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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 02705081 (England and Wales) REGISTERED CHARITY NUMBER: 1047268

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

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 PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 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 29

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 October 2021 to 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives

The objects of PLANED as set out in its governing document are:

a) To relieve poverty and to promote the education and training of the inhabitants of Pembrokeshire, and other areas as appropriate, who through their social and economic circumstances are in need and unable to gain employment and in particular to promote and support schemes where such people may receive training for employment.

b) To advance education and to provide facilities in the interest of social welfare for recreation and leisure time occupation with the object of improving the condition of life of the inhabitants of the area.

c) To promote research in to the economic and structure resources and problems of the area and publish the useful results of that research.

Strategic Aims

PLANED has continued to evolve and develop as an organisation with a team that is qualified and professional with considerable experience from across the private, public and third sectors.

The mission for the organisation now has clarity that aligns to the current and future landscape of delivery across all communities and an approach that is more forward looking, commercial, and innovative.

With a clear new Vision Statement for PLANED - "Empowering Communities" - the clarity for PLANED in delivering sustainable outcomes for communities, by a collaborative, people led approach is clear to see in the sustainable results being generated by current, and recently completed projects.

Our new Vision document articulates with succinct clarity, the four key themes for our organisational areas of focus:

Each of the four areas of focus have details of activity outlined beneath, which continue to inform our delivery, planning, and support for communities.

Cutting across all our four themes are the consistencies around supporting Communities; 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 PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Values and Approaches

As part of our new organisational Vision document - Empowering Communities - we have updated and revised the values that we collectively stand by and promote:

Based in Pembrokeshire for over 30 years, PLANED has a growing impact locally and now regionally, with a skilled team that supports the continued empowerment, resilience, and regeneration of our communities, by working in partnership across their cultural, economic, and environmental assets.

PLANED continues to be a community-led partnership established as a social enterprise, a Development Trust, a charity, and a company limited by guarantee, with its Board members being representatives from communities and from the public and private sectors.

PLANED has over 30 years' experience of implementing integrated rural development through supporting enterprise, sustainable agriculture and tourism, heritage and environmental activities, through community engagement and participation.

PLANED encourages a community culture of enterprise supporting people to harness their skills, knowledge and enthusiasm -to safeguard their future. This is achieved through delivering locally tailored initiatives, which build on existing community strengths and empower local people, while ensuring effort in one area of development adds value to other areas.

PLANED is an organisation that works with geographic communities and communities of interest to identify, develop and implement sustainable projects that improve the wellbeing of the community with a focus on long-term, integrated, collaborative actions.

PLANED fulfils a vital role in supporting representation by empowering and enabling local communities to be full and equal partners in the development of their area, and is committed to widen participation in its work and promoting equalities and social cohesion and inclusion.

PLANED continues to expand and develop and during this reporting period, placed considerable time and emphasis on proposals for attracting new funding with project proposals developed in response to identified needs and opportunities. To date, the majority of these have been successful, and have post this reporting period been confirmed and begun to commence delivery, working with partners on a three counties regional footprint for some, whilst others are working with new 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 PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE PLANED Projects:

During this 18-month period covered by this report, we have seen continued success in projects both delivered and secured by the PLANED, despite the increasingly challenging funding climate which exists, both then, and currently.

With short term funding secured during this period, from outlets including the UK Government via the Community Renewal Fund, National Lottery, and Welsh Government amongst others, we have continued to deliver support and innovation for communities, not only in Pembrokeshire, but also now extending the reach of PLANED's delivery, into the neighbouring counties of Ceredigion and Carmarthenshire.

Our Food Projects have led the way with innovation within communities with the Wales Community Food Distribution Project (WCFD) supporting the establishment of 15 community food hubs across the three counties, working with volunteers, local suppliers and producers. Our 'Pembrokeshire Fresh Community Vending' project has seen the establishment of two successful 24/7 fresh food vending machines; one at Llanteg, and the other at Steynton. Both provide leading innovation within West Wales on how affordable, locally sourced food, can be accessible to all.

The continued development of our Lottery funded 'CWBR Youth' project continues to make positive impacts. Following initial funding from the WCVA, and then the Lottery, the project that looks to increase engagement of younger people in communities (aged 16-24 ideally) with local leaders and elected members, has also attracted additional funds for bespoke activities from the Office of the Police & Crime Commissioner. Relationships with other organisations, including Pembrokeshire College has further developed the outputs of the project overall, with activities such as graffiti boards from over 10 communities being produced as a visual marker of the issues raised by young people highlighting their concerns.

Activities related to Culture, Tourism and Heritage are wide ranging and increasingly valued by partners based on the expertise and knowledge of the current team. Having been successful with securing additional commercial work undertaking consultation and engagement analysis for flagship projects at key attractions such as Picton Castle, and Scolton Manor, we were also successful in undertaking a bespoke consultation at Freshwater West on behalf of the National Trust. This work generated the largest response to a localised survey the Trust has ever had in Wales, with over 5,000 respondents supported and generated by the work of the team in PLANED. We also continue to support community engagement activities both online, and in person, on behalf of our partners at Visit Pembrokeshire, whilst have also worked with partners including the Cambrian Moutains Initiative, Aberystwyth University, and University College Dublin, on delivering the West Wales element of the CUPHAT (Coastal Uplands Heritage & Tourism) project.

Supporting communities with Community Share Offers and Asset Transfers has been a significant success for PLANED and the work of the specific and dedicated expertise within the team. The deliverables during the period of this specific report, includes the saving and securing of key local assets such as Siop Havards in Newport, where PLANED supported the share offer and subsequent additional funding drawn down through the use of match funding, to purchase the building and business for the community. We are also working with the community in and around Crymych to lead the share offer to purchase the Crymych Arms, as well as other buildings in the county such as Chapels which no longer have a viable congregation but am supporting plans to convert the building into both affordable local accommodation, as well as community retail and engagement space. We also secured PLANED's role in the national 'Perthyn' project funded by Welsh Government, which has seen PLANED secure over £100,000 of additional grant funding being levered into the three counties in the region, for local projects which further support and enhance Welsh speaking localities specifically.

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

Building on the success of our previous Lottery funded 'DATRIS' project, we have been fortunate to have secured a further three years of Lottery funding for our new 'Cadarnhad' project. We now are able to provide Agored Cymru accreditation for people living and working in the counties of Pembrokeshire, Ceredigion and Carmarthenshire, and project will travel to wherever you live or work within South West Wales so that we can help you to gain the recognition for the skills and experiences that contribute to making you unique. With PLANED now having been approved as an accredited AGORED provider and assessment centre, we are able to further enhance the communities, projects and initiatives we are all actively involved with, to provide this further benefit to what many volunteers may do routinely, or simply as a basic entry level qualification, to then help signpost on to other courses within the local colleges for example.

The further expansion of the Micro Enterprises has been considerable during this period, with almost 70 active and operational within Pembrokeshire during the time of this report alone. We continue to work actively and positively with our partners in the local authority, third & voluntary sector, as well as the Health Board, to continue to identify opportunities for expansion of delivery by micros, to support the increasing number of people who wish to have more choice and control potentially on their care, and specifically, care that enables them to remain in their own homes. Based on the demonstrable success of the work in Pembrokeshire, and with the financial opportunities afforded the project via the Regional Investment Fund (RIF) we have worked with partners including Carmarthenshire County Council to now secure PLANED's role in leading the development and rollout of the project in Carmarthenshire with a dedicated resource. This will further complement the work we already do in Pembrokeshire, and the aspiration is to continue to develop to eventually provide support and coverage via PLANED's Micro Enterprises project, to all three counties within the Hywel Dda University Health Board geographic footprint.

FINANCIAL REVIEW

Financial Review

PLANED has an enviable track record in accessing European and National funding and has a valuable asset base having purchased a small industrial site some years ago. The charity uses the surplus income from this site to underwrite match fund its many projects and programmes. New projects to draw down new funding, continues to be developed by the team internally based on community demands, and internal expertise.

Reserves policy

The trustees of PLANED are of the opinion that they have adequate financial reserves to meet any financial requirements should the company be wound up, supported by the company’s property portfolio.

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

FINANCIAL REVIEW

Risk Management

The Trustees of the Company meet with PLANED's Senior Management to consider and review the Company's finances and agree action where appropriate.

The Company's activities are also considered in order to identify opportunities available and the risks to which it is exposed. In addition, the Senior Management is working with PLANED staff and partner organisations to develop projects which will raise revenue for the long term sustainability of the Company and to extend the range of services which can generate regular income.

The establishment of comprehensive financial reporting systems and procedures mitigate against risk and the close liaison between officers and trustees ensures, at an early stage that action is taken where necessary.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

PLANED is a company limited by Guarantee and not having a share capital. The liability of members in the event of the charity being wound up is limited to £1 each.

Recruitment and appointment of new trustees

At the first Annual General Meeting of the Company after adoption of the Articles, the Board members and therefore trustees shall resign and shall be eligible for election or appointment.

The Honorary Officers of the Association shall be elected by the Board as specified in Article 10.6 of the Articles of Association of PLANED, and trustees as in Articles 10.4-10.10 will be elected to serve for a period of up to three years from the date of their election.

The Board may co-opt up to six to the Board, having special qualifications to assist in the objects of the Company. Co-opted trustees shall serve for a period not exceeding three years but may be re-elected at the end of this period. They must be proposed and seconded by trustees of the Board in writing before the meeting at which it is proposed they shall be elected. They may attend, speak, and vote at meetings of the Board and sub-Boards.

The Company may by Ordinary Resolution laid before the Company in General Meeting, of which special notice has been given in accordance with Section 303 of the Act, remove any trustee before the expiration of his period of office notwithstanding anything in these Articles or any agreement between the Company and such trustee.

No person may be appointed as a Board trustee unless he has attained the age of 18 years, nor in such circumstances that had he already been a Board trustee, he would have been disqualified from acting under the provisions of Article 52.

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

The Board have primary responsibility for determining the policy of PLANED while the Senior Management and staff of PLANED are accountable for implementation of policy and operational matters. The team at PLANED consist of a mix of full and part-time employees averaging 18 in total across the period.

The PLANED Board consists of the Chair, a Vice-Chair, and Treasurer and up to 12 trustees appointed from the community, voluntary and private sectors.

The Board may appoint committees and sub committees/steering groups as and when appropriate and can also co-opt up to six members to the Board, having special qualifications to assist in the objects of the Company.

Organisations who are involved with PLANED by association are the funding bodies as outlined in the Notes to the Financial Statements.

Induction and training of new trustees

Following appointment, new Board trustees are introduced to their new role and given an induction pack with a guide to the policies and procedures adopted by the organisation.

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

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

Trustees

Trustees who are also directors of the charity for Companies Act purposes.

A Baron Appointed 6 October 2022 W G Barry Resigned 31 December 2021 A G Dixon I Eynon Appointed 14 July 2022 J Lewis Appointed 6 October 2022 J Parkin Appointed 14 December 2022 T J Price Resigned 1 January 2022 E Rawlings G Reynolds J Roberts Resigned 10 May 2022 L Stopher L Upsdell Resigned 17 October 2021 D H Worrall Resigned 6 October 2022

Auditors Llewelyn Davies Chartered Accountants & Registered 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

The trustees (who are also the directors of Pembrokeshire Local Action Network For Enterprise & Development Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year 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:

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

REPORT OF THE TRUSTEES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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:

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 1st November 2023 and signed on its behalf by:

Mr I Eynon - Treasurer

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

Opinion

We have audited the financial statements of Pembrokeshire Local Action Network For Enterprise & Development Limited (the 'charitable company') for the period ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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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

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

Responsibilities of trustees

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

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

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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

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

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings held and correspondence between the company and its solicitors.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

Use of our report

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

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

1[st] November 2023

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

Unrestricted
Pension
funds
Scheme
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
-
-
Other trading activities
3
2,673
-
Investment income
4
133,518
-
Total
136,191
-
EXPENDITURE ON
Charitable activities
General 5
55,036
229,000
Restricted
-
-
Other 6
8,680
-
Total
63,716
229,000
NET
INCOME/(EXPENDITURE)
72,475
(229,000)
Transfers between funds16
(127,646)
-
Other recognised
gains/(losses)
Actuarial gains on defined
benefit schemes
-
2,055,000
Net movement in funds
(55,171)
1,826,000
RECONCILIATION OF
FUNDS
Total funds brought forward
1,237,351
(932,000)
TOTAL FUNDS CARRIED
FORWARD
1,182,180
894,000
Restricted

funds
£
1,753,414
-
-
1,753,414
1,663,112
-
-
1,663,112
90,302
127,646
-
217,948
-
217,948		 PERIOD
1.10.21
TO
31.3.23

Total
funds
£
1,753,414
2,673
133,518
1,889,605
1,947,148
-
8,680
1,955,828
(66,223)
-
2,055,000
1,988,777
305,351
2,294,128		 YEAR ENDED
30.9.21
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

The notes form part of these financial statements

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

BALANCE SHEET 31 MARCH 2023

Unrestricted
Pension
funds
Scheme
Notes
£
£
FIXED ASSETS
Tangible assets
10
80,935
-
Investment property
11
870,576
-
951,511
-
CURRENT ASSETS
Debtors
12
13,697
-
Cash at bank and in hand
244,414
-
258,111
-
CREDITORS
Amounts falling due within
one year
13
(27,442)
-
NET CURRENT ASSETS
230,669
-
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,182,180
-
ACCRUALS AND
DEFERRED INCOME
15
-
-
PENSION
ASSET/(LIABILITY)
17
-
894,000
NET ASSETS
1,182,180
894,000
FUNDS
16
Unrestricted funds:
General fund
Pension Scheme
Revaluation Reserve
Restricted funds:
Restricted - Other
TOTAL FUNDS
Restricted

funds
£
113,910
-
113,910
294,520
-
294,520
(81,692)
212,828
326,738
(108,790)
-
217,948		 2023

Total
funds
£
194,845
870,576
1,065,421
308,217
244,414
552,631
(109,134)
443,497
1,508,918
(108,790)
894,000
2,294,128
1,165,318
894,000
16,862
2,076,180
217,948
2,294,128		 2021
Total
funds
£
244,526
886,261
1,130,787
223,151
353,009
576,160
(346,171)
229,989
1,360,776
(123,425)
(932,000)
305,351
1,220,489
(932,000)
16,862
305,351
-
305,351

The notes form part of these financial statements

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

BALANCE SHEET - continued 31 MARCH 2023

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 1[st] November 2023 and were signed on its behalf by:

Mr I Eynon - Treasurer

The notes form part of these financial statements

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

CASH FLOW STATEMENT FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Improvements to investment property
Interest received
Net cash provided by/(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		 PERIOD
1.10.21
TO
YEAR ENDED
31.3.23
30.9.21
£
£
(108,601)
(195,441)
(108,601)
(195,441)
-
(16,717)
6
19
6
(16,698)
(108,595)
(212,139)
353,009
565,148
244,414
353,009

The notes form part of these financial statements

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

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
2.
ANALYSIS OF CHANGES IN NET FUNDS		 PERIOD
1.10.21
TO
YEAR ENDED
31.3.23
30.9.21
£
£
(66,223)
(94,175)
65,365
53,383
(6)
(19)
229,000
105,000
(85,066)
(37,503)
(251,671)
(222,127)
(108,601)
(195,441)
At 1.10.21 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank and in hand 353,009 (108,595) 244,414
353,009 (108,595) 244,414
Total 353,009 (108,595) 244,414

The notes form part of these financial statements

-17-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

1. ACCOUNTING POLICIES

Going concern basis of accounting

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

Grants are treated in accordance with the Charities SORP, and are not recognised until the conditions for receipt have been met. Where grants are restricted to future accounting periods they are held as a reserve until recognised in those future accounting periods. Grants for immediate financial support and assistance, or to reimburse costs previously incurred are recognised immediately.

Other income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

All revenue generated by the charity is utilised for the funding of project and administration costs. Revenue is released against expenditure as the expenditure is incurred.

Pensions

The charity operates a pension scheme for the benefit of all its employees. The scheme is a defined benefit scheme and the contributions are charged to the income and expenditure account annually so as to spread the cost of pensions over the service lives of the employees in the scheme. The pension charge is calculated on the basis of actuarial advice

Freehold and investment property

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

Freehold property - 2% on cost Fixtures and fittings - Straight line over 3 years

The charity's freehold property is classified as mixed-use investment property. The accounting treatment for the property is as follows:

Accruals concept

All revenue generated by the charity is utilised for the funding of project and administration costs. Revenue is released against expenditure as the expenditure is incurred.

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

1. ACCOUNTING POLICIES - continued

Taxation

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

Fund accounting

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

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

Company status

The charity is a company limited by guarantee.

2. DONATIONS AND LEGACIES

Grants & reimbursed costs PERIOD
1.10.21
TO
31.3.23
£
1,753,144		 YEAR ENDED
30.9.21
£
1,404,526

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

BRICS
ECW-GP
Leader - RC
Leader - IMP
Leader - COOP
Leader - ANM
DATRIS
Other grants		 PERIOD
1.10.21
TO
31.3.23
£
56,487
1,235
102,197
133,085
24,568
95,239
83,914
1,256,689
1,753,414		 YEAR ENDED
30.9.21
£
81,927
71,157
41,756
771,638
36,086
47,589
58,732
295,641
1,404,526

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

3.
OTHER TRADING ACTIVITIES
Sundry income
4.
INVESTMENT INCOME
Rents received
Deposit account interest
5.
CHARITABLE ACTIVITIES COSTS
General
Restricted
6.
SUPPORT COSTS
Other resources expended
Support costs, included in the above, are as follows:
Auditors' remuneration		 PERIOD
1.10.21
TO
31.3.23
£
2,673
PERIOD
1.10.21
TO
31.3.23
£
133,512
6
133,518
PERIOD
1.10.21
TO
31.3.23
Other
resources
expended
£
8,680		 YEAR ENDED
30.9.21
£
5,177
YEAR ENDED
30.9.21
£
95,664
19
95,683
Direct
Costs
£
1,947,148
-
1,947,148
Governance
costs
£
8,680
YEAR ENDED
30.9.21

Total

activities
£
4,995

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

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
Auditor s remuneration - other services		 PERIOD
1.10.21
TO
YEAR ENDED
31.3.23
30.9.21
£
£
8,680
4,995
49,681
42,927
2023
2021
£
£
8,475
4,800
205
195
__
____
8,680
4,995

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

9. STAFF COSTS

Charitable activities
Governance costs
Aggregate payroll costs:
Wages & salaries
Social security costs
Pension costs		 Staff costs
£
784,222
-
784,222		 Other costs
£
1,155,426
8,680
1,164,106		 2023
2021
£
£
1,939,648
1,546,977
8,680
4,995
1,948,328
1,551,972
PERIOD
1.10.21
TO
YEAR ENDED
31.3.23
30.9.21
2023
2021
£
£
622,601
426,319
51,412
35,564
110,209
68,583
784,222
530,466

The average number of employees during the year was 19 (2021 - 18)

-22-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

10. TANGIBLE FIXED ASSETS

COST
At 1 October 2021 and 31 March 2023
DEPRECIATION
At 1 October 2021
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 30 September 2021		 Freehold
property
£
237,644
32,018
10,781
42,799
194,845
205,626		 Fixtures
and
fittings
£
187,211
163,716
23,495
187,211
-
23,495		 Motor
vehicles
£
35,885
20,480
15,405
35,885
-
15,405		 Totals
£
460,740
216,214
49,681
265,895
194,845
244,526

During the year ending 30 September 2019, the freehold property & investment property owned by the company was revalued by the directors. The directors agreed that a value of £1.1m would be placed on these assets, and this gave rise to a net increase in the value of freehold property & investment property of £583,513.

11. INVESTMENT PROPERTY

FAIR VALUE
At 1 October 2021
and 31 March 2023
AMORTISATION
At 1 October 2021
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 30 September 2021
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grant receivable
Other debtors
Prepayments and accrued income		 2023
£
273,381
28,705
6,131
308,217		 £
907,173
20,912
15,685
36,597
870,576
886,261
2021
£
218,239
3,061
1,851
223,151

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

-23-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT
Other creditors
Accruals and deferred income
Receipts in advance		 2023
£
5,197
32,131
16,300
55,508
109,136		 2021
£
2,547
81,094
21,516
241,014
346,171

14. SECURED DEBTS

The Finance Wales Investments Limited loan was secured, by way of legal mortgage on the freehold land being land at Station Road, Narberth, Pembrokeshire.

15. ACCRUALS AND DEFERRED INCOME

Deferred government grants
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Pension Scheme
Revaluation Reserve
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
CRF-FOP
CRF-Catalysts
Community Share Scheme 2022
Community Matters - Warm Room
Grants
TOTAL FUNDS		 At
1.10.21
£
1,220,489
(932,000)
16,862
305,351
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
305,351		 Net
movement

in funds
£
72,474
1,826,000
-
1,898,474
292,836
20,196
(49,769)
28,037
(125,792)
(706)
62,682
(22,598)
(46,443)
(18,158)
(18,196)
(13,074)
(12,070)
(14,685)
9,776
(12,930)
9,418
(1,951)
3,730
90,303
1,988,777
2023
£
108,790
Transfers
between
funds
£
(127,646)
-
-
(127,646)
(74,889)
(20,196)
49,769
(28,037)
125,792
706
(62,682)
22,598
46,443
18,158
18,196
13,074
12,070
14,685
(9,776)
12,930
(9,418)
1,951
(3,730)
127,646
-		 2021
£
123,425

At
31.3.23
£
1,165,317
894,000
16,862
2,076,179
217,947
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
217,947
2,294,128

16. MOVEMENT IN FUNDS

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PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

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
CWBR Yth 2
WCFD
CRF-FOP
Picton
Cultural Projects
CRF-Catalysts
Cwmpas
Community Share Scheme 2022
Community Matters - Warm Room
Grants
RIF - Catalysts
Cadarnhad
Community Group Support
Community Catalyst Carmarthen
PFCV
Llanrhian Housing Survey
TOTAL FUNDS		 Incoming
resources
£
136,191
-
136,191
539,443
83,914
56,487
102,197
133,085
24,568
95,239
(22,368)
1,235
(18,158)
(13,444)
(698)
(10,730)
1,928
9,776
75,267
335,635
42,602
1,980
41,638
29,586
54,960
4,813
10,000
21,156
5,134
1,125
3,985
140,369
2,690
1,753,414
1,889,605
Resources

expended
£
(63,717)
(229,000)
(292,717)
(246,607)
(63,718)
(106,256)
(74,160)
(258,877)
(25,274)
(32,557)
(230)
(47,678)
-
(4,752)
(12,376)
(1,340)
(16,613)
-
(75,267)
(335,635)
(55,532)
(1,980)
(41,638)
(20,168)
(54,960)
(6,764)
(6,270)
(21,156)
(5,134)
(1,125)
(3,985)
(140,369)
(2,690)
(1,663,111)
(1,955,828)
Gains and

losses
£
-
2,055,000
2,055,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,055,000
Movement
in funds
£
72,474
1,826,000
1,898,474
292,836
20,196
(49,769)
28,037
(125,792)
(706)
62,682
(22,598)
(46,443)
(18,158)
(18,196)
(13,074)
(12,070)
(14,685)
9,776
-
-
(12,930)
-
-
9,418
-
(1,951)
3,730
-
-
-
-
-
-
90,303
1,988,777

-25-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Comparatives for 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		 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

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
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)

-26-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

17. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension scheme which is included within the Dyfed County Council pension fund administered by Carmarthenshire County Council on a lead authority basis. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the scheme are charged to the income and expenditure account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31 March 2022 showing scheme assets of £3,243m and scheme liabilities of £2,871m. The final salary defined benefit scheme was closed in 2014 and was replaced with a Career Average Re-valued Earnings (CARE) based scheme.

All pension related amounts and information within this note relate to the period ended 31 March 2023.

The assumptions, which have the most significant effect on the results of the valuation, are those relating to returns on investments, the rate of salary increases and the rates of mortality, ill-health, retirement, withdrawal etc. It was assumed that there would be investment returns of 4.8% (2021 - 2.1%) per annum, salary increases would average 4.2% (2021 - 4.2%) and that rates of mortality, ill-health, retirement, withdrawal etc. would be in accordance with previous Dyfed Local Authority experience.

The pension charge for the year was £378,000 (2021 - £242,000). Employer contributions were £149,000 (2021 - £64,000) and the projected employer contributions for the period ended 31 March 2024 are £74,000.

FRS 102 Retirement Benefits

The most recent actuarial valuations of the defined benefit schemes have been updated to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme at 31 March 2023. The market value of Fund's assets at the valuation date was £3,964m and represents 129 per cent of the Fund's accrued liabilities, allowing for future pay increases.

The main assumptions used to calculate scheme liabilities under FRS 102 are:

2023 2021
Inflation rate - CPI 2.7% 2.7%
Discount rate for scheme liabilities 4.8% 2.1%
Rate of increase in salaries 4.2% 4.2%
Rate of increase in pensions 2.8% 2.8%
The mortality assumptions were as follows:
Longevity in years at age 65 for current pensioners:
- Men 23.0 23.1
- Women 24.9 25.0
Longevity in years at age 65 for future pensioners:
- Men 24.4 24.7
- Women 27.1 27.2

-27-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

Reconciliation of present value of scheme liabilities

1 April
Past service cost (gain)
Current service cost & curtailments
Member contribution
Interest cost
Benefits paid
Experience (gain)/loss
Loss / (gain) on assumptions

31 March
The Value of assets in the scheme were:
Equities
Government bonds
Other bonds
Cash
Property
Other
Total market value of assets
Present value of scheme liabilities

Net pension (liability) / asset
Reconciliation of market value of scheme assets:
1 January
Interest on plan assets
Remeasurements (assets)
Benefits paid & administrative expenses
Members contributions
Employer contributions
31 March
Actual return on scheme assets during the year		 2023
£'000
4,923
-
168
26
137
(84)
240
(2,340)
3,070
2023
£'000
2,949
20
281
28
535
151
3,964
(3,070)
894
2023
£'000
4,193
118
(361)
(86)
26
74
3,964
(135)		 2021
£'000
3,900
-
147
28
93
(66)
(103)
790
4,789
2021
£'000
2,855
-
447
46
428
81
3.857
(4,789)
(932)
2021
£'000
3,022
73
738
(68)
28
64
3,857
810

-28-

PEMBROKESHIRE LOCAL ACTION NETWORK FOR ENTERPRISE & DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 OCTOBER 2021 TO 31 MARCH 2023

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

Analysis of amounts charged to SOFA

Analysis of amounts charged to SOFA
Current service cost & curtailments
Interest on pension liabilities
Administration expenses
Past service costs (gain)
Expected return on scheme assets
Charge for period		 2023
£'000
337
37
4
-
-
378		 2021
£'000
147
20
2
-
-
169

Actuarial Gains and Losses

Total remeasurements included in the statement of comprehensive income (SOCI) Amounts for current and previous four years (As at 31 March):

Net pension surplus/(liability)
Remeasurements of plan assets
Remeasurements of plan liabilities
Total remeasurements in the SOCI		 2023
£'000
894
(361)
2,100
(1,739)		 2022
£'00
(730
196
120
316		 2021
£'000
(932)
738
687
(51)		 2020
£'000
(878)
(585)
756
171		 2019
£'000
(893)
119
(249)
(130)

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 (2021 - £Nil) were paid to trustees on an 'arms length' basis.

-29-