**REGISTERED COMPANY NUMBER: 04645611 (England and Wales) REGISTERED CHARITY NUMBER: 1123576**
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
The Gorseinon Development Trust Ltd.
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
The Gorseinon Development Trust Ltd.
## Contents of the Financial Statements for the Year Ended 31 March 2024
||Page|
|---|---|
|Report of the Trustees|1 to 5|
|Independent Examiner's Report|6 to 7|
|Statement of Financial Activities|8|
|Balance Sheet|9 to 10|
|Cash Flow Statement|11|
|Notes to the Cash Flow Statement|12|
|Notes to the Financial Statements|13 to 22|
|Detailed Statement of Financial Activities|23 to 24|
The Gorseinon Development Trust Ltd.
## Report of the Trustees for the Year Ended 31 March 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
## **The charity's objects**
The objects of the charity, as set out in the memorandum and articles of association, are the promotion for the public benefit of urban and rural regeneration in areas of social and economic deprivation, around Gorseinon and surrounding area, by a variety of means detailed in the memorandum of association.
## **Public benefit**
In setting the objectives and planning the activities of the charity, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit, which explicitly recognises the promotion of urban and rural regeneration as a charitable purpose in the light of changing social and economic conditions.
## **Principal Activities**
We work with the local community by providing facilities to improve the quality of life for residents, manage and maintain the Canolfan Gorseinon, and support other charitable and community activities in the area. Within the Centre, we currently lease offices to small businesses to whom we also provide office services and provide a first class childcare facility. Since December 2020, we have continued to assist the NHS covid and latterly MMR vaccination programme by enabling part of the Canolfan to act as a mass vaccination hub. This has necessitated a reconfiguration of space within the building, leading to the curtailment of services provided by the healthy living café, and the continued suspension of being able to accommodate community groups, which ran a wide range of educational and recreational activities and the organisation of some community events. It is the Trust's intention to resume offering facilities for community groups in the future, when the local Health Board no longer require the current amount of dedicated space. We anticipate that these opportunities will arise in the latter part of 2024.
Page 1
The Gorseinon Development Trust Ltd.
## Report of the Trustees
## for the Year Ended 31 March 2024
## **STRATEGIC REPORT Achievement and performance**
## **Charitable activities**
As the economy recovered from the effects of the global Covid-19 pandemic, it was gratifying to report that most of our small local business tenants were able to continue their activities. As the NHS continued using the main hall in the Canolfan as a mass vaccination centre for Gorseinon and surrounding areas, there was another twelve months of the complete cessation of other community activities, room hire and catering services in the Canolfan. As even more people are now aware of the charity's presence and the availability of its facilities in the future, we continued to receive enquiries from a variety of local organisations and individuals which we anticipate being able to accommodate in the near future.
Childcare provision within our Trusting Hands Day Nursery continued to expand, utilising the additional space made available within the Canolfan, which initially came about as a result of necessary changes arising from the pandemic. We continued to acquire further play and storage equipment, increase training opportunities for staff, and progress towards a more healthy and sustainable pre-school scheme as part of the local authority's drive to prevent obesity in pre-school children. Costs continued to rise with further substantial increases in the national minimum and living wage, partially offset by increases in fees charged to parents. We continue to be very grateful for parents' understanding of the need for such measures, which are necessary for the financial resilience of the nursery, within the context of the ongoing cost of living crisis. .
Zoe Evans was appointed nursery manager from April 2023 to replace her long-serving predecessor, Caroline White who retired after 15 years in such a demanding position. We are pleased to note that Zoe has embraced the role with enthusiasm, and has continued the development of Trusting Hands as a well-loved part of the community. Opportunities continue to be given for staff development within the nursery, which will continue in the current year.
The new nursery management software system (Famly), which was implemented early in 2023, has continued to be extremely beneficial in the development of information regularly given to parents about their child's progress, and to the nursery staff in reducing the administrative burdens in producing invoices and preparing staff rotas. This then allowed us to change to a new accounting system (Xero) from April 2023 which integrates with the Famly invoicing software.
In the face of all these factors, we were again able to generate a surplus, despite the ever-rising cost pressures. particularly substantial increases in electricity costs. Further recruitment to the trustee board is being sought. Our website has been redeveloped and is also used to enhance staff recruitment.
## **Financial review**
## **Financial position**
Income from the Trust's principal charitable activities increased by 17% in the year with resources expended similarly increasing by 17%.
The charity made a surplus in the year of £65,664, giving an overall accumulated surplus at the year-end of £230,882.
Unrestricted free reserves stood at £224,219 at 31 March 2024.
Page 2
The Gorseinon Development Trust Ltd.
## Report of the Trustees for the Year Ended 31 March 2024
## **STRATEGIC REPORT Financial review**
## **Reserves policy**
The previously declared aim of the charity is that, over time, a reserve equivalent to three months' operating cost shall be established. After a lot of hard work by staff and trustees, the Trust has now moved to a position where it has achieved a position where free reserves cover 3.4 months of operating costs. During the current year, the trustees will review their policy with a view to identifying a range within which free reserves should lie in order to achieve financial resilience, enable the charity to manage day-to-day cash flow, and to be able to develop and expand the charity's services.
## **Going concern**
As with many charitable organisations, the challenge going forward is to ensure sustainability of the organisation so that its charitable objectives can be met as much as possible through resources generated internally. Virtually all of the charity's resources are internally generated, but, in the shorter term, there continue to be significant challenges in relation to meeting the increasing core costs of the organisation, which create material uncertainties over future results and cash flows.
The trustees/directors are continually taking steps to improve the charity's position. Some of the increases in staff costs, due to legislative changes, have been offset by an increase in fees charged. The Trustees are continuing to pursue further income opportunities, including strategies to maintain the temporary increase in registered capacity of the nursery.
A healthy surplus was again achieved in the year, and a further operating surplus is anticipated in the 2024/25 financial year with the trustees/directors having a reasonable expectation that the charitable company's resources will continue to be sufficient to continue operations in the foreseeable future as a going concern.
## **Future plans**
The Trustees will continue to follow the core strategy of rebuilding the Trust's financial position in order to ensure the continued availability of the Canolfan Gorseinon for community use, secure staff employment and build a sound platform from which future community development projects can be successfully delivered. We will seek to work with the local authority, Welsh government and others to maintain and develop our community contribution.
There have been recent exciting developments with the acceptance by Welsh government of our application through the Childcare and Early Years Capital Programme, put forward with the cooperation and support of. Swansea Council. This will allow the development of additional space at the Canolfan to expand the nursery on a more permanent basis, and will be completed by 31 March 2025. Concurrently with this structural work, we will also conduct a strategic review of all our charitable activities and seek to increase our presence in the local area, particularly as the use by the NHS of the Canolfan will cease during late 2024. It is still the longer-term intention to seek to employ a general manager to enhance the delivery of services and to implement the Trust's strategy.
Page 3
## The Gorseinon Development Trust Ltd.
## Report of the Trustees for the Year Ended 31 March 2024
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governance and management**
The charity is a charitable company limited by guarantee formed on 23 January 2003, and is governed by its memorandum and articles of association as amended on 11 August 2015. It became a registered charity on 11 April 2008. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.
The directors meet regularly and those who served during the year are detailed within the Reference and Administrative section. The directors are responsible for all policies, procedures and decisions made, including risk assessments, which are regularly monitored by the directors. Day to day management of the Trust is delegated to various trustees following a re-organisation of responsibilities. On appointment, governance related training and detailed information on the charity is provided through a series of meetings with other trustees.
## **Recruitment and appointment of new trustees**
The trustees of the charity are also directors for the purposes of company law and are appointed by the members at the Annual Business Meeting, or co-opted by the trustees at any other time.
## **Risk management**
The trustees have examined the major strategic, financial and operational risks faced by the charity, and have established procedures to mitigate those risks. Financial risks will be managed by seeking to minimise vacant letting space, regular reviews of costs and pricing of services, and to build up free reserves as indicated above. Operational procedures for financial management are regularly examined at trsustee meetings.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
04645611 (England and Wales)
## **Registered Charity number**
1123576
## **Registered office**
Canolfan Gorseinon Centre Millers Drive Gorseinon SWANSEA SA4 4QN
## **Trustees**
Ms G Gibbon Mr I R Jones Mr A J Rudge Mr W Evans Ms J A Walters Ms L A Jones (appointed 25/4/23)
## **Company Secretary**
Mr A J Rudge
Page 4
The Gorseinon Development Trust Ltd.
## Report of the Trustees for the Year Ended 31 March 2024
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 18 September 2024 and signed on the board's behalf by:
Mr A J Rudge - Trustee
Page 5
## Independent Examiner's Report to the Trustees of The Gorseinon Development Trust Ltd.
## **Independent examiner's report to the trustees of The Gorseinon Development Trust Ltd. ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Page 6
## Independent Examiner's Report to the Trustees of The Gorseinon Development Trust Ltd.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
C E Daultrey FCCA
Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ
18 September 2024
Page 7
## The Gorseinon Development Trust Ltd.
## Statement of Financial Activities for the Year Ended 31 March 2024
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
-
**Charitable activities**
5
Other Income/ Expenses
847,050
Grants
-
Other trading activities
3
274
Investment income
4
4,587
Other income
2,553
**Total**
854,464
**EXPENDITURE ON**
Raising funds
6
22,799
**Charitable activities**
7
Other Income/ Expenses
766,001
Grants
(1,011)
**Total**
787,789
**NET INCOME/(EXPENDITURE)**
66,675
**RECONCILIATION OF FUNDS**
Total funds brought forward
162,561
**TOTAL FUNDS CARRIED FORWARD**
229,236|Restricted
funds
£
-
-
264
-
-
-
264
-
264
1,011
1,275
(1,011)
2,657
1,646|2024
Total
funds
£
-
847,050
264
274
4,587
2,553
854,728
22,799
766,265
-
789,064
65,664
165,218
230,882|2023
Total
funds
£
15
714,456
10,964
181
1,484
3,615|
|---|---|---|---|
||||730,715|
||||14,389
659,646
-|
||||674,035|
||||56,680
108,538|
||||165,218|
The notes form part of these financial statements
Page 8
## The Gorseinon Development Trust Ltd.
## Balance Sheet
## 31 March 2024
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
12
5,019
**CURRENT ASSETS**
Stocks
13
785
Debtors
14
16,982
Cash at bank and in hand
386,760
404,527
**CREDITORS**
Amounts falling due within one year
15
(90,310)
**NET CURRENT ASSETS**
314,217
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
319,236
**CREDITORS**
Amounts falling due after more than one year
16
(90,000)
**NET ASSETS**
229,236
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
1,646
-
-
-
-
-
-
1,646
-
1,646|2024
Total
funds
£
6,665
785
16,982
386,760
404,527
(90,310)
314,217
320,882
(90,000)
230,882
229,236
1,646
230,882|2023
Total
funds
£
7,589
737
18,755
318,996
338,488
(85,859)
252,629
260,218
(95,000)
165,218
162,561
2,657
165,218|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 9
The Gorseinon Development Trust Ltd.
## Balance Sheet - continued 31 March 2024
- The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 18 September 2024 and were signed on its behalf by:
Mr A J Rudge - Trustee
Mr W Evans - Trustee
The notes form part of these financial statements
Page 10
## The Gorseinon Development Trust Ltd.
## Cash Flow Statement for the Year Ended 31 March 2024
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2024
£
66,425
66,425
(3,248)
4,587
1,339
67,764
318,996
386,760|2023
£
69,207
69,207
(3,137)
1,484
(1,653)
67,554
251,442
318,996|
|---|---|---|
The notes form part of these financial statements
Page 11
## The Gorseinon Development Trust Ltd.
## Notes to the Cash Flow Statement for the Year Ended 31 March 2024
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
||**ACTIVITIES**||||
|---|---|---|---|---|
||||2024|2023|
||||£|£|
||**Net income for the reporting period (as per the Statement of**||||
||**Financial Activities)**||65,664|56,680|
||**Adjustments for:**||||
||Depreciation charges||4,171|2,996|
||Interest received||(4,587)|(1,484)|
||Increase in stocks||(48)|(231)|
||Decrease in debtors||1,773|4,193|
||(Decrease)/increase in creditors||(548)|7,053|
||**Net cash provided by operations**||66,425|69,207|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1/4/23|Cash flow|At 31/3/24|
|||£|£|£|
||**Net cash**||||
||Cash at bank and in hand|318,996|67,764|386,760|
|||318,996|67,764|386,760|
||**Debt**||||
||Debts falling due within 1 year|(5,000)|-|(5,000)|
||Debts falling due after 1 year|(95,000)|5,000|(90,000)|
|||(100,000)|5,000|(95,000)|
||**Total**|218,996|72,764|291,760|
The notes form part of these financial statements
Page 12
The Gorseinon Development Trust Ltd.
Notes to the Financial Statements for the Year Ended 31 March 2024
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item of income have been met or are fully within the control of the charity, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Support costs relate to functions that assist the work of the charity but which do not directly relate to undertaking charitable activities. These costs are allocated on the basis of staff time devoted to those activities.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33.33% on cost Fixtures and fittings - 33.33% on cost Equipment - 33.33% on cost
## **Stocks**
Stock is included at the lower of cost or net realisable value.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Restricted funds must be expended in accordance with restrictions imposed by the donor. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 13
The Gorseinon Development Trust Ltd.
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside for specific purposes. Designated fixed asset funds comprise income funds which could only be realised by disposing of fixed assets held for the use of the charity.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. DONATIONS AND LEGACIES**
|**2.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||Donations|-|15|
|**3.**|**OTHER TRADING ACTIVITIES**|||
|||2024|2023|
|||£|£|
||Nursery fundraising income|274|181|
|**4.**|**INVESTMENT INCOME**|||
|||2024|2023|
|||£|£|
||Deposit account interest|4,587|1,484|
continued...
Page 14
The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
|**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Nursery income
Other Income/ Expenses
Conferences
Other Income/ Expenses
Managed workspace/ Room
hire
Other Income/ Expenses
Grants
Grants
Grants received, included in the above, are as follows:
CYP Sustainability Grant
Healthy & Sustainable Pre School Scheme (HSPSS) grant
Healthy & Sustainable Pre School Scheme (HSPSS) grant - Round 2
**6.**
**RAISING FUNDS**
**Other trading activities**
Cafe/Catering purchases
**7.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Costs
£
Other Income/ Expenses
740,282|2024
£
682,508
74,216
90,326
264
847,314
2024
£
-
264
-
264
2024
£
22,799
Support
costs (see
note 8)
£
25,983|2023
£
561,786
69,780
82,890
10,964|2023
£
561,786
69,780
82,890
10,964|
|---|---|---|---|
|||725,420||
|||2023
£
3,001
228
7,735
10,964
2023
£
14,389
Totals
£
766,265|2023
£
3,001
228
7,735|
||||10,964|
||||2023
£
14,389|
Page 15
continued...
The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **8. SUPPORT COSTS**
|**SUPPORT COSTS**|||||
|---|---|---|---|---|
||||Governance||
||Finance|Other|costs|Totals|
||£|£|£|£|
|Other Income/ Expenses|984|17,271|7,728|25,983|
## **9. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2024|2023|
|---|---|---|
||£|£|
|Depreciation - owned assets|4,172|2,995|
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no travel expenses paid to trustees/directors during the year [2023: £Nil].
## **11. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Total Staff|2024
£
566,477
27,538
8,300
602,315
2024
40|2023
£
472,244
21,291
6,590|
|---|---|---|
|||500,125|
|||2023
35|
No employees received emoluments in excess of £60,000.
Page 16
continued...
## The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **12. TANGIBLE FIXED ASSETS**
|Fixtures
Tenant
Plant and
and
improvement
machinery
fittings
Equipment
Totals
£
£
£
£
£
**COST**
At 1 April 2023
2,035
3,835
36,038
68,797
110,705
Additions
-
765
-
2,483
3,248
At 31 March 2024
2,035
4,600
36,038
71,280
113,953
**DEPRECIATION**
At 1 April 2023
2,035
3,835
32,044
65,202
103,116
Charge for year
-
128
1,716
2,328
4,172
At 31 March 2024
2,035
3,963
33,760
67,530
107,288
**NET BOOK VALUE**
At 31 March 2024
-
637
2,278
3,750
6,665
At 31 March 2023
-
-
3,994
3,595
7,589
**13.**
**STOCKS**
2024
2023
£
£
Stocks
785
737
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2024
2023
£
£
Trade debtors
5,726
7,142
Prepayments
11,256
11,613
16,982
18,755|Fixtures
Tenant
Plant and
and
improvement
machinery
fittings
Equipment
Totals
£
£
£
£
£
**COST**
At 1 April 2023
2,035
3,835
36,038
68,797
110,705
Additions
-
765
-
2,483
3,248
At 31 March 2024
2,035
4,600
36,038
71,280
113,953
**DEPRECIATION**
At 1 April 2023
2,035
3,835
32,044
65,202
103,116
Charge for year
-
128
1,716
2,328
4,172
At 31 March 2024
2,035
3,963
33,760
67,530
107,288
**NET BOOK VALUE**
At 31 March 2024
-
637
2,278
3,750
6,665
At 31 March 2023
-
-
3,994
3,595
7,589
**13.**
**STOCKS**
2024
2023
£
£
Stocks
785
737
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2024
2023
£
£
Trade debtors
5,726
7,142
Prepayments
11,256
11,613
16,982
18,755|Fixtures
Tenant
Plant and
and
improvement
machinery
fittings
Equipment
Totals
£
£
£
£
£
**COST**
At 1 April 2023
2,035
3,835
36,038
68,797
110,705
Additions
-
765
-
2,483
3,248
At 31 March 2024
2,035
4,600
36,038
71,280
113,953
**DEPRECIATION**
At 1 April 2023
2,035
3,835
32,044
65,202
103,116
Charge for year
-
128
1,716
2,328
4,172
At 31 March 2024
2,035
3,963
33,760
67,530
107,288
**NET BOOK VALUE**
At 31 March 2024
-
637
2,278
3,750
6,665
At 31 March 2023
-
-
3,994
3,595
7,589
**13.**
**STOCKS**
2024
2023
£
£
Stocks
785
737
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2024
2023
£
£
Trade debtors
5,726
7,142
Prepayments
11,256
11,613
16,982
18,755|
|---|---|---|
|||6,665|
|||7,589|
||2023
£
737
2023
£
7,142
11,613|2023
£
737|
||18,755||
continued...
Page 17
The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
|**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2024
£
Other loans (see note 17)
5,000
Trade creditors
21,981
Social security and other taxes
6,157
Other creditors
20,623
Accruals and deferred income
36,549
90,310
**16.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2024
£
Other loans (see note 17)
90,000
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
2024
£
Amounts falling due within one year on demand:
Other loans
5,000
Amounts falling between one and two years:
Other loans - 1-2 years
5,000
Amounts falling due between two and five years:
Other loans - 2-5 years
15,000
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
70,000|2023
£
5,000
23,181
3,408
17,456
36,814|
|---|---|
||85,859|
||2023
£
95,000|
||2023
£
5,000|
||5,000|
||15,000|
||75,000|
continued...
Page 18
The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS**
|At 1/4/23
£
**Unrestricted funds**
General fund
157,733
Designated Fixed Asset Funds
4,828
162,561
**Restricted funds**
CYP Sustainability Grant
2,657
**TOTAL FUNDS**
165,218
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
Designated Fixed Asset Funds
**Restricted funds**
CYP Sustainability Grant
Healthy & Sustainable Pre School
Scheme Grant
**TOTAL FUNDS**|Net
movement
in funds
£
69,835
(3,160)
66,675
(1,011)
65,664
Incoming
resources
£
854,464
-
854,464
-
264
264
854,728|Transfers
between
At
funds
31/3/24
£
£
(3,349)
224,219
3,349
5,017
-
229,236
-
1,646
-
230,882
Resources
Movement
expended
in funds
£
£
(784,629)
69,835
(3,160)
(3,160)
(787,789)
66,675
(1,011)
(1,011)
(264)
-
(1,275)
(1,011)
(789,064)
65,664|
|---|---|---|
continued...
Page 19
## The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At 1/4/22
£
**Unrestricted funds**
General fund
101,092
Designated Fixed Asset Funds
7,446
108,538
**Restricted funds**
CYP Sustainability Grant
-
**TOTAL FUNDS**
108,538
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
719,751
Designated Fixed Asset Funds
-
719,751
**Restricted funds**
CYP Sustainability Grant
10,500
Healthy & Sustainable Pre School
Scheme Grant
464
10,964
**TOTAL FUNDS**
730,715|Net
movement
At
in funds
31/3/23
£
£
56,641
157,733
(2,618)
4,828
54,023
162,561
2,657
2,657
56,680
165,218
Resources
Movement
expended
in funds
£
£
(663,110)
56,641
(2,618)
(2,618)
(665,728)
54,023
(7,843)
2,657
(464)
-
(8,307)
2,657
(674,035)
56,680|
|---|---|
continued...
Page 20
The Gorseinon Development Trust Ltd.
## Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **18. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Designated Fixed Asset Funds
**Restricted funds**
CYP Sustainability Grant
**TOTAL FUNDS**|At 1/4/22
£
101,092
7,446
108,538
-
108,538|Net
movement
in funds
£
126,476
(5,778)
120,698
1,646
122,344|Transfers
between
funds
£
(3,349)
3,349
-
-
-|At
31/3/24
£
224,219
5,017|
|---|---|---|---|---|
|||||229,236
1,646|
|||||230,882|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,574,215|(1,447,739)|126,476|
|Designated Fixed Asset Funds|-|(5,778)|(5,778)|
||1,574,215|(1,453,517)|120,698|
|**Restricted funds**||||
|CYP Sustainability Grant|10,500|(8,854)|1,646|
|Healthy & Sustainable Pre School||||
|Scheme Grant|728|(728)|-|
||11,228|(9,582)|1,646|
|**TOTAL FUNDS**|1,585,443|(1,463,099)|122,344|
continued...
Page 21
The Gorseinon Development Trust Ltd.
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
## **19. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024.
## **20. LEGAL STATUS OF THE CHARITY**
The Gorseinon Development Trust Ltd is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
Page 22
The Gorseinon Development Trust Ltd.
|Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Nursery fundraising income
**Investment income**
Deposit account interest
**Charitable activities**
Nursery income
Conferences
Managed workspace/ Room hire
Grants
**Other income**
Sundry income
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Cafe/Catering purchases
**Charitable activities**
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Carried forward|2024
£
-
274
4,587
682,508
74,216
90,326
264
847,314
2,553
854,728
22,799
566,477
27,538
8,300
8,730
12,055
46,824
5,254
4,313
679,491|2023
£
15
181
1,484
561,786
69,780
82,890
10,964|
|---|---|---|
|||725,420
3,615|
|||730,715
14,389
472,244
21,291
6,590
6,647
10,971
40,411
4,732
5,396
568,282|
This page does not form part of the statutory financial statements
Page 23
## The Gorseinon Development Trust Ltd.
## Detailed Statement of Financial Activities for the Year Ended 31 March 2024
|**Charitable activities**
Brought forward
Sundries
Nursery costs
Recruitment and casual wages costs
Subscriptions, memberships and licences
Travel and subsistence
Service agreements
Equipment hire
Computer and maintenance costs
Repairs and renewals
Cleaning
Premises expenses
Refuse collection
Bad debts
Clothing costs
Training
Volunteer Expenses
Depreciation
Depn of equipment
**Support costs**
**Finance**
Bank charges
**Other**
Professional fees
**Governance costs**
Accountancy fees
Legal & Professional fees
Total resources expended
**Net income**|2024
£
679,491
1,470
7,971
387
1,244
56
8,043
84
514
3,316
8,830
15,659
6,406
624
401
1,565
50
1,843
2,328
740,282
984
17,271
7,488
240
7,728
789,064
65,664|2023
£
568,282
1,309
13,800
-
1,062
-
7,675
160
1,457
3,329
9,525
17,108
5,051
-
40
2,210
-
1,914
1,081|
|---|---|---|
|||634,003
1,016
15,109
9,518
-|
|||9,518|
|||674,035|
|||56,680|
This page does not form part of the statutory financial statements
Page 24