REGISTERED COMPANY NUMBER: 02705081 (England and Wales)
REGISTERED CHARITY NUMBER: 1047268
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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 2021
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Report of the Trustees |
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Report of the Independent Auditors |
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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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Notes to the Cash Flow Statement |
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Notes to the Financial Statements |
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Detailed Statement of Financial Activities |
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended30September2021. 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
other areas
asappropriate,whothroughtheirsocialandeconomiccircumstancesareinneedandunableto gain
employmentandinparticulartopromoteandsupportschemeswheresuchpeoplemay 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
PLANEDhascontinuedtoevolveanddevelopasanorganisationwithateamthatisqualified and
professional with considerable experience from across the private, public and third sectors.
Themissionfortheorganisationnowhasclaritythatalignstothecurrentandfuturelandscape of
deliveryacrossallcommunitiesandanapproachthatismoreforwardlooking,commercial, and
innovative.
WithaclearnewVisionStatementforPLANED-"EmpoweringCommunities"-theclarityforPLANED in
deliveringsustainableoutcomesforcommunities,byacollaborative,peopleledapproachisclearto see
in the sustainable results being generated by current, and recently completed projects.
OurnewVisiondocumentarticulateswithsuccinctclarity,thefourkeythemesforour organisational
areas of focus:
-
Foundation Economy Development
-
Community Well-Being & Resilience
-
Environmental, Natural & Cultural Community Assets
-
Green & Low Carbon Community Solutions
Eachofthefourareasoffocushavedetailsofactivityoutlinedbeneath,whichcontinuetoinform our
delivery, planning, and support for communities.
CuttingacrossallourfourthemesaretheconsistenciesaroundsupportingCommunities;People; and
Partnership; which allow us organizationally to be collaborative, creative and commercial where required.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
OBJECTIVES AND ACTIVITIES
Values and Approaches
AspartofourneworganisationalVisiondocument-EmpoweringCommunities-wehaveupdated and
revised the values that we collectively stand by and promote:
- We consistently look forward and outward in our engagement
- We identify innovative solutions that work across all sectors
We support all voices, languages and groupings to be heard
BasedinPembrokeshireforover30years,PLANEDhasagrowingimpactlocallyandnowregionally, with
askilledteamthatsupportsthecontinuedempowerment,resilience,andregenerationof our
communities, by working in partnership across their cultural, economic, and environmental assets.
PLANEDcontinuestobeacommunity-ledpartnershipestablishedasasocialenterprise,a Development
Trust,acharity,andacompanylimitedbyguarantee,withitsBoardmembersbeing representatives
from communities and from the public and private sectors.
PLANEDhas34years'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.
PLANEDcontinuestoexpandanddevelopandduringthisreportingperiod,placedconsiderabletime and
emphasisonproposalsforattractingnewfundingwithprojectproposalsdevelopedinresponse to
identifiedneedsandopportunities.Todate,themajorityofthesehavebeensuccessful,andhave post
thisreportingperiod(2020-2021)beenconfirmedandbeguntocommencedelivery(2022),working with
partnersonathreecountiesregionalfootprintforsome,whilstothersareworkingwithnew partners
such as Higher Education bodies in both Wales and Ireland
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
ACHIEVEMENT AND PERFORMANCE
PLANED Projects:
LEADER-WelshGovernmentRuralCommunities-RuralDevelopmentProgramme2014-2020
TheLEADERprogrammeispartoftheWelshGovernmentRuralCommunities-RuralDevelopment
Programme2014-2020,whichisfinancedbytheWelshGovernmentandEuropeanAgriculturalFund for
RuralDevelopment(EAFRD).ThesevenprinciplesofLEADERare:AreaBased;CommunityParticipation;
Integration; Networking; Co-operation; Innovation and Partnership Working.
PLANEDistheadministrativebodyforArwainSirBenfroLocalActionGroup(LAG),arolewhich entails
providingtheprogrammeandfinancialmanagement,administrationsupportandimplementing and
animationfunctionfortheLAG,whichwillcometoitsprogrammedconclusionattheendof December
2021.
Duringtheperiodoffocus,theteamsuccessfullysupportedallfundedprojectswhichwerestilllive and
operational,tokeepthemontrackforafinalconclusionandclaimsbyendof2021,wherea final
celebration event was planned to be held at the new Visitors Centre at Llys-y-Fran.
Theteamcontinuedtodeliverbothwrittenandaudiovisualcasestudiesontheprojects,whilst also
initiatingaseriesofonlineseminarsandworkshopsforbothcurrentandcompletedprojectstoshare best
practice,encouragefurthernetworking,andtodiscussfurthersupportwhichcouldbeavailable from
other outlets post the completion and successful closure of the LEADER programme.
Innovative Heritage
Withqualifiedandprofessionallyexperiencedteammembersnowinplace,thisprojecthasflourished and
continuestodelivermorepositiveandsustainableoutcomesthanpreviously.Usingmoredigitaltools and
methodsforinteractivityandengagementincludingpodcasts,videos,andonlineseminars,wehave seen
continuedincreasesinengagement,andwiththeadditionofthefirst'Pembrokeshire Community
HeritageWeek'wehaveworkedwithcommunitiesacrossthecountytobringtheirlocalheritage and
culturalassetstoawideraudiencethroughembracingtruly,aninnovativeapproachtolocal, 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)projectcommencedlaterthan planned.
WhilstClimateChangeResilienceplanshavebeenakeyoutcomeoftheproject,despitethechallenges of
obtainingsomeelementsofthedatarequired,theyhaveasworkingdocuments,aimedtoimprove soil
management,watermanagementandhabitatsonparticipatingfarms,andtargetedmeasuressuch as
nutrientsoilmapping,precisionfarmingandintegratedconstructedwetlandswillbenefit farms
financially,aswellasenvironmentally.TheimpactofCOVIDontheprojectwasthatallactivityhad to
stopimmediatelyduetothenatureoftheworkandrisksinvolved.Extensionstosupport outstanding
deliverywereagreedwithWelshGovernment,andonefurtherwetlandisscheduledtobecreated and
completed during 2022.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
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.
Community Well-Being & Resilience Project
Originallyatwo-yearpilotprojectfundedbyLEADER,itwasextendedduringthisperiodand completed
itsworkwithcommunitiesinexploringhowtownandcommunitycouncilscanbuildcommunity well-being
andresilience,byengagingtheircommunitiestodeveloplocalwell-beingassessments,plansand project
activities.Outcomesoftheworkonmanyofthe12communitiestargetedwithinthepilot,have continued
tofeedintoandinformthecounty-wideWell-BeingAssessmentandPlanundertakenbythe Public
ServicesBoard(PSB),asrequiredbytheWell-BeingofFutureGenerationsAct(2015),whilst also
supportingthedeliveryofthePembrokeshireWell-BeingPlan.Independentevaluationoftheproject has
beenwelcomed,andfurthersupportedtheidentificationofnextsteps,whichincludesaneed for
engagementandinclusiveapproachforyoungpeoplewithintheirlocaldemocraticbodies. Funding
applicationsweresubmittedtotheLotteryandhavebeensuccessfulforanAutumn 2021
commencement,alongsideadditionalfundingsecuredfromtheWCVAVolunteeringFundtoenable the
new youth focused project can be further extended.
Pembrokeshire Community Land Trusts
ThispilotprojectfundedbyLEADERcompletedin2020,havingclearlydemonstratedthatworking with
communities,ithasdeliveredagenuineapproachandinclusivetemplateforpermanent affordable
homesandlandownedandrunbylocalpeople.Additionalfundingwassecuredin2020from the
EnhancingPembrokeshireFundtocontinuetheprojectforafurther12monthsanduponcompletion of
this,discussionscontinuewithpartnersonhowsupportcanbemaintained-particularlyinlightof the
challengesforlocalresidentstopurchasehomesintheirlocalities.Whilsttheprojecthas successfully
workedwithanumberofcommunitieswithinPembrokeshiresuchasSolvaandRoach,thereare other
communitieswhicharekeentoexploreandcreatetheirownCLT's.Yetwithoutcontinuedfunding, that
supportwillnotbeforthcominginaconsistentmanner.PLANEDcontinuestoworkwith organisations
locallyandnationallytoidentifynewfundingsources,andwelcomethesupportofthese potential
partners,alongsidetheencouragementfromdiscussionswithWelshGovernmentofficialswhomwe have
directly approached following letters to the Minister.
Preseli Heartlands Communities
AthreeyearHeritageLotteryFundedGreatPlaceProjectthataimstocelebrateandsharethe unique
heritageandcultureofthePreseliarea,withanexcitingprogrammeofactivitiesandeventssaw the
impactofCOVIDbadlydisruptmanyofitsplannedactivitiesduring2020andearly2021.However, the
successfulmovementbytheprojectteamtoeventsonlineinitially,andthenduringthesummerof 2021,
backtoinpersoneventswheresafetodoso,hassuccessfullybroughtcommunitiestogetheragain post
COVID.Workingwiththefunders,theprojectwasawardedanextensiontoallowcompletionof key
deliverables,andanincreasedonlinepresencethroughsocialmediahasseenover1,000people register
withtheFacebookgrouptosharelocalphotographsandimagesfromthelast100years.Working with
theindependentevaluatorappointedhasalsoprovidedfurtherinsightintotheimpactofthe project
withintheapplicablecommunitiesbytheteamandtheprojectpartners.Acelebrationeventto conclude
theprojectwasplannedforlate2021/early2022,andthefinalevaluationsharedwithbothpartners and
thecommunitiestoinformfuturelearningandopportunitiesresultingfromtheconsiderable engagement
and innovation deployed and promoted.
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PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021
Community Cooperative Shares Support Service for Pembrokeshire
ThePembrokeshireCommunityCooperativeShareOffersSchemesupportscommunitieswithshare offers
topurchaselandandbuildingstokeeplocalservicesaliveandtodevelopnewones.Community shares
canonlybeissuedbysocieties.SocietiesaresubjecttotheCo-operativeandCommunity Benefit
SocietiesAct2014.AdedicatedsingleofficerisworkingacrossthewholeofPembrokeshireto support
andguideanyonewhohasenterprisingideasfortheircommunityassetsorwhowanttofindout more
abouthowcommunitysharesmightworkintheirareatosavelocalshopsandservices,aswellas helping
financerenewableenergyprojects,andsupportforlocalsportsclubs.Workduringthisperiod already
sawthecommencementofcampaignstosupportSiopHavardsinNewport,aswellasthecompletion of
the share offer of the Black Lion Pub in St Dogmaels amongst others.
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 2021
FINANCIAL REVIEW
Risk Management
TheTrusteesandFinanceandResourcesCommitteeoftheCompanymeetregularlywith PLANED's
SeniorManagementtoconsiderandreviewtheCompany'sfinancesandagreeactionwhere appropriate.
MinutesofthemeetingsarecirculatedtothemainPLANEDBoardaffordingallmembersan opportunity
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 2021
LOOKING FORWARD
TheteamwithinPLANEDcontinuedtorespondtotheimpactofCOVIDwitheffectiveandefficient results,
thatsawagreateropportunityforwiderdeliveryacrossaregionalfootprint,andworking with
communities in more innovative ways and methodologies.
WhilstthecompletionoftheLEADERProgramme,wasinitiallyviewedbysometoprovidefurther strain
andchallengeonanorganisationsuchasPLANED,arenewedresiliencebythecurrentprofessional team,
hasseengreateropportunitiestoexpanddelivery,andtherebysecurenewfundingfornewprojects that
will increase future opportunities longer term.
WhilsttherewaspressurefromsometodeliveranewPLANEDVisionduring2019-20,thecurrent team
tooktheoperationaldecisiontoholdoffuntiltheimpactofCOVIDhaddissipated,andin2022,the team
wereproudtolaunchthenewVisiondocument,simplyandeffectivelytitled- "Empowering
Communities".
Thisnewvisionwithitsfourclearareasofthefocusfortheorganisation,isforwardlooking,concise, and
relevanttothechanginglandscapethatallcommunitiesnowface.Theorganisationalvalueshave also
beenupdatedtoreflectthismoreopenandprofessionalapproachasacommunityfocused organisation,
with cross-cutting themes of communities, people and partnerships.
ThecreationandsupportforanewinternalProjectCoordinatorsGrouphasbeensuccessfulwith greater
collaborativeopportunitiesacrossallprojects,andthewidersharingofapplicableandrelevant project
intelligenceandinformationonabusinessfooting.Furthersupportfrominternalcorporate support
serviceshasseenmorerobustandmeaningfuldatabeingproducedaspreviousinternally development
systemsbereplacedbymorerobustindustrystandard'off-the-shelf'onlinetoolswhichenable greater
reporting and monitoring to support both management of projects and their delivery.
SecuringnewworkwithpartnerorganisationsincludingtheNationalTrust,Aberystwyth University,
CardiffMetropolitanUniversity,andPictonCastleTrustamongstothers,continuestobroadenour scope
organizationally, and signpost future opportunities of interest both regionally and nationally.
Locally,ourinvolvementaspartnersincountyflagshipmovementsandpolicythinktankssuch as
'TogetherforChange'withbothPAVSandSolvaCare,providesfurthermomentumtoleadandinform the
changeagendainhowweshouldbesupportingandfurtherempoweringourcommunitiesnotonly in
PembrokeshirebutalsoacrossWestWales.ThishasalsoledtoPLANEDbeingoneofthe founding
membersofthenew'CommunityMovementCymru'initiativealongsideothercommunity organisations
across Wales.
PLANEDcontinuestoevolveandgrow,andwithnewfundingsecuredduring2021-22ofalmost £1million
forprojectstobedelivereduntilthe2023currently,andfurtherprojectsbeingdevelopedbytheteam to
lookatdeliveryfor2025-26,theoutlookispositive,andsupportedbynewinnovativewaysof working
digitallywithourpartnersandcommunitiespostCOVID,toprovideandpromoteopportunities 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 2021
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 18 in total across the period.
ThePLANEDBoardconsistsoftheChair,aVice-Chair,andTreasurerandupto12trustees appointed
from the community, voluntary and private sectors as follows.
AFinanceandResourcescommitteehasbeenelectedfromtheBoardmembershipwithitsmainterms 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,theorganisationwasstilldealingwiththeimpactoftheCOVID pandemic
andchangestointeractionwithitscommunitypartners,projects,andothersandalsocontinuingto work
inahybridfashion.Newmethodologiesquicklyadoptedandimplementedearlyonduringthe pandemic
servedtheorganisationwell,andPLANEDcontinuedtoexploitfundingopportunitiesforitswork within
communities.
OrganisationswhoareinvolvedwithPLANEDbyassociationarethefundingbodiesasoutlinedinNote 2
of the Notes to the Financial Statements on page 20.
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 2021
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 |
L Upsdell |
Community |
D H Worrall |
Co-opted |
G Davies |
Co-opted |
G Reynolds |
Co-opted |
J Roberts |
Co-opted |
L Stopher |
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 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the 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.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Llewelyn Davies have expressed their willingness to continue in office as auditors, 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 29 July 2022 and signed on its behalf by:
E Rawlings - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
Opinion
WehaveauditedthefinancialstatementsofPembrokeshireLocalActionNetworkForEnterprise &
DevelopmentLimited(the'charitablecompany')fortheyearended30September2021which 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 2021 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
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable
company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the
financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
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
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother information,
we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
-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.
-12-
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
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.
Aspartofdesigningouraudit,wedeterminedmaterialityandassessedtherisksof material
misstatementinthefinancialstatements,includinghowfraudmayoccurbyenquiringofmanagement of
itsownconsiderationoffraud.Inparticular,welookedatwheremanagementmade subjective
judgements,forexampleinrespectofsignificantaccountingestimatesthatinvolvedmaking assumptions
andconsideringfutureeventsthatareinherentlyuncertain.Wealsoconsideredpotentialfinancial or
otherpressures,opportunityandmotivationsforfraud.Aspartofthisdiscussionweidentified the
internalcontrolsestablishedtomitigaterisksrelatedtofraudornoncompliancewithlawsand regulations
andhowmanagementmonitortheseprocesses.Appropriateproceduresincludedthereviewand testing
of manual journals and key estimates and judgements made by management.
Wegainedanunderstandingofthelegalandregulatoryframeworkapplicabletothecompanyand the
industryinwhichitoperates,drawingonourbroadsectorexperience,andconsideredtheriskofacts by
the company that were contrary to these laws and regulations, including fraud.
Wefocusedonlawsandregulationsthatcouldgiverisetoamaterialmisstatementinthe financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Wemadeenquiriesofmanagementwithregardstocompliancewiththeabovelawsandregulations and
corroboratedanynecessaryevidencetorelevantinformation,forexample,minutesofmeetingsheld and
correspondence between the company and its solicitors.
Ourtestsincludedagreeingthefinancialstatementsdisclosurestounderlyingsupporting documentation
and enquiries with management.
Wedidnotidentifyanykeyauditmattersrelatingtoirregularities,includingfraud.Asinallofour audits,
wealsoaddressedtheriskofmanagementoverrideofinternalcontrolsincludingtestingjournals and
evaluationwhethertherewasevidenceofbiasbymanagementthatrepresentedariskof material
misstatement due to fraud.
Ourauditproceduresweredesignedtorespondtorisksofmaterialmisstatementinthe financial
statements,recognisingthattheriskofnotdetectingamaterialmisstatementduetofraudishigher than
theriskofnotdetectingoneresultingfromerror,asfraudmayinvolvedeliberateconcealmentby, for
example,forgery,misrepresentationsorthroughcollusion.Thereareinherentlimitationsinthe audit
proceduresperformedandthefurtherremovednon-compliancewithlawsandregulationsisfrom the
events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
-13-
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED
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
29 July 2022
-14-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
Other trading activities
3
3,119
Investment income
4
95,683
Total
98,802
EXPENDITURE ON
Charitable activities
5
General
82,983
Other
4,995
Total
87,978
NET
INCOME/(EXPENDITURE)
10,824
Other recognised
gains/(losses)
Actuarial gains on defined
benefit schemes
-
Net movement in funds
10,824
RECONCILIATION OF
FUNDS
Total funds brought
forward
1,226,526
TOTAL FUNDS CARRIED
FORWARD
1,237,350 |
Pension
Scheme
£
-
-
-
-
105,000
-
105,000
(105,000)
51,000
(54,000)
(878,000)
(932,000) |
Restricted
funds
£
1,404,526
2,058
-
1,406,584
1,406,583
-
1,406,583
1
-
1
-
1 |
2021
Total
funds
£
1,404,526
5,177
95,683
1,505,386
1,594,566
4,995
1,599,561
(94,175)
51,000
(43,175)
348,526
305,351 |
2020
Total
funds
£
1,029,308
20,440
105,800
1,155,548
1,339,571
-
1,339,571
(184,023)
171,000
(13,023)
361,549
348,526 |
|
|
|
|
|
The notes form part of these financial statements
-15-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED
BALANCE SHEET
30 SEPTEMBER 2021
|
|
|
|
|
2021 |
2020 |
|
|
Unrestricted |
Pension |
Restricted |
Total |
Total |
|
|
funds |
Scheme |
funds |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
£ |
| FIXED ASSETS |
|
|
|
|
|
|
| Tangible assets |
10 |
87,876 |
- |
156,650 |
244,526 |
287,453 |
| Investment property |
11 |
886,261 |
- |
- |
886,261 |
880,000 |
|
|
974,137 |
- |
156,650 |
1,130,787 |
1,167,453 |
| CURRENT ASSETS |
|
|
|
|
|
|
| Debtors |
12 |
4,912 |
- |
218,239 |
223,151 |
185,648 |
| Cash at bank and in hand |
|
276,478 |
- |
76,531 |
353,009 |
565,148 |
|
|
281,390 |
- |
294,770 |
576,160 |
750,796 |
| CREDITORS |
|
|
|
|
|
|
| Amounts falling due within |
|
|
|
|
|
|
| one year |
13 |
(18,176) |
- |
(327,995) |
(346,171) |
(510,751) |
| NET CURRENT ASSETS |
|
263,214 |
- |
(33,225) |
229,989 |
240,045 |
| TOTAL ASSETS LESS |
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
1,237,351 |
- |
123,425 |
1,360,776 |
1,407,498 |
| ACCRUALS AND |
|
|
|
|
|
|
| DEFERRED INCOME |
15 |
- |
- |
(123,425) |
(123,425) |
(180,972) |
| PENSION LIABILITY |
17 |
- |
(932,000) |
- |
(932,000) |
(878,000) |
| NET ASSETS |
|
1,237,351 |
(932,000) |
- |
305,351 |
348,526 |
| FUNDS |
16 |
|
|
|
|
|
| Unrestricted funds: |
|
|
|
|
|
|
| General fund |
|
|
|
|
1,220,489 |
1,209,664 |
| Pension Scheme |
|
|
|
|
(932,000) |
(878,000) |
| Revaluation Reserve |
|
|
|
|
16,862 |
16,862 |
|
|
|
|
|
305,351 |
348,526 |
|
|
|
|
|
|
|
| TOTAL FUNDS |
|
|
|
|
305,351 |
348,526 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 July 2022 and were signed on its behalf by:
E Rawlings - Trustee
The notes form part of these financial statements
-16-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Improvements to 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 |
2021
£
(195,441)
(195,441)
-
(16,717)
19
(16,698)
(212,139)
565,148
353,009 |
2020
£
206,110
206,110
(70,485)
-
359
(70,126)
135,984
429,164
565,148 |
|
|
|
The notes form part of these financial statements
-17-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net expenditure for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Pension costs
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations |
2021
£
(94,175)
53,383
(19)
105,000
(37,503)
(222,127)
(195,441) |
2020
£
(184,023)
44,736
(359)
156,000
(97,565)
287,321
206,110 |
|
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.10.20 |
Cash flow |
At 30.9.21 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
565,148 |
(212,139) |
353,009 |
|
565,148 |
(212,139) |
353,009 |
Total |
565,148 |
(212,139) |
353,009 |
The notes form part of these financial statements
-18-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
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,asmodifiedby 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
-19-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
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 |
2021
£
1,404,526
2021
£
81,927
71,157
41,756
771,638
36,086
47,589
58,732
295,641
1,404,526 |
2020
£
1,029,308 |
|
|
2020
£
163,960
38,553
54,799
555,464
12,943
71,880
51,664
80,045 |
|
|
1,029,308 |
-20-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
3.
OTHER TRADING ACTIVITIES
Sundry income
4.
INVESTMENT INCOME
Rents received
Deposit account interest
5.
CHARITABLE ACTIVITIES COSTS
General
6.
SUPPORT COSTS
Other resources expended
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
2020
£
105,441
359
105,800
Direct
Costs
£
1,594,566
Governance
costs
£
4,995
2020
Total
activities
£
4,950
380
5,330
2020
£
4,950
44,736 |
2020
£
20,440
2020
£
105,441
359
105,800
Direct
Costs
£
1,594,566
Governance
costs
£
4,995
2020
Total
activities
£
4,950
380
5,330
2020
£
4,950
44,736 |
2020
£
20,440
2020
£
105,441
359
105,800
Direct
Costs
£
1,594,566
Governance
costs
£
4,995
2020
Total
activities
£
4,950
380
5,330
2020
£
4,950
44,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
|
£ |
|
|
£ |
|
|
|
4,800 |
|
|
4,570 |
|
|
|
195 |
|
|
380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,995 |
|
|
4,950 |
-21-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
7. NET INCOME/(EXPENDITURE) - continued
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended30September2021 nor
for the year ended 30 September 2020.
Trustees' expenses
Trustees' expenses |
|
|
|
|
|
|
|
|
Trustees' expenses
STAFF COSTS |
|
|
|
|
2021
£
- |
|
|
2020
£
990 |
|
Staff costs |
Other
costs |
|
|
2021 |
|
|
2020 |
|
£ |
£ |
|
|
£ |
|
|
£ |
|
|
|
|
|
|
|
|
|
Charitable activities |
530,466 |
1,016,511 |
1,546,977 |
|
|
1,334,241 |
|
|
|
|
|
|
|
|
|
|
|
Governance costs |
- |
4,995 |
4,995 |
|
|
5,330 |
|
|
|
|
|
|
|
|
|
|
|
|
530,466 |
1,021,506 |
1,551,972 |
|
|
1,339,571 |
|
|
|
|
|
|
|
|
|
|
|
Aggregate payroll costs: |
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
£ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
Wages & salaries |
|
|
|
426,319 |
|
|
440,784 |
|
|
|
|
|
|
|
|
|
|
Social security costs |
|
|
|
35,564 |
|
|
35,913 |
|
|
|
|
|
|
|
|
|
|
Pension costs |
|
|
|
68,583 |
|
|
60,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
530,466 |
|
|
536,980 |
|
|
|
|
|
|
|
|
|
|
9. STAFF COSTS
The average number of employees during the year was 18 (2020 - 23)
-22-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
10. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
Fixtures |
|
|
|
Freehold |
and |
Motor |
|
|
property |
fittings |
vehicles |
Totals |
|
£ |
£ |
£ |
£ |
COST |
|
|
|
|
At 1 October 2020 and |
|
|
|
|
30 September 2021 |
237,644 |
187,211 |
35,885 |
460,740 |
DEPRECIATION |
|
|
|
|
At 1 October 2020 |
24,831 |
138,216 |
10,240 |
173,287 |
Charge for year |
7,187 |
25,500 |
10,240 |
42,927 |
At 30 September 2021 |
32,018 |
163,716 |
20,480 |
216,214 |
NET BOOK VALUE |
|
|
|
|
At 30 September 2021 |
205,626 |
23,495 |
15,405 |
244,526 |
At 30 September 2020 |
212,813 |
48,995 |
25,645 |
287,453 |
Duringtheyearending30September2019,thefreeholdproperty&investmentproperty owned
bythecompanywasrevaluedbythedirectors.Thedirectorsagreedthatavalueof£1.1m would
beplacedontheseassets,andthisgaverisetoanetincreaseinthevalueoffreeholdproperty &
investment property of £583,513.
11. INVESTMENT PROPERTY
FAIR VALUE
At 1 October 2020
Additions
At 30 September 2021
AMORTISATION
At 1 October 2020
Charge for year
At 30 September 2021
NET BOOK VALUE
At 30 September 2021
At 30 September 2020 |
£
890,456
16,717 |
|
907,173 |
|
10,456
10,456 |
|
20,912 |
|
886,261 |
|
880,000 |
-23-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grant receivable
Other debtors
VAT
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
VAT
Other creditors
Accruals and deferred income
Receipts in advance |
2021
£
218,239
3,061
-
1,851
223,151
2021
£
2,547
81,094
21,516
241,014
346,171 |
2020
£
168,386
11,401
814
5,047 |
|
|
185,648 |
|
|
2020
£
-
65,025
17,784
427,942 |
|
|
510,751 |
14. SECURED DEBTS
TheFinanceWalesInvestmentsLimitedloanwassecured,bywayoflegalmortgageon the
freehold land being land at Station Road, Narberth, Pembrokeshire.
15. ACCRUALS AND DEFERRED INCOME
Deferred government grants
16.
MOVEMENT IN FUNDS
At
1.10.20
£
Unrestricted funds
General fund
1,209,664
Pension Scheme
(878,000)
Revaluation Reserve
16,862
348,526
TOTAL FUNDS
348,526 |
2021
2020
£
£
123,425
180,972
Net
movement
At
in funds
30.9.21
£
£
10,825
1,220,489
(54,000)
(932,000)
-
16,862
(43,175)
305,351
(43,175)
305,351 |
|
|
-24-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
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
Digibus
ECW - GP
inv-her
CWBR
CSRG
ComShares
ComCat
CLT Solva
TOTAL FUNDS |
Incoming
resources
£
98,802
-
98,802
132,673
58,732
81,926
41,756
771,638
36,086
47,589
48,300
71,158
18,158
39,319
699
10,731
16,665
31,154
1,406,584
1,505,386 |
Resources
expended
£
(87,977)
(105,000)
(192,977)
(132,673)
(58,732)
(81,926)
(41,756)
(771,638)
(36,086)
(47,589)
(48,300)
(71,158)
(18,158)
(39,319)
(699)
(10,731)
(16,665)
(31,154)
(1,406,584)
(1,599,561) |
Gains and
losses
£
-
51,000
51,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51,000 |
Movement
in funds
£
10,825
(54,000)
(43,175)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(43,175) |
|
|
|
|
|
Comparatives for 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 |
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 |
|
|
-25-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
16. MOVEMENT IN FUNDS - continued
Comparative 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
-26-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
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
2021.ThisisbecauseFRS102informationisonlyprovidedfortheyearto31Marchbythe Dyfed
CountyCouncilpensionfund.TheemployercontributionspaidareincludedwithintheSOFAfor the
twelve month period ended 30 September 2021.
Theassumptions,whichhavethemostsignificanteffectontheresultsofthevaluation,are those
relatingtoreturnsoninvestments,therateofsalaryincreasesandtheratesof mortality,
ill-health,retirement,withdrawaletc.Itwasassumedthattherewouldbeinvestmentreturns of
2.1%(2020-2.4%)perannum,salaryincreaseswouldaverage4.2%(2020-3.6%)and that
ratesofmortality,ill-health,retirement,withdrawaletc.wouldbeinaccordancewith previous
Dyfed Local Authority experience.
Thepensionchargefortheyearwas£242,000(2020-£217,000).Employercontributions were
£64,000(2020-£61,000)andtheprojectedemployercontributionsfortheperiodended31 March
2022 are £83,000.
FRS 102 Retirement Benefits
Themostrecentactuarialvaluationsofthedefinedbenefitschemeshavebeenupdatedto take
accountoftherequirementsofFRS102inordertoassesstheliabilitiesoftheschemeat31 March
2021.Schemeassetsarestatedattheirmarketvalueat31March2021.Themarketvalue of
Fund'sassetsatthevaluationdatewas£3,857mandrepresents80.5percentofthe Fund's
accrued liabilities, allowing for future pay increases.
The main assumptions used to calculate scheme liabilities under FRS 102 are:
|
2021 |
2020 |
Inflation rate - CPI |
2.7% |
2.1% |
Discount rate for scheme liabilities |
2.1% |
2.4% |
Rate of increase in salaries |
4.2% |
3.6% |
Rate of increase in pensions |
2.8% |
2.2% |
The mortality assumptions were as follows: |
|
|
Longevity in years at age 65 for current pensioners: |
|
|
- Men |
23.1 |
23.0 |
- Women |
25.0 |
24.9 |
Longevity in years at age 65 for future pensioners: |
|
|
- Men |
24.7 |
24.5 |
- Women |
27.2 |
27.1 |
-27-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
17. EMPLOYEE BENEFIT OBLIGATIONS - continued
Reconciliation of present value of scheme liabilities
|
2021 |
2020 |
|
£'000 |
£'000 |
|
|
|
1 April |
3,900 |
4,103 |
Past service cost (gain) |
- |
47 |
Current service cost & curtailments |
147 |
145 |
Member contribution |
28 |
26 |
Interest cost |
93 |
107 |
Benefits paid |
(66) |
228 |
Experience (gain)/loss |
(103) |
(623) |
Loss / (gain) on assumptions |
790 |
(133) |
|
|
|
31 March |
4,789 |
3,900 |
|
|
|
The Value of assets in the scheme were:
|
2021 |
2020 |
|
£'000 |
£'000 |
|
|
|
Equities |
2,855 |
2,212 |
Government bonds |
- |
118 |
Other bonds |
447 |
305 |
Cash |
46 |
15 |
Property |
428 |
372 |
Other |
81 |
- |
|
|
|
Total market value of assets |
3,857 |
3.022 |
Present value of scheme liabilities |
(4,789) |
(3,900) |
|
|
|
Net pension (liability) / asset |
(932) |
(878) |
|
|
|
Reconciliation of market value of scheme assets:
|
2021 |
2020 |
|
£'000 |
£'000 |
|
|
|
1 January |
3,022 |
3,210 |
Interest on plan assets |
73 |
84 |
Remeasurements (assets) |
738 |
(585) |
Benefits paid & administrative expenses |
(68) |
226 |
Members contributions |
28 |
26 |
Employer contributions |
64 |
61 |
|
|
|
31 March |
3,857 |
3,022 |
|
|
|
|
|
|
Actual return on scheme assets during the year |
810 |
(245) |
|
|
|
-28-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
17. EMPLOYEE BENEFIT OBLIGATIONS - continued
Analysis of amounts charged to SOFA
Analysis of amounts charged to SOFA |
|
|
|
2021 |
2020 |
|
£'000 |
£'000 |
|
|
|
Current service cost & curtailments |
147 |
145 |
Interest on pension liabilities |
20 |
23 |
Administration expenses |
2 |
2 |
Past service costs (gain) |
0 |
47 |
Expected return on scheme assets |
- |
- |
|
|
|
Charge for period |
169 |
217 |
|
|
|
Actuarial Gains and Losses
Thecumulativeamountoftotalremeasurementsincludedinthestatementof comprehensive
income is£223,000 (2020 - £223,000)
Amounts for current and previous four years
|
2021 |
2020 |
2019 |
2018 |
2017 |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Net pension surplus/(liability) |
(932) |
(878) |
(893) |
(677) |
(802) |
|
|
|
|
|
|
Remeasurements of plan assets |
738 |
(585) |
119 |
29 |
499 |
|
|
|
|
|
|
Remeasurements of plan liabilities |
687 |
756 |
(249) |
166 |
(677) |
|
|
|
|
|
|
Total remeasurements in the SOCI |
(51) |
171 |
(130) |
195 |
(178) |
|
|
|
|
|
|
18. RELATED PARTY DISCLOSURES
a) Subsidiary companies
PLANED Developments Limited is accounted for as wholly owned subsidiaries of the company.
PLANED Developments Limited was dormant throughout the period.
b) Trustees expenses
During the period expenses of £Nil (2020 - £990) were paid to trustees on an 'arms length' basis.
-29-
PEMBROKESHIRE LOCAL ACTION NETWORK FOR
ENTERPRISE & DEVELOPMENT LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
INCOME AND ENDOWMENTS
Donations and legacies
Grants & reimbursed costs
Other trading activities
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 |
2021
£
1,404,526
5,177
95,664
19
95,683
1,505,386
-
40,830
1,394,856
11,720
42,160
105,000
1,594,566
4,995
-
4,995
1,599,561
(94,175) |
2020
£
1,029,308
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) |
|
|
|
This page does not form part of the statutory financial statements
-30-