REGISTERED COMPANY NUMBER: 02705081 (England and Wales) REGISTERED CHARITY NUMBER: 1047268 Report of the Trusteos and Audited Flnancial Statements for the Year Ended 31 Mar¢h 2024 for Pembrokeshir¢ Local Aetfion Network for Enterprise & Development Limited Ashmole and Co. Chartered Certified Accountimts and Statutory Auditors Williamston Hou5¢ 7 Goat Street Haverfurdwesl Pembrokrshire SA61 IPX Ashmole & Co.
Pembrokeshire Local Action Network for Enterprise & Development Limited Contents of the Finan¢ial Statements for the Year Ended 31 Mareh 2024 Page Report of the Trustees I to 9 Report of the Independent Auditors 10 to 12 Stat¢m¢nt of Financial Activities 13 Balance Sheet 14 to 15 C45h Flow Statem¢nt 16 Notes to tbe Cash Flow St4¢ement 17 Not¢s to tbe Fin&nei&l Statements 18 to 32 Detailed Statement of Flnanelal Activities 33
Pembrokeshire LOCAI Attion Network for EDterprise & Development Limited Report of the Trustee5 for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies A¢t 2006. present their rew)rt with the financial statements of the charity for the year ¢nded 31 March 2024. The trustees have adopted the pn)visions of Accounting and Reporting by Charities.. Statement of Recommended Practice appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effective l January 2019). ORIECTIVES 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 Pembrok¢5hire, and other areas as appropriate, who through their 50¢ial and ¢¢onomic circumstances are in need and unable to gain employment and in particular to promote and support schemes where such people may re¢eive training for employment. b) To advance education and to provide facilities int eh interest of so¢ial welfare for recre&tion 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 econornic and Structure resources and problems of the area. Strategie Aims PLANED has Continued to evolve and develop as an organisacion 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 th¢ ¢uff¢nt and future landscape of delivery across all Ly)mmunities and an approach that is more forward lookin& commercial, and innovative. With a clear new Vision Statement for PLANED - "EmF4)werin8 Communities. the clarity for PLANED in delivering sustainable outcomes for communities, by a collaborative, people led approach is clear to see in the sustainabl¢ results being generated by current and recently compleled projects. Our new Vision docutment articulates with succinct clarityy the four key th¢m¢s for our organisational area5 of fo¢us: Foundation Ewnomy Development - Community Well-Being & Resilien¢e - Environmental, Natural & Cultural Community Assets - Green & Low Carbon Community Solutions Each of the four areas of focus have details of activity outlined beneath, which continue to inform our delivery, plannin& and sUPPOrt for communities. Cutting across all our four themes are the consistencies around supwrting Communitie5' People. and P&rtnership' which allow us organi5ation&lly to be collabordtive, creative and comm¢r¢ial where required. Page I
P¢mbrok¢shire tAbtAI Aetion Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 OKIECTIVES AND ACTIVITIES Values and Approaches As part of our new orgdnisational Vision document - Empowerin8 Communities we have updated and revised ihe values that we collectively Stand by and promo*-. - We consistently look foNard and outward in our engagement We actively support shared purposes in empowering our eommunilies - We work with and listen to partners with common purposes and aims We identify innovative solutions that work across all sectors We support all voices, languages and gmupings to be heard Based in Pembmkeshire for over 35 years, PLANED has a growing impact loca]ly and now regionally, with a skilled am that supports the ¢ontinued empowerment, resilience: and regeneration of our comtnunities. by working partnershfftp 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, wilh its Board members being representatives from communities and Irom the public and private 5ector5. PLANED has over 35 years experience of implementing iniegrated rural development through supporting enterprise, susiainable agriculture and tourism, heritage and environmental activities, thr()U8h 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 emwweT local people, whil¢ ensuring effort in one area ol. development adds value to oiher areas. PLANED is an organisation that works with geographic communities and MMUnItieS of interest to identify. develop and implement sustsinable projects that improve the wellbeing of the community with a focus on long-term, integrated, collab)rativ¢ a¢tions. PLANED fulfils a vital role in supporting representation by empowerin8 and enabling local ¢ommunities to be full and equal partners in the development of their are4 and is committed to widen participation in its work and promoting equalities and social cohesion and inclusion. PLANED ¢ontÈnues to expand and develop and during this reporting period, plaeed considerable time and emphasis on proposals for attracting new fjjnding with project proposals developed in response to identified needs and opportunities. To dat¢, the majority of these have been sUesSfUl, and have posi this reporting period been confirmed and begun to commence delivery, working ivith partners on a three counties regional footprint for sorne, whilst others are working with new partners such Higher Education kndies in ix)th Wales and Ireland. Publi¢ beneflt We hav¢ referred to the guidance contained in ihe Charity Commission's general guidmce on Public Benefit when reviewing our aims and objectives and in planning our future activities. Page 2
Pembrokeshlre Local Action N¢¢work for Ent¢rprise & Development LimSted Report of the Trustees for the Year End¢d 31 Mareh 2024 ACHIEVEMENT AND PERFORMANCE PIANFD Projects: Applicable to this twelve month period on which PLANED has continued to deliver and expand ils projecls, we have seen a number of opwrtunities realised, despite the wider economic Challenges and incrcased compctitive funding environment, in which we, and all organisations within the third and public sectors, now face. As an organisation whiLh now works InCr&inglY on a regional basi5 across Carniarthenshire, Ceredigion, and Pembrokeshire, we have secured funding for a number ot- projLcts. Many ol the new projects enabled, are funded howevcr on d short Icrm basis via the UK Gvvcrnmeni led and Local Authority administered, Shared Prosperity l.'und. which has seen countles5 delays locally in its implcmcnlatiorE and award of funding. I"his has impacted on original plans and subtnissions with timelines now being shrunk in response to late awards, and potentially impacting on the volume of tsrgets originally envisaged, as well as rccruilmcnt for sl&tTing lor the projects. Dcspitc thc challcn8cs faL¥d on delivcry limesL&les as a result of local authority delays. wc havc bccn forlunale lo work with partners, including Cwmpas and Pembrokeshire County Council, lo work cnllaboratively on thc SPF fundcd Pcrnbrokcshirc Community AssLts ProjLcL and similarly exclusively on the Pembrakeshirc Comrnunity Led Housing project. Despite scoring 91% in the projecl criteria matrix as assigned by UK Cynvemmcnt and utiliscd by PErnbrokeshir¢ County Council, sadly our Food projecl which built on the success of proven delivery, with plans for expansion co-produced with Communities. was refused by Members and officers within th¢ Council even though it scorcd the third highest of all 30+ submission4 and other5 scoring 1¢5s. which were simpler for councillor5 to understand, were awarded funding, despile not meeting all the criteria within the scoring mechanism. Both current SPF projects have been sucoessful in the time period covered by this report, with a number of communities already engaged in looking for support lo enable a supported and suslainable transfer of community assels in the on¢ instance, and then identification of communities. wishing to establish a Community Land Trust, to support locally led housing in key areas across Pembrokeshire. Our CWBR youth project which has been funded by the Lottery, is scheduled to finish in the late Spring of 2024. and during its two years of funding, has already engaged with over 1,700 young people, 700+ decision makers and youth leaders. Through co-production, facilitation and innovation, the project has worked aoross many communities in Pembrokeshire, to identify how to align existing decision making proces5¢5 With the views and engagement of youn8 adu1¢5, to deliver a meaningful and sustainable discussion. that has clear outcomes. The results and evidence gained has been considerable, and with increasing complementary discussion5 With colleagues in both Carmarthenshire and Ceredigion, the aspiration is to now develop a regional CWBR Youth project, that builds and expands on the results of the Pembrokeshire project, to empower, enable, and support many more young adults within their communities. The focus on local food within Pembrokeshire has seen a growth in PLANED'S support available. via the demonstrable impact and sustainability of our two current Frc5h Community Vending Machines within the county, and the expansion into Camiarthcnbhire, having secured further WG funding on the evidence supplied re impact to datc. Alongside this, we have led ihe admini.stration and dclivcry of thL PcmbrokeshiTe l.o¢al Food Partnership. folluwing extensive lobbying and evidcnLC of suitdbilityy with external pariners and funder5. Now working with both PembrokcshirL County Council and PAVS, wc havc takcn thc Local Food Parinership from a completc start-up pusition, to now having a network of 8(1+ rnembers, and through the caretul administration of the limited fundin& enable small grants lo be awarded to over 20 local projects conncctcd to food in gcncral - fTom sustain&bility to innovation and lucal growing. Our Catalyst lor Care Micro Lnterprises projecl has seen continucd CXPd115iun, with ihe securing of Carmarthenshire as a county for delivery in partnership with the local authority in 2023, and irL early 2024, securing Ceredigion following ¢1 successful tender exercise with Ceredigion Council and SPF funding. This now means the project is delivering on PLANED'S region21 remit aspiration, and also mirrors the geographic footprint of Elywel Dda University Health Board. to lurther complement and suppnrt the provision of complemenlary transfomiationai care to those traditionally projnoted by existing statutory service providers. Page 3
Pembrokeshire Local Aclion Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 Work on the three year funded Cadarnhad project via the lotlery, continues to gather pace with two members of the team working full time, covering the three counties of Carmarth¢nshir¢, Ceredigion. and Pembrokeshire, with delivery and engagement. Being an official Agored Cymru Awarding Body as well as an Assessment Centre has been a positive step forward for PLANED and the project, in what we can offer and support communities, projects, and participants with. During the time period for this report, we have already worked with colleagues from different sectors and geographies including Milford Youth Matters, The Torch Theatre, Car y Mor. and VC Gallery in Pernbrokeshire. Small World Theatr< and Elemental Adventures in Ceredigion; and Dr Mz, and Parc yr E5gob in Carmarthenshir¢. The project overall continues to be flexible in the development of bespoke, community and person led conlenl, that applies to the needs of those whom the project is working with. and will continue to evolve and develop into 2024-25. Overall, PLANED continues to increase its profile through impact, influence, and innovation, by working in partnership with others locally, regionally and nationally. This includes being invited to speak and contribute to a number or national events and conferences in Cardiff Bay. online meetings & events. and also as a sponsor of national conferences such the Wales Food Conference held in Denbighshire, lo showcase the projects we are l¢ading and co-producing here in Wesi Wales. Having this increased pr¢sence and profile to showcase the work done by the team with partners, is somethin8 we will continue to promote, in Order to demonstrate the actual delivery and innovation that PLANED continues to lead in practice, as opposed to academic de5k¢op exercises which sadly appear to gain funding. in opEx>sition to the actual real time delivery which we, and others, do on a continued day to day basis. FINANCIAL REVIEW Financial Review PLANED has an enviable track record in accessing European and National funding and h&8 a valuable asset base having purchased a small industrial sile some years ago. The charity uses the surplus income from this site to undenvrite match fund its many projects and programmes. Since the ending of European funding, PLANED has been successful in obtaining various Uk based fundin8 from Ixith ¢entral and local government, various lottery funding as well as other grant funding charities to enable it to continue to provide innovative support not only to ils local Pembrokeshire based communily, but is also actively expanding il5 activities into west Carmarthenshire and south Ceredigion, as is evidenced in more detail in the activities section of this rew)rt. The Trustees are pleased to report that both our restrictrd reserves increased by £409,241 to £627,189 at the year end. and the unrestricted reserves increased by £132,058 to £1,314,238. These reserve5 excludt the staff pension scheme ,here the reserve increased by £419,000 to £1,313.000 at th¢ year end. Tumover has effec¢ively increased during the year to £1,532,464, compared to £1,889,605 for the 18 months in the previous period. However, this includes around £550,000 of grants included this year under the performance method required by the Charity SORP, which are lo fund projects which will tak¢ place over a number of future periods. If these grants had not b¢en included. turnover would have decreased. However, costs have also decreased to £864,060 after deducting the partner payments accrued of £186,683 in respect of the SPF - Community Asset transfer grant from Pembroke5hir¢ CC. This follows consistent review and prudence acr055 multiple areas of the organisation. After the year end the trustees instruuted Brunton Knowles Limited to value the property as at 3 1st March 2024. The revaluation resulted in a gain on the investment property of £29,424 and a gain on the freehold property of £30,154. Page 4
Pembrokeshire Local Action Network for Enterprise & Development Limited Report ofihe Trustees for the Year Ended 31 Mareh 2024 FINANCIAL KEVlkW ReserYe5 policy The tSteeS of Pl.ANF.D are of the opinion that they have adequate financial rescrvcs to mcct any financial rcquirctncnts should thc company bc wound up, supportcd by thL company's property portfolio. The Trustees continue to monitor fin8nci&I perfonnance genera*d through both grants obtained and the property portfolio, to enablc a sufficicnt reservcs policy that equatcs to a valuo of three months of salaries expenditure. Unr¢5tricted free reserves at the year end amounted to £297.532, being the net current assets excluding funds designated for specific and restricted purposes. The free reserves do not include freehold or investment property. Unrestricted free reserves at the year end equate to over 7 monlhs of salaries expenditure which exceed5 the policy requirement. Despite the ongoing financial challenges due to short tenn funding opportunities, the Trustees continue to recognise the ongoing need for adequate free re5erve5, realis¢d through sound management and oversi8ht of available resources. enabling the planning for future provision, and supp)rting the potential deficits in funds for any actLVities on which applicable funding niay not yet be secured. PLANED'S Trustees also are aware of the financial risks of the pension fund and its liabilities, and this is continued to kept under review. However, in the current economic climate and the impact on both staff and communilies, PLANED will continue to promote holding reserves where feasible, in excess of the three months 5alarieg expenditure where possible. Risk Management The Trustees of the Company mect with PLANED'5 Scnior Management to consider and review the Company's firtances and agree action where appmpriate. 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 15 working With PLANED staff and partner organisations to develop proj¢¢ts which will raise revenue for the long temi suslainabilily of the Company and to ¢xlend the range of services whi¢h ¢an generate regular income. The establishment of comprehensive financial rcporting systems and procedures mitigate against risk and the close liaison between officers and tTUStees ensures, at an early stage that a¢cion is taken where necessary. Page 5
Pembrokeshire Local Action Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS PLANED has a long history of delivery wilh and for communilies in Pembrokeshire primarily. and in the last 3 year this work has now expanded on to a regional footprint, to include delivery of projects across Carmarthenshire and Ceredigion as well. This extension of work on a regional footprinl will continue to forni the basis of our future work and opporbjnities with communities of both interest and place within West Wa]es. Our current organisational vision document "Empowering Communities" will be reviewed and updated in 2025. and this will be infornied by a Series of ¢onsultation events with our Trustees. staff, partners, and stakeholders, to reflect the current & future demands of communities across West Wales, and how we Can sustain the positive impacts of thosc proje¢ts. We will look to expand our support and delivery around the key growth area of community 855et transfers and the OPFOrtunities for communities to raise funds through Share offers, to take ownership of an increa5in8 numb¢r of assets no longer managed or owned by sLut0ry partner organtsations, as well a5 private owners with community focused buildings & services. Related to the above, is the work on locally led community housing opportunities, which builds on the work CentlY funded by the Shared Prosperity Fund, to support the creation primarily of CommuniLy Land Trusts. This is an area hich we see continued growth and demand for across West Wales, and with qualified and accredited team members in place within PLANED, we are ideally placed to continue to expand and support those communities who have identified an OPFKYrtLLnity to build or develop community housing for their l(KuI population. Our work supporting the expansion of Micro Enlerprises across the three counties that mirrors the geographic footprint of the Hywel Dd& University Health Board will continue to grow and expand. Working in partnership with ihe three local authorities, CVC'S, and other applicable partners, we will look ai further innovative solutions to support and promote both the micro enterprises themselves, as well as the increased ease of ac¢ess for members of the public, who need and require the support delivered by those Enterprises. Building on the success of the previous lottery funded Pembrokeshire focused, CWBR Youth programme, we will be hoping to secure funding to take the lessons learnt from thi5 Single county focused projecl and expand into a three countkes, regional CWBR Youth project. With support from partner organisations and interested parties across the three Counties, we hope to enable a co-produced, people led ptr)ject that empowers the voices and inputs of young adults within their communities, and ¢nabling ¢los¢r links with local leaders to support Sustainable, local change5. PLANED ¢ontinues to invest in applicable training for its team, and in the fabric and maintenance of its buildings and resources, lo enable the team to have the app1[ble equipmenL working environment, and security with which. to deliver projects for communities with confidence, and to enable our communities, clients, and partners, to have confidence in us as a delivery organi5ation, and fa¢ilitalor of tK)sitive change, as we monitor the wider funding environment to secure grants for further project delivery. Page 6
Pembrokeshire Local Action Network for Enterprise & Dtveloprnent Limited R¢port of the Trustees for the Year Ended 31 Mareh 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Coverning document PI.ANF.D is a company limited by CJuarantee 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 Gcncral Mccting ul the Colnpany aller adoption of the Articles. the Board members and thcrcforc trustees shall resign and Shall be eligible for election or aptK)intmcnt. The Honorary Officers of the Association 8hall be elected by the Board as specified in Article 10.6 of the Articles of Association of PLANED. and trustCC5 as in Articles 10.4 - 10.1 O will be elect¢d to serve for a period of up to thrcc years frotn the date of their election. The Board may co-opt up to Six to the Board, having special qualifications to sist in the objects of the Company. Co-opted trustees shall serve for a period not exceeiling thre¢ y¢ars 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 meetin8 at which il is proposed they shall be el¢cted. 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 Meetin& of which special notice has been given in accordance with Section 303 of the Act, remove any trustees before the expiration of his period of office notwithstanding anything in these Articles or any agreement between the Company and such trustee. No person rnay be appointed as a Board twstee unless he has attained the age of 18 years, nor in such circumstances that had he already been a Board trustee, h¢ MDuld have been disqualified from acting under the provision of Article 52. Organisational structurc The Board havc prIMY responsibility for determining the policy of PLANED which the Senior Management and staff of PLANED are accountable tor implemenlation of EK)licy and operational mattcrs. Thc team at Pl.ANF.D con.sist of a mix ot full and part-timc crnployees averaging 15 in total across the pcriod. The PLANED Buard consists of the Chair, a Vice•Chair. and T[C<rer and up to 12 trustees appointed from the cotnmunily> voluntary and privatr sectors. The Board may appoint Committees and sub committeeslsteering groups as and when appropriate and can a150 co-opt up lo 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 No1¢5 to th¢ Financial Statements. Indu¢tion and trnining of new trustees Following appointment, new Board trustees are introduced to their new role and given an induction pack with a guide to the policie5 and procedures adopted by the organisation. Page 7
Pembrokeshire Local Actioll Network for Enterprise & Development LRmAted Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTIi4TIVE DETAILS Registered Company number 02705081 (England and Wales) Registered Charity nujnber 1047268 Registered oftfice The Old School Station Road Narberth Pembrokcshire SA67 7DU Trustees A Baron A G Dixon l Eynon D T S Lewis (appointed 17.424) Mrs J Lewis J R Parkin Mrs E Rawlings G D Reynolds (resigned I1.9.24) Mrs L W Stopher (resigned l.5.24) Senior Management l Thom&s- Chief Exceutive Auditors Ashrnole and Co. Chartered Certificd Accounldnls and Statutory Auditors Williamston Ilouse 7 Goat Street Haverfordwest P¢mbrokcshire SA61 IPX Bankers Barclays Bank PIC High Stre¢¢ Haverfordwest Pembrokeshire Page 8
Pembrokeshire Locil Action Network for Enterprise & Development Limited Report of the Trustees for tb¢ YvAr Ended 31 Mareh 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the diTecknrs of Pembrokeshire Local Action Nctwork for nrprISe & Development Limited lor Ihe purp05Ls of (X)MpY law) arL rL'sw)n5iblc fur prewaring the Report orthe TrusLees and the financial statements in accordance with applicable law and United Kingdom Accounting Ldards (Unitcd Kingdom Generally Accepied Accounting Practice) including Financial Reporting Standard 102 "Thc FiTtancial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trnstees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of thc charitable company and of Ihe incoming resources and application of resources, including the incorne and expenditure, of the charitable wmpany for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply ihem consi5t¢ntly' observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial 5talemenls on the going con¢ern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are reswnsible for keeping proper a¢¢ounting records which disclose with reasonable accuracy at any lime the financial positton of the charitable company and to enable them to ensure that the fInanLial slalements comply with the Companies Act 2006. "1"hey are also responsible for safeguarding the assets ofthe charitable c4)mpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitiLs. In so far as the trustees are aware- there is no relevant audit information of which the charitable company's auditOT5 are unaware. and the irustees have taken all steps that they ought to havc taken to make themselves aware of any relevant audit information and to establish thal the auditors a aware of that information. AUDITORS The auditors, Ashmole and Co.. will be proposed for re-appointment at the forthcoming Annual General Meeting. Appr()ved by order of the board of tn55tces on ..... .................. and signed on its behalf by: Page 9
Report of the Independent Auditors ¢0 th¢ Trustee5 of Pembrokeshire Local Action Network for Enterprise & Developm¢nt Limited Opinion Wc have audited the financial statements of Pembrokeshire Local Action Network for Enterprise & Development Limited (the 'charitable company,) for the year ended 31 March 2024 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 wlicies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards (UnitLd Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements= give a true and fair view of the state of the charitable company's affairs ai 31 March 2024 and of its incoming resources and application of resourcc4 including its income and expenditure, for the year then ended. have been properly pryred in accordance with Unitcd Kingdom Generally Accepted Accounting PractlLe, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland and havc bccn prcpared in accoidance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS (UK)) and applicabl¢ Ig4W. Our responsibilities under those standards are further deribed in the Auditors, reSnsibIliti¢5 for the audit of the financial 8tatemcnts sc¢tion of our report. We are independent of thc charitable company in accordance with the ethical requir¢mcnls that are relevant to our audil of the financial statements in the UK, including the I",RC's Eihical Standard, and we have fulfilled our other ¢thi¢al resp)nsibilities in accordance with these requirernent5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDclu$ion5 relgting to going concern In auditing the financial st&tem¢nts. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial siatement5 15 appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may rast significant doubt on the charitable company's ability to continue as a going concem for a period of al least twelve months from when the financial statements a authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going CODcem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infomlation comprises the information included in the Annudl Report, oiher than the financial statements and our Report of thL Independent Auditors thereun. Our opinion on the fmancial statements does not cover thc othcr inforniation and, except to the extenl o¢herwise explicitly statLyJ in uur rewrt, we do not express any form of dSsuranc¢ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniatiun and, in doing SO. CA)nsider whether the other inforniation is matcrially inconsistenl with the financial statements or our knowledge obtsined in the audit or otherwisc <ippcars kn be Jnaterially mi5Stated. If we identify such maiL'rial inconsistencies or apparent material misstatemenL8, we are requirLd to determine whether this givcs risc lo a malerial mt5Statement in the financial statements thcTnsLlves. Ir, bas on the work we have perforn)ed. we conLlude ihat there is a material misstatement of this othcr infornjaiion, we are required to report that Fdbl. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of Ihe following matters where the Charities {Ac¢ounts and Reports) Regulations 2008 requires us to rctK)rt to you if, in our opinion: the inforniation given in the Report of the Trustees is inconsistent in any ma*rial respect with the financial stat¢m¢nts; or the charitable company has not kept adequate accounting record5- or the financial statements are not in agreement with the accounting record5 and retums. or we have not r¢c¢ived all the information and explanations we r¢quire for our audit. Page 10
Report of the Independent Auditors to the Trustees of Pembrokeshire Local Action Network for Enterprise & Development Limited Responslbilities of trustees As explained more fully in the Statement of Tru5tees' Re5ponsibililies, th¢ trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the finan¢ial statements and for bcing satisficd that they give a true and fair view. and for such internal eontrul ay the trustees delerniine is necessary to enablL thL prLyaratiun uf financial statcmcntS that arc frcc from matcrial misstatement, whether due to Iraud or error. ITr preparing the financial statements, the Irustees are responsible for assessing the charitable company's Ability to continue as a going concem, disclosing, as applicable, maiters related to going concern and u.sing the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Our respottsibilities for the audil of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether th¢ financial statemcnts as a whole are free from material misStatemenL 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 SUrance. but is not a guarantce th¢it an audit conduc*d in ac¢ordan¢e with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can aris¢ from fraud or eOr and are considered material if, individually or in the aggregate, they wuld reasonably be expected to influence the economic decisions of users taken on the basis ofthe5e financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and nOnOmplIancc with laws and regulations, we considered the following.. nature of the charity and the Sector in which it operates. the legal and regulatory framework in which the charity operates, and in particular those laws and regulations that directly affect the fsnancial statements or have a fundamental effect on operations eg Charities Act 2011, health and safety legislation. - results of enquiries of rnana8emcnt and those charged wlth governance any matters identified relating to the charity's policics and procedures for identifying, evaluating and complying with laws and regulations, and whether there were any known instances of non compliance. dctccting and rc5ponding kn the risks of fraud and whether there is any knowledge of actual, suspected or alleged fraud. thc intcmal eonlrols estsblished to mitigate risks of fraud or non compliance with laws and regulations. As a result of performing the above, we did not identify any key audit matters relatcd to polential risk ol fraud or non compliance with laws and regulations. In addition ta the above. our proccdurcs includcd.. reviewing the financial statement disclosures and testing to supw)rting do¢umeniation to assess compliance with relevant laws and regulations enquires of management and those charged with governance n¢crnIng a¢lual and potential litigation and claim5 perforniing analytical procedures to idenlify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud review of minutes of committee meeting5 - written representations A further description of our responsibilities for the audit ot the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fom]s part of our Report of the Independent Auditors. Page 11
Report of ihe Independent Auditors to the Trustee5 of Pembrokeshire Loeal Action Network for Enterprise & Development Limited Use of our report This report is made solely to the charitable Company's trustees, as a body* in accordance with Part 4 of the Charilies (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are r4uired 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 responsibilily lo anyone other than the chartlable company and the charitable company's trustee5 as a body J for our audit work, for this repot1, or for the opinions w¢ have formed. Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Eligible to act as an auditor in tem)s of Section E212 of the Companies Act 2006 Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 IPX Date: 31.01.£s Page 12
Pembrokeshfire Lotal Action Network for Enterprlse & Development Llnblted Statement of Financial Activilies for the Year Ended 31 March 2024 Period 1.10.21 Year Ended 31.3.24 Total funds 31.3.23 Total funds Unrestrictcd funds PLllbion Schemc Reslricled runds Noles INCOME AND ENDOWMENTS FROM Charitable activities Charitable Activities 81,181 1,346.682 1.427,863 1,753,413 Other trading activities Inveslm¢nl inrorne 2.917 101,684 2.917 145,684 2,673 133,519 44,000 Total 185.782 44,000 1346 682 1.576.464 1,889,605 EXPENDITURE ON Charitable activities Charitable Activities 243 310 6,000} 807 433 1044 743 1955 828 Net gains on investments 29,424 NET INCOMEI(EXPENDITURE) Transfers between funds Other reeognised gainsl(losses) Gains on revaluation of fixed assets Actuarial gains on dcfinLd benefit schemes (28,104) 130,008 50,000 539,249 (130.008) 561.145 (66,223) 17 30.154 30,154 369 000 369 000 2 055 000 Net rnovement ID fund5 132,058 419.000 409.241 960.299 1,988,777 RECONCILIATION OF FUNDS Total funds brought fonrd 1.182,180 894,000 217,948 2,294,128 305.351 TOTAL FUNDS CARRIED FORWARD 1.314 238 1313 000 627 189 3 254 427 2 294 128 The notes form part ofthese financial statements Page 13
Pembrokeshire Local Action Netivork for Enterprise & Development Limit¢d B8lan¢¢ Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Tolal funds Unrestricted funds Pension Schctnc Restricted funds Notes FIXED ASSETS Tangible assets Investment property 116,707 900,000 108,790 225,497 900,000 194,845 870.576 12 1,016,707 108,790 1.125.497 1,065,421 CURRENT ASSETS Debtors Cash ai bank and in hand 13 5,051 357 862 880.409 885,460 357 862 308,217 244 414 362.913 880.409 1,243J22 552,631 CREDITORS Amounts falling due within one year 14 (65,382) (255,780) (321,162) (109,134) NET CURRENT ASSETS 297,531 624,629 922,160 443,497 TOTAL ASSETS LESS CURRENT LIABILITIES .314,238 733.419 2,047,657 1.508.91 s ACCRUALS AND DEFERRED INCOME 16 (106,230) (106.230) (108,790) PENSION ASSET 18 1,313.000 1.313,000 894,000 NET ASSETS 1,314,238 1.313 000 627,189 3,254,427 2 294.128 FUNDS Unrestricted funds.. General fund Pensions Scheme Revaluation Reserve 17 1,267,222 1,313,000 1,165,318 894,000 16,862 2.627.238 2,076,180 Restricted funds 627,189 217,948 TOTAL FUNDS 3,254,427 2,294 128 The charitable company 15 entitled to exemption from audit under Section 477 of the Companie5 Act 2006 for the year end¢d 3 1 March 2024. The members have not deposited notice. pursuant to Section 476 of the Conipanies Act 2006 requiring an audit of these rinancial statements. The notes form part of these financial ststements Page 14 continued...
P¢mbrokeshir¢ Local Action Network for Enterprlse & Development Limited Balance She¢t- continued 31 Mareh 2024 The trustees acknowledge their responsibilities for (a) ensuring that the charitable ci)mpany keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial ststement5 which give a true and fair view of the State of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in arcordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relaling to financial statements, so far as applicable the charitable company. (b) These fjnancial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable to charitable companics subje¢t to th¢ small wmpanies regime. The financial statements were approved by the Board of Trustees and authorised for issue on . and were signed on its behalf by: ynon - Trustee The note5 form part of these financial statements Page 15
Pembroke5hire Local Action N¢twork for Enterprise & D¢v¢lopment Limited Cash Flow Statement for the Year Ended 31 March 2024 Period 1.10.21 Year Ended 31.3.24 31.3.23 Notes Cash flows from Dp¢ratin2 activities Cash generated fmm operations 58,937 108 601) Net cash provided byl{used in) operating activities 58.937 108 601 Cash flows from investing actlvities Purchase of tangible fixed assets Interest received (745) 119 Net cash (used in)Iprovided by investing activities Change ill cash and cash equivalents in the reporting period Cash alld cash equivalents at the beginning of the reporting period 58.311 (108,595) 244.414 353 009 Cash and cash equivalents at the end of the reporting period 302.725 244414 The notes form part of these tinancial Statements Page 16
Pembrokeshire Local Action Network for Enterprise & Development Limited Notes ¢0 the Cash Flow S¢atement for the Year Ended 31 March 2024 RECONCILIA TION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES Period 1.10.21 to 31,3.23 Year Ended 31,3,24 Net incotnel(expeJJditure) for the reporting period (as p¢r the Statement of Flnanclal Actlvllles) AdjusttDents for: Depreciation charges Losses on investments Interest received Pension costs Net interest on pension Surplus Increase in debtors Increasel(decrease) in creditors 561,145 (66,223) 248 (29,424) (119) (6.000) (44,000) (577,243) 154 330 65,366 (6) 229,000 (85,066) 251.672 Net eash provided by/(used in) operations 108.601) ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.24 31.3.23 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 509 357,353 55 137) 347 244,067 Total cash and cash equivalents 302 725 244414 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow Ac31.3.24 Net cash Cash at bank and in hand Bank overdraft 244,414 113,448 55 137) 357,862 55 137) 58.311 302 725 Totsl 244 414 58,311 302,725 The note5 form part of these financial statements Page 17
Pembrokeshire Local Aclion Network for Enterprise & Developtnent Llmlied No¢es to the Financial Stthtements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial sta¢ement5 The financial statements of the charitable company. which is a public benefit entity under FRS 102, have b¢en prepared in a¢o)rdan¢e 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 l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland, and the Companies ACÉ 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 re¢ognised until the conditions for receipt have been met. Where grants are restric*d to future accounting periods they are hold as a reserve until r¢cognised in those future accounting periods. Grants for immediate financial support and assistance, or 10 reimburse costs previously incurred are recognised immediately. Other income is recognised in the Statement of Financial Activities once the charity has entiilement lo the funds. it is probable that the income will be received and the amount can b¢ mea5uffd reliably. Exp¢nditure Liabilities are recognised as expenditure as soon as there is a Icgal or constructive obligation MMIttlg 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 actLVlties on a basis ¢on5iStent 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 ar¢ charged to the income and expenditure CoUnt annually so as lo spread the cost of pensions over the service lives of the employees in th¢ scheme. The pension charge is calculated on the b&si5 of actuarial advice. Freehold 4nd investment property Deprecia¢ion is provid¢d at th¢ following annual rates in order to write off each asset over its estimated useful life. Freehold property Fixtures and fittings 20/0 on Cost Straight line over 3 years The charity's freehold property is classed as mixed-use investmcnt property. The accounting treatment for the property is as follows: All freehold property is included in the accounts at fair value Gains on the non-inv¢stment portion of the propety are recorded in the SOFA as gain5 on the revaluation of fixed assets and are included in a separate revaluation reserve. Investment property is included at fair value. Gains are recognised in the SOFA. Taxation The charity is exempl from corporation lax on its charitable activities. Fund aecounting Unrestricied funds can be used in accordance with the charitable objectives at the discretion of the trustees. Page 18 continued...
Pembrokeshire Local Action Network for Enterprise & Dev¢lopment Limited Notes to the Fittaneial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continu¢d Fund accounting Rcstrictcd funds can only bc uscd for purticular restricted purposes within the objects of the charity- Restrictions arise when specifjed by the donor or when tunds are raised for particular restricted purposes. Company status The charity is a company limited by guarkinlee. OTHER TRADIING ACTIVITIES Period 1.10.21 Year Ended 31.3.24 31.3.23 Sundry income I,YVESTMENT INCOME Period 1.10.21 to Year Ended 31.3.24 31.3.23 Rents received Dew)Sit account interest Net interest- pension surplu5 101.565 133,513 44.0(K) 133 519 INCOME FROM CItARITABLE ACTIVITIES Period 1.10.21 to 31.3.23 Year Ended 31.3.24 Activity Charitable Activities Charitable Activities Project income Grants 45,570 1.382,293 1,753 413 1.427,863 1753,413 Grants received, included in the above, are as follows.. Period 1.10.21 to 31.3.23 Year Ended 31.3.24 Other grants DATIUS BRICS ECW-GP 38,171 1,256,689 83,914 56,487 1.235 Carried forward 38,171 1,398,325 Page 19 continued...
Pembroke5hire Lotal Attion Network for Enterprise & Dev¢lopm¢nt Limited Notes to the Finanti*l Statements- eontinued for the Year Ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES - continued Period 1.10.21 Year Ended 31.3.24 31.3.23 Broughi fonvard Leader- RC Leadcr- IMP Leader- COOP Leader- ANM Welsh Government Rural Communities National Lottery Community I,"und - People and Places 3 Welsh Government- Co-operation and Supply Chain Development Scheme Cwmpas - Perthyn Project PAVS- Catalysts for Care National Lottery Community Fund - People and Places 3 - Cadarnh8d Carmarthenshire CC Catalysts for Care Pembrokeshire Local Food Partnership Camarthenshire CC - Carers and Micro Enterprise Project Welsh Government- Democratic Engagement- CWBR Youth National Trust- People's Plan for Nature: Nature Neighbourhoods PA VS- Pembrokeshire Community Hub Welsh Government- Fresh Food Vending Project Pembrokeshire CC - SPF - Community Asset transfer Ceredigion CC- Catalysts for Care Pembrokeshire CC - SPF - Community Housing Land Trust Ceredigion CC- SPF - Cynnal y Cardi 38,171 .398,325 102.197 133,0115 24,567 95,239 21.474 54.560 34.744 55,780 52,529 334,216 49,454 69,061 21,227 14,109 25,000 14,075 71,300 362,750 69,663 85,200 8,980 .382.293 1.753.413 Thc following grant5 havc bLLn inGludcd in fLtII ihis year although the projects arc to takc placc over a number uryc. Fundb" will be held in resiricled reserves and released over the project period. National Lottery Community Fund - People and Places 3 - Cadarnhad Cannarthenshire CC - Car¢rs and Micro Enterprise Project National Trust- People's Plan for Nature: Nature Neighbourhoods Ceredigion CC- Catalysts for Care Pembrokeshire CC - SPF - Community Housing Land Trust Ceredigion CC- SPF - Cynnal y Cardi £334,216 £20,100 April 2023 - March 2026 April 2024- March 2025 £25,000 £69,663 £85,200 £8,980 Septrniber 2023 - December 2025 January 2024 - December 2024 January 2024 - December 2024 February 2024 - December 2024 Pembrokeshire CC - SPF - Community Asset transfer(PLANED is lead with 2 other partners) £362,750 September 2023 - December 2024 Page 20 continued...
Pembrokeshire Local AetSon Nelwork for Enterprlse & Development Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Charitable Activities 1026 363 18,380 1,044,743 2024 Project costs Wages Project c()8ts Project administration and management 539.580 201,635 43.960 785,175 186,683 Partner payments accrued Total project costs Property expenditure Adminislration and management Net pension cost 971,858 38,607 21,898 1026,363 SUPPORT COSTS Governance Costs Charitable Activities Supwrt costs, Includ in the above, are as follows: Period 1.10.21 to 31.3.23 Tothl activities Year Ended 31.3.24 Charitable Activities Wages Auditors, remuneration 8,910 Page 21 continued...
Pembrokeshire lffjeal Attion Network for Enterprise & D¢v¢lopm¢nt Limit¢d Not&s to the Finaneial Statements- cnntinued for the Year Ended 31 March 2024 NET INCOME/(EXPEf4DITURE) Net in¢omel(expenditure) is slated after chargingl(crediting): Period 1.10.21 to 31.3.23 Year Ended 31.3.24 Auditors, remuneration Depreciation - owned assets 9,470 248 8.680 Net resource5 are stated after charging l (crediting): 2024 2023 Auditor's remuneralion - audil Auditor's remuneration- other servic&s 8,970 500 8,475 205 9.470 TRUSTEES, REMUNERATIOY4 AND BENEFITS There were no trustees, remuneration or other benefits for the ye2r ended 31 March 2024 nor for the period ended 31 March 2023, Trustees, expenses There were no 31 March 2023. trustees, expenses paid for the year ended 31 March2024 nor for the period ended STAFF COSTS 2024 2023 Charitable activities Govemance cosls 539,580 784,222 548.490 784 222 Aggregate payroll costs.. Year ended 31.3.24 2024 period I,10.21 to 31.3.23 2023 Wag&$ & salaries Social security cost5 Pension costs 448,489 33.996 622,601 51,412 110.209 548 490 784 222 Page 22 continued...
Pembrokeshire Loeal Action Network for Enterprise & Development Limited Notes to the Financial Statements- eontinued for the Year Ended 31 March 2024 STAFF COSTS - continued The average monthly number of ernployees during the year wa5 a5 follow5: Period 1.10.21 Year Ended 31.3.24 13 31.3.23 17 Project staff Administration 15 19 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Pcriod 1.10.21 Year Ended 31.3.24 31.3.23 £60,l- £70,000 io. COMPAIUTIVES FOR THE STATEMEf4T OF FINANCIAL ACTIVITIES - 31 MARCH 2023 Unrestrieted Pension Restricted funds Scheme funds Total funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable Activilies 1,753,414 ,753,414 Other trading ac¢ivities Investsnent income 2,673 133 518 2,673 133 518 TotAI 136 191 1753.414 1889 605 EXPENDITURE ON Charitable activities Charitable Activities 63,717 229 000 1663 111 1955 828 NET INCOMEI{EXPENDITURE) 72,474 (127,645) (229,000) 90,303 127,645 (66,223) Transfers between funds Other recogllised gainsl(losse5) Actuarial gains on defined benefit schemes 2,055 000 2 055 000 IY¢t rnovernent in funds (55,171) ,826,000 217,948 1,988,777 RECONCILIATION OF FUNDS Total ndS bmught fonvard 1,237,351 (932,000) 305.351 TOTAL FUNDS CARRIED FORWARD 1 182 180 894,000 217,948 2,294 128 Page 23 continued...
P¢rnbrokeshire Local Aetion Network for Enterprise & Development Limlied Notes to the Flnancial Statements - continued for the Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Fixlures and fittings Frcehold property Motor vehicles Totals COST OR VALUATION At l AprÈl 2023 Additions Revaluations 237,644 187,211 745 35.885 460.740 745 12.644 12 644) At 31 March 2024 225 000 187,956 DEPRECIATION At l April 2023 Charge for year Revaluation adjustments 42.799 187,211 248 35,885 265,895 248 42 799) 42.799) At 31 March 2024 187459 223.344 NET BOOK VALUE At 31 March 2024 225.000 497 225,497 At 31 March 2023 194 845 194 845 Cost or valuation at 31 March 2024 is represented by: Fixtures Freehold property Motor vchiLIcs fittings Totsls Valuation in 2019 Valuation in 2024 Cost (782) 5.000 220 782 (782) 5,000 444,623 187.956 225.000 187.956 448 841 If freehold land and buildings had Thot been revalued they would have been included at the following historical cost: 31.3.24 31.3.23 Cost 220 782 Aggregate depreciation Freehold land and buildings were valued on a Fair Value basi5 on 31 March 2024 by Brunton Knowles Limited. Page 24 continued...
Pembrokeshire Local Aetion Network for Enterprise & Development Limited Notes to the Financial Statements - ¢ontinued for the Year Ended 31 March 2024 12. INVESTMENT PROPERTY FAIR VALUE At l April 2023 Revalualion 907.173 At 31 March 2024 900 000 AMORTISA TION At l April 2023 Revaluation adjustments 36.597 36.597 Ai 31 March 2024 NET BOOK VALU At 31 March 2024 900 000 At 31 March 2023 870 576 Fair value at 31 March 2024 is represented by: Valuation in 2019 Valuation in 2024 L05t 556.196 3,284 340.520 900,000 If investment propety had not been revalued it would have been included at the following historical cost.. 31.3.24 31.3.23 Cost 340 520 A88re8ate depreciation Investment property wa5 valued on a Fair Value basis on 31 March 2024 by Bruton Knowles Limited. 13. DEBTORS 31.3.24 31.3.23 Amounts falling due within one year: Grant receivable Other debtors Prepayments and accrued income 748,435 23.742 273.381 28,705 6,131 772 177 308.217 Page 25 continued...
Pembrokeshire Local Actlon Network for Enterprise & Development Limited Notes to the Finanelal Siatements - continu¢d for th¢ Yegr Ended 31 Marth 2024 13. DEBTOILS- continued 31.3.24 31.3.23 Amounts faIling due after more than one year.. Grant rcccivable 113283 Aggregate amounts 885 460 308,217 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (5¢¢ note IS) VAT Other creditors Accruals and deferred income Receipts in advance 55,137 1,355 240,218 24.452 5,197 32,129 16.300 55.508 321.162 109.134 Other creditors include accrued Partner paymcnts. uf £1 ¥6,683 for the grdnt fmm Pembrokc5hirc CC - SPF - Community AsbLI Iransfer where PLANED is the lead organisation and will receive the grant to be distributed to 2 oiher partners for the project. 15. LOANS Amounts showing a5 bank loans and overdraft3 (see note 14) represent a timing difference between when the restricted expenditure has been incurred and the receipt of the restricted funding in the Charity's bank accounl. This is not an actual bank loan, merely a liming difteren¢e. 16. ACCRUALS AND DEFERRED INCOME 31.3.24 31.3.23 Deferred government 8rants 106 108 790 17. MOVEMENT IN FUNDS Net movement in funds Trdnsfers betwe£n funds At 31.3.24 At 1.4.23 Unrestricted fund5 General fund Pensions Scheme Revaluation Res¢rYe 1.165.318 894.000 {28.104) 419.000 130.008 1267.222 1,313,000 2,076,180 421.050 130,008 2,627,238 R¢strieted funds Re51ricted- Other 217.948 539249 (130,008) 627,189 TOTAL FUNDS 2 294 128 960 299 3,254,427 Page 26 continued.-.
P¢mbrokeshire Local Action Network for Enterprlse & Development Llmited Notes ¢0 the Financial Sta¢emen¢s- continued for the Year Ended 31 M#reh 2024 17. MOVEMENT IN FUNDS- eontinued N¢t mov¢menl in funds, included in the above are a5 follows- Incoming resources Resour¢¢s expend Gains and losses Movement in funds Unrestricted funds General fund Pensions Scheme Revaluation Reserve 185,782 44,000 (243,3 10) 6,000 29,424 369,000 30,154 (28,104) 419.000 30,154 229.782 (237,310) 428,578 421,050 Restrleted funds Restrieted - Other 1,346.682 (807.433) 539,249 TOTAL FUIYDS 1,576.464 1,044,743) 428.578 960.299 Comparatives for movernent in funds Net movement in funds Transfers b¢tw¢en funds At 1.10.21 At 31.3.23 Unrestricted funds General fund Pensions Scheme Revaluation Reserve 1,220,489 (932,000) 72,474 1,826,0(K) (127.645) 1.165,318 894,000 16,862 305,351 1,898,474 (127,645) 2.076.180 Restricted funds Restricted- Other DATRIS BRICS Leader- RC Leader- IMP Leader- COOP Leader- ANM Digibus 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) (74,888) (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) 217,948 Inv- Hcr CWBR CSRG Comshares Comcut CJ.T Solva CRF-FOP CRF - Catalysts Cornmunity Share Scheme 2022 Community Matters - Wann Room Grants 90.303 217,948 TOTAL FUNDS 305J51 1.988.777 2,294.128 Page 27 conlinued,..
Pembrokeshire Loeal Action Network for Ent¢rPri & D¢velopment Limited Notes to the Tr'inancial Statements- continued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS - continued Comparative net movernent in funds, included in the above are as follow5: Incoming re50ur¢¢s Resources expended Gains and losses Movement in funds Unrestrleted thnds General fund Pensions Scheme 136,191 (63,717) 72.474 1.826.000 2 055 000 136.191 {292,717) 2,055,0(H) 1,898,474 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 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 (246,607) (63,718) (106,256) (74.160) (258,877) (25,274) {32,557) (230) {47,678) 292.836 20.196 (49,769) (125,792) (706) 62,682 (22,598) (46,443) (18,158) (18,196) (13,074) (12,070) (14,685) 9,776 (4,752) (12,376) (1,340) (16.613) (75,267) (335,635) (55,532) (1.980) (41,638) (20,168) (54,960) (6,764) (6270) (21,156) (5,134) (1,125) (3,985) (140,369) (12,930) Picto Cultural Projects CRF - Catalysts Cwmpas Community Shar¢ S¢h¢me 2022 Community Matters - Warni Room Grants RIF - Catalysts Cadarnhad Community Group Support Community Calalyst Carmarthen PFCV 9,418 (1,951) 3,730 Llanrhian Housing Survey 1 753 414 1663 111 90.303 TOTAL FUNDS 1889 605 1.955 828) 2 055 000 1988 777 Pag¢ 28 continued...
Pembrokeshire Loeal Action N¢twork for Enterpri5¢ & D¢velopment Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS - continued Restricted Funds Restricted funds held at the year cnd ffpre5en¢ grants awarded that remain unspent at the year end for the following projects: CWBR Youth 2 RIF Catalyst5 Cadarnhad Community Catalyst - Carmarthen Pembrokeshire Local F(K)d Partnership Carers Micro Enterprise Democratic Engagement- CWBR Youth Fresh Food Vending SPF Community Asset transfer Nature Neighbourhoods CeTedigion Community Catalyst SPF - Community Housing Land Trust SPF Cynnal y Cardi Pembrokeshire Community Hub 2,854 5,996 241.030 821 472 18,578 1,090 31,350 153,242 25,000 56,394 80,308 8,951 1.103 £627 189 18. EMPLOYEE BENEFIT OBLIGA TIONS Thc company operdtes a defined benefit pension scheme which is included within the Dyfed County Council pension fund administered by Cannarthenshire County Council on a lead authority basis. The asset5 of the scheme are held separately from those of the company in an independently administered fund. Contributions to the scheme aye charged to the income and expenditure account so as to spread the cost of pensions over cmployees, working lives with the company. The contributions are deterniined by a qualified actuary on the basi5 of triennial valuations using the projected unit method. The most recerkl valuation wa5 at 31 March 2022 showing scheme a55ets of £3.24m. and scheme liabililies of £2.871m. The final salary defined benefit scheme was closed in 2014 and was replaced with a Career Average Re-valu Earnings (CARE) based scheme. All pension related amounts and information within this note relate lo the period ¢nded 3 1 March 2024. The assumptions, which have the most significant elY¢ct 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 4.9 /• (2023 _ 4.80/0} per annum, salary increases would average 4.10/0 (2023 . 4.20/0) and that rates of mortality, ill-health, reliremenL withdrawal et¢ would be in accordance with previous Dyfed Local Auihorily experien¢e. The pension charge for the year was £17,000 (2022&2023 combined £378,000). Employer contributions were £67.000 (2022&2023 combined - £149,000) and the projected employer contributions for the period ended 31 March 2025 are £64,000. FRS 102 Retiremeni 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 hern¢ at 31 March 2024. The market value of Fund's assets at the valualion date was £4.433m and represents 142 per cent of the Fund's accrued liabilities. allowing for future pay increases. Page 29 continued...
Pembrok¢shire iAJtal Aetion Network for nterprise & Development Limited Notes to the Financial Statements - continued for Ihe Year Ended 31 March 2024 18. EMPLOYEE BFNFFIT OBI.IGATIONS- colltlnued The assumptions used to Cydlculate scheme liabilitie5 under FRS 102 are: 2024 2023 Inflation rate- CPI Discount rate for scheme liabilities Rate of ineaSe in salaries Rate of increase in pensions 4.2Y• 'I'he mortality assumplions were as lollows: Longevity in years at age 65 for current pensioners: -men - Women Lon8evity in years at age 65 for future pensioners: -men - Women 21.5 23.8 21.9 24.1 22.9 25.6 23.3 26.0 Re¢onciliation of present value of scheme liabilities 2024 £'ooo 2023 £'ooo l April Current service cost & curtailrnents Member contributions Jnterest cost Benefits paid Experience (gain) I loss Loss / (gain) on as5UrnPtions 3.070 60 24 147 (54) 22 149) 4.923 168 26 137 (84) 240 2,340) 31 March The Value of assets in the scheme were: 2024 £'ooo 2023 £'ooo Equities Government bonds Other bonds Property 3,227 2.949 20 281 535 28 151 417 545 22 222 Other Totsl market value of assets Present value of scheme liabilities 4,433 3,120 3,964 3.070) Net pension asset 1.313 894 Page 30 continued...
P¢mbrokeshire Local Action Network for Enterprise & Development Limited Notes to the Financial StatetDents - Continued for the Year Ended 31 March 2024 18. EMPLOYEE BENEFIT OBI,IGA TIONS - contlnued Reconciliation of market value of scheme as5et5: 2024 £'ooo £'ooo l April IntLrcst un plan asscts Reme&suremenls (assets) Benefit5 paid & administrative expenses Member contributions Employer contributions 3,964 191 242 (55) 24 67 4,193 118 (361) (116) 26 74 31 March 4.433 3.964 Actual return on scheme assets during the year 433 135) Movement net penslon surplusl(Ilabllity): 2024 £'ooo 2022&2023 £'ooo Provision at start of period Net interest on pension surpluslliabilities Current service Cost Administration cxpcnscs F.mployer contributions Actuarial gain 894 44 (60) (i) 67 369 (932} {37) (337) (4) 149 Net defined asseLI(liability) 894 Aetuarial Gains and Losses Total remeasurements included in the statement of comprehensive inGom¢ (SOCI) Amounts for current and previous four years (As at 31 March) 2024 £'ooo 2023 £'ooo 2022 £'ooo 2021 £'ooo 2020 £'ooo Net pensiun surplus l (lidbility) 894 730 932 878 Remeasurement ofplon assets 242 361 196 738 585 Remeasurements of plan liabilities 127 120 687 756 Total reme&surem¢nts in the SOCI 369 1,739 316 171 Page31 Continued...
Pembrokeshire Local Action Network for Enterpris¢ & Development Limited Notes to the Financial Statements - eolltinued for the Year Ended 31 March 2024 19. RELATED PARTY DISCLOSURES a) Subsidiary companies PLANED Dcvclopmcnts Limitcd is accounted for as a wholly owncd subsidiary ofthe company. PLANED Developments Limited w&5 donnani throughout the period. b) Other relatd parties There were no related party transactions for the year ended 31 March 2024. Page 32
Pembrokeshire Loeal Aetion Network for Enterprise & Devclopmenl Limited Detailed Statement of FinaDeial Aetivities for the Year Ended 31 March 2024 Period 1.10.21 lo 31.3.23 Year Ended 31.3.24 INCOME AND ENDOWMENTS Other Irading activities Sundry income 2.917 2.673 Investment income Rents received Deposit account interest Net interest - pension surplus 101.565 119 44.000 133,513 145.684 133.519 Charitable activities Project income Grants 45,570 1.382.293 1,753,413 1.427 863 1,753.413 Totsl Incoming resources 1,576,464 1,889,605 EXPEYDITURE Charitable activities Wages Project Costs Management and Admin Property Expenditur¢ Pension Costs Partner payments 539,580 201,635 65,858 311,607 (6,000) 186 683 4,668 1,591,558 17,049 104,873 229,000 1,026,363 1,947,148 Support costs Governance Costs Wages Auditor5, remuneration 8.910 9.470 Tot resources expended 1.044,743 1.955 828 Net incomel(expenditure) 531,721 66,223) This page does not form part of Ihc statutory financial statements Page 33