Tracking ID: 1007072-1264159
## **Charity registration number 1164553 (England and Wales)**
## **MUMBLES COMMUNITY ASSOCIATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr M Rodwell (Chair) C Parkin MBE Mr M Podbielski (Secretary) F C Rees M Wade (Appointed 21 July 2024) M Williams (Appointed 27 July 2024) M Child (Appointed 27 July 2024) D R Cann
## **Charity registration**
England and Wales 1164553
## **Accountants**
CJH
Ty Caer Wyr Charter Court Phoenix Way Enterprise Park Swansea United Kingdom SA7 9FS
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 8|
|Accountants' report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Notes to the financial statements|12 - 20|
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
The report of the trustees also incorporates a directors' report as required by company law.
## **Objectives and activities**
The charity's objects are:
- To further or benefit the residents of Mumbles, Swansea and the surrounding neighbourhood, without distinction of sex, sexual orientation, race political, religious or other opinions, by associating together residents, 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 and leisure time occupation, with the objective of improving the conditions of life for the residents.
In furtherance of these objects (but not otherwise), the trustees have the 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.
- To promote for the benefit of the inhabitants of Mumbles and the surrounding area the provision of facilities for recreation and other leisure-time occupation for individuals who have need of such facilities by reason of their youth, age, infirmity, disability, financial hardship, or social and economic circumstances, or for the public at large, in the interests of social welfare and with the object of improving their quality of life.
## _Public benefit_
The trustees of the charity are committed to providing a public benefit and have taken into account the Charity Commission's guidance in this area.
Mumbles Community Association's principal purpose is to develop, improve and maintain facilities in Underhill Park for the benefit of the community of Mumbles and the wider area.
The Hub changing rooms and All Weather Pitch provide improved facilities for the sporting community. Importantly, the Hub café and meeting space provides benefits to the wider community as an ideal place for local community groups (charities, creches, youth groups) to hold meetings and events.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The year ended 31 March 2025 was a landmark year for Mumbles Community Association (MCA), marking the first full year of operation of two major community assets at Underhill Park; the **Community Hub (Hub)** and the **All Weather Pitch (AWP)** .
These achievements represent the culmination of years of planning, fundraising and partnership work. Both facilities are now providing valuable benefits to the residents of Mumbles and the wider Swansea area, supporting recreation, wellbeing and community cohesion.
There have been significant changes within the trustee board; the death of our Treasurer, Peter Bray, in February 2024 was followed by the resignations of our Chair and Vice Chair in April. The remaining trustees extend their gratitude for their service and are actively recruiting new members to strengthen governance and sustain momentum. Mumbles Community Association remains financially stable and aims to continue developing and improving the facilities at Underhill Park for the benefit of all members of the community.
During the year, Mumbles Community Association marked the first full year of operation of two key community facilities at Underhill Park: the new **Community Hub** (opened July 2023) and the **All Weather Pitch (AWP)** (opened November 2023).
The Hub provides a café, meeting space and changing rooms, and has quickly become a well-used venue for local groups, events and community activities. The AWP is used extensively by local sports clubs and community leagues, providing a year-round training and recreation facility that supports health, wellbeing and social inclusion.
At the outset of the project, the trustees sought professional advice regarding the best legal structure for the development. In order to reduce development costs and reclaim all VAT payable (circa £600,000), the trustees were advised to keep MCA as the property-owning entity with all trade activity undertaken by a separate limited company.
As a result of this professional advice, trading activities of the Hub and AWP were managed by **Underhill Management Company Limited** , (UMC) a wholly owned subsidiary of the charity.
Although UMC has now ceased trading, the **Mumbles Community Association** remains financially stable and able to meet its liabilities.
Operation of the Hub and AWP is now undertaken jointly by Mumbles Community Council (MCC) and City & County of Swansea Council (CCoS).
The period saw continued investment in the park with the installation of a new all-weather cricket strip. This facility means that cricket will return to the park after a few years’ absence. Mumbles Cricket Club intend to play 3[rd] team and junior fixtures on the new strip.
A new tarmac pathway linking the car park to the park facilities has also been constructed. Plans are already in place to install lighting on the path to improve visitor safety.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The year also saw further changes to the board, following the sad passing of Treasurer Peter Bray in February 2024 and the subsequent resignations of Chair Simon Tse and Vice Chair David Wilson. The trustees express their gratitude for their invaluable service and are now seeking new trustees with financial and commercial expertise to strengthen the board.
Future plans include further improvements to Underhill Park, such as installing further lighting, new pathways and a covered viewing area adjoining the AWP. The trustees are proud of the charity’s achievements in delivering the considerable improvements to Underhill Park and remain committed to sustaining and developing Underhill Park as a welcoming, inclusive space for residents of Mumbles and the wider Swansea community.
The financial year ended 31 March 2025 was a turbulent and difficult year; the loss of three key individuals early in the year coupled with ongoing concerns regarding the viability of UMC presented a number of challenges for the trustees
- **Community Hub**
The new **Hub** opened on 19 July 2023. The Hub provides a café, meeting room and changing facilities and has quickly become a popular community space. It regularly hosts children's playgroups, private events and community meetings. The meeting room is also used twice weekly by a major bank as a 'pop-in' branch. A local physiotherapist leases one of the changing rooms as a treatment/consulting room.
· **The All Weather Pitch**
The **All Weather Pitch** opened on 6 November 2023 and has been enthusiastically adopted by local football and rugby clubs for winter training. Local community clubs, Mumbles Rangers and Newton Athletic, utilise the AWP for local league fixtures for junior and senior football, also for the growing women and girl's sections. It has been utilised by a Swansea based team, St Josephs, for all of its home league fixtures. The AWP also supports community sports activities including a summer rounders league and a 6-a-side football league.
These developments have significantly enhanced facilities available to residents and local groups, fulfilling MCA's charitable aims of promoting recreation, wellbeing and community engagement.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _Fundraising practices_
The total cost of the project to develop the Community Hub and All Weather Pitch at Underhill Park was in excess of £3,200,000. The majority of this expenditure (£3,100,000) was funded via grants from the following local and national organisations:
- £1,570,000 from Mumbles Community Council
- £485,000 from The National Lottery
- £330,000 from the City and County of Swansea
- £250,000 from the Welsh Government
- £250,000 from Sports Wales
- £190,000 from Cymru Football Federation
- £25,000 from the Welsh Rugby Union
The balance of funding comprised generous donations from local businesses and indivuals. The businesses concerned comprise:
- £50,000 from Swansea Building Society
- £15,000 from Centrus
- £10,000 from Joe's Ice Cream Parlour
- £6,500 from Mallard Surveyors
- £5,000 from Dawson's Estate Agents
- £3,000 from Surfside Café
Donations from private individuals comprised the following, the majority of whom had existing connections with Underhill Park or the clubs that use the park:
- Helen Gough donated £5,000 including Gift Aid in memory of her late husband James Thomas Michael aka Jimmy Crackers
- Nick Hansard, a former Mumbles RFC 1st XV player donated £5,000
- Local businessman, Rob Davies, generously donated £10,000 in support of local sports
- Rob Hixson, who donated £2,500 in memory of his dad, Peter, a stalwart of Mumbles RFC
- Richard and Amanda Wastnage who made significant donations in 2020, 2021 and 2022
- The WRU, who granted £25,000 to MCA, towards the cost of new changing rooms in early 2020, provided a further grant of £24,000 to Mumbles RFC in June 2022. The rugby club donated this money to MCA towards the cost of changing rooms 5 and 6
- Mumbles Old People's Welfare Association, who donated over £9,000 in 2019
- Mumbles RFC member Keith Harris donated £5,000 to get things started
Further personal donations were obtained via messaging on the 'GO-Underhill' website and at public events, describing the development proposals for the park.
No third-party organisation was employed to generate donations.
No complaints have been received regarding the charity's fund-raising activities.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Financial review**
Trading activities related to the Hub and AWP were, until July 2025, operated by **Underhill Management Company Limited (UMC)** , a wholly owned subsidiary of MCA. In common with many start-up ventures, UMC failed to generate a profit in its first year of trading. However, the losses continued into the second year and, as a result, the company experienced cash flow pressures.
To assist and support the directors of UMC, trustees established a Finance Committee comprising three trustees with commercial experience. The Finance Committee introduced a robust process of forecasting and monitoring UMC’s cash flow to ensure all liabilities were met when due.
In early 2025, the directors of UMC were notified that the Rateable Value of Underhill Park had been assessed at £100,000, this would mean a total Business Rates liability of £93,000 for the two years 2023/24 and 2024/25.
UMC would not be able to meet such a liability. The directors therefore lodged a Rateable Value appeal with the Valuation Office Agency. The Business Rates liability was deferred pending the outcome of the appeal.
Faced with the potential threat to UMC and to ensure full transparency, the trustees of MCA informed all principal funders of the “Go-Underhill” project of the threat posed by the Business Rates liability and the potential impact on UMC and the park.
Face to face meetings were held with Mumbles Community Council and The National Lottery, both of whom have been supportive of trustees. Mumbles Community Council in particular were keen to take over the running of the HUB and AWP in the event of UMC’s failure.
MCC took legal advice on the matter and were advised that they would be able to take possession of the Hub & AWP, and trade without becoming liable for the £600,000 VAT reclaimed by MCA provided the Hub and AWP were closed for a period. Their advice was that this would demonstrate to the VAT authorities that UMC and MCC are totally separate organisations. In order to allow for this closure period and minimise the disruption to the football and rugby clubs who use the park, MCC required a decision on UMC’s future by 30 June 2025.
In June 2025, the VOA responded to the Rateable Value appeal by reducing the assessment from £100,000 to £74,500. Furthermore, CCoS had granted UMC 40% _Retail & Hospitality Relief._ Unfortunately, with three years of backdated rates now due, the total liability was £67,000, which UMC could not afford.
Trustees sought legal advice and were informed that, should UMC fail, the Business Rates liability would fall on MCA resulting in the insolvency of MCA.
Following receipt of this advice, trustees formally notified the Charity Commission (on 20 June 2025) that there was an _“Urgent Risk of Insolvency for Mumbles Community Association”._
On the 2 July 2025, trustees’ representatives met CCoS and were informed that the legal advice was incorrect: MCA would **not** become liable for historic Business Rates should UMC fail. Furthermore, MCA – because of its charitable status – would receive 100% relief and therefore, **not** be liable for any future Business Rates liability.
In light of this, MCA retains sufficient financial resources to meet its liabilities, which at 31 March 2025 primarily comprise outstanding payments to contractors associated with the construction of the Hub and AWP.
At a trustees' meeting on 2 July 2025, all trustees present recognised that UMC’s position remained untenable and therefore, voted to appoint a liquidator to deal with UMC.
MCC and The National Lottery were promptly notified of this development and, McAllister & Co (insolvency practitioners) were appointed as liquidators. The Hub and AWP closed on 5 July 2025.
The Hub and AWP reopened on 5 September 2025 under the joint control of MCC and CCoS, which remains the position as at the date of this report.
Total incoming resources for the year amounted to £21,254 (2024 - £984,031). Resources expended amount to £239,109 (2024 - £395,677). The net deficit for the year is £217,855 (2024 - surplus of £588,354).
The net reserves at the balance sheet date are £2,807,719 (2024 - £3,025,574).
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _Going concern_
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## _Reserves policy_
The charity's aim is to maintain sufficient reserves at all times to enable it to meet its current and future commitments.
The current level of reserves reflects the fact that various commitments in respect of the contracts with Blakedown Sports & Play Limited and TAD Builders Limited remain outstanding at the financial year end.
## _Principal funding sources_
The various funding sources are summarised above, however, the largest funding provider to date is Mumbles Community Council who have provided funding totalling £1,570,000.
## **Plans for future periods**
The failure of UMC has been a major disappointment to all trustees. While there is considerable satisfaction in what MCA has achieved in delivering the extensive improvements to the park, there is also uncertainty concerning the future role of MCA.
Amicable discussions are ongoing between MCA and MCC regarding the future management of the facilities and at the date of this report, no formal decision has been reached on this point.
If MCA does continue, there are a number of potential projects to be completed, including:
- Installation of further lighting from the car park to the AWP
- Construction of a covered viewing area alongside the AWP
- Installation of lighting from the children's play area to the Langland Road entrance
These initiatives will further enhance accessibility, safety and community use of Underhill Park.
## **Structure, governance and management**
The charity is controlled by its governing document and constitutes a charitable incorporated organisation, registered in England and Wales on 25 November 2015. The trustees are responsible for the overall management and strategic direction of the organisation.
During the previous reporting year, MCA experienced significant changes in its board composition. The trustees were deeply saddened by the death of Peter Bray, Treasurer, whose financial expertise and long service were invaluable to the charity.
In addition, Simon Tse (Chair) and David Wilson (Vice Chair) resigned during the year. Their leadership and commitment in steering the charity through the completion of the Underhill Park redevelopment are warmly acknowledged.
Trustees meet monthly, with additional meetings convened as required. Reports are received from the various working groups operating under the 'Go Underhill' banner. The board recognises the need to recruit additional trustees, particularly those with financial, commercial and accounting experience, to strengthen governance and support future growth.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees who served during the year and up to the date of signature of the financial statements were: Mr M Rodwell (Chair)
C Parkin MBE Mr M Podbielski (Secretary) C Davies (Resigned 1 January 2025) A Deeks (Resigned 19 May 2025) F C Rees M Wade (Appointed 21 July 2024) M Williams (Appointed 27 July 2024) M Child (Appointed 27 July 2024) D R Cann S Tse (Resigned 19 April 2024) D M Wilson (Resigned 19 April 2024) Mr Patrick Jenkins (Appointed 27 July 2024 and resigned 1 December 2025) Mr Michael Cann (Appointed 27 July 2024 and resigned 19 May 2025)
## _Recruitment and appointment of trustees_
In accordance with the charity's constitution, there must be at least three charity trustees and the number of charity trustees representing or associated (that being actively involved in the running of and thereafter referred to as 'Associated') with Mumbles Rangers and the number of charity trustees representing or associated with Mumbles Rugby Club, must be equal.
The charity trustees may at any time decide to appoint a new charity trustee, whether in place of a charity trustee who has retired or been removed, or as an additional trustee.
## _Eligibility for trustees_
- Every trustee must be a natural person
- No one may be appointed as a charity trustee if:
- He or she is under the age of 16, or
- He or she meets the criteria described in Clause 15 ('Retirement and Removal of Charity Trustees') of the Constitution dated 21 July 2021
## _Organisational structure_
The trustees of the charity will be responsible for the management and strategic direction of the charity. To ensure a prudent distribution of responsibilities, the trustees will appoint officers to the following roles:
- Chair
- Secretary
- Treasurer
Decisions are voted on in formal meetings and are decided by simple majority.
In order for a meeting to be valid, a quorum must be present. A quorum is defined as 25% of members or three, whichever is greater.
As at 31 March 2025, two trustees (Mr M Podbielski and Ms FC Rees) were also directors of the wholly-owned subsidiary, Underhill Management Company Limited.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _Induction and training of trustees_
There is no formal induction programme for new trustees. However, all receive an introduction to the history and aims of the charity and are also provided with copies of:
- Mumbles Community Association Constitution
- MCA's latest financial statements together with the latest trustees report
- MCA/UMC summary of director and trustee roles and responsibilities
- MCA conflict of interest policy
- MCA conflict of interest disclosure form
On the occasions that training is arranged for trustees, it has been provided by representatives of Swansea Council for Voluntary Service ('SCVS').
## _Remuneration policy_
The charity is entirely run by trustees who participate on a voluntary basis and receive no payment, other than reimbursement of expenses incurred on behalf of the charity.
The trustees' report was approved by the Board of Trustees.
..............................
Mr M Rodwell (Chair)
## **Trustee**
## 22/06/2026
Date: .............................................
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MUMBLES COMMUNITY ASSOCIATION FOR THE YEAR ENDED 31 MARCH 2025**
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of Mumbles Community Association for the year ended 31 March 2025, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/rulebook.html.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mumbles Community Association and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-audit-exempt-companies-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mumbles Community Association and the charity's trustees as a body for our work or for this report.
It is your duty to ensure that Mumbles Community Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Mumbles Community Association. You consider that Mumbles Community Association is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Mumbles Community Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
## **CJH**
Chartered Certified Accountants Ty Caer Wyr Charter Court Phoenix Way Enterprise Park Swansea United Kingdom SA7 9FS 23/06/2026 Date: ............................
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
19,654
-
Charitable activities
**4**
-
-
Other trading activities
**5**
300
-
Investments
**6**
1,300
-
**Total income**
21,254
-
**Expenditure on:**
Raising funds
**7**
5,368
-
Charitable activities
**8**
8,910
218,128
Other expenditure
**11**
6,703
-
**Total expenditure**
20,981
218,128
**Net income/(expenditure) and**
**movement in funds**
273
(218,128)
**Reconciliation of funds:**
Fund balances at 1 April 2024
2,454
3,023,120
**Fund balances at 31 March**
**2025**
2,727
2,804,992|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
19,654
17,563
-
-
1,140
965,150
300
-
-
1,300
178
-
21,254
18,881
965,150
5,368
1
-
227,038
12,114
196,206
6,703
187,356
-
239,109
199,471
196,206
(217,855)
(180,590)
768,944
3,025,574
183,044
2,254,176
2,807,719
2,454
3,023,120|**Total**
**2024**
**£**
17,563
966,290
-
178|
|---|---|---|
|||984,031|
|||1
208,320
187,356|
|||395,677|
|||588,354
2,437,220|
|||3,025,574|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**17**
Unrestricted funds
**18**|**2025**
**£**
**£**
2,785,204
35,303
43,562
78,865
(56,351)
22,514
2,807,718
2,804,991
2,727
2,807,718|**2024**
**£**
**£**
2,740,348
15,514
324,687
340,201
(54,975)
285,226
3,025,574
3,023,120
2,454
3,025,574|**2024**
**£**
**£**
2,740,348
15,514
324,687
340,201
(54,975)
285,226
3,025,574
3,023,120
2,454
3,025,574|
|---|---|---|---|
||||3,025,574|
||||3,023,120
2,454|
||||3,025,574|
23/06/2026
The financial statements were approved by the trustees on .........................
..............................
Mr M Podbielski (Secretary) **Trustee**
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Mumbles Community Association is a charitable incorporated organisation registered with the Charity Commission in England and Wales. The registered office address is Underhill Park, Newton Road, Mumbles, Swansea, SA3 4SL.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
At the date of approval of the financial statements, the charity has sufficient assets and resources available to enable it to meet its liabilities as they fall due and to continue operating for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
However, subsequent changes to the charity's operating arrangements give rise to a material uncertainty regarding it's longer term future. In September 2025, responsibility for the day to day running of the facilities previously operated by the charity and its subsidiary has been assumed by the City & County of Swansea City Council in conjunction with Mumbles Community Council. As a result, there is uncertainty as to the future role, activities and purpose of the charity, and therefore whether the charity will continue to be required in its current form.
These conditions indicate the existence of material uncertainty that may cast significant doubt on the charity's ability to continue as a going concern beyond the period considered by the trustees. Nevertheless, based on the resources currently available, the trustees consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the charity were unable to continue as a going concern.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20 years and 10 years straight line
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|19,654|17,563|
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **4 Income from charitable activities**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**Underhill Park Development**
Grant income
-
-
Other income
-
-
-
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
-
-
965,150
-
1,140
-
-
1,140
965,150|**Total**
**2024**
**£**
965,150
1,140|
|---|---|---|
|||966,290|
## **Performance related grants analysis**
||**Underhill Park**|
|---|---|
||**Development**|
||**2024**|
||**£**|
|Mumbles Community Council|344,400|
|The National Lottery|74,669|
|Welsh Rugby Union|7,200|
|Cymru Football Federation|148,783|
|City & County of Swansea|389,334|
|Swansea Period Dignity|764|
|Other|-|
||965,150|
No grant income was received in the year ended 31 March 2025.
## **5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Fundraising events|300|-|
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Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|1,300|178|
|**7**|**Expenditure on raising funds**|||
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Seeking donations, grants and legacies|-|1|
||Staging fundraising events|5,368|-|
|||5,368|1|
## **8 Expenditure on charitable activities**
||**Underhill Park**|
**Underhill Park**|
|---|---|---|
||**Development**|**Development**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Depreciation and impairment|218,128|195,445|
|Equipment expensed|975|1,228|
|Design fees|250|-|
|Planning fees|2,152|-|
||221,505|196,673|
|**Share of support and governance costs (see note 9)**|||
|Support|932|899|
|Governance|4,601|10,748|
||227,038|208,320|
|**Analysis by fund**|||
|Unrestricted funds|8,910|12,114|
|Restricted funds|218,128|196,206|
||227,038|208,320|
- 16 -
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **9 Support costs allocated to activities**
|Accounting software
Training courses
Insurances
Membership subscriptions
DBS checks
Governance costs
**Analysed between:**
Underhill Park Development|**2025**
**£**
474
25
393
40
-
4,601
5,533
5,533|**2024**
**£**
378
25
379
114
3
10,748|
|---|---|---|
|||11,647|
|||11,647|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **11 Material other expenditure**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Intercompany loan write-off|6,703|12,356|
|Impairment losses|-|175,000|
||6,703|187,356|
Other expenditure consists entirely of amounts written off and impaired during the current and prior periods relating to the insolvency of Underhill Management Company Limited.
These losses arose following the subsidiary's insolvency on 30 July 2025, which indicated that the Group would recover no value from its equity holding or outstanding loan balances.
## **12 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 17 -
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **13 Tangible fixed assets**
|**Cost**
At 1 April 2024
Additions
At 31 March 2025
**Depreciation and impairment**
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**Creditors: amounts falling due within one year**
**Notes**
Deferred income
**16**
Trade creditors
Other creditors
Accruals
**Deferred income**
Other deferred income|**Leasehold**
**improvements**
**£**
2,935,793
262,984
3,198,777
195,445
218,128
413,573
2,785,204
2,740,348
**2025**
**2024**
**£**
**£**
35,129
895
174
14,619
35,303
15,514
**2025**
**2024**
**£**
**£**
-
350
-
2,276
43,851
43,849
12,500
8,500
56,351
54,975
**2025**
**2024**
**£**
**£**
-
350|**Leasehold**
**improvements**
**£**
2,935,793
262,984
3,198,777
195,445
218,128
413,573
2,785,204
2,740,348
**2025**
**2024**
**£**
**£**
35,129
895
174
14,619
35,303
15,514
**2025**
**2024**
**£**
**£**
-
350
-
2,276
43,851
43,849
12,500
8,500
56,351
54,975
**2025**
**2024**
**£**
**£**
-
350|
|---|---|---|
|||3,198,777|
|||195,445
218,128|
|||413,573|
|||2,785,204|
|||2,740,348|
|||**2024**
**£**
895
14,619|
|||15,514|
|||**2024**
**£**
350
2,276
43,849
8,500|
|||54,975|
|||**2024**
**£**
350|
## **14 Debtors**
## **15 Creditors: amounts falling due within one year**
## **16 Deferred income**
Deferred income is included in the financial statements as follows:
- 18 -
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**16**
**Deferred income**
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025|**(Continued)**
**2025**
**2024**
**£**
**£**
-
350
**2025**
**2024**
**£**
**£**
350
-
(350)
-
-
350
-
350|**(Continued)**
**2025**
**2024**
**£**
**£**
-
350
**2025**
**2024**
**£**
**£**
350
-
(350)
-
-
350
-
350|
|---|---|---|
|||**2024**
**£**
-
-
350|
|||350|
## **17 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|Development of Underhill Park
**Previous year:**
Development of Underhill Park|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2025**
**£**
**£**
**£**
**£**
3,023,120
-
(218,128)
2,804,992
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
2,254,176
965,150
(196,206)
3,023,120|
|---|---|
## **18 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At**|**1**|**April**|**Incoming**|**Resources**|**At**|**31**|**March**|
|---|---|---|---|---|---|---|---|---|
||||**2024**|**resources**|**expended**|||**2025**|
||||**£**|**£**|**£**|||**£**|
|General funds|||2,454|21,254|(20,981)|||2,727|
- 19 -
Tracking ID: 1007072-1264159
## **MUMBLES COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**18**
**Unrestricted funds**
**Previous year:**
General funds
**19**
**Analysis of net assets between funds**
**At 31 March 2025:**
Tangible assets
Current assets/(liabilities)
**At 31 March 2024:**
Tangible assets
Current assets/(liabilities)|**(Continued)**
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
183,044
18,881
(199,471)
2,454
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
-
2,785,204
2,785,204
2,727
19,787
22,514
2,727
2,804,991
2,807,718
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
-
2,740,348
2,740,348
2,454
282,772
285,226
2,454
3,023,120
3,025,574|
|---|---|
## **20 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 20 -