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← Groundwork Wales

2025-03-31-accounts

Groundwork Wales

Annual Report and Financial Statements 2024/25

Groundwork Wales

Charity registration no. 1096662 Company registration no. 3577896

Registered office Ty Mynyddislwyn Offices, Bryn Road, Pontllanfraith, Blackwood, Gwent NP12 2BH

Contents

Page

Overview

Activity highlights

Our plans for the future

Financial performance

Principal risks and uncertainties

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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-one is held back by their background or circumstances.

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 experience of 32 employees and 7 volunteer trustees. In 2024/25 we delivered projects and programmes to a value of some £1,386m.

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 statement

As the interim Chair of Groundwork Wales, I am pleased to present the Chairperson's Trustee Report for the past year. This report offers a comprehensive summary of our achievements and highlights the efforts and dedication of our team as we continue to fulfil our mission.

Over the course of the year, our management team and staff have consistently demonstrated resilience, adaptability, and an unwavering commitment to our organisational mission, even as we navigated a constantly evolving environment. Our focus remains on empowering communities and supporting individuals in their personal development and growth.

Through enterprise initiatives such as our Furniture Revival programme, we have been able to unlock hidden talents within underprivileged areas. These programmes have not only fostered economic growth and self-sufficiency, but they have also addressed the cycle of poverty by enhancing people’s health, increasing their financial stability, and improving overall well-being.

This year, we successfully secured support from the UK Shared Prosperity Fund to further our work in Caerphilly and Blaenau Gwent. With the help of these schemes, we have delivered activities that teach community members the knowledge and skills required to grow, preserve, and use their own food at home. Our collaborative efforts with local communities, school children, and young people have helped them care for their local natural environments, learn about biodiversity, and develop valuable green skills. These initiatives are instrumental in promoting community cohesion, health, and well-being.

We are delighted with the ongoing success of our Healthy Rivers programme, which has received significant backing this year from the Esmée Fairbairn Foundation’s Blue Spaces programme. Volunteers have participated in a variety of activities aimed at supporting the health of local rivers. The additional funding has enabled us to adopt a partnership approach across the Southeast valleys, strengthening eco-resilience along the region’s rivers.

Our organisation is proud to play a key role in the employment hosting of the Phillipstown Forever regeneration scheme. In addition, we have continued to expand our Corporate Social Responsibility days and Wellies in the Woods courses throughout South Wales, further deepening our engagement with local communities.

As we look to the future, our commitment to our mission is as strong as ever. We recognise that there is still much to accomplish and are determined to continue adapting, innovating, and collaborating with our partners. By doing so, we aim to address emerging challenges, champion sustainability, and ensure a meaningful and lasting impact on the communities we serve.

Finally, I would like to extend my heartfelt thanks to our board of trustees, our dedicated staff, partners, and supporters for their continued commitment and support. Together, we are building a more sustainable and inclusive Wales.

Interim Chair Phil Fiander

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Governance

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 in accordance with the Companies Act 2006. The majority of our trustees 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 benefit 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 financially 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 beneficiaries. We pay particular attention to issues of health and safety, safeguarding, data protection and information security, each of which has a 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 development, 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 financial 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 Groundwork 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.

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Our commitments

Everything Groundwork Wales does is underpinned by a 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 not undertake widespread fundraising from the general public.

All of our fundraising is managed internally and we do not employ commercial 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 management, governance 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 sustainable development as 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; and 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 future 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 2024/25 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.groundwork.org.uk

Advisors

Auditors

HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

Bankers

Barclays Bank Plc South Wales Corporate Banking Team PO Box 674 121 Queen Street Cardiff CF10 2XU

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

The Board of Trustees

The trustees (who are the directors of the company in accordance with the Companies Act 2006) on the date of approval of this report, or who served as trustees at any time during the year reported on, are as follows.

Appointed trustees First appointed Last appointed Retired/resigned Mr B Matthew 11 March 2016 Mrs N Rees 11 March 2016 6 September 2024 Mr J D Greenidge 9 February 2018 23 May 2024 Mr P Fiander 10 December 2018 Mr S Williams 24 June 2022 Mr J Parkin 8 November 2022 16 November 2025 Mr S Edwards 23 May 2024 Miss M Hunt 23 May 2025 Mrs S Hawkins 23 May 2025 3 September 2025 Mr J Hunt

Chairman

John Hunt

Company Secretary Ms K Stevenson

Chief Executive Ms K Stevenson

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Strategic report for the year ended 31 March 2025

The Board of Trustees presents its report for the year ended 31 March 2025. This includes statements about our organisation (page 9), its objectives and its governance (page 5), our financial and operational review for the year (pages 7-8), our plans for the future (pages 7) and details of our trustees, senior staff and advisers (pages 49-50).

1. Performance overview

2024/25 has been a successful year for Groundwork Wales. 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 a financial loss, but we are clearly a going concern with just under a 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 £10K reflecting sufficient money to undertake remedial repairs to the building, with the boiler replacement complete, and building maintenance work complete.

The vast majority of activities set out in our business plan for the year have been delivered.

Tight control of our costs and good performance on existing programmes has enabled us to report a financial operating surplus, allowing us to continue adding gradually to reserves to meet our target of holding a year’s 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 and 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 £1,000K of funding or enterprising income, with Groundwork Caerphilly sourcing funding of £420K 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 Trust enablers. Groundwork Wales has contributed as follows.

Programmes

We run a broad range of programmes, all of which benefit communities and individuals in line with our objectives, including:

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Greencare

The Groundwork Federation

We continue to take an active 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 2023-2028 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 2023-2028 strategic priorities are:

To help people improve their prospects by increasing confidence, skills, wellbeing 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 and 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,

Financial performance

Groundwork Wales’ net incoming resources for 2024/25 totalled £1,386 million (compared to £1,193 million in 2023/24), with unrestricted funds of £766K.

Our long-term financial strategy has clear and linked strands as follows:

3.1 Reserves

In line with this financial strategy our trustees have agreed that we should aim to hold 3 months operating costs including its commitment to staff (circa £318,313). We believe this is appropriate for the following reasons:

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

The above needs for reserves have to be balanced against the following factors:

Our level of free liquid reserves at the end of 2024/25 stands at £724k. 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 £766k (2023/24 £824k).

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 2024/25. 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 performance.

The charity’s subsidiary Groundwork Caerphilly reported an overall net deficit of £46,462 (2023/24 Surplus £23,036) 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 performance related grants and are recognised in these financial statements to the extent that the 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.

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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 organisation delivers effectively and safely.

3.6 Key Performance 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 of forecast salaries and operating costs. This informs year-end forecasts based on prior years’ experience.

Performance during 2024/25 has been positive.

3.7 Sustainable Development Report

Groundwork’s charitable mission is to promote sustainable 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 sustainable 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 services 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 (SORP) for ensuring that the major risks to which the charity is exposed are identified 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 regular basis by our management team. All of Groundwork 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:

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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 to ensuring that risk management processes are embedded throughout the organisation, and that these processes are used to help identify at an 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 broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Our policy is to finance fixed 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 financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient 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 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation 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 trustees

Chairman

Date:

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Groundwork Wales ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Groundwork Wales

Independent Auditor's Report to the Members of Groundwork Wales

Opinion

We have audited the financial statements of Groundwork Wales (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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Groundwork Wales

Independent Auditor's Report to the Members of Groundwork Wales

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the .

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the (set out on page ), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Groundwork Wales

Independent Auditor's Report to the Members of Groundwork Wales

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.

We communicated identified fraud risks throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.

As required by the auditing standards, we identify and assess the risk of material misstatement of financial statements, whether due to fraud or error, in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of material misstatement and non-compliance with laws and regulations, including fraud, we designed procedures which included;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations;

• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual account combinations;

• Assessing whether revenue has been accounted for in the correct period and the existence of revenue at the cut off date based on the adopted accounting policy for revenue.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Groundwork Wales

Independent Auditor's Report to the Members of Groundwork Wales

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... ae

......................................

Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Auditor

Severn House Hazell Drive Newport South Wales NP10 8FY

03/12/2025 Date:.............................

Page 14

Groundwork Wales

Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17		 Unrestricted
funds
£
8,466
937,969
572
947,007
(1,003,803)
(1,003,803)
(56,796)
(56,796)
823,638
766,842		 Restricted
funds
£
-
439,148
-
439,148
(453,351)
(453,351)
(14,203)
(14,203)
168,205
154,002		 Total
2025
£
8,466
1,377,117
572
1,386,155
(1,457,154)
(1,457,154)
(70,999)
(70,999)
991,843
920,844

The notes on pages 11 to 31 form an integral part of these financial statements. Page 15

Groundwork Wales

Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17		 Unrestricted
funds
£
16,567
852,860
869,427
(941,128)
(941,128)
(71,701)
19,001
(52,700)
876,338
823,638		 Restricted
funds
£
-
323,711
323,711
(320,716)
(320,716)
2,995
(19,001)
(16,006)
184,211
168,205		 Total
2024
£
16,567
1,176,571
1,193,138
(1,261,844)
(1,261,844)
(68,706)
-
(68,706)
1,060,549
991,843

All of the group's activities derive from continuing operations during the above two periods.

The funds breakdown for 2024 is shown in note 17.

The notes on pages 11 to 31 form an integral part of these financial statements. Page 16

Groundwork Wales

(Registration number: 03577896) Consolidated Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
10
Investments
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
14
Creditors: Amounts falling due within one year
15
Net current assets
Net assets
Funds of the group:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
17		 2025
£
170,363
100
170,463
10,873
201,233
767,574
979,680
(229,299)
750,381		 2024
£
183,380
-
183,380
10,521
184,619
814,459
1,009,599
(201,136)
808,463
920,844
154,002
766,842
920,844		 991,843
168,205
823,638
991,843

The financial statements on pages 5 to 31 were approved by the trustees, and authorised for issue on 10 December 2025 and signed on their behalf by:

~~.....................................~~ ....

Trustee

The notes on pages 11 to 31 form an integral part of these financial statements. Page 17

Groundwork Wales

(Registration number: 03577896) Balance Sheet as at 31 March 2025

Note
ed assets
ngible assets
10
rrent assets
cks
12
btors
13
sh at bank and in hand
14
editors: Amounts falling due within one year
15
t current assets
t assets
nds of the charity:
stricted income funds
stricted funds
17
restricted income funds
restricted funds
tal funds
17		 2025
£
27,993
56
528,704
259,390
788,150
(182,418)
605,732
633,725
14,125
619,600
633,725		 2024
£
29,944
56
212,981
583,188
796,225
(167,907)
628,318
658,262
14,125
644,137
658,262

The financial statements on pages 5 to 31 were approved by the trustees, and authorised for issue on 10 December 2025 and signed on their behalf by:

~~...................................~~ ......

J Trustee

The notes on pages 11 to 31 form an integral part of these financial statements. Page 18

Groundwork Wales

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net cash expenditure
Adjustments to cash flows from non-cash items
Depreciation
Amortisation
Working capital adjustments
Increase in stocks
12
(Increase)/decrease in debtors
13
Decrease in creditors
15
Increase in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
10
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2025
£
(70,999)
26,675
-
(44,324)
(352)
(16,614)
(346)
28,410
(33,226)
(13,659)
(46,885)
814,459
767,574		 2024
£
(68,706)
26,257
1,281
(41,168)
(1,489)
373,622
(368,560)
-
(37,595)
-
(37,595)
852,054
814,459

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 11 to 31 form an integral part of these financial statements. Page 19

Groundwork Wales

Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net cash expenditure
Adjustments to cash flows from non-cash items
Depreciation
Working capital adjustments
Increase in stocks
12
(Increase)/decrease in debtors
13
(Decrease)/increase in creditors
15
Increase/(decrease) in deferred income
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
10
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2025
£
(24,536)
13,002
(11,534)
-
(315,723)
(11,177)
25,686
(312,748)
(11,050)
(323,798)
583,188
259,390		 2024
£
(91,744)
10,740
(81,004)
(56)
324,437
30,033
(52,831)
220,579
-
220,579
362,609
583,188

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 11 to 31 form an integral part of these financial statements. Page 20

Groundwork Wales

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

1 Charity status

The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Ty Mynyddislwyn Offices Bryn Road Pontllanfraith Blackwood NP12 2BH

These financial statements were authorised for issue by the trustees on 10 December 2025.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (Effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

Basis of preparation

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest£.

The accounts have been prepared under the historical cost convention.

No separate cash flow statement has been presented for the charity itself as the charity has taken advantage of the exemptions in paragraph 1.12 of FRS 102.

Figures contained in the financial statements have been rounded to the nearest pound.

Basis of consolidation

The financial statements represent the consolidated position of the group. This comprises Groundwork Caerphilly and GC Enterprises (Wales) Limited. Groundwork Caerphilly is a subsidiary of Groundwork Wales and Groundwork Caerphilly own 100% of the share capital of GC Enterprises (Wales) Limited, which is now dormant.

the financial statements are consolidated on a line-by-line basis and cover the consolidated financial position and transactions of all companies controlled by the charity from the date of acquisition. All intra group transactions are eliminated on consolidation.

Page 21

Groundwork Wales

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

Going concern

The charity reported a net unrestricted outflow of (£52,700) (after transfers between reserves) for the year. The charity has sufficient free reserves and is monitoring results on a frequent basis. The trustees are of the view that on this basis the charity is a going concern and there are no material uncertainties about the charity's ability to continue as a going concern.

Judgements

In the application of charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income and endowments

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Income and grants are included in incoming resources when receivable, except as follows: -

• When donors specify that the grants must be used in future accounting periods, the income is deferred until those periods.

• When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre conditions for use have been met.

• When donors specify that grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Other income

Grants that relate to capital expenditure on specific projects are treated as restricted funds that are charged to the income and expenditure account at acquisition. This treatment is due to the nature of the funding as the grants are received to provide equipment to specifically run the projects and services.

Page 22

Groundwork Wales

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

Expenditure

Expenditure incurred by the charity in the year has been split between restricted and unrestricted funds. Costs have been analysed between direct charitable expenditure, fundraising and publicity and the administration and management of the charity. Expenditure relating directly to a cost category has been charged to that account. Expenditure, which includes more than one cost category, has been apportioned on a reasonable, justifiable and consistent basis to the categories involved. Committed expenditure that has yet to be invoiced is, in line with best accounting practice, not recognised in these accounts. It is intended that such expenditure will be funded by future income flows.

Expenditure is recognised once there is a legal or constructive obligation to make a pa"yment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure has been allocated to management and administration of the trust, where it relates to the management of the trust's assets, organisational administration and compliance with constitutional and statutory requirements.

Resources expended are recognised in the period in which they are incurred.

Charitable activities

This includes all expenditure directly related to the aims of the charity as follows:

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These costs include the costs of governance arrangements, which relate to the general running of Groundwork Wales as opposed to the direct management functions inherent in generating funds, service delivery and programme of project work. These include such items as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements.

Taxation

As a registered charity, Groundwork Wales is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost.

Page 23

Groundwork Wales

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

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Computers 33.33% on cost Office Equipment 20% on cost Plant and Machinery 20% on cost Buildings 2.5% on cost Land 0% on cost Motor Vehicles 20% on cost

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price after taking into account all further costs and excess stocks that are slow moving.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Page 24

Groundwork Wales

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted funds are available for use at the discretion of the directors in furtherance of the Trust's general objectives.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds are funds subject to specific restrictive conditions imposed by the terms of the grant or funding body.

Pensions and other post retirement obligations

The charity operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the charity. Contributions payable are charged to the profit and loss account in the year they are payable and are charged against unrestricted funds.

Financial instruments

Classification

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Recognition and measurement

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

Page 25

Groundwork Wales

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

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
4 Income from charitable activities
Welsh Assembly
Public Agencies and National Charities
Local Authority
Private Sector
Grants
Environment Centre
Furniture Revival
Other Income
Welsh Assembly
Public Agencies and National Charities
Local Authority
Private Sector
Grants
Environment Centre
Furniture Revival
Other Income		 Unrestricted
funds
General
£
8,466
8,466
Unrestricted
funds
General
£
-
260,515
2,508
254,496
40,362
50,381
329,564
143
937,969
Unrestricted
funds
General
£
-
280,398
16,141
219,587
12,131
38,208
284,970
1,425
852,860		 Total
2025
£
8,466
8,466
Restricted
funds
£
235,000
12,029
139,918
52,201
-
-
-
-
439,148
Restricted
funds
£
210,000
4,181
99,367
-
10,163
-
-
-
323,711		 Total
2024
£
16,567
16,567
Total
2025
£
235,000
272,544
142,426
306,697
40,362
50,381
329,564
143
1,377,117
Total
2024
£
210,000
284,579
115,508
219,587
22,294
38,208
284,970
1,425
1,176,571

Page 26

Groundwork Wales

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

5 Expenditure on charitable activities

Staff costs
Volunteer costs
Material & direct purchases
Subcontractors & consultancy
Project Travel and Transport
Project Publicity
Trainee Allowances and Expenses
Professional Fees
Administration & Sundry
Communications & IT
Motor, Travel & Expenses
Recruitment & Training
Premises Expenses
Depreciation
Governance		 Activity
undertaken
directly
£
701,225
4,834
126,576
120,138
40,778
10,741
-
65,738
1,559
13,099
191
13,155
93,557
26,672
-
1,218,263		 Activity
support costs
£
147,032
-
-
-
-
-
-
-
6,970
15,334
-
571
24,093
-
44,891
238,891		 2025
£
848,257
4,834
126,576
120,138
40,778
10,741
-
65,738
8,529
28,433
191
13,726
117,650
26,672
44,891
1,457,154		 2024
£
749,498
3,669
87,715
119,924
38,716
2,967
450
78,318
7,736
22,978
343
6,423
87,150
27,332
28,625
1,261,844

6 Net incoming/outgoing resources

Net outgoing resources for the year include:

Operating leases - other assets
Audit fees
Depreciation of fixed assets
Amortisation of goodwill		 2025
£
1,690
8,063
26,672
-		 2024
£
1,690
8,750
26,051
1,281

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 27

Groundwork Wales

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

8 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2025
£
750,934
80,617
16,705
848,256		 2024
£
678,852
54,023
16,623
749,498

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

Direct charitable
Management and admin		 2025
No
25
7
32		 2024
No
21
7
28

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000 2025
No
1		 2024
No
1

The total employee benefits of the key management personnel of the group were £203,277 (2024 - £201,048).

Page 28

Groundwork Wales

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

9 Taxation

The group is a registered charity and is therefore exempt from taxation.

10 Tangible fixed assets

Group

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
150,000
-
150,000
24,375
1,875
26,250
123,750
125,625		 Furniture and
equipment
£
838
13,659
14,497
544
4,095
4,639
9,858
294		 Motor vehicles
£
103,526
-
103,526
46,066
20,705
66,771
36,755
57,460		 Total
£
254,364
13,659
268,023
70,985
26,675
97,660
170,363
183,379

Page 29

Groundwork Wales

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

Charity

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Land and
buildings
£
150,000
-
150,000
24,375
1,875		 Furniture and
equipment
£
838
13,659
14,497
544
4,095		 Motor vehicles
£
103,526
-
103,526
46,066
20,705		 Total
£
254,364
13,659
268,023
70,985
26,675
26,250
123,750
125,625		 4,639
9,858
294		 66,771
36,755
57,460		 97,660
170,363
183,379

11 Fixed asset investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any memberships or share capital are as follows:

Proportion of voting rights Proportion of voting rights
Country of and membership / shares Principal
Undertaking incorporation Holding held activity
2025 2024
Subsidiary undertakings
Groundwork Caerphilly England & Wales 0% 100% As
noted
below
GC Enterprises (Wales)
Limited		 England & Wales Ordinary 0% 100% That
of
dormant		 a
company

Page 30

Groundwork Wales

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

Shares in group undertakings and participating interests

Cost
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
12 Stock
Stocks
13 Debtors
Trade debtors
Due from group undertakings
Prepayments
Accrued income
Other debtors		 Group
2025
2024
£
£
10,873
10,521
Group
2025
£
2024
£
164,862
128,535
-
-
36,114
28,253
257
27,829
-
2
201,233
184,619		 Subsidiary
undertakings
Total
£
£
100
100
100
100
100
100
100
100
Charity
2025
2024
£
£
56
56
Charity
2025
£
2024
£
142,429
113,519
361,418
59,408
24,600
13,823
257
26,229
-
2
528,704
212,981

Page 31

Groundwork Wales

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

14 Cash and cash equivalents

Cash on hand
Cash at bank		 Group
2025
£
2024
£
508
77
767,066
814,382
767,574
814,459		 Charity
2025
£
2024
£
408
27
258,982
583,161
259,390
583,188

15 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
VAT grant repayable
Other creditors
Accruals
Deferred income		 Group
2025
2024
£
£
23,326
49,822
14,321
10,319
17,031
13,635
4,661
2,002
123,176
106,984
46,784
18,374
229,299
201,136		 2025
Charity
2024
£
£
19,002
47,400
11,468
10,319
12,149
10,475
3,802
2,002
96,618
84,018
39,379
13,693
182,418
167,907

16 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £16,705 (2024 - £16,623).

Page 32

Groundwork Wales

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

17 Funds

Group

Unrestricted funds
General
General funds
General funds - Groundwork
Caerphilly
Designated
Building Maintenance Costs
Cardiff City Council Donation
Marketing
2 x Van Dep
Translation
Funds received for 24/25
Laptop Depreciation
Building maintenance costs
Total unrestricted funds
Restricted funds
ACT (Traineeships)
Groundwork Wellbeing (WG)
NatWest Enterprise Officer
Nurture, Equip, Thrive
Postcode Lottery (R2L)
Routes to Life
Tesco Play
WCVA - Landfill Disposals Tax
Communities Scheme Grant
Welsh Government - ENRaW
Routes 2 Life: Food for Growth
Caerphilly SPF
Ty Mynyddislwyn Environment
Centre
Circular Economy Fund
Tesco Community Grant
Blaenau Gwent SPF
Future Steps Development Grant		 Page 33
Balance at 1
April 2024
£
Incoming
resources
£
566,501
562,277
133,315
384,730
699,816
947,007
741
-
9,061
-
959
-
14,271
-
4,829
-
36,076
-
11,700
-
46,185
-
123,822
-
823,638
947,007
594
-
1,363
-
228
210,000
2,667
-
1,900
-
506
32,254
6,652
-
-
12,029
215
-
-
39,577
125,622
-
27,458
-
1,000
-
-
68,087
-
25,000		 Resources
expended
£
(560,226)
(381,526)
(941,752)
-
-
(328)
(9,319)
(19)
(36,076)
(3,502)
(35,463)
(84,707)
(1,026,459)
-
-
(210,000)
-
-
(32,254)
-
(12,029)
-
(39,577)
(1,875)
11,328
(1,000)
(68,087)
(25,000)		 Balance at 31
March 2025
£
568,552
136,519
705,071
741
9,061
631
4,952
4,810
-
8,198
10,722
39,115
744,186
594
1,363
228
2,667
1,900
506
6,652
-
215
-
123,747
38,786
-
-
-

Groundwork Wales

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

Exmee Fairburn Healthy rivers
South East Wales
Total restricted funds
Total funds		 Balance at 1
April 2024
£
-
168,205
991,843		 Incoming
resources
£
52,201
439,148
1,386,155		 Resources
expended
£
(52,201)
(430,695)
(1,457,154)		 Balance at 31
March 2025
£
-
176,658
920,844

Page 34

Groundwork Wales

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

Unrestricted funds
General
General funds
General funds - Groundwork
Caerphilly
Designated
Building Maintenance Costs
Cardiff City Council
Donation
Marketing
2 x Van Dep
BD Consultancy
Translation
Salaries & Overhead
2023/23
Funds received for 24/25
Laptop Depreciation
Building maintenance costs
Total unrestricted funds
Restricted funds
ACT (Traineeships)
Groundwork Wellbeing
(WG)
NatWest Enterprise Officer
Nurture, Equip, Thrive
Postcode Lottery (R2L)
Regeneration (WG)
Routes to Life
Tesco Play
WCVA - Landfill Disposals
Tax Communities Scheme
Grant
Welsh Government -
ENRaW
Routes 2 Life: Food for
Growth Caerphilly SPF		 Balance at 1
April 2023
£
617,249
70,755
688,004
741
13,080
1,170
19,571
2,000
4,829
77,240
-
-
69,703
188,334
876,338
594
1,363
228
2,667
1,900
-
506
6,652
-
215
-		 Incoming
resources
£
559,180
359,073
918,253
-
-
-
-
-
-
-
-
-
-
-
918,253
-
-
-
19,001
-
210,000
34,193
-
4,181
-
16,561		 Resources
expended
£
(586,643)
(255,722)
(842,365)
-
(4,019)
(211)
(5,300)
-
-
(73,750)
-
-
(64,309)
(147,589)
(989,954)
-
-
-
-
-
(210,000)
(34,193)
-
(4,181)
-
(16,561)		 Transfers
£
(23,285)
(40,791)
(64,076)
-
-
-
-
(2,000)
-
(3,490)
36,076
11,700
40,791
83,077
19,001
-
-
-
(19,001)
-
-
-
-
-
-
-		 Balance at
31 March
2024
£
566,501
133,315
699,816
741
9,061
959
14,271
-
4,829
-
36,076
11,700
46,185
123,822
823,638
594
1,363
228
2,667
1,900
-
506
6,652
-
215
-

Page 35

Groundwork Wales

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

Community Nature
Guardians Blaenau Gwent
SPF
Ty Mynyddislwyn
Environment Centre
Garfield Weston
Windpower Community
Fund
Circular Economy Fund
Pen Bryn Oer
Quaker Oats
Tesco Community Grant
Total restricted funds
Total funds		 Balance at 1
April 2023
£
-
127,500
2,431
172
39,983
-
-
-
184,211
1,060,549		 Incoming
resources
£
29,612
-
-
-
-
6,663
1,000
2,500
323,711
1,241,964		 Resources
expended
£
(29,612)
(1,878)
(2,431)
(172)
(12,525)
(6,663)
(1,000)
(1,500)
(320,716)
(1,310,670)		 Transfers
£
-
-
-
-
-
-
-
-
(19,001)
-		 Balance at
31 March
2024
£
-
125,622
-
-
27,458
-
-
1,000
168,205
991,843

Page 36

Groundwork Wales

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

Charity
Unrestricted funds
General
General funds
Designated
Building Maintenance Costs
Cardiff City Council Donation
Marketing
2 x Van Dep
Translation
Funds received for 24/25
Laptop depreciation
Total unrestricted funds
Restricted funds
ACT (Traineeships)
Groundwork Wellbeing (WG)
NatWest Enterprise Officer
Nurture, Equip, Thrive
Postcode Lottery (R2L)
Route to Life
Tesco Play
WCVA - Landfill Disposals Tax
Communities Scheme Grant
Welsh Government - ENRaW
Route 2 Life: Food for Growth
Caerphilly SPF
Community Nature Guardians
Blaenau Gwent SPF
Future Steps Development Grant
Esmee Fairbarn Healthy Rivers:
South east Wales
Total restricted funds
Total funds		 Balance at 1
April 2024
£
566,500
741
9,061
959
14,271
4,829
36,076
11,700
77,637		 Incoming
resources
£
560,910
-
-
-
-
-
-
-
-		 Resources
expended
£
(536,203)
-
-
(328)
(9,319)
(19)
(36,076)
(3,502)
(49,244)		 Balance at 31
March 2025
£
591,207
741
9,061
631
4,952
4,810
-
8,198
28,393
644,137
594
1,363
228
2,667
1,900
506
6,652
-
215
-
-
-
-
14,125
658,262		 560,910
-
-
210,000
-
-
32,254
-
12,029
-
39,577
68,087
25,000
52,201
439,148
1,000,058		 (585,447)
-
-
(210,000)
-
-
(32,254)
-
(12,029)
-
(39,577)
(68,087)
(25,000)
(52,201)
(439,148)
(1,024,595)		 619,600
594
1,363
228
2,667
1,900
506
6,652
-
215
-
-
-
-
14,125
633,725

Page 37

Groundwork Wales

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

Unrestricted funds
General
General funds
Designated
Building Maintenance Costs
Cardiff City Council
Donation
Marketing
2 x Van Dep
BD Consultancy
Translation
Salaries & Overhead
2023/24
Funds received for 24/25
Laptop depreciation
Total unrestricted funds
Restricted funds
ACT (Traineeships)
Groundwork Wellbeing
(WG)
NatWest Enterprise Officer
Nurture, Equip, Thrive
Postcode Lottery (R2L)
Regeneration (WG)
Route to Life
Tesco Play
WCVA - Landfill Disposals
Tax Communities Scheme
Grant
Welsh Government -
ENRaW
Route 2 Life: Food for
Growth Caerphilly SPF
Community Nature
Guardians Blaenau Gwent
SPF
Total restricted funds
Total funds		 Balance at 1
April 2023
£
617,248
741
13,080
1,170
19,571
2,000
4,829
77,240
-
-
118,631
735,879
594
1,363
228
2,667
1,900
-
506
6,652
-
215
-
-
14,125
750,004		 Page 38
Incoming
resources
£
559,180
-
-
-
-
-
-
-
-
-
-
559,180
-
-
-
19,001
-
210,000
34,193
-
4,181
-
16,561
29,612
313,548
872,728		 Resources
expended
£
(586,643)
-
(4,019)
(211)
(5,300)
-
-
(73,750)
-
-
(83,280)
(669,923)
-
-
-
-
-
(210,000)
(34,193)
-
(4,181)
-
(16,561)
(29,612)
(294,547)
(964,470)		 Transfers
£
(23,285)
-
-
-
-
(2,000)
-
(3,490)
36,076
11,700
42,286
19,001
-
-
-
(19,001)
-
-
-
-
-
-
-
-
(19,001)
-		 Balance at
31 March
2024
£
566,500
741
9,061
959
14,271
-
4,829
-
36,076
11,700
77,637
644,137
594
1,363
228
2,667
1,900
-
506
6,652
-
215
-
-
14,125
658,262

Groundwork Wales

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

The specific purposes for which the funds are to be applied are as follows:

ACT Traineeships - funding provided towards providing traineeships.

Groundwork Wellbeing (WG) Heritage Fund - Funding a broad range of projects that connect people and communities to the national, regional·and local heritage of the UK.

NatWest Enterprise Officer - funding to employ a member of staff to offer financial literacy skills to beneficiaries.

Nurture, Equip, Thrive - This is a European funded programme which supports people to undertake health and wellbeing activity when they are off work sick, and also helps organisations to help their workforces to stay healthy and fit at work, preventing illness and supporting wellbeing.

Postcode Lottery (R2L) - The aim of the fund is to support smaller charities and good causes to make a difference to their community for the benefit of people and the planet.

Regeneration [WG] - This core funding continues to support our organisation with a focus on town centre work.

Routes to life - We continue to run our horticultural project; providing placements for a wide range of clients and volunteers.

Welsh Government - ENRaW - Our We Care programme enables us to provide opportunities for people to participate in Green Teams, Volunteering and Education whilst also achieving accreditation. The Programme supports the biodiversity and community ownership of green spaces and we work in partnership with Groundwork North Wales.

WCVA - Landfill Disposals Tax Communities Scheme Grant - Aberbeeg -To support Aberbeeg Community Centre to make better use of its green space, including installation of seating area and planting of fruit trees. Funding term: 1 year from pt December 2020.

Ty Myriyddislwyn Environment Centre - This represents funding provided to purchase the property under the capital asset transfer scheme. The depreciation cost is shown in resources expended.

Circular Economy Fund "- The fund was open to local authorities to help Wales Shift towards a circular economy driving further increases in recycling and decarbonisation. In 2021/22, this included the donation of two vehicles to the charity, The depreciation cost is shown in resources expended.

Page 39

Groundwork Wales

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

18 Analysis of net assets between funds

Group

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
Designated
£
£
30,486
-
100
-
926,440
39,115
(229,299)
-
727,727
39,115
Unrestricted funds
General
Designated
£
£
29,944
-
871,007
123,822
(201,136)
-
699,815
123,822		 Restricted
funds
£
139,877
-
14,125
-
154,002
Restricted
funds
£
153,436
14,770
-
168,206		 Total funds at
31 March
2025
£
170,363
100
979,680
(229,299)
920,844
Total funds at
31 March
2024
£
183,380
1,009,599
(201,136)
991,843

Charity

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
Designated
£
£
27,993
-
745,632
28,393
(182,418)
-
591,207
28,393
Unrestricted funds
General
Designated
£
£
29,944
-
704,463
77,637
(167,907)
-
566,500
77,637		 Restricted
funds
£
-
14,125
-
14,125
Restricted
funds
£
-
14,125
-
14,125		 Total funds at
31 March
2025
£
27,993
788,150
(182,418)
633,725
Total funds at
31 March
2024
£
29,944
796,225
(167,907)
658,262

Page 40

Groundwork Wales

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

19 Analysis of net funds

Group

Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 April
2024
£
814,459
814,459
At 1 April
2023
£
852,054
852,054		 Financing cash
flows
£
(46,885)
(46,885)
Financing cash
flows
£
(37,595)
(37,595)		 At 31 March
2025
£
767,574
767,574
At 31 March
2024
£
814,459
814,459

Page 41

5.1. Groundwork Wales - 2025 Report Financial Statements Final Audit Report 2025-12-03 Created.. 202&124J1 By.. Katy Greco lwales.info@groundwork.org.ukl Status.. Signed Transaction ID.. CBJCHBCAABAAuFCQbuy3qZoSrWPaatquiPMv211j8sp "5.1. Groundwork Wales- 2025 Report Financial Statements" Hi story Document created by Katy Greco (wales.info@groundwork.org.uk) 2025-12-01 - 12..24..39 PM GMT Document emailed to Professor John Hunt (iohn@geoclimatica.com) for signature 2025-12-01 - 12.'24.'46 PM GMT Email viewed by Professor John Hunt (i'ohn@geoclimatica.com) 2025-12-03- 12.'49.'18 PM GMT Document e-signed by Professor John Hunt (i"ohn@geoclimatica.com) Signature Date: 202&12-03- 12.'50:08 PM GMT- T1￿ Sour￿. server Agreemer)t completed. 2025-12-03- 12.'50.'08 PM GMT Adobe Acrobat Sign