Charity registration number 1004477 Company registration number 02593533 (England and Wales) PENTREATH LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PENTREATH LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees JDCoad C T Hazell L M Mannall D McAuley M Sleer J A Tyson l Ross J S Furbank G E Price (Appointed 18 May 2023) (Appointed 18 January 2024} (Appointed 18 January 20241 L Drummond-smith Delegated management Chief Executive - Louise Knox Secretsry B Hill Charity number 1004477 Company nurnber 02593533 Registered office st Enoder Bams Glebe Farm. Na￿oW Lane Summercourt Newquay Cornwall United Kingdom TR8 SEE Auditor Azets Audit Services Woodlands Court Truro Business Park Truro Cornwall United Kingdom TR4 9NH Bankers National Westminster Bank PIC 5 Fore Street Bodmin Comwall United Kingdom PL31 2DB PENTREATH LTD CONTENTS Page Trustees, report Stslement of trustees, responsibilities 15 Independenl auditor's report 16-18 Statement of finan￿al activities 19 Balance sheet 20 Statement of cash flows 21 Notes to the financial statements 22-37 PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The truslees present their annual report and financial slalements for the year ended 31 December 2023. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charrlies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 102) (effective 1 January 2019)" Objectives and activities PENTREATH'S MISSION: To promote good mental heafth through education and employmenL Pentrealh's objectives as defined by its memorandum and arb.cles of association are.. 'The practice of employment rehabilitation as a technique for the relief and rehabilitation of Ihose suffering or recovering from a disability 01 mental illness, and the advancemenl of public education in such practices in England and Wales.. Many years after this definition was written, we inteTpret these objectives in the following way-. Penlreath offers training. work experience. recTeational and employrnent opportunities to peDple in Cornwall who are recovering from mental health problems. People recovering from menlal ill health often experience lethargy, lack of motivation. social withdrawal and a lack of confidence and self-esleem. We recognise the imporlant part that work has to play in helping recovery. The focus of our projects is on giving people confidence. together with the skills and training that will help them start the important journey towards employment. Our ethos is to combat Ihe social stigma that can attach to people who have experienced mental illness, and lo promote equality of opportunity. In order lo advance this, we encourage local employers lo sign up lo the 'Mindful Employer. initialive, and our Community Development team works to remove barriers experienced by black and minority ethnic communities in accessing mental health serviTrs. We also operate an equal opportunilies policy. together with a complainls procedure and policy, which takes particular account of the needs and rights of people with a mental illness. Public Benefit The trustees confirm thal they have complied with the duty under Section 4 ofthe Companies Act 2006 to have due regard to the Charity Commission's general guidance on public benefit. References have been made in this ieport as lo how public benefit has been prorlloled thiough the advan￿ment of education activities of Pentreath Limiled. PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The increasing cost of living has had a profound impact on people's lives and led lo a growing need foi support, exacerbating various social challenges, including the housing crisis. debt and sustaining a healthy quality of life. 1. Financial Strain: Rising costs of essential goods and services, such as housing. food. healthcare, and education, can pul a significant financial strain on individuals and families. As people struggle lo make ends meet, their overall quality of life may decline. 2. Housing Crisis: The cost of housing. including lent 01 mortgage payments, can be a major contributor to the overall cost of living. When housing costs become unaffordable. it can lead lo homelessness or precarious living situalions. A lack of stable housing can have severe physical and mental health consequences and make il challenging for individuals to access employment and education. 3. Impact on Vulnerable Populations: Vulnerable populations. such as low-income individuals and families, seniors, and people with mental ill heahh. are often dispropo￿.onateIY affected by the increasing cost of living. They may find it particulady challenging to keep up with rising expenses. 4. Increased Demand for Support Serrfices: As more people face financial hardship. there is a higher demand for support services, induding social assistance, food banks. housing assistance, and mental health services. Organisations like Pentreath have experienced a rise in dients seeking assistance due to these economic pressures. 5. Multiple Needs: Many individuals and families expeiiencing financial difficuth-es may have muttiple needs. These needs can range from mental health and addiction issues to educational and etnploymenl barriers. Addressing these complex needs requires a comprehensive and integrated approach lo support. 6. Community Impact: The ripple effects of increased financial stress and housing inslabilily can extend beyond individuals and families, affecting communilies as a whole. Communities may experience higher crime rates, strained social services, and a decrease in overall well-being. To address these challenges effectively, we play a crucial role In providing support, advocacy, and resources to individuals and families in need. Our collaboration with the NHS. Comwall Council, Jobcentres and other VCSE and communiiy partners is essential to creating comprehensive solutions that address Ihe interconnected issues of the cost of living, housing, and multiple needs. PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Mental Health Statistics Mental Health Info and Statistics Pentreath Eeonomic Cost £1Tr.9 BILLION/ YEAR Poor mental health and wellbeing costs UK economy over £300 BILLION/ YEAR Total economic. human and social cost of mental ill health Life Èxpectancy Tho ilTQ oxpociarhLy of someorno witb S6vere mèntèl jllhess is is-20 years shorter Ihan aver890 PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Mental Health Statistics Mental Health Info and Statistics Pentreath Employment and Mental Health Working days lostto mental ill h•alth 12.7/. £8.400 LESS PER YEAR Better mental health Support in thè workpl8e• eart sav• buslnesses: £8 BILLION / YEAR INCOME OAP •v•r•q•. É8.400 Ih•ft lh￿+ Young People'5 Mental Health of ri to 23 y•ar olds hav• •xp•rl*nc•d a d•t•rloratlon In m•nt•l h¢alth In the l•¥t f Iv¢ y¢ar• ot Tr tts 23 y•ar olds hav• •XP•fl•nc•d a d•t•rlorntlon In mental health In the l•¥t flv• y•arg 392% of all mental health problems start by the age of 14 ol O to 10 year olds hav• e¥perign¢ed a declino in thpir mantal hoalth $lne• 2017 PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Management The Project Management team has been expanded and we now have 12 members of Ihe Project Management Team and 4 members on the Senior Leadership Team. We have started new projects in 2023. these are.. People Hub - a shared prosperity funded projecl for adults. YEP- a shared prosperity funded project for young people. Multiply - a shared prosperity funded project supporting the development of numeracy skills. Governance The Board of Trustees meet bi monthly. Mark Steer is the Chair of the Board of Truslees. we are committed lo maintaining a high standard of governance. Regular meetings. strong safety measures, and a focus on good quality are all essential components of effeclive board governance. The board plays a vital role in setting the strategic direction of the organisation. ensuring il remains aligned with it5 mission, and overseeing ils operations. Having a dedicated and experienced Chair like Mark Sleer Gan provide valuable leadership and guidance lo the board. The board members at Pgntraath are involved in various areas of support, including finance, fijture direction and the Shine Project group. Additionally, one trustee provided training in menopause is reflecting commitment to addressing the diverse needs and well-being of staff and dients. Bi-monthly Meetings.. Holding meetings every two months allows the board to stay engaged and informed about Penlreath's activities and progress. Regular meetings enable the boaid to address emerging issues, make informed decisions, and provide necessary oversight. Safely.. Prioritising safely within Penlreath is crucial for both clients and staff. This may involve implementing new policies and protocols. ensuring compliance with regulations, and creating a secLtie and supportive environment for all stakeholders. Good Quality.. Maintaining high-quality projects and services is fundamental lo fulfilling Penlreath's mission effectively. Regular assessments, quality control measures, and Continuous improvement efforts can help ensure that we deliver on our commitments. Well-Governed.' Effective governance is the comerstone of a successful charity. It involves clear roles and responsibilities for the board and Senioi leadership. transparency in decision-making, adherence lo ethical standards, and compliance with relevant laws and iegulalions. By emphasing these principles. Pentieath is positioned to operate efficienlty. piovide valuable support lo our clients, and make a positive Impact to our community. The leadership of the Board of Trustees. plays a pivotal role in upholding these standards and guiding the Pentreath towards continued SUC￿$$ PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Priorities for 2024 Our Young People's provision is vital to equip the future generation with the skills and experience to independently manage their own mental health and wellbeing using the toolkit Pentreath provides. We would like to expand our Young People's services lo ensure we maintain a service which ha5 an open access element (most comtni5sioned services have a requirement for the young person to not be in Education, Employment or Training). We would like lo explore lowering the age range to 13 in 2024 and explore the feasibility of woiking with a younger age range in the future. Collaboralive working continues lo be a passion of Pentrealh. The more we collaborate and work as one sector, the better support we can provide to the people we seNe in Comwall. Pentreath will continue to work alongside the Community Gateway, People in Mind. Next Steps, People Hub. Yep! and others loo. Pentreath will continue to be a parl of ihe Housing Alliance through the Voluntary Sector Forum and will look for opportunities to provide specialist mental health support within the Housing teams throughout Comwall. Penlfealh has a huge impact on the community we work direcuy with but also our wider stakeholders too. We will commission a Social Return on Inveslmenl in 2024 to measure our impact and further strengthen our measuiing potential to prove our value to our wider audience. Measurernent is a key component of our organisation and we will continue to build on Ihis. Dialog+ will be introduced across the organisation in 2024 to further strengthen our consistent approach and bring us inline with local NHS services who will also be using Dialog+ as a tool. Pentreath currently has a long waiting list and we are aware that one of the aspects of our service that makes a real difference is the ability to be responsive to need and this includes not having to wait too long for our service. To ensure we continue to provide a responsive seFvice. we will employ a Wellbeing Coach lo provide 3 contacts with clients to eslablish their needs and put in place support which is appropriate lo them, this may be Pentreath or it may be signposting to other services with a shorter waiting time. Pentreath plays a pivotal role in the delivery of communty mental health servI￿s, and ivs continuing to do so in a transformed, creative, and responsive manner. Responsiveness is critical in addressing mental health issues promptly. We are able to respond to those facing crisis, provide timely interventions and adjust Se￿ICe5 based on changing circumslanGes. Expand our presence in job centres to cover Plymouth which allows us lo reach individuals who may not traditionally seek mental health support. Many Job seekers face significant stress and mental health challenges, making job cenlres an ideal Pla￿ to provide 5UPPOrt and resources. Collaborating with others will also help in identifying individuals who are "furthest from the labour market" and support thetn back into work. People who are furthest from the labour market often face multiple barriers to employment, including mental health issues, lack of skills, and social disadvantages. We can make a significant difference by offering iailored support, skill development programs, and mental health support to help these individuals overcome their challenges and reintegrate into the workforce. Combining mental health support with employment assistance creates a holistic approach that addresses both the psychological and practical aspects of individuals. lives. This approach can be highly effective in helping individuals regain their confiden￿. skills. and independence. Building more partnerships can help leverage resources, share expertise, and create a network of support for the individuals we aim to assist. PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance Overview 2023 was a busy, challenging, and hugely impactful year foi Penlrealh. The following numbers and statistics demonstrate thal our efforts had a significant positive effect on the lives of many individuals, particularly in the areas of healthcare, employment, and youth support. In 2023, We served a total of 2929 people, some highlights are= ICB funded project: 439 clienls Individual placement and support (IPS). 125 clients Wellbeing coaches {IRS, help to wellbeing and SPOA- 656 clients Jobcenlre advisers.. We worked with 486 clients Young people teams.. Our Young people's teams engaged wilh 234 clients Shine." 59 ciien15 The impact of our Servi￿$, specifically related to Ihe Warwick-Edinburgh Scales (WES): Warwick-Edinburgh Scales.. 20/0 of our clients were measured using the WaMick-Edinburgh Scales_ This scale is often used to assess mental well-being. Positive Change in Wellbeing." Among those clients assessed wtlh the Warwick-EdinbLJrgh Scales. an impressive 75 % showed a positive change in their wellbeing. This is a significant achievement, indicating the effectiveness of our programs and services. The Trustees of Penlreath authorised funding Shine Together Autism Project, particularly focusing in the area of employment support for individuals with autism. Projects like Shine Together can play a crucial role in helping individuals with autism gain meaningful employment. develop joi￿related skills, and achieve greater independence. The Chief Executive of Penlrealh has been seconded to work with Comwall Partnership NHS Trust lo develop partnerships aimed at improving the delivery of mental health services. This collaborative effort has the polenlial to make a significant impact on mental health care in Cornwall. Coming from the voluntary sector can bring a valuable communty perspective lo the partnership. Understanding the needs and challenges faced by individuals and communities directly affected by mental health issues is crucial in shaping effective services. This work has the potential to drive positive changes in the delivery of mental health Se￿iceS in Cornwall, with a strong emphasis on cl1enl-￿ntred. communily-focused solulions that address pressing issues such as long waiting times and resource limitations. Pentreath has laken proactive steps to promote its mission and increase its profile in the community. Raising social media platforms can be a powerful way lo raise awareness about Pentreath and engage with a broader audience. Regularly sharing updates. success stories, and valuable mental health resources on 50ryal media can help Penlrealh connect with potential clients. supporters, and partners. Atlendir)g the Royal Cornwall Show.. Participaling in local events like the Royal Cornwall Show provides an opportunity for Penlreath to showcase its services and engage wwth the community. Il's a valuable platform lo inleracl with people, share information. and build relationships. We have developed an equality, diversity and inclusion strategy that will strengthen our commilmenl lo promoting equality and inclusivity nol only within our workplace but also in our interactions with our clients. partners, stakeholders and our community as a whole. 2023 saw the end of the European social fund and its associated funding. The new Levelling up fund enabled us lo conlir)ue with the economic development objectives of raising the levels of skills and training throughout Cornwall and the Isles of Scill PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Values The staff at Penlrealh embody and live by the organis8tion's values. These values. including being approachable, inspiring, knowledgeable, people-cenlred, trustworthy. diverse, encouraging. adaptable, and creative, are fundamental principles that guide our actions and interactions. 1. Approachable". Our staff Greate an open and welcoming environment, making it easy for clients and colleagues lo approach them for support and assistance. Inspiring.. By delivering impacfful services and achieving positive outcomes, our team inspires others lo strive for personal growth and development. Knowledgeable.. Our stafr expertise and dedication to staying informed enable them to provide valuable insights and solutions to the challenges our client5 face. Peopie-centred.. Placing dients and their needs at the forefronl of our work ensures that OLJr services are tailored to individual circumstances, fosteiing a sense of care 2nd empathy. 5. Trustworthy-. Building trust with clients is essents'al. and our staffs reliabilty and integrity help create a strong foundation for productive relationships. Diverse.. Embracing diversily in our team prornotes inclusivity and allows for a broad range of perspectives and ideas lo be considered. 7. En¢ouraging". Our team provides the encouragement and support necessary for clients to overcome obstacles and work towards their goals. 8. Adaptable.- In the face of challenges and changing circumstances, our staffs adaplabilily ensure5 that our organisation can continue to provide effective assistance. 9. Creative." The ability to think creatively enables our team lo find innovative solutions to complex issues, enhancing the impact of our work. Il's clear to us that Pentieath's values are nol just words on paper but are deeply embedded in the actions and commitment of our staff. This dedication lo these values undoubtedly contributes to the organisalion's success and the positive itnpacl it has on the lives of the people we support. Pentrealh reGognises the importance of upskilling and valuing its staff by providing a comprehensive package of training. Pentreath are committed to working with parlners and our communities in Cornwall lo provide training opportunities lo build knowledge and skills. raise awareness of menlal ill-health and provide tools and techniques to manage health and wellbeing. PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strategi¢ aims Penlreath has a well-thoughtwout strategic plan in place for the nex1 four years. with a strong emphasis on collaboration and input froffl various stakeholders. induding staff representatives. Irustees and the Senior Management Team (SMT). Staff Representation.. The inclusion of staff representatives in board meetings and Ihe recruilment of additional representatives demonstrate a commilment lo capturing diverse viewpoints within the organisation, especially as Pentreath expands ils services. This approach helps ensure thal decisions are well-informed and reflective of the broader workforce. Clear Strategic Aims". Having clear strategic aims oullined in our business plan provides a roadmap for Ihe Pentreaths growth and development. These aims provide a shared vision for the team to work towards and help measure progress. The focus on prevention and resilience is crucial in the field of mental health. Developing the Wellbeing Coach role and embedding them within NHS mental health ServI￿S allows for early intervention and support for individuals who may not yet require clinical treatment but could benefit from guidance and coping strategies. Collaboration with NHS Foundation Trust.. Partnering with Cornwall Partnership NHS Foundation Trust demonstrates a collaborative approach to mental heahh support. This partnership can help ensure a seamless conlinLJum of care for individuals seeking assistance. Maintaining a reputation for being open and honest is crucial in building trust with clients and the community. It reinforces Pentrealh's commitmenl to Iransparency and integrity in its services. Overall, Pentreath's strategic approach is comprehensive and well-considered. By continuing to implement and adapt these slralegies over the next four years. we ale well-positioned to make a meaningfLJI impact on the mental well-being of the community and further its mission of providing support and encouragemenl lo help people move forward with their lives. PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review Pentreath maintained a steady level of service for our clients in 2023_ Our income levels increased lo £3,973,889 compared lo £3,557.243 in 2022. as we continued to secure new funding and expansion to some of our current services. One of the challenges in the year was the conclusion of all of our European Social Fund projects. Our BBOIESF projects Positive People, Who Dares Works and Game Changer all finished in the 1st quarter of 2023. Our other 2 direct ESF projects Skills Your Way and Foundations for Work which are both subcontracted from the Learning Partnership for Comwall and Isles of Scilly finished al the end of the year. We are pleased to say that we were able to secure funding from the new Shared Prosperity Fund, a new fund aimed at improving the economy and labour rnarkel in Cornwall and Ihe isles of Scilly, this has funded 2 new projects which we recruited for al the end of 2023 ready to launch in 2024. Also, during the year, we were able to secufe a 3 year extension lo oui current Nextsteps project, funded through Cornwall Council, a 5 year extension to our Mhend project jointly funded by Comwall and isles of Scilly ICB and Public health and a 12 month extension to our Recovery College from Cornwall and Isles ol Scilly ICB. Some of our piojecls have also expanded during the year with our mental heamh support on the Mental Health connect line increasing in capacily and also to provide cover 7 days per week. The IPS service has grown and also expanded out so that we now have IPS workers embedded in a Couple of Piimary Care Nelworks in Cornwall. We also administered a new Personal Health Budgei fund {ICB Funded) where we offered one off support to anyone in Cornwall suffering from mental health to help improve their health. Along with securing some new ftsnding for new projects has resufted in us having greater capacity to deliver a service lo our clients. The charitable charity continues lo be principally funded through mntracts from NHS Cornwall and the Isles of Scilly Integrated Care Board & Cornwall Partnership Foundation Trust to provide services to Ihe people of Cornwall as part of its charitable activities. We have increased our Social Prescriber presence in more Primary Care Ne￿OrkS around Cornwall, along with some new Health & Wellbeing advisors based in some PCN'S. We have also secured smaller grants to run walkingj wellbeing groups and provide some crisis support. The charitable company is very grateful for the support from these funders, which has enabled it to greatly enhance the range and type of provision It has been able to offer dients. The Board of Trustees recognises that in order that the Charity may fulfil its objectives, il requires adequale liquid reserves lo finance its charitable activities. To this end it has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by Ihe charity should be between 9 and 12 months of Head office expenditure. Budgeted Head Office expenditure for 2024 is £590,634 and Iherefore the target is between £442,975 to £590,634 in free reserves. 10- PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 At the end of 2023 the totals funds held by the charity were £2.059.517. This includes restricled funds of £731,548 and tangible fixed assels of £479,621 therefore leaving a free reserves balance of £848,348. The present level of reserves available to the charty has stayed the same during 2023. This is despite the Trustees agreeing to fund an 18-month pilot project to support clients with ASD from our reserves. This has been very successful and the Trustees have agreed a six-monlh extension to this project so that we can fully evaluale this project and secure future funding for this type of service. In the prior year Pentrealh introduced a range of income generating ServI￿S such as training & spoi purchase support which is intended to bring in additional unrestficled funds to bolster the charity's reserves. The Board is aware that certain funds are restricted in nature and therefore are earmarked for future specific projects only The investment strategy is reviewed annually by the trustees and takes into account the income requirements, the Tisk profile and the view of the markel's prospects in the medium term. All funds are invested in low risk investments of short term fixed deposits which prOdu￿d inleiest income during the year. structure. goveman¢e and management Constitution Penlrealh is a company limited by guarantee, and a registered chanty. The charitable company was established in 1990 under a Memorandum of Association, which sets its objectives and powers. and is governed by ils Article5 of Association. Trustees are also directors and members, and in the event ofthe charitable company being wound up, are required to contribute an amount not exceeding £1. 11 PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The charitable company's objectives are also outlined in its registralion with the Charity Commission. The board of trustees oversees the propel running of the charitable company and provides strategic direction. Day- to-day management is devolved to the chief executive. who is appointed by the board. Financial matters are considered by a sub-committee of the board, which reports to the main board by exception. 11 is the practice of the Chief executive to solicit the views of trustees in all major decisions, and to involve them in staff training days, social occasions and planning events. Trustees The number of trustees is currently 10. The skills within the board are varied,. we have trustees with a background in educalion, criminal justice system. law, governance. accounting and health. All new trustees are given an induction to the charitable company including information on policies and procedures, and slaff are able to share information aboul their projects. All trustees are offered courses through the training department covering a lange of topics including mental health awareness. safeguarding and other relaled areas. We have a number of training and strategy days throughout the year where truslees are encouraged lo attend. This broaden5 their knowledge of Pentrealh's day to day activities and allows them to get to know the staff. New project development and updates are regularly presented to the board to ensure Trustees maintain an accurate understanding of current delivery. Trustees are involved in sub-groups that develop particular areas of slralegy and delivery within the charitable company. Pentreath constantly evaluates. and where appropriate updates, the methods of delivery to ensure that the organisation is utilising all it5 resources in the most efficient and effective way. The trustees. who are also the directors for Ihe purpose of company law, and who served during the year and up lo the date of signature of the financial statements were.. JDCoad C T Hazell L M Mannall D McAuley M Steer J A Tyson J Parry l Ross A Wills J S Furbank G E Price L Drummond-smilh (Resigned 18 May 2023) (Resigned 18 May 2023} (Appointed 18 May 2023) (Appointed 18 January 2024) (Appointed 18 January 2024) Risk management The existing risk register has been developed further to form part of our business conlinuily plan and is reviewed anrbually to determine and quantity the risks to which the charitable company is exposed. The board has approved the plan and risk register, which are updated through the senior management team and finance sub_committee. 12- PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Quality QUALITY GROUPS REPORTING STRUCTURE Board of Trusiees Respon5ttrifry to vTre 655urbrKe5 enior Leadershr p Team RèSr*YIs￿. I￿ ry¢ynrAsng rtte prkncipI@ ol Quallty Standard5 Groi).P I￿￿y￿SSUraf￿e AJI Iwjily It￿{ IQ CKMiity Epualliy Dlverslty alld Incliision Clle4t Experience Group iespty&tts ror the cont1rn￿ Improvemeni of th• clierrt 1Xpe￿r￿*. res￿1￿CeS 4nO Champ*ofi$ ie5wn￿b1e for domylopini Dn EDI ,Fir41eRY for ihe Ofynis•tlon arnl ',•n aciion plAn limpd It imwov ,'EOleorrtlnur)u31y•croJs V. 1liYc• 45 ive u Ouf ¢lion¥* Pentrealh have developed the Quality working party in to three focussed working groups. Client experience, Equality, Diversity and Indusion and The Health and Wellbeing Champions. The dient experience group looks at improving the client experience by looking at resour￿$. tethnology and reviewing feedback. The Health and Wellbeing Champions ensuie staff health and wellbeing. along with clien15'. is at the heart of all the work that we do. The Equality, Diversity and Inclusion group are looking al developing an organisational strategy and improving EDI across Penlrealh. All staff are encouraged lo be part of these working groups. Staff have a range of opportunities to feedback. Team meetings provide a place for team members lo talk openly abolrt the project they work on and there are opportunities for staff to provide feedback. Supervisions offer a confidential space for staff members to speak lo their line manager on a regulai basis and there are opportunities for the staff member lo discu55 their workload, successes, challenges etc and togelher, the staff member and manager work together to find solutions. We hold bi-annual staff training days when we can and various activities are organised to seek input from staff members. We have a panel of staff reps who staff can contact anytime for support, advice and guidance. We run an annual staff 5Utvey which is anonymous and staff are invited to provide their feedback on a range of differenl work related issues. We mirrored some of the questions with the NHS slaff survey lo allow us to benchmark ourselves against a national organisation to compare how we fft. We also ran a staff stress survey as another mechanism to monitor staff stress levels and wellbeing at work_ 13- PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Auditor In accordan￿ with the charitable company's articles, a resolution proposing that Azets Audit Services be reappoinled as auditor of the charitable company will be put at a General Meeting. Disclosure of infonnation to auditor Each of Ihe tfU51ee5 has confirrned that there is no information of which Ihey are aware which is relevant to the audit, but of which the audilor is unaware. They have further confirmed that they have taken appropriate steps to idenlify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board ol Trustees. er Trustee Date.. 14- PENTREATH LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors of Pentreath Ltd for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandard5 (United Kingdom Generally Accepted Accounting Practi￿). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the trustees are required lo= select suitable accounting policies and then apply them consistently". observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent." state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial stalements" and prepare the financial statements on the going concern basis unless il is inappropriate to presume thal the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy al any time the financial position of the charity and enable them to ensure thal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 15- PENTREATH LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PENTREATH LTD Opinion We have audited the financial statements of Pentreath Ltd (the 'charity'} for the year ended 31 December 2023 which ¢ompri5e the stalemenl of financial a¢tivrties. the balance sheet. the statement of cash flows and notes 1 to 20 to the financial slatements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including FRS 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements-. give a true and fair view of the slate of the charitable companys affairs as al 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom Geneially Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Audlting {UK) (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the aiidit of (he financial statements section of our report. We are independent of the charity in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statetnenls. we have concluded that the tru5tee5' use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identrfied any malerial uncertainties relating lo evenls or conditions Ihal, individually or collectively, may casl significant doubl on the charity's abilily to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and Ihe responsibilities of the trustees with respect to going concern are described in the relevanl sections of this report. Other information The other informalion comprises the information included in the annual report other than the financial stalemenls and our auditor's report thereon. The Iruslees are responsible for the other informalion conlained within the annual reporl. Our opinion on the financial statements does not cover the other information and. excepl lo the extent otherwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the olher information and. in doing so. consider whether the other information is materially inconsistenl with the financial statements or our knowledge oblained in the course of the audil, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo detemiine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a malerial tnisstatement of this other information, we are required to report that fact_ We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit". the information given in the trustees, report for the financial year for which the financial slatements are prepared, which includes the directors. Teport prepared for the purposes of company law, consistent wilh the financial statements- and the directors. report included within the Irustees. report has been prepared in accordance with applicable legal requirements. 16- PENTREATH LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD Matter5 on which we are required to report by exception In the light of the knowledge and underslanding of the chanty and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within Ihe IfUStees' report. We have nothing to report in respect of the following matters in relalion to which the Companies Act 2006 requires us to report lo you if, in our opinion= adequate accounting records have not been kept. or retums adequate for OLJr audit have not been received from branches not visited by us, or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees. remuneration specified by law are not made, or we have not received all the informalion and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accoidance with the small companies regime and lake advantage of the small companies. exemptions in preparing the trustees. report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustee5' responsibilities. the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that Ihey give a true and fair view, and for such internal control as the trustees determine is ne￿SSary lo enable the preparation of financial statements Ihal are free from material misslaternent, whether due lo fraud er error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disc105ing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidale Ihe charTrtable company or to cease operations. or have no realisti¢ alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under and report in accordan￿ with the Acts and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether ihe financial statements as a whole are free from material misstatement, whether due to fraud or etror. and to issue an audrtorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guaranlee that an audit conducted in accordance wtth ISAS (UK) will always delecl a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httPS.'II www.frc.org.ukJauditOlsresponsibilitie5. This description forms part of Qui audilorfs report. 17- PENTREATH LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD Extent to which the audit was Considered Capable of detecting irregularities, including fraud Irregularilies. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reportin9 Council's website, ID delect material misslatemenls in respect ol irregularities, including fraud. We obtain and update our understanding of the entity, its activities. tts control environment, and likely future developments, induding in relation to Ihe legal and iegulalory framewDTk applicable and how Ihe enlily is complying wilh thal framewoik. Based on this underslanding. we identify and assess the Tisks of material misstatement of the financial slalemenls. whether due to fraud or e￿Or, design and perfom audit procedures Tesponsive lo those risk5, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This indudes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregulanties and nOn￿OMplian¢e with laws and regulations, including fraud, we designed procedures which included= Enquiry of management and those charged with govemance around actual and potenlial litigation and claims as well as actual. suspected and alleged fraud.. Reviewing minutes of meetings of those charged with govemance.. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial slalements or the operations of the enlty through enquiry and inspection.. Reviewing financial slalement disdosures and testing lo supporting documenlalion lo assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including lesling of journal entries and other adjustments for approptiateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslatement in the financial Statements Dr non-compliance with regulation. This risk increases the more that Complian￿ with a law or regulation is removed from Ihe events and transactions reflecled in the financial slalemenls. as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting ffom fraud is higher than for one resulting Irom etror, as fraud may involve collusion. fcrgery, intentional omissions. misrepresentations. or the override of internal conlrol. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale ta the charitable CoMpan￿S members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extenl permttted by law. we do not accept or assume respon5ibilily lo anyone other than the charrtable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Matthew Webb (Senior Statutory Auditor) for and on behalf ofAzets Audit Service5 Chartered Accountants Statutory Auditor Woodlands Court Truro Business Park Truro Cornwall United Kingdom TR4 9NH 18- PENTREATH LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted funds 2022 Restricted funds 2022 Total 2023 2022 Notes Donations and legacies Charitable activities Inve51ments 1,565 600,597 19,162 1.565 3,953.162 19.162 2,696 235.302 3,555 2,696 3,550,992 3,555 3,352.565 3,315.690 Total income 621,324 3.352,565 3.973.889 241,553 3,315.690 3,557,243 Charitable activities 635.006 3.225.562 3,860.568 163,920 3,670.974 3,834.894 Net loutgoing1linGoming resources before transfers Gross transfers between funds {13,682} 127,003 113.321 77,633 (355,284) {277,6511 {40) 40 (9,070) 9,070 Net incomel{expenditure) for the yearl Net movement in funds (13.722) 127.043 113,321 68,563 (346.214) (277,6511 Fund balances al 1 January 2023 1.341,691 604,505 1,946.196 1.273.128 950,719 2.223,847 Fund balances at 31 December 2023 1,327,969 731.548 2.059.517 1,341.691 604,505 1,946.196 The statement of financial adivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Acl 2006. 19- PENTREATH LTD BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible as5els Current assets Debtor5 Investments Cash at bank and in hand 10 479.621 494,590 11 12 489.834 200.000 969.576 458.041 200,000 876,968 1.659.410 1,535,009 Creditors: amounts falling due within one year 13 179.514) {83.403) Nel current assets 1.579.896 1.451.606 Totsl assets less current liabilitles 2,059.517 1,946,196 Income funds Restricted funds UnTeslricted funds 14 731.548 1.327.969 604,505 1,341.691 2,059,517 1,946,196 These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financial sl tements were approved by Ihe Truslees on er Trustee Company Registration No. 02593533 -20- PENTREATH LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 16 79,904 (86,468) Investing activities Purchase of tangible fixed assets Transfers lo lemi deposits Interest received (6.458) (9,8491 {100,0001 3,555 19.162 Net cash generated froml{used in investing activitie5 12,704 (106,294) Nel cash used in financing activities Net increaselldecrease) in cash and cash equivalenls 92.608 {192,762) Cash and cash equivalents at beginning of yeai 876.968 1,069.730 Cash and cash equivalents at end of year 969,576 876,968 21 PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Penlrealh Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Sl Enoder Barns, Glebe Farm, Narrow Lane. Sumfflercourt, Newquay. Cornwall. TR8 SEE, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing documenl, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019)" The charily is a Public Benefit Entity as defined by FRS 102. The financial stalements are prepared in slerling. which is the functional currency of the charity. MDnetary amounts in these financial statements are rounded to the nearest pound. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the financial statements. the trustees have a ieasonable expectation that the charity has adequate resource5 to continue in operational existence foi the foreseeable future. which is at least twelve months from the date of signing the financial statements. Thus the trustees continue lo adopl the going concern basis ol accounting in preparing the financial slatemenls. There are no material uncertainties which may create significanl doubt over the charitable company's ability to continue as a going concern. 1.3 Charitsble funds Unrestricted funds are available for use al the discretion of the trustees in fijrtherance of their charitable objectives. Restricted funds are subject to specific condilions by donors 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 il after any performance conditions have been mel, the amounts can be measured reliably. and it is probable ihat income will be received. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party. it is piobable that a transfer of economic benefils will be required in settlement, and the amount of the obligation can be measured reliably. Expendilure 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 attribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attiibulable to a single aclivity ale apportiDned belween 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. -22- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Expenditure is accounted for on an accruals basis inclusive of irrecoverable VAT. Costs of geneialing funds are those costs inCu￿ed in trading activities that raise funds. Charitable activities comprise expenditure assocjaled with providing mental heallh seNices and include both the direct costs and support costs relating lo these activtties. Governance costs include those incurred in the the governance of the charity and its assets and are primarily associated with constitutional and slalulory requirements. Support costs include head Offi￿ salaiies and overheads, and are allocated lo charitable activities and funds on the basis of staff hours. Allocation and apportionment of costs Head office costs are allocated according to Ihe apportionment of staff hours. 1.6 Tangible fixed assets Tangible fixed assels are initially measured al cost and subsequently measured al cost net of deprecialion and any impairment losses. Depreciation is recognised so as to write off the cost of assets less Iheir residual values over their useful lives on the following bases.. Freehold land and bLJildings Fixtures and fittings 2D/o slraight line 33.3 /0125°/ts Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and Ihe carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the company reviews the carrying amounts of ils tangible assels lo determine whelher there is any indiGalion that those assets have suffered an impairmenl loss. If any such indication exists. the recoverable amount of the asset is estimaled in order lo determine the extent of the impairment loss (rf any). Where rt is not possible to estimate Ihe recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unil to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, Ihe eslimaled luture cash flows are discounted to their present value using a pr&lax discount late Ihal reflecls current markel a55e55ments of the time value of money and the risk5 specific lo the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset {or cash-generating unit) 15 estimated to be less than 115 carrying amount, Ihe carrying amount of the asset (or caS￿generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Actiwties. Recognised impairment losses are reversed rf, and only rf, the reasons for the impairtnenl los5 have ceased to apply. Where an impairment loss subsequenlly reverses. the carrying amount of the asset lor cash generating unit) 15 increased to the revised eslimale of ils recoverable amount, but so that the increased carrying amounl does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the assel (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the Slalemenl of Financial Activities. -23- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-tem) liquid investments with original malurilies of three monlhs or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Seclion 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 offsel, wrth 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 nel basis or lo realise the assel and settle the liability simultaneously. 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 al amortised cost using the effective interest method unless Ihe arrangement constitules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including credttors and bank loans are initially recognised at Iransaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al 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 instrumenls 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 dassified 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 liabilitie5 Financial liabilities are derecognised when the chatity's contractual obligalions expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in Ihe period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide termination benefrts. 1.11 Retirement benefits Payments to defined contribution retiremenl benefil schemes are charged as an expense as they fall due. 1.12 Leases Rentals payable under operating leases. including any lease in￿ntiVeS received, are charged as an expense on a straight line basis over the lerm of the relevant lease. -24- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.13 Investments The charity has defined short-term. highly liquid inve5trnents with an original maturity greater than three onths. as Current Asset Investments. Current Asset Investments are measured at amortised cost. Donations and legacies Unrestritted Unrestricted funds funds 2023 2022 Donalions and gifts 1,565 2,696 Charitable activities Mentsl Health Services Mental Health Services 2023 2022 Performance related grants and service conlracts 3,953.162 3,550.992 Analysis by fund Unrestricted funds Restricted funds 600,597 235,302 3.352,565 3,315,690 3,953,162 3,550.992 Inveslments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 19.162 3,555 -25_ PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Mental Health SeThi¢es 2023 Mentsl Health Services 2022 Staff costs Depreciation and impairment Rent Insurance Utilities Beneficiary costs Motor, travel and subsistence Training Printing, postage and stationery Advertising Lease rental equipment Repairs and renewals Cleaning Canteen Bad debts Staff recruitment Other charitable expenditure 2,986,217 21.427 3,676 1.500 30.648 133,197 174,463 10,062 5,827 1,589 2,357 5,477 4.590 313 3,032,469 29,496 6,295 1.995 29,186 47,767 183,374 17,421 7,205 7,265 2,305 12,134 4,356 429 15 75 28.667 3,000 36.647 3,420,990 3,410.454 Share of support costs (see note 6) Share of govemance costs (see note 6) 401,029 38,549 390,503 33,937 3,860,568 3,834,894 Analysis by fund Unrestricted funds Restricted funds 635,006 3.225,562 163.920 3,670,974 3,860,568 3,834.894 -26- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Govemance costs Costs 2023 Support Govemance costs costs 2022 Staff costs Rent and utilities Insurance Molor, travel and subsistence Training Printing, postage and stationery Advertising Lease rental equipment Repairs and renewals Other support costs Irrecoverable VAT 217,487 71,284 17,189 217,487 71,284 17.189 221,429 64,161 15,953 221,429 64,161 15,953 16,806 4,280 16.806 4.280 14,856 13,481 14,856 13,481 9,949 6.209 4,085 38,974 13,517 1.249 9.949 6,209 4,085 38.974 13.517 1.249 11.414 6,032 4,264 23.314 14,598 1.001 11,414 6,032 4,264 23.314 14,598 1,001 Audit fees Accountancy Legal and prolessional 16.350 5.958 16.241 16.350 5.958 16.241 15.000 6,889 12.048 15,000 6,889 12.048 401,029 38.549 439.578 390,503 33.937 424,440 Analysed he￿een Charitable activities 401,029 38.549 439,578 390.503 33,937 424,440 Trustees None of the trustees {or any persons connected with them) received any remuneration or benefrt5 from the charity during the year (2022.. £nil). Employees The average monthly number ofemployees during the year was- 2023 Number 2022 Number Mental Health Services 130 135 Employment costs 2023 2022 Wages and salaries Social securily costs Othei pension costs 2,907,225 238,766 57.713 2,945,302 251,798 56,798 3,203,704 3.253,898 -27- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees (Continued) The number of employees whose annual remuneration was £60,000 or more were.. 2023 Number 2022 Number £60,000- £70,000 Taxation The charity is exempl from lax on income and gains falling within section 505 of the Taxes Acl 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 lo Ihe exient that Ihese are applied to 115 charitable objects. 10 Tangible fixed assets Freehold land Flxtures and and buildings flttlngs Total Cost Al 1 January 2023 Addilions 524,991 186,278 6,458 711,269 6,458 At 31 December 2023 524.991 192,736 717.727 Depreciation and impairment Al 1 January 2023 Depreciation charged in the year 41.769 10.959 174,910 10,468 216,679 21,427 At 31 December 2023 52.728 185,378 238,106 Carrying amount At 31 December 2023 472,263 7,358 479,621 Al 31 December 2022 483,222 11,368 494,590 11 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Prepayments and accrued income 118,586 371.248 140,779 317,262 489,834 458,041 -28- PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Current asset investments 2023 2022 Term deposits 200,000 200,000 13 Creditors: amounts falling due within one year 2023 2022 Other taxation and social security Trade creditors Other creditors Awruals and deferred income 225 42.471 5,285 31,533 250 32.239 5,255 45,659 79,514 83,403 -29- o) co LTJ O) a) o) c> (D *OOO o- > (7) O Oi o) o) u) QF) ¢D U) O O) rf) o LL CL O Ci C ¢15 OOOOLL W._ IOLO-U wcntDmtD- C7 0 0> ¢D z>zoiiufL[DtDCDQ)ii(i¢n7iC£(J￿ 0￿£ OLn OOCNO)QGJ tx> n Ln 00(0 Lnin¢oornoro* ry) ) Lt) -P o(w ¢0 ¢A) *y) pnm¢J)O O¢D 10 Lfj O trj Tr- U) fg (D ￿ to L￿￿ O￿L￿r0￿ to Tr- (D O fD (T) Ll) O CO CD z￿￿￿{￿Zu[D￿C￿C>v>r￿L)￿[L￿sz£rJio￿< - ryj CN v ) lx ¢5) O IY) ￿ a) ¢N* ¢5) LriOO ryoiai t£? ¢3) O ) T* rD ￿ Ln ¢5) ¢J tr- 0000 0000 00￿0 OOONLri*￿OiOE￿i? >OEDCffjE._ Cowo£OC o) c o O q) EU CYJ( ¢D O ¢>L) QI CO tJ CL VJ C O O o) SICIJ ￿ (o tL U)J In cy)t > u ￿ t oj Do￿￿0￿0 JCf5 cnL)tt)vo)>O_Ow O ILI ID O >occc cffj OJJ (15 15 CL aj 000 > Oorjai o£e££o ccc. - O ¢0 >>irJ 41 C w {n￿LL ￿KS￿l0￿0￿yO+OL￿￿.oULL ZZZUfywQ)In ZZZVLI CLO)fufoLiJai-roziiWJ(£U_?07WL)SffjZlthZ £¢nQ CO¢JS ¢tsLL￿ o VJ > (o ffj (L(n£ W£OQ) c£ ¢BwOLL￿O._ Cc(iCL> OOYJ fn(n > ZJ cLr_ Oo>iOEE ti ￿£L￿O0 LL CL c C¥l(ftr uj ¢n 00 )OwCLZ5(noE_ o V u) 11> ro tu f JTI LLJ ffj o C Q>w"-£ q) (L- >U (ouj J OCU)xrno WLL QJ 0020Z E> u)o£Ql£C ¢yU JcrC2Wo￿lLf= OJ o>oZ EL)Qkx offjvu ÈLinz=LLoSLUL)U(O¢f>OttOocLU>tiu￿QWEsz£ czrrizc ozloo o>c JffjJDouLLE> v) OJ ry)2 osz CLO £ q> fLCw£ 000￿c¢L￿ (BX C q)CQ}c￿￿wffj0 u) (U til a) Cn c) C)r 07) > octUOWo l tyj rwtl CD EoULL< >£> ÉIuu'><<- UUcOOlicLLEc3EtEE%o_offjcEg iwinz 000ty0>40 ty 0> 4>ty 3q)Oo£ PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Analysis of net assets between funds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 FLJnd balances al 31 December 2023 are represented by.. Tangible assels Current asselsl(liabililies} 479,621 848,348 479.621 1.579.896 494,590 847.101 494,590 1.451,606 731,548 604,505 1,327,969 731.548 2,059,517 1.341,691 604,505 1,946.196 16 Cash generated from operations 2023 2022 Surplusl(deficit) for the year 113,321 {277,6511 Adjuslmenls for.. Interest income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (19,1621 21,427 13,5551 29,496 Movements in working capi121'. Ilncrease)Idecrease in debtors {Deciea5ellinciease in creditors (31,793) (3.889} 164,664 578 Cash generated froml(absorbed by) operations 79,904 (86.468) 17 Analysis of changes in netfunds The charity had no debt during the year. 18 Operating lease ¢ommilments At the reporting end date the charity had outstanding commilments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 WAlhin one year Between two and five years 11,327 16,679 11,924 10.764 28,006 22,688 -36_ PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Related party transactions Remuneration of key management personnel The remuneTalion of key management personnel is as follows. 2023 2022 Aggregate compensation 159.147 141,525 Transactions with related parties During the financial year R Coad, daughter of Ttustee J Coad, was employed by the charity and received a gross salary of £nil {2022= £4,189). 20 Company limited by guarantee Pentreath Limited is a company limited by guaiantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 ID the assets of the chaiitable cotnpany in the event of its being wound up while he or She is a member. or within one year after he or she ceases to be a member. The company is incotporated in England & Wales. -37-