￿n{al0￿¥ YTIX when Bpecifjed bj the dvTKir ur when funds 8Jc rai8¢d for parti¢ulmT Te%tricted purrrf)5es. Designai¥d fundsare unr¢5tricted fundsof IkGroupwhichth¢¢rust¢¢shav¢ decidcd at Ihei¥discrdi()ii tosetagide lo ii$e foia $FKcific purp￿. Furth¢T ¢xplanalion of Iht naiwe and purwse thf each fund 15 includ¢d in the nolcs to the financial #at¢rn¢nts. HI￿ pursts Bad d¢bis Deprcci*ion including leasc amortjsation I.￿rit on disposal of motor vchicle (knv¢rnance cost 72,316 54,818 20.631 14i.892 72,316 60,673 20,631 149.633 66.743 19.623 168.908 324.862 72.316 61.367 20.176 77.042 47,757 13.850 161.693 311.578 5.855 3,741 3,078 19.623 160,053 324,¥62 8.855 92,941 182.217 6.036 7.097 9.0118 10.763 25,16Y 3.000 1,499 5,339 9.&11 319 394 478 98,280 191.858 6,355 7.491 9.566 10.763 25,168 3.00 1,578 97.199 150,771 8.327 9,513 9.398 51,168 26,440 61,073 7.379 79 237,190 237.190 241,329 1997} T 471962 1 509 742 471446 9 146880 9 200 478 8 234.600 Page21 continued... B*rod Project Notes to the Consolidated FinuTrciAI Ststements- continued for lh¢ Year Ended 31 March 2024 SIIPPQRI. COSTS %ur4KIrt Costs inLludes Ihe follo￿.1￿g goY¢rnan¢¢ r05ts.' 31.3.2024 31.3.2023 Salarie% Nl, pensM)n Telephoi)e and communitation Staiioiiery and wsiage Advertisin¢ printing and reproduction L¢gal & professional fees Bank charges Audilors reinuneratio 18,079 964 426 18.079 858 472 2,1.18 1.731 i,318 8,447 2.129 2,741 2.919 9.040 35.103 36237 io. NET INCOMEJIEXPENDJ'I'IIREI Nei incomellexpendiiurel Is Sl*d sft¢T thargingl{rr¢diting): 31.3.24 31.3.23 Audilor5' Tcmuneralion D¢pr¢¢￿￿19ll- owned a55ets Oiher operaiing Itascs Surplus vn disposal orrixed 8.447 237.442 19,491 8,040 241.503 12.189 997 TRI'.STff.F.S' RF.MIINERATION AND BENEFII'S Thert ii'ere no Iruslecs, remuTr£r8lion UT OttKT benefits for vear ended 31 March 2024 wr fvT th¢ year ended 31 March 2023. Tr•st¢¢5' expenses Diirii)g tlie )'¢ar none of the iM￿e¢S reLYii'ed reimbu￿ni¢nt for travel expen8es12023'. none). 12. S'I'AFI C:OSTS 31.3.24 31.3.23 Wagcs and salaries Sociaj security cosis her ￿nSIon eosts S,￿)9.31$ 501,769 189.709 4,938.886 437,510 173 851 6,61K).793 5.550,247 Key manalemtnt ptrsotltttl Kcv Tnanagement wsonncl o)nsidered lo he tknse w.￿rnIe7 UTC not iru5t¢¢s sii wiihin kes. operatioiial and strHl¢gic role5 for I Charitable Conipany. The lolal CTnplo}'rncTht bej￿fJt50f the keiJ n)ana8emeni personnel were £195K12023.. £192KI which consisied ofgross pa),: employ¢rs'n8lional insurance and cmp5overs' Fension eosis. Page 22 ¢ontinued... Barod Projeet Notes to the CoDsolidgted FinaDcial StAternents- eontinued for the Yexr Ended 31 MAreh 2024 12. STAFF CM)STS- continued 'Ibe average monthlv mimkr of emphoye¢s during th¢ year w&$ 8s follo￿,$.. 31.3.24 204 31.3.23 174 29 Charitable activities manag¢￿ent •nd #dministraiion 235 203 'llJc nurnkr of emplovce5 wh05¢ employtt {¢xcluding employ¢T pttnsion ¢ostsI ¢x¢¢¢iled £60,IK)O W￿.. 31.3.24 31.3.23 £60.(MII - £70.OOQ £70.IX)1- £80,IN)O 13. C.'O.MVA]L4TII'ES FOR THE STATEMEP4T OF FlliANCJAL ACTIIqTIES Unrestricted funds Resiricted funds Total fijnds JNLONIF. AND F.NDOII'MF.NTS FROM Donaiions and legacies 2.777 2.777 Charttable atlLVities l)Tug and Alcohol S¢rn'ice5 Oth¢i Services 7,101.962 371,389 7.101,962 580.240 208,851 Oth¢r trdding aciiviiies Inve￿lment iiicom¢ Oih¢T 29,995 4.300 29.99) 4,300 649.OLK Total 8 159.423 208.851 8 368 274 EXPENDITURE ON Rlli%ing fvnd5 70.573 70,573 Claritable AciiYitie$ Supwrt and &tsework Training 7,962,509 222.366 8,184.875 49.725 Tfjl41 8.082 807 222.366 8.305,173 NLI. 11SCOMTrJ{EXPENDITURE) 76.616 63.101 RII.'ONCILIATIOYI OF FIINDS 'IoiJl furtds b￿ught fon%'ard 1,707.95J 855,502 2.563,457 Pa8¢ 23 cmtinued... Barod Project Notes to th¢ Consolidated Flnanelal StattmeDt&- Continued for the Year Ended 31 M•r¢h 2024 13. COMPAK4TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- tontlthL*d Unrestricted funds R¢stri¢ted funds Total nds TOTAL FiiNDS CARIIIED TrORIVARD 1,784.571 2,626.558 14. CHARITABLE COMPANI. RLSIILI'8 Thc Chariiablc Compan), has iakc advantage ()f 8ection 408of th¢Compani¢s Aci 20(kfj and h35 ]IDt included its own inciNne and t￿￿￿lIU[¢ in these fin￿claI state￿e￿I5. Th¢ r¢gulis of Barod {Ih¢ aiaxitabk Company) 8T¥.. Tevdl 2024 Tot&1 2023 Tolal incoming ￿SOUrC¢S Toial resources exp¥nded 9,281,006 19 237.3751 .339.228 8 275 ￿2) Nel 44231 64.166 At l April 2023 2.119,973 2.055.807 Ai 31 March 2024 2 119.973 TANfi¥J.E FIXtr.D ASSF.T.S 1TnproV￿lleTrtS Freehold property Short le25chold property COST Al l April 2023 Addiiions Dispos￿5 1.068.805 771,753 34.250 (20.0001 114,580 Al 31 March 2024 1.185.619 786.(XJ3 114.580 DEPRECIATION At I April 2023 Charge fur J¢ar Eliminaied on di$￿SaI 118,Y561 15,376 426,632 216,251 20.0001 84,534 2,292 At 31 MAT¢h 2024 622.883 86,826 NEI. 11()IPK 11A1.IITr.' Al 31 March 2024 189 199 163.120 27.754 Ai 31 March 2023 1.087761 345.121 30.046 Page 24 continucd. Barod Project EYote5 to the CoTrsolid#ted Fioancial Statements- for the Year Ended 31 M8rch 2024 15. TANGIBI.E FIXED ASSb.'15- tonti•ued Fixtures Motor vehi¢les fittings Totsls COST Al l April 2023 Addition% Dispos￿$ 327,913 200,498 2.483,549 151,064 120.{H￿) At 31 March 2024 327 913 2,614 613 DEPRECIATION Ai l April 202) Charge foT s'ear Eliminated on disposal 32&9[ 253 197,228 3,270 .016,342 237,442 20.(X)O Al 31 March 2024 327 137 1233 784 NET BOOK I'ALUE Al 31 March 2024 756 1.380.829 At 31 March 2023 1.009 3.270 CHARITABLE FIXED ASSETS ICFL4RITABLE COMPANY) Improvemenis io Prowly Fre<￿1￿ prop¢rl)' Short leasehol Ai l April 2023 Addiiions Ditspusa]s 76&805 771.753 34.250 120.000 l 14,580 At 31 MaTch 2024 768 805 78A003 114580 DLPRECI,ITION Ai l April 2023 Charge forihe Jear r.liminaied disr￿.￿al 159.826 15.376 247,850 21A251 84,534 2,292 Al 31 Marth 2024 175 202 444.101 J¥ET B(TrOK ￿ALUE Al 31 March 2024 593,603 341,9M>2 27.7)4 At 31 March 202_3 608.979 523.903 i0.046 Page 25 continued... Barod Prnjeet Not¢$ to the Consolidated Statem¢nts- c•ntlnued for the Y￿r Ended 31 March 2024 T.4NGIBI.E FIXED ASSEI'S- eontinued Fixiurcs thd fttiings Moior Vehicles Total C(kST Al l April 2023 Additions Digposals 319.777 2￿.4Y¥ 2.175.414 34,250 120,0001 At 31 March 2024 319,777 2LKJ.499 2 189.664 D&.'I'Rty;('IATIUPi At l April 2023 ChBrge for Ihe Jear Eliminated 319.777 197.228 3.271 I:IM)9,215 237,190 120:0(K)) At 31 Mwh 2024 319,777 2(X).499 1.226,405 f4ET BOOK VALIIE Ai 31 Match 2024 963.259 Ai 31 Match 2023 3.271 1,166,199 Shorttcnn I￿$¢$ are represented as follo%vs:. CAPITAL VALUE LEASE PERJOD GRANT VALUE Amorii¥¢d PROPERTY GRANI"IREA'I'Mf.NT 25 Nvfih Parddc: Abe[>'slw￿lI Si F¥g8n5 Hou5¢. Cacrphilly IA)w¢r Doik Sircct, Newrt Ebbm, Val¢ Instiiute Kingsway, Sivansya W¢bi Bul¢ Si. Cardiff Vaughan Si. Llanc HiBh Sireei 180,000 180,0 115.2 19,053 120,(KK) 3 Y¢ars 3 Ycars 3 Y¢ar5 3 Year5 5 Y¢aT5 5 Years IY& 180.000 18Q.00(J 115.200 60.000 00.000 38.400 6,351 24.000 27,51M) Dcferred 8ovn grants Deferred govn grdn Dcfcrred govn Erants Deferred govii granls Dcferred govn 8rllnts Deferred Bovn grani$ Deferred Èovn grAnts I20,￿0 137.iiio 20.11>0 14,250 786.￿3 20,1XK) 14.250 7#6.￿3 216251 All of the aE¥Trve 8sse15 and thv corrwonding grdnts ￿¢ bel￿$ ivritten ntTin lin¢ with th¢ ienns of theiT lease agttem¢nls Poge 26 continued... B8rod Project Not¢$ to the Consolidaled Financial Ststements- Co￿tInUed for the Year Ended 31 Mareh 2024 16. 31.3.24 .11.3.23 Sk)cks 957 I,(h50 Th¢re is no stock ID th¢ Charitsble Company. 17. DEBTORS: AmOl￿Ts FALLING DUE WITlItN ONF. I'F.AR 31.3.24 31.3.23 Trade debtors Amounts r¢ioverable on Ihhei debiur5 Pr¢pavm¢nts 8,317 ,516,162 119.863 ,334.134 1.852 62.011 1397.997 1.723 Chtiritable Company 31.3.24 31.3.23 Amount5 Tc¢oveTabl¢ on ¥y)ntra¢ nther d¢tAoTg Pr¢paym¢nts .334,134 16d.204 62.01 J 1,516.162 158,134 1556J49 1753 320 C'REDITORS: AMOIINI3 PAI.1.1￿G DIJE WITHIN ONE I'L4R 31.3.24 31.3.23 Ttade ctrditLW5 Social security and oih¢r i￿¢S Accrual% and dcfcrrcd incamc Defer￿41 governm¢]rt granr5 922 114.998 1,114_7&2 648 lo2,￿8 1.155,855 216200 1.456.6116 1.475Jl Chariiabk Compgjry 31.3.2024 31.3.2023 Amourbts o>w¢d to groupundcrtaking5 Sotial security and oiher Idxes Accruals and det¢rred ilittJm¢ Deferred Bovenim¢nt 8fdnts 205,0(M) 14.999 1.123.522 206,501 102.609 1,155,389 216.201 1669 425 Page 27 continued... Project Not￿ to the Consulid8ted Finincial stat*Me￿tS- eontiNued for ¢h¢ Year Ended 31 Mareh 2024 19. CREDI'IORS: A￿lO￿TNTs FALLING DUE.4tr-fbR MORE'fHAN ONE YEAR 31.3.24 31.3.23 Defcrred governmeni grnn15 307701 The atrt)ve is for th¢ GTOUP and Ch&rii&b]c CotnpW￿'. 20. LE.4SINC AGREEMENTS Miiiimum lease paymenis under non-LYDc¢llabl¢ o￿aling le&%es fall due ￿ folkkiv5- 31.3.24 31.3.23 Within on¢ )'¢ar 99,￿0 96.828 21. IOIIEMENT IN TrLINDS Net movemenl in funds Ai 31.3.24 At 1.4.23 Unttstrl¢trd fund$ (icneral ￿nd 1.784,572 49.947 .834,519 licstricttd funds Capital 841,986 82&471 TOI'AL TrIINDS 2.626.558 2.662.990 Net moi'cmcni in funds, in¢ludaJ in the alKive arc as follows.. In¢oming resources Resources expended Movemenl in funds Ilnrtstritkd fund G¢Tr¢raJ fwnd 9.091.429 19.041,4821 49.947 Restricted fundB Capit 216.251 1229.?661 TOTAL FiINDS 9 307.680 9.271.248) 36.432 Page 28 continued... B¥rod Projeet Notes to the CoThsolidateil ial Slat¢ments- continwed for the Year Ended 31 Mar¢h 2024 21. MOIIEMENT IN FlliYt￿- Continued Comparatives for movemerbt in fuDd$ Net movement in funds At 31.3.23 At 1.4.22 Unrtstricted funds Gcnerjl fund 1.707.955 70.616 1.784,571 Restricttd fund5 Capital 855.502 841,987 TOTAL FIINDS 2.563.457 2.626,558 Comparntiv¢ n¢1 mOv¢m￿l in fi￿ds. inclu(kd in the aFM)ve are as follows.. In¢oming Tesources Resources expcnded Movement in funds Unr¢slritted General fuNI 8.159,423 18.082.807} 76.616 R¢siricted fmndg Capital 20&851 {222,366) TOTAL FUNDS i68 274 18,i03 173 Resiricttd funds The r¢5tri¢i¢d luiids r¢lal¢ li) C￿pital grnnls cxpended on fixed ￿%¢¢$, Ihcse timds incrcasc each year wilh r¢(¥ipt of thhcr capital grnnts rdu1*5 #mounts t￿h yesrequivaleni ￿ d¢preciwion chgrges andloT by T¢paiT C05tS' tr¢*¢d r¢v¢nu¢exp¢nditUT¢. nr¢sitl¢t¢d and deslEn8ttd funds The uiir¢strict¢d ￿ndS compris¢ ih05c funds whid) th¢ trust¢es fTet i*) use in acenrdance with Ihe ¢heritablc objedives.A desi8Mared fvnd wa5 CT¢at¢d in VT(lei io funds for es1imate(l operating wsts should b¢ a 518nifitant dttrease in fundin Movemttht5 in ICharlt#ble Company) Net movemeni in fund$ I rdnsfer beiw¢¢n re￿rVeS At 1.4.23 Ai 31.3.24 Unrestritted fund$ G¢n¢ral fund R¢striettd funds Capiial .577,987 57.746 .635,733 541.986 13.5151 528471 'io'rAL F'IJNDS 2,119,973 44.231 2,164,204 Page 29 ontinued... Barod Project Notes to the Consolldated Flnfintial St*lem¢nts- ¢ontinued for the Yegr EDded 3] Marth 2024 MOVF.hlENT Ir+i Fuf+iDS- ¢ontillue41 movcmenl in fund4 included in the above are Is hllows.. Incoming r¥sourL%S RcSOUTces *N&￿(kd Movcmenl in funds Llnrestrieled fu*d GeneTal R¢$tricitd funds Capi 9,065,355 19,1107,0091 57,746 216.251 229.7661 135151 9.281.606 19 237 375 44.231 R¢stri￿¢d fund$ '11￿ r¢51TiCt¢d funds relalt 10 Capilal gratbt5 CXTKnded on fixed as5¢1s. tlK$e funds Incre￿ eaLh )'ear wilh Ihe r¥¢¢ipl of funher capitsl granis and reduces by atnouTrls ¢a¢h Y¢￿ ryuiYal¢nt io depre£iarion charges Andlor by Tepllir Costs tr¢a¢d ￿ rev¢nuc oKpcnditure. Unrestrieted [￿￿1$ l7* unTestriaed fvnds (Y)mprise ihost fund$ whi¢h thc tW5t¢¢5 4T¢ free to use in accordantt iyiih IhE charilable objeEIiv¢s. 22. RELATLD PARI'Y IDISC.IA)SIIRLS During t￿ year, th¢ B*iKi Vroj¢a gave a grdni of £36.981 (2023- £40,461} to Tyfu Communiti, Lnteiprise% CIC. Al the balanr¢ sh¢et dal¢. Tyfu Community Enterprises LIC thwed 134,84512023.. £38,271). Ai ihc ba]￿lee sheet dafr, S&Trds Cytnru (Harni Red￿lun} Lid werc oived £21M,JOO 12023.. £2(h,5011 and Maendy Holdings Ltd owed £123,50712023.. £iiill. 23. LEGAL STATUS OF THE CHARITABLE COhlPANI' The th￿ty is a PTiva* wmpany limitrd by guaraniee: inwrtM)raied in Eng18nd gnd WoJ¢& and coiiscquenily thes not have an). 5haTC capital. In lh¢ cvcni of the compan), kin8 Mtsund up, the memher% ijl'lhe company are rtyill￿d lo ioniribuie an amowii not ex¢e¢diiig £1. Page 30