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REGISTERED COMPANY NUMBER: 02958170 (England and Wales)
REGISTERED CHARITY NUMBER: 1058649













UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

FOR

YSTALYFERA DEVELOPMENT TRUST

YSTALYFERA DEVELOPMENT TRUST






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 15

YSTALYFERA DEVELOPMENT TRUST (REGISTERED NUMBER: 02958170)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The company is a non-profit making organisation whose objectives are to promote the economic and social regeneration of the community of Ystalyfera in the Swansea Valley. When planning the activities for the year, the directors have considered the Commission's guidance on public benefit. The company was formed as a vehicle in which to further the objectives of a partnership of local authority and public bodies which was set up to regenerate the town centre of Ystalyfera. The partnership was successful in obtaining substantial funding to acquire and refurbish properties which were then transferred to the company as a means of endowing the community with these assets.

The charity is also promoting and assisting all organisations, clubs and entities by providing facilities and accommodation. The charity also manages the finance of numerous clubs on their behalf. Finally the charity continues its objectives of regeneration within the area, as well as the development and letting of properties.

ACHIEVEMENT AND PERFORMANCE
Achievement and Performance
The company’s main source of funding during the year comprised of grants and letting of property for commercial and residential purposes. We also have a charity shop and café, the profits of which will fund the activities of the Trust.
The directors consider that the company’s financial position at the balance sheet date was satisfactory. Core funding for 2024/2025, comprising grants from local authority (Community Regeneration Fund) has been obtained.

FINANCIAL REVIEW
Investment and Other Powers
The directors have the power to expend the funds of the company in such manner as they consider being beneficial for the achievement of the company’s objects. They are also empowered to invest such part of the funds as they see fit in the furtherance of the objects of the company.

Reserves policy
Ystalyfera Development Trust aims to build up reserves in future years to enable it to continue and expand the services they currently provide and develop new projects in the future. This policy will be reviewed annually or when significant changes occur within the organisation.

FUTURE PLANS
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 12th August 1994 and registered as a charity on 15th October 1996. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.The Memorandum of Association was updated on 12th March 2009.

Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purpose of charity law. The rules regarding the number of directors and their appointment, reappointment and removal are contained in the Articles of Association to which reference should be made.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02958170 (England and Wales)

Registered Charity number
1058649

Registered office
22 Commercial Street
Ystalyfera
Swansea
West Glamorgan
SA9 2HR

YSTALYFERA DEVELOPMENT TRUST (REGISTERED NUMBER: 02958170)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024

Trustees
R Davies Councillor
M Gladdish Teacher
Ms A Christie Director
Ms R C Makin Retired
Ms J Manser-Thomas Civil Servant
I Hawkins Retired
P H Brandon Retired
Mrs G Payne (appointed 16.4.24)

Independent Examiner
Alison Vickers
Bevan Buckland LLP
Chartered Accountants
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

Solicitors
Beor, Wilson & Lloyd
Calvert House
Calvert Terrace
Swansea
SA1 6AP

Bankers
Lloyds TSB Bank plc
113 HIgh Street
Gorseinon
Swansea
SA4 4BR

REPORTING ACCOUNTANTS
Alison Vickers has indicated that she is willing to be re-appointed at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 15 October 2024 and signed on its behalf by:





R Davies - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
YSTALYFERA DEVELOPMENT TRUST

Independent examiner's report to the trustees of Ystalyfera Development Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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
4. the accounts 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 (FRS 102)).

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 accounts to be reached.








Alison Vickers

Bevan Buckland LLP
Chartered Accountants
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

16 October 2024

YSTALYFERA DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 35,000 - 35,000 37,634

Charitable activities 5
Promote economic and social regeneration of the community
33,351

-

33,351

34,605

Other trading activities 3 43,936 - 43,936 37,337
Investment income 4 207 - 207 36
Total 112,494 - 112,494 109,612

EXPENDITURE ON
Charitable activities 6
Promote economic and social regeneration of the community
138,341

-

138,341

123,399

NET INCOME/(EXPENDITURE) (25,847 ) - (25,847 ) (13,787 )
Transfers between funds 16 3,981 (3,981 ) - -
Other recognised gains/(losses)
Gains on revaluation of fixed assets 240,293 - 240,293 -
Net movement in funds 218,427 (3,981 ) 214,446 (13,787 )

RECONCILIATION OF FUNDS
Total funds brought forward 593,166 80,822 673,988 687,775

TOTAL FUNDS CARRIED FORWARD 811,593 76,841 888,434 673,988

YSTALYFERA DEVELOPMENT TRUST (REGISTERED NUMBER: 02958170)

BALANCE SHEET
31 MARCH 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 202,886 - 202,886 124,717
Investment property 13 412,006 67,994 480,000 322,444
614,892 67,994 682,886 447,161

CURRENT ASSETS
Debtors 14 1,251 - 1,251 5,586
Cash at bank and in hand 210,531 8,847 219,378 238,030
211,782 8,847 220,629 243,616

CREDITORS
Amounts falling due within one year 15 (15,081 ) - (15,081 ) (16,789 )

NET CURRENT ASSETS 196,701 8,847 205,548 226,827

TOTAL ASSETS LESS CURRENT LIABILITIES 811,593 76,841 888,434 673,988

NET ASSETS 811,593 76,841 888,434 673,988
FUNDS 16
Unrestricted funds 811,593 593,166
Restricted funds 76,841 80,822
TOTAL FUNDS 888,434 673,988

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


YSTALYFERA DEVELOPMENT TRUST (REGISTERED NUMBER: 02958170)

BALANCE SHEET - continued
31 MARCH 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2024 and were signed on its behalf by:





R Davies - Trustee





M Gladdish - Trustee

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Revenue grants are credited to the income and expenditure account during the period of expenditure. Capital grants are credited to the SOFA in restricted reserves and the depreciation on the assets to which they relate is charged to the Income and Expenditure account as restricted expenditure.

The value of goods for sale in the shops operated by the Charitable Company is recognised at the point of sale, as this is the earliest point at which it is practical to recognise such income.

Donations and similar incoming resources are recognised when they are received. Where a refundable income is received in respect of a specified event or project, the income is deferred until completion of that event or project.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Office Equipment & Fittings15% Straight Line
Leasehold Property Improvements2% Straight Line

Assets below £100 are not capitalised, but included within expenses. The Trustees do not believe any assets are impaired and do not carry out impairment reviews.


Investment Properties
FRS 102, requires investment properties to be accounted for using the fair value accounting rules, therefore:

a) revaluation differences are reflected in the profit and loss account; and
b) the fact that no depreciation is charged is no longer a breach of the Companies Act.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Investment property was re-valued by Dawson in December 2023 and is shown at this valuation cost in the Financial Statements.

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes falling in future time periods.

Restricted funds are funds subject to specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Pensions
The pension costs charged in the accounts represent the contributions payable by the charity during the year in accordance with accounting requirements. The company is paying in to a defined contribution scheme.

Leasing
Rentals payable under operating leases are charged against income on a straight line basis over lease term.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Going Concern
The company continues to adopt the going concern basis in preparing its financial statements.


YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Grants 35,000 37,634

Grants received, included in the above, are as follows:

2024 2023
£    £   
CRF Funding 35,000 32,896
Co-Op Community Fund - 2,338
Warm Spaces Funding - 2,400
35,000 37,634

3. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Fundraising events 1,237 185
Shop income 42,699 37,152
43,936 37,337

4. INVESTMENT INCOME
2024 2023
£    £   
Interest receivable - trading 207 36

5. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   

Room Hire

Promote economic and social regeneration
of the community

6,494

4,264

Trust Services

Promote economic and social regeneration
of the community

2,881

2,811

Rental Income

Promote economic and social regeneration
of the community

21,639

25,729

Sundry Income

Promote economic and social regeneration
of the community

73

922

Community car income

Promote economic and social regeneration
of the community

2,264

879
33,351 34,605

6. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 7) Totals
£    £    £   
Promote economic and social
regeneration of the community

129,044

9,297

138,341


YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. SUPPORT COSTS
Support
Management costs Totals
£    £    £   
Promote economic and social regeneration
of the community

4,550

4,747

9,297


8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 1,594 4,539

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


10. STAFF COSTS
2024 2023
£    £   
Wages and salaries 45,295 42,407
Other pension costs 2,641 2,398
47,936 44,805

The average monthly number of employees during the year was as follows:

2024 2023
Administration and Management 2 2

No employees received emoluments in excess of £60,000.

No remuneration was paid to directors, and no expenses were reimbursed.
No employee earned more than £60,000 during the year.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 37,634 - 37,634

Charitable activities
Promote economic and social regeneration of the community
34,605

-

34,605

Other trading activities 37,337 - 37,337
Investment income 36 - 36
Total 109,612 - 109,612

EXPENDITURE ON

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£    £    £   
Charitable activities
Promote economic and social regeneration of the community
122,314

1,085

123,399

NET INCOME/(EXPENDITURE) (12,702 ) (1,085 ) (13,787 )
Transfers between funds 3,513 (3,513 ) -
Net movement in funds (9,189 ) (4,598 ) (13,787 )

RECONCILIATION OF FUNDS
Total funds brought forward 602,355 85,420 687,775

TOTAL FUNDS CARRIED FORWARD 593,166 80,822 673,988

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 139,950 46,069 186,019
Additions - 120 120
Revaluations 60,050 - 60,050
At 31 March 2024 200,000 46,189 246,189
DEPRECIATION
At 1 April 2023 19,593 41,709 61,302
Charge for year - 1,594 1,594
Charge written back (19,593 ) - (19,593 )
At 31 March 2024 - 43,303 43,303
NET BOOK VALUE
At 31 March 2024 200,000 2,886 202,886
At 31 March 2023 120,357 4,360 124,717

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2024 60,050 - 60,050
Cost 139,950 46,189 186,139
200,000 46,189 246,189


YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 April 2023 387,191
Additions 160,650
At 31 March 2024 547,841
AMORTISATION
At 1 April 2023 64,747
Charge for year 3,094
At 31 March 2024 67,841
NET BOOK VALUE
At 31 March 2024 480,000
At 31 March 2023 322,444

Investment property is shown at most recent valuation. Freehold investment properties was re-valued by Dawson in December 2023.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 160,650
Cost 387,191
547,841

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 282 1,237
Prepayments and accrued income 969 4,349
1,251 5,586

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,279 4,419
Other creditors 8,302 9,927
Accrued expenses 3,500 2,443
15,081 16,789


YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.23 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 116,309 (24,647 ) 5,039 96,701
Designated Capital Fund 375,657 - (1,058 ) 374,599
Warm Space Fund 1,200 (1,200 ) - -
Future Running Cost Fund 50,000 - - 50,000
Planned Maintenance Fund 50,000 - - 50,000
Revaluation reserve - 240,293 - 240,293
593,166 214,446 3,981 811,593
Restricted funds
NPTCBC-Community car scheme 9,315 - (468 ) 8,847
Capital Restricted Fund 71,507 - (3,513 ) 67,994
80,822 - (3,981 ) 76,841
TOTAL FUNDS 673,988 214,446 - 888,434

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 77,494 (102,141 ) - (24,647 )
CRF Funding 35,000 (35,000 ) - -
Warm Space Fund - (1,200 ) - (1,200 )
Revaluation reserve - - 240,293 240,293
112,494 (138,341 ) 240,293 214,446
TOTAL FUNDS 112,494 (138,341 ) 240,293 214,446


Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 223,157 (13,902 ) (92,946 ) 116,309
Designated Capital Fund 379,198 - (3,541 ) 375,657
Warm Space Fund - 1,200 - 1,200
Future Running Cost Fund - - 50,000 50,000
Planned Maintenance Fund - - 50,000 50,000
602,355 (12,702 ) 3,513 593,166
Restricted funds
NPTCBC-Community car scheme 10,000 (685 ) - 9,315
Capital Restricted Fund 75,020 - (3,513 ) 71,507
Ystalyfera Community Council 400 (400 ) - -
85,420 (1,085 ) (3,513 ) 80,822
TOTAL FUNDS 687,775 (13,787 ) - 673,988

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 107,212 (121,114 ) (13,902 )
Warm Space Fund 2,400 (1,200 ) 1,200
109,612 (122,314 ) (12,702 )
Restricted funds
NPTCBC-Community car scheme - (685 ) (685 )
Ystalyfera Community Council - (400 ) (400 )
- (1,085 ) (1,085 )
TOTAL FUNDS 109,612 (123,399 ) (13,787 )

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 223,157 (38,549 ) (87,907 ) 96,701
Designated Capital Fund 379,198 - (4,599 ) 374,599
Future Running Cost Fund - - 50,000 50,000
Planned Maintenance Fund - - 50,000 50,000
Revaluation reserve - 240,293 - 240,293
602,355 201,744 7,494 811,593
Restricted funds
NPTCBC-Community car scheme 10,000 (685 ) (468 ) 8,847
Capital Restricted Fund 75,020 - (7,026 ) 67,994
Ystalyfera Community Council 400 (400 ) - -
85,420 (1,085 ) (7,494 ) 76,841
TOTAL FUNDS 687,775 200,659 - 888,434

A current year 12 months and prior year 12 months combined 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 184,706 (223,255 ) - (38,549 )
CRF Funding 35,000 (35,000 ) - -
Warm Space Fund 2,400 (2,400 ) - -
Revaluation reserve - - 240,293 240,293
222,106 (260,655 ) 240,293 201,744
Restricted funds
NPTCBC-Community car scheme - (685 ) - (685 )
Ystalyfera Community Council - (400 ) - (400 )
- (1,085 ) - (1,085 )
TOTAL FUNDS 222,106 (261,740 ) 240,293 200,659

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. MOVEMENT IN FUNDS - continued


The Designated Capital Funds represents the balance of the fixed assets funded out of accumulated surpluses.

The Running Cost Fund represents six months of future running costs for the charity.

The Planned Maintenance Fund is for future repairs needed on the properties.

The Revaluation Reserve represents the balance of revaluation of a freehold property held for investment purposes.

The Capital Restricted Funds represents capital grants received in respect of the extension of the property and furniture grants received in respect of office equipment.

17. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution pension scheme. Pension costs charged during the year amounted to £2,641. (2023 - £2,398).

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.