Charlty registration number 1004477 Company registratlon number 02S93533 (England and Wales) PENTREATH LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PENTREATH LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees JDCoad C T Hazell L M Mannall D MoAuley M Steer J A Tyson l Ross J S Furbank L Drummond-smith (Appointed 18 January 2024) (Appointed 20 March 2025) J Sandbrook Delegated management Chief Executive- Louise Knox Secretsry B Hill Charity number 1004477 Company number 02593533 Registered office St Enoder Bams Glebe Farm, Narrow Lane Summercourt Newquay Cornwall United Kingdom TR8 SEE Auditor A2ets Audit Services Woodlands Court Truro Business Park Twro Comwall United Kingdom TR4 9NH Bankers Natwest 1 Church Street St Auslell Cornwall United Kingdom PL25 4AW
PENTREATH LTD CONTENTS Page Trustees. report ststement of trustees. responsibilities 15 Independent auditorfs report 16-18 Statement of financial activities 19-20 Balan sheet 21 Statement of cash flows Notes to the financial statements 23-39
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and finan¢ial ststements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and "AcGounting and Reporting by Charities". Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019}" Objectives and activltles PENTREATH'S MISSION: To promote good mental health through educatlon and employmenL Pentreath's objectives as defined by its memorandum and articles of association ar8.. 'The practice of employment rehabilitation as a technique for the relief and rehabilitation of those suffering or recovering from a disability or mental illness, and the advancement of publi¢ edu¢ation in such practices in England and Wales., Many years after this definition was written, we interpret these objectives in the following way.. Pentreath offers training, work experience, recreational and employment opportunities to people in Cornwall who are recovering from mental health problem5. People recovering from mental ill health often experience lethargy. lack of motivation, social withdrawal and a lack of confidence and self-esteem. We recognise the important 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 importanl journey towards employmenl. Our elhos is lo combat the social stigma that can attach to people who have experienced mental illness, and to promote equality of opportunity. In order lo advance this, we encourage local employers to sign up to the 'Mindful Employer initiative, and our Community Development team works to remove barriers experienced by black and minority ethnic communities in accessing mental health services. We also operate an equal opportunities policy. together with a complainls procedure and policy, which takes particular account of the needs and rights of people with a mental illness.
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Pentreath's Values It's clear to us that Penlreath's values are not just words on paper bul a deeply embedded in the adions and commitment of our staff. This dedication to these values undoubtedly contribute5 to the organisation's success and the positive impact il has on the lives of the people we support. During one of our staff update sessions, we reviewed the values of Pentreath to assess their continued relevance. As a result of a series of workshops. the following values were established. Promoting good mental health through personal development, education and employment Pentreath We rnNtrv4tP Qlb•rs w rh I(r lull wt•ntial l••dit)y wtth welctJme¢l rgardtess of their b•cl(9round, Idntity w diffr•n¢ We •rcours9¢ Oihrs to r•k• rtitsf>, PUTgJ ttrir goals a belth• In thwii ¢y4m •bilTrti4s svl¥• ft ffjultyfty •ll. Insplrfng Inclusive Approachablp Empowering Knowledgeable Wp aro fritDdly, kind ènd N•tyh. w• show ¢emp•swon, empathy attd w&9¥ty. We li •nd sliiw• to rMk• p•opl• f•el Comf(¥Tab and stspported, he•id 4rO unders1w. If•¢• •rd n••d 1¢ take contfd of their OV4fyTh li¥s and m of Qui Ifld afid w• shar• th41 JKperti5e ¥h ottt¢fS We serve •$ • ff•ll•bh •ovr¢• of inlatharitin •r•d adapt •ccordbs)9 tv ihty r•¢ls ot Ihe pew ifl•ptht• and sèll.•fhcacy in •nwilMnt wh#t• *W•ry_ bs vJlv•d •nd YMp•¢t•d. Public Benefit The trustees confirm Ihal Ihey have complied with the duty under Section 4 of the Companies A¢1 2006 to have due regard to the Charity Commission's general guidance on public benefit. References have been made in this report as to how public benefit has been promoted through Ihe advancement of education activities of Pentrealh Limited.
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our work The increasing cost of living has had a profound impact on people's lives and led to a growing need for support, exacerbating various social challenges, including the housing crisis, debt and sustaining a healthy quality of life. 1. Flnanclal Straln: Rising costs of essential goods and seNices, such as housing, food. health¢are, and education, can pul a significant financial strain on individuals and families. As people struggle lo make ends meet. their overall quality of lrfe may decline. 2. Housing Cri$i$: The Gost of housin9, including rent or mortgage payments, can be a major contribLrtor to the overall cost of living. When housing ¢osts become unaffordable, it can lead to homelessness or precarious living situations. A lack of stable housing can have severe physical and mental health consequences and make it challenging for individuals to access employment and education. 3. Impact on Vulnerable Populations: Vulnerable populations, such as low-in¢ome individuals and families. seniors, and people with mental ill health, are often disproportionately affected by the increasing cost of living. They may find li particularly challenging to keep up with rising expenses. 4. Increased Demand for Support Ser4i¢es: As more people face financial hardship, there is a higher demand for support setvices. including social assislanGe, fo¢)d banks, housing assistance, and mental health setvices. Organisations like Pentrealh have experienced a rise in dients seeking assistance due to these economic pressures. 5. Multiple Noeds: Many individuals and families experiencing financial difficulties may have multiple needs. These needs can range from mental health and addiction issues to educational and employment barriers. Addressing these complex needs requires a comprehensive and integrated approach to support. 6. Community Impact: The ripple effects ol increased financial stress and housing instability can extend beyond individuals and families, affecting communities as a whole. Communities may experienr£ higher crime rates. strained social services, and a decrease in overall well-being. To address these challenges effectively, we play a Grucial role in providing support, advoGaGy, and resources to individuals and families in need. Our collaboration with the NHS, Comwall Council, Jobcentres and othèr VCSE and community partners 15 essential lo creating comprehensive solutions that address the interconnected issues of the cost of living, housing, and multiple need5.
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mental Health challenges Lord Darzi ¢ondu¢ted an Independent Investigation of the National Health SeNice in England in Sèptember 2024, the key findings are below= Key Findings on Mental Health Rising Mental Illness: The report highlights a substantial increase in mental health issues. particularly depression, contributing to a notable decline in the nation's overall health. Underinvestment in Prevention: A signrficant concern is the minimal investment in preventive mental health care. The current system predominantly allocates reSoUS to hospitapbased crisis interventions. neglecting early support and communty servIs. Youth Mentsl Health Crisis: The review undetscores a surge in mental healih needs among children and young people, accompanied by increasing waiting time5 for communriy mental health services. Systemic Challenges Reacttve Care Model: The current approach to mental health ¢are is predominantly reactive. focusing on crisis management rather than early intervention and prevention. This model often leads to patients receiving help only when conditions have severely deteriorated. Communlty Servi¢e Gaps: The report identifies a significant shortfall in MMunity-baSed mental health services, exacerbated by years of underfunding and a lack of integration with other health and social ca services Recommendations Shlft to Preventive Care: Emphasising the need to move away from a crisis-driven model, the report advocates for increased investment in preventive mental health seNices and early inteNention strategies. Integrated Community Servlces: The establishment of multidisciplinary teams within community settings is recommended to provide holistic care, integrating mental health servitss with primary and social care. Addressing Inequalltles: The reporl calls for targeted efforts to reduce disparities in mental health care access and outcomes, particularly among marginalized and underserved populations. How does Pentreath allgn wlth these recommendations? Pentreath exemplifies the principles and recommendations outlined in Lord Dal'S 2024 NHS review. particularly in areas such as preventive care, communty-based support. and addressing mental health inequalities. Preventlve and Early Intervention Focus Pentreath embodies this approach by offering personalised, on&t(one outreach support to individuals aged 14 and above across Cornwall and the Isles of Scilly. Our services aim to assist individuals in achieving personal goals related lo employmenl. education, and community integration. thereby piomoting early recovery and preventing escalation of mental health issues. Community-Based, Integrated Services Pentreath operates within this framework by embedding employment spe(ialists within Communily Mental Heatth Teams and collaborating with GP surgeries and Jobcentres. Our Individual Placement and Support (IPS) service. in partnership with the Cornwall Partnership NHS Foundation Tnjst, assists individuals in finding and maintaining employment, recognising the therapeutic value of work in mental health recovery.
PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Addressing Mental Hoalth Inequalities Pentreath tsrgets support to marginalised groups, including young people not in education, employment, or training (NEET), individuals experiencing homelessness, and those with autism through the Shine project. Our specialised projects, su¢h as "Re-ignile" for 14-24-year-olds and "Next Steps" for individuals transitioning out of homelessness, aim to reduce inequalities by providing tailored support to those mosl in need. Key Highlights from 2024 Expansion of Community-Based Servlces Pentreath broadened its outreach, offering personalized on&tOwone coaching and support to individuals aged 14 and above throughout Cornwall and the Isles of Scilty. Their services aimed to assist individuals in achieving personal goals related to employment, education. and community integration, thereby promoting early recovery and preventing escalation of mental health issues. Integration with Healthcare Services The charity strengthened its collaboration with Cornwall Partnership NHS Foundation Trust by embedding Employment Specialists and Peer Mentors within mental health teams. This partnership facilitated a holistic approach to mental health Gare, addressing both clinical and vocational needs of individuals. Support for Marginalisod Groups Pentreath launched and expanded several programs targeting vulnerable populations.. Re-lgnite: Aimed at young people aged 14-24 experiencing emotional health issues. Yepl: Supported individuals aged 16-24 who were not in employment. edu¢alion, or training {NEET Next Steps: Focused on individuals transitioning oul of homelessnes$, providing tailored support to improve mental well-being and stability. Posltlve Cllent Outcomas Feedback from service users highlighted significant improvements in confidence, independence, and overall well- being. Clients reported benefits such as enhanced self-esteem, better management of mental health conditions, and successful reintegration into education or employment.
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Management The Project Management team has been expanded and we now have 12 members of the Projed Management Team and 4 members on the Senior Leadership Team. Vve have started new projects in 2024, these are= People Hub - a shared prosperity funded project for adults. YEP - a shared prosperity funded project for young people. Multiply- a shared prosperity funded project supportin9 the development of numeracy skills. Governance The Board of Trustees meet bi monthty Mark Steer is the Chair of the Board of Trustees, w8 are committed to maintaining a high standard of governance. Regular meetings, strong safety measures, and a focus on good quality are all essential components of effective l>oard govemance. The board plays a vital role in setting the strategic direction of the organisation. ensuring it remains aligned with its mission, and overseeing its operations. Having a dedicated and experienced Chair like Mark Steer can provide valuable leadership and guidance lo the board. The board members at Pentreath are involved in various areas of support, including finance, future direction and the Shine Project group. We were very fortunate to recruit a new trustee in 2024. Jeremy Sandbrook. Consultant Psychiatrist Bi-monthly Meetings.. Holding meetings every Iwo months allows the board to stay engaged and informed about Pentreath's activities and progress. Regular meetings enable the board to add$$ emerging issues, make informed decisions, and provide necessary oversight. Safety: Prioritising safety within Pentreath is crucial for both clients and staff. This may involve implementing new policies and protocols, ensuring Complian with regulations, and creating a secure and supportFve environment for all stakeholders. Good Quality.. Maintaining high-qualily project5 and services is fundamenlal to fulfilling Pentrealh's mission effectively. Regular assessments. quality control measures, and continuous improvement efforts can help ensure that we deliver on our Commitments. Well-Govemed: Effective governance is the comerstone of a successful charity. It invofves clear roles and responsibilities for the board and Senior leadership, transparen¢y in decision-making, adherence to ethical standards, and compliance with relevant laws and regulations. By emphasing these principles, Pentreath is positioned to operate efficiently, provide valuable support to our clients, and make a positive impact to our community. The leadership of the Board of Trustees, plays a pivotal role in upholding these standard5 and guiding the Pentreath towards continued success
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Priorities for 2025 Our Young People's provision is vital lo equip the future generation with the skills and experience to independendy manage their own rnental health and wellbeing using the toolkit Pentreath provides. We would like to expand our Young People's services lo ensure we maintain a seNice which has an open access element (most commissioned services have a requirement for the young person to not be in Education. Employment or Training). Collaborative working continues to be a passion of Pentreath. The more we Gollaborate and work as one sector, the better support we can provide to the people we see in Cornwall. Pentreath will wntinue to work alongside the Community Gateway, People in Mind, , People Hub, Yepl And hopefully develop new collaborations. Pentreath has a huge impact on the community we work directly with but also our wider stakeholders too. Measurement is a key ¢omponent of our organisation and we will continue to build on this. Dialog+ will be introduced across the organisation in 2025 to further strengthen our Consistent approach and bring us inline with local NHS services who will also be using Dialog+ as a tool. Pentreath plays a pivotal role in the delivery of community mental heatth Servi5, and it's continuing to do so in 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 intetventions and adjust services based on changing circumstances. People who are furthest from the labour market oflen face multiple barriers to employment. including mental heatth issues, lack of skills. and social disadvantages. We can make a significant difference by offering tailored 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 confidence, skills, and independence. Building more partnerships can help leverage SOurCes, share expertise, and create a nelwoTk of support for the individuals we aim to assist.
PENTREATH LTD TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomian¢e Overview 2024 was a busy, challenging, and hugely impaclful year for Pentreath. The following numbers and statistics demonstrate that our efforts had a significant positive effect on the lives of many individua15, particularly in the areas of healthcare, employment, and youth support. In 2024. We served a total of 7334 people, some highlights are: Hard outcomes.. 250/ Employment.. 12 / Volunteer= 50/. FE and Training.. 8° Positive Change in Wellbeing: Among those clients assessed with the Warwick-Edinburgh Scales, an impressive 810/0 showed a positive change in their wellbeing. This is a significant achievement. indicating the effectiveness of our programs and services. The Twstees of Pentreath aulhorised funding Shine Together Autism Project. partiGularly focusing in thè a3 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 job-related skills, and achieve greater independence. The projed spann8d 18 months and supported 96 individuals. resuming in 29 individuals securing employment and 160/0 progressing into educational opportunities. The Chief Executive of Pentreath has been seconded to work with Cornwall Partnership NHS Trust to dèvelop partnerships aimed at improving the delivery of mental heamh seICes. This collaborative effort has the potential to make a significant impact on mental health care in Cornwall. Coming from the voluntary sector Can bring a valuable community perspective to the partnership. Understanding the needs and challenges faced by individuals 2nd communities directly affected by mental health issues is crucial in shaping effective semces. This work has Ihe polenlial to drive positive changes in the delivery of mental health services in Comwall. with a strong emphas15 on clienl-cenlred. communrty-focused solutions that address pressing issues such as long warting limes and resource limitations. Pentrealh has taken proactive steps to promote its mission and increase its profile in the communily. Raising social media platforms can be a powerful way to raise awareness about Pentreath and engage with a broader audience. Regularly sharing updates. success stories, and valuable mental health resources on social media can help Pentreath connect with potential clients, supporlers. and partners. Attending the Royal Comwall Show- Participating in local events like the Royal Cornwall Show provides an opportunity for Penlreath lo showcase its services and engage with the community. Il's a valuable plafform to interact with people. share information, and build relationships. We have developed an equality, diversity and indusion strategy that will strengthen our commitment to promoting equality and in¢lusivily not only within our workplace but also in our interactions with our clients, partners, stakeholders and our community as a whole.
PENTREATH LTD TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strategic aims Pentrealh has a well-thought-out strategic plan in place for the next four years, with a strong emphasis on collaboration and input from various stakeholders, inGluding staff representatives, trustees and the Senior Management Team (SMT). Staff Representation. The inclusion of staff representatives in board meetings and the recruitrnent of additional representatives demonstrate a commitment to capturing diverse viewpoints within the organisalion, especially as Pentreath expands ils services. This approach helps ensure that decisions are well-informed and reflective of the broader workforce. Clear Strategic Aims: Having clear strategic aims outlined in our business plan provides a roadmap for the 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 services allows foi early intervention and support for individuals who may not yet require clinical trealrnent but could benefit from guidance and coping strategies. Collaboration wilh NHS Foundation TNst- Partnering wilh Cornwall Partnership NHS Foundation Trust demonstrates a collaborative approach to mental health support. This partnership can help ensure a seamless continuum of care for individuals seekin9 assistance. Maintaining a reputation for being open and honest is crucial in building trust with clients and the community, It reinforces Pentreath's commitment to transparency and integrity in its seNices. Overall. Pentreath's strategic approach is comprehensive and well-considered. By continuing to implement and adapt these strategies over the next four years, we are well-positioned to make a meaningful impact on the mental welkbeing of the community and further its mission of providing support and encouragement to help people move forward with their lives.
PENTREATH LTD TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review In 2024, Pentrealh maintained consistent service levels for our clients. Our income increased to £4,229.415, up from £3.973,889 in 2023. as we continued to secure new funding and implement expansions and make changes to existing services. Mfith the condusion of our primary NHS Kernow contracts at the end of March 2024, we were pleased to be approached by the Integratéd Care Board (ICB) to Collaborate on developing a more integrated and inclusive seNice. Together, we launched a new Recovery SeNice in April 2024, which combines elements of our previous Mental Heahh Employment Advisors, Enablement. and Communty Development roles. aligning more dosely with our Recovery College. Our new projects, People Hub and Yepl funded through the Shared Prosperity Fund. were launched at the beginning of 2024. These initiatives aim to ènhance the lo&?1 economy and labour market in Comwall and the Isles of Scilly. Additionally, we secured a hvo-year extension for our Plymouth Job Centre ¢ontra¢t and a three-year grant from the Duchy of Comwall Benevolent Fund to support a Triage worker, helping us address and reduce waiting lists. We allocated some underspend across various projects to increase our advisor capacity in response lo growing demand. We are also pleased lo have secured funding from Cornwall Council to expand our homelessness services, introducing l)oth one-to-one support and Therapeutic Interventions for dients. Furthemiore, we received a grant from Macmillan to support the operation of a Cancer Support Group in the Isles of Scilly. Several projects experienced growth during 2024, including our Individual Pla¢emenl and Support (IPS) program. which expanded into additional Primary Care Nelworks through funding derived from underspends. Toward the end of the year, we secured additional funding to further éxpand our IPS workforce. We also managed a second phase of the Personal Health Budget initiative, funded by the ICB. offering one-time support to individuals in Cornwall experiencing mental health challenges to promote their well-being. Our success in securing new fvnding has increased our capacity to better serve our clients. Our charitable activities remain primarily funded through contracts with NHS Cornwall and the Isles of S¢illy Integrated Care Board and Cornwall Partnership Foundation Trust, supporting services for the people of Cornwall as part of our charitable mission. We continued our work within several Primary Care Networks through the ¢Trlocation of our Social Prescribers and Health & Wellbeing staff. These relationships led to the recruitment of a new Health & Wellbeing Coach in South Kerrier during the year. We are also deepty grateful for the legacy left by our fonner patron. Johanna Harrison. whi¢h will be used to invest in and maintain our premises at Harrison House in Truro, ensuring a conducive environmènt for our team and clients for years to come. The Board of Trustees recognises that, in order for the Charity to successfully achieve its objectives, it must maintsin sufficient reserves to support its charitable activities. The organisation is grateful for the support received from various funders, which has significantly expanded the range and quality of services availablè to clients. To ensure finanual stability, the Charity has implernented a policy that stipulates its unrestricted funds excluding those committed or invested in tangible fixed assets should be held at a level equivalent to belween 9 and 12 months of Head Officè expenditure. For 2025, wilh a budgeted Head Office expenditure of £614,334. the targeted free reseeS are therefore b&een £460,750 and £614.334. 10-
PENTREATH LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 As of the end of 2024, the Charity's total funds amounted to £2,201,786. This includes restricted funds of £600.899 and tangible fixed assets of £495,738, resulling in free reserves of approximately £1.105,149. The current reseNes available to the charity have increased during 2024, primarily due to a legacy donalion from the estate of our late patron, Johanna Harrison. The trustees have decided to use Ihese to invest in and maintain the premises al Harrison House in Truro and have created a designated reserve of £224,958 for this. After deducting the designated reserve the remaining free reserves are £880,191 which is above the target range. This increase in reserves occurr8d despite thè Trustees. decision to fund an 18-month pilot proje¢l supporting clients with ASD from our reseNes, whiGh concluded at the end of the year. Although we were unable lo secure funding to continue this initiative, the Trustees have commissioned an evaluation of the project to inform future fvnding applications. In the previous year, Pentreath introduced several income-generating services, such as training and spot purchase support, aimed at generating addilional unrestricted fvnds to strength8n the Charity's reserves. The Board acknowledge5 that certain funds are restricted and designated for specific future projecls. The investmenl slrategy is reviewed annually by the Trustees and considers income requirements, risk profile, and market outlook in the medium term. All investments are held in low-risk, short-lerm fixed deposits, which generated interest income throughout the year. Structure, govemance and management Constitution Pentreath is a company limited by guarantee, and a registered Charity. The charitable company was established in 1990 under a Memorandum of Association, which sets its objectives and powers, and is governed by its Articles of Association. Trustees are also directors and members, and in the event of the 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 2024 The charitable company's objectives are also outlined in its registration with the Charity Commission. The board of trustees oversees Ihe proper running of the charitable company and provides strategic direction. Day- to-day rnanagement is devolved to the chief executrve, who is appointed by the board. Financial matters are considered by a sU1COMmIttee of the board. which reports to the main board by exceplion. It is the practi of the chief executive to solicit the views of tTUStees in all major decisions, and to involve them in staff training days. social occasions and planning events. Trustees The number of trusl@es is ¢urrenUy 10. The skills within the board are varied- we have trustees with a background in education, criminal justice system, law. governance, accounting and health. All new tmstees are given an induction to the charitable company induding information on policies and procedures, and staff are able to share information about their projects. All trustees are offered courses through the tpining department covering a range of topics including mental health awareness, safeguarding and other related areas. We have a number of training and slralegy days throughout the year where trustees are encouraged to attend. This broadens their knowledge of Pentreath'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*roups that develop particular areas of strategy 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 its resources in the most effiuent and effective way. The trustees, who are also the directors for the 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 l Ross J S Furt)ank G E Price L Drurnmond-smith J Sandbrook (Appointed 18 January 2D24 and resigned 20 March 2025) (Appointed 18 January 2024> (Appointed 20 March 2025} Qualifylng Ihlrd party Indemnity provisions The charitsble company has made qualitying third party indemnify provisions for the benefit of its Trustees during the year. These provisions remain in force at the reporting date. Rlsk management The exisling risk register has been developed further to form part of our business continuity plan and is reviewed annually to determine and quantify 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 su¢0MMittee. 12-
PENTREATH LTD TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Quality QUALITY GROUPS REPORTING STRUCTURE Board of Trustees ances n 10 efNJre So¥an[el5 effeahf. • Senior Leadershlp Team (cattyiu(xas mpioMiint ihrou8hc4Ji Penireath Qua15ty Standards Group thil I5Ur&Ke..Ail I Its Tty QJJhl Equallty Olverslty and In¢lu51on Héalth a•)d W?Ilbelnz ChampSons resptsn5ible for pforlin%aff el¢tseini IiTx as50CSated acdwths InIt)I¥tS. Ot£)nrfe o¥ents. wOme hwlth roLilcd rnaterth154r en hl¢h and 4WtllbeitW 1$ 01 the Iar[. Cllènt Experl¢nce Group resptsns5blo for ttrie conl1lw. Irnpfovefn¢nt ¢f the ttsent - experirn¢e. rr*S ar .re5ponsible for developinK4n EOI 5ttr•tt&v lor Ihe organ15ation and ai) action plan alme(l ai Improvliil r EDI CortU01Y Jcro feèdback. Pentreath have developed the Quality working party in to three focussed working groups., Client experience, Equality. Diversity and Inclusion and The Health and Wellbeing Champions. The client experi8n¢e group looks at improving the client experience by lo¢king at reSoUrs, tedinology and reviewing feedback. The Health and Wellbeing Champions ensure staff health and wellbeing, along with clients,, is al the héart of all the work that we do. The Equality, Diversity and Inclusion group are looking at developing an organisational strategy and improving EDI across Pentreath. All staff arè 8n¢ouraged to be part of these working groups. staff have a range of opportunities to feedback. Team meetings provide a place for team members to talk openly about the project they work on and there are opportunities for staff lo provide feedback. Supervisions offer a confidential space for staff members to speak to their line manager on a regular basis and there are opportunities for the staff mèmbar to discuss their workload, successes, challenges etc and together, 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 lo seek input from staff members. We have a panel of staff reps who staff Can contact anytime for support. advi¢e and guidance. We run an annual staff survey which is anonymous and staff are invited to provide their feedback on a range of different work related issues. We mirrored some of the questions wFth the NHS staff survey to allow us to benchmark ourselves against a national organisation to compare how we fit. We also ran a staff stress survey as another mechanism to monitor staff stress lev8ls and wellbeing at work. 13-
PENTREATH LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Remuneration of Key Management Personnel The remuneration of the charity's key management personnel is reviewed annually and is typically adjusted in line with inflationary increases. In recenl years. as our collaboration with the NHS has strengthened. we have increasingly benchmarked our salaries against equivalent roles within the NHS banding structure. as well as comparable positions in other charitable organisations. This approach ensures that our remuneration remains competitive and attractive. enabling us to recruit and retain high-calibre staff. At the same time. we are committed to ensuring that our pay structure remains financially sustainable and aligned with the charity's values and resources. Auditor In accordance with the charitable ¢ompanls articles. a resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put at a General Meeting. Small companles exemption This report has be8n prepared in accordance wrth the provisions applicable to companies ent111 to the small companies exemption. Disclosure of Infomiation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to estsblish that the auditor is aware of suth infomation. The trustees, report was approved by the Board of Trustees. M Steer Tntee 14-
PENTREATH LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees. who ale 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 Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the twstees to prepare financial statements for each financial year which give a true and fair view of the state 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 to.. 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 prudenl.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate arKounting records that disdose with reasonable acGuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charty and hence for tsking 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 'tharity') for the year ended 31 December 2024 which comprise the statement of financial a¢ttvities, the balance sheet, the statement of cash flows and notes 1 to 22 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 Accounting Standards, including FRS 102 The Financial Reporting Standard applicablg in th8 UK and Republic of Ireland (Untted Kingdom Genérally Accepted Accounting Practicè). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources. inciuding its income and expenditu, for the year then ended., have been property prepared in accordan with United Kingdom Generally A¢¢epted Accounting Practice; and have been prepared in aordanCe with the requirements of the Companies Act 2006. Basis for opinion We ¢onducted oui audit in accordance with Intemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desGribed in the Auditorfs SPonsIbl11t18s for the audit of the financial slatements section of our report. We are independent of Ihe charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusions relating to going concom In auditing the financial statements, we have concluded that the trustees, use of the going cOnM basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Ihe ¢harty'S ability to continue as a going ¢on¢ern for a period of at least e1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiatlon The other information comprises the infomiation included in the annual report other than the financial statements and our auditofs report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and, expt to the extent olherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. Our responsibillly Is lo read the other information and, in doing so, consider whether th8 other Information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audrt, or Othe¥1$e appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to dètermine whether this gives rise to a material misststement in the financial statemenls Ihemselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnion$ on other mattepJ prescrfbod 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 ststements are prepared. which includes the directors, report prepared for the purposes of Company law, is consistent with the financial slalements., and the directors. report included within the trustees. report has been prepared in accordance with applicable legal requirements. 16-
PENTREATH LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audFt, we have nol identified material misslatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slatements are not in agreement with the a¢¢ounting records and retums. or certain disclosures of trustees, remuneration specified by law are not made- or we have not receivèd all the infomiation and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take 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 trustees, responsibilities, the trustees, who are also the directors of the harity for the purpose of Gompany law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing thè financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concèrn, dis¢losing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the chafltable company or to ¢ease operations, or have no realistic altemative but to do so. Audltorfs responslbllllles for the audit of the financial statements We have been appointed as auditor under and report in a¢¢ordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finan¢ial statements as a whole are free from material misstatement. whether due lo fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemènt when it exists. Misstatements can arise from fraud or error and are considered material rf, 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 SponSibl1111es is available on the Financial Reporting Council's website at- https:11 vwdw.frc.org.uklauditorsresponsibilities. This description foms part of our auditorfs report. 17-
PENTREATH LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PENTREATH LTD Exlent to which the audit was considered capable of detècting irregularltles, Includlng fraud Irregularities, including fraud, are instances of non40mplian with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's websf(e, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its adivities, its control environment, and likety fvture developments, including in relation to the legal and regulatory framework applicable and how Ihe entity is complying with that framework. Based on this understanding. we identify and assess the risks ol material misstaternenl of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and oblain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes Consideration of the risk of acts by the entty that were contrary to applicable laws and regulations, induding fraud. In response to the risk of irregularities and nonThcompliance with laws and regulations, including fraud. we designed procedures which included.. Enquiry of management and those charged with governance around aGlual and potential 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 Consided to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspeGtion; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations,. Performing audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal ¢ourse 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 misstatement in the financial statements or non-¢ompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complian. The risk of not detecting a material mi5Stat8ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Use of our report This report is made solely to the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies 2006. Our audil work has been undertaken so that we might state to the charitablè company's members those matt8rs we are required to slate lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assLtme responsibility lo anyone othèr than the charitable company and the ¢haritable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Matthew Webb FCA (Senior Statutory Auditort for and on behalf of Azets Audit Senfices Chartered Accountsnts Statutory Auditor Woodlands Court Truro Business Park Truro Cornwall United Kingdom TR4 9NH 18-
PENTREATH LTD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financlal year Unrestrlcted Réstrfcted funds funds 2024 2024 Total Total 2024 2023 Notss Income from: Donations and legacies Charitable activities Investments 257,443 918,448 3,015,090 38,434 257,443 3,933.538 38,434 1,565 3,953,162 19,162 Total income 1,214,325 3,015,090 4.229,415 3.973,889 ndlture on: Charitable activities 941,407 3,145.739 4,087.146 3,860,568 Net in¢ominglloutgoing) resources before transfers 272,918 (130,649) 142,269 113,321 Net incomel(expenditure) for the yearf Net movement in funds 272,918 (130,649) 142.269 113,321 Fund balances at 1 January 2024 1.327.969 731.548 2,059.517 1.946,196 Fund balances at 31 Dècember 2024 1.600.887 600,899 2,201,786 2,059,517 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from ¢ontinuing adivities. The stalement of financial activities also complies with the réquirements for an income and expenditure account underlhe Companies Act 2006. 19-
PENTREATH LTD STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestrlcted Restri¢tsd funds funds 2023 2023 Total 2023 Notss Income from: Donations and legacies Charitable activilies Investments 1.565 600,597 3.352.565 19,162 1,585 3.953.162 19,162 Total Income 621,324 3,352,565 3,973,889 nditure on: Charilable activities 635,006 3,225.562 3,860,588 Gross transfers between funds Net Incomel(•xpenditurel for the yearl Net movement in funds (40) 40 {13.722) 127,043 113,321 Fund balances at 1 January 2023 1,341,691 604,505 1,946,196 Fund balances at 31 Decèmber 2023 1.327,969 731,548 2,059,517 The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of finanGial activities also complies with the requirements for an income and expenditure account under the Companies Act 20D6. -20-
PENTREATH LTD BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Fixed assets Tangible assets Current assets Debtors Investments Cash at bank and in hand 10 495,738 479,621 11 12 123,656 200,000 1,580,340 489,834 200,000 969,576 1,903,996 1.859.410 Creditors: amounts falllng due wlthln one year 13 (197,948) (79.514) Net current assets 1,706,048 1,579,896 Totsl assets less Current liabllltles 2,201,786 2,059,517 Income funds Restricted funds Unrestricted funds - Designated funds.. JH legacy fund 1S 600,899 731.548 neral 224.958 16 224,958 1,375,929 General unreslricted funds 1,327,969 1,800,887 1.327,969 2.201,786 2,059,517 These financial statements have been prepared in accordan¢e wlth the provisions applicable to companies subject to the small companies regime. The financial statèments were approved by the Trustees on Mst Trustse Company Registration No. 02593533 21
PENTREATH LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flo from operating activities Cash generated from operations 18 614,720 79,904 Investing activities Purchase of tangible fixed assets Inleresl received (39,934) 35,978 {6,458} 19,162 Not cash lusefl Inllgenerated from investing activities <3,956) 12,704 Net cash used In flnanclng activities Net increase in cash and cash equivalents 610,764 92,608 Cash and cash equivalents at beginning of year 969,576 876,968 Cash and cash equivalents at end of year 1,580,340 969,576 -22-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢counting policies Charity information Pentr&ath Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is St Enoder Barns, Glebe Farm, Narrow Lane, Summer¢ourt, Newquay, Comwall, TR8 SEE, United lfjngdom. 1.1 Accountlng convention The financial statements have been prepared in accordanGe with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recomm8nded Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The charity is a Public Benefrt Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The finan¢ial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going ¢oncem Al the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen¢e for 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 of accounting in preparing the financial statements. There are no material uncertainties which may create significant doubt over the charitable Company's ability to continue as a going concem. 1.3 Charltablè funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been sel aside al the discretion of the Irustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds a subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted ndS are Set out in the notes lo the financial statements. 1.4 Income Income is recognised when the charity is legally éntitled lo it after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are re¢ognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance Gonditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of ¢ov8nant is recognised at the lime of the donation. Income from grants is recognised when the Charity is legal entitled lo it after any performance conditions have been met, Ihe amounts can be measured reliably. and it is probable that in¢ome will be received. Income in respect of seNice contrads is recognised in the aoUntIng period in which the services a rendered when the outcome of the Contract can be estimated reliably. -23-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to third parly, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity ar8 made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a singl8 activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs whi¢h are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depre¢iation charges are allocated on the portion of the assel's use. Expenditure is accounted for on an accruals basis indusive of irrecoverable VAT. Costs of generating funds are those cost5 incurred in trading activities that raise funds. Charitable activities comprise expenditure associated with providing mental health ser¥ices and indude both the direct costs and support costs relating to these activilies. Governance costs include those incurred in the the governance of the charity and ils assets and are primarily associated with constitutional and stalutory requirements. Support costs include head office salarie5 and overhead5, and are allocated to charitable activities and funds on the basis of staff hours. Allocation and apportionment of costs Head office costs are allocated according to the apportionment of staff hours. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost nel of deprecialion and any impaiment losses. Depreciation is recognised so as to writ8 off the cost of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings 20/0 Straight line 33.30/0125OA straight line The gain or loss arising on the disposal of an asset is deteimined as the difference between the sale proceeds and the carrying value of the assel, and is recognised in the statement of financial activities. -24-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.7 Impairnient of fixed assets At eath reporting end date, the company reviews the carrying amounts of its tangible assets to detetmine whether there is any indication that those assets have suffered an impaiiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (rf any). Where rt is not possible lo estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit 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, the estimated future cash flows are discounted to their present value using a pr&tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash fflows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activities. Recognised impaimient losses are reversed if, and only rf, the reasons for the impaimient loss have aSed to apply. Where an impaiment loss subsequently reverses, the carrying amount of the asset {or ¢ash generating unil) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does nol exceed the carrying amount that would hav8 been detennined had no impairment loss been recognised for the assel (or cash-generaling unit} in prior years. A reversal of an impaimient loss is recognised immediately in the Statemenl of Financial Activities, 1.8 Cash and cash equivalents Cash and Cash equivalents include cash in hand, deposits held at tsll with banks, other short-temi liquid investments wrlh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instNments. Financial instTurnents are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh 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 to realise the ass8t and Settle the liability simultaneously. Basi¢ finan¢ial 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 inlerest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipls discounted at a market rate of interest, Financial asset8 classified as receivable within one year are not amortised. -25-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Basle finan¢ial liabilities Basic financial liabilitie5, including creditors and bank loans are initially recognisgd at transaction price unless the arrangem8nl constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitiès if payment is due within one year or less. If not, they are presented as non4urTent liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured al amortised cost using the effective interest method, Dere¢ognition of financlal Ilabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is re¢ognised in the period in which the employee's services are received. Tem)ination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminatè the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as thèy fall due. 1.12 Leases Rentals payable under operating leases. including any lease incentives received, are ¢harged as an expens8 on a straight line basis over the term of the relevant lease. 1.13 Investments The charity has defined short-term, highly liquid investments with an original maturity greater than three months, as Current Asset Investments. CurrentAsset Investments are measured at amortiS8d cest. Donations and legacles Unrestrlcted Unre8trictod funds funds gèneral general 2024 2023 Donations and gifts 257,443 1,565 -26-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activilies Mental Heafth Servi¢e$ 2024 Mental Health Servl¢e$ 2023 Performance related grants and service ¢ontrads 3.933.538 3,953,162 Analysls by fund Unreslrided funds - general Restricted funds 918,448 600,597 3,015,090 3,352,565 3,933.538 3,953.162 Investments Unrestricted Unrestricted funds funds general general 2024 2023 Interest receivable 38,434 19.162 -27-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activtties Mental Health Servlces 2024 Mental Health Servlces 2023 Staff costs Depreciation and impairment Rent Insurance Utilities Beneficiary costs Motor, travel and subsistence Training Printing, postage and stationery Advertising Lease renlal equipment Repairs and renewals Cleaning Canteen Staff recruitment Other charitable expenditure 3,093,812 2,986,217 23,817 21,427 3,002 3,676 1,750 1,500 20,895 30,648 220,372 133,197 171.897 174,463 13,091 10,062 5,260 5,827 1,620 1,589 2,292 2,357 30,961 5,477 5,895 4,590 831 313 3,000 36,847 34,712 3,631,050 3.420,990 Share of support costs (see note 6) Share of governance costs (see note 6) 410,424 45,672 401,029 38,549 4,087,146 3,860,568 Anatysls by fund Unrestri¢ted funds - general Restricted funds 941.407 635,006 3,145,739 3.225,562 4,087,146 3.860,568 -28-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Goveman¢e costs costs 2024 Support Governance costs costs 2023 Staff costs Renl and ulililies Insuran Motor, travel and subsistence Training Printing. postage and stationery Advertising Lease rental equipment Repairs and renewals Other support costs Irrecoverable VAT 236,733 62.661 19.249 236.733 62,661 19.249 217.487 71,284 17.189 217,487 71,284 17,189 12,791 11,924 12.791 11,924 16,806 4,280 16,806 4,280 8,761 6,342 4,024 31,893 14,886 1,160 8.761 6,342 4,024 31,893 14,886 1.160 9,949 6,209 4,085 38,974 13,517 1,249 9.949 6,209 4,085 38,974 13,517 1,249 Audit fees Accountancy Legal and professional 20.790 2,717 22.165 20.790 2.717 22,165 16,350 5,958 16.241 16.350 5.958 16.241 410,424 45,872 456,096 401,029 38,549 439,578 Analysed between Charitable activities 410.424 45,672 456.096 401,029 38,549 439,578 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefrts from the charity during the year12023: £nil). Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Mental Heafth Services 130 130 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 3,018,844 252,003 59,698 2,907.225 238,766 57,713 3,330,545 3,203,704 -29-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees (Continued The number of employees whose annual remuneration was £60,000 or more were: 2024 Number 2023 Number £60,000- £70.000 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 199210 the exient that these are applied to its charitable objects. 10 Tanglble fixed assets Frèèhold land F[xre¥ and and bulldln9S flttlng$ Total Cost At 1 January 2024 Additions 524,991 192,736 39,934 717,727 39,934 At 31 December 2024 524.991 232,670 757,661 Depreciation and impairnient At 1 January 2024 Depreciation charged in the year 52.728 10,625 185,378 13,192 238,106 23,817 At 31 December 2024 63,353 198,570 261,923 Carrying amount At 31 December 2024 461,638 34,100 495,738 At 31 December 2023 472,263 7,358 479,621 11 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 20,276 2,625 100.755 118,586 371,248 123,656 489,834 -30-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Currènt asset investments 2024 2023 Term deposits 200,000 200,000 13 Creditors: amounts falllng due wlthin one year 2024 2023 Notes Other taxation and social securty Deferred income Trade creditors Other creditors Ac¢ruals 225 11,188 42,472 5,285 20,344 14 144,189 30,575 1,294 21,910 197,948 79,514 14 Deferred income Deferred income is included in the financial statements as follows: 2024 2023 Deferred income is induded within.. Current liabililies 144,169 11,188 Movements in the year.. Deferred income at 1 January 2024 Released from previous periods Resources deferred in the year 11,188 {8,126) 141,107 26,041 (26,041) 11,188 Deferred in¢ome at 31 December 2024 144.169 11,188 Deferred income relates to ¢ontradual amounts received in advance for services not yet perfom)ed. 31
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PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Deslgnated funds The income funds of the charity include the following designated funds whiGh have been set aside out of unrestricted funds by the trustees for specific purposes: Movement In funds Incomlng 8alance at r•soU¢S1 January 2024 Movement in funds In¢omlng resour¢g8 Resources B*lan¢e at expended 31 Decembor 2024 JH legacy fund 230,985 16,027) 224.958 230,985 {6,027) 224,958 The trustèes elected to designate the prOed$ of a legacy from the estate of our late patron, Joannah Harrison, to invest in and ensure the continued maintenance of Harrison House. 17 Anatysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Tangible assets Current assetsl(liabilities) 495,738 1,105,149 495,738 600,899 1,706,048 479,621 848,348 479.621 1,579,896 731,548 1,600,887 600.899 2.201,786 1,327.969 731.548 2,059,517 18 Cash generated from operdtions 2024 2023 Surplus for the year 142,269 113,321 Adjustments for.. Interest income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (38,434) 23,817 (19,162) 21,427 Movements in working capital: Decreasel<increase) in debtors (Decreaselfincrease in creditors Increasel(de¢rease) in deferred income 368,634 (14,547) 132,981 (31,793) 10,964 (14,853) Cash generated from operdtions 614,720 79.904 19 Analysis of changes in net funds The charity had no debt during the year. 20 Operating lease Commitments -38-
PENTREATH LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Operating lease commitments (Continued) At the reporting end date the tharity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows-. 2024 2023 Within one year Beeen two and five years 14,784 22,219 11,327 16,679 37.003 28,006 21 Related party transactions Remuneration of key management personnel The remuneration of key rnanagement personnel is as follows. 2024 2023 Aggregate Compensation 181,762 159,147 Transactions with related parties During the financial year E Price. daughter of Truslee G Price, was employed by the charity and received a gross salary of £20,752 (2023.. £nil). 22 Company limited by guarantee Penlreath Limited 15 a company limited by guarantee and accordingty doe5 not have a share caprtal. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assels of th8 charilable company 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 incorporated in England & Wales. -39-