REGISTERED COMPANY NUMBER: 02705081 (England and Wales)
REGISTERED CHARITY NUMBER: 1047268
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
FOR
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
Llewelyn Davies
Chartered Accountants / Statutory Auditors
Yelverton House
St John Street
Whitland
Carmarthenshire
SA34 0AW
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Statement of Financial Activities |
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Balance Sheet |
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Cash Flow Statement |
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended30September2020. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The objects of PLANED as set out in its governing document are:
a)TorelievepovertyandtopromotetheeducationandtrainingoftheinhabitantsofPembrokeshire, and
otherareasasappropriate,whothroughtheirsocialandeconomiccircumstancesareinneedand unable
togainemploymentandinparticulartopromoteandsupportschemeswheresuchpeoplemay receive
training for employment.
b)Toadvanceeducationandtoprovidefacilitiesintheinterestofsocialwelfareforrecreationand leisure
time occupation with the object of improving the condition of life of the inhabitants of the area.
c)Topromoteresearchintotheeconomicandstructureresourcesandproblemsoftheareaand publish
the useful results of that research.
Strategic Aims
PLANEDwithitsnew,improvedandskilledteam,hasalreadyembarkedonamorepositiveand inclusive
processoforganizationalchange,whichhasmadePLANEDmorepositive,inclusive,andtransparentin its
approach.
Thecultureoftheorganizationismoreforwardlooking,andcontinuestopositivelyevolve,asweare no
longerrestrictedandheldbackbyoutdatedmethodologies&practices;insteadpromotingtheuse of
technology,digitalopportunities,andfeedbackdirectlyfromcommunitiesonhowandwhentheywant to
beengagedtopromotemoreequitableandsustainablepartnershipworking;particularlypostCOVID and
the increased used, promotion, and support of digital technologies.
Theinclusionofappropriatelyqualifiedandprofessionallyskilledcolleagueswithinkeyposts, enables
PLANED to continue to proactively and positively deliver on its clear vision for working:
"Passionate about supporting people, and delivering ideas that change communities"
TheBoardandChiefExecutivecontinuetopromoteandsupportthisapproach,andhowthiswill be
deliveredsupportedbyanewinnovativeandclearvisionfortheorganizationpostCOVID.Theaimis that
thiswillcontinuetobereviewedandevolvetomeetthewiderchangingenvironmentexternally as
workingpracticeschange,andcommunityexpectationsevolve,whilstsupportingourteamand assets
internally in all appropriate ways to further deliver on our core objectives.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
OBJECTIVES AND ACTIVITIES
Values and Approaches
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PLANED's approach is based on the development of a collective vision at community level.
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PLANED works with communities to identify their priorities without imposing judgement on what those
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priorities should be.
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PLANED supports communities to do things for themselves.
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PLANED promotes dialogue between all stakeholders and seeks to broker working relationships and
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overcome barriers.
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PLANED promotes innovation and seeks to provide a mechanism for sharing new ideas.
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PLANED's outcomes and those for communities are informed and well-founded
PLANEDisanadvocateanddelivererofcommunity-ledlocaldevelopmentanditsroleistoengage local
peopleinPembrokeshireinimprovingtheirqualityoflife-culturally,socially,environmentally and
economically.
PLANEDisacommunity-ledpartnershipestablishedasasocialenterprise,aDevelopmentTrust, a
charity,andacompanylimitedbyguarantee,withitsBoardmembersbeingrepresentatives from
communities and from the public and private sectors.
PLANEDhas33years'experienceofimplementingintegratedruraldevelopmentthrough supporting
enterprise,sustainableagricultureandtourism,heritageandenvironmentalactivities, through
community engagement and participation.
PLANEDencouragesacommunitycultureofenterprisesupportingpeopletoharnesstheir skills,
knowledgeandenthusiasm-tosafeguardtheirfuture.Thisisachievedthroughdeliveringlocally tailored
initiatives,whichbuildonexistingcommunitystrengthsandempowerlocalpeople,whileensuring effort
in one area of development adds value to other areas.
PLANEDisanorganisationthatworkswithgeographiccommunitiesandcommunitiesofinterest to
identify,developandimplementsustainableprojectsthatimprovethewellbeingofthecommunitywith a
focus on long-term, integrated, collaborative actions.
PLANEDfulfilsavitalroleinsupportingrepresentationbyempoweringandenablinglocalcommunities to
befullandequalpartnersinthedevelopmentoftheirarea,andiscommittedtowidenparticipationin its
work and promoting equalities and social cohesion and inclusion.
PLANED has experience of
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developing innovative engagement techniques;
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supporting community action;
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developing thematic networks;
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facilitating stakeholder events and workshops;
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delivering training;
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initiating, designing and undertaking research;
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marketing and promotion;
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project management; and
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financial management and administration of small and large-scale funded projects.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
ACHIEVEMENT AND PERFORMANCE
PLANED Projects:
LEADER - Welsh Government Rural Communities - Rural Development Programme 2014 - 2020
TheLEADERprogrammeispartoftheWelshGovernmentRuralCommunities-Rural Development
Programme2014-2020,whichisfinancedbytheWelshGovernmentandEuropeanAgriculturalFund for
RuralDevelopment(EAFRD).ThesevenprinciplesofLEADERare:AreaBased;Community Participation;
Integration; Networking; Co-operation; Innovation and Partnership Working.
PLANEDistheadministrativebodyforArwainSirBenfroLocalActionGroup(LAG),arolewhich entails
providingtheprogrammeandfinancialmanagement,administrationsupportandimplementing and
animationfunctionfortheLAG,whichwillcometoitsprogrammedconclusionattheendof December
2021.
TheAnimationandImplementationprojectswithintheLEADERprogrammecontinuedtobe delivered
withinthefirsthalfofthisreportingperioduntilthefirstlockdowninMarch2020.Someactivities of
projectsmovedonline,whilstothersremainedonholduntilrestrictionsbeguntobeeasedin summer
2020.Duringthistime,manyofthecurrentprojectswereextendedintermsoftheirtimefor deliver
withoutanyadditionalfinancialsupport,toallowthemtocontinuedeliveryagainsttargets.Over 65
projectshavebeenapprovedandfundedbytheendofthismeasurementperiod,withalmost50 projects
either already having done so, or will be shortly, completing delivery by 2021.
Innovative Heritage
InnovativeHeritagewasoriginallyconceivedasaworkingpartnershipwithasmallnumber of
communitieswithinPembrokeshire,whileThePeople'sCollectionWaleswouldsupportthe digital
perspective.OneoftheaimsoftheInnovativeHeritageprojectwastohelpraiseawarenessof digital
applicationsforuseininterpretationbutsadlytheprojectsufferedfromalackofdirectioninthe early
partofthisperiodwhichsawit,andassociatedoutputsbecomedormant.Followingtherecruitmentof a
qualifiedandprofessionallyexperiencednewCulturalCoordinator,thisprojectflourishedandhas the
architecturenowinplacetodelivermorepositiveandsustainableoutcomesthanpreviously.With the
onsetofCOVIDandlockdown,theclearlinkagesmadewithcommunitiesandotherPLANED projects,
assistedcommunitiesandparticipantsmorethaneverthroughdigitalmeans,tovisiblydemonstrate how
this project now does truly embrace an innovative approach to local, community based heritage.
Sustainable Agriculture and Natural Resources
PLANED'sPembrokeshireSustainableAgricultureNetwork(PSAN)hasbeenrunningfor10yearsand now
involvesstakeholdersfromover40organisationsrepresentingthefarming,environmentaland agri-
food/businesssector.DespitethechallengesofCOVID,movingtoonlinemeetings,PSANcontinues to
promotesdiversificationandentrepreneurialopportunitiesandlinkageswithintheruralcommunity by
facilitatingco-operationandcollaborationbetweenkeypartnersandsectorssuchasfood,tourism and
energy,thusprovidingthemechanismtotailoropportunitiestolocalcircumstances.PSANcontinues to
meetquarterlytotakeforwardideas,projectsandopportunitiesrelatingtoSustainableAgriculture post
COVID, and the renewed interest and support in local supply chains and food provenance.
FollowingasuccessfulapplicationtotheWelshGovernmentSustainableManagementScheme for
PLANED'sBuildingResilienceintoCatchments(BRICS)projectcommencedlaterthanplanned, and
deliveredanumberofkeysuccessesworkingwithfarmersinthenominatedcatchmentareas,and with
partners.However,challengesontheavailabilityandsupplyofdataandotherinformationfrom national
partners,continuedtoprovideasignificantbarriertoprogressionofpostprojectplanning.Whilst Climate
ChangeResilienceplanshavebeenakeyoutcomeoftheproject,despitethechallengesof obtaining
someelementsofthedatarequired,theyhaveasworkingdocuments,aimedtoimprove soil
management,watermanagementandhabitatsonparticipatingfarms,andtargetedmeasuressuch as
nutrientsoilmapping,precisionfarmingandintegratedconstructedwetlandswillbenefit farms
financially,aswellasenvironmentally.TheimpactofCOVIDontheprojectwasthatallactivityhad to
stopimmediatelyduetothenatureoftheworkandrisksinvolved.However,withanextensionto the
projectgrantedbyWGinlightofthetimechallengesduetolockdown,activitiesitishoped will
recommencein2021andthatthevalueoftheactionsundertakenonallthefarmscancreate an
economic and environmental benefit and a future investment opportunity for Pembrokeshire.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
Big Lottery Rural Programme - DATRIS
AsuccessfulapplicationtotheRuralProgrammeProjects(BigLottery)resultedinafiveyear project
calledDATRIS-DigitalAssets&TraininginRuralInnovativeSolutionswhichcontinuesto engage
communitybasedmentorstouseandpromotedigitaltechnologieswithinthewidercommunityand using
thecommunityhallsashubs.WithfurtherRCDFfundingtoenhancetheprojectwithacommunity vehicle
tofurtherengage,alsobeingsuccessful,theDATRISprojectcontinuestogofromstrengthto strength
withanumberoftailoredbespokecommunityeventsbeingheldduringthisperiod,engaging all
demographicsacrossthecounty.Theprojecthasalsoestablishedmanypositivepartnerships, delivering
outputsinpartnershipwiththeWelshlanguagecommunityhubinCarmarthenshire;theNational Museum
ofWales;PembrokeshireCollege;andmanyotherorganisationsandpartnersacrosstheregion. Current
plansattheendofthisreportingperiodsawtheimpactofCOVIDandlockdownscreateahuge increase
indemandandsupportfromtheprojectwithequipmentloanstoaddressisolationaswellas connectivity
tobothcommunityprojectsandvulnerableindividuals.Trainingmovedonlinetosupportothers expand
theirdigitalfootprintsandcommunicationoutlets,whilstdigitalsupportforbespokeprojects and
collaborations with others has also increased, and will form the basis of future opportunities post COVID.
Rural Community Development Fund
AprevioussuccessfulapplicationtotheRuralCommunityDevelopmentFund(Welsh Government)
resultedinacapitalinvestmentforthedevelopmentoftheRegionalHubforTacklingPovertytobe based
attheOldSchoolHall.ThecapitalworkscompletedbySpring2018createdamodernofficespace for
PLANEDstaffandexternalpartners,andwillcontinuetodevelopaspreviousdesignand infrastructure
errorsofformerstaff,arenowaddressedproperlyandprofessionally.Duringthisperiod,thebuilding has
placedhosttoanumberofcommunitypartnerstosupporttheirownprojects,includingthePrinces Trust,
Ti'rCoed,PAVS,CommunityEnergyPembrokeshire,andmanyothers.Thisopenandinclusive approach
continuestoaligntothePLANEDethosofpromotingsupportforpeople,particularlythosecurrentlyat a
distancefromtraditionalservicesandprojects.WhilstCOVIDhasimpactedonthisformuchof2020,it is
hoped that a phased return to collaborative working in a safe space, will be revisited and promoted.
Commmunity Well-Being & Resilience Project
Atwo-yearpilotprojectfundedbyLEADERhascontinuedtoworkwithcommunitiesinexploring how
townandcommunitycouncilscanbuildcommunitywell-beingandresilience,byengaging their
communitiestodeveloplocalwell-beingassessments,plansandprojectactivities.Outcomesofthe work
onmanyofthe12communitiestargetedwithinthepilot,havecontinuedtofeedintoandinform the
county-wideWell-BeingAssessmentandPlanundertakenbythePublicServicesBoard(PSB),as required
bytheWell-BeingofFutureGenerationsAct(2015),whilstalsosupportingthedeliveryof the
PembrokeshireWell-BeingPlan.Thenewteamandmanagementinplacewhichhasseentheproject go
fromstrengthtostrengthhasseenitsoutputsshiftinresponsetoCOVID.Thisincludedaone-off grant
fromtheLotterytosupportCWBRCovidactivitieswithincommunitiestosupportTown& Community
Councilsremainengagedandsupported,aswellasschoolandyouthorganisations.Theproject funding
currentlyisduetocompletein2021,andplansareinplacetodevelopandexpandkeyelementsof the
current project, and opportunities delivered.
Pembrokeshire Community Land Trusts
ThispilotprojectfundedbyLEADERisduetobecompletedin2020,havingclearlydemonstrated that
workingwithcommunities,ithasdeliveredagenuineapproachandinclusivetemplatefor permanent
affordablehomesandlandownedandrunbylocalpeople.Theprojecthassuccessfullyworkedwith a
numberofcommunitieswithinPembrokeshiresuchasSolvaandRoch,toidentifywherethere is
opportunityforhousingandlanddevelopmentwhilstsupportingpartnershipdevelopmentacross the
sector.Theworkinpartnershiphasincludedanexcellentworkingrelationshipandmentoring from
WessexCommunityLandTrust,whoareoneoftheleadingCLT'sinalloftheUK.Fundingwassecured in
2020fromtheEnhancingPembrokeshireFundtocontinuetheprojectforafurther12months,with the
supportofATEBinhostingthesupportofficerontheproject,priortoitsclosein2021when further
options will be considered.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
Preseli Heartlands Communities
PreseliHeartlandsCommunitiesisathreeyearHeritageLotteryFundedGreatPlaceProjectthataims to
celebrateandsharetheuniqueheritageandcultureofthePreseliarea,withanexcitingprogramme of
activitiesandevents.Theprojecthasalreadydeliveredanddemonstratedsuccessfully,itsabilityto work
inpartnershipwithorganisationsandcommunitiestoensurethatheritageandcultureare firmly
embeddedinfuturedevelopmentplans.Followingaseriesofeventswhichtheprojecthascontinued to
deliverandpromotein2019andinto2020,thepandemicandCOVIDlockdown,hasseenmuch its
summer2020programmeworkingwithincommunitiesatvenuesandlocationsacrossthecountyput on
hold.Activitieshoweverweremovedonline,andanactivesocialmediacampaignhasbeen a
considerablesuccess.AnextensionoftheprojectasagreedwiththefundingbodyduetoCOVID, will
allowmanyofthecommunitybasedactivitiestohopefullybedeliveredduring2021subject to
restrictionsandCOVIDbasedguidance.However,thelessonslearntfromtheprojectwillinform the
developmentofafurtherheritageandculturalbasedproject,ledbyourskilledandwellconnected team
within PLANED.
Community Cooperative Shares Support Service for Pembrokeshire
ThePembrokeshireCommunityCooperativeShareOffersSchemesupportscommunitieswithshare offers
topurchaselandandbuildingstokeeplocalservicesaliveandtodevelopnewones.Community shares
canonlybeissuedbysocieties.SocietiesaresubjecttotheCo-operativeandCommunity Benefit
SocietiesAct2014.AdedicatedsingleofficerisworkingacrossthewholeofPembrokeshireto support
andguideanyonewhohasenterprisingideasfortheircommunityassetsorwhowanttofindout more
abouthowcommunitysharesmightworkintheirareatosavelocalshopsandservices,aswellas helping
finance renewable energy projects, and support for local sports clubs.
FINANCIAL REVIEW
Financial Review
PLANEDhasanenviabletrackrecordinaccessingEuropeanandNationalfundingandhasa valuable
assetbasehavingpurchasedasmallindustrialsitesomeyearsago.Thecharityusesthesurplus income
fromthissitetounderwritematchfunditsmanyprojectsandprogrammes.Duringthisperiod PLANED
hascontinuestheroleasadministrativebodyfortheLEADERLocalActionGroupfor Pembrokeshire,
'ArwainSirBenfro'.TheProgrammewilllikelycompleteattheendof2021,andnewprojectsto draw
downnewreplacementfundinginpart,continuestobedevelopedbytheteaminternallybased on
community demands, and internal expertise.
Reserves policy
ThetrusteesofPLANEDshallretainareserveof£100,000atanyonetimeinordertomeetany financial
requirements,shouldthecompanybewoundup,withanyfurthercostsbeingmetfrom PLANED's
property portfolio.
ThetrusteesofPLANEDshallringfence£50,000ofitsunrestrictedincomeperyearforusebythe charity
infulfillingisobjectsandmaintainingitsassets.£50,000shallbeallocatedforsalaries,operating costs
andspeculativeexpenditure.£50,000shallbeusedforcontingencymatchfundingcontributions. This
will apply on the case that a comprehensive proposal is approved by the Board.
ThetrusteesofPLANEDshallimplementaninvestmentplanforPLANED'sassetsfromrental income
outside the reserve policy and as part of the main PLANED business plan.
TheuseofsuchfundswillbemonitoredbytheFinanceandResourcesCommitteeandreviewedon a
quarterlybasisbytheCommittee,withrecommendationstobemadetotheTrusteeBoardfor decision
making.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
FINANCIAL REVIEW
Risk Management
TheTrusteesandFinanceandExecutiveCommitteeoftheCompanymeetregularlywithPLANED's Senior
ManagementtoconsiderandreviewtheCompany'sfinancesandagreeactionwhereappropriate. Minutes
ofthemeetingsarecirculatedtothemainPLANEDBoardaffordingallmembersanopportunity to
comment.
TheCompany'sactivitiesarealsoconsideredinordertoidentifyopportunitiesavailableandtherisks to
whichitisexposed.Inaddition,theSeniorManagementisworkingwithPLANEDstaffand partner
organisationstodevelopprojectswhichwillraiserevenueforthelongtermsustainabilityofthe Company
and to extend the range of services which can generate regular income.
Theestablishmentofcomprehensivefinancialreportingsystemsandproceduresmitigateagainstrisk and
thecloseliaisonbetweenofficersandtrusteesensures,atanearlystagethatactionistaken where
necessary.
COVID-19
Incommonwithmostcharities,PLANEDhasbeenaffectedbytheCOVID-19pandemic.Itis fortunate
thatsomeofthecompany'sfundinghasbeensecuredforseveralyears,butthetrusteesare conscious
thatthefullimpactmaynotbeknownforsometime.Thetrusteesarecontinuallymonitoring the
situation,andarekeepingcontrolovercostsandinvestigatingavailablegrantstoassistin these
uncertaintimes.Asaresultthetrusteesbelievethatitisappropriatetoproducetheaccountsina going
concern basis.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
LOOKING FORWARD
TheimpactofCOVIDduringthisreportingperiodhasbeenaconsiderablechallengeforPLANEDasit has
been for many other community based organisations.
However,withaflexibleapproachandclearleadershipoperationally,theorganisationhas responded
effectivelyandefficientlytotheneedsofcommunities,projects,partners,anditsownteam internally.
WithsuccessfulbidstoCOVIDrelatedfunding,theorganisationhasbeenabletoadapt,sustain, and
developmanyofitsexistingoutputsandskills,tocontinuetosupportcommunitiesinnewand innovative
ways during the height of lockdown.
However,itmustbenotedthatpriortolockdownduringtheautumnandwinterof2019-2020, internal
procedurescontinuedtobereviewed,updated,anddevelopedinaccordancewithfutureneeds and
aspirationsfortheorganisation.ThisprocessalreadycommencedbytheChiefExecutiveintheAutumn of
2018wasfurtherfast-trackedaftertherestructureofSpring2019,andappointmentof skilled
professional new team members in late summer 2019.
ThepreviousVisiondocumentforPLANEDpromotedinearly2019,andputonholddueto staff
restructuring,hadbeguntoberevisitedinearly2020,buthassincebeensidelinedduetothe lockdown
andchangeofworkingparameterssinceMarch2020.Theaspirationistorevisitthisexisting Vision
document, and refresh and adapt in line with the post COVID environment in 2021.
ThereplacementofLEADEREuropeanfundingcontinuestoproveachallengeforPLANED,asitwilldo for
manyotherlegalrepresentativebodies.Withaskilledandprofessionalteaminplacewithin the
organisation,despitethechallengesofworkingaroundthepandemic,lockdowns,andCOVIDin general,
newprojectscontinuetobedeveloped.Theseprojectsbuildontheexistingknowndemands of
communities,andtheskillsretainedanddevelopedwithinPLANED,toprogressforapplyingfor funding
towardssustainableandmeaningfulprojects.AnumberofEOI'shavebeendevelopedduringthe summer
of2020,andsubjecttofurtherengagementandscrutiny,willprogresstosubmissioninlate 2020/early
2021.
PLANEDnowhasaconsiderableincreasedprofileregionallyandnationally,leadbyitsChief Executive
andseniorteamwithanincreasingvoiceatappropriatediscussionsalongsidepartners.Working closely
nowmorethaninpreviousyearswithkeyregionalpublicsectorbodiesandimproveddialogue with
WelshGovernmentMinistersandSeniorOfficials,theteamareengagingonmoreapplicablebroader and
sustainablesuiteofforumsandbodiesthanithasdoneinrecentyears.ThisenablesPLANEDto promote
theneedsofcommunitiesmoreeffectively,anddemonstratethevalueitcanbringasanorganization to
input with authority, evidence, and genuine passion.
Wewillcontinuetopromoteandidentifynewinnovativewaysofworkingdigitallywithourpartners and
communitiespostCOVID,andtofurthersupportourteamwithappropriateopportunities for
collaboration locally, regionally, and nationally.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
PLANEDisacompanylimitedbyGuaranteeandnothavingasharecapital.Theliabilityofmembers in
the event of the charity being wound up is limited to £1 each.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
AtthefirstAnnualGeneralMeetingoftheCompanyafteradoptionoftheArticles,theBoard members
and therefore trustees shall resign and shall be eligible for election or appointment.
TheHonoraryOfficersoftheAssociationshallbeelectedbytheBoardasspecifiedinArticle10.6of the
ArticlesofAssociationofPLANED,andtrusteesasinArticles10.4-10.10willbeelectedtoservefor a
period of up to three years from the date of their election.
TheBoardmayco-optuptosixtotheBoard,havingspecialqualificationstoassistintheobjectsof the
Company.Co-optedtrusteesshallserveforaperiodnotexceedingthreeyearsbutmaybere-elected at
theendofthisperiod.TheymustbeproposedandsecondedbytrusteesoftheBoardinwriting before
themeetingatwhichitisproposedtheyshallbeelected.Theymayattend,speakandvoteat meetings
of the Board and sub-Boards.
TheCompanymaybyOrdinaryResolutionlaidbeforetheCompanyinGeneralMeeting,ofwhich special
noticehasbeengiveninaccordancewithSection303oftheAct,removeanytrusteebefore the
expirationofhisperiodofofficenotwithstandinganythingintheseArticlesoranyagreementbetween the
Company and such trustee.
NopersonmaybeappointedasaBoardtrusteeunlesshehasattainedtheageof18years,norin such
circumstancesthathadhealreadybeenaBoardtrustee,hewouldhavebeendisqualifiedfrom acting
under the provisions of Article 52.
Organisational structure
TheBoardhaveprimaryresponsibilityfordeterminingthepolicyofPLANEDwhiletheSenior Management
andstaffofPLANEDareaccountableforimplementationofpolicyandoperationalmatters.Theteam at
PLANED consist of a mix of full and part-time employees averaging 23 in total across the period.
ThePLANEDBoardconsistsoftheChair,aVice-Chair,andTreasurerandupto12trustees appointed
from the community, voluntary and private sectors as follows.
AFinanceandExecutivecommitteehasbeenelectedfromtheBoardmembershipwithitsmainterms of
reference being to:
Review and monitor the accounting processes;
-Overseethefinancialaccountsandadvisewherenecessary;adviseonstaffingmattersasand when
required.
ADevelopmentcommitteehasalsobeenelectedfromtheBoardmembershipwithitsmainterms of
reference being to:
Inaddition,theBoardmayappointcommitteesandsubcommittees/steeringgroupsasand when
appropriateandcanalsoco-optuptosixmemberstotheBoard,havingspecialqualificationstoassist in
the objects of the Company.
Duringthisreportingperiod,theCOVIDPandemictookeffectglobally,andPLANEDhadtorespond by
closingitsoffices,staffworkingfromhome,andmanyprojectsandtheiractivitieseitherbeinglimited in
delivery,oralternatingtheirdeliveryandoutputsonline.Thisalsoincludeddifferingdemands from
communities,partners,andotherprojectsinhowweworkedwith,andsupportedthem,which involved
new methodologies in approach to delivery and planning, as well as upon our expenditure & income.
OrganisationswhoareinvolvedwithPLANEDbyassociationarethefundingbodiesasoutlinedinNote 2
of the Notes to the Financial Statements on page 19.
Induction and training of new trustees
Followingappointment,newBoardtrusteesareintroducedtotheirnewroleandgivenaninduction pack
with a guide to the policies and procedures adopted by the organisation
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02705081 (England and Wales)
Registered Charity number
1047268
Registered office
The Old School
Station Road
Narberth
Pembrokeshire
SA67 7DU
Trustees
Trustees who are also directors of the charity for Companies Act purposes.
T J Price |
Community |
B A Priest |
Community |
E Rawlings |
Co-opted |
W G Barry |
Community |
A G Dixon |
Co-opted |
M O Neal |
Co-opted |
L Upsdell |
Community |
D H Worrall |
Co-opted |
G Davies |
Co-opted |
G Reynolds |
Co-opted |
Auditors
Llewelyn Davies
Chartered Accountants / Statutory Auditors
Yelverton House
St John Street
Whitland
Carmarthenshire
SA34 0AW
Solicitors
Darwin, Bowie & Co
24 High Street
Narberth
Pembrokeshire
Bankers
Barclays Bank Plc
High Street
Haverfordwest
Pembrokeshire
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofPembrokeshireLocalActionNetworkForEnterprise &
DevelopmentLimitedforthepurposesofcompanylaw)areresponsibleforpreparingtheReportof the
TrusteesandthefinancialstatementsinaccordancewithapplicablelawandUnitedKingdom Accounting
Standards (United Kingdom Generally Accepted Accounting Practice).
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthat period.
In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that
thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding
theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention 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
Theauditors,LlewelynDavieshaveexpressedtheirwillingnesstocontinueinofficeasauditors,and a
resolution proposing their re-appointment will be submitted at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 21 September 2021 and signed on its behalf by:
Mr W G Barry - Trustee
-10-
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
Opinion
WehaveauditedthefinancialstatementsofPembrokeshireLocalActionNetworkForEnterprise &
DevelopmentLimited(the'charitablecompany')fortheyearended30September2020which comprise
theStatementofFinancialActivities,theBalanceSheet,theCashFlowStatementandnotesto the
financialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom 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 30 September 2020 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
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledour other
ethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
WehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichtheISAs(UK) require
us to report to you where:
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthereisamaterialmisstatementinthefinancialstatementsoramaterialmisstatementof the
otherinformation.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreport 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.
-11-
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
Matters on which we are required to report by exception
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironment obtained
in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requires 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
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the
directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation
ofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such
internalcontrolasthetrusteesdetermineisnecessarytoenablethepreparationoffinancial statements
that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and
usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Use of our report
Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter 3
ofPart16oftheCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstateto the
charitablecompany'smembersthosematterswearerequiredtostatetotheminanauditors'report and
fornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharitablecompanyandthecharitablecompany'smembersasabody,for our
audit work, for this report, or for the opinions we have formed.
Mr Colin R John FCA FCCA (Senior Statutory Auditor)
for and on behalf of Llewelyn Davies
Chartered Accountants / Statutory Auditors
Yelverton House
St John Street
Whitland
Carmarthenshire
SA34 0AW
21 September 2021
-12-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Other trading activities
3
20,440
Investment income
4
105,800
Total
126,240
EXPENDITURE ON
Charitable activities
5
General
154,263
Net gains on investments
-
NET
INCOME/(EXPENDITURE)
(28,023)
Other recognised
gains/(losses)
Gains on revaluation of fixed
assets
-
Actuarial gains/(losses) on
defined benefit schemes
-
Net movement in funds
(28,023)
RECONCILIATION OF
FUNDS
Total funds brought
forward
1,254,549
TOTAL FUNDS CARRIED
FORWARD
1,226,526 |
Pension
Scheme
£
-
-
-
-
156,000
-
(156,000)
-
171,000
15,000
(893,000)
(878,000) |
Restricted
funds
£
1,029,308
-
-
1,029,308
1,029,308
-
-
-
-
-
-
- |
2020
Total
funds
£
1,029,308
20,440
105,800
1,155,548
1,339,571
-
(184,023)
-
171,000
(13,023)
361,549
348,526 |
2019
Total
funds
£
1,240,890
15,017
112,988
1,368,895
1,476,264
566,650
459,281
16,862
(130,000)
346,143
15,406
361,549 |
|
|
|
|
|
The notes form part of these financial statements
-13-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
BALANCE SHEET
30 SEPTEMBER 2020
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
92,503
Investment property
11
880,000
972,503
CURRENT ASSETS
Debtors
12
7,283
Cash at bank
258,035
265,318
CREDITORS
Amounts falling due within
one year
13
(11,295)
NET CURRENT ASSETS
254,023
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,226,526
ACCRUALS AND
DEFERRED INCOME
15
-
PENSION LIABILITY
17
-
NET ASSETS
1,226,526
FUNDS
16
Unrestricted funds:
General fund
Pension Scheme
Revaluation Reserve
TOTAL FUNDS |
Pension
Scheme
£
-
-
-
-
-
-
-
-
-
-
(878,000)
(878,000) |
Restricted
funds
£
194,950
-
194,950
178,365
307,113
485,478
(499,456)
(13,978)
180,972
(180,972)
-
- |
2020
Total
funds
£
287,453
880,000
1,167,453
185,648
565,148
750,796
(510,751)
240,045
1,407,498
(180,972)
(878,000)
348,526
1,209,664
(878,000)
16,862
348,526
348,526 |
2019
Total
funds
£
261,704
880,000
1,141,704
88,083
429,164
517,247
(261,607)
255,640
1,397,344
(142,795)
(893,000)
361,549
1,237,687
(893,000)
16,862
361,549
361,549 |
|
|
|
|
|
The notes form part of these financial statements
-14-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
BALANCE SHEET - continued
30 SEPTEMBER 2020
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
21 September 2021 and were signed on its behalf by:
Mr W G Barry - Trustee
Mrs L Upsdell - Trustee
The notes form part of these financial statements
-15-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of investment property
Interest received
Net cash used in investing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period |
2020
£
206,110
206,110
(70,485)
-
359
(70,126)
135,984
429,164
565,148 |
2019
£
(285,497)
(285,497)
(50,546)
(6,678)
833
(56,391)
(341,888)
771,052
429,164 |
|
|
|
The notes form part of these financial statements
-16-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Pension costs
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations |
2020
£
(184,023)
44,736
-
(359)
156,000
(97,565)
287,321
206,110 |
2019
£
459,281
11,001
(566,650)
(833)
86,000
(61,507)
(212,789)
(285,497) |
|
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.10.19 |
Cash flow |
At 30.9.20 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
429,164 |
135,984 |
565,148 |
|
429,164 |
135,984 |
565,148 |
Total |
429,164 |
135,984 |
565,148 |
The notes form part of these financial statements
-17-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES
Going concern basis of accounting
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.
TheaccountshavebeenpreparedontheassumptionthatPLANEDisabletocarryonits activities
as a going concern, which the Board consider to be appropriate having regard to the following:
-theCompanyhassecuredstablegrantfundingto2023,andhastakenappropriateaction in
order to cut its ongoing operational costs to align with the funding available; and
-althoughtheFinancialStatementsrecognisethedeficitrelatingtotheDefinedBenefit Pension
Scheme,theliabilityissubjecttosignificantmarketfluctuationandmaynotcrystalisefor some
considerable time.
-incommonwithmostcharities,PLANEDhasbeenaffectedbytheCOVID-19pandemic. The
trusteesarecontinuallymonitoringthesituation,andarekeepingcontrolovercosts and
investigatingavailablegrantstoassistintheseuncertaintimes.Itisfortunatethatsomeof the
company'sfundinghasbeensecuredforseveralyears,butthetrusteesareconsciousthatthe full
impact of the pandemic may not be known for some time.
Income
GrantsaretreatedinaccordancewiththeCharitiesSORP,andarenotrecogniseduntil the
conditionsforreceipthavebeenmet.Wheregrantsarerestrictedtofutureaccounting periods
theyareheldasareserveuntilrecognisedinthosefutureaccountingperiods.Grants for
immediatefinancialsupportandassistance,ortoreimbursecostspreviouslyincurred are
recognised immediately.
OtherincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhas entitlement
tothefunds,itisprobablethattheincomewillbereceivedandtheamountcanbe measured
reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Allrevenuegeneratedbythecharityisutilisedforthefundingofprojectandadministration costs.
Revenue is released against expenditure as the expenditure is incurred.
Pensions
Thecharityoperatesapensionschemeforthebenefitofallitsemployees.Theschemeis a
definedbenefitschemeandthecontributionsarechargedtotheincomeandexpenditure account
annuallysoastospreadthecostofpensionsovertheservicelivesoftheemployeesin the
scheme. The pension charge is calculated on the basis of actuarial advice
Freehold and investment property
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Freehold property- 2% on cost
Fixtures and fittings- Straight line over 3 years
-18-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. ACCOUNTING POLICIES - continued
Freehold and investment property
Thecharity'sfreeholdpropertyisclassifiedasmixed-useinvestmentproperty.The accounting
treatment for the property is as follows:
- All freehold property is included in the accounts at fair value.
-Gainsonthenon-investmentportionofthepropertyarerecordedintheSoFAasgainson the
revaluation of fixed assets and are included in a separate revaluation reserve.
-Investmentpropertyisincludedatfairvalue.GainsarerecognisedintheSoFA.Deferred taxation
is provided on any taxable gains.
Accruals concept
Allrevenuegeneratedbythecharityisutilisedforthefundingofprojectandadministration costs.
Revenue is released against expenditure as the expenditure is incurred.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Company status
The charity is a company limited by guarantee.
2.
DONATIONS AND LEGACIES
Grants & reimbursed costs
Grants received, included in the above, are as follows:
BRICS
ECW-GP
Leader - RC
Leader - IMP
Leader - COOP
Leader - ANM
DATRIS
Other grants |
2020
£
1,029,308
2020
£
163,960
38,553
54,799
555,464
12,943
71,880
51,664
80,045
1,029,308 |
2019
£
1,240,890 |
|
|
2019
£
181,427
39,503
57,504
739,832
8,654
79,006
109,952
25,012 |
|
|
1,240,890 |
-19-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
3. OTHER TRADING ACTIVITIES
FIT income
Sundry income
4.
INVESTMENT INCOME
Rents received
Deposit account interest
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
General
1,334,241
6.
SUPPORT COSTS
General
Support costs, included in the above, are as follows:
Auditors' remuneration
Legal fees
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Net resources are stated after charging / (crediting):
Auditor's remuneration - audit
Auditors remuneration - other services |
|
2020
£
-
20,440
20,440
2020
£
105,441
359
105,800
Support
costs (see
note 6)
£
5,330
2020
General
£
4,950
380
5,330
2020
£
4,950
44,736 |
2020
£
-
20,440
20,440
2020
£
105,441
359
105,800
Support
costs (see
note 6)
£
5,330
2020
General
£
4,950
380
5,330
2020
£
4,950
44,736 |
2019
£
53
14,964
15,017
2019
£
112,155
833
112,988
Totals
£
1,339,571
Governance
costs
£
5,330
2019
Total
activities
£
4,950
330
5,280
2019
£
4,950
11,003 |
2019
£
53
14,964
15,017
2019
£
112,155
833
112,988
Totals
£
1,339,571
Governance
costs
£
5,330
2019
Total
activities
£
4,950
330
5,280
2019
£
4,950
11,003 |
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
|
|
£ |
|
£ |
|
|
|
4,570 |
|
4,570 |
|
|
|
380 |
|
380 |
-20-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
7. NET INCOME/(EXPENDITURE) - continued
4,9504,950
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended30September2020 nor
for the year ended 30 September 2019.
Trustees' expenses
Trustees' expenses |
|
|
|
|
|
|
|
|
Trustees' expenses
STAFF COSTS |
|
|
|
|
2020
£
990 |
|
|
2019
£
1,217 |
|
Staff costs |
Other
costs |
|
|
2020 |
|
|
2019 |
|
£ |
£ |
|
|
£ |
|
|
£ |
|
|
|
|
|
|
|
|
|
Charitable activities |
536,980 |
797,261 |
1,334,241 |
|
|
1,470,984 |
|
|
|
|
|
|
|
|
|
|
|
Governance costs |
- |
5,330 |
5,330 |
|
|
5,280 |
|
|
|
|
|
|
|
|
|
|
|
|
536,980 |
802,591 |
1,339,571 |
|
|
1,476,264 |
|
|
|
|
|
|
|
|
|
|
|
Aggregate payroll costs: |
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
£ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
Wages & salaries |
|
|
|
440,784 |
|
|
404,170 |
|
|
|
|
|
|
|
|
|
|
Social security costs |
|
|
|
35,913 |
|
|
33,548 |
|
|
|
|
|
|
|
|
|
|
Pension costs |
|
|
|
60,283 |
|
|
53,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
536,980 |
|
|
491,146 |
|
|
|
|
|
|
|
|
|
|
9. STAFF COSTS
The average number of employees during the year was 23 (2019 - 20)
-21-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
10. TANGIBLE FIXED ASSETS
COST
At 1 October 2019
Additions
At 30 September 2020
DEPRECIATION
At 1 October 2019
Charge for year
At 30 September 2020
NET BOOK VALUE
At 30 September 2020
At 30 September 2019 |
Freehold
property
£
237,644
-
237,644
17,644
7,187
24,831
212,813
220,000 |
Fixtures
and
fittings
£
116,726
70,485
187,211
110,907
27,309
138,216
48,995
5,819 |
Motor
vehicles
£
35,885
-
35,885
-
10,240
10,240
25,645
35,885 |
Totals
£
390,255
70,485 |
|
|
|
|
460,740 |
|
|
|
|
128,551
44,736 |
|
|
|
|
173,287 |
|
|
|
|
287,453 |
|
|
|
|
261,704 |
Duringtheyearending30September2019,thefreeholdproperty&investmentproperty owned
bythecompanywasrevaluedbythedirectors.Thedirectorsagreedthatavalueof£1.1m would
beplacedontheseassets,andthisgaverisetoanetincreaseinthevalueoffreeholdproperty &
investment property of £583,513.
11. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 October 2019
and 30 September 2020
AMORTISATION
At 1 October 2019
and 30 September 2020
NET BOOK VALUE
At 30 September 2020
At 30 September 2019 |
890,456 |
|
10,456 |
|
880,000 |
|
880,000 |
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grant receivable
Other debtors
VAT
Prepayments and accrued income |
2020
£
168,386
11,401
814
5,047
185,648 |
2019
£
87,880
203
-
- |
|
|
88,083 |
-22-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
VAT
Other creditors
Accruals and deferred income
Receipts in advance |
2020
£
-
65,025
17,784
427,942
510,751 |
2019
£
1,844
39,980
16,310
203,473 |
|
|
261,607 |
14. SECURED DEBTS
TheFinanceWalesInvestmentsLimitedloanwassecured,bywayoflegalmortgageon the
freehold land being land at Station Road, Narberth, Pembrokeshire.
15. ACCRUALS AND DEFERRED INCOME
Deferred government grants
MOVEMENT IN FUNDS
At
1.10.19
£
Unrestricted funds
General fund
1,237,687
Pension Scheme
(893,000)
Revaluation Reserve
16,862
361,549
TOTAL FUNDS
361,549 |
2020
2019
£
£
180,972
142,795
Net
movement
At
in funds
30.9.20
£
£
(28,023)
1,209,664
15,000
(878,000)
-
16,862
(13,023)
348,526
(13,023)
348,526 |
|
|
16. MOVEMENT IN FUNDS
-23-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Pension Scheme
Restricted funds
Restricted - Other
DATRIS
BRICS
Leader - RC
Leader - IMP
Leader - COOP
Leader - ANM
ECW - GP
TOTAL FUNDS |
Incoming
resources
£
126,240
-
126,240
80,045
51,664
163,960
54,799
555,464
12,943
71,880
38,553
1,029,308
1,155,548 |
Resources
expended
£
(154,263)
(156,000)
(310,263)
(80,045)
(51,664)
(163,960)
(54,799)
(555,464)
(12,943)
(71,880)
(38,553)
(1,029,308)
(1,339,571) |
Gains and
losses
£
-
171,000
171,000
-
-
-
-
-
-
-
-
-
171,000 |
Movement
in funds
£
(28,023)
15,000
(13,023)
-
-
-
-
-
-
-
-
-
(13,023) |
|
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Pension Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
BRICS
Leader - RC
Leader - IMP
Leader - ANM
ECW - GP
TOTAL FUNDS |
At
1.10.18
£
420,695
-
-
420,695
(405,289)
-
-
-
-
-
(405,289)
15,406 |
Net
movement
in funds
£
571,237
(216,000)
16,862
372,099
4,169
(26,654)
3,616
(10,434)
3,307
40
(25,956)
346,143 |
Transfers
between
At
funds
30.9.19
£
£
245,755
1,237,687
(677,000)
(893,000)
-
16,862
(431,245)
361,549
401,120
-
26,654
-
(3,616)
-
10,434
-
(3,307)
-
(40)
-
431,245
-
-
361,549 |
|
|
|
|
-24-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Pension Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
DATRIS
BRICS
Leader - RC
Leader - IMP
Leader - COOP
Leader - ANM
ECW - GP
TOTAL FUNDS |
Incoming
resources
£
128,005
-
-
128,005
25,013
109,952
181,427
57,504
739,831
8,654
79,006
39,503
1,240,890
1,368,895 |
Resources
expended
£
(123,418)
(86,000)
-
(209,418)
(20,844)
(109,952)
(208,081)
(53,888)
(750,265)
(8,654)
(75,699)
(39,463)
(1,266,846)
(1,476,264) |
|
Gains and
losses
£
566,650
(130,000)
16,862
453,512
-
-
-
-
-
-
-
-
-
453,512 |
|
Movement
in funds
£
571,237
(216,000)
16,862
372,099
4,169
-
(26,654)
3,616
(10,434)
-
3,307
40
(25,956)
346,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
|
movement in |
|
|
|
|
At
01.10.17 |
|
funds |
|
At
30.09.18 |
|
|
£ |
|
£ |
|
£ |
Unrestricted funds |
|
|
|
|
|
|
General fund |
|
180,097 |
|
240,598 |
|
420,695 |
|
|
|
|
|
|
|
Restricted funds |
|
|
|
|
|
|
Restricted |
|
(323,426) |
|
(81,863) |
|
(405,289) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FUNDS |
|
(143,329) |
|
158,735 |
|
15,406 |
|
|
|
|
|
|
|
Net movement in funds included in the above are as follows:
|
Incoming
resources |
Resources
expended |
Gains and
losses |
Movement
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
114,006 |
(68,408) |
195,000 |
240,598 |
|
|
|
|
|
Restricted funds |
|
|
|
|
Restricted |
1,727,560 |
(1,809,423) |
- |
(81,863) |
|
|
|
|
|
|
|
|
|
|
TOTAL FUNDS |
1,841,566 |
(1,877,831) |
195,000 |
158,735 |
|
|
|
|
|
|
|
|
|
|
-25-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
17. EMPLOYEE BENEFIT OBLIGATIONS
ThecompanyoperatesadefinedbenefitpensionschemewhichisincludedwithintheDyfed County
CouncilpensionfundadministeredbyCarmarthenshireCountyCouncilonaleadauthority basis.
Theassetsoftheschemeareheldseparatelyfromthoseofthecompanyinan independently
administeredfund.Contributionstotheschemearechargedtotheincomeand expenditure
accountsoastospreadthecostofpensionsoveremployees'workingliveswiththecompany. The
contributionsaredeterminedbyaqualifiedactuaryonthebasisoftriennialvaluationsusing the
projectedunitmethod.Themostrecentvaluationwasat31March2019showingscheme assets
of £2,576m and scheme liabilities of £2,444m. The pension scheme is closed to new entrants.
Allpensionrelatedamountsandinformationwithinthisnoterelatetotheyearended31 March
2020.ThisisbecauseFRS102informationisonlyprovidedfortheyearto31Marchbythe Dyfed
CountyCouncilpensionfund.TheemployercontributionspaidareincludedwithintheSOFAfor the
twelve month period ended 30 September 2020.
Theassumptions,whichhavethemostsignificanteffectontheresultsofthevaluation,are those
relatingtoreturnsoninvestments,therateofsalaryincreasesandtheratesof mortality,
ill-health,retirement,withdrawaletc.Itwasassumedthattherewouldbeinvestmentreturns of
2.4%(2019-2.5%)perannum,salaryincreaseswouldaverage3.6%(2019-3.7%)and that
ratesofmortality,ill-health,retirement,withdrawaletc.wouldbeinaccordancewith previous
Dyfed Local Authority experience.
Thepensionchargefortheyearwas£217,000(2019-£148,000).Employercontributions were
£61,000(2019-£62,000)andtheprojectedemployercontributionsfortheperiodended31 March
2021 are £61,000.
FRS 102 Retirement Benefits
Themostrecentactuarialvaluationsofthedefinedbenefitschemeshavebeenupdatedto take
accountoftherequirementsofFRS102inordertoassesstheliabilitiesoftheschemeat31 March
2020.Schemeassetsarestatedattheirmarketvalueat31March2020.Themarketvalue of
Fund'sassetsatthevaluationdatewas£2,576mandrepresents105percentofthe Fund's
accrued liabilities, allowing for future pay increases.
The main assumptions used to calculate scheme liabilities under FRS 102 are:
|
2020 |
2019 |
Inflation rate - CPI |
2.1% |
2.2% |
Discount rate for scheme liabilities |
2.4% |
2.5% |
Rate of increase in salaries |
3.6% |
3.7% |
Rate of increase in pensions |
2.2% |
2.3% |
The mortality assumptions were as follows: |
|
|
Longevity in years at age 65 for current pensioners: |
|
|
- Men |
23.0 |
23.0 |
- Women |
24.9 |
25.7 |
Longevity in years at age 65 for future pensioners: |
|
|
- Men |
24.5 |
25.2 |
- Women |
27.1 |
28.1 |
-26-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
17. EMPLOYEE BENEFIT OBLIGATIONS - continued
Reconciliation of present value of scheme liabilities
|
2020 |
2019 |
|
£'000 |
£'000 |
|
|
|
1 April |
4,103 |
3,663 |
Past service cost (gain) |
47 |
- |
Current service cost & curtailments |
145 |
127 |
Member contribution |
26 |
26 |
Interest cost |
107 |
99 |
Benefits paid |
228 |
(61) |
Experience (gain)/loss |
(623) |
- |
Loss / (gain) on assumptions |
(133) |
249 |
|
|
|
31 March |
3,900 |
4,103 |
|
|
|
The Value of assets in the scheme were:
|
2020 |
2019 |
|
£'000 |
£'000 |
|
|
|
Equities |
2,212 |
2,215 |
Government bonds |
118 |
196 |
Other bonds |
305 |
343 |
Cash |
15 |
19 |
Property |
372 |
437 |
|
|
|
Total market value of assets |
3,022 |
3.210 |
Present value of scheme liabilities |
(3,900) |
(4,103) |
|
|
|
Net pension (liability) / asset |
(878) |
(893) |
|
|
|
Reconciliation of market value of scheme assets:
|
2020 |
2019 |
|
£'000 |
£'000 |
|
|
|
1 January |
3,210 |
2,986 |
Interest on plan assets |
84 |
81 |
Remeasurements (assets) |
(585) |
119 |
Benefits paid & administrative expenses |
226 |
(64) |
Members contributions |
26 |
26 |
Employer contributions |
61 |
62 |
|
|
|
31 March |
3,022 |
3,210 |
|
|
|
|
|
|
Actual return on scheme assets during the year |
(245) |
199 |
|
|
|
-27-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
17. EMPLOYEE BENEFIT OBLIGATIONS - continued
Analysis of amounts charged to SOFA
Analysis of amounts charged to SOFA |
|
|
|
2020 |
2019 |
|
£'000 |
£'000 |
|
|
|
Current service cost & curtailments |
145 |
127 |
Interest on pension liabilities |
23 |
18 |
Administration expenses |
2 |
3 |
Past service costs (gain) |
47 |
- |
Expected return on scheme assets |
- |
- |
|
|
|
Charge for period |
217 |
148 |
|
|
|
Actuarial Gains and Losses
Thecumulativeamountoftotalremeasurementsincludedinthestatementof comprehensive
income is£223,000 (2019 - £52,000)
Amounts for current and previous four years
|
2020 |
2019 |
2018 |
2017 |
2016 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Net pension surplus/(liability) |
(878) |
(893) |
(677) |
(802) |
(589) |
|
|
|
|
|
|
Remeasurements of plan assets |
(585) |
119 |
29 |
499 |
(95) |
|
|
|
|
|
|
Remeasurements of plan liabilities |
756 |
(249) |
166 |
(677) |
194 |
|
|
|
|
|
|
Total remeasurements in the SOCI |
171 |
(130) |
195 |
(178) |
99 |
|
|
|
|
|
|
18. RELATED PARTY DISCLOSURES
a) Subsidiary companies
AdirectorofthecompanyheldallthesharecapitalintrustforGreenwaysHolidaysLimitedand a
formerseniorofficerofthecompanyissguarantorforPLANEDDevelopmentsLimited. Greenways
HolidaysLimitedwasandPLANEDDevelopmentsLimitedisaccountedforaswholly owned
subsidiaries of the company.
Greenways Holidays Limited was dissolved on 2 October 2018.
PLANED Developments Limited was dormant throughout the period.
b) Trustees expenses
Duringtheperiodexpensesof£990(2019-£1,217)werepaidtotrusteesonan'arms length'
basis.
-28-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
INCOME AND ENDOWMENTS
Donations and legacies
Grants & reimbursed costs
Other trading activities
FIT income
Sundry income
Investment income
Rents received
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Trustees' expenses
Wages
Project Costs
Management & admin
Property Expenditure
Pension costs (adjusted for FRS102
Retirement Benefits)
Support costs
Governance costs
Auditors' remuneration
Legal fees
Total resources expended
Net expenditure before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure |
2020
£
1,029,308
-
20,440
20,440
105,441
359
105,800
1,155,548
990
72,474
1,013,369
9,086
82,322
156,000
1,334,241
4,950
380
5,330
1,339,571
(184,023)
-
(184,023) |
2019
£
1,240,890
53
14,964
15,017
112,155
833
112,988
1,368,895
1,217
62,215
1,246,002
15,861
59,689
86,000
1,470,984
4,950
330
5,280
1,476,264
(107,369)
(2)
(107,371) |
|
|
|
This page does not form part of the statutory financial statements
-29-