The Chairman presents his report for the year ended 31 August 2023.
The Directors of Glyn Wylfa are pleased to report an excellent year of progress, in achieving and delivering our mission and objectives. We invested in expanding our Caffi facilities and reducing our energy usage while also meeting our sustainability growth targets for the company.
We continue to ensure that Glyn Wylfa is developed for the benefit of the local community. Cafe visitors and sales have increased during the reporting period and we have achieved annual visitors of over 70,000.
The final year end accounts for 2022/23 have been prepared by our external accountants, these show total sales and other income of £447,989 (2021/22 £383,055). This gave us a Pretax surplus of £40,600 (2021/22 £56,511). The reduction in the surplus compared to the previous year is because of maintenance costs associated with fitting low energy light fittings and legal and planning costs associated with planned expansion.
In 2023, for the fourth year running Glyn Wylfa is listed in the Natwest, Top 100 Social Enterprises in the U.K. I am very proud, on behalf of the Company, to report that in November 2023, Glyn Wylfa won the Social Enterprise Award in the inaugural Wrexham Community Business Awards.
In the main house all the offices are occupied. We intend to update our web site and we are using social media to good effect, promoting Glyn Wylfa and Caffi Wylfa.
We have made significant investments to our site facilities. We added a large food Preparation area which includes a walk-in fridge and freezer room. Solar Panels have also been installed on the roof of the Cafe building and these and other energy investments has resulted in an energy usage reduction of almost 50%. We are committed to improving our environmental impact as a business.
Caffi Wylfa has achieved a remarkable year and our cafe manager continues to push the Cafe forward, introducing new ideas to enable us to continue to grow.
During the reporting period cafe income has increased by 20% compared to last year and we are confident of achieving continued growth. We are mindful of increased cost pressures relating to utilities, business rates and labour costs and will manage this accordingly.
The management of the site has changed but we do still maintain a presence to ensure our tenants are looked after.
The cafe has become an important hub for the community and for visitors to the area. The local walking groups and other groups use it as meeting place for their activities. Regular Welsh language courses are provided by Coleg Cambria at Glyn Wylfa and these are popular with local residents.
We have supported Nightingale House and Hope House with donations, fund raising and other initiatives.
We have also continued to support local sports clubs, Friends of Chirk station, Ceriog Partnership, local football and cricket clubs and many more with sponsorship. We try to support all local initiatives if possible and we made 20 Charity donations during the financial year.
We are particularly pleased with the impact of our continued display of local artists work in the Caffi area, which demonstrates the rich abilities and culture of our local community.
The community office is again being used free of charge by local interest groups and charities and the free WiFi in the cafe is seen as a major benefit to all visitors.
We continue to have very good relations with all our stakeholders and meet our objective of improving the service to our customers and tenants while providing good facilities for our employees with an enjoyable work place.
I would like to record my thanks to all our customers, tenants, directors, employees and other stakeholders who contribute to the success of Glyn Wylfa.
Glyn Wylfa Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Glyn Wylfa, Castle Road, Chirk, Wrexham, LL14 5BS.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Income and expenses are included in the financial statements as they become receivable or due and are stated net of discounts and Value Added Tax.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
In the application of the company’s accounting policies, the directors 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.
The average monthly number of persons (including directors) employed by the company during the year was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: