2024-03-31-accounts

REGISTERED COMPANY NUMBER: 04004593 (England and Wales) REGISTERED CHARITY NUMBER: 1082128 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FOR YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST MHA Chartered Accountants and Statutory Auditor Swansea United Kingdom

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees 1 to13 Independent Auditor's Report 14to17 statement of Financial Activities 18 Balan￿ Sheet 19to20 Statement of Cash Flows 21to22 Notes to the Financial Statements 23to40

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report for the year ended 31 March 2024. 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 UKand Republic of Ireland (FRS 102) (effective 1 January 2019). The report is also prepared in accordan￿ with the small company regime (section 419 (2) of the Companies Act 2006). REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company Number 04004593 (England and Wales) Registered Charity Number 1082128 Registered Office The Office Penllergare Valley Woods Penllergaer Swansea SA4 9GS TRUSTEES P Baker H Thomas A Williams B Richards J Childs W Fitzgerald L Howe R Butt C O'Brien C Richards K Napieralla P Reynolds Chair Treasurer (until 31 De￿rnber 2023) Appointed 23 September 2023 Treasurer (from 1 January 2024) Vice Chairlsecretary Resigned 13th November 2023 Resigned 171h October 2024 Trustee Emeritus H T Moggridge Company Secretary B Richards Auditors MHA Chartered Accountants and Statutory Auditor Swansea United Kingdom Solicltors Edward Harris Solicitors Tredegar Fawr Llangyfelach Swansea SA5 7LS Bankers CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ Page 1

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Chair's Foreword It is with a huge sense of pride and achievement that l introduce theAnnual Report of The Trustees of Penllergare Trust for the year ended 31st March 2024. Although we have again faced a year of challenge, particularly financially, this has been a year of considerable progress, delivery and achievement. As always, we are faced with the challenge of finding the funding to cover the costs of the lease rent of over £40,000 each year. However, projects that we have long been waiting for and which make us so optimistic for the future of Penllergare Valley Woods have become realities. Our wonderful Visitor Centre and Coffee Shop - Y Coed was officially opened by The Lord Lieutenant of West Glamorgan on 20th March 2024, in the company of representatives of the City and County of Swansea. The Heritage Lottery Fund, Contractors, Design Team, Friends and Volunteers. It is a hugely significant development for the Trust with years of planning coming to fruition. I must thank all those concerned with the delivery of this project which has proved very popular with Visitors and has become a visitor destination in its own right. Our new Education Centre The Woodland Centre officially opened in January 2024 and has proved a very popular venue for a range of activities. Another huge asset for the Trust for years to come. The Cae Pant Woodland, Walled Garden and Orchard schemes continue to be taken forward and although the weather conditions were against us considerable progress has been made. I must make a special thanks to Ray Butt, Trustee who has taken the lead responsibility on this exciting development. l am delighted to report that the Trust has again been successful in gaining a number of nationally recognised awards - The Investing in Volunteers Award and The Green Flag Award. In addition, we have been able to secure close links with other national and internationally known organisations including the Royal Astronomical Society, Swansea and Aberyswth Universities, The Historic Gardens Trust, the Royal Horticultural Society at Wisley. However, we aren't standing still, and we continue to explore opportunities to improve upon the facilibes we offervisitors. To this end we have secured a grant from the Architectural Heritage Fund to take forward a project that will lead to the renovation of the Observatory. We have also applied to become part of the National Forest of Wales programme and have submitted a bid for the Woodland Investment Grant to further ￿store and enhance the Woods themselves. We are extremely grateful to those organisations which have provided support and assistance t)oth through grant aid and other means throughout the year. The National Heritage Lotiery Fund, the Welsh Govemment, the City and County of Swansea, Welsh Council for Voluntary Action, Mynydd y Gwair Fund, Swansea Rural Advisory Group and a number of other bodies who have assisted us with grants to help us continue our work. I would again express our grateful thanks to the Friends of Penllergare for their continued support during the year. The Trust is immensely grateful to the work of the Friends through their programme of meetings, Plant Sale and hugely SUC￿5sful 200 Club. l also must thank my fellow Trustees, for their considerable work, commitment and support during the year. I would give a special vote of thanks to our former Treasurer Helen Thomas who stood down from the role in October. Helen has been a tremendous asset to the Trust. Always the true professional, her financial knowledge and expertise has ensured the Page 2

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trust has kept on an even keel even in the most challenging times. Helen has agreed to remain on the Board as a Trustee. We have been most fortunate as to have been able to find an extremely able replacement Treasurer to follow in Helen's footsteps and it is indeed a great pleasure to have welcomed Amanda Williams to that role. It was with a very heavy heart that in March we had to say goodbye to our General Manager Lee Turner. In his ten years with the Trust, Lee has been at the forefront of all the Trust activities and to many became the face of Penllergare Valley Woods. The many awards gained by the Trust and indeed the many developments I have referred to here would not have been possible without Lee's considerable efforts, energy and drive. He will be sorely missed. He will be replaced by our Commercial Manager, Stuart Rice, who has already shown himself to be more than capable replacement. The Trust's biggest challenge is to ensure we a￿ financially sustainable. With limited resources we need to raise over £150,000 of income each year to ensure that Penllergare Valley Woods can be maintained to provide our wonderful environment for visitors. Every single donation is used towards this aim and we are grateful to all our visitors and supporters fortheir generous and Continued financial support. Paul Baker- Chair. Page 3

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Penllergare Trust (the Charity) is controlled by its Memorandum and Articles of Association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006. Recrultment and Appointment of New Trustees Trustees are appointed by existing members of the Board in furtherance of the objects of the Trust, in a number of ways, including personal recommendation and use of voluntary organisations. Induction and Training of New Trustees NewTrustees re￿]ve training and induction through a variety of means, including one to one sessions, with the Chairman, Secretary, Treasurer and other Trusteeslstaff as appropriate,. being supplied with relevant reading materials, briefing documents and guidance as well as regular briefings and formal Board training sessions. Skills shortages on the Board are also kept under constant review and recruitment of new Trustees is targeted accordingly, and it is encouraging to note that the Board is well represented by Trustees with a wide range of skills and work experience, encompassing the majority of skills required to govern a complex and medium sized charity. The Charity undertook a full skills audit in February 2024 with the support of an external facilitator and plans to further develop the Board based on this information. Risk Management In compliance with SORP 2019. the major risks to which the Charity is exposed, as identified by Trustees, have been reviewed and systems have been established to manage those risks. These are reviewed at the monthly Board Meetings, under the reports given by each of the core subgroups- Operations, Finance, Construction Projects, Education and Biodiversity, Aims and Objectives Ymddiriedolaeth Penllergare - the Penllergare Trust- is an independent registered charity (number 1082128), and a company limited by guarantee, not having share capital (number 04004593). The Charity was established in 2000 for the benefit of the public at Penllergare and its setting in Swansea, to further the protection, conseNation, restoration and maintenance of the cultural landscape of Penllergare., enhance the knowledge and appreciation of Penllergare and promote the protection and conservation of wildlife. These original Aims and Objectives have now been enlarged to provide a "must visit" tourist attraction destination for the enjoyment and benefit of the people of Swansea and the wider world, being adjacent to the M4, all within a policy of sound and responsible financial management of the Charity and its assets. This report covers the 12-month period ending 31 March 2024. MAIN ACTIVITIES AND ACHIEVEMENTS Overview Trustees present this report to cover the period when, having emerged from the restrictions that the Covid pandemic some years earlier, as a result of which, several projects were put on hold, we were able to be start the NLHF supported major new infrastructure works that had been held in abeyance. These are the new Visitor Centre; the new Education Centre and restoration work in the original Victorian Walled Garden and adjoining scenic woodland. Page 4

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 During this period, we were delighted to be informed we had achieved the national Investing in Volunteers award which is the UK quality standard which aims to improve the quality of the volunteering experience for all volunteers. It demonstrates that organisations value the enormous contribution made by their volunteers and we were assessed against six quality areas. The Trust excelled in all aspects of working with its volunteers. The Chalr of UKVF {the Awarding Body) said.. °UKVF is delighted to announce (the Penllergare)Trusts successful aGhievement of this A ward,. they have demonstrated a real commitment to volunteering and have proven that their volunteer management policies and procedures meet nationally recognised standards.. Investing in Volunteers is unique, in that it is the only standard that focuses on volunteers. On a more light-hearted note but demonstrating the wider profile the Trust has developed in recent years, celebrities are finding their way to Penllergarel Following on from the likes of Michael Portillo and Angela Rippon a few years ago, and Naturalist lolo Williams last summer, we had an episode of the Cbeebies Ecoquest programme filmed here in early July 2023 with the 2022 Strictlywinner, Hamza Yassin was spotted around the Woods. Board Meetin The Board of Trustees met 12 times during the year, on an agreed monthly basis. During this period, one of our Trustees, Colin Richards, decided to resign from the Board for personal reasons, reducing to Board from 12 to 11 members. Communi En ement & Activities In the spring of 2023, the Board recommended the appointment of an EngagemenUEducation Officer as the new Education Centre (see below), was nearing completion. Since her appointment in August 2023, Jessica has been proactive in enhancing our contacts with local schools and other education outlets, mental health teams etc. and the public in general, by introducing a range of, mainly. outdoor activities, until the new Centre can be propedy utilised. These have included archery sessions, pond dipping. bug hunts. archaeology digs, and history talks as well as woodland craft activities, bird box building and woodland ranger sessions. Holiday Club days were put on during the first and fourth weeks of the 2023 summer holidays in partnership with Chi Education, and were a great success, with children enjoying fully themed days at Penllergare. In addition, Ever Wild Nature Club activities for early years and younger children, ran every Friday throughout that August and five Woodland Wellbeing sessions We￿ also hosted for children and young people. For families, a Family Fun Day involving orienteering and archery, was held that summer, and a free accessible archery session was also held to engage with more visitors, together with six family wellbeing workshops run in partnership with Happy Headworks (A mental health support charity), towards the end of the month. There were many others. In addition and following meetings with the Head of the Employability Scheme in Swansea University, itwas also agreed to pursue the possibility of undergraduate and postgraduate attachments at Penller- gare through the University's Employability Scheme. Page 5

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 As a result, Swansea University interns joined the team to look at sustainability and marketing. Both were doing a master's degree in their relative subjects The New Education Centre The Education Centre building was officially handed over in November 2023 with the majority of the groundworks within the Centre garden completed by volunteers from Ne￿ork Rail during corporate volunteer days in early December and January 2024. It was officially opened in January 2024. Since then, we have had a steady flow of bookings as noted above. Together with one of our contacts we have gained through the Education Centre, Happy Headworks, we were recently successful in obtaining a grant for an interesting academic study and project on the benefits of volunteering in the outdoors. Work on this is expected to start in April 2024. Out in the Woods One really important ecological development we are pleased to report is that we planted eighteen Black Poplar trees on either side our river earlier in the year. The Black Poplar is one of the rarest and most endangered trees in Britain and this is a huge fillip for Penllergare Valley Woods. In December 2023 The City and County of Swansea, in conjunction with WCVA awarded us another tranche of the Challenge Fund This will allow us to engage in further works to removed non-native and diseased larch and other trees from other sections of our Woodland and replace these with new native deciduous trees. This project will start in September 2024 after the nesting season has ended. In March 2024, we applied for Penllergare to be part of the National Forest for Wales programme. In time, this will form a connected network of woodlands throughout Wales which will bring social, economic and environmental benefits and include us in Welsh National Forest publicity programmes. Since the year end, we have heard that we have been successful. We also applied for The Woodland Investment Grant (TWIG). TWIG is a grant scheme intended to create, restore and enhance woodlands in Wales, as part of the Welsh Government's National Forest programme and is provided as a partnership between National ReSoUr￿S Wales and the National Lottery Heritage Fund. Since the year end it has been confirmed that we have been successful in our application as well. These two elements will complement each other. Herita e Orchard Glazing units are now being installed in the Bee Observatory and we are in the process of levelling the ground to re￿1ve the bee hives, as well as preparing the ground for the new associated pollinating bee garden. We anticipate re￿Iving our hives next year. The New Visitor Centre On what was definitely a Red Letter Day in the history of PVW, the Visitor Centre (VC) was officially opened by the Lord Lieutenant ofwest Glamorgan, on 201h March 2024. Representatives of Swansea City Council and the Heritage Lottery were in attendance, and there was much positive feedback. Page 6

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 It had been open for trading from the early part of January, prior to its offi'cial opening, and by the end of that month, footfall amazed everyone. Comments from the public have been extremely encouraging and although our VC volunteers were rushed off their feet, they unfailingly provided a brilliant service from day onel After much discussion and following the nearly 100 suggestions submitted to us by our volunteers, Friends and other interested parties, the name of the Coffee Shop area within the Visitor Centre will be ' Y Coed" Welsh for ' The Woodland, and this is now displayed above the servery. Cae Pant Woodland By the end of October 2023, we had planted several hundred donated plants, ranging from low growing geraniums to spectacular hydrangeas and agapanthus, to adorn the path that will run through the woodland as well as creating specific floral and shrubbery areas. In addition. orders were placed for a number of plants and bulbs, including several of the original rhododendron species mentioned in Sir John Talbot Dillwyn Llewelyn's presentation to the Royal Horticultural Society in 1905. In addition to the plantings, work also started on the layout for the Room on the Broom children's trail, and the laying of the main pathway. Walled Garden & Orchard In January 2024 the first of our 450 roses were delivered ft)r the Celtic Cross designed area in the lower eastern quadrant of the Walled Garden, and clearance started in laying out the upper western quadrant, again in a Celtic Cross design. This is intended to be a Contemporary Garden with different planting areas within it. 1,000 yew bushes were delivered in March, and these will provide the outline of the new roses beds. Work progressed during February, with some of the original Victorian paths being revealed with the majority of the roses planted during March. John Dilwyn Llewelyn had several hot houses in which various fruits and heathers were grown, and one of these was apparently entirely given over to the propagation of the Black Hamburg grape, originally grown exclusively at Hampton Court. In an exciting development, our General Manager met with one of the senior gardeners at Hampton Court and we are now in receipt of a cutting of the vine which will be a feature in the new Vinery. This must be one of the most prestigious donations we have ever had and surely reflects the national recognition Penllergare now has. Development of the Walled Garden progressed apace during this period, and in a welcome development from a historical viewpoint. CADWhas informed us that they would supportthe rebuilding of the ruins of the historic Orchid House, one of the first examples of its type in Europe and would be keen to consider any proposals for its restoration. This would add considerably to our visitor attractions. Hopefully, more in our next report. In the Orchard, apricot and peach plants were delivered by the end of March and these will be planted on the outside of the south facing wall, after temporary storage in the new Vinery. The Observato The Trust was awarded a substsntial grant in December 2023 from the SPF Levelling up Historic Structures Fund for Phase 2 of the Observatory Project, which will focus on the structure of the building, given its age, and how best to preserve, improve and restore it as well as how to make it into a functioning attraction in the future. Page 7

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 It will also focus on building community interest and involvement in the Observatory. Work on this project will start in April 2024. Active Travel Route Swansea City Council informed the Board in early 2023 that they intended linking up the Active Travel Route {walker and cycle path) along the A48 at the north boundary of Penllergare Valley Woods, with the easvwest route south of us, with a northlsouth link through our valley. Since then, preliminary drainage work through the valley, has been completed up to Middle Park. Surveying is on-going in the upper valley to continue seeking best solutions for the route. Significant progress has been made and work on the design requI￿d is progressing underthe watchful eye of an ecologist. More in our next report. Water Vole Recove Pro ect Further down the valley, clearance of the water vole area at the Lower Lake has been carried out by volunteers and this part of the lake now has a new superb winding water channel leading into the hinterland, previously the upper part of the original lake. Hundreds of hours have been dedicated to this project by volunteers, staff and our university interns, which has resulted in the creation of a new ditch and pond network, the installation of dead hedge fencing and stock fencing to ensure the area is secure. It is not intended to directly reintroduce water vole at this stage, but it is hoped these works will provide the right environment to encourage them to return. Phase 1 of the project, with new waterways, riverbank work and a public segregation scheme, was completed during March 2024. A Phase 2 project plan has been developed and revenue funding to October 2024 has been secured from the Rural Anchor Fund. Phase 2 will involve further development of the wetland habitat around the Lower Lake as well as work to protect otter habitats along the river. It will be important to maintain regular monitoring of the project site to record the anticipated benefits to local biodiversity and also to monitor the presence of mink, the enemy of so many other species. Finally, a new interpretation panel, detailing the importance of wetland habitats and the Water Vole Project, has been created and installed. Volunteers We continued to be supported by our excellent team of Estates and Coffee Shop volunteers and currently an average of 108 volunteers supported us throughout the year, much the same as Ihe previously reported full year. Total volunteering hours increased from 17,582 in 2022 12023 to 19,174 in 2023124 and the estimated financial benefit of those hours equated to £265,713. On a slightly sobering note, many of our core volunteers, are of retirement age or older. With this in mind, we have produced a programme of events to attract families and younger people, hopefully to help highlight the project and its volunteering opportunities to a wider demographic. Page 8

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593> THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 On a more positive note, our team was strengthened in November 2023, when we welcomed Hannah. our social media and marketing intern, provided in conjunction with the University of Swansea, who has been instrumental in building our social media presence, producing Coffee Shop festive marketing reels, marketing the Penllergare calendar as well as starting the Education Centre and Wildwood Teaser Campaign. We have even seen nearly 100 new Instagram followers alreadyl National Awards Green Flag - we were again successful in achieving Green Flag status. The Friends of Penllergare The Friends of Penllergare, the membership part of the Penllergare Trust, is run by volunteers and provides a social programme together with fundraising activities to benefit Valley Woods. Founded in 2007 it currently has 321 subscribers amounting to 500 individual members. The spring and autumn evening meetings with guest speakers in the Llewelyn Hall were increasingly well attended and the Spring Plant Sale (comprised of plants entirely donated by the Friends), was held for the second time on the new car park extension and brought in a pleasing £2,619. Christmas Mini-markets made smaller contributions. The ever-popular200 Club continued to add a significant amount to the Friends, fundraising. Currentty with 280 members it brought in an income of £2,800 and with the winnings deducted, made a profit of £2,225. During the year the Friends. were able to donate from their accumulated funds £10,000 towards furniture and fixtures for the new Visitor Centre, £3,000 for the Dillwyn Llewelyn Family Photographic interpretation and £2,000 for a bench in the Rockwork Garden. The Friends, publications of the bi-annual Pen-Friends and the monthly Ramblings continued to inform the membership of current news, the wildlife and environmental issues associated with the Woods and its ever-important role as a cultural heritage landscape. Social Media & Website Website U date The Website has undergone a refresh with a new What's On section being added. Facebook continues to be the main channel of communication, with over 16,000 followers and 14,000 likes. Our followers on X a￿ over 1,600 and we are in the top ten "things to do. in Swansea on Tripadvisor. This year we have further invested in our website by adding a booking system for the new Woodland Centre that opened in January. Page 9

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES FOR THE YEAR ENDING 31 MARCH 2025 The Trust continues to have ambitious objectives for the coming year. These include: Maintaining the quality established in the new Visitor Centre and coffee shop Substantially increasing the use of our Education Centre and the related activities Continuing the restoration of the Walled Garden and Cae Pant areas and evaluating the work done under the Phase11 project so far Promoting the Woods in general and the new operations in particular to a wider area and, in particular, demonstrating the impact of the Trust on the local communities Increasing our volunteer numbers as well as the level of engagement of the local communities in our volunteering programmes Completing the Observatory design and related planning and Scheduled Monument applications Completing the Challenge Fund work on non-native and diseased woodland that is planned for winter 2024-25 Continuing to manage a number of other projects relating to Volunteering and Diversity Continuing its programme of upgrading its governance, reviewing the Trust's vision, objects and plan for the coming years as well as the operational structure and coordination of the board sub-committees Commencing work on our year TWIG project and developing the woodland to improve accessibility and good forest management in line with our new National Forest designation Starting work on developing a retail outlet FINANCIAL REVIEW General Much of the year ended 31 March 2024 was again challenging financially mainly due to the strain on resources and disruption related to the Phase 2 project works. However the position began to notably improve after the opening of the new Visitor Centre and the Education Centre in early 2024. As a result the Trust is reporting a small increase in its unrestricted reserves of £4,911. The Trust remains dependent on grant income to cover some of its ￿re operational costs, notably the lease rent payments for the Woods and Walled Garden of £41,250 per annum, but the opening of the Visitor Centre and Education Centre together with the increased car parking income that should accrue as a result should put the Trust in a much better position going forward. The Trust hopes that the opening of the Walled Garden will further improve its financial resilience in the Coming years. The Trust includes reporting a deficit for the year on Restricted Reserves of £173,743, but this is not a cause for concern as it relates to costs incurred in the year for which income has already been received. Our Income It was another year of disruption caused by the Visitor Centre Construction works, together with prolonged bad weather during the winter months, which meant that our expected levels of net income from the Coffee Shop and Car Park, were again lower than the previous year for much of the financial year. Nevertheless, we were pleased that the Coffee Shop was again able to remain open, albeit in a limited way with the exception of just a handful of days. We remain extremely grateful to all the Page 10

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Coffee Shop staff and volunteers for their efforts, and to our customers for their continuing support, as well as to Sterling UK Construction Ltd, the contractors for the Visitor Centre, for once again ensuring that their works did not require us to close the Coffee Shop entirely for more than a few days, It has proved to be worth the wait. The Visitor Centre and coffee shop opened on 17th January 2024 and immediately led to an increase in visitors to the Woods. Once again, we are indebted to our staff and volunteers ft)r adapting to the changes in location, systems, menus and volumes of customers so well in such a short time. The impact has already started to flow through to our revenue after only 75 days, with Coffee shop income for the year increasing by 14 % to £145,000 and car park income increasing slightly to £39,000. Some indication of just how bad the wet weather was during the winter months can be seen by the income generated from the Turbine and Archimedes screw, which at £28,000 was double the average over the last five years. The Turbine has now provided over £84,000 of net income for the Trust since its installation and will continue to generate green electricity and income for many years to come. Although the weather and construction also had an impact on our woodland activities, operations, the Trustwas finally able to complete and open its Education and Training Centre in January 2024. Interest in using the Centre has been significant and the Trust now have a number of regular groups in the community who regularly use the Centre as well as an increase in schools and corporate users. These activities are expected to increase significantly in the next year and income is expected to be significantly higher than the £9,800 achieved in this financial year. Due to the various constraints in the year, fundraising events and activities were also limited and so were able to make only a minor contribution to our income. We were, however, able to gain a sponsorship deal with Burns pet foods and to run some events in conjunction with them for dog walkers. The Friends of Penllergare continued to contribute valuable financial support from subscriptions, donations and a number of smaller fundraising schemes. The 200 Club generated just over £2,800 during the year. We are extremely grateful to the Friends for all their efforts and continuing work to raise funds for the Trust. It is expected that the Friends will be able to ramp up their events in the next year and that this will again increase the overall contribution to the Trust. The Friends also contributed an additional £7,500 for a new project which will be realised in the year to 31 March 2025. The Trust was able to achieve significant other grant funding during the year. As well as the ongoing support from the National Heritage Lottery Fund Phase 2 project, they have been indispensable in helping us prioritise and manage our growth and specifically in the year gave us the services of an expert consultant to help upgrade our governance and other management organisation. We continue to be grateful to the City and County of Swansea for its support, to the Welsh Council for Voluntary action for their grants towards the Water Vole Recovery and Volunteering projects, to the Architectural Heritage Fund for their additional grant towards the further restoration of the Observatory, and also to a number of smaller grant providers and donors who have awarded us valuable grants and donations during the year to help us continue our important work. Our Expenditure The Trust spent a total of £134,809 (2022123 - £127,484) from its unrestricted reserves on charitsble activities during the year, i.e. on the day to day running costs of the woods. Unrestricted reserves represent funds which are available to the Trust to use for its day to day expenditure, with no restrictions on how the money is spent, other than on the Trust's charitable purposes. Page 11

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 These funds include monies generated by income generating schemes, donations, the Friends. membership fees and fundraising events, and are used to meet the general running cots of the Trust, including operational stsffing costs, general woodland maintenance. vehicle running costs, rent, insurance and audit costs. The expenditure on charitable activities excludes the direct running costs of the Trust's commercial and fundraising activities (Coffee Shop, Car Park, Turbine et¢), on which a total of£120,600 was spent (2022123- £116,300) The Trust holds restricted reserves which are funds which can be used only for restricted purposes, such as specific grant funded projects or where the donor has placed limitations on how those funds may be used. A sum of £365.490 (2022123- £326,501) was spent on restricted expenditure during the year. This was mainly on the Phase 2 project delivery works, including the Visitor Centre construction, depreciation of project funded assets, as well as other grant funded project COStS such as the Observatory restoration, Third Sector Resilience fund and continuing works on the new Training Centre. Commentary on Balance Sheet The Trust's Balance Sheet shows that the Trust has capital assets at the Balance Sheet date valued at over £3.1 million (2023 £2.6m}. These assets are primarily a result of capital expenditure on our many projects over the years, particularly the NLHF Phase 2 and Parks for People Projects. These assets include major items such as the Visitor centre and Car Park, Education Centre, ObseNatory, Llewelyn Bridge, Lakeworks and turbine, as well as assets under construction such as the Vinery in the Walled Garden, and the many smaller assets we use on a day to basis, including woodland equipment, vehicles, office equipment, coffee shop equipment etc. Most of the major assets could not be sold and have no realisable value. They have been capitalised to reflect that they will be providing a benefit over the long term, rather than just for one year. There have been no material changes in other balances in the Balance Sheet, other than the balance shown as debtors has decreased from £927,000 to £325,000 which is primarily due to the NLHF grant payments during the year. Creditors due within one year have also decreased from £213,000 to £144,000 as the bulk of the building works are now complete. The Trust's unrestricted reserves have increased during the year from £77,086 to £81,997, reflecting the small amount of net income reported ft)r the year. The Trust's restricted reserves have however decreased in value during the year, by a very small proportion, from £3.244m to £3.070m. Of this sum, £3 million represents funds set aside to cover future depreciation of existing assets, so is not available for expenditure on new projects. The balan represents monies to be spent on ongoing projects. ReseNes Policy The Trust maintains both unrestricted and unrestricted reserves. The restricted reseNes comprise a number of individual reserves for particular projects, primarily those funded from external restricted purpose grants. These funds are ring-fenced, and no contribution is taken towards operational costs, except where this is allowed by the donor. It is the Trusvs policy that any unspent restricted funds relating to capital projects are carried forward to be spent on future projects. Balances may remain unchanged for several years and any unspent restricted funds will eventually be spent on a related asset when feasible for the charity to do so. The Trust's unrestricted reserve balance includes £81,997 at the year end. This balance includes £15,284 in respect of the Friends fund, which is the net balance of funds raised by the Friends Group. The Friends fund is managed as part of the overall unrestricted funds of the Trust, but the Friends Group works in liaison with the Trust to determine how best it should be spent to meet the Trust's priorities. Page 12

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The charity has set a target of6 months running costs as their reserves policy. This amounts to £80,000 based on inflation rate from prior year. The Board of Trustees have set a target in the coming years to increase its unrestricted reserve balance to the equivalent of one years running costs which amounts to £160,000. This is to be achieved through generation of income from the café, car park and other unrestricted income streams as part of the Charity's overall growth. It is expected that we will be able to make some progress towards this target during the financial year ending 31 March 2025, however any increases in unrestricted reserves in the coming two years is expected to be relatively small as there is still much work to be done, not all of which is grant funded. The Trust does have a plan to achieve its reserve target within five years. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees {who are also the directors of Ymddiriedolaeth Penllergare-The Penllergare trust for the purposes of company law) are responsible for preparing the financial statements in accordance with applicable law and United Kingdom ArLounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoU￿s, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent" prepare the financial ststements on the going concern basis unless it is inappropriate to pre- sume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, MHA, have agreed to offer themselves for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees onJtrnJ. signed on its behalf by.. P Baker Chairman Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST (REGISTERED NUMBER: 040044593) Opinion We have audited the financial statements of Ymddiriedolaeth Penllergare The Penllergare Trust {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 ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended", have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practi￿, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland," and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in theAuditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fi'nancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infomiation comprises the information included in theAnnual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 14

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST (REGISTERED NUMBER: 040044593) Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements. or the charitable company has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible forthe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit 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 the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Detecting Irregularities The objectives of our audit in relation to fraud are as follows.. To identify and assess the risks of material mis-statement of the financial statements due to fraud; To obtain sufficient appropriate audit evidence regarding the assessed risks of material mis- statement due to fraud, through designing and implementing appropriate responses,. And to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Page 15

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST (REGISTERED NUMBER: 040044593) Auditovs approach to assessing the risks of materlal mls-statement due to irregularitles, Including fraud We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (FRS 102, Charity SORP and Companies Act 2006) and the relevant tax compliance regulations in the UK. We assessed the risks of material misstatement in respect of fraud and considered the extent to which non- compliance with laws and regulations might have a material effect on the financial statements. Audit procedures deslgned to respond to the risks of non-compliance with laws and regulations Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management to understand how the Gharity is complying with those frameworks. Audit procedures performed by the engagement team also included a review of the financial statements disclosures to underlying supporting documentation. Audit procedures designed to respond to the risks of fraud We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. Based on the results of our risk assessment we designed our audit prO￿dureS to identify and to address material misstatements in relation to fraud As well as adopting an attitude of professional scepticism, we have obtained information for use in identifying the risk offraud when performing risk assessment procedures, and performed the following procedures in light of the risk of fraud.. Discussion amongst the engagement team regarding the susceptibility of the client to fraud., Consider the risk of fraud when documenting and testing internal controls- Enquiring of management how they.. assess the risk of fraud., identify and respond to the risks of fraud- and Enquiring of management whether they have any knowledge of actual or suspected frauds., Management override of Controls We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. The audit engagement team performed joumal entry testing using a risk-based approach and evaluating whether there was evidence of bias, with a focus on any journals indicating large or unusual transactions based on our understanding of the charity. Considerations around likelihood of detection However, owing to the inherent limitalions of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the fi'nancial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fornis part of our Report of the Independent Auditors. Page 16

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST {REGISTERED NUMBER.. 040044593 Use of our report This report is made solely to the charitable company's trustees, as a body, in accordan￿ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable ￿mpanY'S trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body. for ourauditwork, for this report, or for the opinions we have formed. MHA statutory Auditor Swansea, United Kingdom Date:... MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (reg- istered number OC312313). MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 17

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593} THE PENLLERGARE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total Funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Other trading activities Investments Fair value adjustment Other income 19,207 14,158 163,837 33,365 163,837 215,733 541 14,096 24,508 131,689 342,233 200,258 455 215,733 541 2,674 24,508 11,422 14.755 Total Income and endowments 262,663 189,417 452,080 689,390 EXPENDITURE ON: Fundraising activities Charitable activities 120,613 134,809 120,613 500,299 116,303 453,985 10 365,490 Total expenditure 255,422 365,490 620,912 570,288 NET INCOMEI(EXPENDITURE) 7,241 (176,073) (168,832) 119,102 TRANSFERS BETWEEN FUNDS 28 (2,330) 2,330 OTHER GAINSAND LOSSES 28 NET MOVEMENT IN FUNDS 28 4,911 (173,743) (168,832) 119,102 RECONCILIATION OF FUNDS: Total funds brought forward 77,086 3,243,807 3,320,893 3,201,791 TOTAL FUNDS CARRIED FORWARD 81,997 3,070,064 3,152,061 3,320,893 The statement of financial activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities. The statement of financial activities also complies with the re- quirements for an income and expenditure account under the Companies Act 2006. Page 18

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST BALANCE SHEET AT 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Heritage assets Programme related investments 17 18 19 31,564 2,366,781 768,062 9,375 3.144.218 2,398,345 1,918,110 768,062 710,375 9,375 9,375 3,175.782 2,637,860 31,564 CURRENT ASSETS Stocks Debtors Cash at bank 11,268 33.564 48,266 93,098 11,268 3,057 325,131 927,165 107,709 148,213 444,108 1,078,435 20 291,567 59,443 351,010 CREDITORS Amounts falling due within one year 22 42,665 101,745 144,410 213,400 NET CURRENT ASSETS 50,433 249,265 299,698 865,035 TOTALASSETS LESS CURRENT LIABILITIES 81,997 3,393,483 3,475,480 3,502,895 CREDITORS Amounts falling due after more than one year 23 (5,600) (5,600) (8,000) ACCRUALS AND DEFERRED INCOME 25 317,819 317,819 174,002 NET ASSETS FUNDS Unrestricted funds Restricted funds 28 81,997 81.997 3,070,064 77,086 3,243,807 3,070,064 TOTAL FUNDS 81,997 3,070.064 3,152,061 3,320,893 Page 19

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST BALANCE SHEET- CONTINUED AT 31 MARCH 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024, although an audit has been carried out under Section 144 of the Charities Act 2011. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The Trustees acknowledge their responsibilities for.. (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements 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 accordance with the requirements of Sections 394 and 395 and which otherwise comply with the re- quirement5 of the Companies Act 2006 relating to financial statements, so far as applicable to the char- itable company. These financial 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 companies subject to the small companies, regime. The financial statements were approved by the Board of Trustees on behalf by= J4nd were signed on its P Baker- Chairman Page 20

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activitles Cash generated from operations Interest paid 637,279 16 1,020.538 409 Net cash provided by operating activities 637,263 1020,129 Cash flows from Investing activities Purchase of tangible fixed assets Proceeds from disposal of investment Interest received (674,276) (998,119) 541 455 Net cash (used in)Iprovided by investing activities 673,735} 977,664) Cash flows from financing activities Loan drawn Loan repayments 10,000 8,907 Net cash (used in)Iprovided by financing activities 4,030) 1,093 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (40,504) 23,558 148,213 124,655 Cash and cash equivalents at the end of the reporting period 107.709 148,213 Page 21

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUNIBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net (expendlture)lincome for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decreasel{increase) in stock Decreasel{increase) in debtors Increasel(decrease) in creditors Increasel{decfease) in deferred income (168,832) 119,102 136,355 (541) 16 (8,210) 602,034 (67,360) 143,817 123,990 (455) 409 (643) 710,085 143.410 75,360 Net cash provided by operations 637,279 1,020,538 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank 107,709 148,213 Total cash and cash equivalents 107,709 148,213 ANALYSIS OF CHANGES IN NET DEBT At 3113123 Cash flows Other Non- cash changes At 3113124 Cash at bank and in hand Loans falling due within one year Loans falling due after one year 148,213 (4,030) 8,000 (40,504) 1,630 2,400 107,709 (2,400) 5,600 Total 136,183 36,474 99,079 Page 22

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION The Penllergare Trust is a charitable company. limited by guarantee, registered in England & Wales The charitable company's registered number and registered office address can be found in the Trustees Report. ACCOUNTING POLICIES Basis of preparation The financial statements ofthe 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The charitsble company's functional and presentational currency is the pound sterling (£) and balances are rounded to the nearest £1. Going concern A significant proportion of the charity'5 income is by way of grants, many of which are restricted for specific purposes or projects. The charity strives to generate unrestricted income in order to meet its general running costs. In the current year, the charity has reported a surplus in unrestricted funds and does have unrestricted reseNes of £81,997 at the balance sheet date. The Trustees have a reasonable expectation that sufficient income together with grants will continue to be received to meet its expenses and future capital commitments and therefore the charity has adequate resour￿$ to continue in operational existence for the foreseeable future. Accordingly. the Trustees continue to adopt the going concem basis in preparing the financial statements. Income recognition All income is included on the Statement of Financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Vvhere grants are subject to performance related conditions, they are recognised in the Statement of Financial Activities based upon when the perfomance related conditions have been met, in line with the Statement of Recommended Practice.. Accounting and Reporting by Charities. Donations are recognised either when received unless the charity has been notified in writing of both the amount and date of expected payment. Income from trading activities is recognised upon the delivery of goods and the provision of seNI￿s. Interest on fvnds held on deposit is included when receivable and the amount can be measured reliably by the charity. Page 23

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUNIBER: 04004593 THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Income recognition - continued Donated services and facilities are recognised as income and expenditure when the benefitto the charity can be reasonably quantified or measured and is considered material to the charity. The value of volunteers, time has not been recognised in the accounts. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal orconstructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on the accrual's basis. All expenses including support costs are allocated to the applicable expenditure headings. Allocation and apportionment of costs Expenditure, which is charged on an accrual's basis, is allocated be￿een expenditure incurred directly in the effort to raise funds, expenditure incurred directly in the fulfilment of the charity's objectives, and expenditure incurred in the management and administration of the charity (governan￿ costs and other expenditure)- Due to the operations of the charity, it was not considered appropriate to allocate expenditure based on activities as the park is considered a unified activity- Expenditure on raising funds The costs of raising funds consist of the running costs of the car park and coffee shop together with fundraising costs. Expenditure on charitable activities Costs of charitable expenditure include the costs of operating and the general maintenance of the park. Pension costs The charity operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the charity to the fund, in accordan￿ with the rules of the scheme. Other expenditure This consists of staff support costs and administrative expenses. Significant judgements and estimates In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The ests"mates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the trustees have made in the process of applying the charity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Im airment of assets Assets are assessed for indicators of impairment at each balan￿ sheet date. If there is objective eviden￿ of impairment, an impairment loss is recognised in the Statement of Financial Activities. Page 24

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOU14TING POLICIES (continued) Slgnificantludgements and estimates Provisions and contin encies Provisions are recognised when the charity has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. Useful economic lives of tan ible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are reassessed annually and are amended when necessary to reflect current estimates of economic utilisation and physical condition of the assets. Financial instruments Basic financial assets, which include trade and other debtors and cash and bank balances. are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Non*xchange transactions, such as grant debtors, and deferred grants are recognised at the present value of the likely settlement amount. Any gains or losses arising from present value adjustments are recognised in the Statement of Financial Activities. Basic financial liabilities, including trade and other creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Tangible fixed assets Fixed assets costing £250 or more (including VAT) are capitalised and stated at cost less accumulated depreciation calculated so as to write off their cost less any residual value over their expected useful lives. Depreciation is provided at the following annual rates- Buildings- new constructions Buildings - other (including lakeworks) Fixtures and fittings Plant and machinery Plant and machinery Plant and machinery Long leasehold straight line over 60 years straight line over 15 years straight line over 15 years long life - straight line over 15 years medium life- straight line over 5 years short life - 33 % per annum over the term of the lease Tangible fixed assets under construction are not depreciated. Herltage assets The acquisition of heritage assets relates to the reconstruction, restoration, preservation, conservation and educational objectives of the Trust, and in particular, the cultural landscape of Penllergare. The completed heritage assets include the Llewelyn Bridge and the Observatory. The Llewelyn Bridge is a new structure on the site of an old stone bridge which existed on this site in the early 19th century and was incorporated into the landscape design conceived and implemented by John Dillwyn Llewelyn (JDL) and his father, Lewis Weston Dillwyn. The bridge features in contemporary paintings and photographs by JDL and his family, and as such is an integral part of the art of the land- scape designer, in the historic style of the romantic picturesque landscape movement which prevailed at the time. Page 25

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) Heritage assets The new bridge has been designed to be in keeping with the historic designed landscape, which is the main heritage feature at Penllergare Valley W¢Jods. The Observatory is the only part ofthe original mansion house which is still standing. It was built in 1851 by JDL to further his interest in astronomy. It is a Scheduled Ancient Monument and of major historic significance as some of the earliest photographs of the moon were taken there. The heritage assets also include the Vinery, Orchid House and Walled Garden which are all assets under construction. The charity plans to repair and conserve the Walled Gardens, conserve the Orchid House including its waterfall and pond and to restore the historic Vinery located within the Walled Gardens. Heritage assets are capitalised and stated at cost less accumulated depreciation calculated so as to write off their cost less any residual value over their expected useful lives. Depreciation is provided at the following annual rates.. Buildings- new constructions straight line over 60 years Buildings- other (including Observatory) - straight line over 15 years Heritsge assets under construction are not depreciated. The Trusts budgets for the management and preservation of completed heritage assets on an ongoing basis. No disposal of heritage assets has taken place to date and the Trust does not intend to dispose of heritage assets for the foreseeable future. Stocks Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price less discounts where applicable. Net realisable value is based on estimated selling price. Provision is made for obsolete and slow-moving items where appropriate. Taxation The charity is exempt from corporation tax on its charitable activities. The charity registered for VAT on 1st December 2015 and is liable to pay VAT on its business activities, although its charitsble activities are outside the scope of VAT. Operating leases Rentals paid under operating leases are charged as expenditure on a straight-line basis over the period of the lease. Deferred Income Grant income is deferred to future periods when the grant is subject to performance related conditions being met. The grant income is deferred and not recognised until the conditions are fully met. Page 26

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (contlnued) Investments Fixed asset investments are valued at fair value. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 27

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations Grants Government grants Subscriptions Gift Aid 20,314 47,547 47,066 27,336 5,165 4,575 5,455 7,596 33,365 131,689 Unrestricted Restricted 2024 Donations Grants Government grants Subscriptions Gift aid 10,749 9,565 20,314 5,455 5,455 7,596 4,593 Unrestricted Restricted 2023 Donations Grants Government grants Subscriptions Gift aid 10,247 950 37,300 46,116 27,337 47,547 47,066 27,337 5,164 4,575 131,689 5,164 2,075 18,436 2,500 113,253 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Grants 163,837 342,233 Unrestricted Restricted 2024 Grants Miscellaneous income 100,879 62,958 100,879 62,958 Unrestricted Restricted 2023 Grants Mis￿lIaneOUS income 341,708 341,708 525 525 Page 28

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TRADING ACTIVITIES 2024 2023 Book Sales Coffee shop Car park Export of electricity Firewood sales Calendar Sales & Sponsorship Sale of other items Fees - use of Trust premises Other fundraising activities Friends Fundraising activities 722 145,203 39,368 4,232 946 127,161 38,603 2,549 23,713 902 5,220 9,807 7,389 2,890 991 1,783 1,196 3,315 215,733 200.258 The above income all related to unrestricted funds for both years. INCOME FROM INVESTMENTS 2024 2023 Deposit account interest Leasehold bond interest 264 277 71 541 455 OTHER INCOME 2024 2023 Feed in tariff The above income all related to unrestricted funds for both years. NET INCOMEIEXPENDITURE Net incomel(expenditure) is stated after chargingl{crediting): 2024 2023 Audit fees 9,800 9.800 7.208 7,208 The above income all related to unrestricted funds for both years. Page 29

YKqDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593 THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON FUNDRAISING ACTIVITIES 2024 2023 Coffee Shop Car park running costs Friends events1100 Club prizes Fundraisinglcommercial staff costs Other fundraising events Depreciation Turbine running costs 112,079 4,239 860 1,719 100,769 3,570 619 8,562 446 213 2,124 341 1,375 120,613 116,303 The above expenditure was unrestricted for both years. 10. EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 NLHF Phase 2 project delivery Other project expenditure Depreciation {Gain)ILoss on disposal Lease renl Accountancy and payroll Friends 66,336 20,614 136,014 (4,500) 41,250 12,557 547 41,015 28,078 122,522 151 41,250 8,709 493 E 11 Staff salaries Other Unrestricted Expenditure Support costs- staff Bank charges Loan interest Room and office rental Volunteers, Expenses Telephone, postage and stationery Support costs - other 162,420 20,017 34,238 240 16 20 985 7,837 1,708 133,917 17,708 48,078 915 409 113 668 6,805 3,064 500,299 453,985 Analysis by fund Unrestricted funds Restricted funds 134,808 365,490 127,484 326,501 500,299 453,985 Page 30

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES, EXPENSES Six Trustees were reimbursed £1,186 for minor disbursements made on behalf of the Trust. In 2022 two Trustees, were reimbursed £921 for disbursements made on behalf of the Trust, but no Twstee was paid any expenses in either year. 12. INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Loan interest 16 409 13. EXPENDITURE: SALARIES & NATIONAL INSURANCE 2024 2023 Salaries Social security Workplace pensions 235,717 10.637 2,953 217,620 9,898 3,183 249,307 230,701 There are no employees with salaries greater than £60,000 per annum. The average weekly number of employees by function 2024 2023 Charitable activities staff Staff employed to generate funds 15 14 14. VOLUNTEERS The charity is assisted by volunteers,. the value of volunteers, time is estimated with reference to the recorded number of volunteer hours multiplied by the estimated hourly rate that an employee would have been paid for carrying the type of service. The quantified benefit to the charity for volunteers, time is £265,713 (2023 £231,301) and, in line with requirements of the SORP, this amount has not been recognised within the accounts. 15. KEY MANAGEMENT PERSONNEL Key management personnel are considered to be those personnel who are not trustees but sit within key operational and strategic roles. The total employee costs of the employee deemed to be key management personnel was £41,172 (2023 - £41,176). Page 31

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Other trading activities Investments Other income 18,436 525 200.528 455 14,755 113,253 341,708 131,689 342,233 200.528 455 14.755 Total income and endowments 234,429 454,961 689,390 EXPENDITURE ON: Fundraising activities Charitable Activities 116.303 127,484 116,303 453,985 326,501 Total expenditure 243.787 326,501 570,288 NET INCOMEI(EXPENDITURE (9,358) 128,460 119,102 TRANSFERS BETWEEN FUNDS (410) 410 OTHER GAINSAND LOSSES NET MOVEMENT IN FUNDS (9,768) 128,870 119,102 RECONCILIATION OF FUNDS Total funds brought fonvard 86,854 3,114,937 3,201,791 TOTAL FUNDS CARRIED FORWARD 77,086 3,243,807 3,320,893 Page 32

YMDDIRIEDOLAETH PENLLERGARE {REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. TANGIBLE FIXED ASSETS Assets under Freehold Long Short Plant and construction Assets leasehold leasehold Machinery Total COST Brought forward Additions Transfers Disposals At 31 March 2024 919,147 516,120 (1,418,603) 2,810 1,369,617 1,689 1,418,603 475,605 2,767,181 80,209 598,018 7,250 548,564 7,250 3,357,949 16,664 2,810 2,789,909 DEPRECIATION Brought forward Charge for the year Eliminated on disposal At 31 March 2024 622,221 76,000 226,850 41,783 7,250 261,383 849,071 117,783 7,250 959,604 698,221 NET BOOK VALUE At 31 March 2024 16,664 2,810 2.091,688 287,181 2,398,345 At 31 March 2023 919.147 2,810 747,395 248,758 1,918,110 18. HERITAGE ASSETS Buildings under Construction Buildings Total COST Brought fornard Additions At 31 March 2024 395,929 76,258 472,187 452,324 848,253 76,258 924,511 452,324 DEPRECIATION Brought fO￿ard Charge for the year At 31 March 2024 137,877 18,572 156,449 137,877 18,572 156,449 NET BOOK VALUE At 31 March 2024 472,187 295.875 768,062 At 31 March 2023 395,929 314,447 710,375 Page 33

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18. HERITAGE ASSETS - continued Five-year summary of heritage asset transactions.. 2024 2023 2022 2021 2020 Cost of acquisitions 76,258 321,943 27,329 16,844 29,813 19. INVESTMENTS: PROGRAMME RELATED INVESTMENTS The programme related investment is in relation to a borid secured with the landlords of the park to secure the long-term leasehold of the park. The investment supports the charitable objective as the leasehold of the park needed to be obtained in order to receive grant funding for the "Parks for People" project. During the year, no movement has occurred (2023 - £nil) At the year end the balance held as the bond was £9,375 (2023 - £9,375). 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants Prepayments & accrued income VAT Other debtors 274,695 31,946 788,120 20,703 49,417 37,066 6,065 312,706 895,306 21. DEBTORS: AMOUNTS FALLING DUEAFTER ONE YEAR 2024 2023 Grants Prepayments & accrued income 7,230 24,629 12,425 12,425 31,859 325,131 927,165 22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accruals Other creditors Taxation and social security Loans 41,392 90,078 1,494 9,046 2.400 141,290 67,296 784 4,030 144,410 213,400 Page 34

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER". 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. CREDITORS: AMOUNTS FALLING DUEAFTER MORE THAN ONE YEAR 2024 2023 Loans 5.600 8,000 24. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand.. Loans 2.400 4.030 Amounts falling due after more than one year but less than five years.. Loans 5,600 8.000 25. ACCRUALS AND DEFERRED INCOME 2024 2023 Deferred grants Summary of deferred income movements: Deferred income brought fO￿ard Grants released during the year New grants deferred during the year 174,002 (38,867) 182,684 317,819 26. FINANCIAL COMMITMENTS The charity has future operating lease commitments totalling £3,710,625 (2023 - £3,731,250). Page 35

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 27. COMPARATIVES FOR THE BALANCE SHEET 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Heritage assets Programme related investments 17 18 19 19,623 1,898,487 710,375 9,375 2,618,237 1,918,110 1,347,348 710,375 407,004 9,375 9,375 2,637,860 1,763,727 19,623 CURRENT ASSETS Stocks Debtors Cash at bank 3,058 23,203 52,453 78,714 3,058 2,415 927,165 1,637,250 148,213 124,655 1,078,435 1,764,320 20 903,962 95,759 999,721 CREDITORS Amounts falling due within one year 21,251 192,149 213.400 73,957 NET CURRENT ASSETS 57,463 807.572 865,035 1.690.363 TOTALASSETS LESS CURRENT LIABILITIES 77,086 3,425,809 3,502,895 3,454,090 CREDITORS Amounts falling due after more than one year 23 (8,000) (8,000) (2,937) ACCRUALS AND DEFERRED INCOME 25 174,002 174,002 249,362 NET ASSETS FUNDS Unrestricted funds Restricted funds 28 77,086 77.086 3,243,807 86,854 3,114,937 3,243,807 TOTAL FUNDS 77,086 3,243.807 3,320,893 3,201,791 Page 36

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 28. MOVEMENT IN FUNDS Net movement in funds At 01104123 At 31103124 Unrestricted funds General fund Friends Fair value reseNe 60,109 19,651 2,674 77,086 6,604 (4,367) 2,674 4,911 66,713 15,284 81,997 Restricted funds Parks for People Project (NLHF) NLHF 2- fundraising for delivery phase Woodland Centre Rural Development Fund Orchard Third Sector Resilience fund Brilliant Basics other restricted funds Fair value reserve 1,186,940 1,792,081 10,314 141,546 18,497 (105.320) (97,414) (5,102) 28,468 (1,534) 1,081.620 1.694,667 5,212 170,014 16,963 42,868 62,983 11,422) {2,191) {2,072) 11,422 40,677 60,911 3,243,807 (173,743) 3.070,064 TOTAL FUNDS 3,320,893 168,832) 3,152,061 Net movement in funds, included in the above are as follows: Income Expenditure Transfers Unrestricted funds General fund Friends Fair value reserve 249,950 10,039 2,674 262,663 254.016 1,406 10.670 (13,000) 255,422 {2,330) Restricted funds Parks for People Project (NLHF) NLHF 2- fundraising for delivery phase Woodland Centre Training Centre and Nursery Orchard Brilliant Basics Other Restricted Reserves Fair Value Reserves 105,320 133.247 5,102 21,575 1,534 2,191 96,521 59,238 {23,405) 19,602 30,441 99,155 11,422 {4,706) 189 417 365,490 2,330 TOTAL FUNDS 452,080 620 912 Pagè 37

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 28. MOVEMENT IN FUNDS CONTINUED The unrestricted funds are available to be spent for any purpose of the charity. Where deficits arise on restricted funds, these will be met by reserves in the general fund. Net movement in funds At 01104122 At 31103123 Unrestricted funds General fund Friends Fair value reserve 74.457 15,071 2,674 86,854 (14,348) 4,580 60,109 19,651 2.674 77,086 {9.768) Restricted funds Parks for People Project (NLHF) NLHF 2- fundraising for delivery phase Woodland Centre Rural Development Fund Orchard Third Sector Resilience fund Brilliant Basics Other restricted funds Fair value reserve 1,292,816 1,538,382 15,414 140,729 18,562 36,251 45,217 38,988 11,422) {105,875) 253,699 (5,101) 817 (64) {36,251) (2,349) 23,994 1,186,940 1,792,081 10,314 141,546 18,497 42,868 62,983 11,422) 3,114,937 128,870 3,243,807 TOTAL FUNDS 3,201,791 119.102 3,320,893 Net movement in funds, included in the above are as follows. Income Expenditure Transfers Unrestricted funds General fund Friends 228,740 5,689 234,429 242,678 1,109 243,787 (410) (410) Restrlcted funds Parks for People Project (NLHF) NLHF 2 - fundraising for delivery phase Woodland Centre Training Centre and Nursery Orchard Third Sector Resilience fund Brilliant Basics Other Restricted Reserves Fair Value Reserves 105,875 98,643 5,102 13,183 64 36,661 2,349 64,624 352,347 14,000 410 88,614 454,961 326,501 410 TOTAL FUNDS 689,390 570,288 Page 38

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 28. MOVEMENT IN FUNDS CONTINUED Detalls of Transfers between Funds Reason Transfer From Transfer To Amount £ Contribution from Friends towards Visi- tor Centre equipment Friends Reserve NLHF Phase11 13,000 Amendments to match funding income allocation to conform with contracts NLHF Phase11 Training centre 17,441 Coffee shop small equipment stock do- nated NLHF Phase11 General reserve 5,964 New Landrover- part contribution to purchase Other restricted reserves General reseNe 4,995 Contribution to costs of projects General reserve other restricted reserves 289 The unrestricted funds are available to be spent for any of the purposes of the charity. Restricted Funds The Parks for People Project Fund (NLHF) is in respect of the Phase 1 Development which was established from grant funding for capital projects for restoration and renovation work in the Park. This involved the restoration of the Llewellyn Bridge and Observatory and construction of the Visitor Car Park and Coffee Shop. The National Lottery Heritage Fund (NLHF) Development and Delivery is in respect of the Phase 2 Development which is grant funded by the National Lottery Heritage fund for the capital project of the restoration of the Walled Gardens, Orchid House and Vinery in the Park. The Rural Development Fund is funding for a capital project for the constructs'on of a Training Centre in the Park. The training centre will enable the Park to have a facility to offer training courses to the local community and volunteers. The Brilliant Basics fund represents monies received from the Welsh Govemment under their scheme to support not for profit organisations to deliver basic tourism infrastructure projects. It was used to improve car parkinglentrance facilities and to develop a li￿nSed nature trail visitor attraction. The remaining restricted funds are in respect of smaller restoration and renovation projects in the Park. The fair value reserve relates to the fair value adjustment on debtors due after one year, in line with the stated accounting policy. Page 39

YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 04004593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 29. CAPITAL COMMITMENTS At the balance sheet date, the Trust had capital commitments totalling £47,000 related to ongoing construction works {2023-£634,989) The total value of fixed assets under Construction at the balance sheet date amounted to £488,851 (2023 - £1,315,076). Completed works during the year During the year the Visitor centre, funded by NHLF'S phase11 grant, and the Education Centre, mainly funded by the Rural Development as well as the restoration of the walls of the Walled Garden were completed. Buildings under construction as at the balance sheet date The phase 2 Development project is a capital construction scheme and some heritage elements of this including the Vinery remained in progress at the year end. 30. SECURED GRANTS A grant of up to £2,320,800 had been paid to the charity by the National Lottery Heritage Fund to assist in the first phase of the restoration of Penllergare Valley Woods. The National Lottery Heritage Fund has a right to demand repayment of some or all of the grant, should ￿rtain grant conditions not be met and has registered a legal charge over the lease of the Woods and the Observatory. A further grant of up to £2,129.800 has also been awarded by the National Lottery Heritage fund to assist in the second phase of the restoration - the Walled Garden and adjoining areas. The NLHF has a right to detnand repayment of some or all of the grant, should certain grant conditions not be met, and has registered a legal charge over the lease of the Walled Garden and adja￿nt areas. 31. RELATED PARTY TRANSACTIONS A sum of £35,628 (plus VAT) (2023 - £41,719) was paid to Pass Propety and Developments Ltd for construction work on the new Training and Excellence Centre. The sole director of Pass Property and Developments Ltd is the nephew of Raymond Butt, Trustee. The contract for the work was awarded following a robust competitive tendering process which was in line with the procurement procedures of the Trust and of the Rural Development Fund within the Welsh Government, who were the main funders of the project. In the previous year a trustee, who wishes to remain anonymous, remitted a £10,000 loan of monies to the Trust. The balance outstanding at the year end is £8,000 (2023 - £10,000). The loan is repayable over 50 instalments. 32. POST BALANCE SHEET EVENTS There were no post balance sheet events. Page 40