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