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← Prime Cymru

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 4187497 (England and Wales) REGISTERED CHARITY NUMBER: 1140129

Report of the Trustees and

Financial Statements

for the Year Ended 31st March 2025

for

Prime Cymru

Ashmole & Co (Statutory Auditor) Chartered Certified Accountants & Registered Auditors 9 Broad Street Llandovery Carmarthenshire SA20 OAR

Prime Cymru

Contents of the Financial Statements for the Year Ended 31st March 2025

;

Page
Report ofthe Trustees 1 to 8
Report ofthe Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 32
DetailedStatementofFinancialActivities 33 to 34

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

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 31st March 2025. 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 relief of unemployment primarily in Wales but not solely restricted to Wales, through the encouragement of self-employment, employment, training and volunteering to mature members of the general public with a focus on those over the age of 50, who are not engaged in paid employment, are under-employed or facing redundancy who would benefit through enhanced income, opportunities for engagement in meaningful activity and the prevention of social exclusion and older age poverty.

Vision and Mission Statement

PRIME Cymru's vision is to ensure that the undervalued experience, skills and entrepreneurial potential of mature people will be recognised and developed through the activities of PRIME Cymru.

PRIME Cymru's mission is to provide information, advice, training and mentoring support to empower mature economically inactive or unemployed people, to realise their potential and progress into employment, self-employment, education, training or volunteering to move closer to the world of work to reduce older age poverty in retirement. We do this through developing, and delivering, innovative programmes of activity that develop and enable the individual to take part in economic activity.

Public benefit

The trustees confirm that they have complied with their duty in section 17(5) of the 2011 Charities Act with regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and in planning of future activities.

‘

Page 1

Report of the Trustees for the Year Ended 31st March 2025

Prime Cymru

STRATEGIC REPORT

Achievements and performance

During the financial year both PRIME Cymru, and the wider charity sector, has continued to face many challenges due to a general downturn in funding being provided to the third sector. Our team of staff and volunteer mentors have worked tirelessly to support our clients to find and secure job opportunities, start businesses, re-train, and volunteer to develop the skills needed by a modern workforce. This has enabled us to meet both our own targets and, in all cases, exceed those targets placed by our funders. As a result of these successes, the Senior Management Team has been able to secure forward funding for the charity. This means we have safeguarded its future for at least the next year via the Moondance Foundation which has been a great supporter of the charity for several years.

In a year marked by further reductions in third sector funding, we rose to the challenge. We increased the number of individuals we supported to over 1,500-an uplift of nearly 50% compared to the previous year. Of those, 96% reported a positive outcome, whether through securing employment, starting a business, retraining, volunteering, or moving closer to their goal of re-entering the workforce. This work has generated a social return on investment exceeding £2 million, a testament to the value and effectiveness of our approach. You'll find examples of our impact throughout our dedicated annual report, and we invite you to explore more stories on our website and social media channels.

Our Volunteer Mentoring programme has continued to grow during the year and we now have one of the largest mentoring programmes in Wales with over 160 Volunteer Mentors offering up to 19,000 hours mentoring time per annum. The team at PRIME Cymru understand how important it is that we value and provide the right support, training and opportunities for development to our volunteers, and to maintain our Investors in Volunteering accreditation. This nationally recognised accreditation acknowledges the quality of training and ongoing support provided to all volunteers working with us.

During the year we achieved the Green Mark, an accreditation which recognises the charity's commitment to a greener way of working and the reduction of harmful operating activities impacting the wider environment.

We continue to be the recognised authority on older age working, with national press and television referring to us for comment and advice on the topics of older age career change, recruitment, and campaigning for equality in the workplace.

We would like to offer our gratitude to our committed team of highly experienced and skilled staff who work so hard to deliver our services, our Volunteer Mentors, trustees, our Patrons and funder in the last year the Moondance Foundation, without whom we would not be able to provide our vital and often life changing services throughout Wales.

Page 2

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

STRATEGIC REPORT

Financial review

Financial position

During the reporting period the Charity has mainly been funded by the grant received from the Moondance Foundation. The charity did not undertake any fundraising activities during the reporting period.

Net incoming resources for the year, before gains / losses on investments amounted to £20,230 in 2024/25 compared to (£443,343) in 2023/24. Total net funds as at 31 March 2025 amounted to £369,128, representing unrestricted funds only. There were no restricted funds carried forward as at 31 March 2025.

A modest investment fund is managed on behalf of PRIME Cymru by Walker Crips. The trustees review the performance of the investment fund regularly and as a result make decisions in respect of further deposits to the investment fund or withdrawals to the general fund accordingly.

Banking facilities are reviewed annually by the Chief Executive, and they advise the Finance, Audit and Risk Committee members on alternative opportunities that may benefit the charity.

Reserves policy

It is the policy of the Trustees to develop adequate unrestricted reserve funds to reduce the charity's dependence on grant income exclusively from the public sector, and we aim to maintain free reserves at a level equivalent to 3 months running costs. Based on the current years expenditure this equates to £126,889.

The Trustees are mindful that the present level of free reserves falls within the target. At present the free reserves amount to £367,156 and the trustees’ aim is to increase the reserves through exploring new funding opportunities.

Going concern

The trustees have considered the charity’s financial position and future funding prospects. At the time of approving this report, there is significant uncertainty regarding the availability of funding beyond the current financial year. While the charity continues to engage with funders and explore alternative income sources, no formal commitments have been secured. As a result, the trustees acknowledge that there is material uncertainty which may cast doubt on the charity’s ability to continue as a going concern. Nevertheless, the financial statements have been prepared on a going concern basis, as the trustees believe that ongoing efforts to secure funding and manage costs provide a reasonable expectation that the charity will be able to continue its activities for the foreseeable future.

Page 3

Report of the Trustees for the Year Ended 31st March 2025

,

Prime Cymru

STRATEGIC REPORT

Plans for Future Periods

We intend to work towards broadening our funding base by seeking corporate funding through CSR schemes and developing new and innovative programmes that will capture the interest of Welsh Government and other funding bodies. Further development of the "PRIME Cymru Patrons’ Group" will also be a key activity during the year.

Objectives for the year will include:

Going forward the 2025-2026 strategic objectives of PRIME Cymru are to:

Page 4

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

STRATEGIC REPORT

To do this, we will develop stakeholder strategy to Identify and develop partnerships with stakeholders and third sector organisations to increase access to additional customer groups and raise awareness of services to these users. We will also seek opportunities to contribute to or conduct joint research projects related to our customer group and the third sector.

To ensure that we work towards reducing the carbon footprint of our activities we will monitor and report on energy, fuel and consumables usage and endeavour to make our activities more environmentally friendly.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The company was incorporated under the name of PRIME Cymru on 26 March 2001, and is a company limited by guarantee registered in England and Wales. Charitable status was obtained in February 2011 under reference 1140129.

PRIME Cymru is constituted by its Memorandum and Articles of Association.

Management and governance

Trustees of PRIME Cymru are identified and recruited to ensure that they bring to the organisation the expertise and skills identified as necessary for the proper effective and efficient running of the charity. In recruitment of Trustees our formal Trustee Recruitment Policy and process is adhered to. Shortlisted candidates are interviewed by two current Trustees and the Chief Executive. Those successful at interview are invited to attend, as an observer, the next board meeting where a formal offer of Trusteeship is communicated.

All new trustees of the charity undertake a formal induction to the charity's operation and activities, along with receiving a job description and a copy of the board's code of good governance.

The day to day running of the Charity is delegated to D J Pugh the Chief Executive who is appointed by the board of PRIME Cymru.

Risk management

The Trustees have examined the major risks which the charity faces and maintain a formal risk register which is reviewed quarterly. Systems have been established to enable the Trustees to receive regular reports so that necessary steps can be taken to lessen those risks.

In the event that further grants are not forthcoming then there is a risk that the charity may cease operations. The Trustees will be taking further steps in the coming year to secure the future of the charity. The Trustees, having reviewed the charity and its systems, have concluded that this constitutes the main risk to the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

4187497 (England and Wales)

Page 5

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

Registered Charity number 1140129

Registered office Mile End House 9 Broad Street Llandovery Carmarthenshire SA20 OAR

Trustees

Mrs S E Finnegan-Dehn (Chair of Trustees) Mr BC Birtles Dr S Phillips Ms E Marks Mr M Curties (appointed 26.07.24) Mrs F J Jones (appointed 26.07.24) Mr R O'Keefe (appointed 26.07.24) Mr SM West (resigned 18.04.24) Mrs V Leyshon (resigned 26.07.24)

Company Secretary

Mr DJ Pugh (Chief Executive)

Auditors

Ashmole & Co (Statutory Auditor) Chartered Certified Accountants & Registered Auditors

9 Broad Street Llandovery Carmarthenshire SA20 OAR

:

Bankers

Lloyds Bank 38 High Street Brecon Powys LD3 7AR

Solicitors Berry Smith Haywood House Dumfries Place Cardiff

i

Page 6

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Investment Advisers Walker Crips 128 Queen Victoria Street London EC4V 4B)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Prime Cymru for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Ashmole & Co (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 7

Prime Cymru

Report of the Trustees for the Year Ended 31st March 2025

companyReport of directors,the trustees, on "Aincorpgrating19.L20.25a strategic on andreport, signedapproved on the board'sby. order behalfof by:the board of trustees, as the

Mr BC Birtles - Trustee

Page 8

Report of the Independent Auditors to the Trustees of Prime Cymru

Opinion

We have audited the financial statements of Prime Cymru (the ‘charitable company’) for the year ended 31st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

Material uncertainty related to going concern

We draw attention to note 22 in the financial statements, which indicates that the charity does not have funding secured beyond March 2026. As stated in note 22, the event or conditions indicate that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not qualified or modified in respect of this matter.

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

Page 9

Report of the Independent Auditors to the Trustees of Prime Cymru

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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Report of the Independent Auditors to the Trustees of Prime Cymru

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are SORP 102, and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial disclosures. .

In addition to the above, our procedures included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

Report of the Independent Auditors to the Trustees of Prime Cymru

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

hehmabe F (0

Ashmole & Co (Statutory Auditor) Chartered Certified Accountants & Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 9 Broad Street Llandovery Carmarthenshire SA20 OAR

Date: 0B fie] 2008.

Page 12

Prime Cymru

Statement of Financial Activities for the Year Ended 31st March 2025

31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 5,078 - 5,078 6,998
Charitable activities 5
General Charitable Activities 500,000 2,000 502,000 30,000
Other trading activities 3 7,401 - 7,401 -
Investment income 4 13,308 - 13,308 11,353
Total 525,787 2,000 527,787 48,351
EXPENDITURE ON
Charitable activities 6
General Charitable Activities 504,352 2,000 506,352 490,356
Other 1,205 - 1,205 1,338
Total 505,557 2,000 507,557 491,694
Net gains on investments 1,471 - 1,471 2,449
NET INCOME/(EXPENDITURE) 21,701 - 21,701 (440,894)
RECONCILIATION OF FUNDS
Totalfunds brought forward 347,427 - 347,427 788,321
TOTALFUNDSCARRIEDFORWARD 369,128 - 369,128 347,427

The notes form part of these financial statements

Page 13

Prime Cymru

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|||| |---|---|---| |Balance|Sheet| |31st|March|2025|

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |31.3.25|31.3.24| |Notes|£|£| |FIXED|ASSETS| |Tangible|assets|13|1,972|2,678| |Investments|14|.|205,092|198,971| |207,064|201,649| |CURRENT|ASSETS| |Debtors|15|10,985|7,196| |Cash|at|bank|173,810|156,870| |,|184,795|164,066| |CREDITORS| |Amounts|falling due|within|one year|16|(22,731)|(18,288)| |NET|CURRENT|ASSETS|162,064|145,778| |TOTAL|ASSETS|LESS|CURRENT|LIABILITIES|369,128|347,427| |NET ASSETS|369,128|347,427| |FUNDS|19| |Unrestricted|funds|369,128|347,427| |TOTAL|FUNDS|369,128|347,427|

----- End of picture text -----

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The notes form part of these financial statements

Page 14

continued...

Prime Cymru

Balance Sheet - continued 31st March 2025

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial, statements were approved by the Board of Trustees and authorised for issue on sel EL1O, [IQ PS and were signed on its behalf by:

HOV, MrB C Birtles - Trustee

get 52)uw Ms E Marks - Trustee

The notes form part of these financial statements

Page 15

Prime Cymru

Cash Flow Statement
for the Year Ended31stMarch2025

.

31.3.25 31.3.24
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 10,138 (449,622)
Interest paid (153) (144)
Finance costs paid (1,204) (975)
Net cash provided by/(used in) operating activities 8,781 (450,741)
Cash flows from investing activities
Purchase oftangible fixed assets (499) (2,918)
Purchase offixed asset investments (44,975) (18,663)
Sale of fixed asset investments 40,325 14,610
Interest received 13,308 11,353
Net cash provided by investing activities 8,159 4,382
Change in cash and cash equivalents in
the reporting period 16,940 (446,359)
Cash and cash equivalents at the
beginning ofthe reporting period 156,870 603,229
Cash and cash equivalents atthe end of
thereportingperiod 173,810 156,870

The notes form part of these financial statements

Page 16

Prime Cymru

Notes to the Cash Flow Statement for the Year Ended 31st March 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE)TO NETCASH FLOWFROM OPERATING RECONCILIATION OF NET INCOME/(EXPENDITURE)TO NETCASH FLOWFROM OPERATING ACTIVITIES
; 31.3.25 31.3.24
£ £
Net income/(expenditure) forthe reporting period (as per the
Statement of Financial Activities) 21,701 (440,894)
Adjustments for:
Depreciation charges 1,205 1,338
Gain on investments (1,471) (2,449)
Interest received (13,308) (11,353)
Interest paid 153 144
Finance costs 1,204 975
(Increase)/decrease in debtors (3,789) 2,696
Increase/(decrease) in creditors 4,443 (79)
Netcashprovidedby/(usedin)operations 10,138 (449,622)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£) £ £
Net cash
Cash at bank 156,870 16,940 173,810
156,870 16,940 173,810
Total 156,870 16,940 173,810

The notes form part of these financial statements

Page 17

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

  1. ACCOUNTING POLICIES

Prime Cymru

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, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grant and service level agreement income are only recognised in the Statement of Financial Activities when the general income recognition criteria are met. In the case of performance related grants, income is only recognised to the extent that the charity has provided the specified goods and services. Capital grants are recorded in the Statement of Financial Activities in the year of receipt.

Donations are accounted when received by the charity.

Investment income is recognised at the time the investment incomes is receivable.

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.

Allocation of costs

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly and support costs are apportioned on an appropriate basis eg staff time spent on each activity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Exhibition equipment - 33% oncost Fixtures and fittings - 20% on cost Office equipment - 25% on cost

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Prime Cymru

Notes to the Financial Statements - continued for the Year.Ended 31st March 2025

  1. ACCOUNTING POLICIES - continued

.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Funds held by the charity are either:

Unrestricted general funds - these can be used in accordance with the charitable objectives at the discretion of the trustees.

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

Restricted funds - these can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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.

Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Debtors

Trade and other debtors are recognised at the settlement amount due.

Cash at bank in hand

Cash at bank in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably results in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

2. DONATIONS AND LEGACIES
31.3.25 31.3.24
£ £
Donations 5,078 6,998
3. OTHER TRADING ACTIVITIES
31.3.25 31.3.24
£ £
Rental income 6,076 -
Room hire 75 -
Webinars 1,250 -
7,401 -
.
4. INVESTMENT INCOME
31.3.25 31.3.24
£ £
Deposit account interest 7,454 6,325
Investment account income 5,854 5,028
13,308 11,353
5. INCOME FROM CHARITABLE ACTIVITIES
31.3.25 31.3.24
General
Charitable Total
Activities activities
£ £
Grants 502,000 30,000
Grants received, included in the above, are as follows:
31.3.25 31.3.24
£ £
Moondance 500,000 -
The Prince ofWales Charitable Fund - 30,000
Revitalising Rural Town Centre 2,000 -
502,000 30,000

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

6. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 7) note 8) Totals
£ £ £
General Charitable Activities 454,498 51,854 506,352
Ts DIRECT COSTS OF CHARITABLE ACTIVITIES
31.3.25 31.3.24
; £ £
Staffcosts 422,935 411,152
Travelling 25,121 22,889
Accommodation & subsistence 3,476 2,907
Meeting facilities 494 509
Training & workshops 2,472 354
454,498 437,811
8. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Other resources expended 1,205 - - 1,205
General Charitable Activities 46,198 153 5,503 51,854
47,403 153 5,503 53,059

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

8. SUPPORT COSTS- continued

Support costs, included in the above, are as follows:

Management

:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |Other|General| |resources|Charitable|Total|Total| |expended|Activities|activities|activities| |£|£|£|£| |Rent,|rates|and|water|-|10,920|10,920|10,960| |Insurance|-|4,952|4,952|4,567| |Light|and|heat|-|3,981|3,981|3,415| |Telephone|-|9,742|9,742|8,300| |Postage|and|stationery|-|2,085|2,085|1,327| |Marketing|-|348|348|1,850| |Sundries|:|1,132|1,132|1,087| |Subscriptions|-|2,244|2,244|2,255| |Computer|&|website|costs|-|2,811|2,811|4,431| |Repairs|&|renewals|-|4,700|4,700|764| |Depreciation|of tangible|and|heritage| |assets|1,205|-|1,205|1,338| |Investment|management|fees|-|1,204|1,204|975| |Professional|fees|-|2,079|2,079|7,910| |1,205|46,198|47,403|49,179| |Finance| |31.3.25|31.3.24| |,|General| |Charitable|Total| |Activities|activities| |£|£| |Bank|charges|153|144|

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

8. SUPPORT COSTS - continued Governance costs

Governance costs
31.3.25 31.3.24
General
Charitable Total
Activities activities
£ £
Auditors' remuneration 3,988 3,560
Training 60 -
Accountancy and legal fees 1,455 1,000
5,503 4,560
9. NETINCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31:3)25 31.3.24
£ £
Auditors' remuneration 3,988 3,560
Depreciation - owned assets 1,205 1,338
PensionCosts 18,251 22,800

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Trustees’ expenses

The charity incurred £1,602.69 of expenses to two trustees in respect of travel and accommodation expenses during the year ended 31 March 2025 (2024: £204.40).

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

11. STAFF COSTS

Staff Costs 31.3.25 31.3.24
Wages& Salaries 372,118 356,862
Social Security 32,566 31,490
Pension 18,251 22,800 ©
422,935 411,152

The average monthly number of employees during the year was as follows:

31.3.25 31.3.24
Chief Executive 1 1
Director ofOperations 1 1
Finance Manager 1 1
Project Manager 1 i
Administration and Human Resources 1 4,
Development Officers 5 5
Communications Co-Ordinator 1 1
11 11
The number of employees whose employee benefits (excluding employer pension costs) The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
31.3.25 31.3.24
£90,001-£100,000 1 1.

During the year pension contributions on behalf of these staff amounted to £4,325 (2024:£9,625).

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Prime Cymru

Notes to the Financial Statements - continued
forthe Year Ended 31st March 2025
12. COMPARATIVES FORTHESTATEMENT OF FINANCIAL ACTIVITIES
Unrestricted = Restricted Total
funds funds funds
£ £ £
INCOMEAND ENDOWMENTSFROM
Donations and legacies 6,998 - 6,998
Charitable activities
General Charitable Activities - 30,000 30,000
Investment income 11,353 - 11,353
Total 18,351 30,000 48,351
EXPENDITURE ON :
Charitable activities
General Charitable Activities 460,356 30,000 490,356
Other 1,338 - 1,338
Total 461,694 30,000 491,694
Net gains on investments 2,449 - 2,449
NET INCOME/(EXPENDITURE) (440,894) - (440,894)
RECONCILIATION OF FUNDS
Total funds brought forward 788,321 - 788,321
TOTALFUNDSCARRIEDFORWARD 347,427 - 347,427

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Notes to the Financial Statements - continued Notes to the Financial Statements - continued
forthe Year Ended 31st March 2025
13. TANGIBLE FIXED ASSETS
Fixtures
Exhibition and Office
equipment fittings equipment Totals
£ £ £ £
COST
At 1st April 2024 6,024 9,954 16,258 32,236
Additions - - 499 499
At 31st March 2025 6,024 9,954 16,757 32,735
DEPRECIATION
At 1st April 2024 6,024 9,742 13,792 29,558
Charge for year - 212 993 1,205
At 31st March 2025 6,024 9,954 14,785 30,763
NET BOOK VALUE
At 31st March 2025 - - 1,972 1,972
At31stMarch2024 - 212 2,466 2,678

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;

Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

14. FIXED ASSET INVESTMENTS

14. FIXED ASSET INVESTMENTS
Cash and
Listed settlements
investments pending Totals
£ £ £
COST
At 1st April 2024 208,922 10,264 219,186
Additions 23,725 21,250 44,975
Disposals (13,978) (24,929) (38,907)
At 31st March 2025 218,669 6,585 225,254
PROVISIONS
At 1st April 2024 20,215 - 20,215
Revaluation provision for year 110 - 110
Eliminated on disposal (163) - (163)
At 31st March 2025 20,162 - 20,162
NET BOOK VALUE
At 31st March 2025 198,507 6,585 205,092
At 31st March 2024 188,707 10,264 198,971
There were no investment assets outside the UK.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£ £
Trade debtors 5,134 1,176
Other debtors 1,800 1,800
Prepayments 4,051 4,220
10,985 7,196

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Notes to the Financial Statements - continued for the Year Ended 31st March 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25 31.3.24
£ £
Trade creditors 2,550 3,089
Social security and other taxes 12,965 9,230
Accrued expenses 7,216 5,969
22,731 18,288

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25 31.3.24
£ £
Within one year 10,750 10,750
Between one and five years - 10,750
10,750 21,500

The lease payments in the period of £10,750 have been recognised as an expense in the Statement of Financial Activities.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

31.3.25 31.3.24
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Fixed assets 1,972 - 1,972 2,678
Investments 205,092 - 205,092 198,971
Current assets 184,795 - 184,795 164,066
Current liabilities (22,731) - (22,731) (18,288)
369,128 - 369,128 347,427

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  1. MOVEMENT IN FUNDS

Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

MOVEMENT IN FUNDS
Net
movement At
At 1.4.24 in funds 31.3.25
£ £ £
Unrestricted funds
General fund 107,507 13,126 120,633
Moondance 40,949 2,454 43,403
Designated Walker Crips Investment
Fund 198,971 6,121 205,092
347,427 21,701 369,128
TOTAL FUNDS 347,427 21,701 369,128
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 19,933 (6,807) - 13,126
Moondance 500,000 (497,546) - 2,454
Designated Walker Crips Investment
Fund 5,854 (1,204) 1,471 6,121
525,787 (505,557) 1,471 21,701
Restricted funds
Revitalising RuralTown Centre 2,000 (2,000) - -
TOTALFUNDS 527,787 (507,557) 1,471 21,701

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  1. MOVEMENT IN FUNDS- continued

Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

Comparatives for movement in funds

----- Start of picture text -----
|||||| |---|---|---|---|---| |Net| |movement|At| |At|1.4,23|in|funds|31.3.24| |£|£|£| |Unrestricted|funds| |General|fund|95,852|11,655|107,507| |Moondance|500,000|(459,051)|40,949| |Designated|Walker|Crips|Investment| |Fund|192,469|6,502|198,971| |788,321|(440,894)|347,427| |TOTAL|FUNDS|788,321|(440,894)|347,427|

----- End of picture text -----

Comparative net movement in funds, included in the above are as follows:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|13,323|(1,668)|-|11,655| |Moondance|-|(459,051)|-|(459,051)| |Designated|Walker|Crips|Investment| |Fund|5,028|(975)|2,449|6,502| |18,351|(461,694)|2,449|(440,894)| |Restricted|funds| |Prince|of Wales|Charity|Foundation|30,000|(30,000)|,|-|-| |TOTAL FUNDS|48,351|(491,694)|2,449|(440,894)|

----- End of picture text -----

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Prime Cymru

Notes to the Financial Statements - continued for the Year Ended 31st March 2025

19. MOVEMENT IN FUNDS- continued

Acurrent year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.23 in funds 31.3.25
£ £ £
Unrestricted funds
General fund 95,852 24,781 120,633
Moondance 500,000 (456,597) 43,403
Designated Walker Crips Investment
Fund 192,469 12,623 205,092
788,321 (419,193) 369,128
TOTAL FUNDS 788,321 (419,193) 369,128
A current year 12 months and prior year 12 months combined net movement in funds, included in the
above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 33,256 (8,475) - 24,781
Moondance 500,000 (956,597) - (456,597)
Designated Walker Crips Investment
Fund 10,882 (2,179) 3,920 12,623
: 544,138 (967,251) 3,920 (419,193)
Restricted funds
Prince ofWales Charity Foundation 30,000 (30,000) - -
Revitalising Rural Town Centre 2,000 (2,000) - -
32,000 (32,000) : -
TOTALFUNDS 576,138 (999,251) 3,920 (419,193)

TOTAL FUNDS

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

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Notes to the Financial Statements - continued for the Year Ended 31st March 2025

20. RELATED PARTY DISCLOSURES

----- Start of picture text -----
.
----- End of picture text -----

There were no related party transactions for the year ended 31st March 2025.

21. RESTRICTED FUNDS

Prince of Wales Charitable Foundation - This grant was restricted to covering costs related to the delivery of the PRIME Cymru Volunteer Mentoring Programme throughout Wales.

Revitalising Rural Town Centre (RRTC) - This grant was received from Carmarthenshire County Council to revitalise the main office of the charity. The money was spent on exterior repairs and paintwork. —

22. GOING CONCERN

The financial statements have been prepared on a going concern basis. However, the trustees note there is a material uncertainty regarding the charity's ability to continue as a going concern beyond March 2026. As of the date of approval of these accounts, no future funding has been secured beyond that point.

The trustees are actively pursuing funding opportunities and remain committed to the charity's objectives. Nevertheless, the absence of confirmed income post-March 2026 casts significant doubt on the charity's ability to continue its operations without interruption.

Should the charity be unable to secure sufficient funding, it may be required to curtail its activities or cease operations. These financial statements do not include any adjustments that may be necessary should the charity be unable to continue as a going concern.

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