``` 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`** ||**`Page`**|**`Page`**|**`Page`**| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`10`| |**`Report of the Independent Auditors`**|`11`|`to`|`12`| |**`Statement of Financial Activities`**||`13`|| |**`Balance Sheet`**|`14`|`to`|`15`| |**`Cash Flow Statement`**||`16`|| |**`Notes to the Cash Flow Statement`**||`17`|| |**`Notes to the Financial Statements`**|`18`|`to`|`28`| |**`Detailed Statement of Financial Activities`**||`29`|| ``` 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. ``` ``` -1- ``` ``` 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`** - `PLANED's approach is based on the development of a collective vision at community level.` - `PLANED works with communities to identify their priorities without imposing judgement on what those` - `priorities should be.` - `PLANED supports communities to do things for themselves.` - `PLANED promotes dialogue between all stakeholders and seeks to broker working relationships and` - `overcome barriers.` - `PLANED promotes innovation and seeks to provide a mechanism for sharing new ideas.` - `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 ``` - `developing innovative engagement techniques;` - `supporting community action;` - `developing thematic networks;` - `facilitating stakeholder events and workshops;` - `delivering training;` - `initiating, designing and undertaking research;` - `marketing and promotion;` - `project management; and` - `financial management and administration of small and large-scale funded projects.` ``` -2- ``` ``` 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. ``` ``` -3- ``` ``` 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. ``` ``` -4- ``` ``` 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. ``` ``` -5- ``` ``` 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. ``` ``` -6- ``` ``` 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. ``` ``` -7- ``` ``` 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: ``` - `Review and identify project opportunities with staff` - `Discuss and identify commercial opportunities and support staff in their initial development` ``` 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 ``` ``` -8- ``` ``` 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). ``` ``` -9- ``` ``` 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 ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity 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.` ``` 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- ```