REGISTERED COMPANY NUMBER: 08601303 (England and Wales)

REGISTERED CHARITY NUMBER: 1170264

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2025

FOR

CYFLE BUILDING SKILLS LTD

Page

Report of the Trustees

1

to

4

Report of the Independent Auditors

5

to

7

Statement of Financial Activities

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

to

19

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 August 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

On 18 November 2016, the company obtained charitable status. Our main activities are to advance, develop and promote the educations of persons through Wales and England by way of the provision of apprenticeship schemes and training opportunities in relation to construction and/ or related occupations which may relate to the built environment as the Charity's trustees think fit.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Cyfle Building Skills Ltd has received many accolades which illustrates the success of the apprenticeship scheme. Such recognitions include The Princess Royal Award for Outstanding Training and Skills Development and also the Princess Royal Award for Quality, Diversity and Inclusion in the Workplace.

In order to sustain and grow its activities, Cyfle Building Skills plans to actively submit applications to a variety of awarding bodies and funding streams. By pursuing multiple sources of income, the charity aims to diversify its funding base, strengthen financial resilience, and ensure the continued delivery of high-quality apprenticeship and skills development programmes. This proactive approach allows Cyfle to respond to emerging opportunities, support more learners and employers, and maintain its long-term commitment to the construction and technical sectors.

Cyfle is proud to confirm its intention to apply for a further Queen's Award for Enterprise. Building on our previous success, 2025 has marked a major milestone for the organisation, as we have now supported and employed over 1,000 apprentices. This achievement reflects our continued commitment to skills development, economic growth, and the creation of long-term career opportunities across our communities. We believe this progress demonstrates the sustained impact, innovation, and dedication required of a Queen's Award recipient, and we are excited to put forward our application for further recognition under this prestigious honour.

Cyfle Building Skills Ltd has diversified its operation with the Regional South West Wales Onsite Construction Hub. This innovative scheme, in collaboration with the Construction Industry Training Board's (CITB) Onsite Experience Commission, offers site experience, training opportunities and mentoring to candidates considering a career in construction.

The South West Wales Onsite Experience Commission is scheduled to conclude in March 2026. However, due to the strong outcomes delivered through the programme and the continued demand for onsite apprenticeship opportunities, we are now actively seeking funding to secure a further year of delivery. Extending the Commission into 2027 would enable us to maintain momentum, continue supporting learners and employers, and build on the positive impact already achieved across the region

The delivery of the South West Wales Onsite Construction Hub and a new Low Carbon Awareness Training scheme takes place across five local authority areas within the region and is designed to help tackle the skills gap within the construction industry. Although Cyfle does receive funding for this Low Carbon Awareness Training anymore we continue to raise awareness within the Industry offering on line Training in Low Carbon Awareness.

Cyfle Building Skills Ltd attributes its success and increase in profitability to the diversity of the organisation and its ongoing commitment to invest in the community we serve.

Cyfle Building Skills is in the process of taking over the Y Prentis scheme, creating an opportunity to expand and strengthen apprenticeship provision across Wales. This development will allow Cyfle to build on Y Prentis' established reputation and infrastructure, combining resources, expertise, and networks to enhance opportunities for learners and employers. By bringing the scheme under the Cyfle umbrella, we aim to ensure continuity for existing apprentices, widen regional reach, and deliver even greater impact within the construction and skills sectors.

FINANCIAL REVIEW

Reserves policy

Reserves policy The Board has set out the charity’s reserve policy to enable trustees to be in proper financial control of the organisation and meet its legal obligations.

The Board has set the reserves policy to ensure there are enough funds to cover designated closure costs, which include staff redundancy costs and any outstanding amounts owing at the year end along with a provision for the expected decrease in Welsh Government funding in future periods.

The charity recorded total income of £2,610,435 (2024: £2,411,836) and expenditure of £2,482,607 (2024: £2,442,085) in the year. The net surplus for the year was £127,828 (2024: net deficit of: £30,249), which has resulted in reserves at 31 August 2025 of £832,833 (2024: £705,005).

FUTURE PLANS

The Charity aims to continue offering the full range of services it currently delivers, with a strong focus on expanding its impact and reach. Building on the success of the South West Wales Shared Apprentice Scheme, the Charity hopes to grow from employing 1,000 apprentices to 2,000 apprentices in the coming years. This ambition includes extending the Shared Apprentice Scheme into the South East Wales region, ensuring greater access to high-quality apprenticeship opportunities across a wider geographic area.

In addition, the Charity plans to continue delivering a green work experience programme for Mechanical & Electrical and Technical learners, alongside the ongoing delivery of the South West Wales Onsite Hub. Together, these developments will strengthen opportunities for apprentices, employers, and communities across Wales.

Risk management

The trustees recognise their responsibility to identify, assess, and monitor the risks to which the charity is exposed. They ensure appropriate internal controls and governance processes are in place to provide reasonable assurance against fraud, error, and operational or financial risk. The trustees review these arrangements regularly to maintain strong accountability, transparency, and protection of the charity's resources and beneficiaries.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The appointment of a new trustee is an important matter. Before appointing a new trustee, the trustee board must make sure that it is acting within the law, in accordance with the charity's governing document, and that the prospective trustee is not disqualified from being a trustee. The trustees must first ensure that the prospective trustee is permitted to be a trustee. This will include being of age (at least 16 years old), not being disqualified under the Charities Act 2011, being a fit and proper person, and being able to work with children and vulnerable adults.

A trustee shall cease to hold office if they become disqualified, decide to retire or the board decides to remove a trustee for a specific reason. The removal of a trustee by the board can only take place if the board has a good reason to remove the trustee,

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

08601303 (England and Wales)

Registered Charity number

1170264

Registered office

Ammanford Campus

Dyffryn Road

Ammanford

Carmarthenshire

SA18 3TA

Trustees

W G John Company Director

K H Pearson Company Director

W J Davies Director

O H Jones Director

A R Thomas Director

D V Jones Company Director

Company Secretary

O H Jones

Senior Statutory Auditor

Llinos Williams

Auditors

Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Cyfle Building Skills Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 14 May 2026 and signed on its behalf by:

O H Jones - Trustee

Opinion

We have audited the financial statements of Cyfle Building Skills Ltd (the 'charitable company') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

14 May 2026

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

1,117,920

-

1,117,920

858,787

Charitable activities

4

Charitable activities

1,436,911

47,000

1,483,911

1,545,957

Investment income

3

8,604

-

8,604

7,092

Total

2,563,435

47,000

2,610,435

2,411,836

EXPENDITURE ON

Charitable activities

5

Charitable activities

2,435,607

47,000

2,482,607

2,442,085

NET INCOME/(EXPENDITURE)

127,828

-

127,828

(30,249

)

RECONCILIATION OF FUNDS

Total funds brought forward

705,005

-

705,005

735,254

TOTAL FUNDS CARRIED FORWARD

832,833

-

832,833

705,005

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

2,739

-

2,739

7,401

CURRENT ASSETS

Debtors

12

244,735

-

244,735

326,432

Cash at bank

693,323

-

693,323

434,096

938,058

-

938,058

760,528

CREDITORS

Amounts falling due within one year

13

(107,964

)

-

(107,964

)

(62,924

)

NET CURRENT ASSETS

830,094

-

830,094

697,604

TOTAL ASSETS LESS CURRENT LIABILITIES

832,833

-

832,833

705,005

NET ASSETS

832,833

-

832,833

705,005

FUNDS

15

Unrestricted funds

832,833

705,005

TOTAL FUNDS

832,833

705,005

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 14 May 2026 and were signed on its behalf by:

O H Jones - Trustee

Cash flows from operating activities

Cash generated from operations

1

250,623

(104,389

)

Net cash provided by/(used in) operating activities

250,623

(104,389

)

Cash flows from investing activities

Interest received

8,604

7,092

Net cash provided by investing activities

8,604

7,092

Change in cash and cash equivalents in the reporting period

259,227

(97,297

)

Cash and cash equivalents at the beginning of the reporting period

434,096

531,393

Cash and cash equivalents at the end of the reporting period

693,323

434,096

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

127,828

(30,249

)

Adjustments for:

Depreciation charges

4,662

6,036

Interest received

(8,604

)

(7,092

)

Decrease/(increase) in debtors

81,697

(62,742

)

Increase/(decrease) in creditors

45,040

(10,342

)

Net cash provided by/(used in) operations

250,623

(104,389

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank

434,096

259,227

693,323

434,096

259,227

693,323

Total

434,096

259,227

693,323

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 (FRS102) (effective 1 January 2015)', 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.

The charity is a private company limited by guarantee without share capital and is incorporated in England and Wales. The registered office is Ammanford Campus, Dyffryn Road, Ammanford, Carmarthenshire, SA18 3TA

Going Concern

The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Presentational and functional currency

The presentational and functional currency is £ sterling.

Significant accounting judgements and key sources of estimation uncertainty

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

This includes determining the value of designated funds needed at the year end to meet specific future expenditure.

Income

Grant 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.

Contribution income is recognised in the Statement of Financial Activities once the charity has received confirmation that a contribution will be received from the provider and the amount of income that will be received.

Other income is recognised in the Statement of Financial Activities in the period it is receivable and to the extent the Charity has provided the services.

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.

Allocation and apportionment of costs

Costs have been allocated as far as possible between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Others have been apportioned based on the estimated usage of the resource.

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

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.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of financial activities.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

Employee benefits

The Charity provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Contributions

1,017,920

858,787

Amounts transferred from Y Prentis Shared Construction Apprenticeship Scheme

100,000

-

1,117,920

858,787

3.	INVESTMENT INCOME

2025

2024

£

£

Deposit account interest

8,604

7,092

4.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Other income

Charitable activities

166,809

277,925

On Site Hub

Charitable activities

539,817

523,869

Employer Network

Charitable activities

83,129

237,398

Grants

Charitable activities

694,156

506,765

1,483,911

1,545,957

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

2025

2024

£

£

CITB Grant

297,892

247,849

Other Grants

-

7,500

Welsh Government - Consortium

100,000

153,750

Welsh Government - FE Work Experience

40,334

97,666

Carmarthenshire County Council - Shared Prosperity Fund

45,000

-

Neath Port Talbot Council - Shared Prosperity Fund

40,000

-

CITB - Y Prentis

47,000

-

The National Lottery Community Fund

20,000

-

Carmarthenshire County Council - Green Work Experience

59,930

-

Cardiff & Vale College - Shared & Supported Apprenticeships

44,000

694,156

506,765

5.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 6)

Totals

£

£

£

Charitable activities

1,805,027

677,580

2,482,607

6.	SUPPORT COSTS

Management

Finance

Totals

£

£

£

Charitable activities

664,189

13,391

677,580

7.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

4,662

6,036

Other operating leases

12,000

-

8.	TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

9.	STAFF COSTS

2025

2024

£

£

Wages and salaries

1,908,829

1,715,420

Social security costs

65,882

-

Other pension costs

24,209

46,000

1,998,920

1,761,420

Total cost in relation to Key Management Personnel during the year was £69,287 (2024: £64,333).

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

2025

2024

Employees

113

113

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

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

858,787

-

858,787

Charitable activities

Charitable activities

1,545,957

-

1,545,957

Investment income

7,092

-

7,092

Total

2,411,836

-

2,411,836

EXPENDITURE ON

Charitable activities

Charitable activities

2,442,085

-

2,442,085

NET INCOME/(EXPENDITURE)

(30,249

)

-

(30,249

)

RECONCILIATION OF FUNDS

Total funds brought forward

735,254

-

735,254

TOTAL FUNDS CARRIED FORWARD

705,005

-

705,005

11.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2024 and 31 August 2025

24,144

5,293

29,437

DEPRECIATION

At 1 September 2024

16,743

5,293

22,036

Charge for year

4,662

-

4,662

At 31 August 2025

21,405

5,293

26,698

NET BOOK VALUE

At 31 August 2025

2,739

-

2,739

At 31 August 2024

7,401

-

7,401

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

244,735

326,432

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Social security and other taxes

29,842

18,593

Other creditors

9,459

7,554

Accrued expenses

68,663

36,777

107,964

62,924

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

12,000

12,000

Between one and five years

60,000

60,000

In more than five years

137,000

149,000

209,000

221,000