CHANGING PLACLS CHANGING LIVES Groundwork Wales Annual Report and Financial Ststements 2023124 Groundwork Wales Charity registration no. 1096662 Company registration no. 3577896 Registered off ice Ty Mynyddislwyn Off ices, Bryn Road, Pontllanfraith, Blackwood, Gwent NP12 2BH
Contents Page About Groundwork Wales Chairman's ststement Govemance Objectives and public benefit Strategic report Overview Activity highlights Our plans forthe future Financial performance Principal risks and uncertainties 11 Statement of trustees, responsibilities 12-14 Independent audito¢s report 16-17 ststement of financial activities 18-19 Balance sheet 20 Cash flow ststement 21 Notes fomiing part of the financial ststements Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
About Groundwork Wales Groundwork Wales is a charity, working within the federation of Groundwork Trusts, locally and nationally to transform lives in the UK'S most disadvantaged communities. We're passionate about creating a future where every neighbourhood is vibrant and green, every community is strong and able to shape its own destiny and no-or)e is held back by their background or circumstsnces. We help people gain confidence and skills, get into training and work, protect and improve green spaces, lead more active lives and overcome significant challenges such as poverty. isolation, low skills and poor health. Groundwork harnesses the passion, skills and experier)ce of 31 employees ar)d 824 volunteer trustees. In 2023/24 we delivered projects and programmes to 3 Value of some £1.193m. Groundwork Wales is registered as a company and charity. This report outlines the activity, priorities and financial position of Groundwork. More information on our work can be found in our Impact Report and on our website. Chairman's ststement As incoming Chair l am delighted to present the Chairperson's Trustee Report for Groundwork Wales, summarising our achievements, challenges, and vision as we contir)ue our joumey of positive impact. The past year has been a furthertestamentto our resilience. adaptsbility, and unwavering commitment to our mission of creating sustainable and thriving communities across Wales. Despite the ever-evolving landscape, we have remained steadfast in our pursuit of environmental and social change. In 2024/25. we continued to empower communities to be the architects of their own ch3nge. Our green enterprise initiatives, including programmes like the Fumiture Revival, have harnessed latent talent within underprivileged communities, fostering economic growth and self-sufficiency. We are actively countering the cycle of poverty by enhancing people's health, wealth, and well-being. Our new programme, Community Nature Guardians builds on our experience and commitment to SUPPOrting community members to look after their local nature and to learn about biodiversity while developing green skills in nature, supporting community cohesion and health and wellbeing. Our Healthy Rivers programme was an outstanding success, with high levels of pollution and waste removed from rivers and increasing community engagement - we are now working across South Wales on Healthy Rivers work. Green Dragon continued to attract new clients and the Dwr Cymru pilot water efficiency programme was a success, supporting local people to save water and money on their household bills. We have adapted our strategy for 2023-2028. and have put energy and time into developing our offer to support Welsh Governments strategies and to make links between local communities ar)d global issues. A5 we look to the future, we remain committed to our mission, knowing that there is much more work to be done. We will continue to adapt, innovate, and collaborate with our partners to address emerging challenges, foster sustainability, and make a lasting impact in the communities we serve. In closing, I want to express my appreciation to our board of trustees, partners, and supporters for your continued trust and commitment. Together, we can build a more sustainable and inclusive Wales. Thank you for your dedication to Groundwork Wales and our shared vision of a better tomorrow. James Parkin Chairman Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Govemance Registration numbers Structure Groundwork Wales, governing documents are its Memorandum and Articles of Association, which were last amended by written resolution in March 2016. Board of trustees The board of trustees sits in accordance with the Charities Act 2011, and they are also the directors of the company irb accordance with the CompaniesAct 2006. The majorityof ourtrustees are co-opted,with one nominated member from Caerphilly council. We seek a broad skills base on our board of trustees to enable us to benef it from specialist expertise and networks. We take our governance responsibilities very seriously, recognising the need to ensure as much of our resource as possible is expended on delivering our charitable mission while ensuring our organisation is strong, well-managed and f inancially viable in the long term. New trustees are provided with an induction to the organisation, which includes a specific focus on their role and responsibilities. Trustees are responsible for ensuring sound organisational systems, processes and policies are maintained and embedded in the way Groundwork UK is managed. This includes policies governing our fundraising standards, our investments and our responsibilities to our staff, volunteers and benef iciaries. We pay particular attention to issues of health and safety. Safeguarding. data protection and information security, each of which has 3 champion on our board, and maintains comprehensive business continuity arrangements. We undertake a regular skills audit of our board to ensure we have access to the expertise needed to run our organisation efficiently. effectively and safely. Groundwork Wales, Management Team is led by the Chief Executive and includes senior staff members responsible for financial and business management, business developmenL communications and fundraising and programme management. This team is fully accountable to the Board and its Committees. It operates through delegated powers outlined in our f inancial regulations and provides regular reports on financial and operational performance and risk management. Related party transactions Each Groundwork Trust is an independent charity with similar aims. We operate within a group structure and Groundwork Caerphilly is a wholly owned subsidiary. Each Groundwork Trust is therefore responsible for its own management and administration, and for developing and delivering projects that meet its objectives and core purposes. Some of the appointed trustees of Grour)dwork Wales are also trustees of Groundwork Caerphilly. Groundwork Caerphilly is a related party to Groundwork Wales. Groundwork Wales has considered the other disclosure requirements of the SORP and believes that there are no other related party transactions. Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Our commitments Everything Groundwork Wales does is underpinned by 3 set of values. which inform the way we work and behave. Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. We do rbot undertake widespread fur)draising from the general public. All of ourfundraising is managed internallyand we do not etnploycommercial participators or professional third-party fundraisers. The day to day management of all income generation activity is delegated to the senior management team, who are accountable to the trustees. Groundwork Wales is not required to be bound by any regulatory scheme. As a charity dedicated to supporting people who may be vulnerable we are committed to ensuring our operations are delivered safely and to the highest ethical standards. We have a Groundwork-wide commitment to effective safeguarding and aim to meet best practice standards in terms of managemer)t, governar)ce and transparent reporting. Objectives and public benefit Groundwork Wales, charitable objectives are set down in its Memorandum of Association and date from the interpretation of charitable activities when they were drafted in 1998. as amended at annual general meetings and by written resolution. They commit Groundwork Wales to delivering and promoting regeneration and sustsinable development 35 follows: The objects of the Company are firstly to promote the conservation. protection and improvement of the physical and natural environment anywhere in the area. secondly to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for those living in or working in or resorting'to Wales,; thirdly to advance public education in environmental matters and of the ways or better conserving, protecting and improving the same wheresoever. 2nd fourthly to promote the efficiency of other charities having objects similar to the objects of the Company. Groundwork Wales, trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the organisation's objectives and planning ftrture activities. In particular, the trustees consider how planned activities will contribute to the charitable objectives set out above. Further details about the impact of Groundwork Wales, activities during 2023124 can be found on the following pages. Our work is designed to address the needs of all sections of the community and we provide equal access to our services regardless of race, gender, disability or sexual orientation. For further details about our work visit www.gr0undw0rkouk Advisors Auditors HSJ Audit Limited Severn House Hazell Drive Newport NPIO 8FY Bankers Barclays Bank PIC South Wale5 Corporate Bankir)gTeam PO Box 674 121 Queen Street Cardiff CFIO 2XU Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
The Board of Trust The trustees Iwho are the directors of the company in accordance with the Companies Act 2(X)61 on the date of approval of this report, or who served as trustees at ar)y time during the year reported on, are as follow5. Appointed trustees Mr B Matthew First appointed 11 March 2016 Last appointed Retiredlresigned Mrs N Rees 11 March 2016 6 September 2024 23 May 2024 Mr J D Greenidge Mr D Havard 9 February 2018 28 February 2018 5 December 2018 27" May 2022 Iith November 2022 Ms K Heenan-Davies Mr P Fi3nder 10 December 2018 Mr P Robinson 10 September 2020 24 June 2022 8 November 2022 5 May 2022 Mr S Williams Mr J Parkin Mr S Edwards Chairman Mrj Parkin Company Secretary Ms K Stevenson Chief Executive Ms K Stevenson Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Strategic report for the year ended 31 March 2024 The Board of Trustees presents its report for the year ended 31 March 2024. This includes statements about our organisation Ipage 91, its objectives and it5 goverr)ance Ipage 51. our financial and operational review for the year (pages 7-81, our plans for the future {pages 71 and details of our trustees, senior staff and advisers Ipages 49-501. l. Performance oveniiew 2023124 saw a continued recovery and return to the new normal after the pandemic. Grant funding has become ever more challenging to find for our work and we have invested our own high levels of reserves as a charity, to fund some environmental work - namely our Community Nature Guardians work. This investment shows as 3 financial loss. but we are clearly 3 going concern with over 3 million pounds in reserves (restricted and unrestricted) as well as providing for future needs in terms of building maintenance and refurbishment. The designated fund was reduced to £123.822 reflecting suff icient money to undertake remedial repairs to the roof and windows of the building, with the boiler replacement now complete, and building maintenance work underway. The vast majority of activities set out in our business plan for the year have been delivered. Tight control of ourcosts and good performance on existing programmes hasenabled us to report a financial surplus. allowing us to continue adding gradually to reserves to meet our target of holding 3 yearfs worth of operating costs. Our social enterprise elements performed well. with trading resulting in positive financial performance, while meeting our organisational objectives. Activity highlights Groundwork continues to deliver a rich variety of local projects, programmes ar)d services that are transforming lives in local communities and helping more people get involved in taking action to improve their personal circumstances and the quality of life in their area. Last year Groundwork Wales sourced £873K of funding or enterprising income. with Groundwork C3erphilly sourcing funding of £311K to support our collective mission. Groundwork Wales, activities have added value to communities as follows:. Supporting communities through grants Helping to equip communities with the skills, capacity and networks needed to bring about change in their local area has been core to Groundwork's mission since its inception. Groundwork Wales has developed its role as a grant manager on behalf of businesses and government, providing robust systems informed by feedback from community groups and supported 'on the ground, by a network of Groundwork Tnjst enablers. Groundwork Wales has contributed as follows. The Tesco Community Grants programme entered a new phase during the year with the small grant scheme supplemented by a 'fl3gship' programme to mark the celebration of Tesco's centenary. The programme continues to meet all of its KPIS, and receive positive feedback from Tesco colleagues and community groups. In 2023/24, Tesco Community Grant has provided more than £143.7 million across the UK to over 18,636 local community projects in the UK. Programmes We run a broad range of programmes. all of which benefit communities and individuals in line with our objectives, including- Routes2Life Food for Growth Caerphilly SPF Cwm y Mynydd Food Sector The Green Dragon Environmental Standard Tesco Community Grants Ithrough Tesco Enablers) Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Greencare WCVA Landfill Disposal Tax Rhymney Community Nature Guardians Blaenau Gwent SPF Corporate Social Responsibility Programmes Dwr Cymru Water Efficiency Dwr Cymru Healthy River programmes New to Nature Save our Wild Isles Wellies in the Woods National Grid The Groundwork Federation We continue to take an 3Ctive part as a member of the Federation of Groundwork Trusts. collaborating and learning from others where appropriate. 2. Our plans for the future In order to ensure Groundwork Wales, activities are fully aligned with the needs and expectations of our wider federation, our forward plans are clearly and explicitly driven by Groundwork's collectively agreed strategy. This can be summarised as follows. Groundwork 2024-2028 Strategy details how we will support communities and people to combat the climate and nature emergency, improve their health and wellbeing and gain access to learning and work opportunities. Groundwork 2024-2028 strategic priorities are: To help people improve their prospects by increasing confidence, skills, wellbeir)g and employability and helping those out of work to find jobs in the economy. To help people create better places by making communities greener, healthier ar)d better prepared for the future and enabling people to work together to bring about change in their local area. To help people protect the planet by supporting people and businesses to reduce their carbon footprint, cut waste and take practical action to combat climate change. We are developing our enterprising units, to account for depletion in the availability of grant funding for our work and are seeking to grow Green Dragon, Enterprise Centre tenancies and The Furniture Revival, with plans for an additional shop in Bridgend. 3 Financial performance Groundwork Wales, net incoming resources for 2023/24 totalled £1,193million (compared to £1,379 million in 20221231, with unrestricted funds of £824K. Our long-term financial strategy has clear and linked strands as follows: to manage our overhead costs to ensure discretionary spending is focused on supporting front line delivery and generating more income while maintaining the capacity we need to operate effectively and safely to achieve an operating surplus so that we can hold a level of reserves sufficient to sustain our charitable operations and strengthen our balance sheet to support commercial services and manage the risk of outcome- based funding arrangements. 3.1 ReseNes In line with this financial strategy our trustees have agreed that we should aim to hold 3 months operating costs Icirca £335KI in liquid reserves. We believe this is appropriate for the following reasons: to absorb short term setbacks such as loss or delays in funding to provide the working capital required to finance retrospective programme funding which can result in considerable timing differences between expenditure and receipt of funds to cover the cost of investing in staff training and development to develop new and improved services for Groundwork Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
to cover the cost of developing new services, such as improved communications, research and quality and business information systems to set aside funds for capital assets such as I equipment to provide funding to cover any unforeseen downturn in activity. allowing alternative activity to be generated and/or a planned down-sizing of our staff team. The above needs for reserves have to be balanced against the following factors- the need to be seen as a respor)sible charity bythe Charitycommission, our partners and funders, our member Trusts within Groundwork and the communities we seNe the need to avoid the creation or retention of unr)ecessary surpluses for which there is no future planned requirement or that bear no relation to our charitable aims. Our level of free liquid reserves at the end of 2023124 stands at £670k. Our general fund reserve does not include designated funds, which have been set aside for specific purposes, or restricted funds, which represent advance Payments by funders held by Groundwork Wales pending completion of project work by Groundwork Trusts and other delivery partners. Unrestricted reserves total £824k12022123 £876k). Restricted funds can only be used in accordance with agreements reached with funders relating to programmes of work and therefore do not form part of the general reserves that are under the control of the trustees. These funds will all be distributed during 2024125. The future movements on any such restricted funds reflect the long-term nature of Groundwork Wales programme activity and in no way reflects on the organisation's financial efficiency or performarbce. The charity's subsidiary Groundwork Caerphilly reported an overall net surplus of £23,036 12022/23 £5,269) as detailed in note 10. 3.2 Investments The majority of the funds obtained by Groundwork Wales are provided against specified projects for particular needs and are therefore of a restricted nature. We do not currently invest monies. 3.3 Grant making policy Groundwork Wales delivers its mission primarily by distributing grants to other delivery partners and to community groups. These funds are considered to be performar)ce related grants and are recognised in these financial ststements to the extent thatthe projects which they are funding have been completed. All grant programmes have specific guidelines, criteria and priorities with a formal process of approval. 3.4 Principal funding sources Our major sources of funding for the group during the last year are set out below. Private Sector funding - £220K {£167k in 2022/23) This includes funds provided by businesses, trusts and foundations, most notably £41k, provided by Tesco to enable community groups to apply through the Bags of Help programme. Other major funders during 2023124 included Caerphilly CBC & Blaenau Gwent CBC. Public sector funding- £285K1£276k in 2022/231 This includes funding secured to deliver programmes and seNices on behalf of government departments, public bodies and lottery distributors. Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
3.5 Expenditure on charitable objectives In line with the objectives set out in our Groundwork 2020 strategy and the Groundwork Wales business plan. our expenditure in the year was directed towards the provision of resources to support frontline delivery and ensure our org3nis3tion delivers ettectively and safely. 3.6 Key Perforniance Indicators Data against a number of key performance indicators is presented to our trustees on a quarterly basis to measure our success in profile raising, income generation, programme management and continual improvement. These KPIS are tracked on a rolling basis and compared to target levels of performance outlined in our annual business plan. Monthly management accounts track progress against our financial targets and reforecasts to the year- end are made quarterly. A key performance indicator is the amount of income secured as a percentage offorecast salaries and operating costs. This informs ye3r-end forecasts based on prior years, experience. Performance during 2023124 has been positive. 3.7 Sustainable Development Report Groundwork's charitable mission is to promote susLiinable development - helping communities and individuals develop the understanding and capability to take action and make choices that deliver social equity and economic prosperity while recognising the need to live within the earth's finite natural resources. In order to have credibility as an organisation we need to demonstrate that the principles of sustainable development underpin the way we go about our work. Our sustainable development policy commits us to reporting on how these principles are integral to the way we plan and manage our operations, support our employees and utilise our resources. Areas of progress As a team, we continue to focus on ensuring that our staff adopt more susLiinable practices in the workplace, both through ongoing reinforcement of messages around electricity use and waste but also through dedicated campaigns to promote sustainable travel. We prioritise ethical suppliers in our purchasing arrangements for utilities, catering. cleaning and promotional materials. As a small team of people. we recognise the biggest impact we can make lies in the programmes we manage and the campaigns we run. Our focus is on securing funds that can help people and groups make a positive impact on the environment, but we know we can do more to provide support to all those benefiting from our programmes to act in a more environmentally responsible way. As the whole of Groundwork refreshes its strategy for the next five years we will press for a stronger focus on developing programmes and seNices that help communities tackle waste and climate change. 3.8 Principal risks and uncertainties Our board of trustees understands its responsibilities under the Charity Commission's Statement of Recommended Practice ISORPI for ensuring that the major risks to which the charity is exposed are identif led and reviewed, and that there are systems in place to mitigate them. Trustees regularly review the development and operation of our risk management process and receive quarterly updates on actions put in place to mitigate the most significant ongoing risks. Risks are identified by our staff teams and reviewed on a regularbasisbyourmanagementteam. All ofGroundwork Wales, major programmes are managed on a risk basis with individual risk registers used both as management and reporting tools. We have a comprehensive business recovery plan in place, which is designed to ensure continuity of Groundwork Wales operations in the event of a crisis or disaster situation and which has been tested through scenarios in each team. The major areas of potential risk. for which we have active mitigation strategies in place, are as follows: Slow recovery in financial climate, inability to secure income and threat to l)ottom line and business viability Increased competition / Diminishing Grant funds Lower Business Viability/Pressure on resee5 - Significant reduction in core funding WG. Significant reduction in funding Local Authorities Covid-19 Recovery 10 Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Groundwork Wales recognises that risk management is an essential part of good business practice and an effective mechanism of good governance. The Board is committed toensuringthat risk management processesareembedded throughout the organisation. and that these processes are used to help identify at 3n early stage issues that affect performance or the achievement of our purpose. However, trustees also recognise that our process can only seek to manage rather than eliminate risk, and that it should therefore be only one of the tools that the Board uses to provide effective control and management of the administration of the charity. 3.9 Financial instruments Groundwork Wales's financial risk management objective is broadlyto seek to make neither profit nor loss from exposure to currency or interest rate risks. Our policy is to f inance f ixed assets and working capital through retained reserves. 4 Statement of trustees. responsibilities The trustees, who are also the directors of Groundwork Wales for the purposes of company law, are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financi31 statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable 13wI. Under company law. the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing these financial ststements, the trustees are required to- select suitable accounting policies and then apply them consistently. obseNe the methods and principles of the Charities SORP- make judgements and accounting estimates that are reasonable and prudent, and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are suff icient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2(X)6. They are also responsible for safeguarding the assets of the charifyand hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. Financial statements are published on the ch3ritVs website in accordance with legis13tion in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity's website is the responsibility of the trustees. The trustees, responsibility also extends to the ongoing integrity of the financial statements contained therein. Signed on behalf of the Board of tnjstees James Parkin Chairman Date: 2011112024 11 Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2023124
Groundwork Wales Independent Auditor's Report to the Members of Groundwork Wales Opinion We hai'e audited the financial statements of Groundii'ork. Wales (the 'charitable parent compan> ) and its subsidiaries {the 'group') for the )'ear ended 31 March 2024. I1"hich comprise the Consolidated Statement of l-inancial Autii'ilies, Consolidated BalanLe Sheel. Balance SheeL Consolidaled Staiemeni of c.ash l.-loivs and Notes to the Financial Staiements. includin£ a summar¥- ot signiticant accountino policies. The financial reporting frameiiork that has been applied in iheir preparaiion is Llniied Kingdom ALcounling Siandards. comprising Charities SORP - FRS 102 'The Financial RetK)rting Standard applicable in the UK and Republic of Ireland, and appliuable law (Uniied Kingdom Generalli. AcCepd Accouniing Praciice). In our opinion the financial statements= give a true and fair i'ieii. of the state of the group's and parent charits"'s affairs as at J l March 2024 and of its incoming rcsourccs and application of rcsourccs: including its incomc and cxpcnditurc. for thc I'car thcn ended; have been properl). prepared in accordance ii.iih Unld Kingdom Generally Accepled Accouniing Practice; and have been prepared in accordance iiith ihe requirements of the Companies Acl ?006. Basis for opillio We conducted our audit in accordance iiith International Standards on Auditing {IJKI IISAS IIJK)) and appliuable lai%". Our responsibililies under ihose sthndards are further described in the auditor responsibilities for Ihe audit of the financial staiemenis seciion of our rerM)rt. We are independent of the group in accordance '1th thc cthical rcquircmcntS that arc rclci.ant to our audit of thc financial statcmcnts in thc LIK: including thc FRC s F.Ihical Stsndard, and iN'e hai'e lultilled our other eihical responsibiliiies in accordance il'ith these requirements. We believe that the audit evidence hai-e obtained 15 5ufYicient and appropriate to proi'ide a basis for our opinion. Conclusions relating to going eoncern In auditing the tinancial statements. ii"e hai'e concluded that the truslees use of the going concern basis ot accounling in ihe preparaiion olihe finanLial sthiemens is appropriaie. Based on the ivork li-e have pertornied: Ive hai"e not identified an!. material uncertainties relating to events or conditions that, individuallN or colleciii'elN". ma!" cast significani doubl on ihe group's abiliti" to eonlinue as a going concern for a period of at least M'elTr'e month5 from is.hen the original tinancial statements ivere authorised ror issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relei'ant seclions of this repK)rt. Other illfortllation The trustees are responsible for the other information. The other intormation comprises the inforniation included in the annual report, other ihan ihe financial Slements and our audiior s rewrt ihereon. Our opinion on ihe Iinancial statemenis does not coi'er the other intormation and. eicept to the exteni othern"'ise explicit] stated in our rcporL wc do not cxprcss an}. form of a55urancc conclusion thcrcon. In connection with our audit of the tinancial statements. our resFK)nsibilitv is to read the other information and. in doing so. consider iihether the other infomalion is marIall1 inconsislenl iiiih ihe financial slalemenls or our knO,ledoe obtained in the audit or otheni.ise appears io be materialli. misstated. If li'e identiA' such material inconsistencies or apparent maierial missthiements. ii"e are required deLemine iiheiher ihere is a material misstatement in the financial statements or a material missiatement of Ihe oiher infomation. If. based on the ii'ork i*e hai'e perfornied. Me conclude thal ihere is a maierial MissthMenl of this other informaiion. are required to rerx)rt that tact. Page 12
Groundwork Wales Independent Auditor's Report to the Members of Groundwork Wales We have nothino to report in this regard. Opinion on other matters prescribed by Ibe Companies Act 2006 In our opinion, bascd on thc ii.ork undcrtakcn in thc coursc of thc audit= the intorniation oii'en in the Strategic Rewrt and Trustees, ReFK)rt tor the financial Near for Ivhich the rinancial Staments are prepared is consisleni m.ith ihe financial sthiemen(s- and the Strateoic Report and Tn]stees' Report haN"e been prepared in accordance iNith applicable legal requirements. Matters on iyhich we are required to report b) exception In the light ol. our knoii'ledge and understandino ot the group and the parent charitable companv and its environment obthined in the course of the audil. ile hai"e noi ideniified Marial missialements in the Stralegic Report and the Ttees, Rert. We have nothing lo rewrt in respect of the folloii.ing mailers ivhere the Companies Act 2006 requires us lo report to vou it: in our opinion.. adequate accounting records hal'e not been kepi b!" the parent charithble company". or relurns adequate for our audit hai'e not been receiN"ed Irom branches not i'isiied bl, us= or the parent charitable compan). financial statements are not in agreement ii.'ith the accounting records and rctums. or certain disclosures of trustees remuneration specified bj- laii" are not made. or I.e hai'e not receii'ed all the inlomiation and explanalions ii"e require for our audil. Responsibilities of trustees As explained more fullj. in the Statement of Trustees, RestK)nsibilities (set oul on page I l), the trustees are rcsponsiblc t-or thc prcparation of thc tinancial 5tatcmcnts and for bcing satisficd that thcN' gI.C a truc and fair 'ieM'. and for such internal control as the Irustees detemine is necessaTr' to enable the preparation of financial statcmLnts that arc frLr from matcrial mi5StatcmcnL Ivhcthcr duc to fraud or L"rror. In preparino the financial statements. the trustees are responsible tor asse.ssing the charity s ability.. to continue as a going conccrn, disclosing. as applicablc. mattcr5 rclatcd to going conccrn and using thc going conccrn basis of accountino unless the trustees either intend to liquidate the charits, or to cease operations, or haN'e no realistic aliernatiwe bul lo do so. Auditor responsibilities for the audit of the fmancial statements Our objectiN'es are obtain reasonable assurance a)ul ii'heiher Ihe financial statements as a ivhole are free from material misstatcmcnt. M,hcthcr duc to fraud or crror. and to issuc an auditor s rcport that includcs our opinion. Reasonable assurance is a high lei.el of assurance. bul is nol a guarantee ihal an audil conducled in accordancc with ISAS (UK) M'ill aliia)'s dctcct a matcrial misstatcmcnt .hCn it clists. Misststcmcnts can arisc from traud or error and are considered maierial if. indii'iduall!. or in the aggregaie. the could reasonabll, be expected to influence the economic decisions of users tak-en on the basis of these tinancial staternents. The extent to h]Ch our procedures are capable of deieciing irregulariiies. including fraud is delailed beloiv..
Groundwork Wales Independent Auditor's Report to the Members of Groundwork Wales We obtain and updaie our understandine ol. the entit)". ILS actii'ities. lis control eni'ironment. and likely future dcvclopmcnt5: including in rclation to thc Icgal and rcgulator)" framcii.ork &wpIiLablc hoii. thc cntity 15 complving Th'ith that frameii"ork. We communicated identified frnud risks throughoul the engagement ieam and remained alert throughout the cngagcmcnt proccss for an!" indications of fraud. As required b}." the auditin? standards. i%"'e identifi" and assess the risk. of material misstaternent of financial stalemenis, 14.heiher due lo fraud or error: in particular rei'enue recognilion and managemeni owerride of conlrol. We design and pertorni audit procedures responsii"e to those risks. and obtain audit eN"idence that is sufficient and appropriaie to proi ide a basis for our opinion. "I"his includes Lonsideraiion of the risk of acls bi the enlil> that were contrar). to applicable laiis and regulations, includin? traud. In response to the risk ot- maierial misstatement and nonomplIanCC M'ith la1¥5 and regulations. including traud. Ivc dLsigncd proccdurcs iithich includcd= Enquiry of managcmcnt and thosc chargcd Thith govcrnancc around actual and witcntial litigation and C1m5 as ivell as actual, suspected and alleged fraud. Rci'ici%ing minutcs ot-mcctings ut-thosc chargcd iiith goi"crnancc= Assessing the extent of compliance i¥ith the laii's and regulations considered to haiie a direct material effect on the financial statements or the operations of the entits" through enquirn. and inspection. Rel'le,lng financial staiemenl disclosures and 5[ing supporting documen(aiion io assess compliance '1th applicablc law's and rcgulations: Ideniifving journal eniries and oiher adjusiments iesi based on risk criLeria and comparing the idenlified entries to supporting documentation. These included those posted to unusual account combinations: Assessing w"heiher rek'enue has been accounted for in the correci period and ihe exislence of reenue ai the cul off date based on the adopted accounting FK)lic) for rei'enue. Because ot the inherent limitations ot an audit. there is a risk- that ive ii'ill not detect all irregularities. including thosc Icading tu a matcrial misstatcmcnt in thc financial statcmcnts or non-compliancc ivith rcgulation. This risk. increases the more that compliance ii'ith a laii, or regulaiion is remoi'ed from the eTrents and transactions rcflcctcd in thc financial statcmcnts. as I4"c iiill bc Icss likcli- to bccomc all.arc of instanccs of non-compliancc. "I'he risk is also greaier regarding irregularilies occuNing due io fraud rather ihan error. as fraud In0]%.eS intcntional conccalmcnt: t-orgcTh', collusion: omission or misrcprcscnlation. A turther description of our responsibilities is available on the Financial Reporting Council's website at: INwv.frc.org.uk/auditorsrc5ponsibilitics. This dcscription form5 part of our auditor s rcporL Page 14
Groundwork Wales Independent Auditor's Report to the Members of Groundwork Wales Use of our report This repLIrt is made solely 10 the charitable parent companN s Intees. as a Ix)dN'. in accordance ivith Chapter 3 of Part 16 of the Companies Act 2006. Our audit lirk has been undertaken 50 that ii'"e might state to the group's irustees those matters i%'e are required io sthie io ihem in an audiior s report and for nc) oiher purpose. .1 o ihe lullest extent permitted bw laii.. M"e do not accept or assume restminsibilitv to anN'one other than the charitable parent Lompani. and ils Irusiees as a bodi". for our audil ii"ork. for ihis repx)rL or for ihe opinions 14e hai'e formed. Mr Andr¥KI I lill l.'LC.4 ACA DChA Bfp (Senior Sthiuior% Auditor) For and on behalt of HSJ Audit Limited, Statutori" Auditor Sei'ern House Hazcll Driw"c Neivport Suuth Walcs NPIO 8FY 21 NoN'ember 2024 Page li
Groundwork Wales Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Aecount and Statement of Total Recognised Gains and Losses) Unreslrieted funds Restricted runds Total 2024 Note In¢ome and Endowments from: Donations and legalies C haritablc actiN'itics 16.567 852.860 16.)67 1.176.571 323.711 Total income 869.4?7 323.711 1,193.138 Expenditure on: Charitable actiN"ities (941.128) {320.7161 11,261,844) -l-ou1 expenditure 1941.128) {320.7161 11.261.844) Net (expenditurellincome Transfers beN'een funds {71:701) 19.001 2.995 {19.0011 {68.706) Net movement in funds {52.7(Kl) {16.006) {68.7061 Reconciliation of funds Total funds brought foTh4'ard 876.JJ8 184.211 1.060.549 Total funds carried foni'ard 18 823.638 168.205 991.843 Thc notcs on pa2cs 21 to 44 form an intcgral part of thcsc financial 5tstcmcnts. Page 16
Groundwork Wales Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Aecount and Statement of Total Recognised Gains and Losses) Unreslrieted funds Restricted runds Total 2023 Note In¢ome and Endowments from: Donations and legalies C haritablc actiN'itics Other income 4.702 -08). li9 287 2.000 286,99J 6.702 I,J72.152 287 Total income 1.090.148 288.993 1,379.141 Expenditure on: Charitable aciiN"ilies (965.0) l ) 319.549) (1,284.600) Total cxpcnditurc (96i.Oi l ) {319.5491 11.284.600) Nel income/(expenditure) "I ranslers betw'een funds 12i.097 {30.ii6) {30.09i) 94.541 Nct movcmcnt in fund5 155.192 {60.6) l ) 94.541 Reconciliation of funds Total funds brought foTh4'ard 721.146 244.862 966.008 "l othl funds carried fornyard 18 876.))8 184.211 1,060.549 All ofthe group's acliwilies derii"e Irom conlinuing operations during ihe atN)i"e li0 periods. The funds breakdoii"'n tor 202) is shown in note 18. Thc notcs on pa2cs 21 to 44 form an intcgral part of thcsc financial 5tstcmcnts. Page 17
Groundwork Wales (Registration number: 3577896) Consolidated Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Intangible asse Tangiblc asscts 10 1.281 209.430 183,380 183.380 210.711 Current assets Stocks Debtors Cash at bank and in hand 13 10.521 9,032 252.307 852.054 184.619 814.459 15 1.009.599 1,113.393 Creditors: Amounts falling due within one year 16 1201.lJ61 (26.3,5iil Net eurrent assets 808.463 849.838 Lyet assets 991.843 1,060.549 Funds of the group: Restricted income funds Resiricted funds 168.205 184.211 Unrestricted income funds Unrcstrictcd fund5 823.638 876.338 Tolal funds 18 991.843 1,060.549 "I'he financial slalements on pages 16 10 44 ii.ere approi.ed bi the Iruslees. and authorised for issue on 20 Noi'ember 2024 and sioned on their behalf bN': J R Parkin Trn5tL Thc notcs on pagcs 21 to 44 forni an intcgral part of thcsc financial 5tstcmcnts. Page 18
Groundwork Wales (Registration number: 3577896) Balance Sheet as at 31 Mareh 2024 2024 2023 Note Fixed assets "l angible asse 29.944 40.418 Current assets Stocks 13 56 Debtors Cash at bank and in hand 14 212.981 i8J.188 537.418 362.609 15 796.225 900.027 Creditors: Amounts falling due within one year 16 {167.907) 1190,441) Net current assets 628.318 709.586 Lyet assets 6)8.262 750.004 Funds of the charity: Restricted income funds Restricted funds 18 14.125 14.125 Unrestrieted income funds Unrcstrictcd fund5 644.137 735.879 Total fund5 18 658.262 7iO.004 'l-he financial statements on pages 16 tt) 44 1i.ere approN"ed bi" Ihe Iruslees. and authorised for issue on 20 Noi'ember 2024 and signed on their behalt-bN'= J R Parkin Trustee Thc notcs on pa2cs 21 to 44 form an intcgral part of thcsc financial 5tstcmcnts. Page 19
Groundwork Wales Consolidated Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash (e.xpenditure)lincome 168.706) 94,541 Adjustments to cash flows from Don•c2sh items Depreciation Amortisation 26,2)7 1.281 28.871 {41.168) 124.809 Nl'orking capital adjustments (Increasel/deL'rease in stocks Decreasel(increasel in debtors (Decreasel/increase in credilors 13 14 (1,489) 67.688 162.626 2.077 {26.82J) 25.107 16 Net cash flows from operating aclivities {37.59i) 125.170 Cash flows from investing activities Purchase of tanoible tixed assets Sale of tsngible fixed assets (16,058) 11.229 Nct cash flows from inTr'csting actiTr'itics (4,8291 Net Idecrease)lincrvdse in cash and cash equiN-alents 137,5951 120.341 Cash and cash cquiN'alcnts at l April 8)2.054 7Jl.713 Cash and cash equivalents at 31 March 814.459 852.054 All ot-the cash flo5 are derived from continuing operations during the aboi'e two periods. Thc notcs on pa2cs 21 to 44 form an intcgral part of thcsc financial 5tstcmcnts. Page 20
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charity. is limited b!, ouarantee. incorporaied in Walek and consequentlv does not haN'e share capital. F.ach ofthe Iruslees is liable to coniribuie an amounl noi exceeding £1 lardS the assets ofihe charit)". in Ihe eelll or liquidation. -l-he address ol ils registered otrice is: T), mynyddlslTr'n ol¢e$ Bryn Road Pontllanlraith Blackwood NP12 2BH 'I'hese financial sta*ments M'ere authorised for issue bi ihe truslees on 20 November 2024. 2 Accounting policies Summary" of significant accounting policies and key iecounting estimates ThL pi'incipal acLounting policics appliLYI in thc prLparation uf thLsc financial statcmcnts arc sct out bclow. These policies hai'e been consisientl). applied io all the ! ears presenteiL unless otheni'ise stated. Statetllent of compliance Thc accounts hai'c bccn prcparcd in accordancc ii'ith thc charits"'s Mcmorandum and Articlcs ot Association. thc Companies Act 2006 and "Accounlino and Reporting b! Charitie5'. S(aiemenl of Recommended Pracliue applicablc to charitiC5 prcparing thcir accounts in accordancc iiith thc Financial Rcporting Standard applicablc in the UK and Republic of Ireland (FRS 102)" (F.ffectii'e l January 2019). The charits, is a Public Benefit F.ntity' as defined b). FRS 102. Basis of preparation 'I'he accounts are prepared in sierling. iyhich is ihe funciional currenL)" olihe eharilN'. Moneiarw amounls in ihese financial statements are rounded to the nearest£. The accounts haTr'e been prepared under the historical cost coni'ention. No separate cash floii. statement has been presented for the chari itself as the charitN, has taken adTranLqge of thc c.Kcmptions in paragraph 1.12 of FRS 102. Figurcs containcd in thc financial slatcmcnts hai"c bccn roundcd to thc ncarc5t pound. Basis ofeonsolidation "I'he financial slaiements represent ihe consolidaled PK)silion of the group. "l-his comprises Groundi%'ork Caerphill). and CJC Enierprises I,ales) Limited. CJroundii"ork Caerphill!, is a subsidiarv of cJrOund'.0rk Wales and Groundmork Caerphilly oiin IOOO/o of the share capitsl of GC Lnlerprises ales) Limited, which is noiv domant. the tinancial statements are consolidated on a line•b)'.line basis and coi'er the consolidated financial position and transaction5 of all companics cuntrollcd b!" thc charity" from thc datc of acquisition. All intra group transactions are eliminated on consolidation. Page21
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Exemption from preparing a cash flow statemenl The ch1( ritN" opied io earl!. adopi Bulletin I published on 2 February. 2016 and have therefore not included a cash fluii. statcmcnt in thcsc financial statcmcnts. Going concern "I'he charit) reported a net unrestricted ouifloii of{£i2.700) {after transfers belIeen reseri'es) for ihe Trear. 'l-he charit!. has sufficicnt frcc rcscTr'cs and i5 monitoring rcsults on a frcqucnt basis. Thc trustccs arc of thc i'icNv that on this basis the Lharity. is a going conLern and ihere are no Marial uncertainties about the charity's abilil}' to continue as a goino concern. Judgements In the application ol- Lharili s aLcounting policies. the irusiees are required io make judgements. esiimales and assumptions about the carry'ing amouni of assets and liabiliiies that are not readil!. appareni from other sources. 'I'he eslimaies and associaied assumptions are based on hislorical eiperience and oiher factors thai are considered to be releN'ant. Actual results mai. difter Irom these estimates. 'l-he esiimales and underly.ing assumpiions are rei"ieii"ed on an ongoing basis. Rei isions io acLounling esiimales are recognised in the period in iithich the estimate is rei'ised iithere the rei'ision atyects onl!, that period, or in the period ofthe re.IS1On and future periods i%"here ihe rei ision affects tk)ih currenl and future periods. Income and endowments Income is recognised ii".hen the charit}. is leoalls" eniitled to it after an!- pertormance conditions haN'e been meL thc amounts bc mcasurcd rcliablTr'. and it is probablc that incomc iiill bc rcccii-cd. Donalions and legacies Donations are recognised iN'hen the chariti." has been notitied in writing ot knth the amount and settlernent date. In the ewenl thai a donation is subject to condilions thai require a lei el ofperforniance bl the charil!. before ihe charit!. is entitled to the funds. the income is deferred and not recognised until either those conditions are fullj. mLt. or thL fultilmcnt of thosc condition5 15 11"holl!" ii.ithin thc Lontrol of thL charits" and it is probablc that thcsc conditions 14.ill be fulfilled in the rewrting period. Grants rec'eivable Income and grants are included in incoming resources ivhen receii"able. eicepi as folloms: . When donors specify that the grants must be used in fvture accounting periods. the income is deferred until those periods. When donors impose conditions iyhich have be fulfilled before the charili. becomes eniitled io use such incumc, thc incomc is dcfcrrcd and not includcd in incoming rcsourccs until thc pre conditions for usc havc bccn mLt. When donors specify that grants are for particular restricted purkX)ses. ii,hich do not amount to pre-conditions regarding entiilemenL ihis income is included in incoming resources of reStricd funds iihen receivable. Deferred income Deferred income represents amounts receii'ed for future periods and is released to incoming resources in the period for Kvhich, it has been received. Such income is onl). deferred iihen.. 'I'he donor specifies ihai ihe grant or donalion must onl! be used in future accountin? periods; or The donor has imposed condiiions iithich must be met before the charits. has unconditional entitlement. Page 22
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Oiher income Cirants that relate to capital expenditure on specitic projects are tredted as restricted funds that are charged to the incomc and cxpcnditurc accuunt at acquisition. This trcatmcnt is duc to thc naturc of thc funding as thc grants are receii'ed to proN'ide equipment to specificall! run the projects and ser¥'ices. Expenditure Expcnditurc incurrcd by thc chariti. in thc 1.car has bccn split bctlvccn rc5trictcd and unrcstrictcd funds. C05t5 have been anall'sed beN'een direct charithble expendiiure. fundraising and publicils. and the administration and managcmcnt of thc charity.. Expcnditurc rclating dircctl!- to a cost catcgorK- has bccn chargcd to that account. Lxpendilure. i¥hich includes more than one cosi CagOrn. has been apportioned on a reasonable, juslifiable and consistent basis to the cateoories ini'olved. Committed expenditure that has Tret to be ini oiced is: in line M'ith besi accouniing practice. not recognised in these accounts. li is iniended that such expendire will be funded by future income tloi¥s. Expenditure is recognised once there is a legal or constructiN"e obligation to make a pa"!wment to a third party, it is probable that seiilemeni iiill be required and Ihe amouni of Ihe obligaiion can be measured reliabl).. Lxpenditure has been allocated managemeni and adminisiraLion ol Ihe IrusL Mhere il relales lo ihe manaoement ot the trust's &ssets. organisational administrdtion and compliance iNith constitutional and statutory-. rcquircmcnts. Rcsourccs cxpcndcd arc rccogniscd in thc pcriod in ivhich thc!- arc incurrcd. Churituble uelivilies This includes all expenditure directlw related to the aims of the charitv as follo"s= To promote the conservation. prolection and improi'ement of the phl'sical. and natural eniwironment. -1 o provide facilities in ihe interesis of soLial i%"eifare for recreaiion and leisure time OCLupalion M'iih ihe bjective ot improving the conditions ot. lite tor those lii'ine. Ivorking and i'isiting in the area. To dd'anCC public cduLation in cni-ironrncntal mattcrs and in thc i%"a!'5 of bcttcr conscrwing. protccting and improving the eni'ironmeni. Support costs Support costs include central tunctions and hai'e been allocated to actii'iti. cost categories on a basis consistent ii"'iih Ihe use of resources. for example. allocating propertv costs by floor areas. or per capira. staff costs by the timc spcnt and othcr costs b)" thcir usagc. Governance costs 'I'hese costs include the costs of goi'ernance arrangements. Ivhich relaLe lo ihe general running of Groundwork Wales as opp)sed to the direct manaoement tunctions inherent in generating tunds. seTh'ice deliN'eThT and progrrnc of prujcct ii"ork. Thcsc includc such itcms a5 Citcrnal audil Icgal adN'icc for trustccs costs associated -1th constitutional and stalulon. requirements. Taxation A5 a rcgistcrcd charits.. Groundw'ork Walcs is cntitlcd to thc clcmption from t&xation in rcspcct of incomc and capital gains receii'ed ii'ith sections 478489 of Ihe CorrM)ration Tax Act 2010 and section 256 of the Taxation of Char2cablc Gains .4ct 199? to thc citcnt that thcsc arc applicd to its charitablc objccts purposcs only.
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Intangible assets Intangible assets are stated in the Balance Sheet ai cost less accumulated amonisation and impairment. They are amortised on a straight line basis over their estimated useful lii"es. Tangible fixed assets Indii idual fixed assets costing £iOO.00 or more are iniliall!" recorded at cosi. less anv subsequenl accumulaied depreciation and subsequeni accumulated impainneni losses. Amortisation Amortisation is provided on intsthgible fiAed assets so as ts) liTi off ihe cosL less any eslimaied residual i.'alue, over their expected useful economic life as follo5= Asset elass DeN'elopment costs Amorti58tion method and rate 2(W/D on cost Depreciation and amortisation Dcprcciation is proi.idcd on tangiblc fi.xcd asscts so as to writc off thc cost or valuation. Icss anN' cstimatcd residual value. oi'er their expected usefvl economic life as folloivs: Asset elass Computers Olee Lquipmeni Plant and Machincry Buildings Land Motor Vchiclcs Depreciation method and rate 33.JJ /D on cost 2/0 on cost 200/0 on cost 2. jO/o on cost 00/0 on cosi 200/0 on cost Research and development Deielopment expenditure incurred on an indii idual proje is Carried foVard hen ils fulure recoi'erabilit) can reasonabl!" be reoarded as assured. An!. e.Kpenditure carried loni.ard is amortised in line with the expected future income from the relaied projeci. Business cotnbillation5 Business combinations are accounted for under the purchase method. Where necessary.. adjustments are made to the financial statements of subsidiaries tr) bring ihe accouniing policies used inkn line iiiih ihose used by ihe group. All inira-group tran.sactions. balances. income and expen.ses are eliminated on conwlidation. In accordancc with Scction 35 of FRS 102. Scction 19 of FRS 102 ha5 not bccn applicd in thcsc financial statements in respect of business combinations effected prior to the date of transition. Sioek Stocks arc valucd at thc lowcr of c05t and nct rcalisablc I"aluc. Nct rcalisablc valuc is bascd on thc cstimatcd selling price after king inio account all further costs and eicess stocks that are sloii, moving. Page 24
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchandise sold or seThices perfom)ed in the ordinar! course of business. Trade debtors are recognised iniliallv at the transaction price. Thev are subsequentlv measured at amortised cost using ihe eftec'tive interesi meihod. less proi'ision for impaimeni. A proi'ision for Ihe impaiment ol- Irade debtors is established ivhen ihere is objectii'e ei'idence that the charit). ii.'ill not be able to collect all amounts due according io the original iernis of the receii'ables. Cash and cash equivalents Cash and cash equii'alents include cash in hand. dewsits held at call ii.'ith banks, oiher short-tenn liquid inwcstmcnts Thith original maturitics of thrcc month5 or Ic5s. and bank- ovcrdraft5. Bank ovcrdrafts arc Sho71 Iviihin bom)ii'ings in current liabilities. Trade creditors Tradc Lrcdilors arc obligations to pa), for goods or 5crviccs that haic bccn acquircd in thc ordinaTr' coursc of business from suppliers. ALcounis pal'able are classified as curreni liabiliiies if ihe chariti, does not have an unconditional right. at the end of the rewrtino period. to defer settlement ot the creditor for at least twelN'e monihs after the reporting date. If there is an uncondilional righi io defer seiilemeni for ai leasl lii"eli'e monihs afler the rep)rtino date. the). are presented &s nonwcurrent liabilities. Trade credit(Trrs are recognised initiall! at the transaction price and subsequentlv measured at amortised cost using the eiTeL'lii'e interest meihod. Fund structure Unrestricted funds are aN'ailable for use at the discretion of the directors in furtherance of the Trust's general objcctivcs. Desionated funds are funds set aside b! the trustees out of unrestricted generdl ndS for specitic future purposes or projects. Restricted funds are tunds subject to specitic restrictive conditions imposed bl." the terms ot the grant or funding bod). Hire purchase and finance leases The rentals under operatino leases. iithere substantiall!- all the benefits and risks of oiii]ership remain iNith the Ics50r. arc Lhargcd against profit as incurrcd. Pensions and other post retirement obligations The charity. operates a defined contribution scheme for Ihe benefit of its emplo>'ees. The a&sets of the scheme are hLld scparatcl). from thosc of thc charitt". Contribution5 pal.ablc arc chargcd to thc profit and Ios5 account in thc year they are pai'able and are charged againsi unresiricted funds. Page 2)
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Financial instruments Cla55ificalion BasiL financial liabiliiies. including creditors and bank loans are iniiiallN' recognised at transaction price unless thc arrangcmcnt constitutcs a tinancing transaction. ii.hcrc thc dcbt instrumcnt is mcasurcd at thc prcscnt i'aluc of the future pa) ments discounied al a markei raie of inieresi. l-inancial liabililies classified as pal'able wiihin one vear are not amortised. Basic financial liabilities. including creditors and bank loans are initiall). recognised at transaction price unless the arrangement constiluies a financing Iransaciion: i1.here the debi insirumeni is measured ai ihe present i.'alue I. the tuture pal'ments discounted at a mark-et rate ot. interest. Financial liabilities classified as pa!Table 14ithin onc ycar not amorti5cd. Recognition und measuremnt Financial liabilitics arc dcrcc02niscd m.hcn thc charits s contractual obligations cypirc or arc dischargcd or cancelled. 3 Income from donations and legacie5 Unrestricted fund5 General Total 2024 Total 2023 Donations and Icgacics- Donations trom individuals 16.567 16.i67 6.702 16.)67 16.)67 6.702 4 Income from charitable activities Unrestricted run(ts General Restricted funds Total 2024 Welsh Assembly Public Agencies and National Charities Local Authority PriN"atc Scctor 210.000 4.181 99.367 210,000 284.579 115,i08 219.587 22.294 38,208 284.970 1,42) 280.J98 16.141 219.i87 CJrants 12.131 38.208 284.970 1.425 10,163 Lni'ironment Centre Furniturc Rci'ii'al Other Income 8)?.860 J23.711 1.176.571 Page 26
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Ullrestricled funds General Restricted funds Total 2023 Welsh Assemblv Public Agencies and National Charities Local Authority PriN"ate Sector Eni'ironment Centre Fumilure Rei.ii.al 210.000 43.903 210,000 275.915 2)2.012 407.i10 24.090 431.6(M) 157.772 9,000 166.772 61,664 226.201 61.664 226.201 1.08i.l i9 286.993 1,372.152 5 Expenditure on charitable activities Activity undertaken directly Activity support costs 2024 2023 Staff costs Volunteer costs 607.047 142.451 749.498 3.669 87,715 119,924 738.277 3.3)9 75.748 120.399 16.904 i.669 Material & direct purchases Subconlraciors & consultancy Training and rccruitmcnt Project Trai'el and Transport Project Publicity Traincc Alloii'ancc5 and ExpcnsC5 Protessional Fees Administration & Sundry Communications & IT Motor. "I"rai'el & L.xpenses Rccruitmcnl &. Training Premises F.xpenses Depreciation Gov"crnancc 87.715 119.924 38.715 38.71) 39.574 2.967 4iO 2.967 450 1,821 69.696 7.733 19,806 490 78.318 78,318 7.736 22.978 1.705 7263 6.031 15.715 343 343 6.347 76 6.423 3,587 99.309 28.392 46.236 67.063 20,088 87,lil 27.332 28.625 28.62) 1.048.858 212.986 1.261.844 1.284.600 Page 27
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 6 Net incomingloutgoing resource5 Net {outgoing)/incoming resources for the l'ear include: 2024 2023 Operaiing leases- other assets Audit fees Dcprcciation of fixcd as5cts Amortisation of goodHill 1.690 8.750 26.0) I 1.281 1.690 12.072 28.871 1.281 7 Truslees remuneration and expenses No trustCC5. nor an). pcr50n5 conncctcd Mith thcm. haic rcccii'cd anN' rcmuncration from thc group during thc year. No trustees hawe receii'ed an!, reimbursed eipenses or an!. other benefils from the chariti during the year. 8 Staff cost5 Thc aggrcgatc payroll costs ThErc a5 follows= 2024 2023 Staff costs during the year were: Il'ages and salaries Social securil). cos Pension costs 678.852 54.023 16.623 641.364 58.860 749.498 7J8.254 -l-he monthl! ai'erage number of persons (including senior managemeni I leadership leaml employed by ihe group during the ear expressed as full time equii'alents il'as as follows.. 2024 No 2023 No Direct charitable Managcmcnt and admin 21 24 28 'l-he number ofemploN'ees w.hose emoluments lell Miihin the follo,Ing bands ii"as= 2024 £60.001- £70.000 The total emploTr'ee benefils of the k'e). management tr$onnel of the group 'Cre £201.048 (2023 - £198.598)- Page 28
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 9 Taxation The group is a registered charits. and is therefore exempt from uyation. Page 29
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 10 Intangible fixed assets Group IT equipment Total Cost At l April 202) Diswsals 6.988 16.988) 6.988 (6.9881 At 31 March 2024 Amortisation At l April 2023 Charge for the vear F.liminated on disposals 5.707 .281 16.988) 5.707 1,281 {6,988) At 31 March 2024 Lyet book value At 31 March 2024 At 31 March 2023 .281 1.281 I l Tangible fixed assets Group Land and buildings Furniture and equipment Molor vehicles Total Cost Ai l April 202) Disw5als l iO.(NJO 114.926 {11.400} {11.400) At 31 March 2024 liO.(K)O 8.734 103.526 262,260 Depreciation At l April 202) Char2C tor thc i'car F.liminated on disposals 22.iOO -875 34.670 22,79) {11.400) 64.023 26.2)7 {11.4001 ,)87 At 31 March 2024 8.440 46.065 78.880 Net book value At 31 March 2024 12i.625 294 i7.461 18).)80 At 31 March 2023 127.iOO 1.881 80.256 209.6J7
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Charity Land alld buildiDgs Furniture and equipment Motor vehicles Total Cost At l April 2023 Disposals liO.(K)O 8.734 114.926 {11.400) 273.660 {11,400) At 31 March 2024 l iO.000 8.734 103.526 262.260 Depreciation Ai l April 2023 Chargc for thc i'car Eliminated on disposals 22.iOO -875 64.023 26.257 {11,4001 l.i87 22.795 {11.400) At 31 March 2024 8.440 46.065 78.880 Net book value At 31 March 2024 12i.62i 294 i7.461 183.380 At 31 March 202J 127.ioo 1.881 80.256 209.6.; 12 Fixed asset inve5ttllents Group Details of undertakings Details ot the In'estmentS in Isthich the oroup holds 20O/D or more ot the nominal i'alue of an) memberships or sharc capital arc as folloM'5= Proportion of voting rights and membership I share5 held Country of incorporation Principal activity Undertaking Holding 2024 2023 Subsidiary undertakings CiroundNN'ork Caerphill). England & Wales I 0/0 notcd belou.. GC Entcrpriscs (Walcs) Limited -l-hal of domianl company England & Wales Ordinary. IOOO/o loo.
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Subsidiaries The profit for the financial period of CJroundiiork- CaerphillN" I12s £?3.036 {2023 £5,269) and the aggrega amount ot-capital and rL5cr%"cs at thL cnd ut-thc PLriod lias £)JJ.68012023 - ts10.644). On l Fcbruar! 201) thc charit! bccamc a subsidiaTr' of GrOUnd"ork a[C5. GroundNvork Cacrphilly is a charilable companj.. limited b!. guarantee and incorrM)rdted on 14 MaN' 1990 in F.ngland and Wales. Company. numbcr 02iO1792. charit!" numbcr 100681 I rcgi5tcrcd 13 Dcccmbcr 1991. Thc objccts of thc charity" arc.. To promotc firsil!." thc conscTh'ation prolcction and improi"cmcnt of thc phi-sical and natural cni'ironmcnt. -1-0 provide facilities in the interests ofsocial i%elfare for recreaiion and leisure. To ad'ance public education in environmental matters and ot. better ii?N's of better conserving protecting and improving the same. Thc protit for thc financial pcriod ot-GC Entcrpriscs {Walc5) Limitcd £Nil 12023 - £Nil) and thc aggrcgatc amount of capital and resen es ai the end of the period 2S £(100) (202) - £(100)I. 13 Stock Croup Charity 2024 2024 2023 Stocks 10.521 9.032 56 14 Debtors Group Charity 2024 2023 2024 2023 Trade debtors 128.i3i 102.231 113.519 59,408 13.823 26.229 98.816 301.110 137.492 Due from group undertakings Prepavments Accrued income Othcr dcbtors 28.?)3 27.829 14i.2i2 4.824 184.619 252.J07 212.981 537.418
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 15 Cash and cash equivalent5 Group Charity 2024 21123 2024 2023 Cash on hand Cash at bank 77 814.J82 27 i83.161 852.Oi4 362.609 814.4)9 85?.Oi4 58).188 362.609 16 Creditor5: atllounts falling due within one year Croup Charity 2024 21123 2024 2023 Trade creditors Other taxation and social securily VAT gtant rcpavablc Other creditors Accruals Deferred income 49.822 10.319 68.277 47.400 i.627 101 10.47) 2.002 84.018 5.627 2.002 106.9&1 120.031 69.)19 94.992 66.)24 201.136 26i.)i5 167.907 190.441 17 Pension and other sehemes Defined contribution pellsion scheme The group operdtes a defined contribution pension scheme. The pension cost charge for the Jear represents contributions pavable the group to the scheme and amounied 10 £16.623 (202J - £38.030}.
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 18 Funds Group Balance at 31 March 2024 Balance at I April 2023 Incoming resources Resourees expended Transfers Unrestricted funds General General funds General funds- Ground'Ork Cacrphill}' 617.249 i59.180 li86.643) {23.285) 566,iO I 70.7)) 3)9.073 (2ii.722) {40.791) 133.315 688.004 918.2)) (842.)65) {64.076) 699.816 Designated Building Maintenance Costs Cardiff City Council Donation Marketing 2xVanDep BD Consultanc 741 741 13.080 (4.019) (211) i.31)0) 9,061 959 1.170 19.)71 2.0(Xl 14.271 {2.000) Translation 4.829 4.829 Salaries & Overhead 2023123 Funds received t.or 24125 l.aplop Depreciation Building maintenance cos 77.240 (73,750) {3:490) 36.076 11.700 40.791 36,076 11.700 46.185 (64.)091 188.3)4 (147.i89) 83.077 123.822 Total ullre5tricted fund5 876.3J8 918.2)3 (989.954) 19.001 823.638 Restricted funds ACT {Traineeships) Groundwork Wellbeing (Nl'CJl Natwest Enterprise Ofticer Nuriure, F.quip. Thrii'e Postcode Loitery (R2L) Regeneration IWG) Roules to l.ife -l-esco Pla), WC'VA - Landfill Disp05als Tax Communiiies Scheme Grant 594 594 1.363 1,363 228 2.667 228 2.667 19.001 {19.001 1.9 1,9(M) 210.000 {210,0(K)) {34.193) 506 34.193 506 6.652 6.652 4.181 (4.181)
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2024 Bglance at April 2023 Incoming resources Resources expended Transfers Welsh CJovernment - 215 215 Routcs 2 Lifc= Food for Growth Caerphilll, SPI-. Communitw Naturc Guardians Blaenau Giyent SPF 16.561 (16.561) 29.612 {29.612) TJ. M)'nyddislMry'n Lni'ironmenl Centre Garficld Wcston w1ndp0"er Community Fund Circular Economy Fund Pen Bry'n Oer Quaker Oa -l-esco Communilv Grani 127.500 2.431 (1.878) {2.431) 125.622 172 (172) {12:i25) (6.663) { 1.000) {1.500) 27,4)8 6.663 1.000 2.500 i.o(x) Total restricted funds 184.211 323.711 1320.716) {19.001) 168.205 Tolal funds 1.060.549 1.241.964 ( l.J10.6701 991.843
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2023 Bglance at April 2022 Incoming resources Resources expended Transfers Unreslrieted funds General General funds General funds- Groundiyork Caerphilly 546.475 805.9)5 (688:Oi6) {47:145) 617,249 J60.926 (29J.579) {30.000) 70.7)5 i79.883 1.166.881 (981.615) (77.145) 688.004 Designaked Building Maintenance Costs Cardift-city Council Dunation Food Scnsc Walcs Oftice Deco Mark"eting 2xVanDcp BD Consultancy Translation Salaries & Ol'erhead 2023123 904 (163) 741 17.099 6.368 {4.019) {6.368) (i.IrKJ) (8301 (4.422) 13,080 1.1 2.0(K) 1.170 19.)71 2.0(M) 2.0 5.0 (171) 4.829 77.240 77,240 69.703 Building maintenance costs 82.800 {43.097) 141.264 {60.170) 107.240 188.334 Tolal unrestricted funds 721.147 1.166.881 (1.041.785) 30.095 876.338 Restricted fund5 ACT {Trainccships) Business Resilience Fund 594 594 330 (330) (12.367) Get together IFSW) Groundw'ork Wcllbcing 11.217 1.150 (W'GI Natw'esl Ln*rprise O(ficer Nurturc, Equip.- Thrivc Postcode Lotter! (R2L) Regeneration IWCI) Rouies io l.ife 5tnder Intcrnship Tesco Enablers 1.363 228 1.363 228 2.667 2,667 1,9(K) 1.9 210.000 {210:0(K)) (34.1931 {19.839) 506 506 {30,123) Tesco Play. WCVA - Landfill Disposals T&K Communities Scheme Grant 6.652 6.652 1.000 (1.028) 28
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2023 Bglance at April 2022 Incoming resources Resources expended Transfers WCVA - Landfill DisFMisals -l-ax Communilies Scheme Grant - Aberbeeg Welsh Goi'emment - ENRaW 13.681 (13.681) 215 215 Ty MynN'ddisli¥vn Eni'ironmcnt Ccntrc Garfield Weston Windpoiier Community. Fund Circular Economv Fund Pen Br)'n Oer Cwtsh 129.375 {1:875) 16.600) 127,5(M) 2,431 9.031 372 {200) {10.306) 14.816) {4.314) 172 50.289 39,983 4.816 Total res¢ri¢ted funds 244.862 288.993 1319.i49) (30.095) 184.211 Tolal funds 966.009 1.4ii.874 ( l.J61.J34) 1,060.549
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Charity Balance at 31 March 2024 Balance at April 2023 Ineoming Te50urces Resources expended Trallsfer5 Unrestricted funds General General funds 617.248 i59.180 1586.643) (23.285) 566,500 Designated Building Maintcnancc Costs Carditycity Council Donaiion Markcting 2xVanDep BD Consultanci, -l-ranslation Salarics & ON'crhcad 202J124 Funds receiN'ed for 24125 Laptop depreciation 741 741 13.080 1.170 (4.0191 (211) ().3) 9.061 959 19.)71 2.0(Kl 4.829 14,271 {2.000) 4.829 77.240 (73.750) 13.490) 36,076 11.700 36.076 11.700 118.6Jl {8J.2801 42.286 Total unrestricted funds 7Ji.879 ii9.180 1669.923) 19.001 644.137 Restricted funds AC.T ITraineeships) Groundw'ork Wcllbcing 594 594 (W'GI Natw'esl EnrprISe O(ficer Nurturc, Equip.- Thrivc Postcode Lottern, (IL?L) Regeneration (WG) Rouie to Life Tesco Pla). WCVA - Landfill Diswsals -l-ax Communilies Scheme CJrant 1.363 228 2.667 1.363 228 2.667 19.001 {19.001) 1.9 1,9(K) 210.000 {210:0(K)) (34.193) 506 6.652 506 6,652 4.181 {4.181) Welsh Gol'ernment - ENRaW 215 215 Rouie 2 1.ife: Food for Grolsth C"acrphillN' SPF Communiti, Nature Guardians Blaenau G"ent SPF 16,561 (16.561) 29.612 {29.612) Total restricted funds 14.12) J l ).548 (294.i47) {19.001) 14.125
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2024 Bglance at April 2023 Incoming resources Resources expended Transfers Tolal funds 7iO.004 87?.728 (964.470 6)8.262
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2023 Bglance at April 2022 Incoming resources Resources expended Transfers Unreslrieted funds General General funds 546.474 805.9)5 (688:Oi6) {47:145) 617,248 Designated Building Maintenance Cosls Cardift"City' Council Donalion I'ood Sense Wales Officc Dcco Marketing 2xVanDep BD Consuliancv Translation Salaries & Overhead 2023124 904 741 17.099 (4.019) 16.368) 11.100) (830) (4.422) 13.080 1.100 2.0 1.170 19.571 2.0(X) 4,829 23.993 2.0(K) 5.0 (171) 77.240 77.240 58.4fv1 (17:07J) 77.240 118.631 Total ullre5tricted fund5 604.9J8 80i.9i5 (70i.109) 7J5.879 Restricted funds ACT {Traineeships) Business Resilience l. und Gct togLthcr IFSNVI Ground'Ork Wellbeing 594 594 330 11.217 (330) (12.367) 1,150 (II'G) 1.363 Natw'cst Entcrprisc OtTiccr Nurture. Equip. ThriN'e Postcode l.otteTh' (R2L) Regeneration (WG) Routc to Lit-c Santander Internship Tesco F.nablers Tesco Pla). WC.VA - Landfill Disw5als -l-ax Communilies Scheme Grant 228 228 2.667 2,667 1.9(K) 1.9(Ml 210.000 34.193 {210.0(X)) {34.193) {19.839) 506 506 19.839 30.123 6.652 (30.1231 6.652 1.000 {1.028) 28 WCVA - Landtill Disposals -l-ax Communilies Scheme Grant - Aberbeeg Welsh Gol'ernment - ENRaW 13.681 {13.681) 215 215 Total restrieted funds 55.79) 279.86) (291.438) {30.095) 14.125 Page 40
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 larch 2023 Bglance at April 2022 Incoming resources Resources expended Transfers Tolal funds 660.733 1.08i.818 (996.i47) 750.004 Page41
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 Thc spccific purposcs for Ththich thc fvnds arc to bc applicd arc as folloTh5: ACT Traineeships - funding proi'ided toiyards providing traineeships. GroundKN'ork Wellbeing {WGI Heritage Fund - Funding a broad range of projecls that connect people and communitie5 10 the national. regional.and local her1e ofthe UK. Natwcst Entcrpri5c OtTiccr beneficiaries. funding to crnplo!" a mcmbcr of staff to offcr financial litcracy skills to Nuriure, Equip, ThrIe - This is a European funded programme ii.hich supwrts people to undertake health and IN"cllbcing actii'its. w.hcn thc!" arc otT ii.ork sick: and also hclps organisations to hclp thcir Ni"'oi'kforccs to sta). healthy and fit at Ork.. prei'enting illness and supporting ii'ellbeing. Postcode Lotlerv (R2LI - -l-he aim of Ihe fund is to suppx)rt smaller charilies and good causes lo make a dityerence to their community. for the benefit of people and the planet. Regeneration [WGJ- This core funding continues to support our oroanisation iiith a focus on tow] centre ork. Routes to life - We continue to run our horticulturnl project= providing placements for a wide range ot clients and voluntccrs. Welsh (FOi.ernment - LNRaW Our We Care progrnmme enables us proi'ide opwrtunilies for people lo participate in Green Teams. Volunteering and F.ducation Mthilst also achiei'ing accreditation. The Programme supports thc biodii'crsits. and communit). owijcrship of grccn 5paccs and C ii-ork in partncrship Th'ith GroundKI'ork North Mlales. WCVA - Landfill Disposals Tax Communities Scheme Grani - Aberbeeg -"1 o support Aberbeeg C.ominunil Ccntrc to makc bcttcr usc of its grccn spacc. includin2 installation of scating arca and planting of fruit trccs. l-unding terni= l lear Irom pl December ?020. WCV A Landfill Disposals Tax Communities Scheme Grani - Nanl vr Lber - Working ihrough the Landfill Disp)sals T&x grant. '1th Welsh Waler. Natural Rewurces Il'ales. local shoals and communit), members and Carditl- Rii'ers Group, M'e undertook a clean-up programme on the Nant !r-Aber. in CaerphillN' .OrkIng from the source of the Nant-Tr'r-Aber in AbertridiiT to its conlluence "1th the Rii"er Rh!.-mneN'" in Caerphillv. Ty MN'ri>'ddisliNTr'n F.nN'ironment Cenire - This represents funding provided to purchase the property under the capital a55Ct tran5fcr schcmc. Thc dcprcciation c05t is shoiii] in rcsourccs cxpcndcd. Garficld Wcston- grant funding proi.idcd for capital. Thc dcprcciation cost is sho1 in rcsourccs cxpcndcd: windp0-.cr Community. Fund - grant funding proi'idcd for capital. Thc dcprcciation cost 15 shoiNI] in rcsourccs expended. Circular Econom). fund -l-he fund li.as open io local auihorities to help 11.'ales Shift loi%"ards a circular econom). driving further increases in rec!"cling and decarbonisalion. In 2021122. this included the donation of Iwo vehicles to the charity.. -l-he depreciaLion cosl is shoiin in resources expended. Pcn Bry'n Ocr- Thc funding M'as rcccivcd to support comtnunity" groups ii.ho offcr I'ital scTriccs. Page 42
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 19 Analysis of Det assets between funds Group Total funds at 31 March 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets CutTLnt a55cts Current liabilities 29.944 871.007 1201.1361 153.4)6 14.770 183,380 1.009,599 (201.1361 12).822 Total net assets 699.8 li 12).822 168.206 991.843 Total funds at 31 March 2023 Unreslrieted funds Genergl Designated Restricted funds Intangible fi.xed asse Tangiblc fixcd asscts Current assets 1.281 168.80) 14.125 1.281 209.430 40.62) 910.934 126J.555) 188.334 1.113.393 [263.555) Curreni liabilities Total nct a5SCt5 688.004 188.334 184.211 1.060.549 Charity Total funds at 31 March 2024 [Inrestrieted funds General Designated Restrieted funds Tangible fixed assets Curreni assets CutTcnt liabilities 29.944 29,944 796,22) 1167,9071 14.125 (167.907) Total net assets i66.ilM) 77.637 14.12) 658.262 Total funds at 31 larCh 2023 Unrestrieted funds Geueral Designated Restrieted funds "l angible fi.xed assets Currcnt asscts Current liabilities 40.418 767.271 1190.441) 40.418 900,027 1190,4411 118.6Jl 14.125 Total net assets 617.248 14.125 7iO.004
Groundwork Wales Iyotes to the Financial Statements for the Year Ended 31 March 2024 20 Analysis of net funds Group At l April 2023 Fillancing cash flows At 31 March 2024 Cash at bank and in hand 852.054 137.i95) 814.459 Net debt 852.Oi4 At l April 2022 (37.i95) 814.459 At 31 March 2023 Fillancing cash flows Cash at bank and in hand 731.713 120.341 852.054 Net debt 7Jl.71J 120,J41 8)2.054 Page 44