The Gorselnon Development Trust Limited Charity iiumber 1123576 A company limited by guarantee nuiiiber 04645611 Annual Report and Financial Statements for the year ended 31 March 2025 ffSEI ENS The Gorseinon Development Trust Limited Annual Report and Financlal Statements for the year ended 31 March 2025 Contents Page Trustees, report 2to5 Auditorfs report 6t09 Statement of flnancial activitles 10 Balanc8 sheet 11 Statement of cash flows 12 Notes to the accounts 13to20 The Gorselnon Development Trust Limited Trustee5' report for the year ended 31 March 2025 Reference and admini5tratlve details of Ihe charity, Its trustoes aiid advlsor8 The Ii'ustees during Ilie fiiiaiicial year and ui) lo aiid iiicluding the dale the ré&iJorl tipprDve(I were. Name Positlon Dates Williani Evans Chair Allan Rudge Secretary lan Jones Gleiida Gibbon Lynne Jonas Julle W8llers Resigned 21 April 2025 Charlty number 1123576 Registered in England 8nd Wales Registered in England and Wale5 Company number 04645611 Reglstered and prlnclpal address Canolfan Gorseinon Centre Millers Drive Gorseinon Swansea SA4 4QN Bankers HSBC United Trust Bank Unily Trust Bank Redwoood Bank Audilors Aslimole & Co Flrst Floor, 1 Sl Jolin's Court Urjper Fforest Way, Enlerprise Park Swiinsea SA6 8QQ Structure. governance and management The charity Is 8 Lharitable company limited by guarantee and was formed on 23 January 2003.11 is governed by a memorandum and articles of assoclation, as amended on 11 Augiist 2015.11 became registered charity on 11 April 2008. The liabllity of the members In the event of the company being WOLtnd up 15 limited to a sum not exceeding £10. The directors meet regularly and those who served during the year are detailed within the Reference and Adminislralive secllon. The directors are responsible for dll policles, proceduros and decisions rnade, including risk assessments, which are regularly monitored by the directors. Day to day management of the Trust is delegated to v8riOUS trustees following a re-organisation of responsibilities. On appolntmenl, govemance r8la16d Irainlng and detailed information on the charliy Is provided throuyh a serles of meotings with other Irustees. Method of recrultmènt and appolntment of trustees The Iruslees of the charity are also dlrectors for the purposes of company law arid are appolnled by the members al the Annual Business Meellng, or C¢>OPted by the Iruslees al any other tSme. Risk management The tru51ee5 have examined the major strategic. financial and operational risks fae.p.d by 11)e charity, and have established procedures to miligate those risks. Financial risks will be managed by seeking to minimise vacant Felling space. regljlar reviews of cosls and of prlcing of services, and to build up free reserves as indicaled above. Operational procedures for financial management are regularly examined at truslee meetings. The Gorseinon Development Trust Limited Trustees. report (continued) for the year ended 31 March 2025 Objectives aiid aclivitles The charity's objects Tlig objecls of the charity, as set Liul ii) th¥ n'ieniuraiiduiii aiid artlLles of dSSUCliiliui'i, al'e 1118 yi-uniuliuwi tc)r the public b@nefit of urbaii aiid rural reueneralioii Iii areas of social aiid econoiiiic dèpi'lvatloll, drauiid Goi"seiiioii and surroLinding area, by a vai'iety of nieans detailed iii Ihe memorandun) of association. The charlty's main actlvities We work with the local coinmunity by providing facilities lo improve the quallly of life for residents, managc and maintain the CanolfBn Gorseinon, and supporl olher charitable and cofflmunily activities in the area. Wilhln the Centre, we leas8 offices lo small businesses to whom we also provide office Services and provide a firsl class childc81'e facility. During the year, we recelved substantial grant fundlng lo anable the capacity of the chlldcare activity, known as Trusting Hands. lo b8 increased. From DeLembeT 2020 to February 2025, we assisted the NHS covid and MMR vaccination programmes by enabling part of the Canolfan to acl as a mass vaccination hub. W& have now bee able to restart olfering lacilities to accommodate groups to run a wide range of educ8tional and re¢re8lional activlti6s and the organisation of somè communlty events. Plibllc beneflt statement In setting the obi8¢1ives and plannlng th8 activities of the charity, the trustees have given careful consid8ralion lo Ihc Charity Cominission's geiierdl guidance on public benefil, which expllcilly r@cognls8s the promotion of urban and rural regeneration as a charitable purpose iri the ligl)l of changing social arid economic condStlon$. Achlevoments and perfurmance The NHS continued usiiig Ihe main hall Iii the Canolfan as a mass vaccination cei Itre fur Gorseinon arld surrounding areas uy urilil February 2025, so 2024-25 s8w a furtFi&r year of Ihe coi?Iplete cessativn of other r.ommunily 8Ctivitips, room hire and cateriiig S*3Tvices in the Canolfan. We continued to recelve enquiries from a variely of local organlsallons and Individuals, and since Ihe Spring of 2025 we hav8 slowly been able lo recommence offering our facililies to Ihe local community once again, The outstanding 8chlevemenl of the year was the extension of (he Canolfan, with the full support of our landlords, Swansea Council, lo incr88se Ihè capacity of the Trusling Hands Day Nursery from 66 r8gislered places to 94. This was achieved with the addltion of a self-contained multi-purpose modular bulldlng lo provlde 24 child places and buildlng niodificallons lo the exlsling bullding lo allow a permanent change of use to secure 24 pae.es and add a further 4. The work was all Gompleled by Ihe erid of the financial year followlng approval of a grant of £352,845 under the Chlldcare and Early Years Capital Grant scheme, assessed against the Welsh Governments Capital Programme's crlteria and Swansea Councll's Childcare Sufficiency Assessment. The total cosls of Ihe development amounted to just over £409k, wllh the shortfall of approximately £57k met from the r.h8rily's reserves. The riew facilities open8d during the curreni financial year, following conclusion of Ihe relevant building control formalitles and approval by Care Inspeclorale Wales. We are exlremely grateful lo Swansea Council . the Welsh Govemment, our architects IPlan Architecture. the conlraclors G6 Developments Ltd and others for all their efforts in meeting the regulatory, financial and construction deadlines throughout the process. We also conllnued lo acquire further play and slorage equipment, increase tralning opporlLinilies for st8ff, and progr8SS towards a mDre healthy and suslainable pre-school scheme as part of the local authority's drive to prevenl obesity in pre-school children. Costs continued lo rise with furlher subslanlial Increases in the national mlnlrnurn and living wage, partially offsel by increases in fees charged ID parents. Vve continue to be very gialeful for parents, understanding of the need for such measures, which are necessary for the financial resilience of the nursery, withln the context of the ongoing cosl of Ilving crisis. The situation h8s been fLtrther pxacerbated in 202J-26 wilh the national incra2ses in national insurance contributions paid by 8mployer5. The Gor5einon Development Trust Limited T￿steeS. report (contlnued) for the year ended 31 March 2025 Achlevemeiits and perforinance {contlnuod) In the face of the disruplions caused by tliese develoi)Iiivnts, we were again able lo geiierate an operc11ing surplus. despite the ever-rfsing cost pres8ures. Further recruitineiit lo11)e IrLJSte8 boai'd is being souglil. Plans for future periods The Truslees will continue lo follow the cor8 strategy of rebuildlng Ilie Tnjst's financial position in order to eiisure the contiiiued availabilily ol thè Cai)olfan Gorseinon for Loniniunity use, secure slaff ernploymenl and build a sound platform frum which future communlly development projects can be successfully delivered. We will seek to work with the loLal aulhorily. Welsh govemment and others to maintain and develop our commuiiity contribution. Thls has been helped with the opening of the new nursery places, whlch has bèen very w811 recelved by staff and parents, aiid of coursè the children theins6lvesl The trustees will contlnue to conduct 8 wlde-rangln9 Stralegl¢ review of all our charitable aclivities and seek to increase further our presence in the local area.11 is still Ihe longer-lerm intention lo seek to employ a generel mana4Jer to enhance the delivery of services and to implement the Trust's strategy. Flnanclal revlew The net surplus for the year was £363,679, Includlng a net surplus of £5,459 on uiirestrict6d fLinds and a nel surplus of £358,220 on restricted funds after traiisfers. Income from ch8rilable activities increabed by 7.3010 10 £908k. Overall incoine Iricreused by £429k larLJely du8 to recelpt of a grant from Swiirisea Council of £352,845 under the Childcar8 ai)d Early Year's Capilal Granl Scheme towards the extenslon of the chDrllVs18a$ehold premises to accoiiimodale 8ddllional capac'ity fur nursery acllvlties. Charitable expendilLire increased by I70/￿, inr.luding a rlse iii stBff C0315 of alniost 16 1u Al 31 Marcli 2025, lolal reserve5 were P594.561 of whlch £359,8fib represented balances 01) reslrityled lunds 131 MarG'lI 2024: £230,882 lolal with L1.646 restricledl. Reserve5 poIIGy The charitls free reserves, excluding fixed as8els, at the yaar end were £185,617, After several years working lowards eslabllshlng a reserve equivalent lo three months, operallng costs, thls was achiev8d by 31 March 2024. This enabled efforts durlng 2024-25 largely to be dlrectsd to increasing capacily at the Canolfan as a prelude to growlng core acllvllies. This resulted in free reserves (after long term liabilillesl deGreasing by £38,600. which 8t 31 MaTch 2025 represented a reductlon to 2.4 rnonlhs of operating costs. bul the truste8s anticipate that the ability to improve results in fulure years has been enhanced. Golng concern As with many charilable organlsalions. the challenge going forward is lo ensure sustainability of the organisation so that ils charitable objectlves can be mel as much as possible Ihrough resources generated internally. Virlually all of the charity's resuurce5 are internally generated, bul Ihere contlnue lo be significant challenges In relation lo meeting the increasing core costs of Ihe organlsallon, which cre81e malerlal uncertainlies over future results and cash flows. The trusteesldirectors are continually taking steps to improve the charlty's position. Some of the furlhei Increases in slafl costs, due lo Segislalive charbges, have been offset by an increase in fees charged. The Trustees have continu&d to pursug fijrther income opportunities, including expansion of the nursery in ordpr lo Increase its registered capacily. An operating surplus was again 8chieved in the year, and the trusleesldirectors have a reasonable expectation Ihal the charitable compaiiy's resources will continue lo be sufficient to conlinue operalions in the foreseeable future as a golng CDncern. The Gorseinon Development Trust Limited TTU5tees' report (contlnued) for the year ended 31 March 2025 Statement of trustees. responslbllStles The trustees {who are also the directors of Tl)e Gorseinon Development Trust Ltd. for the purposes of conipaiiy law) are responsible for preparing Ihe Report of the Trustees and the linancial stalen)enis in accordance with applicable law and United Kingdom Accounting Slandards {Unlled Kingdoni Generally Accepted Acc.oiJnting Practice). Compaiiy law requires IFie trustees lo prepare fiiiancial statements for each fin8ncial year. Under that law, the liuslees have elec18LI lo prepare Ihe financial slatem8nls IFI dccordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Staiidards and applicable lawl. Under complhical responsibilities in accnrdance wllh these requirement8. We believe t1181 Ilie audit eviilenr.o we have oblalned is sufficieiit and appropriate lo proviile a basls for our oplnion. Conclusions relatlno to Golng Concern In audiling tho financlal statements, we have concluded Ihat the truslpos, use of the going concem basi8 of accounting in th8 preparation of Ihe flnanci81 stat8ments is appropriate. Based on the work we have performed. we have nol identified any material uncertainties relallng to events or Conditions that. individually or collectlvely. may cast slgnificant doubl on the charitable conipany's abilily to continue as a going concèrn for a period of al ledst twelvp months from when the financlal statements are 8Uthorised for issue. Our responsibililles and the responsibilities of the tru51ees with r8specl lo golng concern are descrSbed in the relevant seclions of this report. Other Infombatlon The Irustees are responslble for the other informalion. The olher informatlon comprlses the information incl(Jded in the Annual Report, other than th8 firianclal statements and our Report of the Independent Auditors th&reon. Our opinion on the financial statements does nol cover the other information and. excepl to the extenl otherwlse explicitly stated in our report, we do not express any form of assurance conclusion Iher80n. The Gorseinon Development Trust Limited Report of the Independent Auditors to the Trustees of The Gorselnon Development Trust Llmited Other Infomiation (continued) In coiineclion with our audlt of the finaricial slalemenls. our r8spoiisibllity is lo read Ilie other information and, iii doing so. consider whetFier tlie other infornialion is Inalerially iiiLor15isler)I with the financlal stateinents or our kiiowledg8 obtained in the audit or otherwise appears to be malei'ially ni isslaled. If we identify such Inaterial Iliconslstencies Dr apparenl material misstatenieiils, we are required to delerniine wliether tliis gives rise to a material misslalement in the financlal statements themselves. If, based oli the work we have performed, we Conclude that there is a iiiaterial misslaleinenl of this other Information. wp are required lo report that fact. We have i)ulhing to repori ivi tl)is regard. Mattgrs on whlch we are requlred to report by exception We have nothing io report in respect of the following mallers where the Charities (Accounts and Reporlsl Regulations 2008 requires u$ lo report lo you if. in our opSnion'. the informallon given in the Report of Ihe Trust8es Is Inconsislenl In any mat8rlal respect wllh the financi81 slir temenls,, or the charitable company has not kept adequate accounting records., or Ihe financial slateinenls are not in aoreement with the accounting reLvrds and returns; or we have not recelved all the information and explanatlons we require for our audit. Responslbllltle$ of trustee5 As explained more fully iii Ilie Statement of Trustees, R8spunsibillties, the trustees Iwho are also tlie directors r)f Ihp charitable company for the purposes of company law) are responsible for Ilip. preparalion of Ihft finanLial statem6iilb and for being satisfied that Iliey give a truo and fRSr view, and for sur.h inlernal control as Ihe trustoe% deterini1i6 is riecessary lo enable Ilie ijreparalion of financidl slal8menls Iliat are free froni malerial misstatement, whether dLie to fraud or error. In preparing lh8 financlal slalements. the trustees are responsible for assessing th8 charitabl8 comparils ability lo continue as a going concern, disclosing, as applicable, matters r81ated to goiiig concern and uslng the going concern basis of accounting unless Ilie truslees ellher Intend to liquidate the charllable compaiiy or lo cease operation8, or have no realislic allernative bul to do so, Our responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under Seclion 144 of th8 Charib.￿S Acl 20118nd report in accordance wilh Ihe Act and relevant regulallons made or havlng 8ffecl Ihereunder. Our objectives are to oblain reasoiiable assurance about whether Ihe financi81 slalemenls 88 8 whole are fre8 from material misstatement, wheth8r due to fraud or error, and to issue a Report of the Indep8ndenl Auditors that includes our opinion. Roasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted In accordance willi ISAS (UK) will always detect a materlal misslatemenl when It exlsts, Mlsslatemenls can arlse frorn fraud or error and are considered m8lerial If, individually or in the aggregate, they Gould reasonably be expected lo influenc8 tli8 economic decisions of users laken on the basis of these financial slalemenls. The extent lo which our procedures are capable of detecting irregularities, Including fraud is detailed below.. The Gorseinon Development Trust Limited Report of the Independent Auditors to the Trustees of The Gorselnon Development Trust Limited Our responslbllltles for thè audil of the flnancial statements (continued) Irregularities are instances of iion-complianco willi laws dnd regulation8. The obj8clives of our audll are lo obtain sufficient appropriale audit evideiice regarding conipliance with l¢lWS aiid reyLilalioi'is that have ti direct effect on the determinatioii of niaterial amoufils and disclosiires in the fiiiaiicial stalenienls, lo perform aiidit procedures to help identily instances of non-compliance with otl)er laws and regulations that may have a Inaterial effect on the financial statement, and lo respond appropriately to identified or suspected non- ompliance with laws and reyulalions idenlified durlng the audit. In relation to fraud, the objectives of our audil are lo idenllfy and as56ss the rlsk of mHlerial mSsslalement of the financial stalements du& lo fr8ud, lo obtain suffidanl appropriate evid81iC8 reyarding 1118 assessed rlsks of material mlsstalement dts8 to fraud through designing and Implementing appropriale respoiises and to respond appropriately to fraud or suspected fraud identlfied durlng the audit. Howev&r, it Is the prim£ry responslbility of managemenl. wllh the overslght of th058 charged wSth governance. to ensure Ihal thè enlitvs operatinns are conducted in accordance willi ttrie provisions of laws and regulations and for the prevention and detection of fraud. In identifylng and assesslng risks of material mlsstslemenl In respect of irregularities, including fraud, Ihe audlt engHgp.menl team.. ublained an underslandlng of the nalure of the induslry and seclor. includlng the legal and regulatory framework that the company operate5 in and how the compaiiy 18 GOITiplyiiig with the legal oiid regiilalory frainework-, inquired of riiaiidgemenl, dnd Ihosf4 cligrged wllh guvern8nLe, abotil their owii idenlilication and assessmerils of the risk5 of irregularities, including ¢aiiy knowii actiial. suspect8d or dllpg8d Instances of frtiud. discussed matters about riun-compliance wlth laws and regulali01is and how fraud might occur including a5se5sment of how and wh@re the fiiidncial stalements may be suscepiible lo fraud, As a result of these procedures w8 consider the mosl signlficanl laws and regulations that have a direct impact on Ihe flnancial statements are FRS 102, and the Companies Acl 2006. W8 performed audlt procedures to detect non-compliance whlch may have a materlal Impact on th8 fln8nclal stalemenls which included reviewing financlal statement dlsclosures. The audil engagemenl team identified the rlsk of management override of oonlrols as the area where the fln8ncial statements were mosl susceptible to material misstalemenl due to fraud. Audit procedur&s performed included but were not limited to lesllng m8nual loum81 entries and other adluslments an 8valuallng the business rational8 in relolion lo any significant, unusual transactions and transactions entered into outside the normal cours8 of busSness. A further descrlption of our responsibilitles for the audit ot the linancial statenients Is located on Ihe Flnancial Reporllng Councll's websile at www,frc.org.ukl8udilorsresponsibllilies. Thls descriptlon forms part of our Report of the Ind8pendent Auditors. The Gorseinon Development Trust Limited Report of the Independent Auditors to the Trustees of The Gorselnon Development Trust Limited Use of our report This report is made sulely to the charitable conipanls trustees, as a body, in accordaiice wilh Part 4 of Ihe Charities (Accouiils and Reports) Reg(Alalions 2008. Our audil work has been uiiderlakeii 50 tlial we niiglit stale lo Ikie charitable company's Iruslees those mallers we are required to state to them in an audilors, reporl and for no oth8r purpose. To the fullest extent permitted by law, we do nol accepl or assume responsibility ID anyone other than the chaTlt8ble company end the charitable company's trustees as a body. for our audit work, for this report, or for Ihe opinions we have formed. 03￿rr￿le * co Ashniole & Co E1￿ible lo act as an auditor in terms of Seclion 1212 of Ihe Companies Act 2006 First Floor 1 St John's CoLJrt Upper Fforest Way Enlerprise Park Swanseil SA6 8QQ DGIte.. The Gorseinon Development Trust Limited Statement of Flnanclal Activltles (Includlng summary income and expenditure account) for the year ended 31 March 2025 Notes 2025 Unrestricted funds 2025 ReslriLled flind5 2025 Total funds 2024 Total lunds In¢ome from: Donations, grants and legacies Charltsble. 8clivSlles Other trading acllvitles Investments Other Total Incom8 121 131 (41 51 161 269 908,659 365.249 365,518 908.659 264 847,050 274 4,587 2,553 854.728 8,203 1,135 918,266 8,203 1,135 1,283,515 365,249 Expendlture on: Ralslng funds Charllable activltles Total expendlture Net income l (expendlturel Fund balances brought forward Fund balances carrled foThvard (Yi 181 23,304 889,503 912.807 5,459 23,304 896,532 919,B36 363.679 22.799 766,265 789,064 65,664 7,029 7,029 358,220 229,236 234,695 230 882 594,561 165 218 230,882 359,866 All incoming rpsources and resources expende(S deriv& froiii conlinulng activities. 1Q The Gorseinon Development Trust Limited Balanee sheet as at 31 March 2025 202.5 Unrestricted 2025 Ileslricled 2025 Toldl 2024 Total Fixed assets Tangible a88e15 Total fixed assets 49,078 49.078 359,866 359,866 408,944 408,944 6,665 6,665 Current assets Slock Debtors and prepayments Current asset investmenls Cash at bank and in hand Total current assets 727 16,303 85,000 284,426 386,456 727 16,303 85,000 284,426 386,456 785 16,9112 386,760 404,527 Current Itabilltles: amounts falllng due wlthln one yèar Creditors and accruals Total curront liabllltl88 115839 115.839 115,839 115,839 90,310 90,310 Net current assets I Illabilitle51 270,617 270,617 314,217 Total assets les$ current Ilablllties 319,695 359,8b6 679,561 320,882 Credltors: amounts fallliig d u• after one year Iir?) 85,OOQI 85,000 90.OOD Net assets 234,695 359.d66 i94,561 230,882 Funds Unrestricted funds Restricted funds Total funds 234,695 234,695 359,866 594,561 229,236 1,646 230,882 359,866 159,866 234,695 For Ilie yeBf ondSng 31 March 2025 1118 ¢h8rll&blB cornpany wa8 enlllled to 8xemNion Irc*n oudil under secllon 477 01 Ihli Companles Act 2006 relalino Io 8m811 cofftp8nle$. Thc In8rnbors have i)ol r8ouired lh8 chartlablo company lo obt8ln an avdil ol 115 accoun13 for the y¥8r iii question in accordance Wlh seolion 476. Ths Irusl8e$ (who arè A150 Ihe dir9¢1ors lor Iho purp08es ol company lawl acknowledge Iheir re5ponsibllilie$ lor COIT￿l￿ng ih the requlremenls of the Act wilh respect lo 8ccounlliig r8cords and Ihe prepwallon of a¢counts. These 8r.cniinls havè been prepAr8d In accordance wllh tho provisions 8ppllcable io comp9nie& 3ul4ecl lo Iho small (*Jmpan1é8' itrgime and willi FRS 102 lelfeclive Jonii8ry 20191. The financial statements were approved by the board of Iruslaes on 1511212025 William Evans (Trustee) 11 The Gorseinon Development Trust Limited Statement of cash flow5 for the year ended 31 March 2025 2025 2024 Cash flows from operatlng actlvltles: 391,005 391.005 71,425 71,425 Cash flows fvom Investlng a¢tlvltSe8: Baiik interest Short terni investmen15 Purchase of tangible fixed 8ssels Net cash provlded by (used Inl Investlng actlvltlès 8,203 185,0001 411,542 1488,339) 4,587 3.248 1,339 Cash flow8 from flnanclng actlvilles: Repaym8nts ori borrowing Cash inflows from new borrowlng Net cash provld8d by (used In) flnan¢lng actlvltles 15,000) (5,0001 <5,000) (5,0001 Cliange in cash and cash equlvalents in the reporting perlod Cash and cash equivalents al the beglnning of the reporting period Cash and cash equlvalents at thg end of the reporting perlod {102,334) 386,760 284,426 67,764 318,996 386,760 Reconclliatlon of not mov6ment In fundJ to net cash flow from operatlng actlvltles 2025 2024 Nel movement in funds for the reportlng perlod (as per the statement of financial activities) Adjuslmenls for: Depreciation charges Bank intere6l (Increase) I decrease In slocks (Increase) I decrease in debtors Increase l (decrease) in creditors Net cash provlded by {u8ed In) op8ratlng actlvitles 363,679 65.664 9,263 {8,203) 58 679 25.529 391,005 4.172 (4,5871 (481 1,773 4,451 71,425 Analysls of cash and cash equlvalents 2025 2024 Cash in hand Nolice deposils (less than 30 days) Tolal cash and cash equivalents 2,053 282,373 284,426 283 386,477 386,7bO 12 The Gorseinon Development Trust Limited Notes to the accounts for the year ended 31 March 2025 1 Accounting pollcles Basis of accountlng These accourits liave been i)repar8d uiider the h151orical cost convenlion wlth Ilenis recogiiised at cost or transactlon value unless oUièrwis&i stated in the relevant note(sl lo these accounls. The financial slalemenls have been prepared in accordance with the Stalemenl of Recommended Practs'ce.. Accounting and Reporting by Charit18s prepariiig Ilieir accounts in accordance with the Firbancial Reporling Standard applicable In the UK and Republic of Ireland {FRS 102) (effective 1 January 20191 and wlth the Charltles Acl 2011. Tlie ch8rity conslllulos 8 public benefit enlily as defined by FRS 102. There has been no change lo the accounliiig poliGies since last year. No changes have been made lo the accounls for previous years. Golng concem The Irustees arè salisfied that there are no mal&Tial uncertainties about Ihe charlty's abllity lo continue. Incomlng rg$ource8 All incoming resources are Included In 1118 Statement of Financial Aclivllles (SOFA} when the charity b8comes entitleil lo the rpsources,1111 is more likely than nol that th8 trustees will receive the resources arid the monelary value can be measured wilh suffiGient reliability. Grants and donatlons Grai)Is ariif doridlions are only inLlu(le,d In th& .SOFA when the rharily has Liiicondili01181 entllleii)ent to thp. resources. Where grants are reldled to performance and specific deliverable3, Ihey ar8 accounted for as the Lliai'ily earns Ihé righl lo consldefalion L)y ils perlurrnancc. Expendlture and Ilabllltles Expendlture is recognised on an accrual basls as a liability is incurred. Llabillties are reGognised where11 is more likely Ihan not that there is a legal or constructive obllgalion committing the charity to pay oul Ihe r8sources and the amount of the obligation can be measured with rpasonable cerl8lnty. Taxatlon As 8 charity the organisalion benefits from rates relief arid is generally exempt from Income tax and capital galns tax bul nol from VAT. Irrecoverable VAT is included in the cost of those ilems lo whlch It relate5. Tanglble flxed a88ets Tangible fixed assets are c8Pltalised and included at cost including any incidental expenses of acquisitlon. Glfted assets are shown at the value to the charily on recelpl. Depreciation Is provld8d on all tangible fixed assets al rates calculated to write off Ihe ¢ost on a straight line basis over their expected useful economlc lives as follows.. Leasehold buildings: over 20 years Planl and machinery. ov8r 3 years Fixlures and fittings.. over 3 years Equlpmenl.. over 3 years Stocks Stock is included at the lowp.r of cosl and net realisable value. 13 The Gorseinon Development Trust Limited Notes to the aceounts for the year ended 31 March 2025 1 Accountlng policles conllnued Pensions The charily operates a defined contribution scheme for the benefit of ils eniployee5. The costs of contributions are r&cognised in the year they are payable. Fund accountlng Unrestricted funds are available for use al Ihe discrellon of the trustees in furiheraiice of the general objectives of the Gharity. Reslrlcled funds are subjected to restrlctions on thelr expenditure imposed by the donor or through Ihe terms of an appe81. Further explaiiatlon of tlie nature and purpose of each fund is induded In the notes lo the accounts. 14 The Gorselnon Development Trust Limited Notes to the accounts continued for the year ended 31 March 2025 2 Doiiatlons, grant5 and legacies 2025 Uiireslricted fuiids 2025 Rostricled funds 2025 Tulal fuiids 2024 Total fuiids Grants Donations 365,249 365,249 269 365.518 264 269 269 365,249 264 3 Charltable actlvltles Income 2025 Unreslricled funds 2025 Reslrlcled funds 2025 Total funds 2024 Total funds Nursery income Conferences and room hire Ma11ag8d workspace 766,657 52,828 766,657 52,828 682.508 74.216 90,326 847.050 908,659 908,659 4 Other trad5ng activitles 2025 Uiirestricted fuiids 2025 Restricted lunds 2025 Tolal funds 2024 Total fuiids Nursery fundraislng Income 274 274 5 Investments 2025 Unreslricted funds 2025 R8Stricled funds 2025 Total funds 2024 Total funds Interesl receivable 8,203 8.203 8,203 8,203 4,587 4,587 6 Other Income 2025 Unreslricled fund5 2025 Reslricled funds 2025 Total funds 2024 Total funds Photocopying, postag8 and m iscellaneoLJS 1,135 1,135 1,135 1,135 2,553 2,553 15 The Gorseinon Development Trust Limited Notes to the accounts continued for the year ended 31 March 2025 7 Ralslng funds 2025 Unreslricled hinds 2025 Restricled flinds 2025 Total liinds 2024 Total funds Caleriiig purLliases 23.304 23,304 23,304 23,304 22.799 22,799 8 Charitable actlvllles expenditure Aclivities undertaken direcuy 2025 Total cosl 2024 Total cosl Support Costs Charitable actlvilies 866,027 866,027 30,505 30,505 896,532 896,532 766,265 766,265 8a Support costs 2025 To*al cost 2024 Total Cost Charilable cIGlivily GuveriianLe activity Support co$t lype rinanc,lal managemonl 8UPPOrt Nursery iiian8g6menl support Legal and professlonal fees Bcink charge% Accountancy Audlt Payroll and accounting software 14,993 2,866 14,993 2,866 1,895 1,050 14,945 2,326 240 984 5,508 1.895 1.050 7,200 2,501 12.646 7,200 2,501 30,505 1.980 25.983 17,859 16 The Gorseinon Development Trust Limited Notes to the accounts contlnued for the year ended 31 March 2025 8b Charltable actlvltleg expenditure detail 2025 Restricted furids 202 Total cost 2024 Tot81 cost Unreslricted fuiids Wages. NIC and pensions Agency slaff Rates and water Insurance Heal and Ilghl Telephone Postage and statlonery Nursery supplias and equiprnenl Subscriptions and Ilcences Travel costs Service agreements Equipment hire Comp(Jler and maintenance costs Repairs and renew818 Cleaning supplies Olher premises expenses Refuse collectioii Llolhlng ¢osts Training and recruitin8nl Accoiin15Jricy costs Audit fees Payroll aiid accounling sollware Professional fees Bank charges Bad debls Sundry expenses Depreclatlon Volunle6r expenses 18c) 697.394 2,214 12,015 12,503 47,907 6,186 3,399 5,468 1,372 29 5,471 1,044 1,716 3,358 6,500 16,819 8,013 956 1.434 697,394 2,214 12,015 12,503 47,907 6.186 3,399 7.941 1.372 29 5,471 1,044 1.716 3,358 6,5UO 16,819 8,013 956 1,434 602.315 1,354 8,730 12,055 46,824 5,254 4.313 6.617 1,244 56 8,042 84 514 3,316 8,830 15,659 6,406 401 5,508 7,200 2,501 38,288 1,050 340 1.619 4,707 7,200 2,501 38,288 1,050 340 1,619 9,263 1,980 17,511 624 1,470 4,171 50 766,265 4,556 889.503 7,029 896,532 8G Slaff costs and numbers 2025 2024 Gross salaries Soclal securlly costs Employmenl allowanGe Pensions 650.317 41,527 (5,0001 10,550 697,394 566,477 32,538 {5,000} 8,300 602,315 The average number of employees during Ihe year was 4212024.. 401. There were no employees wll emoluments above £60,000. Deflned contrlbutlon pension scheme 2025 2024 Costs of the scheme lo the charlty for the year 10,550 8,300 17 The Gorselnon Development Trust Limited Notes to the accounts contlnued for the year ended 31 March 2025 9 Funds movement Rebtric¢trd fui?ds CYP Suslainabilily grant HSPSS grant Small capital grant Early Years capital grant Small capital grant Balance blf Incomiiig Outgoing Traiislers Balaiice Llf 1,646 1,011 200 635 200 5.334 352,845 6,870 365,249 918,266 2.806 349,745 6,680 359,886 185,617 49.078 594,561 3,100 1S0 7,029 908,251 4,556 919,836 1,646 224,219 5,017 230,882 Unrestricted general funds Designated fix8d asset funds Total funds (48,617) 48,617 1,283,515 Funds movement . prlor year Balance blf Restricted funds CYP Sustainabllity grant HSPSS granl Incoming Outgoing Transfers Balance clf 2,657 1,011 264 1,275 784,629 3,160 789,064 1,646 2,657 157,73.3 4,828 165,218 264 L154,464 1,646 224,219 5,017 230,882 Unrestricted general funds D8sigii&t8d fixttd 8SS8f fvnds Total funds (3,349) 3.349 854,728 Fund name CYP Sustalnabillty grant Purpose of restrlctlon Childreii arid Young People's sustaiiiability gr8111, used for purchas8 of nursery equipment. Health and Sustainable Pre-school Schenio orAnl, for nursery supplles. Provlslon of nursery play equipmenl. Chlldcare and Early Years gr8nl towards th8 coiislriLlion of new InfraslrLlCture to &xpand nursery facilitles at the Canolfan Gorselnon Centre. H,8PSS grant Small c8pllal grant Early Years capital grant Sm811 caplt81 gr8nl Further tranche of provision of nursery play equlpment. 10 Tanglble asset$ Leasehold Properly Planl and Machlnery Furniture and Flxtur8S Equipment Total C06t Al 1 April 2024 Additions At 31 March 2025 2,035 399,049 401,084 4,600 36,038 9.910 45,948 71.280 2,583 73,863 113,953 411,542 525,495 4,600 Da rgclatlon Al 1 April 2024 Charge for year At 31 March 2025 2,035 3,677 5,712 3,963 255 4,218 33,760 2.088 35.848 67.530 3.243 70.773 107,288 9.263 116,551 Net book value At 31 March 2025 395,372 382 10,100 3,090 408,944 Al 31 March 2024 637 2,278 3.750 6,665 18 The Gorseinon Development Trust Limlted Notes to the accounts continued for the year ended 31 March 2025 11 Debtors and prepayniei)ts 2.025 2024 Debtors Prepayniei)Is Accrued income 7,367 8,165 771 16,303 5,726 7,301 3,955 16.982 12 Current asset Investment5 2025 2024 Cash equivalents on deposit 85,000 85,000 13 Cash at bank and In hand 2025 2024 Cash at bank Cash in hand 282,373 2,053 284,426 386,477 283 386,760 14 Credltors and accruals 2025 2024 OlhL&r loans Credilors Accruals Taxation and social s8Lurily Olher creditors 5.000 39,723 44,316 5,000 21,981 36,549 Ei,157 20,623 90,310 20.977 115,839 15 Creditors: amounts falllng due after one year 2025 2024 Other loans 85,000 85,000 90,000 90,000 Amounts falling due as follows.. wllhln one year between 1 and 2 years between 2 and 5 years in mor8 than 5 years, by instalments 5,000 5,000 15,000 60,000 5,000 5,000 15,000 65,000 16 Related party transactions Trustee expenses No truslee received any expenses during this year or the previous year. Trustee remuneratlon and benefits No Iruslee received any remuneration or beneflt durlng this or tha previous year. Other related party transactions There were no related party transaciions for th8 yèar 8ntSed 31 Maruh 2025. 19 The Gorseinon Development Trust Limited Statement of Flnanclal Activltles Includlng comparatlves for all funds (Including summary Income and expenditure account) for the year onded 31 March 2025 2025 2024 2025 2024 Unreslricled Unreslrlcled Reslrlcted Reslricled funds funds funds funds 2025 Total funds 2024 -Folal ruiids Income Donatlons, granls and leg8cles Charitable aclivilies Other trading activities Investmenls Other Total Income 269 908,659 365,249 264 365,518 908,659 264 847.050 274 4,587 847.050 274 4,587 2,553 854,4b4 8,203 8,203 1,135 264 1,283,515 918,266 365.249 854,728 Expendlture Raising funds Charit3bl8 activities Total expendlture N¢t income l (8xpendlturel 23,304 889,503 912,807 22,799 764,990 787,789 66,675 23,304 896 532 919,836 363,679 22.799 766 265 789,064 65,664 7,029 7,029 358,220 1.275 1,275 {1,0111 Fund balances brought fO￿ard Fund balances can'led forward 229,236 234,695 162,561 229,236 230,882 594,561 165,218 230,882 359,866 1,646 20