**Ferryside Social Enterprise Group** Charity Number 1158602 ## **Ferryside Social Enterprise Group CIO** Charity Registration Number: 1158602 Trustees' report and financial statements for the year ended 31[st] December 2022 **Ferryside Social Enterprise Group** ## **Contents** ||Page| |---|---| |Legal and administrative information|1| |Trustees report|2 - 4| |Independent Examination report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 12| **Ferryside Social Enterprise Group** Charity Number 1158602 **Legal and administrative information** |Company Name:|Ferryside Social Enterprise Group CIO|Ferryside Social Enterprise Group CIO| |---|---|---| |Charity Number:|1158602|| |Address:|Calon Y Fferi|| ||Community Centre|| ||Carmarthen Road|| ||Ferryside|| ||SA17 5TE|| |Trustees:||| ||James Ewen Greenwell|resigned 16/11/22, re-appointed 11/06/23| ||Anthony Stuart Duckworth|resigned 22/06/23| ||Simone Clare Bizzell-Browning|| ||Mark John Harwood|| ||Kenneth Mauric Day|resigned 25/10/22| ||Charles Robert Donald Etty-Leal|| ||Delyth Jayne Thompson|| ||Gaynor Jenkins|appointed 26/04/22| ||Elizabeth Margaret Gibson|appointed 18/04/23| ||Janet Parker|appointed 26/04/22 resigned 22/07/22| ||Ian Cutter|appointed 16/02/22 resigned 16/01/23| ||Sue Matthews|appointed 03/03/22 resigned 12/06/23| |Independent Examiner:|Nicola Lewis – EasyBooks (Wales) Ltd|| ||Unit 4, Dragon 24,|| ||North Dock|| ||Llanelli|| ||SA15 2LF|| 1 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **Report of the Trustees** _For the year ended 31 December 2022_ The trustees present their report and the financial statements for the year ended 31 December 2022. The trustees who served during the year and up to the date of this report are set out on page 1. ## **Governing Document** The charity is governed by its trust deed. ## **Objectives** The principal objects of the charity are to further or benefit the residents of Ferryside, Carmarthenshire and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents. Such other charitable purposes which may be charitable according to the law of England and Wales. In furtherance of these objects but not otherwise, the trustees shall have power: to establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects. ## **Achievements, Activities and Performance** Last year’s report stated that Calon y Fferi has entered a phase of consolidation and steady development. This remains the case in terms of our short to medium term plans, but the project in the last year has faced a number of challenges and it has really been a year of survival, rather than the hoped-for slow growth. The inflation in the global and national economy has hit us very badly, with rises in the cost of electricity and heating oil being particularly damaging to our budget and to our tenants. Our aim has always been to function as an asset to our community and we achieve that by acting as a space for the Community to use; as a place where micro-enterprises and SMEs can establish and grow, and as a host for other groups who provide demonstrable benefits to our locale. As a community centre we provide meeting places in two main venues onsite: the Meeting Room, a large meeting room in the main building and a separate large space known as the Forum Hall. Both have, post Covid-19, seen steady use through the last year. The Meeting Room is used mainly for such activities as Yoga classes, lectures, and a Podiatry Clinic. This room also was used throughout the winter of 2022/23 as a Warm Space for the local community, supported by a small grant from Carmarthen County Council. Occupation of this room is increasing but not yet as high as we wish and we are continuing to develop this resource. The Forum Hall has seen good levels of use. Ferryside Forum host a weekly market in the summer and in the run-up to Christmas, the market uses the Hall for stalls, along with the grass space outside in good weather. The monthly Repair Café continues to be a well-attended and popular resource and is especially valued for its emphasis on sustainability. In a similar vein, the Community Wardrobe is a regular user of this space. It is also used for sports activities and craft events, amongst others. We have had three main social enterprises hosted full-time on site. The Ferryside Men’s Shed, Ferryside Village Forum (mentioned above) and Broadside Films; of these the Men’s Shed and the Forum have continued their activities largely unchanged and continue to support local people. Broadside Films have recently concentrated their efforts more on their commercial activities and have used their space in the old RAF Billets less and less. After discussions with them it was decided that they would cease to be tenants and they have now left us. We wish them well in the future. This does, however, give us the opportunity to develop this part of the site, which has received little or no improvement up to now. The Men’s Shed continues to provide valuable, practical support to the men of the community, particularly to the older population, who can suffer from isolation. The Forum, in addition to running the Market, has been integral to developing parts of the site by providing volunteer help and materials, it is they who have established the raised beds used by 2 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 local people who have no access to other spaces for growing herbs, salads and vegetables and the Forum who developed the garden at the southern end of the site. FSEG has taken on maintenance of some of these spaces but the Forum remains an invaluable partner. The Community Wardrobe and the Repair Café are notfor-profit social organizations who use the site, but they are not full-time tenants. We were approached in the last year by the Probation Service and we now act as a host to a supervised group sentenced to Community Service Orders. They use a room in the RAF Billets as a base and to store tools and materials. They have been very useful to us, doing maintenance and improvements on our site, but also around the wider community. The business premises at Calon y Fferi continue to provide low-cost workspaces for local people. However, as we have matured, we have recognized that our existing model; where we offer spaces at very lost cost, below market rates, needs revision. We find that the revenue raised barely covers the costs and certainly does not provide the capital we need to improve the site and our offering to the public. We are re-building the business model of FSEG generally but we will certainly need to build into that model some increases in revenue from our business tenants. The need for this kind of facility as the economy evolves remains and we intend to continue with this. Currently, we have nearly full occupancy of our current business units, though there has been some turnover. The range of tenants is wide; we have food businesses, therapy, solicitors, professional consultancies, established contractors and artists. Of the latter, Dorothy Morris, who runs the Greenspace Gallery here, falls somewhat between the social enterprise and commercial sectors. Whilst Dorothy is herself a successful professional artist, the Gallery provides a space for many to meet and create art, with hands-on training and guidance provided by Dorothy. The standard of work produced is impressive and it is a clear success as a social asset. Our main hospitality business, Pryd o Fwyd was hit hard by the pandemic, this was then followed by huge increases in overhead costs and the business, sadly, was declared insolvent and ceased trading. The owner of Pryd was also the Post Master, and the Post Office – a service that was highly valued by the community – was also forced to close. These two failures have been a huge blow to us and to the wider community. Despite pleas and campaigns in the community the Post Office declined to support us and as I write Ferryside no longer has a Post Office. While the Greenspace Gallery remains the main venue for visual arts, we have maintained the use of the foyer and adjoining areas as a gallery space for other local artists. Sales have been steady and we hope we are supporting those local artists who would otherwise struggle to place their work in commercial galleries. The accommodation, branded as Sleep@Calonyfferi, traded profitably through the summer of 2022 and at a loss during the winter and spring of 2022/23. The Trustees were concerned that this enterprise, which was intended to create the revenue needed to run the Centre and pay staff, was in fact losing us money,averaged over each year. The Treasurer looked at the numbers in detail and we came to conclusion that the hotel was breaking even over the course of the last 12 months. We were faced with the need to change the hotel business model to ensure it could reliably operate and fulfil it’s aims. However, when our Hotel Manager gave notice the Trustees took the decision to cease taking bookings for the hotel until we can decide on the best way forward. The site has several areas that still need refurbishment and maintenance. The Trustees are still actively considering plans for the part of the Main Building that remains largely unimproved and for the more dilapidated wing of the old RAF buildings. In the case of the former, a structural assessment has allowed us to rent the un-improved rooms upstairs for limited purposes but we still have not finalised longer term plans for this area. Likewise, we are still considering plans for the best way forward with the parts of the RAF Billets vacated by Broadside and the old Kitchen area currently used by the Probation Service. At the start of this period our employed team consisted of a Centre Manager, Hotel Manager and Caretaker. This team was supported by part-time house-keeping staff and volunteers. Our Centre Manager resigned and was replaced by a temporary manager. We have since secured funding for a more permanent Centre Manager and will be recruiting for that post shortly. Our Hotel Manager resigned and has not been replaced. St Ishmaels Community Council have approved a small grant to help us grow and develop through this difficult period. We are delighted to be developing closer ties between us and the council. In summary, we have got through another difficult year. We have strived to deliver on our aims and commitments to be a real and positive asset to our community. We know we need to evolve and refine our model and have completed a major community consultation in the summer of 2023 to help guide us as we move on. The real challenges to our survival come largely from wider economics that we have little or no control over – inflation in general and increases in energy prices in particular. We hope the next 12 months 3 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 will be the hoped-for period of consolidation and slow growth for us, we will carry on working to improve our offering to Ferryside and the surrounding district, if we survive, we still have much exciting work ahead of us. ## **Financial review** ## **Policy on reserves** The reserve policy has been updated this year to retain a minimum of two months of core staff salaries plus £3,000 totalling £10,204. This will be reviewed annually. ## **Statement of trustees' responsibilities** The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which 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 Charities Act 2011. Trustees 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. The trustees declare that they have approved the trustees’ report above. On behalf of the board 19th October 2023 Signed:………………………………….Trustee Date:……………… Dr. Mark Harwood Print Name……………………………………… 4 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **Independent Examiner's Report** ## **to the trustees of Ferryside Social Enterprise Group CIO** ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. I have been appointed as independent examiner under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 145 of that Act. My responsibility is to examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to our attention. ## **Basis of independent examiner’s statement** I have examined the financial statements of Ferryside Social Enterprise Group for the year ended 31[st] December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. 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). This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the charity's trustees those matters we are required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for any audit work, for this report, or for the opinions I have formed. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention (other than that disclosed below) - Which gives me reasonable cause to believe that in, any material respect, the requirements: - To keep accounting records in accordance with section 130 of the Charities Act; and - To prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or - To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Nicola Jayne Lewis Date 3[rd] October 2023 5 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **STATEMENT OF FINANCIAL ACTIVITIES** for the year ended 31st December 2022 ## **(including summary income and expenditure account)** |notes
**INCOME**
3
Donations and legacies
Grants received - Unrestricted
Grants received - Restricted
Trading Activities
Bank Interest Received
**TOTAL INCOME**
**EXPENDITURE**
Raising funds
Grants/Gifts in furtherance of objectives
8
Charitable Activities
4
**TOTAL EXPENDITURE**
Net Income (Expenditure) Before Transfers
Transfers Between Funds
Net Income (Expenditure) After Transfers
Gains/Losses on Revaluation of Fixed Assets
**NET MOVEMENT IN FUNDS**
Total Funds Brought Forward
Total Funds Carried Forward|notes|**Unrestricted**
**Funds**
208
4116|**Unrestricted**
**Funds**
208
4116|**Restricted**
**Funds**
0
7891
0
0|**Restricted**
**Funds**
0
7891
0
0||**Total**
**Funds**
208
4116
7891
121781
36|||**last year**
301
15000
27819
102046
1| |---|---|---|---|---|---|---|---|---|---|---| |||||||||||| |||||||||||| ||||121781
36|||||||| |||||||||||| ||||126140||7891||**134032**|||145166| ||||0
0
124695||0
0
18297
18297
(10406)
6777
(3629)
0
**(3629)**
470915
467287||0
0
142991|||0
0
149343| ||||124695||||142991|||149343| |||||||||||| ||||1446||||(8960)|||(4177)| ||||(6777)
(5331)
0||||0
(8960)
0|||0
(4177)
0| ||||**(5331)**||||**(8960)**|||**(4177)**| ||||17345
12014||||488260
479301|||492438
488260| 6 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 |**BALANCE SHEET**
notes
as at 31st December 2022
**Fixed Assets-Tangible**
Fixed Assets -Tangible
9
**Current Assets**
Debtors & Prepayments
10
Accrued Income
Bank & Cash
**Current Liabilities (falling due within 1 year)**
Creditors & Accruals
11
Deferred Income
Loan - repayments due in 1 year
Net Current Assets
**Total Assets less Current Liabilities**
Loans Falling due after 1 year
11
Provisions for Liabilities & Charges
Total Net Assets
**Fund Balances**
Funds B/fwd
Net movement of funds
**TOTAL FUNDS**|notes|**Unrestricted**
**Funds**
3882
7000
0
8663|**Unrestricted**
**Funds**
3882
7000
0
8663|**Restricted**
**Funds**
473101
0
1001
40058
41059
0
40397
6476
46873
(5814)
**467287**
0
0|**Restricted**
**Funds**
473101
0
1001
40058
41059
0
40397
6476
46873
(5814)
**467287**
0
0||**Total**
**Funds**
476983
7000
1001
48721||**last year**
486741
3227
0
16367| |---|---|---|---|---|---|---|---|---|---| ||||||||||| ||||15664||||56723||19594| ||||7482
0
0||||7482
40397
6476||5482
0
0| ||||7482||||54355||5482| ||||8182||||2368||14112| ||||**12064**
0
50||||**479351**
0
50||**500853**
12593
0| ||||**12014**
17345
(5331)||**467287**
470915
(3629)||**479301**||**488260**
492438
(4177)| ||||||||488260
(8960)||| ||||**12014**||**467287**||**479301**||**488260**| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies The members have not required the charitable company to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102. 19/10/23 The financial statements were approved by the Board on ……....…………. and were signed on its behalf by: Signed…….………………………………………. Director/Trustee Dr. Mark Harwood Print Name……………………………………………........ 7 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **Notes to the financial statements** for the year ended 31 December 2022 ## **1. Basis of preparation** ## 1.1. Basis of accounting The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice' (SORP FRS102) and with the Charities Act. ## 1.2. Change in Basis of Accounting There has been no change in the accounting methods this year. ## 1.3. Changes to previous Accounts No changes have been made to accounts for the previous years. ## **2. Accounting policies** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. ## 2.1 Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified, and a third party is bearing the cost. The value of services provided by volunteers has not been included. Tax Reclaims are included in the SoFA at the same time as the gift to which they relate. Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable. Income from investments is included in the year in which it is receivable. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified. ## 2.2 Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Resources expended are recognised in the year in which they are incurred. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. ## 2.3 Tangible fixed assets and depreciation Expenditure is capitalised if the asset has a useful life of more than 1 year and its cost exceeds £100. Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, on a straight-line basis as follows: Buildings 2% Equipment 25% 8 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **3. Analysis of Income** ||This Year|Last Year| |---|---|---| |General Gifts and Donations|208|301| |Grants|12007|42819| |Hotel Income|49826|34285| |Rental Income|69453|53867| |ICT Services|713|11438| |SundrySales|1585|2455| |Other Income|204|0| |Bank Interest|36|1| ||**134032**|**145166**| Grants to restricted funds are: |TSRF3|6890| |---|---| |Warm Room|1001| ||**7891**| Grants to Unrestricted funds are: |CCC Covid Funding|4116| |---|---| |CCC Rates Covid Support|| ||**4116**| ## **4. Analysis of Expenditure** Charitable Activities Costs are as follows: **----- Start of picture text -----**
this year last year
Employee Costs 69666 59701
Insurance 4512 3767
Rent, Rates, Light & Heat 26325 18307
Administration Costs 4485 11029
Repairs & Maintenance 10260 30945
Travel and subsistence 610 127
Hotel Direct Expenses 6892 7359
Legal and Professional Fees 0 460
Accounting Fees 2622 1974
Bank & Card Aquiring Charges 1500 983
Loan Interest 660 1102
Bad Debts 2486 0
Depreciation 12972 12973
Loss/(Profit) on disposal of asset 0 617
142991 149343
**----- End of picture text -----**
The financial value of volunteer time has not been included in the financial statements but forms a crucial part of the success of the organisation. 9 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **5. Trustee Expenses** There were no trustee expenses incurred and reimbursed during the year. ## **6. Audit & Accounting Fees** |Book Keeping& Software|1604|1014| |---|---|---| |Accounts & Examination|1018|960| ## **7. Staff Expenditure** ## 7.1 Staff Costs include: |||This Year||Last Year| |---|---|---|---|---| |Gross Wages & Salaries (incl. ER NI)||67796||58020| |Pension Costs||1436||1295| ## 7.2 Number of Employees |||This Year||Last Year| |---|---|---|---|---| |Fulltime employees (orequivalent)||7||4| |||||| ## **8. Grant making** No donations have been made during the year. ## **9. Fixed Assets** |Opening Balance Cost
Additions in Year
Disposals in Year
Closing Balance at Cost
Opening Accumulated Depreciation
Charge for year
Released on Disposal
Closing Accumulated Depreciation
**Closing Net Book Value**|Buildings
Equipment|Total| |---|---|---| ||510,044
14,368
0
3,213
0.00
2,906|524,412
3,213
2,906| ||**510,044**
**14,675**|**524,719**| ||29,949
7,722
10,201
2,771
0.00
2,906|37,671
12,972
2,906| ||**40,150**
**7,586**|**47,736**| ||**469,894**
**7,089**|**476,983**| No assets have been re-valued during the year. ## **10. Debtors and prepayments** The debtor figure represents: 10 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 |||This Year||Last Year| |---|---|---|---|---| |Prepayments||4648||3432| |Trade Debtors||2353||(205)| |**Total**||**7000**||**3227**| Accrued Grant Income £1001 (Restricted - Warm Room) ## **11. Creditors and Accruals** Amounts falling due within 1 year are as follows: **----- Start of picture text -----**
This Year Last Year
Trade Creditors 4573 787
Accruals 2115 960
Net Pay and Pension creditor 793 303
DBW Investment Loan 5476 0
Loan From Trustee 1000 0
Total 13957 2050
**----- End of picture text -----**
Deferred Income £40397 – Grants to be released in future accounting periods Amounts falling due after 1 year are as follows: **----- Start of picture text -----**
This Year Last Year
DBW Investment Loan 0 11593
ICT Equipment Loan 0 0
Loan From Trustee (Interest Free) 0 1000
Total 0 12593
**----- End of picture text -----**
## **12. Transactions with related Parties** 12.1 Remuneration and benefits No amounts were paid to trustees as salary in the year. ## 12.2 Loans No loans were made to the trustees or related parties during the year. ## 12.3 Other Transactions 11 | P a g e **Ferryside Social Enterprise Group** Charity Number 1158602 ## **13. Fund Balances** Analysis of funds for the year are:- |**Restricted Funds:**
Fixed Assets Restricted-net of loans
DBW Funds
Warm Room
TSRF - Survive/Thrive
General Funds|Balance
b/fwd|
Income Expenditure
Fixed Asset
Transfers
Fund
Transfers|
Balance
c/fwd| |---|---|---|---| ||470914
2
0
0|11402
997
6777
0
0
0
0
1001
622
(379)
0
6890
6272
(618)
0|467285
2
0
(0)| ||470916|7891
18297
0
6777|467287| ||17345|126140
124695
0
(6777)|12014| |**Total Funds**|**488261**|**134032**
**142991**
**0**
**0**
**479301**|| ## **Restricted funds Details:** **Fixed Assets** – Funds for the restoration of the building (capitalised and held on Fixed Asset Register) net of depreciation and loan liabilities. **Warm Room** – Grant for the provision of a warm community space. **TSRF Survive & Thrive –** to assist with costs of surviving the COVID-19 pandemic and / or invest in new or additional activity which will generate a return beyond the period of funding. _Spending on capital assets is shown as transfer to Building & Asset fund and will depreciated from that fund._ ## **14. Additional Disclosures** There are no further disclosures for this year. 12 | P a g e