COMPANY REGISTRATION NUMBER: 07982321 CHARITY REGISTRATION NUMBER: 1147232
The Garnsychan Partnership Company Limited by Guarantee Financial Statements
31 March 2025
WALTER HUNTER & CO LIMITED
Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
The Garnsychan Partnership
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 11 |
| Statement of financial activities (including income and | |
| expenditure account) | 16 |
| Statement of financial position | 17 |
| Notes to the financial statements | 18 |
The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2025
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025.
Reference and administrative details
| Registered charity name | The Garnsychan Partnership | |
|---|---|---|
| Charity registration number | 1147232 | |
| Company registration number | 07982321 | |
| Principal office | Unit 14 Gilchrist Thomas Industrial Estate | |
| Blaenavon | ||
| Pontypool | ||
| Torfaen | ||
| NP4 9RL | ||
| Registered office | 24 Bridge Street | |
| Newport | ||
| NP20 4SF | ||
| The trustees | ||
| Mr B J Davies | ||
| Cllr G Davies | (Retired 1 February 2025) | |
| Pastor J E Funnell | ||
| Mrs R Gibbs | ||
| Mr P McGill | ||
| (Served from 24 June 2024 to 3 | ||
| Mr J H Rogers | February 2025) | |
| Mr C D Tew | ||
| Mrs C J Watkins | ||
| Mrs S Williams | ||
| Auditor | Walter Hunter & Co Limited | |
| Chartered accountants & statutory auditor | ||
| 24 Bridge Street | ||
| Newport | ||
| South Wales | ||
| NP20 4SF | ||
| Bankers | Barclays | |
| Commercial Street | ||
| Pontypool | ||
| Torfaen | ||
| NP4 6XX | ||
| Solicitors | Everett Tomlin Lloyd & Pratt | |
| Clarence Chambers | ||
| Clarence Street | ||
| Pontypool | ||
| Torfaen | ||
| NP4 6XP |
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Structure, governance and management
Nature of governing document and constitution of the charity
The Charity was incorporated as a Company Limited by Guarantee on 8 March 2012; company registration number 7982321. Registered charity number 1147232. The governing documents are its Memorandum and Articles of Association.
The methods adopted for the recruitment and appointment of new trustees
Garnsychan Partnership has a recruitment and selection policy in place for the appointment of new staff and trustees. At the close of this financial period, the full board consists of 8 members. New trustees are recruited from within Torfaen, by way of advertising available opportunities within the local community. The full board comprises a wide cross section of the community including local councillors, local business owners, retired people and community leaders. All trustees are required to declare any interests and must also sign up to our governing document. Trustees give their time free of charge and are also encouraged to be a member of at least one subcommittee within the organisation.
The policies and procedures adopted for the induction and training of trustees
Garnsychan Partnership has "Working with Volunteers" policies in place. Within these policies there are clear guidelines on the induction and training of our volunteers and this includes trustees. Good practice is critical to all our relationships and all volunteers and trustees can expect the same level of support, respect and training that the staff receive. New trustees are required to undertake a full induction on all our procedures and policies and to fully understand their legal obligations to the charity.
The organisational structure of the charity and how decisions are made
The charity has a Manager responsible for daily operations, decision making and staff management. The Executive Committee of trustees have decision making power with full responsibility of partnership decision making given over to the full board. All major plans and strategies are made by the full board. Local residents are also actively encouraged to join our steering groups where decisions are made on individual projects.
Relationships between the charity and related parties, including subsidiaries
The Garnsychan Partnership owns 100% of the shares of Garnsychan Community Trading Limited, company number 4665934. The profits of this company are gift aided to the charity at the end of the financial year.
The major risks to which the charity is exposed and reviews and systems to mitigate those risks
The charity is continually progressing to become financially sustainable and decrease grant dependency. This is a continuous challenge and funding in the form of grants has been required this year to support some areas of the charity. In an attempt to mitigate any risks, the charity attempts, each year, to diversify in order to increase income and funds.
Other than this, the charity is open to the usual financial risks affecting any organisation and the charity is continually taking steps to mitigate those risks as and when they are identified.
Relationships with other groups, charities and individuals
The charity has strong and supportive relationships with local schools, volunteer referral agencies, community groups and Torfaen County Borough Council. We collaboratively work alongside many other organisations across the whole of Torfaen to support each other's end goals that are for mutual benefits. The residents of Torfaen generously donate furniture each year to our Circulate reuse project, those items are then redistributed within the community, often to those residents most in need including people living in areas of high disadvantage, on low incomes and the homeless.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Objectives and activities
A summary of the objects of the charity as set out in its governing document
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Regenerating the County of Torfaen giving priority to the Abersychan Ward
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To assist the relief of poverty by helping to meet the needs of people on low income through the development of new and innovative social enterprises.
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To provide education, training, retraining, and work experience opportunities.
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The provision of recreational facilities with no discrimination between age, disability, social and economic factors.
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Protection or conservation of the environment.
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To encourage useful and innovative methods of recycling through social enterprises.
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To meet such other needs that is recognised within the community.
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To promote the benefit of the inhabitants of the electoral ward of Abersychan without distinction of sex, race, political, religious or other opinions.
An explanation of the charity's main objectives for the year
The significant objectives of the Garnsychan Partnership for the financial year 2021/22 were:
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To increase the profile of existing projects to new stakeholders
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To maximise our social enterprise recycling & re-use opportunities across Torfaen
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To ensure critical support services are put in place to support those residents most affected by the cost of living crisis.
This aside, the Garnsychan Partnership also delivered and achieved the following aims:
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To provide relevant and valued social enterprise schemes and community-based projects that benefit all residents of the Abersychan Ward and wider Torfaen.
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To continue our provision of easily accessible and relevant training schemes for adults living within disadvantaged areas of Abersychan and wider Torfaen.
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To be a transparent, approachable, community-based charity.
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To assist with the economic, social and environmental regeneration of the area.
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To work in partnership with other community groups, local government and schools for mutual benefit.
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To consult with our beneficiaries and partners to ensure the need for our work is there.
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To promote volunteering and informed training opportunities.
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To provide access to projects that improve health and wellbeing.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Objectives and activities (continued)
An explanation of the charity's strategies for achieving its stated objectives Strategies for achievement of the charity's objectives this year included:
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Collaborating with key partners on projects aimed at identifying and supporting those most in need with food, fuel and household items.
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Developing a network of contacts and stakeholders throughout Torfaen to support delivery of our services.
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Ensuring excluded groups such as those with health problems and those living in the most deprived areas had access to our services.
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Strengthening our existing partnerships with other community groups and the local authority, specifically Torfaen County Borough Council.
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Providing relevant and socially inclusive volunteering opportunities for residents where they can build confidence in a safe environment and begin to engage positively in their community.
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Promoting our services by direct marketing to key beneficiaries.
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Consistently monitoring and evaluating all project activity to ensure key outcomes are being met
Details of significant activities (including its main programmes, projects, or services provided) that contribute to the achievement of the stated objectives.
SUPPORTING COMMUNITIES DURING THE COST OF LIVING CRISIS
The cost-of-living crisis has created the perfect storm for many charities like the Garnsychan Partnership who are essential support service responding to the need and panic within our borough. We continuously assess and evaluate our projects to ensure that we are responding the need of our community.
The Garnsychan Partnership Wellbeing Hub was established in response to the challenges posed by the recent global pandemic. It became evident that many individuals in our community required support and assistance but were unsure of where to find help. To streamline this process, we created a one-stop platform where people could access the support they need from a single trusted source. Since then, the hub has grown and adapted, continually adjusting its provisions and support services to meet the needs of residents who are directly affected by economic and social issues.
Our Wellbeing hub comprises of a variety of service provisions these are:
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COMMUNITY FOODBANK - As the leading charity in the northern part of Torfaen, we have witnessed how rapidly the Cost-of-Living Crisis can change a person's circumstances. We have assisted many individuals who never anticipated facing financial difficulties before this crisis arose. Garnsychan offers support to those in need, whether it's a quick cupboard top-up or a complete three-day food package, depending on their situation. This year, we have distributed 3,794 meals through our food b ank.
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THE PANTRY - A community initiative for people living in North Torfaen and nearby areas. For £7, local residents can access a whole range of good produce. Residents choose a guaranteed 12 items from a huge variety of groceries, fresh fruit and veg, plus all the usual store cupboard favourites (including all essential toiletries). This year over 1150 baskets of shopping have been distributed into the community. Additionally, alongside the Pantry Shop we offer use of our fully equipped com mercial kitchen so you can batch cook your ingredients to save energy usage at their own home.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Objectives and activities (continued)
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WARM BANK - Garnsychan Welcoming Space (Warm Bank) provides a safe space and a communal heat bank to help people unable to afford to heat their homes during the winter.
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WARM BUNDLES - Warm bundles are also provided from October to March for those most vulnerable who may be exposed to the cold. We distribute these warm packs including coats and other clothing to those in need and require help at the coldest time of the year.
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PERIOD POWER! - Funded by TCBC, the project supports local schools, community groups and families in crisis with access to essential non-toxic sanitary products.
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FUELBANK SUPPORT SCHEME - we are working in partnership with The Fuelbank Foundation. Garnsychan Fuelbank can support residents at risk of "disconnection" of their pre-payment meter through an emergency voucher. We have supported 340 fuel vouchers to families without power.
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PRESCRIPTION DELIVERY AND COLLECTION SERVICE - for residents isolating or unable to leave their homes due to illness.
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PRESCRIPTION DELIVERY AND COLLECTION SERVICE for residents isolating or unable to leave their homes due to illness;
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A friendly Wellbeing CALL PACKAGE for our senior residents who live alone.
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Support for those accessing Universal Credit and debt management.
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Advice and support for local people and small businesses.
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Friendly telephone and crisis intervention programme.
Garnsychan have supported over 9,856 people under the wellbeing hub umbrella this financial year. We continued to see a substantial increase in numbers of people contacting us for advice and support, so much so the data we have collated really shows the need for and importance of our work here at Garnsychan Partnership and shows that more than ever, our Charity is and continues to be a vital service across Torfaen.
The unprecedented number of people turning to the Garnsychan Partnership means we can't dial down our support anytime soon. We will continue our key services and we will tough this out so we will still be here for our residents, now, next year and beyond.
DELIVER EFFICIENT AND EFFECTIVE WASTE AND RECYCLING SERVICES
Circulate has provided a valuable and worthwhile service to the residents of Torfaen. Our increased demand is partly due to the current economic climate, which includes the fuel and cost of living crisis. As a result, residents have less disposable income, leading them to make different purchasing choices. With the rising costs of living, many view furniture purchases as non-essential. Consequently, those who might have previously bought brand-new furniture on hire purchase are now opting for more affordable options from Circulate to avoid long-term debt.
In total, Circulate has diverted 168,782 kg of unwanted items from entering landfills, resulting in a savings of £17,494.19 in current landfill tax rates.
Circulate Recycling is dedicated not only to promoting reuse and recycling but also to providing social benefits by helping to alleviate poverty.
PROVIDE OPPORTUNITIES FOR PEOPLE TO IMPROVE THEIR HEALTH
We facilitated access to affordable fresh produce through the community roots enterprise located at Abersychan High School and the Pantry shop provisions at our HQ to support people affected by the cost of living and fuel crisis with access to fresh produce to improve the health of the people in our communities.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Objectives and activities (continued)
PROVIDING PRACTICAL SUPPORT TO THOSE MOST IN NEED
The charity works with Torfaen County Borough Council and social landlords in mitigating welfare reform, the scheme identifies those residents living in crisis and or extreme poverty across Torfaen. Individuals receive support in the form of stocked emergency household furniture and whitegoods as well as signposting to further support to help prevent a crisis in the future.
TRAINING AND SKILLS ACADEMY
The Garnsychan Training and Skills Academy is a volunteer-led training program.
Our academy offers a personalised training plan for each participant. This plan is developed by the beneficiaries themselves, allowing them to consider how their existing skills and experiences can be enhanced through training and education to become more competitive in the job market. We have found that the most effective training occurs on the job, whether through accredited qualifications or tailored on-the-job training plans.
We have two training rooms where we offer a wide range of education and training for current participants and employees. Educating and training individuals who struggle with low self-esteem and confidence can be challenging, but the Garnsychan Partnership has successfully demonstrated that providing a safe, relaxed, and supportive learning environment is essential for revitalising the workforce and economy in valley communities.
Our goal is to offer a variety of in-house workshops and training courses designed to boost confidence and enhance the skill sets that employers need. In addition, our Training Academy Office provides one-on-one support to help participants address any barriers that hinder their full potential. We also run a weekly job club where participants can access job search advice and I.T. support for CV activities.
This year, we have supported 56 training and work experience placements and 159 accredited training and qualifications.
Achievements and performance
Awarded a 5 (Very Good) in the Food Hygiene Rating by the Food Standards Agency.
We are pleased to also announce that we are officially recognised as a 'Disability Confident Committed' organisation and are working towards the Investment in Volunteer Award.
Fundraising
The charity relies on grant aid from the donors identified in the accounts, whose support is valued. There have been no other fundraising activities.
Investment performance achieved against investment objectives set
Investment income disclosed in the accounts is interest received on the charity's bank accounts and the Gift Aid payment due from Garnsychan Community Trading Limited as disclosed in the accounts.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Achievements and performance (continued)
Factors relevant to the achievement of the charity's objectives:
Staff
All employees of the charity play a vital role in achieving the partnership's aims and objectives. They are encouraged to participate in regular and informative training sessions to build their confidence and skills. The Trustees of the Partnership value the entire workforce and promote open discussions and idea-sharing as the norm.
Community
Consultation with beneficiaries and the larger public is essential for the success of all projects. Our policy is to offer only those projects and schemes that are valued and needed by residents, ensuring they become self-sustaining and frequently used, ultimately providing value for money. Residents are more likely to support a project if they feel their involvement and opinions are valued.
This year, we have focused on improving our online presence by utilizing social media and hosting video community consultation meetings leading up to funding applications. The Garnsychan Partnership's website is regularly updated to keep all beneficiaries informed about our work. Social media, in particular, has proven to be an effective tool for gathering feedback from the wider community.
Additionally, the partnership has established distinct steering groups and subcommittees to ensure that all aspects of our operations are effectively covered.
Volunteers
The Garnsychan Partnership and its projects greatly depend on the support of volunteers from our community to ensure effective service delivery. This year, we have continued to work alongside local volunteers, focusing on their involvement in health and well-being initiatives. Our volunteers have been essential in assisting with the packing and distribution of our core charity projects, which include food parcels, the pantry, and the community buddy scheme for senior residents.
Financial review
Policies on reserves
The unrestricted reserves represent the free reserves of the charity. The trustees aim to ensure that the free reserves cover twelve months of operating expenditure.
Principal funding sources and how expenditure in the year under review has supported the key objectives of the charity
The principal funding sources for the charity are currently by way of grant and contract income from a number of agencies. Full analysis is shown in note 6 to the accounts.
All sources of funding were expended to meet the charity's objectives of furthering community regeneration in the Garnsychan ward.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Financial review (continued)
Financial Review
The Statement of Financial Activities show net outgoing resources for the year of a revenue nature of £64,932 (2024: outgoing £55,154).
The reserves of the charity at the year end were £123,239 (2024: £188,171) of which £89,240 (2023: £157,404) were restricted and £33,999 (2024: £30,767) were unrestricted.
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund. The trustees also consider the financial performance by the charity during the year to have been satisfactory.
Financial performance of the charity's subsidiary undertakings
Garnsychan Community Trading Limited, company number 4665934, has had another successful year managing the social enterprise projects of the charity. The results of the subsidiary, for the year ended 31st March 2025, are disclosed in note 19 to the accounts.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charities aims and objectives and in planning future activities.
Plans for future periods
Although we are still operating in a challenging financial climate, several positive developments are underway to support and strengthen the organisation’s cash flow going into the new financial year. We have confirmed future plans for the commissioning of services with TCBC, providing greater stability and predictability in our income stream.
We have also taken a proactive approach to partnership working. Our subletting arrangement with ACT will significantly reduce our overheads, contributing over £11,000 per year towards annual rent costs. This collaboration not only supports long-term financial sustainability but also reinforces strong cross-organisational partnerships.
In addition, we are in advanced discussions with Changing Gearz, a bike recycling initiative that repairs, services, and sells refurbished bikes at affordable prices. Establishing a satellite provision with this project is expected to generate approximately £8,000 in additional annual income, further enhancing our financial resilience.
Alongside these developments, we are proactively working with external grant funding officers to support our application writing and consultation processes, ensuring submissions are robust and strategically aligned. This approach is intended to strengthen our chances of securing future funding and expanding income opportunities.
Aside from securing external funding for the new year, we are also developing a strengthened marketing and business plan aimed specifically at increasing our trading income and improving the long-term sustainability of the project. This work will support greater independence, diversified revenue streams, and enhanced organisational resilience.
Finally, we have actioned the staff restructure, which will result in substantial salary savings across the year, further contributing to a more sustainable financial position.
Together, these measures form a comprehensive and coordinated strategy to improve cash flow through diversified income, reduced costs, strengthened partnerships, enhanced funding readiness, and focused business development.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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The Garnsychan Partnership
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
The trustees' annual report was approved on 17 December 2025 and signed on behalf of the board of trustees by:
Mrs C J Watkins Pastor J E Funnell Trustee Trustee
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The Garnsychan Partnership
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Garnsychan Partnership
Year ended 31 March 2025
Opinion
We have audited the financial statements of The Garnsychan Partnership (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The Garnsychan Partnership
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Garnsychan Partnership (continued)
Year ended 31 March 2025
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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The Garnsychan Partnership
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Garnsychan Partnership (continued)
Year ended 31 March 2025
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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By making enquiries with those charged with governance all areas of risk identified were considered and any potential litigation or claim, if any, were noted
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Ensuring by enquiry that there were no issues of non-compliance with laws and regulations relating to tax and compliance
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By obtaining an understanding of the charity's policies and procedures on compliance with laws and regulations, and with best accounting practice
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Noting issues discussed with the trustees and management as this relates to risks faced by the charity
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Reviewing disclosures in the financial statements and testing to supporting documentation to assess compliance with applicable laws and regulations
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Auditing the risk of management override of controls including testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business
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Considering the effect on risk to the company of the Covid-19 pandemic and the UK's departure from the EU. In particular to note whether any such issues would affect the charity's ability to continue to operate.
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The Garnsychan Partnership
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Garnsychan Partnership (continued)
Year ended 31 March 2025
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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The Garnsychan Partnership
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Garnsychan Partnership (continued)
Year ended 31 March 2025
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Rhodes BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
17 December 2025
- 15 -
The Garnsychan Partnership
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2025
| Year ended 31 March 2025 | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 850 | 361 | 1,211 | 966 |
| Charitable activities | 6 | 78,785 | 124,830 | 203,615 | 167,859 |
| Other trading activities | 7 | 16,630 | 724 | 17,354 | 10,666 |
| Investment income | 8 | 42 | 1,373 | 1,415 | 500 |
| Other income | 9 | – | – | – | 2,680 |
──────── |
───────── |
───────── |
───────── |
||
| Total income | 96,307 | 127,288 | 223,595 | 182,671 | |
════════ |
═════════ |
═════════ |
═════════ |
||
| Expenditure | |||||
| Expenditure on charitable activities | 10,11 | 139,607 | 148,920 | 288,527 | 237,825 |
───────── |
───────── |
───────── |
───────── |
||
| Total expenditure | 139,607 | 148,920 | 288,527 | 237,825 | |
═════════ |
═════════ |
═════════ |
═════════ |
||
───────── |
───────── |
───────── |
───────── |
||
| Net expenditure | (43,300) | (21,632) | (64,932) | (55,154) | |
═════════ |
═════════ |
═════════ |
═════════ |
||
| Transfers between funds | 46,532 | (46,532) | – | – | |
───────── |
───────── |
───────── |
───────── |
||
| Net movement in funds | 3,232 | (68,164) | (64,932) | (55,154) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 30,767 | 157,404 | 188,171 | 243,325 | |
───────── |
───────── |
───────── |
───────── |
||
| Total funds carried forward | 33,999 | 89,240 | 123,239 | 188,171 | |
═════════ |
═════════ |
═════════ |
═════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 18 to 32 form part of these financial statements.
- 16 -
The Garnsychan Partnership
Company Limited by Guarantee
Statement of Financial Position
31 March 2025
| 31 March 2025 | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 18 | 5,063 | 10,531 | |
| Investments | 19 | 1 | 1 | |
─────── |
──────── |
|||
| 5,064 | 10,532 | |||
| Current assets | ||||
| Debtors | 20 | 109,191 | 140,720 | |
| Cash at bank and in hand | 28,411 | 54,724 | ||
───────── |
───────── |
|||
| 137,602 | 195,444 | |||
| Creditors: amounts falling due within one year | 21 | 19,427 | 17,805 | |
───────── |
───────── |
|||
| Net current assets | 118,175 | 177,639 | ||
───────── |
───────── |
|||
| Total assets less current liabilities | 123,239 | 188,171 | ||
───────── |
───────── |
|||
| Net assets | 123,239 | 188,171 | ||
═════════ |
═════════ |
|||
| Funds of the charity | ||||
| Restricted funds | 89,240 | 157,404 | ||
| Unrestricted funds | 33,999 | 30,767 | ||
───────── |
───────── |
|||
| Total charity funds | 23 | 123,239═════════ |
188,171═════════ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 17 December 2025, and are signed on behalf of the board by:
Mrs C J Watkins Trustee
Pastor J E Funnell Trustee
The notes on pages 18 to 32 form part of these financial statements.
- 17 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 55 Stanley Road, Garndiffaith, Pontypool, Torfaen, NP4 7LH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although the charity is still operating in a challenging financial climate, several positive developments are underway to support and strengthen the organisation's cash flow going into the new financial year. The charity has confirmed future plans for the commissioning of services with Torfaen County Borough Council, providing greater stability and predictability in our income stream.
The charity has also taken a proactive approach to partnership working. Our subletting arrangement with ACT will significantly reduce our overheads, contributing over £11,000 per year towards annual rent costs. This collaboration not only supports long-term financial sustainability but also reinforces strong cross-organisational partnerships.
In addition, the charity is in advanced discussions with Changing Gearz, a bike recycling initiative that repairs, services, and sells refurbished bikes at affordable prices. Establishing a satellite provision with this project is expected to generate approximately £8,000 in additional annual income, further enhancing our financial resilience.
Alongside these developments, the charity is proactively working with external grant funding officers to support our application writing and consultation processes, ensuring submissions are robust and strategically aligned. This approach is intended to strengthen our chances of securing future funding and expanding income opportunities.
Aside from securing external funding for the new year, the charity is also developing a strengthened marketing and business plan aimed specifically at increasing our trading income and improving the long-term sustainability of the project. This work will support greater independence, diversified revenue streams, and enhanced organisational resilience.
Finally, the charity has actioned a staff restructure, which will result in substantial salary savings across the year, further contributing to a more sustainable financial position.
Together, these measures form a comprehensive and coordinated strategy to improve cash flow through diversified income, reduced costs, strengthened partnerships, enhanced funding readiness, and focused business development.
- 18 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Any proposed transfer between funds would be considered on the particular circumstances.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- 19 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
It is the policy of the charity not to capitalise assets costing less than £1,000.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Plant and machinery | - | 20% per annum straight line |
|---|---|---|
| Fixtures and fittings | - | 20% per annum straight line |
| Motor vehicles | - | 25% per annum straight line |
| Equipment | - | 33% per annum straight line |
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including
any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
- 20 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is incorporated under the Companies Act 2006 and is limited by guarantee, each member having to contribute such amounts not exceeding £1 as may be required in the event of the company being wound up whilst they are still a member or within one year thereafter.
Number of members as at 31 March 2025 is 7 (2024: 8).
- 21 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 850 | 350 | 1,200 |
| Gift Aid Tax Refund | – | 11 | 11 |
──── |
──── |
─────── |
|
| 850 | 361 | 1,211 | |
════ |
════ |
═══════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 75 | – | 75 |
| Gift Aid Tax Refund | – | 891 | 891 |
──── |
──── |
──── |
|
| 75 | 891 | 966 | |
════ |
════ |
════ |
|
| Charitable activities | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Torfaen County Borough Council | 76,654 | 105,144 | 181,798 |
| Co-Op Community Fund | 2,131 | – | 2,131 |
| Community Council Grants | – | 1,200 | 1,200 |
| Local Giving Limited Grants | – | – | – |
| Bron Afon Housing Association | – | 140 | 140 |
| The National Lottery Community Fund | – | 16,830 | 16,830 |
| Tesco Groundworks | – | 1,000 | 1,000 |
| Pobl Group | – | 516 | 516 |
──────── |
───────── |
───────── |
|
| 78,785 | 124,830 | 203,615 | |
════════ |
═════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Torfaen County Borough Council | 123,534 | 31,000 | 154,534 |
| Co-Op Community Fund | – | 4,025 | 4,025 |
| Community Council Grants | 300 | 1,000 | 1,300 |
| Local Giving Limited Grants | – | 500 | 500 |
| Bron Afon Housing Association | – | 2,500 | 2,500 |
| The National Lottery Community Fund | – | 5,000 | 5,000 |
| Tesco Groundworks | – | – | – |
| Pobl Group | – | – | – |
───────── |
──────── |
───────── |
|
| 123,834 | 44,025 | 167,859 | |
═════════ |
════════ |
═════════ |
6. Charitable activities
- 22 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
7. Other trading activities
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Lunch Club Sales | 8,903 | – | 8,903 | ||
| Rental Income | 2,025 | – | 2,025 | ||
| The Pantry sales | 3,547 | – | 3,547 | ||
| Greenmeadow Farm sales | – | – | – | ||
| Sundry Income | 2,155 | 724 | 2,879 | ||
──────── |
──── |
──────── |
|||
| 16,630 | 724 | 17,354 | |||
════════ |
════ |
════════ |
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Lunch Club Sales | 7,540 | – | 7,540 | ||
| Rental Income | 1,376 | – | 1,376 | ||
| The Pantry sales | 1,398 | – | 1,398 | ||
| Greenmeadow Farm sales | 58 | – | 58 | ||
| Sundry Income | 294 | – | 294 | ||
──────── |
──── |
──────── |
|||
| 10,666 | – | 10,666 | |||
════════ |
════ |
════════ |
|||
| 8. | Investment income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Gift Aid payment from trading subsidiary | – | 1,373 | 1,373 | ||
| Bank interest receivable | 42 | – | 42 | ||
──── |
─────── |
─────── |
|||
| 42 | 1,373 | 1,415 | |||
════ |
═══════ |
═══════ |
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Gift Aid payment from trading subsidiary | – | 415 | 415 | ||
| Bank interest receivable | 85 | – | 85 | ||
──── |
──── |
──── |
|||
| 85 | 415 | 500 | |||
════ |
════ |
════ |
|||
| 9. | Other income | ||||
| Restricted | Total Funds | Restricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Gain on disposal of tangible fixed | |||||
| assets held for charity's own use | – | – | 2,680 | 2,680 | |
════ |
════ |
═══════ |
═══════ |
- 23 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
10. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Core Activities | 104,582 | – | 104,582 |
| School Veg Box | – | 441 | 441 |
| Community Champions | – | 43,924 | 43,924 |
| Circulate | – | 70,080 | 70,080 |
| The Pantry | 6,029 | – | 6,029 |
| Hampers | – | – | – |
| Welcome Space | – | 7,555 | 7,555 |
| Training Academy | – | 10,365 | 10,365 |
| Support costs | 28,996 | 16,555 | 45,551 |
───────── |
───────── |
───────── |
|
| 139,607 | 148,920 | 288,527 | |
═════════ |
═════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Core Activities | 114,953 | 3,207 | 118,160 |
| School Veg Box | – | – | – |
| Community Champions | – | – | – |
| Circulate | – | 50,587 | 50,587 |
| The Pantry | 2,302 | 4,318 | 6,620 |
| Hampers | – | 973 | 973 |
| Welcome Space | – | 1,617 | 1,617 |
| Training Academy | – | 17,498 | 17,498 |
| Support costs | 28,164 | 14,206 | 42,370 |
───────── |
──────── |
───────── |
|
| 145,419 | 92,406 | 237,825 | |
═════════ |
════════ |
═════════ |
11. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Core Activities | 104,582 | 22,017 | 126,599 | 139,784 |
| School Veg Box | 441 | – | 441 | – |
| Community Champions | 43,924 | 2,815 | 46,739 | – |
| Circulate | 70,080 | 4,003 | 74,083 | 54,620 |
| Circulate Capital Project | – | 8,145 | 8,145 | 9,421 |
| The Pantry | 6,029 | 179 | 6,208 | 6,620 |
| Hampers | – | – | – | 973 |
| Welcome Space | 7,555 | 1,018 | 8,573 | 1,617 |
| Training Academy | 10,365 | 574 | 10,939 | 18,250 |
| Governance costs | – | 6,800 | 6,800 | 6,540 |
───────── |
──────── |
───────── |
───────── |
|
| 242,976 | 45,551 | 288,527 | 237,825 | |
═════════ |
════════ |
═════════ |
═════════ |
- 24 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
12. Analysis of support costs
| Core | Community | Circulate | Welcome | Training | |||||
|---|---|---|---|---|---|---|---|---|---|
| Activities | Champions | Circulate | Capital | The Pantry | Space | Academy | Total 2025 | Total 2024 | |
| £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Staff costs | 156 | – | – | – | – | 24 | 192 | 372 | 794 |
| Premises | 10,343 | – | – | – | 34 | – | 109 | 10,486 | 12,053 |
| Communications and IT | 3,450 | 101 | 1,494 | – | 52 | 11 | – | 5,108 | 3,844 |
| General office | 5,105 | 2,714 | 2,178 | – | – | 983 | 273 | 11,253 | 6,356 |
| Finance costs | 493 | – | – | – | 93 | – | – | 586 | 707 |
| Governance costs | 8,074 | – | 34 | – | – | – | – | 8,108 | 7,797 |
| Motor, travel and volunteer | |||||||||
| expenses | 194 | – | – | – | – | – | – | 194 | 333 |
| Depreciation | 903 | – | – | 8,145 | – | – | – | 9,048 | 10,216 |
| Subscriptions | 99 | – | 297 | – | – | – | – | 396 | 270 |
──────── |
─────── |
─────── |
─────── |
──── |
─────── |
──── |
──────── |
──────── |
|
| 28,817 | 2,815 | 4,003 | 8,145 | 179 | 1,018 | 574 | 45,551 | 42,370 | |
════════ |
═══════ |
═══════ |
═══════ |
════ |
═══════ |
════ |
════════ |
════════ |
- 25 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
13. Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
14. Net expenditure
Net (expenditure)/income is stated after charging:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 9,048 | 10,216 |
| Fees paid to the auditor (Incl. VAT): | ||
| For the audit of the financial statements | 6,800 | 6,540 |
| For non-audit services | 1,207 | 1,123 |
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 128,854 | 99,722 |
| Social security costs | 7,957 | 6,358 |
| Employer contributions to pension plans | 12,822 | 11,581 |
───────── |
───────── |
|
| 149,633 | 117,661 | |
═════════ |
═════════ |
The average head count of employees during the year was 9 (2024: 9). The average number of full-time equivalent employees during the year is analysed as follows:
| full-time equivalent employees during the year is analysed as | follows: | |
|---|---|---|
| 2025 | 2024 | |
| No. | No. | |
| Number of management staff | 1 | 1 |
| Number of staff engaged on charitable activities | 3 | 3 |
──── |
──── |
|
| 4 | 4 | |
════ |
════ |
Of the head count of 10, 5 employees were recharged to Garnsychan Community Trading Limited.
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £58,932 (2024:£53,216).
- 26 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
16. Trustee remuneration and expenses
Neither the trustees or any persons connected with them have received any remuneration, either in the current or preceding year.
Neither the trustees or any persons connected with them have been reimbursed expenses, either in the current or preceding year.
17. Transfers between funds
Transfers between funds includes amounts of £3,260, £24,691 and £16,308 which have been transferred from the Fuel Bank, Wellbeing Hub and Training Academy restricted reserves respectively to unrestricted reserves. Funds received for these activities have been spent in accordance with the grant conditions and fully reported to the individual funders and the charity has had it confirmed that remaining balances can be transferred to unrestricted reserves and used by the charity in furtherance of its objects.
Full details are shown in note 23 to the accounts.
18. Tangible fixed assets
| Plant and | Fixtures and | Motor | |||
|---|---|---|---|---|---|
| machinery | fittings | vehicles | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2024 | 18,416 | 44,396 | 32,586 | 35,064 | 130,462 |
| Additions | – | – | – | 3,580 | 3,580 |
| Disposals | – | – | – | (2,231) | (2,231) |
──────── |
──────── |
──────── |
──────── |
───────── |
|
| At 31 March 2025 | 18,416 | 44,396 | 32,586 | 36,413 | 131,811 |
════════ |
════════ |
════════ |
════════ |
═════════ |
|
| Depreciation | |||||
| At 1 April 2024 | 18,416 | 42,010 | 24,441 | 35,064 | 119,931 |
| Charge for the year | – | 550 | 8,145 | 353 | 9,048 |
| Disposals | – | – | – | (2,231) | (2,231) |
──────── |
──────── |
──────── |
──────── |
───────── |
|
| At 31 March 2025 | 18,416 | 42,560 | 32,586 | 33,186 | 126,748 |
════════ |
════════ |
════════ |
════════ |
═════════ |
|
| Carrying amount | |||||
| At 31 March 2025 | – | 1,836 | – | 3,227 | 5,063 |
════════ |
════════ |
════════ |
════════ |
═════════ |
|
| At 31 March 2024 | – | 2,386 | 8,145 | – | 10,531 |
════════ |
════════ |
════════ |
════════ |
═════════ |
- 27 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
19. Investments
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| Cost or valuation | |
| At 1 April 2024 and 31 March 2025 | 1 |
════ |
|
| Impairment | |
| At 1 April 2024 and 31 March 2025 | – |
════ |
|
| Carrying amount | |
| At 31 March 2025 | 1 |
════ |
|
| At 31 March 2024 | 1 |
════ |
All investments shown above are held at valuation.
The charity holds 100% of the issued share capital of Garnsychan Community Trading Limited a company incorporated in England & Wales. Garnsychan Community Trading Limited manages the social and enterprise projects of the charity, which fulfils an an objective of the charity.
The investment is shown at cost.
Relevant financial information regarding Garnsychan Community Trading Limited is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Income | 87,625 | 85,135 | |
| Cost of sales | (85,392) | (88,007) | |
──────── |
──────── |
||
| Gross profit | 2,233 | (2,872) | |
| Admininstrative expenses | (3,888) | (3,633) | |
| Other operating income | 3,028 | 6,920 | |
─────── |
─────── |
||
| Operating profit | 1,373 | 415 | |
| Gift Aid payment to Garnsychan Partnership | (1,373) | (415) | |
─────── |
──── |
||
| Result for the year | – | – | |
═══════ |
════ |
||
| Net current assets as at 31 March 2025 and 31 March 2024 | 1 | 1 | |
| 20. | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors | 33,283 | 19,652 | |
| Amounts owed by group undertakings | 75,908 | 117,218 | |
| Prepayments and accrued income | – | 3,850 | |
───────── |
───────── |
||
| 109,191 | 140,720 | ||
═════════ |
═════════ |
- 28 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
21. Creditors: amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 3,973 | 696 |
| Accruals and deferred income | 12,811 | 14,935 |
| Social security and other taxes | 2,095 | 1,840 |
| Pension creditor | 548 | 334 |
──────── |
──────── |
|
| 19,427 | 17,805 | |
════════ |
════════ |
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £12,822 (2024: £11,581).
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At 31 March | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 2025 | |
| £ | £ | £ | £ | £ | |
| General Unrestricted | |||||
| Fund | 19,520 | 81,726 | (127,023) | 46,532 | 20,755 |
| The Pantry | 2,701 | 3,547 | (6,248) | – | – |
| Lunch Club | 8,546 | 11,034 | (6,336) | – | 13,244 |
──────── |
──────── |
───────── |
──────── |
──────── |
|
| 30,767 | 96,307 | (139,607) | 46,532 | 33,999 | |
════════ |
════════ |
═════════ |
════════ |
════════ |
|
| At | At 31 March | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| General Unrestricted | |||||
| Fund | 35,407 | 125,722 | (138,802) | (2,807) | 19,520 |
| The Pantry | 3,605 | 1,398 | (2,302) | – | 2,701 |
| Lunch Club | 5,321 | 7,540 | (4,315) | – | 8,546 |
──────── |
───────── |
───────── |
─────── |
──────── |
|
| 44,333 | 134,660 | (145,419) | (2,807) | 30,767 | |
════════ |
═════════ |
═════════ |
═══════ |
════════ |
- 29 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
23. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At 31 March | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 2025 | |
| £ | £ | £ | £ | £ | |
| School Veg Box | 5,072 | 1,373 | (5,873) | – | 572 |
| Circulate | 75,076 | 47,657 | (68,651) | – | 54,082 |
| Circulate Capital | 8,145 | – | (8,145) | – | – |
| Fuel Bank | – | 49,999 | (46,739) | (3,260) | – |
| Wellbeing Hub | 25,808 | 28,259 | (8,573) | (24,691) | 20,803 |
| Training Academy | 40,935 | – | (10,939) | (16,308) | 13,688 |
| Hampers | 95 | – | – | – | 95 |
| Period Poverty | 2,136 | – | – | (2,136) | – |
| Lunch Box | – | – | – | – | – |
| The Pantry | 137 | – | – | (137) | – |
───────── |
───────── |
───────── |
──────── |
──────── |
|
| 157,404 | 127,288 | (148,920) | (46,532) | 89,240 | |
═════════ |
═════════ |
═════════ |
════════ |
════════ |
|
| At | At 31 March | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| School Veg Box | 5,072 | (858) | 858 | – | 5,072 |
| Circulate | 91,890 | 34,844 | (51,658) | – | 75,076 |
| Circulate Capital | 21,386 | – | (13,241) | – | 8,145 |
| Fuel Bank | – | – | – | – | – |
| Wellbeing Hub | 24,618 | 1,000 | (1,617) | 1,807 | 25,808 |
| Training Academy | 50,867 | 8,318 | (18,250) | – | 40,935 |
| Hampers | 68 | – | (973) | 1,000 | 95 |
| Period Poverty | 1,136 | 1,000 | – | – | 2,136 |
| Lunch Box | – | 3,207 | (3,207) | – | – |
| The Pantry | 3,955 | 500 | (4,318) | – | 137 |
───────── |
──────── |
──────── |
─────── |
───────── |
|
198,992═════════ |
48,011════════ |
(92,406)════════ |
2,807═══════ |
157,404═════════ |
- 30 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
23. Analysis of charitable funds (continued)
Circulate Furniture Recycling Torfaen's largest re-use and recycling enterprise which aims to not only drive forward a clean and green community, but also to alleviate material poverty of the poorest and most disadvantaged members of our community.
Wellbeing Hub - a multiple of essential front-line services, in a one stop shop format to support those most at risk of food and social insecurities caused by the cost-of-living crisis. These include:
-
Fuel Bank Scheme - Households on prepayment utility meters can access an emergency voucher to help reduce the risk of being disconnected
-
Hampers - Christmas and Easter Hampers delivered in the community containing essentials of seasonal food, dry staples, and fresh fruit/veg.
-
A prescription delivery service for those isolating or affected by Covid-19.
-
An emergency food parcel delivery service for those in need of extra support due to financial or personal crises.
-
Period Power - a period support scheme (funded by Torfaen Council) to support local schools, community groups and families in crisis with access to essential non-toxic sanitary products.
The Training Academy - a volunteer led training programme. Our academy provides an individual training programme for each placement to work towards. The programme is identified and decided by the beneficiaries themselves in order for them to think about how their existing skills and experience can be developed through training and education to help the individual become more competitive in the job market.
24. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,063 | – | 5,063 |
| Investments | 1 | – | 1 |
| Current assets | 47,535 | 90,067 | 137,602 |
| Creditors less than 1 year | (18,600) | (827) | (19,427) |
──────── |
──────── |
───────── |
|
| Net assets | 33,999 | 89,240 | 123,239 |
════════ |
════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,386 | 8,145 | 10,531 |
| Investments | 1 | – | 1 |
| Current assets | 40,072 | 155,372 | 195,444 |
| Creditors less than 1 year | (11,692) | (6,113) | (17,805) |
──────── |
───────── |
───────── |
|
| Net assets | 30,767 | 157,404 | 188,171 |
════════ |
═════════ |
═════════ |
25. Limitation of auditors liability
By way of a board resolution the company has agreed to enter into a limited liability agreement with its auditors whereby their exposure to legal claims is limited to £50,000 per claim.
- 31 -
The Garnsychan Partnership
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
26. Related parties
The charity holds 100% of the issued share capital of Garnsychan Community Trading Limited a company incorporated in England & Wales, company number 4665934. At the year end that company owed Garnsychan Partnership £75,908 (2024: £117,218) which includes the Gift Aid payment for the year of £1,373 (2024:£415), see note 19 to the accounts.
- 32 -