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REGISTERED COMPANY NUMBER: 04004593 (England and Wales) REGISTERED CHARITY NUMBER: 1082128

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013 FOR YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST

Gerald Thomas & Co Chartered Accountants Furze Bank 34 Hanover Street Swansea SA1 6BA


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013

Page Report of the Trustees

1 to 6

Independent Examiner's Report

7

Statement of Financial Activities

8

Balance Sheet

9 to 10

Notes to the Financial Statements

11 to 17

Detailed Statement of Financial Activities

18 to 19


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

The Trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2013. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005. The report is prepared in accordance with Section 419(2) of the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 04004593 (England and Wales) Registered Charity Number 1082128 Registered Office Tredegar Fawr Llangyfelach Swansea SA5 7LS Trustees R Morris H Moggridge S Evans G Donovan A Owen W Fitzgerald T Jones (Chair) H Thomas (appointed 3 October 2012) G Morgan (appointed 3 October 2012) R Butt (appointed ex officio 28 November 2012) P Baker (appointed 30 January 2013) B Richards (appointed 20 March 2013) J Douglas-Jones (appointed 22 May 2013) Treasurer H Thomas Company Secretary M Norman (resigned 22 May 2013) J Douglas-Jones (appointed 22 May 2013) Independent Examiner Gerald Thomas & Co Chartered Accountants Furze Bank 34 Hanover Street Swansea SA1 6BA Solicitors Simmonds Hurford Clarendon House 113 Walter Road Swansea SA1 5QQ

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Penllergare Trust (the Charity) is controlled by its Memorandum and Articles of Association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new Trustees Trustees are appointed by existing members of the Board in furtherance of the objects of the Trust. Risk management In compliance with SORP 2005, the major risks to which the Charity is exposed, as identified by Trustees, have been reviewed and systems have been established to manage those risks, including reviews at all Board meetings. OBJECTS AND ACTIVITIES Objectives and aims Ymddiriedolaeth Penllergare - the Penllergare Trust is an independent registered charity (number 1082128), and a company limited by guarantee not having share capital (number 04004593). This is our thirteenth report and it covers the 12-month period ending 31 March 2013. The Charity was established in 2000 for the benefit of the public at Penllergare and its setting in Swansea, to further  the protection, conservation, restoration and maintenance of the cultural landscape of Penllergare  knowledge and appreciation of Penllergare  the protection and conservation of wildlife. MAIN ACTIVITIES AND ACHIEVEMENTS Over-view The Board met six times during the year and more often informally to discuss progress with tenure, the Heritage Lottery Fund (HLF) contract and to review management policies. The Annual General Meeting was held on 25 July 2012. Throughout the year and in the preparation of this report, the Trustees have paid due regard to public benefit guidance published by the Charity Commission in compliance with their duty in Section 17 of the Charities Act 2011. The highlight of the year was the assignment to the Trust on 25 April 2012 of the remainder of two leases of 104 hectares of land at Valley Woods, both for 125 years from 1991. This triggered approval from the HLF to start the approved works agreed as part of the 'Parks for People' contract. Also, long standing negotiations to secure a long lease of the Observatory from the Council were finally rewarded with the completion of a 25 year lease on 20th March 2013. Plans to restore this important historic building, a Scheduled Ancient Monument, as part of the HLF scheme can now be progressed. We acknowledge the generosity of Edward Harris Solicitors in providing legal services for the lease of the Observatory. Five new Trustees were appointed in the year as part of the drive to increase the capacity of the Charity to manage and respond to its increased responsibilities. Page 2


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

Over-view Three new staff were in post by the beginning of August based in a temporary rented office in Penllergare, on beneficial terms, thanks to the Gorseinon Development Trust. They have settled in well. As volunteers ourselves we must again pay tribute to the work of all our fellow volunteers; in the woodlands, in seeking and securing funding, in the Friends of Penllergare Valley Woods and in the education programmes, without whose commitment our project would simply not function. In total over 6,000 volunteer hours were recorded during this year, much of which counted as 'partnership funding' for the ‘Parks for People’ HLF project on which grant was drawn of £28,750. We continue to benefit from the advice of Observers at Board meetings. We were sad at the untimely loss of Bernard Morris, who had represented the Gower Society from the inception of the project. The Welsh Historic Gardens Trust is well represented by Dr Don Williams, and, for part of the year, we benefited from the advice and support of Anthony Brito of the Blaenymaes, Portmead and Penplas Development Trust (BPPDT). Special thanks go to Swansea Council for a further match-funding grant towards the planned restoration of the Observatory, as part of the HLF project, and continued valuable contributions in kind. We continue to look beyond our boundaries where it is in our interests to do so. One of our employees is a Director of the BPPDT that represents a community where many of our woodland users live. Also we are delighted that our efforts to promote the cultural importance of the nearby Parc Llewelyn (founded by John Dillwyn Llewelyn) have been recognised by its entry in the Register of Parks & Gardens of Special Historic Interest in Wales. Finally, we were shortlisted in the 'Community Organisation' and 'Champion' categories in the 2012 Swansea Sustainability Awards. We are very pleased that Michael Norman, a founder of the Charity, Secretary and voluntary fundraiser, was rewarded with the winner in the 'Champion' category. This is a very fitting tribute to Michael's work with us from the start, without which the Penllergare project would not have happened. We express our deep gratitude to Michael for his contribution over the years. The Historic Landscape With the acquisition of the leases this year saw the start of a significant and long awaited investment into the historic landscape. Four separate planning consents were secured including desilting the upper lake and installation of an Archimedes screw hydro-electric turbine; a much needed car park and a small visitor welcome kiosk; reconstruction of the stone arch (Llewelyn) bridge, and installation of a suspended walkway under the M4 to reinstate the historic link between the two parts of the estate severed by the construction of the M4. By the year end and with considerable voluntary effort, extensive site clearance had enabled the construction of the car park and visitor kiosk. The upper terrace gardens and historic paths have also been cleared and revealed prior to reinstatement. The bridge contract has been let and one for the upper lake and Archimedes screw is imminent. Volunteering and Community Engagement The future success of the Charity as an independent body is dependent on its ability to deliver public benefit that is valued and supported by local people. The ‘Parks for People’ project therefore facilitates a step change in engaging local people in all aspects of the Charity's activities, from gathering and listening to people's views through surveys and feedback; providing opportunities for people to participate, contribute and benefit for themselves through volunteering; taking part in the running of the Charity, and helping people of all ages, backgrounds and abilities to appreciate and value Penllergare in a way that engenders a love of and sense of responsibility for the place.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

Volunteering and Community Engagement Five new Board members were appointed in the year, all of whom live locally and are familiar with Valley Woods. Their energy, insight, and expertise are already contributing to the Board and benefiting the Charity. This expansion has enabled the establishment of a number of sub groups to engage members more actively in the development of policies and priorities. Still in its infancy, this system is developing well. Investment in volunteering has been a priority in the year. Led by the three new project staff, new role profiles have been developed and recruitment, induction and management systems have been overhauled. With the help of social media, the number of people who volunteer with us has increased from around 30 to over 80 by the year-end. Woodland volunteering continues to be the 'entry point' for most volunteers with regular work days on a Tuesday and Thursday each week and once a month on a Saturday. We particularly acknowledge and appreciate two people who work, mostly voluntarily, most days in the woods on a wide range of practical project and maintenance work. Their contribution is hugely appreciated. A voluntary ranger scheme has been established whereby regular walkers and users are encouraged to act as 'eyes and ears' for the Charity, giving regular feedback on matters such as the condition of paths and tracks, wildlife sightings and anti-social behaviour. It has been possible to continue the programme of public walks and talks, both on and off site, with the benefit of short term external funds and partly through the goodwill of a member of staff who worked voluntarily for a while. 446 children from 6 local schools have participated in the Wild for Woods project and a further 100 'transition' children on the Wildlife and Team Challenge. 208 children entered the 2012 art competition. Additionally 150 children from Forest Schools have enjoyed a day out in the woods this year, led by their own staff. Options to sustain these activities are currently being investigated including, making a charge to the schools, increased use of volunteers, and working more in partnership with others, such as Forest Schools. We were delighted when Ray Butt was appointed as the first Chair of the Friends of Penllergare Valley Woods in November with an ex officio place on the Board. The role of the Friends was re-confirmed as an informally constituted supporter group for the Charity. An action group helps to run the Friends, thus reducing the dependency on a paid member of staff. Membership of the Friends continues to be strong at just below 200. In addition to the usual monthly programme of social events and activities, the Friends are also now focussing on fundraising for the Charity. By promoting the involvement of local people of all ages and particularly children in their formative years a significant degree of community responsibility for ‘their Valley Woods’ has been engendered. As a result, the substantial decline in anti-social behaviour in Valley Woods noted in previous years has continued and is matched by a commensurate rise in visitor numbers. The increasing use of social media, including the website and a new restoration weblog, has complemented the traditional methods and we are particularly grateful to the South Wales Evening Post for its consistent support. Features on the project have also been published in the national media. The adoption of a logo has added to the promotion of a unique brand for the project. Woodlands The Welsh Government’s new Glastir Woodland Management scheme has been severely delayed in starting up. Although a scheme has been drawn up, it will not start until January 2014 and the support available will be considerably less than that hoped for. However, with considerably increased numbers of woodland volunteers and the part time Woodskeeper, we have succeeded in sustaining the investments made through the previous ‘Better Woodlands for Wales’ scheme. The control of Rhododendron ponticum continues to be a priority, as well as careful scrub control especially in the newly planted areas. The very wet year in 2012 has thankfully had a beneficial effect in that the risk and incidence of wild fires has been very low.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

FINANCIAL REVIEW The Charity has recorded a surplus of £3,626 during the year, and has net assets of £59,530 at the balance sheet date. The re-assignment of the lease for Valley Woods means that the Charity is now liable to meet rent payments of at least £25,000 per annum for the next 104 years. Together with maintaining Valley Woods as a safe and enjoyable place to visit this will present a significant on-going challenge once the HLF project is completed. No exceptional demands have been made on the Trust this year. Principal Funding Sources The Trust’s primary source of income during the year has been the Heritage Lottery Fund, which is contributing 79% of the cost of the ‘Parks for People’ Project over this year and the coming two years. Thanks to mainly voluntary fundraising efforts we have now successfully completed the task of finding the 21% balance of the partnership funding for the ‘Parks for People’ Project. Grants and donations from the Council, the Swansea Welsh Church Act Trust Fund and the Gower Society are gratefully acknowledged. Grants and donations are vital to ensure the continuation of the Charity’s learning programme. Very welcome grants were received from the Swansea Change Fund, the Ernest Cook Trust, an anonymous donor and the Ethel & Gwynne Morgan Charitable Trust, which have allowed this important work to continue during the year and into the next financial year. Our volunteer programme was bolstered with the support of Environment Wales with funding from the Welsh Government of £6,252 towards tools and equipment. The Friends of Penllergare Valley Woods made good progress towards providing financial support to the Charity, both through subscriptions and from new fund-raising schemes. As a first step, a 100 Club scheme was set up during the year which should provide a valuable source of funds. We are very grateful to all grant makers and donors for their continued support during the year. However, to ensure our long term financial sustainability, we are keen to reduce our dependence on grant funding, and we have begun the development of a fund-raising strategy to develop other sources of revenue. Reserves Policy The Charity maintains specific reserves for particular projects, primarily those funded from external restricted-purpose grants. It also holds a specific reserve for funds generated by the Friends; this can be used at the discretion of the Charity for any relevant purpose after agreement with the Friends Advisory Group. The General Reserve is used for monies which have no restriction on their use. This reserve is used to meet the general running costs of the Trust, such as lease rent, insurance and accountancy costs, and to meet the on-going maintenance of the Woods. We have set ourselves a target of increasing this General Reserve balance by the end of the ‘Parks for People’ Project to at least £50,000, which would allow the Trust to meet its most pressing revenue commitment – the lease rent – for at least two years. Any overspending on individual projects will be met by transfers from the General Reserve. It is our policy, wherever possible, not to carry overspendings on particular projects forward into future years, but to make in-year transfers from the General Reserve to meet the deficit.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2013

STATEMENT OF TRUSTEES’ RESPONSIBILITIES The Trustees (who are also the directors of Ymddiriedolaeth Penllergare - The Penllergare Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to -

select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD:

……………………………………… T R Jones - Chairman

Date:............................................

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YMDDIRIEDOLAETH PENLLERGARE THE PENLLERGARE TRUST (REGISTERED NUMBER: 040044593)

I report on the accounts for the year ended 31 March 2013 set out on pages eight to seventeen. Respective responsibilities of Trustees and examiner The Trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: -

examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention.

Basis of the independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below. Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) -

which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

-

have not been met; or (2)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

John Evans FCA for and on behalf of Gerald Thomas & Co Chartered Accountants and Statutory Auditors Gerald Thomas & Co Furze Bank 34 Hanover Street Swansea SA1 6BA Date: …………………………

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2013

Unrestricted funds Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Incoming resources from charitable activities Other incoming resources

Restricted funds £

2013 Total funds £

2012 Total funds £

2 3 4

9,993 1,259 3,315

157,396 900 93

167,389 2,159 3,408

147,162 2,258 995

5

-

2,657

2,657

1,085

6

1,150

Total incoming resources

14,567

161,046

175,613

152,650

RESOURCES EXPENDED Costs of generating funds Fundraising trading costs

139

-

139

-

3,532 3,517 3,039

27,682 1,450 120,715 4,688 5,804 473 948

27,682 1,450 120,715 4,688 5,804 3,532 3,990 3,987

74,988 1,504 39,886 29,386 5,326 2,921 2,985 5,221

10,227

161,760

171,987

162,217

Charitable activities Community Engagement & Education (C2E) Friends of Penllergare Valley Woods Parks for People project expenditure Other project expenditure Depreciation Unrestricted expenditure Governance costs Other resources expended Total resources expended

NET INCOMING/(OUTGOING) RESOURCES

7

4,340

(714)

3,626

(9,567)

RECONCILIATION OF FUNDS Transfers between funds

(10)

10

-

-

Total funds brought forward

22,974

32,930

55,904

65,471

TOTAL FUNDS CARRIED FORWARD

27,304

32,226

59,530

55,904

The notes form part of these financial statements

Page 8


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST BALANCE SHEET AT 31 MARCH 2013

Restricted funds £

2013 Total funds £

2012 Total funds £

-

337,763 22,615 50,000

337,763 22,615 50,000

81,659 50,000

-

410,378

410,378

131,659

2,849 32,783

56,310 190,742

59,159 223,525

13,807 149,794

35,632

247,052

282,684

163,601

(3,443)

(31,902)

(35,345)

(11,184)

NET CURRENT ASSETS

32,189

215,150

247,339

152,417

TOTAL ASSETS LESS CURRENT LIABILITIES

32,189

625,528

657,717

284,076

CREDITORS Amounts falling due after more than one year 16

(5,000)

Unrestricted funds Notes £ FIXED ASSETS Tangible assets Heritage assets Programme related investments

CURRENT ASSETS Debtors Cash at bank

11 12 13

14

CREDITORS Amounts falling due within one year

ACCRUALS AND DEFERRED INCOME

15

17

NET ASSETS

FUNDS Unrestricted funds Restricted funds

-

27,189

-

(5,000)

(6,000)

(593,187)

(593,187)

(222,172)

32,341

59,530

55,904

27,189 32,341

22,974 32,930

59,530

55,904

19

TOTAL FUNDS

The notes form part of these financial statements

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continued...


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST BALANCE SHEET - CONTINUED AT 31 MARCH 2013

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2013. The Trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2013 in accordance with Section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved by the Board of Trustees on ……………………………………. and were signed on its behalf by:

……………………………………. T R Jones - Chairman

The notes form part of these financial statements

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continued...


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2013

1.

ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. Going concern A significant proportion of the charities income is by way of grants. The charity has net current assets at the balance sheet date and has a surplus in the current year. However, the charity is reliant on the continuing support of its grant funders. The Trustees have a reasonable expectation that grants will continue to be received to enable the charity to meet its expenses and future capital commitments and therefore the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. Incoming resources All incoming resources are included on the Statement of Financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Where grants are subject to performance related conditions, they are recognised in the Statement of Financial Activities based upon when the performance related conditions have been met. Otherwise grants are recognised on an accruals basis which although is a departure from the Statement of Recommended of Practice: Accounting and Reporting by Charities anticipates changes as a result of the issue of Financial Reporting Standard 102. Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Fixed assets costing £250 or more are capitalised and stated at cost less accumulated depreciation calculated so as to write off their cost less any residual value over their expected useful lives. Depreciation is provided at the following annual rates Buildings - straight line over 15 years Plant and machinery - 33% per annum Long leasehold - over the term of the lease All fixed assets are employed in the furtherance of the charity’s objectives. Heritage assets The heritage asset is the Llewelyn Bridge, which is being reconstructed to advance the preservation, conservation and educational objectives of the Trust, and in particular, the cultural landscape of Penllergare. The Llewelyn Bridge will be a new structure on the site of an old stone bridge which existed on this site in the early 19th century and was incorporated into the landscape design conceived and implemented by John Dillwyn Llewelyn (JDL) and his father, Lewis Weston Dillwyn. The bridge features in contemporary paintings and photographs by JDL and his family, and as such is an integral part of the art of the landscape designer, in the historic style of the romantic picturesque landscape movement which prevailed at the time. The new bridge has been designed to be in keeping with the historic designed landscape, which is the main heritage feature at Penllergare Valley Woods. Construction of the Llewelyn Bridge had not started at 31 March 2013 and the balance shown as a heritage asset represents the costs incurred to date on professional fees and other development costs. No disposal of heritage assets has taken place to date.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

1.

ACCOUNTING POLICIES Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The Trustees have agreed that up to 10% of restricted income may be allocated to the unrestricted fund to cover the costs of project management.

2.

VOLUNTARY INCOME

Grants Donations Subscriptions Gift Aid

3.

167,389

147,162

2013 £ 429 530 1,200

2012 £ 465 1,750 43

2,159

2,258

2013 £ 3,161 69 178

2012 £ 995 -

3,408

995

INVESTMENT INCOME

Deposit account interest Current account interest Leasehold bond interest

5.

2012 £ 140,634 2,589 2,948 991

ACTIVITIES FOR GENERATING FUNDS

Book Sales Other Sales Fundraising activities

4.

2013 £ 157,087 6,353 2,090 1,859

INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Community Engagement & Education Fees Charges for Friends of Penllergare Valley Woods Activities

2013 £ 1,755 902 2,657

Page 12

¤

2012 £ 1,085 1,085


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

6.

OTHER INCOMING RESOURCES 2013 £ -

Insurance claim

7.

¤

2012 £ 1,150

NET INCOMING/(OUTGOING) RESOURCES Net resources are stated after charging/(crediting):

Depreciation Woodland Centre Long leasehold Office equipment Woodland equipment (power tools)

Independent examiners fee

8.

2013 £

2012 £

5,326 108 124 246

5,326 -

5,804

5,326

2,220

1,976

TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 March 2013 nor for the year ended 31 March 2012. Trustees' Expenses During the year the trustees received £863 (2012 - £1,009) in respect of travelling expenses reimbursed by the charity. The number of trustees who claimed expenses during the year was three (2012 – two).

9.

RESOURCES EXPENDED: SALARIES & NATIONAL INSURANCE

Salaries Social security costs

2013 £ 65,638 5,191

2012 £ 48,614 19,488

70,829

68,102

2013

2012

3

3

The average weekly number of employees by function

Charitable activities staff 10.

VOLUNTEERS The charity is assisted by volunteers, the number of which fluctuated during the year but averaged 28 (2012 - 22) at any one time.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

11.

TANGIBLE FIXED ASSETS Buildings under construction £

Buildings £

COST Brought forward Additions Disposals At 31 March 2013

257,211 257,211

79,760 79,760

12,416 2,480 (246) 14,650

2,462 2,462

92,176 262,153 (246) 354,083

DEPRECIATION Brought forward Additions Disposals At 31 March 2013

-

10,517 5,326 15,843

107 107

370 370

10,517 5,803 16,320

257,211 ________

63,917 _______

14,543 _______

2,091 _______

337,763 _______

________

69,243 _______

12,416 _______

_______

81,659 _______

NET BOOK VALUE At 31 March 2013

At 31 March 2012

12.

Long Plant and leasehold Machinery £ £

Total £

HERITAGE ASSET Heritage assets £ COST Brought forward Additions At 31 March 2013

22,615 22,615

DEPRECIATION Brought forward Charge for year At 31 March 2013

-

NET BOOK VALUE At 31 March 2013

22,615

At 31 March 2012

13.

-

INVESTMENTS: PROGRAMME RELATED INVESTMENTS The programme related investment is in relation to a bond secured with the landlords of the park to secure the long term leasehold of the park. The investment supports the charitable objective with regard that the leasehold of the park must be obtained in order to receive grant funding for the "Parks for People" project.

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YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants Prepayments & accrued income Other debtors

15.

2012 £ 1,350 1,173 11,284

59,159

13,807

2013 £ 6,112 1,000 28,233

2012 £ 1,000 10,184

35,345

11,184

2013 £ 5,000

2012 £ 6,000

1,000

2,000

2013 £

2012 £

593,187

222,172

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Interest-free loan from City & County of Swansea Accruals

16.

2013 £ 56,251 2,437 471

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Interest-free loan from City & County of Swansea Amounts falling due in more than five years: Repayable by instalments: Interest-free loan from City & County of Swansea

17.

ACCRUALS AND DEFERRED INCOME

Deferred grants

MOVEMENT IN DEFERRED INCOME Grants: 2013 £ (30,840) 528,103 (126,247)

Released from previous year Grants during the year New grants deferred during the year

371,015

Page 15


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

18.

OPERATING LEASE COMMITMENTS The following operating lease payments are committed to be paid within one year:

2013 £

2012 £

25,000

-

Net movement in At 1/4/12 funds £ £

At 31/3/13 £

Expiring: In more than five years

19.

MOVEMENT IN FUNDS

Unrestricted funds General fund

22,974

4,215

27,189

Restricted funds Parks for People Project (HLF) Community Engagement & Education (The Big Lottery) Environment Wales Grant Friends of Penllergare Valley Woods Woodland Centre

1,700 10,520 20,710

(1,700) 2,705 (1,594)

13,225 19,116

32,930

(588)

32,341

TOTAL FUNDS

55,904

3,626

59,530

Incoming resources £

Resources expended £

Transfers

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Parks for People Project (HLF) Community Engagement & Education (The Big Lottery) Environment Wales Grant Friends of Penllergare Valley Woods Woodland Centre

TOTAL FUNDS

Page 16

£

14,567

(10,342)

(10)

122,041 26,193 4,924 4,155 3,733

(122,041) (27,893) (4,934) (1,450) (5,327)

10

161,047

(161,645)

10

175,613

(171,987)

-

-


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2013

19.

MOVEMENT IN FUNDS CONTINUED Where deficits arise on restricted funds, these will be met by reserves in the general fund.

Details of transfers between funds:

20.

Transfer from

Transfer to

Reason

General fund

Environment Wales Grant

Provide for overspending in year

Amount (£) 10

CAPITAL COMMITMENTS Buildings includes one existing building (the Woodland Centre), one building which is under construction (the Kiosk and associated Carpark) and the professional fees and other costs incurred to date on the Hydropower Scheme and the M4 Underbridge, neither of which had commenced, or had contracts signed off at the balance sheet date. The Trust has future capital commitments on the Kiosk and Carpark scheme as at the balance sheet date of £305,791.

21.

COMPARATIVES Certain comparative figures have been restated to assist in consistency and comparability.

22.

SECURED GRANTS A grant of up to £2,320,800 has been awarded to the charity to assist in the restoration of Penllergare Valley Woods. The grant is being received in instalments and has been awarded by the Heritage Lottery Fund who have a right to demand repayment of some or all of the grant, should certain grant conditions not be met. The Heritage Lottery Fund has registered a legal charge over the lease of the Park and the Observatory.

Page 17


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2013 2013 £

2012 £

6,353 1,859 157,087 2,090

2,947 991 140,635 2,589

167,389

147,162

429 510 300 900 20

465 1,750 43 -

2,159

2,258

178 3,161 69

995 -

INCOMING RESOURCES Voluntary income Donations Gift aid Grants Friends of Penllergare Valley Woods

Activities for generating funds Book sales Firewood sales “Trees for Woods” scheme Fundraising activities Other

Investment income Leasehold bond interest Deposit account interest Current account interest

Incoming resources from charitable activities C2E fees Charges for Friends of Penllergare Valley Woods activities

3,408

995

1,755 902

1,085 -

2,657

1,085

Other incoming resources Insurance claim

-

1,150

Total incoming resources

175,613

152,650

70,829 2,381 25,000 47,201 5,366 4,688 1,084 1,450 67 5,804

64,302 3,800 2,497 33,621 5,923 30,212 420 6,405 1,504 5,327

163,870

154,011

RESOURCES EXPENDED Charitable activities Wages Redundancy costs Insurance Lease rent Parks for People project Parks for people project planning costs Community Education & Engagement Environment Wales project Woodland Works & Access Consultancy fees Legal & professional fees Friends of Penllergare Valley Woods Staff uniform Depreciation

Page 18


YMDDIRIEDOLAETH PENLLERGARE (REGISTERED NUMBER: 040044593) THE PENLLERGARE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2013 Cost of generating funds Books for resale Trees for Woods scheme

39 100

-

139 Governance costs Accountancy Trustee training Trustee expenses

Support costs Bank charges Volunteers expenses Telephones, postage, stationary etc. Room & office rental Other

Total resources expended

Net income/(expenditure)

Page 19

2,892 89 1,009

1,976 1,009

,990

2,985

37 252 1,754 1,800 145

32 3,720 359 1,110 -

3,988

5,221

171,987

162,217

3,626

(9,567)


Penllergare Trust Accounts YE 2013