REGISTERED COMPANY NUMBER: 02958170 (England and Wales)

REGISTERED CHARITY NUMBER: 1058649

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

FOR

YSTALYFERA DEVELOPMENT TRUST

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

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 2025. 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.

ACHIEVEMENTS 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 2025/2026, 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

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 Retired School Teacher (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 16 September 2025 and signed on its behalf by:

R Davies - Trustee

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 2025.

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

17 September 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

44,895

20,000

64,895

35,000

Charitable activities

5

Promote economic and social regeneration of the community

44,345

-

44,345

33,351

Other trading activities

3

44,505

-

44,505

43,936

Investment income

4

230

-

230

207

Total

133,975

20,000

153,975

112,494

EXPENDITURE ON

Charitable activities

6

Promote economic and social regeneration of the community

114,662

7,736

122,398

138,341

NET INCOME/(EXPENDITURE)

19,313

12,264

31,577

(25,847

)

Transfers between funds

17

3,513

(3,513

)

-

-

Other recognised gains/(losses)

Gains on revaluation of fixed assets

-

-

-

240,293

Net movement in funds

22,826

8,751

31,577

214,446

RECONCILIATION OF FUNDS

Total funds brought forward

811,593

76,841

888,434

673,988

TOTAL FUNDS CARRIED FORWARD

834,419

85,592

920,011

888,434

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

13

201,809

13,009

214,818

202,886

Investment property

14

408,912

67,994

476,906

480,000

610,721

81,003

691,724

682,886

CURRENT ASSETS

Debtors

15

5,840

-

5,840

1,251

Cash at bank and in hand

224,754

4,589

229,343

219,378

230,594

4,589

235,183

220,629

CREDITORS

Amounts falling due within one year

16

(6,896

)

-

(6,896

)

(15,081

)

NET CURRENT ASSETS

223,698

4,589

228,287

205,548

TOTAL ASSETS LESS CURRENT LIABILITIES

834,419

85,592

920,011

888,434

NET ASSETS

834,419

85,592

920,011

888,434

FUNDS

17

Unrestricted funds

834,419

811,593

Restricted funds

85,592

76,841

TOTAL FUNDS

920,011

888,434

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 16 September 2025 and were signed on its behalf by:

R Davies - Trustee

J Manser-Thomas - Trustee

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 & Fittings

15% Straight Line

Leasehold Property Improvements

2% Straight Line

Motor Vehicles

20% 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.

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.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Grants

64,895

35,000

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

2025

2024

£

£

CRF Funding

40,000

35,000

Co-Op Community Fund

500

-

Warm Spaces Funding

4,395

-

Community car

20,000

-

64,895

35,000

3.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Fundraising events

461

1,237

Shop income

44,044

42,699

44,505

43,936

4.	INVESTMENT INCOME

2025

2024

£

£

Interest receivable - trading

230

207

5.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Room Hire

Promote economic and social regeneration of the community

7,934

6,494

Trust Services

Promote economic and social regeneration of the community

3,003

2,881

Rental Income

Promote economic and social regeneration of the community

27,815

21,639

Sundry Income

Promote economic and social regeneration of the community

1,596

73

Community car income

Promote economic and social regeneration of the community

3,997

2,264

44,345

33,351

6.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 7)

Totals

£

£

£

Promote economic and social regeneration of the community

114,180

8,218

122,398

7.	SUPPORT COSTS

Support

Management

costs

Totals

£

£

£

Promote economic and social regeneration of the community

4,500

3,718

8,218

8.

OTHER

2025

2024

£

£

Support costs

8,218

9,297

9.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

4,500

1,594

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

11.	STAFF COSTS

2025

2024

£

£

Wages and salaries

49,166

45,295

Other pension costs

2,918

2,641

52,084

47,936

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

2025

2024

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.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

35,000

-

35,000

Charitable activities

Promote economic and social regeneration of the community

33,351

-

33,351

Other trading activities

43,936

-

43,936

Investment income

207

-

207

Total

112,494

-

112,494

EXPENDITURE ON

Charitable activities

Promote economic and social regeneration of the community

138,341

-

138,341

NET INCOME/(EXPENDITURE)

(25,847

)

-

(25,847

)

Transfers between funds

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

RECONCILIATION OF FUNDS

Total funds brought forward

593,166

80,822

673,988

TOTAL FUNDS CARRIED FORWARD

811,593

76,841

888,434

13.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2024

200,000

46,189

-

246,189

Additions

-

171

16,261

16,432

At 31 March 2025

200,000

46,360

16,261

262,621

DEPRECIATION

At 1 April 2024

-

43,303

-

43,303

Charge for year

-

1,248

3,252

4,500

At 31 March 2025

-

44,551

3,252

47,803

NET BOOK VALUE

At 31 March 2025

200,000

1,809

13,009

214,818

At 31 March 2024

200,000

2,886

-

202,886

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2024

60,050

46,360

16,261

122,671

Cost

139,950

-

-

139,950

200,000

46,360

16,261

262,621

14.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

547,841

AMORTISATION

At 1 April 2024

67,841

Charge for year

3,094

At 31 March 2025

70,935

NET BOOK VALUE

At 31 March 2025

476,906

At 31 March 2024

480,000

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

Fair value at 31 March 2025 is represented by:

£

Valuation in 2024

160,650

Cost

387,191

547,841

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

282

Prepayments and accrued income

5,840

969

5,840

1,251

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,989

3,279

Other creditors

489

8,302

Accrued expenses

4,418

3,500

6,896

15,081

17.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

96,701

19,313

(8,840

)

107,174

Designated Capital Fund

374,599

-

12,353

386,952

Future Running Cost Fund

50,000

-

-

50,000

Planned Maintenance Fund

50,000

-

-

50,000

Revaluation reserve

240,293

-

-

240,293

811,593

19,313

3,513

834,419

Restricted funds

NPTCBC-Community car scheme

8,847

(745

)

-

8,102

Capital Restricted Fund

67,994

-

(3,513

)

64,481

Community Car grant

-

13,009

-

13,009

76,841

12,264

(3,513

)

85,592

TOTAL FUNDS

888,434

31,577

-

920,011

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

133,975

(114,662

)

19,313

Restricted funds

NPTCBC-Community car scheme

-

(745

)

(745

)

Community Car grant

20,000

(6,991

)

13,009

20,000

(7,736

)

12,264

TOTAL FUNDS

153,975

(122,398

)

31,577