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||20.04.2022|06.97.2022|22,09.2022|26.10.2022|04,01.2023|25.01,2023|A6r4|
|---|---|---|---|---|---|---|---|
||||||||15.09.2022|
|**Astrid CaseIdine BSc PGCE**||||||||
|**Nigel Club, MA MCHA FSA**||||||||
|**Jeffrey L Davies BA PhD**||||||||
|**CrtriS Delaney BSC FHA**||||||||
|Heather **James BA FSA**||||||||
|**Plywol R R )ohn MA FCA**||||||||
|**Emma Plunkett DClion BA PhD**||||||||
|**Judith Watnwright MA MSc RC**||||||||
|**FFLSA**||||||||





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|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|**1**|to|**2**|
|**Report of the Independent Auditors**|3|to|6|
|**Statement of Financial Activities**||7||
|**Balance Sheet**||8||
|**Cash Flow Statement**||**9**||
|**Notes to the Cash Flow Statement**||**10**||
|**Notes to the Financial Statements**|**11**|to|**24**|
|**Detailed Statement of Financial Activities**|**25**|to|**26**|





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|||||31.3.23|31.3.22|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|£|£|£|£|
|**INCOME AND ENDOWMENTS FROM**||||||
|Donations and legacies|3|99|353,885|353,984|314,175|
|**Charitable activities**|5|||||
|Project work||881,723|52,963|934,686|562,415|
|Investment income|4|1,862|−|1,862|53|
|Other income|6|20,329||20,329|24,193|
|**Total**||904,013|406,848|1,310,861|900,836|
|**EXPENDITURE ON**||||||
|Raising funds|7||||75|
|**Charitable activities**|8|||||
|Project work||656,428|298,912|955,340|666,743|
|Other||15,000||15,000|20,000|
|**Total**||671,428|298,912|970,340|686,818|
|**NET INCOME**||232,585|107,936|340,521|214,018|
|**Transfers between funds**|19|105,792|(105,792)||−|
|**Other recognised gains/(losses)**||||||
|Actuarial gains on defined benefit schemes||804,000||804,000|338,000|
|**Net movement in funds**||1,142,377|2,144|1,144,521|552,018|
|**RECONCILIATION OF FUNDS**||||||
|Total funds brought forward||150,303|7,779|158,082|(393,936)|
|**TOTAL FUNDS CARRIED FORWARD**||1,292,680|9,923|1,302,603|158,082|





## 

## 

|||||31.3.23|31.3.22|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||funds|funds|funds|funds|
||Notes|||||
|**FIXED ASSETS**||||||
|Tangible assets|14|376,004||376,004|374,136|
|**CURRENT ASSETS**||||||
|Stocks|15|131,507||131,507|114,796|
|Debtors|16|121,324|−|121,324|131,952|
|Cash at bank and in hand||435,163|9,923|445,086|299,239|
|||687,994|9,923|697,917|545,987|
|**CREDITORS**||||||
|Amounts falling due within one year|17|(70,318)||(70,318)|(104,041)|
|**NET CURRENT ASSETS**||617,676|9,923|627,599|441,946|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**||993,680|9,923|1,003,603|816,082|
|**PENSION ASSET/(LIABILITY)**|20|299,000|−|299,000|(658,000)|
|**NET ASSETS**||1,292,680|9,923|1,302,603|158,082|
|**FUNDS**|19|||||
|Unrestricted funds||||1,292,680|150,303|
|Restricted funds||||9,923|7,779|
|**TOTAL FUNDS**||||1,302,603|158,082|





## 

## 

|||31.3.23|**31.3.22**|
|---|---|---|---|
||Notes|||
|**Cash flows from operating activities**||||
|Cash generated from operations|1|**168,955**|**101,898**|
|Net cash provided by operating activities||**168,955**|**101,898**|
|**Cash flows from investing activities**||||
|Purchase of tangible fixed assets||(20,539)|(4,659)|
|Interest received||1,862|53|
|Net cash used in investing activities||(18,677)|(4,606)|
|**Cash flows from financing activities**||||
|Loan repayments in year|||(41,791)|
|Net cash provided by/(used in) financing activities|||(41,791)|
|**Change in cash and cash equivalents in**||||
|**the reporting period**||150,278|55,501|
|**Cash and cash equivalents at the**||||
|**beginning of the reporting period**|**2**|293,975|238,474|
|**Cash and cash equivalents at the end of**||||
|**the reporting period**|**2**|444,253|293,975|





## 

|**I.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|
|---|---|---|---|---|
||||31.3.23|31.3.22|
||**Net income for the reporting period (as per the Statement of Financial**||||
||**Activities)**||340,521|214,018|
||**Adjustments for:**||||
||Depreciation charges||18,670|17,307|
||Interest received||(1,862)|(53)|
||Increase in stocks||(16,711)|(84,606)|
||Decrease/(increase) in debtors||10,628|(78,733)|
||(Decrease)/increase in creditors||(29,291)|46,965|
||Difference between pension charge and cash contributions||(153,000)|(13,000)|
||**Net cash provided by operations**||168,955|101,898|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**||||
||||31.3.23|31.3.22|
||Cash in hand||108|4|
||Notice deposits (less than 3 months)||444,978|299,235|
||Overdrafts included in bank loans and overdrafts falling due within one year||(833)|(5,264)|
||Total cash and cash equivalents||444,253|293,975|
|**3.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.4.22|Cash flow|At 31.3.23|
||**Net cash**||||
||Cash at bank and in hand|299,239|145,847|445,086|
||Bank overdraft|(5,264)|4,431|(833)|
|||293,975|150,278|444,253|
||**Total**|293,975|150,278|444,253|





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## 

|**DONATIONS AND LEGACIES**|||
|---|---|---|
||31.3.23|31.3.22|
|Donations|99||
|Grants|353,885|314,175|
||353,984|314,175|
|Grants received, included in the above, are as follows:|||
||31.3.23|31.3.22|
|CADW|353,885|311,175|
|Llanelli Community Partnership||3,000|
||353,885|314,175|





## 

## 

|**4.**|**INVESTMENT INCOME**||||
|---|---|---|---|---|
||||31.3.23|31.3.22|
||Deposit account interest||1,862|53|
|**5.**|**INCOME FROM CHARITABLE ACTIVITIES**||||
||||31.3.23|31.3.22|
|||Activity|£|£|
||Other project income|Project work|881,723|556,084|
||Grants|Project work|52,963|6,331|
||||934,686|562,415|
||Grants received, included in the above, are as follows:||||
||||31.3.23|31.3.22|
||The National Lottery Community Fund|||6,331|
||Welsh Government||52,963||
||||52,963|6,331|
|**6.**|**OTHER INCOME**||||
||||31.3.23|31.3.22|
||Other income||20,329|20,259|
||HMRC CJRS income|||3,934|
||||20,329|24,193|
||2022 Other income includes £3,934 from HMRC coronavirus job retention scheme. Nil in 2023.||||
|**7.**|**RAISING FUNDS**||||
||**RAISING DONATIONS AND LEGACIES**||||
||||31.3.23|31.3.22|
||Fundraising and publicity|||75|





## 

## 

## 

||||Support||
|---|---|---|---|---|
|||Direct|costs(see||
|||Costs|note 9)|Totals|
|Project work||761,745|193,595|955,340|
|**SUPPORT COSTS**|||||
||||Governance||
||Management|Other|costs|Totals|
||£|£|£|£|
|Project work|136,873|8,000|48,722|193,595|
|Support costs, included in the above, are as follows:|||||
|**MANAGEMENT**|||||
||||31.3.23|31.3.22|
||||Project|Total|
||||work|activities|
|Wages|||69,776|58,963|
|Premises|||10,353|4,767|
|Insurance|||6,905|6,622|
|Postage/Telephone|||3,368|3,263|
|Transport|||6,551|5,702|
|Central supplies|||5,310|1,187|
|Service/Hire|||13,334|10,789|
|Copying|||979|1,167|
|Sundry expenses|||1,627|570|
|Depreciation|||18,670|17,307|
||||136,873|110,337|
|**GOVERNANCE COSTS**|||||
||||31.3.23|31.3.22|
||||Project|Total|
||||work|activities|
|Wages|||22,752|11,839|
|Auditors' remuneration|||6,050|5,800|
|Legal and professional fees|||11,391|2,503|
|Members expenses|||229||
|Central costs|||8,300|5,145|
||||48,722|25,287|



## 



## 

## 

||31.3.23|31.3.22|
|---|---|---|
|Auditors' remuneration|6,050|5,800|
|Depreciation −owned assets|18,671|17,311|
|Operating leases −Other|6,094|7,115|



## 

## 

## 

||2023|2022|
|---|---|---|
|Wages and salaries|680,435|461,286|
|Social security costs|57,095|40,397|
|Superannuation|24,641|18,546|
||762,171|520,229|



||31.3.23|31.3.22|
|---|---|---|
|Administrative and clerical|2|2|
|Project|19|1 I|
|Record|2|2|
|Education/Publicity|7|6|
||30|21|





## 

## 

|**13.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
||**INCOME AND ENDOWMENTS FROM**||||
||Donations and legacies||314,175|314,175|
||**Charitable activities**||||
||Project work|556,084|6,331|562,415|
||Investment income|53||53|
||Other income|24,193||24,193|
||**Total**|580,330|320,506|900,836|
||**EXPENDITURE ON**||||
||Raising funds|75||75|
||**Charitable activities**||||
||Project work|342,043|324,700|666,743|
||Other|20,000||20,000|
||**Total**|362,118|324,700|686,818|
||**NET INCOME/(EXPENDITURE)**|218,212|(4,194)|214,018|
||**Other recognised gains/(losses)**||||
||Actuarial gains on defined benefit schemes|338,000||338,000|
||**Net movement in funds**|556,212|(4,194)|552,018|
||**RECONCILIATION OF FUNDS**||||
||Total funds brought forward|(405,909)|11,973|(393,936)|
||**TOTAL FUNDS CARRIED FORWARD**|150,303|7,779|158,082|





## 

## 

## 

|TANGIBLE FIXED ASSETS|||||
|---|---|---|---|---|
|||Freehold|Motor|Computer|
|||property|vehicles|equipment|
|||£|£|£|
|COST|||||
|At 1 April 2022||417,613||32,959|
|Additions||965|16,894|2,368|
|At 31 March 2023||418,578|16,894|35,327|
|DEPRECIATION|||||
|At 1 April 2022||61,450||22,308|
|Charge for year||7,144|4,224|4,339|
|At 31 March 2023||68,594|4,224|26,647|
|NET BOOK VALUE|||||
|At 31 March 2023||349,984|12,670|8,680|
|At 31 March 2022||356,163||10,651|
|||Excavation|||
||Other|and|||
||office|survey|Photographic||
||equipment|equipment|equipment|Totals|
|COST|||||
|At 1 April 2022|31,454|23,185|1,228|506,439|
|Additions|312|−||20,539|
|At 31 March 2023|31,766|23,185|1,228|526,978|
|DEPRECIATION|||||
|At 1 April 2022|29,711|17,668|1,166|132,303|
|Charge for year|680|2,263|21|18,671|
|At 31 March 2023|30,391|19,931|1,187|150,974|
|NET BOOK VALUE|||||
|At 31 March 2023|1,375|3,254|41|376,004|
|At 31 March 2022|1,743|5,517|62|374,136|





## 

## 

## 

|**15.**|**STOCKS**|||
|---|---|---|---|
|||31.3.23|31.3.22|
||Work−in−progress|131,507|114,796|
|**16.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.3.23|31.3.22|
||Trade debtors|64,371|110,946|
||Other debtors|24,524|5,790|
||Prepayments|32,429|15,216|
|||121,324|131,952|
|**17.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.3.23|31.3.22|
||Bank loans and overdrafts (see note 18)|833|5,264|
||Trade creditors|2,616|2,098|
||Social security and other taxes|16,404|66,404|
||VAT|23,577||
||Other creditors|3,483|2,761|
||Deferred income|15,000|16,000|
||Accnied expenses|8,405|11,514|
|||70,318|104,041|



## 

|Balance as at I April 2022|16,000|
|---|---|
|Amounts released to income earned from charitable activities|(16,000)|
|Amount deferred in year|15,000|
|Balance as at 31 March 2023|15,000|





## 

## 

||31.3.23|31.3.22|
|---|---|---|
|Amounts falling due within one year on demand:|||
|Bank overdrafts|833|5,264|



## 

||||Net|Transfers||
|---|---|---|---|---|---|
||||movement|between|At|
|||At 1.4.22|in funds|funds|31.3.23|
|||£|£|£|£|
|**Unrestricted funds**||||||
|General fund||20,543|1,036,585|71,740|1,128,868|
|Reserve fund||129,760||34,052|163,812|
|||150,303|1,036,585|105,792|1,292,680|
|**Restricted funds**||||||
|Cadw Grants||−|102,499|(92,576)|9,923|
|This Time fund|.|7,779||(7,779)||
|CUPHAT||−|5,437|(5,437)||
|||7,779|107,936|(105,792)|9,923|
|**TOTAL FUNDS**||158,082|1,144,521||1,302,603|



|Net movement in funds, included in|the above are as follows:||||
|---|---|---|---|---|
||Incoming|Resources|Gains and|Movement|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|904,013|(671,428)|804,000|1,036,585|
|**Restricted funds**|||||
|Cady,' Grants|353,885|(251,386)||102,499|
|CUPHAT|52,963|(47,526)||5,437|
||406,848|(298,912)||107,936|
|**TOTAL FUNDS**|1,310,861|(970,340)|804,000|1,144,521|





## 

## 

|||Net|Transfers||
|---|---|---|---|---|
|||movement|between|At|
||At 1.4.21|in funds|funds|31.3.22|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|(530,669)|556,212|(5,000)|20,543|
|Reserve fund|124,760||5,000|129,760|
||(405,909)|556,212||150,303|
|**Restricted funds**|||||
|The Foyle Foundation|1,673|(1,673)|||
|This Time fund|10,300|(2,521)||7,779|
||11,973|(4,194)||7,779|
|**TOTAL FUNDS**|(393,936)|552,018||158,082|



|Comparative net movement in funds, inclu|ded in the above are as|follows:|||
|---|---|---|---|---|
||Incoming|Resources|Gains and|Movement|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|580,330|(362,118)|338,000|556,212|
|**Restricted funds**|||||
|Cadw Grants|308,925|(308,925)|||
|The Foyle Foundation||(1,673)||(1,673)|
|This Time fund|6,331|(8,852)||(2,521)|
|Merger fund|2,250|(2,250)|||
|Llanelli Community Partnership|3,000|(3,000)|||
||320,506|(324,700)||(4,194)|
|**TOTAL FUNDS**|900,836|(686,818)|338,000|552,018|





## 

## 

## 

|||**2023**||**2022**|
|---|---|---|---|---|
|Discount rate||4.70%||2.70%|
|RPI price inflation||3.50%||3.70%|
|CPI price inflation||2.90%||3.00%|
|Rate o f increase in pensions in payment (LPI5)||3.40%||3.50%|
|||S3PxA (CMI)|S3PxA (CMI)||
|||2021||2021|
||projections with||projections with||
|Post retirement mortality||1.25% LTR|1.25% LTR||
|The major categories of scheme assets are as follows:|||||
||**2023**|**2023**|**2022**|**2022**|
||**£**|**%**|**£**|**%**|
|Equities|1,121,000|34.3%|1,103,000|32.3%|
|Bonds|739,000|22.6%|606,000|17.8%|
|Alternative|486,000|14.9%|769,000|22.6%|





|Annuities|549,000|16.8%|669,000|19.6%|
|---|---|---|---|---|
|Cash|285,000|8.7%|263,000|7.7%|
|Property|92,000|2.8%|||
||3,272,000|00.0%|3,410,000|00.0%|



|The movement in deficit during the year is as follows:|||
|---|---|---|
||**2023**|**2022**|
|Present value of funded obligations|2,973,000|4,068,000|
|Fair value of plan assets|(3,272,000)|(3,410,000)|
|Net defined benefit (asset)/ liability|(299,000)|658,000|
|The change in benefit obligation during the year is as follows:|||
||**2023**|**2022**|
|Liability at the start of the period|4,068,000|4,436,000|
|Current service costs|||
|Interest on pension liabilities|108,000|88,000|
|Members contributions|||
|Actuarial (gains)/losses on liabilities|(1,085,000)|(343,000)|
|Curtailments|||
|Settlements|||
|Benefits paid|(118,000)|(113,000)|
|Past service cost|||
|Liability at the end of the period|2,973,000|4,068,000|
|The change in the plan asscts during the year is as follows:|||
||**2023**|**2022**|
|Fair value of plan assets at the start of the period|3,410,000|3,427,000|
|Interest income|93,000|68,000|
|Actuarial gains/(losses) on assets|(281,000)|(5,000)|
|Non investment expenses|(8,000)|(14,000)|
|Curtailments|||
|Settlements|||
|Employer contributions|176 ,000|47,000|
|Member contributions|||
|Benefits/transfers paid|(118 ,000)|(113,000)|
|Fair value of plan assets at end of period|3,272,000|3,410,000|





## 

|Analysis o f return on plan assets|||
|---|---|---|
|Interest income|93,000|68,000|
|Actuarial (loss)/gain on on plan assets|(281,000)|(5,000)|
|Return on plan assets|(188,000)|63,000|
|Analysis o f amounts recognised in the Statement of Financial Activities:|||
||**2023**|**2022**|
|Current service costs|||
|Past service costs|||
|Administration expenses|8,000|14,000|
|Net interest cost|15,000|20,000|
||23,000|34,000|
|Total costs recognised in SOFA|||
|Statement o f actuarial gains and losses:|||
||**2023**|**2022**|
|Actuarial gains/(losses) on liabilities|1,085,000|343,000|
|Actuarial gains/(losses) on assets|(281,000)|(5,000)|
|Total actuarial gain/(losses) in statement of comprehensive income|804,000|338,000|



## 



## 

## 

## 

## 

|The|total of future minimum lease|payments under non−cancellab|payments under non−cancellab|le operating leas|es are as follows:||
|---|---|---|---|---|---|---|
|||2023||2023|2022|2022|
|||Land|&||Land &||
|||buildings||Other|buildings|Other|
|||£||£|£|£|
|Due|within 1 year||−|958||4,071|
|Due|1−5 years|||1,352||2,311|
|Due|> 5 years|||−||−|
|||||2,310||6,382|





## 

## 

||31.3.23|31.3.22|
|---|---|---|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|||
|Grants|353,885|314,175|
||353,984|314,175|
|**Investment income**|||
|Deposit account interest|1,862|53|
|**Charitable activities**|||
|Other project income|881,723|556,084|
|Grants|52,963|6,331|
||934,686|562,415|
|**Other income**|||
|Other income|20,329|20,259|
|**HMRC CJRS** income||3,934|
||20,329|24,193|
|**Total incoming resources**|1,310,861|900,836|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Fundraising and publicity||75|
|**Charitable activities**|||
|Wages|669,643|451,427|
|Postage and stationery|7|217|
|Transport|59,172|20,751|
|Consumables|18,524|14,328|
|Service/Hire|1,661|(757)|
|Specialist fees|9,710|28,132|
|Sundry expenses|3,028|3,021|
||761,745|517,119|
|**Other**|||
|Interest on pension scheme liabilities|15,000|20,000|
|**Support costs**|||
|**Management**|||
|Wages|69,776|58,963|
|Carried forward|69,776|58,963|





## 

## 

||31.3.23|31.3.22|
|---|---|---|
|**Management**|||
|Brought forward|69,776|58,963|
|Premises|10,353|4,767|
|Insurance|6,905|6,622|
|Postage/Telephone|3,368|3,263|
|Transport|6,551|5,702|
|Central supplies|5,310|1,187|
|Service/Hire|13,334|**10,789**|
|Copying|979|1,167|
|Sundry expenses|1,627|570|
|Depreciation|18,670|17,307|
||136,873|110,337|
|**Other**|||
|Defined benefit admin costs|8,000|14,000|
|**Governance costs**|||
|Wages|22,752|11,839|
|Auditors' remuneration|6,050|5,800|
|Legal and professional fees|11,391|2,503|
|Members expenses|229||
|Central costs|8,300|5,145|
||48,722|25,287|
|Total resources expended|970,340|686,818|
|**Net income**|340,521|214,018|