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← Pembrokeshire Local Action Network For Enterprise And Development Limited

2025-03-31-accounts

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

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025

for

Pembrokeshire Local Action Network for Enterprise & Development Limited

Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX

Pembrokeshire Local Action Network for Enterprise & Development Limited

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 30
Detailed Statement of Financial Activities 31

Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

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 year ended 31 March 2025. 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.

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 Vision Statement for PLANED launched in 2022 - "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 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 organisationally to be collaborative, creative and commercial where required.

Page 1

Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Values and Approaches

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

Based in Pembrokeshire for over 36 years, PLANED has a growing impact 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 36 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.

Public benefit

We have referred to the guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE PLANED Projects:

Applicable to this twelve month period on which PLANED has continued to deliver and expand its projects, we have seen a number of opportunities realised, despite the wider economic challenges and increased competitive funding environment, in which we, and all organisations within the third and public sectors, now face.

As an organisation which now works increasingly on a regional basis across Carmarthenshire, Ceredigion, and Pembrokeshire, we have secured funding for a number of projects. Many of the new projects enabled, are funded however on a short term basis including two project during 2024-2025 via the UK Government Shared Prosperity Fund, which completed in early 2025.

One of the main projects initiated, and led by PLANED during 2024-2025, was the implementation and delivery of the new Carmarthenshire Living Well Centre, based across 15 rooms in Carmarthen. With limited funding obtained from a number of sources, we were able to take on the premises with no charge to any of the projects initially joining us; also sourcing free furniture and fixtures to enable a comfortable environment within which, initially 15+ projects and organisations, joined us to work from the Centre. Whilst initially there was much activity, with PLANED taking more control organisationally since February 2025, we have seen improved sustainable client numbers, further considered investment in the Centre through small targeted grants, and further organisations now looking to join us working at the Centre.

The extension of PLANED's operations with a more permanent base in Carmarthen, co-located with other third sector organisations and projects, further delivers on the organisational vision document "Empowering Communities" which was launched in 2022. Delivering against the Vision and its objectives, continues to be part of the initial planning and discussions of all our current & future projects, and the exemplar of our new Living Well Centre in Carmarthenshire, is already proving to be of significant interest to many interested parties, with whom we are happy to share intelligence and learning to date, as we average 400 clients attending the Centre per month, as at March 2025.

Following the completion of our previous, Pembrokeshire focused, CWBR Youth project in early 2024, PLANED have been successful via a new funding bid application, in securing new funding for a pan West Wales, three counties, regional, new CWBR youth project from the Lottery. Building on the lessons learnt, and feedback from the 1,700 young people and 700+ decision makers engaged in our previous project, we will now be able to deliver further sustainable and meaningful interactions and outcomes on a wider regional basis. With potential communities and organisations across the region already keen to engage and work with us across Carmarthenshire, Ceredigion and Pembrokeshire, we will be looking to recruit over the summer of 2025, to begin the project in earnest, but am grateful to the Lottery for supporting our new bid, and the considerable work through engagement and consultation which was undertaken, to inform and support this project for the next two years.

The work on the projects associated with the Food Sector in Pembrokeshire continues to gather momentum and impact. Our work leading the administration and delivery of the Pembrokeshire Local Food Partnership (PLFP) continues to grow, and during 2024-2025, has seen just over 100 members join the network, each bringing unique insights and support to the wider work of the Partnership within Pembrokeshire. Part of the work of the PLFP has been the administration and distribution of small grants from within our funding, to support growers, suppliers and community food projects across Pembrokeshire, and we have been able to now promote and distribute two rounds of funding, to projects including Cilrath Acre, Eco Dewi, Pobl Tir Mor, Sageston CP School, and many others. The Partnership also continues to have impact with the development of a complementary Community Growers Network within the County, and also move towards accreditation with the Sustainable Food Place Awards. Funding for the work of the PLFP has also been secured from Welsh Government and the Enhancing Pembrokeshire fund, to continue our work on supporting the wider food sector in Pembrokeshire, for a further two years.

The continued development and expansion of our Catalyst for Care, Micro Enterprises programme, continues to gather pace. Covering Carmarthenshire, Ceredigion, and Pembrokeshire, it mirrors the geographic footprint of Hywel Dda University Health Board, to further complement and support the provision of complementary transformational care, and working in partnership with both statutory and third sector partners for a joined-up provision. The number of Micro Enterprises supported in their creation and development across the region, has now reached just over 100 by the end of 2024-2025, and further growth is expected in 2025-2026. The team of three County Coordinators, continue to work at both county and regional levels, to maximise impact and support of the project, in its wider remit about promoting choice and control across the health and care systems within West Wales.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

Work on the three year funded Cadarnhad project via the lottery, continued during 2024-2025 to gather pace as our small team working full time, cover the three counties of Carmarthenshire, 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. Whilst we continue to develop and support a broad range of projects across the three counties, we have also been requested to support some schools too, including Ysgol Gyfun Bro Myrddin, Ysgol Dyffryn Taf, and Ysgol Maes y Gwendraeth in Carmarthenshire, as well as Ysgol Bro Gwaun in Pembrokeshire. Complementary to our work with Bro Myrddin and Maes y Gwendraeth, was also our work in partnership with Menter Sir Gar in Carmarthenshire, to support accreditation and training for Welsh learners across communities they were working with. The impact and flexibility of this PLANED project, continues to evolve and has even extended beyond its regional remit, with enquiries for support coming from projects and communities in Powys, that we continue to engage with as learning for our project, and also sharing best practice with others. With current funding for the project due to complete in 2026, discussions with potential funders on extending and developing this project further, based on the considerable and sustainable impacts already delivered, are underway, to make sure the learning and skills continues, without a break in delivery.

PLANED continues to support and engage in projects associated with tourism, heritage and culture within Pembrokeshire, and wider West Wales. Our role as the lead community partner within Visit Pembrokeshire, continues to see us work alongside a broad range of experienced partners within the private and public sectors associated with the Tourism & Hospitality industry, to enable the role and voice of communities be recognised and heard, about the impact they have either directly, or within associated supply chains, and wider promotion. We have also during 2024-2025 been working with colleagues in Picton Castle to support the development and implementation of new Interpretation Boards and panels for visitors to better appreciate and understand the history of this cultural gem within the county. Similarly our work supporting the Welsh language has continued to gather impact with PLANED's involvement in the national commission by Welsh Government on the Welsh Language, led by Dr Simon Brooks, and the continued use of the Welsh language by ourselves as an organisation, in all our social media and wider project engagements regionally.

Overall, PLANED continues to increase its profile through impact, influence, and innovation, by working in partnership with others locally, regionally and nationally. Having this increased presence and profile to showcase the work done by the team with partners, is something we will continue to promote, in order to demonstrate the actual delivery and innovation that PLANED continues to lead in practice, and acknowledging the wider sector challenges, we as a team, only now attend those meetings and events where value and new content is shared or delivered, and avoid the time taken at those where many of the same members discuss repetitive content. The focus for PLANED is on actual delivery and innovation for our communities that can be realised and sustained through minimum discussions, and maximum action. As a lean organisation working on behalf of communities across West Wales, we will continue to promote action and delivery over unnecessary repetition.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

Financial Review

PLANED has an enviable track record in accessing community project 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. Since the ending of European funding, PLANED has been successful in obtaining various Uk based funding from both central and local government, various lottery funding as well as other grant funding charities to enable it to continue to provide innovative support to communities regionally, across Carmarthenshire, Ceredigion, and Pembrokeshire.

However, the Trustees do wish to note, that due to the format and structure dictated on the composition of Charitable Accounts, the variance year on year can appear substantial and not a fair and accurate representation of the realities of all charitable based organisations such as PLANED.

We as Trustees therefore wish to highlight that the procedures for recording grant income, means that the total award is currently having to be presented in one total figure in the year of award. Therefore, for a 3 year Lottery funded project, the total amount awarded would be recorded in one instance at the time of award, and not the accurate scenario in which the funding during the three years, would be paid retrospectively quarterly by the Lottery to PLANED, on the basis of evidence of expenditure provided. This therefore artificially inflates total income, and would appear that expenditure in subsequent years, may appear to be far more considerable that the income received.

Turnover has decreased during the year to £469,749, compared to £1,532,464 in the previous year. However, this included around £550,000 of grants included last year under the performance method required by the Charity SORP, which were to fund projects which would take place over a number of future periods. If these grants had not been included last year but in the current year, turnover would be similar.

Costs have also decreased to £838,163 after deducting the partner payments of £14,399 in respect of the SPF - Community Asset transfer grant from Pembrokeshire CC. This follows consistent review and prudence across multiple areas of the organisation.

As at the year end, the actuaries for the Dyfed Pension Fund have applied an asset ceiling of zero so that a surplus is not recognised. Further details are included in Note 18.

In light of the sad passing of previous PLANED employees in the last year, that now results in less of a draw upon our pension allocation, and a reduction in the amount of pension payments we are liable for.

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.

The Trustees continue to monitor financial performance generated through both grants obtained and the property portfolio, to enable a sufficient reserves policy that equates to a value of three months of salaries expenditure.

Unrestricted free reserves at the year end amounted to £230,255, being the net current assets excluding funds designated for specific and restricted purposes. The free reserves do not include freehold or investment property nor the revaluation reserve.

Unrestricted free reserves at the year end equate to over 4 months of salaries expenditure which exceeds the policy requirement.

Despite the ongoing financial challenges due to short term funding opportunities, the Trustees continue to recognise the ongoing need for adequate free reserves, realised through sound management and oversight of available resources, enabling the planning for future provision, and supporting the potential deficits in funds for any activities on which applicable funding may 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 communities, PLANED will continue to promote holding reserves where feasible, in excess of the three months salaries expenditure where possible.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

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.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

FUTURE PLANS

PLANED has a long history of delivery with and for communities, and whilst for many years this was limited to Pembrokeshire primarily, we now since 2022, work regionally across the three counties including Carmarthenshire and Ceredigion.

Our continued growth regionally builds on the strengths of our team living and working in communities across the three counties, and having long standing links and connections with many of the communities and organisations with whom we now work - supporting communities of both interest and place within West Wales.

Building on our hugely successful new Carmarthenshire base, with the Living Well Centre in Carmarthen, where we house over 20 other community organisations and projects with ourselves, we will look to further expand this model and demand led concept elsewhere. Working on people led co-production practices in delivery as opposed to simply discussing them, we will identify and engage with appropriate partners who share the same transparency of ethos, and willingness to address issues through opportunities that can be sustained long term, and for the benefit of the majority.

Our current organisational vision document "Empowering Communities" will be reviewed and updated in 2025-2026, and this will be informed by a series of consultation 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 those projects.

We will look to expand our support and delivery around the key growth area of community asset transfers and the opportunities for communities to raise funds through share offers, to take ownership of an increasing number of assets no longer managed or owned by statutory partner organisations, as well as private owners with community focused buildings & services.

An opportunity to develop this work around Community Assets particularly, will be enabled potentially by our partnership with Menter Dinefwr in Carmarthenshire, and 4CG in Ceredigion, for the 'Mentrus' project. Working collectively across the region, this project specifically focuses on supporting Welsh speaking communities, and utilises our collective skills and expertise to support these specific communities; building on data and intelligence from recent Welsh Government studies, and known challenges & demands locally around increased second homes, and outward migration of young Welsh speaking families.

Our work supporting the expansion of Micro Enterprises across the three counties that mirrors the geographic footprint of the Hywel Dda University Health Board will continue to grow and expand. Working in partnership with the three local authorities, CVC's, and other applicable partners, we will look at further innovative solutions to support and promote both the micro enterprises themselves, as well as the increased ease of access for members of the public, who need and require the support delivered by those Enterprises, to have a sustainable funding model post 2026-2027, that embeds this project even further, with our statutory and community partners working in partnership

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 this single county focused project, and expand into a three counties, 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 project that empowers the voices and inputs of young adults within their communities, and enabling closer links with local leaders to support sustainable, local changes.

PLANED continues to invest in applicable training for its team, and in the fabric and maintenance of its buildings and resources, to enable the team to have the applicable equipment, 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 organisation, and facilitator of positive change, as we monitor the wider funding environment to secure grants for further project delivery.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

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 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 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 provision of Article 52.

Organisational structure

The Board have primary responsibility for determining the policy of PLANED which 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 15 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.

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02705081 (England and Wales)

Registered Charity number 1047268

Registered office

The Old School Station Road Narberth Pembrokeshire SA67 7DU

Trustees

A Baron A G Dixon I Eynon D T S Lewis (appointed 17.4.24) Mrs J Lewis J R Parkin Mrs E Rawlings G D Reynolds (resigned 11.9.24) Mrs L W Stopher (resigned 1.5.24)

Senior Management I Thomas - Chief Executive

Independent Examiner

Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX

Bankers

Barclays Bank Plc High Street Haverfordwest Pembrokeshire

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Report of the Trustees for the Year Ended 31 March 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ I Eynon - Trustee

Page 10

Independent Examiner's Report to the Trustees of Pembrokeshire Local Action Network for Enterprise & Development Limited

Independent examiner's report to the trustees of Pembrokeshire Local Action Network for Enterprise & Development Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

N Mills B.Sc. (Hons), F.C.C.A.

The Association of Chartered Certified Accountants

Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX

Date: .............................................

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Statement of Financial Activities for the Year Ended 31 March 2025

Notes
INCOME AND
ENDOWMENTS FROM
Charitable activities
4
Charitable Activities
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Charitable Activities
Net gains on investments
NET
INCOME/(EXPENDITURE)
Transfers between funds
17
Other recognised gains/(losses)
Gains on revaluation of fixed
assets
Actuarial gains on defined
benefit schemes
Pension Asset Ceiling
adjustment
Net movement in funds
RECONCILIATION OF
FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds

£
10,263
5,928
116,887
133,078
143,150
-
(10,072)
(12,376)
-
-
-
(22,448)
1,314,238
1,291,790		 Pension
Scheme
£
-
-
66,000
66,000
(8,000)
-
74,000
-
-
393,000
(1,780,000)
(1,313,000)
1,313,000
-		 Restricted
funds
£
336,375
296
-
336,671
704,233
-
(367,562)
12,376
-
-
-
(355,186)
627,189
272,003		 31.3.25
Total
funds
£
346,638
6,224
182,887
535,749
839,383
-
(303,634)
-
-
393,000
(1,780,000)
(1,690,634)
3,254,427
1,563,793		 31.3.24
Total
funds
£
1,427,863
2,917
145,684
1,576,464
1,044,743
29,424
561,145
-
30,154
369,000
-
960,299
2,294,128
3,254,427

The notes form part of these financial statements

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Balance Sheet 31 March 2025

Notes
FIXED ASSETS
Tangible assets
11
Investment property
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
ACCRUALS AND
DEFERRED INCOME
16
PENSION ASSET
18
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
TOTAL FUNDS		 Unrestricted
funds

£
114,519
900,000
1,014,519
14,762
289,848
304,610
(27,339)
277,271
1,291,790
-
-
1,291,790		 Pension
Scheme
£
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds
£
106,230
-
106,230
266,994
98,690
365,684
(96,241)
269,443
375,673
(103,670)
-
272,003		 31.3.25
Total
funds
£
220,749
900,000
1,120,749
281,756
388,538
670,294
(123,580)
546,714
1,667,463
(103,670)
-
1,563,793
1,244,774
-
47,016
1,291,790
272,003
1,563,793		 31.3.24
Total
funds
£
225,497
900,000
1,125,497
885,460
357,862
1,243,322
(321,162)
922,160
2,047,657
(106,230)
1,313,000
3,254,427
1,267,222
1,313,000
47,016
2,627,238
627,189
3,254,427

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

continued...

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Pembrokeshire Local Action Network for Enterprise & Development Limited

Balance Sheet - continued 31 March 2025

The trustees acknowledge their responsibilities for

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 ............................................. and were signed on its behalf by:

............................................. I Eynon - Trustee

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 Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
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
2
Cash and cash equivalents at the end of
the reporting period
2		 31.3.25
£
16,603
16,603
-
69,210
69,210
85,813
302,725
388,538		 31.3.24
£
58,937
58,937
(745)
119
(626)
58,311
244,414
302,725

The notes form part of these financial statements

Page 15

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
31.3.25 31.3.24
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (303,634) 561,145
Adjustments for:
Depreciation charges 4,748 248
Losses on investments - (29,424)
Interest received (69,210) (119)
Pension costs (8,000) (6,000)
Net interest on pension surplus (66,000) (44,000)
Decrease/(increase) in debtors 603,704 (577,243)
(Decrease)/increase in creditors (145,005) 154,330
Net cash provided by operations 16,603 58,937
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.3.25 31.3.24
£ £
Cash in hand 322 509
Notice deposits (less than 3 months) 388,216 357,353
Overdrafts included in bank loans and overdrafts falling due within one year - (55,137)
Total cash and cash equivalents 388,538 302,725
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank and in hand 357,862 30,676 388,538
Bank overdraft (55,137) 55,137 -
302,725 85,813 388,538
Total 302,725 85,813 388,538

The notes form part of these financial statements

Page 16

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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 hold 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 classed as mixed-use investment property. The accounting treatment for the property is as follows:

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.

continued...

Page 17

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

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. OTHER TRADING ACTIVITIES

3.

4.

Sundry income
INVESTMENT INCOME
Rents received
Deposit account interest
Net interest - pension surplus
INCOME FROM CHARITABLE ACTIVITIES
Activity
Project income
Charitable Activities
Service Level Agreements
Charitable Activities
Grants
Charitable Activities
Grants received, included in the above, are as follows:
Other grants
Welsh Government Rural Communities
National Lottery Community Fund - 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 - Cadarnhad
Carmarthenshire CC Catalysts for Care
Pembrokeshire Local Food Partnership
Carmarthenshire CC - Carers and Micro Enterprise Project
Welsh Government - Democratic Engagement - CWBR Youth
National Trust - People's Plan for Nature: Nature Neighbourhoods
PAVS - Pembrokeshire Community Hub
Welsh Government - Fresh Food Vending Project
Pembrokeshire CC - SPF - Community Asset transfer
Ceredigion CC - Catalysts for Care
Carried forward		 31.3.25
£
6,224
31.3.25
£
113,677
3,210
66,000
182,887
31.3.25
£
10,263
30,786
305,589
346,638
31.3.25
£
2,561
-
-
-
54,260
33,881
-
48,447
63,805
(90)
-
-
-
-
(4,940)
-
197,924		 31.3.24
£
2,917
31.3.24
£
101,565
119
44,000
145,684
31.3.24
£
45,570
-
1,382,293
1,427,863
31.3.24
£
38,171
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
1,288,113

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

continued...

Page 18

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

4. INCOME FROM CHARITABLE ACTIVITIES - continued

INCOME FROM CHARITABLE ACTIVITIES - continued
Brought forward
Pembrokeshire CC - SPF - Community Housing Land Trust
Ceredigion CC - SPF - Cynnal y Cardi
Welsh Government - Living Well Centre
WCVA - VW Strategic Grant		 31.3.25
£
197,924
(3,035)
(4)
20,000
90,704
305,589		 31.3.24
£
1,288,113
85,200
8,980
-
-
1,382,293

The following grants have been included in full this year although the projects are to take place over a number of years. Funds will be held in restricted reserves and released over the project period.

WCVA - Volunteering Wales Strategic grant £90,704 April 2025 - March 2026
The following grants were included in full last year but have taken place this year and in the coming year with
any remaining funds being held in restricted reserves to be released over the remaining project period.
National Lottery Community Fund - People and Places 3 -
Cadarnhad £334,216 April 2023 - March 2026
Carmarthenshire CC - Carers and Micro Enterprise Project £20,100 April 2024 - March 2025
National Trust - People's Plan for Nature: Nature
Neighbourhoods £25,000 September 2023 - December 2025
Ceredigion CC - Catalysts for Care £69,663 January 2024 - December 2024
Pembrokeshire CC - SPF - Community Housing Land Trust £85,200 January 2024 - December 2024
Ceredigion CC - SPF - Cynnal y Cardi £8,980 February 2024 - December 2024
Pembrokeshire CC - SPF - Community Asset
transfer(PLANED is lead with 2 other partners) £362,750 September 2023 - December 2024

The following grants were included in full last year but have taken place this year and in the coming year with any remaining funds being held in restricted reserves to be released over the remaining project period.

5. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Charitable Activities 823,308 16,075 839,383

continued...

Page 19

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. CHARITABLE ACTIVITIES COSTS - continued

Project costs
Wages
Project costs
Project administration and management
Partner payments accrued
Total project costs
Property expenditure
Administration and management
Net pension cost
6.
SUPPORT COSTS
Charitable Activities
Support costs, included in the above, are as follows:
Wages
Auditors' remuneration
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		 2025
2024
£
£
512,405
539,580
182,723
201,635
68,661
43,960
763,789
785,175
14,399
186,683
778,188
971,858
36,944
38,607
16,176
21,898
-
(6,000)
831,308
1,026,363
Governance
costs
£
16,075
31.3.25
31.3.24
Charitable
Total
Activities
activities
£
£
9,075
8,910
7,000
9,470
16,075
18,380
31.3.25
31.3.24
£
£
7,000
9,470
4,748
248
2025
2024
£
£
6,500
8,970
500
500
7,000
9,470

continued...

Page 20

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. STAFF COSTS

Charitable activities
Governance costs		 2025
£
512,405
9,075
521,480		 2024
£
539,580
8,910
548,490

Aggregate payroll costs:

Wages & salaries
Social security costs
Pension costs		 2025
£
426,653
30,805
64,023
521,480		 2024
£
448,489
33,996
66,005
548,490

The average monthly number of employees during the year was as follows:

31.3.25 31.3.24
Project staff 13 13
Administration 2 2
15 15
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
31.3.25 31.3.24
£60,001 - £70,000 1 1

continued...

Page 21

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Pension
funds
Scheme
£
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Charitable Activities
81,181
-
Other trading activities
2,917
-
Investment income
101,684
44,000
Total
185,782
44,000
EXPENDITURE ON
Charitable activities
Charitable Activities
243,310
(6,000)
Net gains on investments
29,424
-
NET INCOME/(EXPENDITURE)
(28,104)
50,000
Transfers between funds
130,008
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
30,154
-
Actuarial gains on defined benefit schemes
-
369,000
Net movement in funds
132,058
419,000
RECONCILIATION OF FUNDS
Total funds brought forward
1,182,180
894,000
TOTAL FUNDS CARRIED FORWARD
1,314,238
1,313,000
11.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
property
fittings
£
£
COST OR VALUATION
At 1 April 2024 and 31 March 2025
225,000
187,956
DEPRECIATION
At 1 April 2024
-
187,459
Charge for year
4,500
248
At 31 March 2025
4,500
187,707
NET BOOK VALUE
At 31 March 2025
220,500
249
At 31 March 2024
225,000
497		 - 31 MARCH 2024
Restricted
Total
funds
funds
£
£
1,346,682
1,427,863
-
2,917
-
145,684
1,346,682
1,576,464
807,433
1,044,743
-
29,424
539,249
561,145
(130,008)
-
-
30,154
-
369,000
409,241
960,299
217,948
2,294,128
627,189
3,254,427
Motor
vehicles
Totals
£
£
35,885
448,841
35,885
223,344
-
4,748
35,885
228,092
-
220,749
-
225,497

continued...

Page 22

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2025 is represented by:

Valuation in 2019
Valuation in 2024
Cost		 Freehold
property
£
(782)
5,000
220,782
225,000		 Fixtures
and
fittings
£
-
-
187,956
187,956		 Motor
vehicles
£
-
-
35,885
35,885		 Totals
£
(782)
5,000
444,623
448,841

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

Cost
Aggregate depreciation		 31.3.25
£
220,782
50,113		 31.3.24
£
220,782
45,697

Freehold land and buildings were valued on a Fair Value basis on 31 March 2024 by Brunton Knowles Limited.

12. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2024
and 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
Fair value at 31 March 2025 is represented by:
Valuation in 2019
Valuation in 2024
Cost		 £
900,000
900,000
900,000
£
556,196
3,284
340,520
900,000

If investment property had not been revalued it would have been included at the following historical cost:

Cost
Aggregate depreciation		 31.3.25
£
340,520
36,597		 31.3.24
£
340,520
36,597

Investment property was valued on a Fair Value basis on 31 March 2024 by Bruton Knowles Limited.

continued...

Page 23

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

13. DEBTORS

Amounts falling due within one year:
Grant receivable
Other debtors
VAT
Prepayments and accrued income
Amounts falling due after more than one year:
Grant receivable
Aggregate amounts
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 15)
VAT
Other creditors
Accruals and deferred income		 31.3.25
£
179,437
92,171
469
9,679
281,756
-
281,756
31.3.25
£
-
-
109,080
14,500
123,580		 31.3.24
£
748,435
23,742
-
-
772,177
113,283
885,460
31.3.24
£
55,137
1,355
240,218
24,452
321,162

Other creditors include accrued Partner payments of £47,060 (2024: £186,683) for the grant from Pembrokeshire CC - SPF - Community Asset transfer where PLANED is the lead organisation and will receive the grant to be distributed to 2 other partners for the project.

15. LOANS

Amounts shown last year as bank loans and overdrafts (see note 14) represented a timing difference between when the restricted expenditure has been incurred and the receipt of the restricted funding in the Charity's bank account. This was not an actual bank loan, merely a timing difference.

16. ACCRUALS AND DEFERRED INCOME

Deferred government grants 31.3.25
£
103,670		 31.3.24
£
106,230

continued...

Page 24

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
TOTAL FUNDS
Net movement in funds, included in the above ar		 At 1.4.24
£
1,267,222
1,313,000
47,016
2,627,238
627,189
3,254,427
e as follows:		 Net
movement
in funds
£
(10,072)
(1,313,000)
-
(1,323,072)
(367,562)
(1,690,634)		 Transfers
between
funds
£
(12,376)
-
-
(12,376)
12,376
-		 At
31.3.25
£
1,244,774
-
47,016
1,291,790
272,003
1,563,793
Unrestricted funds
General fund
Pensions Scheme
Restricted funds
Restricted - Other
TOTAL FUNDS		 Incoming
resources
£
133,078
66,000
199,078
336,671
535,749		 Resources
expended
£
(143,150)
8,000
(135,150)
(704,233)
(839,383)		 Gains and
losses
£
-
(1,387,000)
(1,387,000)
-
(1,387,000)		 Movement
in funds
£
(10,072)
(1,313,000)
(1,323,072)
(367,562)
(1,690,634)

Comparatives for movement in funds

Unrestricted funds
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
TOTAL FUNDS		 At 1.4.23
£
1,165,318
894,000
16,862
2,076,180
217,948
2,294,128		 Net
movement
in funds
£
(28,104)
419,000
30,154
421,050
539,249
960,299		 Transfers
between
funds
£
130,008
-
-
130,008
(130,008)
-		 At
31.3.24
£
1,267,222
1,313,000
47,016
2,627,238
627,189
3,254,427

continued...

Page 25

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
TOTAL FUNDS		 Incoming
resources
£
185,782
44,000
-
229,782
1,346,682
1,576,464		 Resources
expended
£
(243,310)
6,000
-
(237,310)
(807,433)
(1,044,743)		 Gains and
losses
£
29,424
369,000
30,154
428,578
-
428,578		 Movement
in funds
£
(28,104)
419,000
30,154
421,050
539,249
960,299

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
TOTAL FUNDS		 At 1.4.23
£
1,165,318
894,000
16,862
2,076,180
217,948
2,294,128		 Net
movement
in funds
£
(38,176)
(894,000)
30,154
(902,022)
171,687
(730,335)		 Transfers
between
funds
£
117,632
-
-
117,632
(117,632)
-		 At
31.3.25
£
1,244,774
-
47,016
1,291,790
272,003
1,563,793

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Pensions Scheme
Revaluation Reserve
Restricted funds
Restricted - Other
TOTAL FUNDS		 Incoming
resources
£
318,860
110,000
-
428,860
1,683,353
2,112,213		 Resources
expended
£
(386,460)
14,000
-
(372,460)
(1,511,666)
(1,884,126)		 Gains and
losses
£
29,424
(1,018,000)
30,154
(958,422)
-
(958,422)		 Movement
in funds
£
(38,176)
(894,000)
30,154
(902,022)
171,687
(730,335)

continued...

Page 26

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

17. MOVEMENT IN FUNDS - continued

Restricted Funds

Restricted funds held at the year end represent grants awarded that remain unspent at the year end for the following projects:

CWBR Youth 2
RIF Catalysts
Cadarnhad
Community Catalyst - Carmarthen
Perthyn Phase 2
Pembrokeshire Local Food Partnership
Carers Micro Enterprise
Democratic Engagement - CWBR Youth
Fresh Food Vending
SPF Community Asset transfer
Nature Neighbourhoods
Ceredigion Community Catalyst
SPF - Community Housing Land Trust
SPF Cynnal y Cardi
Pembrokeshire Community Hub
Living Well Centre
WCVA Volunteering Wales Strategic Grant		 2025
£
-
-
126,492
714
6,286
(4,259)
3,287
-
-
-
18,960
11,361
-
-
978
17,480
90,704
£272,003		 2024
£
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 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 £3.24m. 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 2025.

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 5.9% (2024 - 4.9%) per annum, salary increases would average 4.1% (2024 - 4.1%) 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 -£10,000 (2024 - £17,000). Employer contributions were £64,000 (2024 - £67,000) and the projected employer contributions for the period ended 31 March 2026 are £64,000.

continued...

Page 27

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. EMPLOYEE BENEFIT OBLIGATIONS - continued

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 2025. The market value of Fund's assets at the valuation date was £4.564m and represents 164 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:

2025 2024
Inflation rate - CPI 2.6% 2.6%
Discount rate for scheme liabilities 5.9% 4.9%
Rate of increase in salaries 4.1% 4.1%
Rate of increase in pensions 2.7% 2.7%
The mortality assumptions were as follows:
Longevity in years at age 65 for current pensioners:
- Men 21.5 21.5
- Women 23.8 23.9
Longevity in years at age 65 for future pensioners:
- Men 22.9 22.9
- Women 25.6 25.7

Reconciliation of present value of scheme liabilities

1 April
Current service cost & curtailments
Member contributions
Interest cost
Benefits paid
Experience (gain) / loss
Loss / (gain) on assumptions
31 March		 2025
£'000
3,120
55
23
152
(60)
3
(509)
2,784		 2024
£'000
3,070
60
24
147
(54)
22
(149)
3,120

The Value of assets in the scheme were:

Equities
Government bonds
Other bonds
Property
Cash
Other
Total market value of assets
Present value of scheme liabilities
Net pension asset		 2025
£'000
3,309
-
420
475
41
319
4,564
(2,784)
1,780		 2024
£'000
3,227
-
417
545
22
222
4,433
(3,120)
1,313

continued...

Page 28

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

18. EMPLOYEE BENEFIT OBLIGATIONS - continued

Reconciliation of market value of scheme assets:

1 April
Interest on plan assets
Remeasurements (assets)
Benefits paid & administrative expenses
Member contributions
Employer contributions
31 March
Actual return on scheme assets during the year		 2025
£'000
4,433
218
(113)
(61)
23
64
4,564
106		 2024
£'000
3,964
191
242
(55)
24
67
4,433
433

Asset ceiling adjustment

Where the value of the pension scheme asset is greater than the pension obligation, the value of the asset that can be recognised within the accounts is determined via the "asset ceiling" test.

The asset ceiling is a limit to the amount of the net pension asset that can be recognised to the lower of:

As at 31 March 2025, the fund's actuaries calculated the asset ceiling was such that the future service contributions were greater than the future service costs, so the economic benefit was limited to zero.

Asset ceiling adjustment
Movement on net pension surplus/(liability):
Provision at start of period
Net interest on pension surplus/liabilities
Current service cost
Administration expenses
Employer contributions
Actuarial gain
Pension Asset ceiling adjustment
Net defined asset/(liability)		 2025
£'000
(1,780)
2025
£'000
1,313
66
(55)
(1)
64
393
(1,780)
-		 2024
£'000
-
2024
£'000
894
44
(60)
(1)
67
369
-
1,313

Movement on net pension surplus/(liability):

continued...

Page 29

Pembrokeshire Local Action Network for Enterprise & Development Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

19. RELATED PARTY DISCLOSURES

PLANED Developments Limited is accounted for as a wholly owned subsidiary of the company.

PLANED Developments Limited was dormant throughout the period.

There were no related party transactions for the year ended 31 March 2025.

Page 30

Pembrokeshire Local Action Network for Enterprise & Development Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

INCOME AND ENDOWMENTS
Other trading activities
Sundry income
Investment income
Rents received
Deposit account interest
Net interest - pension surplus
Charitable activities
Project income
Service Level Agreements
Grants
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Project Costs
Management and Admin
Property Expenditure
Pension Costs
Partner payments
Support costs
Governance costs
Wages
Auditors' remuneration
Total resources expended
Net (expenditure)/income		 31.3.25
£
6,224
113,677
3,210
66,000
182,887
10,263
30,786
305,589
346,638
535,749
512,405
182,723
84,837
36,944
(8,000)
14,399
823,308
9,075
7,000
16,075
839,383
(303,634)		 31.3.24
£
2,917
101,565
119
44,000
145,684
45,570
-
1,382,293
1,427,863
1,576,464
539,580
201,635
65,858
38,607
(6,000)
186,683
1,026,363
8,910
9,470
18,380
1,044,743
531,721

This page does not form part of the statutory financial statements

Page 31