REGISTERED COMPANY NUMBER: 02958170 (England and Wales)

REGISTERED CHARITY NUMBER: 1058649

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2026

FOR

YSTALYFERA DEVELOPMENT TRUST

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

17

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 2026. 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.

All the activities the charity delivers at the centre support the wellbeing of the community. The charity host weekly clubs and other organisations that hire rooms, for example, Cocaine Anonymous, Camera Club, Pilates Classes, Sewing Class (Paned and Cmwni (cuppa and company) and Craft Class are part of our Warm Spaces Scheme), Welfare Rights, Neath Port Talbot Credit Union.The charity also holds various events during the year for the community including, Easter Crafts for Children, Macmillan Coffee Morning, Halloween Crafts, Fish n chips supper, Christmas Wreath Making and Tea with Santa.Easter Crafts for Children, Macmillan Coffee Morning, Halloween Crafts, Fish n chips supper, Christmas Wreath Making and Tea with Santa. The charity also contributed to the villages' annual remembrance Sunday by hosting a small buffet after the service at the local cenotaph.

ACHIEVEMENTS AND PERFORMANCE

Achievement and Performance

The charities main source of funding during the year comprised of grants and letting of property for commercial and residential purposes. The charity also have a charity shop, the profits of which will fund the activities of the Trust.

The charity benefits the community by providing a wide variety of events and weekly activities, encouraging and supporting the whole community.

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 (Third Sector Funding) has been obtained.

FINANCIAL REVIEW

Financial position

The trustees are satisfied with the financial position of the charity. The projected income and expenditure for the year exceeded expectations with income received being higher and expenditure being lower than projected.

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 (resigned 12.8.26)

M Gladdish (resigned 3.3.26)

Ms A Christie

Ms R C Makin (resigned 13.8.26)

Ms J Manser-Thomas

I Hawkins (resigned 29.4.25)

P H Brandon (resigned 3.3.26)

Mrs G Payne

Ms B Brittain (appointed 18.9.25)

Ms E M Mustard Gape (appointed 17.6.25)

S M Jones (appointed 18.9.25)

Independent Examiner

Michael Jones

Bevan Buckland Ltd

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

INDEPENDENT EXAMINER

Michael Jones has indicated that he 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 22 September 2026 and signed on its behalf by:

Ms A Christie - 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 2026.

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.

Michael Jones

Bevan Buckland Ltd

Chartered Accountants

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

22 September 2026

2026

2025

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

27,945

-

27,945

64,895

Charitable activities

5

Promote economic and social regeneration of the community

46,288

-

46,288

44,345

Other trading activities

3

44,394

-

44,394

44,505

Investment income

4

129

-

129

230

Total

118,756

-

118,756

153,975

EXPENDITURE ON

Charitable activities

6

Promote economic and social regeneration of the community

102,451

3,010

105,461

122,398

Fundraising activites

19,327

-

19,327

-

Total

121,778

3,010

124,788

122,398

NET INCOME/(EXPENDITURE)

(3,022

)

(3,010

)

(6,032

)

31,577

Transfers between funds

17

16,522

(16,522

)

-

-

Net movement in funds

13,500

(19,532

)

(6,032

)

31,577

RECONCILIATION OF FUNDS

Total funds brought forward

834,419

85,592

920,011

888,434

TOTAL FUNDS CARRIED FORWARD

847,919

66,060

913,979

920,011

2026

2025

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

13

207,593

-

207,593

214,818

Investment property

14

412,844

60,968

473,812

476,906

620,437

60,968

681,405

691,724

CURRENT ASSETS

Debtors

15

3,837

-

3,837

5,840

Cash at bank and in hand

230,770

5,092

235,862

229,343

234,607

5,092

239,699

235,183

CREDITORS

Amounts falling due within one year

16

(7,125

)

-

(7,125

)

(6,896

)

NET CURRENT ASSETS

227,482

5,092

232,574

228,287

TOTAL ASSETS LESS CURRENT LIABILITIES

847,919

66,060

913,979

920,011

NET ASSETS

847,919

66,060

913,979

920,011

FUNDS

17

Unrestricted funds

847,919

834,419

Restricted funds

66,060

85,592

TOTAL FUNDS

913,979

920,011

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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 22 September 2026 and were signed on its behalf by:

A Christie - 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.

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

Land & Buildings

2% 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.

The trustees have considered the fair value of the properties and they do not believe there is any movement in the value at the year end.

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 and bank loans, 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

2026

2025

£

£

Grants

27,945

64,895

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

2026

2025

£

£

CRF Funding

25,000

40,000

Co-Op Community Fund

1,245

500

Blakemore Foundation

100

-

Warm Spaces Funding

1,600

4,395

Community car

-

20,000

27,945

64,895

3.	OTHER TRADING ACTIVITIES

2026

2025

£

£

Fundraising events

370

461

Shop income

44,024

44,044

44,394

44,505

4.	INVESTMENT INCOME

2026

2025

£

£

Interest receivable - trading

129

230

5.	INCOME FROM CHARITABLE ACTIVITIES

2026

2025

Activity

£

£

Room Hire

Promote economic and social regeneration of the community

7,246

7,934

Trust Services

Promote economic and social regeneration of the community

3,876

3,003

Rental Income

Promote economic and social regeneration of the community

30,835

27,815

Sundry Income

Promote economic and social regeneration of the community

1,881

1,596

Community car income

Promote economic and social regeneration of the community

2,450

3,997

46,288

44,345

6.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 7)

Totals

£

£

£

Promote economic and social regeneration of the community

97,431

8,030

105,461

Fundraising activites

19,327

-

19,327

116,758

8,030

124,788

7.	SUPPORT COSTS

Support

Management

Finance

costs

Totals

£

£

£

£

Promote economic and social regeneration of the community

4,500

21

3,509

8,030

8.

OTHER

2026

2025

£

£

Support costs

8,030

8,218

9.	NET INCOME/(EXPENDITURE)

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

2026

2025

£

£

Depreciation - owned assets

7,878

4,500

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2026 nor for the year ended 31 March 2025.

11.	STAFF COSTS

2026

2025

£

£

Wages and salaries

48,224

49,166

Other pension costs

4,155

2,918

52,379

52,084

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

2026

2025

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.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

44,895

20,000

64,895

Charitable activities

Promote economic and social regeneration of the community

44,345

-

44,345

Other trading activities

44,505

-

44,505

Investment income

230

-

230

Total

133,975

20,000

153,975

EXPENDITURE ON

Charitable activities

Promote economic and social regeneration of the community

114,662

7,736

122,398

NET INCOME

19,313

12,264

31,577

Transfers between funds

3,513

(3,513

)

-

Net movement in funds

22,826

8,751

31,577

RECONCILIATION OF FUNDS

Total funds brought forward

811,593

76,841

888,434

TOTAL FUNDS CARRIED FORWARD

834,419

85,592

920,011

13.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2025

200,000

46,360

16,261

262,621

Additions

-

653

-

653

At 31 March 2026

200,000

47,013

16,261

263,274

DEPRECIATION

At 1 April 2025

-

44,551

3,252

47,803

Charge for year

4,000

626

3,252

7,878

At 31 March 2026

4,000

45,177

6,504

55,681

NET BOOK VALUE

At 31 March 2026

196,000

1,836

9,757

207,593

At 31 March 2025

200,000

1,809

13,009

214,818

Cost or valuation at 31 March 2026 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2024

60,050

-

-

60,050

Cost

139,950

47,013

16,261

203,224

200,000

47,013

16,261

263,274

14.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

547,841

AMORTISATION

At 1 April 2025

70,935

Charge for year

3,094

At 31 March 2026

74,029

NET BOOK VALUE

At 31 March 2026

473,812

At 31 March 2025

476,906

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

Fair value at 31 March 2026 is represented by:

£

Valuation in 2024

160,650

Cost

387,191

547,841

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

200

-

Other debtors

1,231

-

Prepayments and accrued income

2,406

5,840

3,837

5,840

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

3,544

1,989

Other creditors

470

489

Accrued expenses

3,111

4,418

7,125

6,896

17.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.25

in funds

funds

31.3.26

£

£

£

£

Unrestricted funds

General fund

107,174

230

707

108,111

Designated Capital Fund

386,952

(3,252

)

15,815

399,515

Future Running Cost Fund

50,000

-

-

50,000

Planned Maintenance Fund

50,000

-

-

50,000

Revaluation reserve

240,293

-

-

240,293

834,419

(3,022

)

16,522

847,919

Restricted funds

NPTCBC-Community car scheme

8,102

(3,010

)

-

5,092

Capital Restricted Fund

64,481

-

(3,513

)

60,968

Community Car grant

13,009

-

(13,009

)

-

85,592

(3,010

)

(16,522

)

66,060

TOTAL FUNDS

920,011

(6,032

)

-

913,979