COMPANY REGISTRATION NUMBER: 4037005 CHARITY REGISTRATION NUMBER: 1090949 Pembrokeshire Frame Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2024
Pembrokeshire Frame Limited Company Limlted by Guarantee Financial Statements Year ended 31 March 2024 Pages Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) 1to5 Statement of financial position Statement of cash flows Notes to the financial statements 10t021 The following pages do not form part of the financial slatements Detailed statement of financial activities 23
Pembrokeshire Frame Limited Company Llmlted by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The Iruslees, who are also the directors for the purposes of company law, present their report and Ihe unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative detalls Registered charity name Pembrokeshlre Frame Limited Charity ragistralion numbèr 1090949 Company reglstratlon number 4037005 Prln¢ipal offlce and registerod offl¢e Old Press Buildings Old Hakin Road Merlins Bridg& Hav8rfordw8St P8mbrokeshlre SA61 1XF The trustees Mr A S Harries Mr P G Smith Ms D J Brown Mrs E A Clarke (Appointed 8 December 2023) Independent examln8r Bruce Evens (Senior Independent Examln8r} Hamllton HDUS8 Hamilton Terrace Mllford Haven Pembrokeshire SA73 3JP
Pembrokeshire Frame Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 March 2024 Structure, governance and management Governlng document The ¢harily is a limited company, registration number 4037005, and is governed by its Memorandum and Articles of Association. Pembrokeshire Frame Limited is also registered with the Charity Commission, number 1090949. The trustees are also directors of the charitable company. Appointment, induction and trainlng of new Irustees Potential trustees serve a probationary period of Six months co-opted to Ihe board prior lo election by members at an AGM It is planned that trustees wi15 bring lo the board a range of skills frorn business, professional, social car& and community backgrounds relevant to Ihe Charilvs operational and social obJecliv8s. Potanlial now trustees ar8 intervi8wed and provided with a Gomprehensive induction to the organlsation, an inductlon pack and relevant guidance on trustee related roles and responsibilities. Ongoing opportunities are offored for trustees to attend training courses. The charity has a close working relalionship with Pembrokeshire County Council, which nominates a representative to the Board as an advisor for any issues which may arise regarding the Local Authority Contract. Organlsatlonal structure The Iruslees are responsible for formulating policies and procedures and for ensuring the correct level of internal conlfOI. The day lo day runnlng of the charlty Is the responslblllty of the Chlef Officer Paul Hughes and the management tearr, who report to the trustees at thelr regular meetlngs. The charity also undertak88 soclal accounting annually. Financlal controls Conlrol over Ihe client affairs is affected by an inspection by the trustees. Related partles The charity has a close working relationship with Pembrokeshire County Council, which nominates a trustee, Rlsk managèment The Iruslees have recognlsed the loss of grant fundlng and a fallure of Its duly of care lo the service users as Ils malor risks. To miligate Ihe loss of funding, a resetves policy has beer) created to enable the principal objectives to continue and to meet any statutory or contractual commitments which may arise as a result of Ihe loss. Suitable levels of supervision, training and procedures have been pul in place to ensure the standard of care is of the highest level. Internal controls and internal audit procedures have also been implemented lo safeguard against risks. The charity has the appropriate levels of insurance to cover public liability, fiéelity and other areas relevant to its operations. Objectlves and a¢tivitle8 Objectivos and alms To promote and provlde educatlon, training and employment opporlunlties lo persons with or recovering from mental 111 health andlor a learning disability and persons who are considered lo be socially excluded to enable them to test their ability lo undertake meaningful occupalion or work, develop new skills and change the direction of their lives. Significant activities The chalitvs activities include the provision of education, training and employment opportunities to those with and recovering from menlal ill health andlor a learning disability and for those who are socially excluded. Opportunities are provided through a community re-use project involving the collection, refurbishment and redistribution of unwanted furniture and household goods and a horticultural and woodland management project based on organic principles.
Pembrokeshire Frame Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnuod) Year ended 31 March 2024 Achievoments and performancè Charitable activities The financial year April 2023 to March 2024 has seen the charity continue to build on the successes of the previous financial year. Through the provision of grant support and revenue we have continued to invest in our services and buildings through the provision of new projects, staff and equipment. The new Textiles Across Pembrokeshire Prolect, TAP, has grown slgnificandy during the year and offers opporlunilies in our Merlin's Bridge base and also in Pembroke Dock al the VC Gallery. We created the Foundil@FRAME fashion label which was used lo promote the reuse of materials lo make new items of clothing. In January 2024 we held our first fashion show al Pembrokeshire College at which a wide array of items that had been crealed by our team were shared with those who 8ltenéed. FRAME has seen a a significant increase in the amounl of clothing donated to us and this has helped to significanlly increase the quanlity and quality of items that we now sell as pre-loved clothing. This was fealured on BBC Radio and Television. The One-of-a-kind furniture upcycling project 81so began offering workshops at the VC Gallery sile. The Furniture Surgery continued to develop the sophistication and range of work undertaken by our participants. We were able to offer Fix It Friday" sessions to mernbers of the public who wished to learn upholstery skills while working on an item from home. An opporlunity also arose to create an addilional sales area in the Green Shed. The café area was vacated in July and after consulting slaff the House of FRAME retail space was created. This sells vintage and high value items along with a range of unusual items. Pembrokeshire FRAME Ltd continued to operate the relail showrooms at Merfin's Bridge and Pembroke Dock. The performance of the retail outlets was very good with income again increasing significantly on the previous year. The shop in Merlin's Bridge undement a renovation with the creation of a new clothing area with a changing room. The Pembroke Dock store und8rw8nt significant change with the retail floor spac8 increased by 80 % . This enabled the creation of a dedlcaled clothing area, sales area for the upcycling prolecls as well as space for items from the Hous8 of FRAME. The success of the projects and relail stores is buill upon the efforts of our teams who dilligently sort and Pfepare the donations we receive. The charity'5 Fuel Poverty Support Worker conlinues to support people to ensure that they get access lo the right support through the cost-of-living crisis, access to th6 Priorities Service Register and raise awareness of the dangers of Carbon Monoxide in the home. He continues to work very closely with an increasing number of local and national third sector groups to develop expertise and impact the quality of the support we can provide. Through this work we have supported over 250 applications for financial relief or support. This work has saved our clients over £15,000. We have also been able to provide warm packs to over 200 people. Pembrokeshire FRAME Ltd continued to provide support lo homeless famili8S through the provlslon of fre8 furniture and household Items. We supported 64 individuals or families across PembrokeshSre with donatlons valued al £19,000 which also included delivery of Ihe items. This work was supported by a grant from Pembrokeshire County Council. We also have offered support to other local charities such 8s Greenacres Animal Rescue Ihrough the provision of pre-loved towels and blankets. We once again delivered Christmas parcels for PATCH to some of the most disadvantaged families across Pembrokeshire, ensuring that their children had presents on Christmas Day. Pembrokeshire FRAME Ltd also achieved the "Approved Reuse Centre" standard through our membership and collaboration with the Reuse Network. This standard was achieved via a 2-day audit of our policies, procedures and processes across the full range of activities that we undertake. This slandard can be used to assure our customers of Ihe quality of practice in the area of reuse. We also once 2gain achieved the Green Dragon Environmental Standard which audits our usa of resources and our impact on our environment. This year we were praised for the progress mado on reducing the uso of energy and on increasing the amount of material sent for rècycling.
Pembrokeshire Frame Limited Company Limited by Guarantea Trustees. Annual Report (Incorporating the Director's Report) {contlnuodJ Year ended 31 March 2024 Pembrokeshire FRAME Lld continued to deliver the contract wilh Pembrokeshire County Council on its Bulky Waste and Second Stage Processing which supported work experience opporlunilies for people with disabilities and or recovering from mental heallh problems. The Board of Directors wish lo thank all the participants, volunteers and staff for their continuing hard work and amazing cornmilment lo the work of Pembrokeshire FRAME Ltd. Ensuring we deliver our needs We review our aims, objectives and activities each year. This review looks al what We achieved and the outcome5 of our work in the previous 12 months. The review also holps us ensure our aims, objeGtive5 and activities r8mained focu88d on our stated obj8Ctiv8s. W8 have referred lo the guidance contain8d in the Charity Commission's general guldance on publlc benefit when r8viewing our aims and obj&Gtlves and In planning our future activitl8s. Each year we 19St Ihe delivery of our objectives and aclivlties through our independently examined soclal accounting process. Financlal review Reserves pollcy The Iruslees believe that the charity should hold financial reserwes (the "Emergency Operating Reserve" because.. EOR) 1 11 has no endowment funding and is entirely dependent for income upon donor funding, contracts and servlc818V61 agreements from year lo year whlch Is in8Vltably subject to fluctuation; 211 requires prot8clion against and the ability to continue operating despite catastrophic or lesser damaging evenls. The Iruslees believe that the minimum level of the EOR should be the equivalent of six months operating costs calculated and reviewed annually and believe that the EOR should be built up to the desired level in stages consistent with Ihe charily's overall financial position and ils need to maintain and develop its charitable aclivities. The current level of the EOR is £nil, with essential running cosls currently amounting to approximately £86,000 per month based on existing contracts giving a target EOR of £516,000. Efforts lo build up th8 EOR to this level will continue In line with this pollcy. Results The charity is reportlng an overall deficit for the year ended 31 March 2024 of £45,182 compared with a surplus of £32,207 in 2023. The deficit for the year has decreased funds carried fomard from £1,729,665 to £1,684,482 of which £1,218.449 relates to restricted funds. The level of unrestricted reserves al the balance sheet date was £466,033. Investment powers Under the memorandum and artScles of association, the charlty has the power to make any Investment which the Irusleas see fit.
Pembrokeshire Frame Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) {¢onllnu4d) Year ended 31 March 2024 Plans for future perlods Future developments Further development The Community Fridge. Further development of Green Shed Community Reuse Centre and activities. Development of upholstery project and social enterprise Developrnenl of community partnerships Continue to seek and source funding Development of Website Development of ecommerce The Board of Directors wish to say thank you to all the volunteers 8nd staff for their conlinuing hard work and amazing commitment to FRAME during this period. Indep8ndent examlner A resolution lo reappoint Evens & Co Ltd as independent examiners lo the charity will be proposed at the annual general meeting. Small company provSslons This report has been prepared in accordance with the provisions applicable lo companies entitled to the small companies ex8mption. The Iruslees, annual report was approved on 20 November 2024 and signed on behalf of the board of trustees by: Mrs E A Clarke Trustee
Pembrokeshire Frame Limited Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Pembrokeshire Frame Limited Year ended 31 March 2024 I report to the Iruslees on my examination of the financial statemenls of Pembrokeshire Frame Limited ('Ihe charitw) for the year ended 31 March 2024. Respon81bllltles and basls of report The charity's Irustees are responsible for the preparation of the accounts. The charitls trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independenl examination is needed. It is my responsibility lo examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charily Commission (under section 14515}Ib) of Ihe Charities Act. and to stale whether particular matters have come to my attention. My examination was carried out in accordance with the general Direclions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the acGounls, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters sel out in the next statement. Independent examiner's statement Since the charily's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of Ihe 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of Ihe Institute of Chartered Accounlants in England and Wales (ICAEW), which is one of the listed bodies. In connectiori wilh my examination, no matter has come to my altenlion which gives me cause lo believe that in, any malelial respect., th8 accounting records wer6 not kept in accordance with section 130 of th6 Charities Act; or th8 accounts dld not accord with the accountlng rècords; or the accounts dld not comply with the applicabl8 requirements concernlng the form and conlent of accounts set out in Ihe Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gSve a'true 8nd falr, vlew which is not a matter considered as part of an Independent examination. I have come across no other matlers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Bruc Evens (Senior Independent Examiner) Independent Examiner Hamilton House Hamilton Terrac& Milford Haven Pembrokeshlre SA73 3JP
Pembrokeshire Frame Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Reslricled funds 2023 Unrestricted funds Total funds Total funds Nate Income and endowments Donations and legacies Charitable activities Investment income Other income 18,362 881.640 3,358 13,981 917,341 18,362 946.718 3,358 13,981 982,419 7,398 1.007,572 343 22.121 65.078 Total incorne 65,078 1,037,434 Expendlture Expendilure on charitable activities Total axpendlture 9,10 (888,380) 1888,380) (139,222} (1,027,602) 11,005,227) {139,222) (1,027,602) (1,005,227) Net lexpendlturè)lincome and nét movement In funds 28,961 (74,144> (45,1831 32,207 Reconclllallon of funds Total funds brou9ht forward Total funds Garrled forward 437,072 1,292,593 1,218,449 1,729,665 1,684,482 1,697,458 466.033 1,729.665 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notos on pages 10 to 21 form part ofthese flnancial statements.
Pembrokeshire Frame Limited Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Notè Flxed assets Tangible fixed assets 18 1,201,954 1,345,566 Current assets Stock Debtors Cash at bank and in hand 19 20 5,363 27,816 777,798 810,977 4,013 60,749 678,596 743,358 Creditor5: amounts falling due wlthln one year Net current assets 21 (54,092} (66,172) 677.186 2,022,752 756,885 1,958,839 Total assats less current liabilltles Credltors: amounts falllng due after more than one year N8t assets 22 (274,357) 1,684,482 1293,087) 1,729,665 Funds of th8 charlly Reslricled funds UnrestrScled funds 1,218,449 466.033 1,292,593 437,072 Tolal charity funds 23 1,684,482 1,729,665 For the year ending 31 March 2024 the charity was entitled to exemplion from audil under section 477 of the Companies Acl 2006 relating lo small companies. Directors, responsibilities: The members have not required the company to obtain an audit of ils financial stalemenls for the year in question in accordance with section 476., The direclors acknowledge their responsibilities for complying wilh the requirements of the Act with respect lo accounting records and the preparation of financial statements. Th058 financlal statemenls have been prepared In accordance with the provlslons appllcable to companles subject to the small companies, regime. These financial statements were approved by the board of truslees 8nd authorised for issue on 20 November 2024, and are signed on behalf of the board by= Mrs E A Clarke Trustee The notes on pages 10 to 21 form part of these financial statements.
Pembrokeshire Frame Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net lexpendilurellincome {45,1831 32,207 Adjustments for.. Depreciation of tangible fixed assets Other inleresl receivable and similar income Interest payable and similar charges 34,358 {3,3581 31,270 40,167 (3431 21.445 Chang9s in.. Stock Tradg and other debtors Trade and other credltors {1,3501 32,933 (9,7701 38,900 6,980 (46,249) (473) 53,734 Cash generated from operations Interest paid Interest received (31,270) 3,358 10,988 (21,445) 343 Nel Cash from operating activities 32,632 Cash flows from investing activiti8s Purchase of tangible assets Proceeds from sale of tangible assets Net cash fromllused inl investing activities (22.939) 132,193 109.254 (4,940> 4,484 (456) Cash flows from financlng activlties Proceeds from borrowings Proceeds from hire purchase agreemenls Nel cash used In financing actlvi118s {11,279) 19,761) {21,040) (13,7251 (15,4801 (29,2051 Net Increas6 In cash and cash equlvalents Cash and cash equivalents at beglnnlng of year Cash and cash equivalenls at end of year 99,202 678,596 777,798 2,971 675,625 678,596 The notes on pages 10 to 21 form part of these financial stat6ments.
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 Gèneral information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Old Press Buildings, Old Hakin Road, Merlins Bridge, Haverfordw8sl, Pembrokeshire, SA611XF. Statement of compliance Thes8 financial statements have been prepared In compliance with FRS 102, 'Th8 Financlal Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland {FRS 1021 (Charilies SORP IFRS 102)) and the Companies Act 2006. Accountlng pollcles Basis of preparatlon Th8 flnancial statements have been prepared on Ihe hlstorical cost basls, as modifled by th8 revaluation of cerlaln flnanclal assets and liabilities and Investment propertl8s measured at fair value through Income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern Ther8 are no material uncerlalntles about the charSVs ability to conlSnue. Governance cost5 Governance costs include costs of the preparation and examination of the stalulory accounls, the costs of Iruslee meetings and Ihe cost of any legal advice to trustees on governance or constitutional matters. Taxallon The charlty Is exempt from corporation tax on Ils charllable actlvlties. Capital goods scheme Under the capital goods schemè which is followed by th8 charity, differences are written off lo tha profit and loss in the year they occur. Judgements and key sources of 8Stlmatlon uncertainly Thè preparation of the financial statements requires management to make judgernents, estimates and assumptions that affecl Ihe amounls reporled. These estimates and judgements are continually reviewed and are based on experience and other faclors, including expectations of future events thal are believed to be reasonable under the circumstances. 10-
Pembrokeshire Frame Limited Company Limlted by Guarantee Notes to the Financial Statements l¢onllnu6d) Year ended 31 March 2024 Accounting policies (contlnuedj Fund accounting Unrestricted income funds are general funds that are available for use al the Iruslees, discretion in furtherance of the objectives of the charity. Restricted funds are those donated for use In a partlcular area or for speclflc purposes, the use of which Is roslricled to that area or purpose. Furlher explanation of the nature and purpose of each fund is included in th8 notes to the financial slatements. Incomlng resources All incoming rasourc8s are included in the statem8nt of financial activities when enti118m6nl has pass8d to tha charity,. it Is probabl& that the economlc benèfits assoclated with th& transaction will flow lo the charity and the amount Can be reliably measured. The following speclflc policies are applled to particular categorles of Income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale valuo. Donated facilitias and services are recognised in the accounts when rec8iV8d if th8 value can be r8liably measured. No amounts are included for the contribulion of general volunlaars. income from contracts for the supply of services is recognised wilh the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilily is incurred. Expendilure includes any VAT which cannot be fully recovered, and is classified under headings of the slalemenl of financial activili8s lo which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable Irading activities, and the sale of donated goods. expenditure on charitable aclivities includes all costs incurred by a charity in underlaking activities that further its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charily apporlioned to charitable activities. other expendilure includes all expenditure that is neilher related to raising funds for Ihe charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that aclivity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis.
Pembrokeshire Frame Limited Company Llmited by Guarantee Notes to the Financial Statements {¢ontlnued) Year ended 31 March 2024 Accounting policie5 (conllnuèd) Tangible assets Tangible assets are initially recorded al cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair Value al the dale of revaluation less any subsequenl accumulated depreciation and subsequent accumulated impairment losses. Depreciation Deprecialion is calcu18ted so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that assel as follows.. Land and buildings Other plant and machinery etc 2010 Straight line 150/9 and 25 % on a reducing balance basis Impalrment of flxed assets A review for indicators of impairmenl is carried oul al each reporting date, with the recoverable amount being eslimaled where such indicators exist Where the carrying value exceeds the recoverable amounl, the asset is imp8 ired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible lo estimate the recoverable amount of an individual asset. an estimate 15 made of the recoverable amount of the cash-generaling unit to which the asset belongs. The cash-generating unil is the smallest identifiable graup of 8ssels that includes the asset and gen&rales cash inflows that largely independent of the cash inflows from other assets or groups of assets. stocks Stocks are measured at the lower of cosl and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cosls of conversion and other costs incurred in bringing the stock to ils present location and Condition. Flnancial Instruments A financial asset or a financial liability is recognised only when the entity becomes a parly lo the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement conslilutes a financing transaction, where it is recognised at the present value of the future payments discounted at a markel rate of inleresl for a similar debt instrument. Current assets and current liabilities are subsequently measured al the cash amount or olher consideration exp8cted lo be paid or re¢Èiv&d and not discounlod. Debt instrumenls are subsequenlly measured at amorlised cost. Llmlted by guarantee The company is limited by guarantee and therefore does not have any share capital. Th81 iabilily of the memb&rs in the event of Ihe company being liquidaled is limited to £1 per member. 12-
Pembrokeshire Frame Limited Company Limlted by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Donations and legacies Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Donatlons Donations 18,362 18,362 7,398 7,398 C haritable activltles Unrestricted Funds Restricted Funds Total Funds 2024 Shop income Training incorne Grant5 Contracts and servicè18V81 agreem8nls 525,776 525,776 40,000 315,864 65,078 105,078 315,864 946,718 881,640 65,078 Unrestricted Funds Restricted Funds Total Funds 2023 Shop income Training income Grants Contracts and service level agreements 464,125 340 35,000 304,417 803,882 464.125 340 238,690 304,417 203,690 203,690 1,007,572 Investment Income Unrestricted Total Funds Funds 2024 Unreslrlcted Funds Tot81 Funds 2023 Deposlt account Interest 3,358 3,358 343 343 Other Incoma Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Rental income 13,981 13,981 22,121 22,121 13-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements (oontlnu•d) Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charity shop, service level & training Core activities Second slage processing Bulky household Support costs 121,934 201,050 47,255 97,163 420,978 55,981 83,241 177,915 284,291 47,255 97,163 420,978 888.380 139,222 1,027,602 Unreslrlcted Funds Restricted Funds Total Funds 2023 Charity shop, servlce level & training Cofe activities Second stage processing Bulky household Support costs 145,267 79,559 41,640 71,063 424,779 762,308 88,138 154,781 233,405 234,340 41,640 71,063 424,779 242,919 1,005,227 10. Exp8ndltur8 on charltable actlvltles by actlvlly type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charlty shop, s8rvlc8 level & Iralnlng Cora actlvitles Second stage processlng Bulky household Governance costs 177,915 284,291 47,255 97,163 64,428 290,728 21,840 36,792 7,190 420,978 242,343 575,019 69,095 133,955 7,190 1,027,602 311,694 486,624 62,946 133,367 10,596 606,624 1,005,227 11. AnalysSs of support costs Analysis of support costs Total 2024 Total 2023 Staff cosls Premises General office Finance costs Governance costs 260,503 117,664 4,351 31,270 7,190 420,978 260,503 117,664 4,351 31,270 7,190 420,978 304,381 85,376 4,081 20,345 10,596 424,779 14-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements (¢onllnu8d) Year ended 31 March 2024 12. Net (expenditure)lincome Nel (expenditure)lincome is stated after chargingl(cr6diling)'. 2024 2023 Depreciation of tangible fixed assets 34,358 40,167 13. Auditors rèmuneration 2024 2023 Fees payable for Ihe audit of the financial statements 10.596 14. Independent examlners fees 2024 2023 Fees payable to the independent examiner for.. Independent examinatlon of the financial statements 7,190 15. Staff costs The total staff cosls and employee beneflts for the r@porting period ar8 analysed as follows.. 2024 2023 Wages and salaries Social security costs 702,752 45,438 748,190 593,960 37,727 631,687 The average head counl of employees during the year was 42 {2023.' 39). Th8 average number of full-time equivalent employees during th6 year is analysed as follows.. 2024 No. 2023 No. Number of employees 42 39 No employee received employee benefits of more than £60,000 during the year (2023.. Nill. 16. Trustee remuneratlon and expenses None of the trustees have bean paid any remuneratlon (2023 £nlll or recolved any other baneflts from an employment with their charity or a related entity. 17. Transfers between funds In accordance with S214{el of SORP 2005 the value of fixed assets has been transferred from restricted to unrestricted funds as the asset has been purchased from a restricted fund donation but the asset is held for a general and not a restricted purpose. 15.
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu¢d) Year ended 31 March 2024 18. Tangiblo fixed as58ts Land and Olhor plant and buildings machinery elc Total Cost At1 April 2023 Additions Disposals At 31 March 2024 1,533,912 22,939 (173,0261 1,383,825 221,744 1,755,656 22,939 (194.921) 1,583,674 (21,895) 199,849 Depreclatlon At 1 April 2023 Charge for the year Disposals At 31 March 2024 235,527 25,017 141 ,5271 219,017 174,563 9,341 {21,201) 162,703 410,090 34,358 (62,728) 381,720 Carrylng amount At 31 March 2024 1,164,808 1,298,385 37,146 47,181 1,201,954 1,345,566 At 31 March 2023 Flnance 18ases and hlre purchaso contracts Included wilhin the carrying value of tangible fixed assets are the following amounts relating to assels held under finance leases or hire purchase a9reemenls'. Motor vahlcles At 31 March 2024 17,749 23,666 At 31 March 2023 19. Stocks 2024 2023 Stock 5,363 4,013 20. Debtors 2024 2023 Trade debtors Other deblors 23,129 4,687 27,816 48,497 12,252 60,749 Olher deblors includes an amount of £nil (2023 - £nill falling due after more than one year. 16-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements (conllnuod) Year ended 31 March 2024 21. Creditors: amounts falling due within onè yèar 2024 2023 Loans and overdrafts (secured) Trade creditors Hire purchase agreements Isecuredl Social security and other tsxes other creditors 12,856 9,805 6,491 16,758 8,182 54,092 11,897 13,414 9.760 19,559 11,542 66,172 The loan facili1188 are secured by legal charges held by Pembrokeshire County Council over the properties of th8 company. The hire purchase creditors are secured againsl Ihe assets to which they relate. 22. Credltors: amounts falllng duè aftèr more than one year 2024 2023 Loans and overdrafts (secured) Hire purchase agreements (secured) 273,225 1,132 274,357 285,463 7,624 293,087 Included within creditors.. amounts falling due after more than one year is an amount of £221,801 (2023.. £237,877) in respect of liabilities payable or repayable by inslalments which fall due for payment after more than five years from the reporting date. Monthly repayments of £2,897.05 du8 on the 251h of each month and an interest rat8 of 7.820/0 applies to th& mortgage. 23. Analysls of charltable funds Unrastrlcted funds At Expenditure 31 March 2024 At 1 April 2023 Income General funds 437.072 917.341 (888.3801 466,033 At Expenditure 31 March 2023 At 1 April 2022 Income General funds 365,636 833,744 (762,3081 437,072 Unrestricted income funds are general funds thal are available for the use al the Irustees, discretion in furtherance of the objectives of the charity. 17-
Pembrokeshire Frame Limited Company Limited by Guarantea Notes to the Financial Statements {¢onllnu•d) Year ended 31 March 2024 23. Analysis of charitable funds (contlnuod) Restrl¢tèd funds At Expenditure 31 March 2024 At 1 April 2023 Income Hywel Davies PCC grant new building PCC grant refurbish &xisling building Community fridge 9rant (WCVA) Zero waste schools Milford Haven Port Authority Bags of Care WCVA- Penny the Polar Bear WCVA- Green Sh&d Re-us8 Project P. Dock Communlty Frldg8 Neighbourly {Aldll WCVA- VWG Small Grant Klck-start Grant PAVS- Maln Scaf Poslcode Community Nalional Lottery Bluestone Resorts Ltd Persimmon Homes Pembrokeshire Coast National Park Moondance Foundation PCC- Homeless Support Grant Lloyds Bank Foundalion Hywel Davies Trust- Wellbeing Grant Hywel Davies Trust- Core Funding Grant Wales & West Ulilities- Fuel Poverty PAVS- Making It Happen PAVS- Slow Cooker Project M Davies Charity- Restricted Grant WCVA- Sustainable Fashion Restricted Nalional Lottery- Awards for All Soup Making Project 570,879 149,851 570,879 149.851 462.000 462,000 1,494 1,494 1,569 1,569 4,543 3,778 25,565 11,284 30,000 11,167) 24,910 468 (24,598) 4,855 4,246 (25,565) 111,284) 115,0001 (21,7731 15.000 2,060 25,000 5,000 27,797 {3,7791 127,7971 {4,4261 15.000) (139,222) 1,221 9,700 5,000 65,078 5,274 1.292,593 1,218,449 At Expendlture 31 March 2023 At 1 April 2022 Incom8 Hywel Davies PCC 9ranl new building PCC grant refurbish exisling building Community fridge grant (WCVA> Zeio wasle schools Milford Haven Port Authority Bags of Care WCVA- Penny the Polar Bear WCVA- Green Shed Re-use Project P. Dock Community Fridge 2,501 570,879 149,851 26,671 462,000 300 356 1,494 93 2,500 {2,501) 570,879 149,851 126,6711 462,000 {3001 13561 1,494 (93) (931) 1,569 18-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements {¢ontlnu¢dJ Year ended 31 March 2024 23. Analysis of charitable funds fcontlnued) Neighbourly (Aldi) WCVA- VWG Small Grant Kick-slart Grant PAVS- Main Scaf Poslcode Community National Lottery Bluestone Resorts Ltd Persimmon Homes Pembrokeshire Coast National Park Moondance Foundation PCC- Hoffleless Support Grant Lloyds Bank Foundation Hywel Davies Trust- Wellbging Grant Hywel Davies Trust- Corè Funding Grant Wales & Wesl Utilltle5- Fuel Poverty PAVS- Maklng It Happen PAVS- Slow Cooker Proleel M Davies Charity- Restrlcled Grant WCVA- Sustainable Fashion Reslricted National Lottery- Awards for All Solsp Making Projecl 317 (1.893) 1,026 13171 11071 {8,896) 191 120,0001 {10,0001 (9001 (1,0001 124,9591 134,6931 (18,2221 119,3081 {13,7161 115,0001 126,1671 (9,4851 (2.5001 2,000 7,870 20,000 10,000 900 1.000 24,959- 39,236 2,000 17,623 4.543 3,778. 25,565 11,284 30,000 (1,167) 20,000- 27,25ti 25,000 45,000 25,000 9,485- 2,500- 5,000 34,585- 5,000 27,797 (6.7881 1.331.822 203,690 (242,919) 1,292,593 l tyrooty 19-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements IGonllnuod) Year ended 31 March 2024 23. Analysis of charitablg funds (contlnuéd) Hwel Davies - grant received to fund the purchase of mobility scooters. PCC grant new building - grant received to fund new Merlins Bridge property. PCC grant refurbish exlsllng buildlng orant received to refurbish existing Merlins Bridge property. Communily Fridge Grant {WCVA)- grant recèived to sel up communily fridge project. Zefo Waste Schools - grant received lo run pilot project to increase recycling in schools. Milford Haven Port Authority- grant received for signage on Charity van. Bags of Care - granl received to fund tesco bags of care WCVA- Penny the Polar Be8r- grant to set up new mascot and campaign WCVA- Green Shed Re-use Project- grant to aid re-use projects P. Dock Comm Fridge - grant rec8lved to set up community frldge project Neighbourly IAldi}- grant to help with ongoing community fridge prolecls WCVA- VWG small grant- grant received for upholstery project Kick-slart Grant grant received for upholstery training and painting workshop Iraining PAVS. Main Scaf- grant recelved lo hold a series of upholstery and palnllng workshops free to the public Poslcode Lottery - grant received for core funding National Lottery- grant received for co-ordinator costs for zero waste shop in Pembroke Dock BIu8Stona Resorts Ltd- grant received to purchase a fridge for Pembroke Dock community fridg8 Persirnmon Homes - grant received for equipment for r&upholstery Pembrokeshire Coast National Park- grant received to set up zero waste shop in Pembroke Dock Moondance Foundation - grant received for wages and training for re-upholstery support worker PCC - Homeless Support Grant- grant recelved to provlde furniture when ie-homing homeless cltlzens Lloyds Bank Foundalion - grant received for core funding Hywel Davies Trust- Wellbeing Grant- grant received to support employment of a well-being support worker Hywel Davies Trust- Core Funding Grant - grant received lo support individuals in gaining work experience Wales & West Utilities - Fuel Poverty- granl received lo support the Fuel Poverly Officer raise awareness PAVS- Making It Happen - grant received lo provide free meals during the school holidays PAVS- Slow Cooker Project- grant received to support families cook heallhy meals M Davias Charity- Restricted Grant- grant received to support the reopening of our kitchen to provide meals 20-
Pembrokeshire Frame Limited Company Limited by Guarantee Notes to the Financial Statements foonllnugd) Year ended 31 March 2024 23. AnalysSs of charltable funds (contlnued) WCVA- Sustainable Fashion Restricted - grant received to improve the reuse of clothing donated to the charity Nalional Lottery Awards For AJI - grant received for wages and equipment for new staff for painted furniture Soup Making Project- grant received to provide soup makers, ingredlents and recipe cards for disadvanlaged 24. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors greater Ihan 1 year Net a8set8 445,405 294,985 (274,357) 466,033 756,549 461,900 1,201,954 756,885 1274,357) 1,684,482 1,218,449 Unrestricted Funds Reslricted Funds Total Funds 2023 Tangible fixed assets Current assets Creditors greater than 1 year Net assets 514,893 215,266 {293,087) 437,072 830,673 461,920 1,345,566 677,186 (293,0871 1,729,665 1,292,593 25. Analysls of changes In net debt Al 1 Apr 2023 Cash flows At 31 Mar 2024 Cash at bank and in hand Debl due within one year Debt due after one year 678,596 (21 ,6571 (293,0871 363,852 99,202 2,310 18,730 120,242 777,798 (19,347 1274,357) 484,094 21
Pembrokeshire Frame Limited Company Limited by Guarantee Management Information Year ended 31 March 2024 The following pag88 do not form part of Iha flnanclal slat8ments. 22-
Pembrokeshire Frame Limited Company Limited by Guarantee Detailed Statement of Financial Activilies Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacles Donations 18,362 7,398 Charltable activities Shop income Training income Grants Contracts and service level agreements 525,776 464,125 340 238.690 304,417 105,078 315,864 946,718 1,007,572 Investment Income D8POSIt accounl interest 3,358 343 Other Income Rental income 13,981 22,121 Total incorne 982,419 1,037,434 Expendlturo Expèndltu re on charltable actlvltles Purchases Wages and salaries Employer's NIC Repairs and maintenance other establishment Motor vehicle expenses Legal and professional fees Telephone Depreciation Intèrèst on b8nk loans and overdrafts Other Interest payable and similar charge5 Volunteer expenses Stall training Capital good5 scheme & parllal exemption ProliU(loss) on disposal of fixed asset (106,196) (159,884) (702,752) (593,960) {45,4381 (37,727) {14,4531 {9,311) {65,4021 (57,4681 (48,8761 (38,5011 (30,545) 18,532} (26,452) 127,199) (34,358) 140,167) {7,573) (6,969) {23,697) (14,476) (10,252) (8,976) {2,6541 (1.160) 2,240 2,170 88,806 13,0671 {1,027,602) 11,005,227) Total expenditure (1,027,602) (1,005,227) Net18xp8nditure)lin¢ome {45,183) 32,207 -23-