The Chairman presents his report for the year ended 31 August 2024:
The Directors of Glyn Wylfa, are once again, pleased to report another excellent year. We consider, as a board, that we continue to make good progress in achieving and delivering our mission and objectives. We are also meeting our financial 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 75,000.
The final year-end accounts for 2023/24 have been prepared by our external accountants, these show total sales and other income of £492,202 (2022/23 £447,989). This gives us Pretax surplus of £36,958 (2022/2023 £ 40,600).
In 2024, Glyn Wylfa won the Natwest SE 100, Social Business Pioneer Award which was a fantastic result and for the fifth year running, it is listed in the top 100 Social Enterprises in the UK. In November 2023 we won the Social Enterprise award at the Wrexham Community Business Awards and in 2021 Glyn Wylfa won the best Transformative Community UK Business Award, presented by Social Enterprise UK. We were also shortlisted for the Welsh Community Social Enterprise Award.
We have continued to make improvements to the Site. We have fitted new fascias to the Cafe building, upgraded the telephone system and the old store room in the Police building has been converted into an office. Energy efficiency is an important objective and we have replaced the lighting in the house and in Gwylfa Newydd and purchased more efficient Cafe equipment.
In the business centre, all the offices are occupied and our tenants provide valuable community services. We are working on updating our web site and are using social media to good effect, promoting Glyn Wylfa and Caffi Wylfa.
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.
The cafe does afternoon teas, home made cakes, Sunday lunches, outside catering plus take away meals and deliveries.
During the reporting period cafe income has increased by 10% compared to last year and we are always looking for ways to improve.
The Directors support our General Manager to look after the management of the premises and we maintain an onsite presence to support our business tenants.
The cafe has become an important hub for the community and for visitors to the area. Local walking groups and other groups use the Cafe as a 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 different fundraising 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. We increased our Charity donations compared to the previous year.
We are pleased with the impact of our continual display of local artists work in the Caffi area, which demonstrates the rich abilities and culture of our local community.
The community room 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 workplace.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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: