REGISTERED COMPANY NUMBER: 03017158 (England and Wal•s) REGISTERED CHARITY NUMBER: 1Q16T63 Repryt ot th• Trustms and Auditsd Financial Slatsments forth• Y•ar EThd•d 31 2022 rthyn *A6F2￿Q. 21111Y2022 COMPANIES HOUSE #167 Perthyn Cont•nts of the Financlal Stat•m*nts lorlhe Year Ended 31 March 2022 Pag• Report of the Trustees 1 to 5 R•port of th• Indep•odgnt Auditw 6 to 8 Slatsm•n¢ of Fln•nclal Acllvlt Balance She•t 10 Cash Flow Stat•m•nl 11 Ilotes lo the Cash Flow Statement 12 Notes t• the Financial Statements 13 to 26 Perthyn {R•giSt•r•d mumb•r. 030171S81 Report of the Trystees for th• Y•ar Ended 31 IAar¢h 2022 INTRODUCTION The Trustees vtho are also direclof5 of the charity for Ihe puwes of Ihe C¢)mp8nies Acl 2006. present their ￿pOrt with the financial statements of tho charity for the year ended 31st March 2022. The Truslees have adopted th6 provisions of Accounting and Reporting by Charitses." Statemenl of Re￿rnmended Pra¢b'¢e ap￿1¢able to thants'es p￿parIng their aC￿ntS in a¢wrdance vthh the Finanri81 Reporting Standard appItCab￿ in th• UK and Republic of Irgland {FRS 1021 (effective l Januwy 20191. Objectives and aclivities PERTHYN'S PRINCIPAL ACTMTY The principal act¢wty is that of a prwder of care and support to people ￿1h leamin9 disabilitiès and challenging b&haviour so as to enable thém lo fulfil th*"r maximum in(*vidual p)lènb"al and to liv• full and valued liv•s in their cornmunities. PERTrIYN'S VISION Is for the people ￿ sw(K¢ tt> be ernp￿Ted lo be active lytsz￿S, enNJying Ihew li¥e5. 4nd having a sense of belongirvJ. PERTHYII'S MISSION Is to work in partnership. usin9 our ey4)ertw and resources to wovide high quality. inrK*vatsve and irKlivKlualised seThices so that people can conlribute w)sib"vely to Iheir o)mmunilies and to socw. PUBLIC BENEFIT Tru5tee5 rewew Perthyn's aims. obpdNes #nd athil*s each ￿r. This ￿e￿8W considers the outcomés 8nd achievements of the prewous fy%Elve months. fo¢uswng on key departrnentsl aclivrt￿s the degree to wh￿h specified and agreed targets have b8en met. Twustee5 refer to Ihe guhlarKe contained in the Chaitty Commission's 9ener81 guidance on putAic benefit vthen reviewing wms and obiectsves and in planning ftrture 8ctMtie$. P￿1 Perthyn {RegiStered numbèr. 030171581 R•port ofth• Trust•os for lh• Y?ar End•d 31 IAarch 2022 strategie r•port hi•v•m•nt and pgrforman General Overview Perthyn is one of the Lir9est and best-warded carè sector charilies in England and W81es. Despite the financial pressures of recenl years. Perthyn remains robust and carefulty manages year-on-year groth vthilst always ensuring the dignity and wellbeing ol the peotAe it SUFWts. Key characteristics= Number of people support8d {8s at 31 March) Number of staff {headccAJnt as at 31 Marth) Tumover 2021122 208 771 £23.125.211 2020121 226 779 £22.010,404 Lo¢al Authorities we worked wilh during 2021r22: Wales- Cardtff. Powys. Swawa. CanTrarthenshwe, ceredig1c￿ & Pembrok•shire England - Nottinghamshi￿, Norlhamptonshire & Shropshire eratlonal Perthyn remains one of the lar9est and most Well￿Spected ch8ribes based in Wates - 8 ststus and reputatK)n that Twstees and manag8ment are careful to maintain. A chaiilable oryanisab.on of this size. cornplexty. and geographical spr•ad, wth aspirations to ¢ontsnualty irnprove the qualty of lrfe ol those suppNt. wuires a well-structured and professional managtrmtrnt approach 7•rith a ¢￿al fopjs upon its stated objectivas and esp8cially upon end-user salisfaction. In addition, it is essenlial that t￿ Board of Trustees rnainlains a Criti￿1 arKI challenging ov•rsight of all the charitys activit￿. During Ihe Course of the year Parth￿ responded to the ￿n(inU1n9 challenges arising from the Covid-19 Pandemic. mana￿Ment and staff thed tifelessty to er￿re the continued Safety of the PeLyle we Supp￿1, implementing specthc icies and proeèdums in line Govemmenl and Public Health wuirements and guhl81ine5. This responstr ensurnd that levels of infe¢￿'0n were minirnised. 8rxJ sddtlional fvndirwJ al￿ Personal Proteclive Equipment enabled th? org8nisath.on to maintain serwce delivery across all areas of organisat￿. Staff in all areas of the organisation looked for ways to support P80ple in getting their lives back on track post-pandemic. S•rv¢ces prov%Jed in Powys ￿duced fdlokning the final tender reconfigvration carried out by the C(MJncil. elsevknere seryi¢es levels remained arKI. in sorn& areas. increased. The Perthyn Leadership team continued Tegular reporting to the Board of Trustees on agreed Key Performancè Indicators IKPlsl. Monttoring visits frorn comrnission8r5 and nspectM)n visits from the Regulatofs {CIW for Wales ar￿ CQC for England) vmè very posith.ve 7•rith areas of good pro¢ts'se highlight•d and no arèas of conc•m or wmpn)vement identiw. Th8 Board of TnJstees saw some resHJnations the year. bui ContinL￿d to desprte the pandemic, makin9 Use of lechnology to ensure that their govemance duties still exercised and Iheir resFon5ibili￿s lully m•t. Work is already underway to recruii additional Twu5tee m8mbers to bn.ng the 8owd up to its desired Strength. Financial revlew Financial perforniane• The overall surplus for the year ended 31 March 2022 was £517.55812021: d•ficit £47.271). The overall level of funds rrigd forward into 2022123 amounls to £ 2.376.455 clwrwared to £1.858.888 ￿Tried ￿t0 2021122. Nole.. 1. Funds afe restricted eiiher on geographral wnd5 to re￿nISe Ihe fthjing from various local authority areas. or by the terms and conditions laid down by the donor. Althgh knal autw fvnds are rtstrict•d. thèir •￿ndIture remains in support of Perthyn's primary objectives. 2. Th• lunding for thè year was received from those Local Authorilies %thom Perthyn has seNice agreements. In addition Perthyn receNed supF4)￿n9 People grnnt from those same Local Authorkn as well as payments from some of th• sermce users in respect of housing benefit and other contributions. 3. Th• principal cost foi the year continued to be Ihe salaries and related costs of the staff that are necessarily employed io meet Perthyn's contract obligab"ons. P•rthyn also me•ls th• cost of aC￿mmodatiOn on bèhaff of its sèrvice us•rs, including rent. housin9 asswiations management charges and other housekeeping costs. 4. P8rthyn continues to have to acctrpt increased pensKJn costs as SHPS m¢)ves slth towar¢Js financial stsbility, and also the annual 9raduated in(xeases in th8 8mplffjfjr cOntribut￿S of t￿,AUtO Erwolmenv omploye& p•nsion st￿M0. Page 2 P•rthyn IR•giStered Dumber. 03017158) Repryt ofthe Tn￿t••S lorthe Yèar End•d 31 Ma￿h 2022 Strat•gie rnport Flnanclal review Investment polocy The investment policy the Truslees have adopted 15 d8signed lo generatè rstums at k)w risk and is regularly by Ihe Finance Scnjtiny Committee. kny incomè Mt us8d d￿n9 the year is r&inwested wilh the original ￿pItal sum. Amy ot￿r investsnents retale orty to surphjs mowues hgbj from tirnè to tAme. arn placed on short temi dgposit. Signffl￿nt financial risk considerations-. The Executive Manapmènt have idéntffi•d to Ihe Trustees ihat the following financial risks are rnost in nè•d of protecti￿ polioes". 1. The loss of servicè contracts and the resultant finarrial costs lo Per￿. 2. The cost of maintainry appr¢)pri*e ltrvel$ of cars in tho o￿At of a feduCtI￿ in tho scwe anthor valu? of any seNc• contract. 3. The cost of ensuring that all properties. induding the R•sK1•ntial SeTrices properbes, are safe. appropriat•ly compliant. and are 8t all timès fit for pury*)s•. 4. The SHPS Defined Benefrt pension scheme and thè irn￿ offluthialing valuations. To address these polential ￿￿o￿￿eMS tho Trustsès havè adopted Ihe Reser¥es Poly ouuined below. Reserv￿ poliey Analysis of risk to Perthyn's contracted Operat￿n$ and r￿la1 obligations lo tPM>se ￿ support has recognised ihe need to hold reserves in respect of eventualilies vthi¢h may indude, intèr alia. fOlkn￿n9". 1. To ensure that rf the fvnding le￿1$ $ignthnUy th8n appropriate leveL8 of care Can still be providgd vthilst an appropriate tr￿t strategy is negoliated relevant lunder. 2. To make provision fry other potential liabilities as a result of contracts being terminated. ￿￿ced or wilhdrawn. Such liabilities could include r8dundancy costs. out leases. severance of contracted commitsnents etc. 3. Maintenance ol Perthyn-owrwj properties and a55ets to mèèt safety standards. insurance and other obltgations. 4. Replacement of essential assets. S. To be able to ￿SpOnd to statLJlory changes The level of 8vailaW* tss•Nès lunrestricled funds less fixed assets and dg$vJnated reser¥esl at th• 2021122 balance shoet date was £967.200 {2020r21 - £430.161) Perthyn is subject to periodi¢ contract retendering in all arèas. vthich could ￿lt in the bss or reduC1￿)n of a contract. Any such event wtyJld trigger pre-pwared action plans to minimise the impact on Perthyn's operakn.ons and financial stabilrty. The advice of 8 contract reductK)n or loss woukl be wnmedialely brwght tr) the altentK&n of th* Trustees. and then ¢ortsidered at relevant Scrutiny Commthee meets"ngs. Thé Trustèès ￿nuallY re￿•W Perthyn's reser¥Bs po&cy lo ertsure it prolets ￿aInst Ihe id8nknfied risks. Futur• plans Pèrthyn operates in a con5tantty changing en¥Yonmenl ar￿ need5 to r•spond to l0g'slatNe and regulatory thangtts. cornmi55ioning developments, cost [￿u￿$. and I￿￿er oppNtunibes. Trt￿tee5 me•1 r•gularfy wth the executive management lo consiijer and a9￿ how the ryganisalion should respond and mlve. Perthyfft consklers tendering opportunrtEs a5 they arise. takirng into account our capacrty and ￿$oUr¢e5. wevJhin9 this with the aims and requirements ofthè t8nder spec￿￿tiOns. The Strategic Plan sets out Perthyn's ovèrarching aims and objectives. Structhrè. gov•manc• and managemenl Gov•rnlng dKument Ptsrthyn is a limited cc*npany, registration rbumbér 3017158, and is govemeLI by its Memorandum ènd Artides of A5$0¢ialion. Perthyn is also registèred wth Ihe Charity Commission. number 1046763. The Trustees are also directors of the Charitable company. The Mernorandum and Arlidès of AssockatKJn have recenlly been re¥iev4pd. fevtsgd. and adcfjled by the Board of Trustee5. Recruitmen( appointment and trnlnlng of n•w Iruslees New Trustees. who are appoint8d by existing Trustees. are provided wilh an inductyon pack IwKluding rèlevant guidance on Trustee roles and re5ponsibilib"esl, an inducts.on pyograffrfne. and wy addifKffial training t*￿t rn￿ht be required. This process is undef regular remew. Page 3 Perthyn IR•glst•rnd numb•r. 030171581 R•wt ofth• Trusl•es ft￿th0 Yw End•d 31 Mar¢h 2022 Structure. governznce and m•nag•m•nl Organlsational structure The Board of Trustees meets six timès each year and Trustees a￿ ￿Sponsible for fonnvlating policw and procedures, for s8th.ng strategic direction. and for ensuring appropriale leve15 of internal contr￿. The day to day running of Perthyn is the responsikn.lity of th• Chiel ExeC￿r¥e and the execub¥e managernent who r•Fth to Trustees at règular Board and Scruliny Committee meetings. Sub* 1R•glste￿d nm*er. 030171581 Repryt ot the Trust••s for th• Y•ar End•d 31 2022 Reler•nc• and admln•slrati¥e detalls Auditors Haines Watts W*s LLP. Ststutory A￿jitors 7 Neptunè Court Vanguard Way Cardiff CF24 5PJ Solititors Geldard's LLP Dumfrie5 House Dumlries Plac• Cardiff CFIO 3ZF Bankèrs 8ank of Scouand One Kingsway Cardiff CFIO 3YB HSBC Poriland Street Swansea SAI 3DF Stat•menl of trust••$' ￿sponSIbl15¢1•s The trustees I￿0 a￿ *so th• direclots ol Perthyn for the pu￿$￿% of ct¥npany lawl ar• wOrbsib￿ tor prepaiiNJ the R•port of thtr Trust•es and thè financial stat•ments in awdance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountir*J Practictil. Company law reqvires thè tnjstees to pr￿re financial stateffl•nts for each financial yearwhrch gwe a and fa￿ vtew of Ihe State of affairs of the Charitsb￿ cornpany and of the incoming resource5 and application of resourcas, including thè income and expènditure. of Chantab￿ Company lor that per*)d. In preparirvJ Ihose financial statements, thg trustees are requi￿ to select suitable afAxunting policies arbj then apth them r¥)nsistènty', observe the metho(Is ancl principle5 in Ihe Charity SORP: make jud98ments and esbmates that arè reasonable and p￿￿entr prepare the financial stalements on Ihe going ￿r￿rn basis unless it is ingppropriate to pf•sume that thè charitab company will continue in business. The trustees are TesFM)nsible for keeping woper accounting records disck)se *ryth reasonablè accuracy at any time the financial position of the ¢h8rit8ble company and to enable them to ensure that the financial statements Comply th the Companies Act 2006. They are also resF0nSib￿ for safe9uarding th8 a￿ts of th& charitable company and hence for takin9 reasonable steps for the preVent￿)n and detecb.on of fraud and other Irregularit￿$. In so far as th• twstees are 8￿re.. Ihere is M felevant audit infomiatw)n of the tharitable coMpw￿$ audito￿ are U￿Ware,. and the trustee5 have tak8n all steps that th8y OLtght to have taken to makè Ih8mseJ¥es aware of any ￿levant audit infomialion and to est81￿1$h that the auditors are wore of Ihat information. Rèport of thè trustees, incorpcyatirrfj a strategK report. apwoved by order ol Ihe trf)¥d of truslees. a$ the ¢omp¥ny directors. ￿ .....2. o..:.?..:.29..Zl.......... and signed board's b8hall by. Jrfja Andrew ThrMnas- TnJ5tee Pag• 5 Report of th• Ind•pendenl Auditots lo the Ikmbers ol Opinlon We have ￿dited Ihe financial stotem•nts of pert￿ lthè'tharitable conwanY} for the year ended 31 Mareh 2022 whieh cornprise the Statement of Financi81 Activities, the Balance Sheel. the Cash Flow Ststement and notes to Ihe financial statèments, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applKable law and Uniled ￿.119dOM Accounting Standards (United Kingdorn Generally Accept8(l Actounb"NJ Pract￿). In our opinion the fina￿181 statements". #Ne a'true and fair view of the slate ot Ihe ¢harilabk Convan￿5 affairs as at 31 March 2022 and of its incomiThJ ' rèsources and applicafion of resources. including its income and eynditure. for the year then ended: have been propedy Prepar￿ in accordancè with United Kingdom Generally Accepted Accounliry Pfa¢b'ce.' and have been prepared in aC￿darKe *ith the requremènts ofthè CLNnpanies Act 2LKJ6. Basls tor opinlon Wt conluded our audrt in accordance with Internal￿￿￿￿ Standards on Auditiry {UK) IISAS IUK}l and applicable 18W. Our responsibilities undèr thosè standards arè fi)rth￿ ¢Jescribed in Ihe Auditors. respon5ibilitie5 for the audil of the financial statements section of our report. We are independent of th8 charitable company in accordance ￿th the ethical r8quirementS that are relevant to our audit of the financial statements in the UK. induding the FRC'S Ethical Standard, aThd we have I￿￿111ed our other elh￿l reSp9r￿1￿1ltieS in actordance with these requir•ments. We beheve that the audit vidence we have obtained is Sufficient and appropiiate to provide a basis frx our opinion. Con¢lu8lons relatlng to golng eone•rn In auditsng the financial statements. have (x)ncluded thal the trustees. use of the 90in9 concém basis of accounting in the preparatrjn of Ihe financial statements is appropriate. Bèstrd on thè work have perfowmed, have not l¢j￿￿fiel arry materi81 wKertainties ￿lating to event5 or condition5 that. individually or ¢olle¢ts'vely. may cast significant doubt on the charitable cOmpan￿S abilty to continue as a going concern fof a per￿d of at least ￿tIve mcKbths from *then Ihe finanrAal statemènts are authoris8d lor issue. Our responsibilities and the responsibililies of the trust••s *ith rtsptd to goThJ ￿nCeM are described in the relevant $8dions ol this report. Oth•r inforrnation The trustees are respon&ble for the other infomiatKJn. The other information comprises the infO￿atiOn included in thè Annual Report, othef Ihan lh8 ffinancial statamènts and our ReP￿t of Ihe Independenl Auditors ih8reon. Our opinion cm the finanual statements ijoes not cover Ihe other informatiw and. except to tha axtènt othèrws8 explicitly stated in our reporL ￿ do not expres5 any fom of assurance conclusion the￿On. In eonn•etion wilh our aLTrait of the ffinonoal statements. our resp￿s￿li￿ty is to re￿ the other infornation and. in doin9 so, consder vthether the other inforrnatvJn is materially inconsistenl vrith the financial statements or our knovAedge obtained in the audit or otherwise appeals to be materially misstated. If we identfy such material inconsistencies or ¥p￿r￿At material misstatèments. we a￿ reqUI￿d to deterniine t•thether this gives rise to a material mi5Statement in thè financial $tstement$ themselves. If. based on thè work wè ha￿ p•rfomed. we conclude that there is a material misstatement of this other infomation, ￿ are required to reF•Nt that fact Wt ha￿ nothirKJ to r•port in this regard. Opinions on oth•r mattèrs pr•s¢rib•d by th• Companl•s A¢t 2006 In our opinion, based on the ¥wrk undertaken in the course of Ihe audii.. the inform8tion given in the Report of Trust•es for the financial year for *thich the financial slatements ¥re prepared is consistent with Ihe finarri81 statements: and the Rep(*t ofthe Trustees has been p￿pared in acxxjrdance with applwble legal requiremgnls. Mattevs on TAhich we are requir•d to r•port byexcepti*)n lrn thè light of the knovAèdge and understanding ofthe Chantsb￿ cxjmpany and its enmronment oblain•d u) the coutse of ¢he audit, we have not identified material misstat•m•nts in th• ReF￿ of ihe Tnjstees. We have nothirwJ lo report in r8sp•ct of the Idkn¥KI9 matters ¥Whe￿ the Companies kt 2006 w￿re9 us to report to you if. in our opinion.. adequate accouTrting records have not been kept or retym5 adequate for ow have not been rtrc•ivèd from branches not visiied by us.. or the financial statements are not in agreement with th8 xcounting records and retwns". or certain disclosures of trusteès. remunefabon specified by law are nol ma(le'. or we have not received *1 the informat*)n 8nd elplanat￿nS Trt requi￿ for our •Jdrt. Page 6 R•port of the Independent Audrtols lo the Membtrrn of Responsibilltles of truSt￿S As explained more fully in the Statement of Trustees. Responsi￿lities. the tnjstees It*tho are a150 Ihe directors ol the charitable company for the purposes of ¢ompany lawl are reSp￿Sible Ihe preparation of the financi81 ststernènts and for being satisf￿d that they give a tnJ8 and fair wew, and for such intemal control as the trustees deterrnine is necessary to enable the preparation of finanual ststements that are free from matwial mi5Statemènt. thelher duè to Iraud or èrior. In preparing the financial slatements. the Iwstees are responsible for as5es5ing the ¢haritab18 companls 8bility to continue as a going concem, disclosing, a5 applicable, rnatte￿ ￿￿ted to going concem and using the going concem basis of accounb'ng vnless the trustees eit￿ inteThJ lo I*iuKJate the dwiable or lo operation$. or have no realistic altemative but to do so. Our rnsponsibiliti•¥ forthe audlt of th* financ••l slatements Our obj'ecknves are to obtain reasonable assuranee abrAtI ￿ether the finanual statements as a vthole arè free from mat8rial misststement, %thethei du8 to fraud or errix. and lo issue a Report of the Ind•pendent Auditor5 that includes our opinion. Reasonable 8ssuranrR is a high level of assuranc•, t￿1 is not a guarantse that an audit conducted in a¢￿￿anCe with ISAS IUKI wll always detect a material misslatement vthen it e￿$ts. Misststements can arise from fraud or err¢y and are considered material rf. tndividually or in the agyregate, they could reasonably be eypected to influence the economic ¢J•c1S￿n$ of users taken on the ba5rs ofthese finarool ststements. The exlent to vthich our prowiures we capable Of dele¢tin9 irregularths. induding fraud is dètaled below.. Our planning pro¢edures identify the legal and regulatory frameMDrks awicable to the operations and financial stslemenls of thè tompany. Thèse are wewed intemalty th the audit team in￿dIng relevant industry experiènee and 8xp•ctations as well as extemaliv with the ¢lbent management. Th• key la￿ and regulath)ns ￿ considered in this context were the UK Companies Act 20C6. Charibe5 SORP I FRS 1021 'Accounts"ng and Reports"ng by Chariti•s".Statement ol R•commend•d Practr2 applicable lo chafibes preparing their accounts in accordance with ihè Finanual Rèportin9 Standard App1K8￿8 bn UK and Rwibk of Ireland., UK GA4P IFRS 1021 and relevanl tax legislatK)n. On¢e ￿entified. we assess the risks of matewial misstatements in relation to th• lav•B and r•gulab"ons. ity•gularrfies. including fraud and adjust our testing ac￿￿in9ty. ￿￿11 procedu￿$ In￿de.. Discussing with Trustees and management %thich areas of thè business Ihey bèliève to ￿ more susceptible to fraud, and wh•thw th•y have afty kno¥￿￿ge or Suspicion of fraudulent aclivities Oblaining an understanding of the key controls pul in plact by Ihe charrtablè company to add￿$$ risks entsfied. ass•ssing the eff•ctiveness of those and discussing how Ihese are maintained and monitored int8mally Assessing the risk ol managemenl override and wew and teskn"n9 ofjoumal èntries mad• into the actaunting systèm Challenging assumptions and judJeménts made by thè charitabEe company in relalitin to the sw3nificant accounting estimates employed in the prep8rab.on of the financial stslements Discussing with Trustees and Management the legal and wulatw obligalior6 of the business and %bthelherthey have any knowledge or suspiraon of rK)n com￿lanCe Despite the wdrt being plann•d cOThJ￿ted n accordane• wrth ISAS (UK} thwe r•mains an unavoidable risk that material mi$stat•mènts in the financial statement5 may I￿t be detected owin9 to inherent llmitations of Ihe audit, and Ihat by their very nature. any such instances of fraud or irregularities likety involve collusion. forygry, intentional m1srepresentat￿n, or the ¢)vefflde of tntemal contrjs. A further des¢riptson of wr rèsponsibililies for the audit of tht financial statemènts is locat￿ on the Financial Reporting Council's web&te at thvw.fr¢.org.uWauditrysresprfflsibililies. This dexn.ptw forms part of our Rewt ol th& Indèpendent Auditors. Page 7 Report of th• Ind•p•nd¢nt Audiiors to th• M•mb•rs of U8• 01 our report This report is made solely to the chaiitable cofflpanvs members. as a btyty. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our aL¢(lit vKJrk has been undertaken so that we might stste to the charilable companys membèrs those Matte￿ ￿ are requi¥ed to stste to them in an auditors. report and for no other wrpose. To the fullest •xtent permitted by law, we do not ￿Cept or assume responsiL¥lity to anyon• other Ihan the Charitable company and the ¢haritsble companys membèrs as a body. for our audit work. for Ihi5 rewl. or for the opinions we have fonned. Wrctorta Carter {Senitir Ststut1￿ Auditor) for and on behalfof Haines Watts Waks LLP, Slalulory Ajjditws 7 Neptune Court Vanguard Way Cardiff CF24 SPJ Date.. J-08-￿ Page 8 Stalemenl of Flnancijl Actlviti•s Ilneorporting an Income #nd Expenditure A¢countl for th• Y•ar End•d 31 PAar¢h 2022 2022 Total lunds 2021 Total funds Unrestricted funds RestrKted lunds Income and endowments from Charftable actI￿tI+$ Care services 4.625.044 18.500.167 23.12S.211 21.998.593 Investment income 85 11.811 Total 4.62S.129 18.500.187 23.125,296 22,010,404 Expendlture on Charitable activities Car• semces 4.089.355 18.513.685 22.603.040 21.549,675 14ET IMCOMEI{EXPENDITURE} S35.774 {13,518) 522.256 460.729 Transhrs b•lween funds 17 {11,049} 11.049 Oth•T r•¢ognised ga•n$llloss•sl Actuarial gainsloossesl on d6fined benefit schemes 133.IXIOI 133.OLKII 1508,0001 N•1 movem•nt in funds 491.725 12.4691 489,256 147.2711 Reconciliation ol funds Total fund$ brouqht fonvard 1.651.983 206.905 1.8S8.888 1,906.159 T¢)tal funds ¢arri•d for* 2.143.708 204.436 2.348.144 1.858.888 The notes form part ofthese fmanual $t8tèmènts Page 9 Perthym IReglst¢r•d number: 030171581 Balan¢• Sh••t 31 Ma￿h 2022 2022 Total fund5 2021 Total lunds Unrestitted ReStr￿ted funds lunds Notes Flx•d ass•t$ Tangible a55ets 10 629.322 629.322 646.102 Cvwr•nt a$s•ts Debtors Invesiments Cash at bank and in hand 11 12 2,063.742 374.331 1.327.300 51.034 2.114.7Y6 374.331 1,536.736 1.369,606 376.104 943,553 209.436 3.765.373 260.470 4.025.843 2.689.263 Cr•dltors Amounts falling due wthin one year 13 (757.185) {S6.034} 1813.2191 1693.4771 Net curr•nt assets 3.008.188 204.436 3.212.624 1.995.786 Total assets lèss curr•nt liabllltl•s 3.637.510 204.436 3.841,946 2,641,888 Pro¥i510ns for liabiliti•s 16 11.493.802) 11.493.802) 1783,000} NET ASSETS 2.143.708 204,436 2.348.144 1,858,888 17 Un￿S1￿Cled fvnds Restricted hjnds 2.143,708 204.436 1.651,983 206,905 Total funds 2,348,144 1.858,888 The financial statemenis were approved by the Boarf of Twstees and aut￿l￿ed for issue l.c>-.?."..io.7L..... and were on ils behaw by.. on r•w Thomas- Trt￿tee Th8 not•s f¢Km part olthose fin￿131 5tstemènts Pag• 10 P•rthyn Cash Flow St•tem•nt forth• Y￿￿ End•d 31 Mar¢h 2022 2022 2021 Notes Cash flows Irom operatlng 4¢bvits•s Cash generated from operations Intèrest paid 593.098 649,733 122,1581 Nèt cash provid•d by operating activibes 593,098 627.575 C•sh flows from inv•stlng aetSvSiles Interest ￿¢•1¥•￿ Bs 11.811 Net rash pmw¢Jed by invesknng acliwb'85 11.811 Cash flows from finan¢ing a¢ti¥hties Loan repaym•nts in year (403.870} Net cash pmwded byllused inl financirwj atth¥ibes (403.8701 Chang• In ea$h and ¢a$h •gulvalents in the reporting period Cash and cash •quivaJ•nts at lh• beglnnlng ol the reporting period 593,183 235.516 943.553 708,037 Cash and •wlvalents at thè end of the reporting period 1.536.736 943.553 The notes fomi pwt of th¢sè financwl slatements P•ge11 Not•ffj to the Cash Flow Statement forlh• Y•ar Ended 31 Alarch 2022 R•concil•ation of n•t in¢om• lo n•t ¢ash fl¢)w frryTh owallthy aetivSll•s 2022 2021 Net Income fw th• v•portlng porlod {as per th• Stat•m•Thtof Flnanclal A¢tivitios} AdJu$lments for= Depreuation charges Lossesllgain) ￿ investments Interest received Interesl pa*J Movement on PfOViSK)ns Dec￿aSe in stocks Increase in debtors In¢￿ase in ¢￿dItorS Diff•r•ncè b•hb*•rt ponsion charge and Cash (x)ntritmrt￿ns 522,2S6 460,729 16.780 1.773 {851 16,780 {113.4571 {11,8111 22,158 710.802 $07,500 {107.6851 7,519 {132,0001 (745.1701 119.742 133,0001 Net cash pn>vldod by operation5 593,098 649.733 Analy4is ol chanys In nel fvTrds At 1.4.21 Cash flow At 31.3.22 N•t eash Cash at bank and in hand 943.553 593,183 1.S36,736 943.553 593,183 1,536.736 L•quid resources Deposits included sn cash Current asset investments 376.104 11.7731 374.331 376.104 11,7731 374.331 Total 1,319.657 591.410 1.911,067 The notes fom) part ofthese finantsal stateTh*nts Page 12 Notes to the FIMneial Statements forth• Year End•d 31 Ma￿h 2022 counting poIi¢i•s Basis of preparing th• financoal stat•m•nts The financial ststèmènts of thè ¢haritatA• eompany. %bthich is a public benefit enb.ty under FRS 102, have be&n prepared in accordance Vlith the Chariiies SORP {FRS 1021 'Aw)unting and Reporting by Charities.. Stalement of Rec¢ynmendeiJ Praclice 8ppluble lo chanl*s preparin9 their accounts in accordance with the Financial R&po￿"ng Standar¢J applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191.. Financial Reporting Standard 102 The Financial Repo￿ng Standard applicable in the UK and Republic of Ireland. and the Companies Act 2LK16. The financh11 statements have been prepared under the historical ¢9st nvenbon. as rnodifBd by thg revalualbyb of certain awts. The charity is a publi¢ ben8fit entily. The financial Statements ha￿ been prepar•d on a going corKem basis. The Trust••s have rtrvi•w8d and considered rel6vant infomation, including the annual budgel and fvture cash fb)w5 in rnaking their 8sse5sm•nt. Irb particular. in ￿SponSe to Ihe COVIO-19 pandami¢, the Trustaes havè tested thoir cash (low analysis lo take into a¢¢ount th• impact on the charity of possibte scenarios brought on by the impact of COVID-19, abtsngside the rne8sures that they can take to mitigate thè impact. Based on Ihese assessments, gtven th• measures that could be undertaken to mibgate the current adverse cOndit￿)nS. and the current rèsou￿5 availablè, the Trust••s hove concludéd that they cèn eonkn.nue to adopt Ihe goiNJ concem basis in preparing the annual report and accounts. Incom• DonatKJns arè reeognised kn thefe is entitlem￿t. certainty of receipt and the anN)unt Can be measured with suffictent reliabilty- Deferrtd income represènts amunts rteèNed for futurè pewK)ds and is rélèased to incoming resources in the period for which. it has been receNed. Such ￿cOme is onty deferrwj when: - The donor sperifies Ihat ihe donation must only b• used in fu￿rè aceounting p8riods: or - Thè donof has imposed condslitins Which must be met befo￿ the charity has unconditional entitle￿nI Al incoming resources aro indLM1ed in th8 slaleff￿nt of ffinanoal acfNities when th? tharity is enbtled to the income and the arnount can be quantif*d reasonatAe aGcuracy. The following specffic policies a￿ applied to particular categories of income. Housin9 benefit daimed on behalfof all service users is accounted for on a r￿eNable basis. Grants and seNce level agreements to SUPF4)rt thè provision tsf ¢ar• are accountèd for in thè finantial year to %thich they rdat•. Grants receiv￿ to finance the g)st of fixed asset are recognk8ed as restricted lunds and usèd to ffinane• the annual dtK¥auatipn charp. Cafvrs allowance awarded by thè Welsh lknmment rèktes to a one-off llat rate pay￿￿¢ of £500 for eligible carers. to reward the hard work and Commitment of %Ki81 ￿T9 staff who have provided e55ential care to the most vvlner8bJè citi2•ns during Ihè COVIt>19 pandami Inveslment income is recognised on a receivable basis. Income from thaiitable actmtses I￿ludeS irKome recognised as earned (as the rei8ted goods or services •r¢ kKowdèdl undef contract. Expendlturn Liabilrties are recc¥Jnise¢J as soon as there is a lega or conslnjctive obligation r)JnmitDng the charity to th$ expènditure. All expenditure is ac¢ountÈd for an accruals basis and has dassified under headings that aggregaie all costs related to the category. Chafltable eXp￿dIture comprises thosè costs fficur￿d by the charity in ihe t1elNery of its a¢tiMtses and servicgs for rts beneficiaries. 11 includes both costs Ihal can be allocaied directy to such a¢tiwt￿S and those costs of an indirect nature necessary to support thom. Support costs Support costs indL*Je central I￿thnS and have been 8lbxated lo xtivity cost categories on a bas￿ C￿sistenI the u$e of resources, for example. allocatsrwj property (x)sts by areas. or ca￿.￿, Staff costs by th8 tlme spent and othef co$ts by their usage. Govemance cosls include costs of the preparalion and eYaMN)at￿n of the statutory accounts. Ihè costs of trustee meetings and thè cost of 8r)y legal a¢Jvice to IrtJstÈès on govemancè or consiiiution81 matters. Pagè13 ontinuèd... Notes to th• Financial Stat•m•nts- continu•d for the Year Ended 31 Mafch 2022 Ac¢ounting poliei•s. continued Tanglble fixed assèts Individual f￿ed assets costing £1.500 or rnorè are inrtralty rec￿rded at cosl. D•pr•clallon Depreeialion is Fwvided cm tangitAe fixed assets so as tr) off the cost or valuation. l•ss any •stimat•d residual value, over their expecieij usefvl economK lile as follows". Motor v8h￿leS 25% straight line basis Fixlures and fitling5 15% stravJht line Freeholtl buildings 2% Stra￿ht &ne Freehold land nil Taxatlon The company is a re9iSter8d charity and 15. therefore. exempt frDm taxalion on its primary actswl￿. Fund a¢¢ountlng .Unrestricled income funds are general fuThJs that ar• availab￿ for use at the trustees, discretion in further8rKe of Ihe objectives of the charity. Reslrded fvnds are Ihose donattrd for usé in a or for speofic purposes. the use of vthich is r•stricted to that area or purpose Desunaled funds are unrestricted fuw*J5 set a5Kle at th8 di5cretw)n ol the Injstoes for specffic purposes. Further èxpl8nat*)n of the nalwe and purr4)se of each fur#1 is MKhJded in the noles to thg fi￿nCial ststements. Hire purchase and leasing coMrnitm•nts Rentals paid undèr optratin9 lèa￿ a￿ charyed to the Statement of Fina￿la1 Activi1￿ on a straight linè b8SiS over the period of the lease. P•n$lon Costs and oth¢r po$lllretirernent benefrt5 The Charity participates in the Social Housing Pèn$￿ Scheme ISHPSI. This is a defined benefit sch8me for %¥hi¢h the assets and liabilrt*s are calculated by an independenl qualified actuary. Contributions towards the urrent cost of the scheme as ￿14 as lobyards the past seN¢e deficat are recorded through the year. At thè year end an Aciuari81 asse55ment 15 conducted and Ihe impact ol any gains or losses recorded in the financial statements. Debtors. ¢r•ditors and ush Current assets and liabilities. ¢a8h W at bank or 05 Part of short t•rm d•posts. arn recognised at C051 or valuation as at th& year end. Aged debtors and liabililies are recognised at net present value in line wth FRS 102. 0￿ratIng l•a$•s Rentals Payab￿ Lmd•r op•rnting l•as•s a￿ tharged ￿ the statement of finar￿la1 actsvities a straight line basis over the tgrn ofthe ￿#Se. Inv•slm•nt Incom• 2022 2021 D•ptssit aeeount interèst 85 11.811 Pag• 14 continued... P•rthyn Notes to the Flnancoal St¥t¢rnwts- eontinu•d forth• Yew End•d 31 IAar¢h 2022 Incom• from charilabl• activitse5 2022 2021 Activity Care seNces Cartr seM¢es Care seNcAs Care services Govèmment grants Housing Benefit Powys day ca Service user rech￿$ Care funding fees Repairs. ￿newa1$ & int•mal dtrcoralion Care contribution Training and other irwme Carer a11gwanctr Covid-19 local authority 126.6B6 1,288,692 90.201 7,063 19.700,796 1,139,129 53,934 11,389 20.748,627 Care servvs Care s8f¥ic•s Care service5 Carè s8f¥ices 82,363 98.869 399.336 239.102 352.462 81,810 65,554 74.316 223,883 339,592 23,125,211 21.998,593 Charltable a¢ti¥rties costs Support costs (see note 51 Direcl Costs Totals Care seThit 19.$94.3n 3.008.667 22.603,040 Support ¢￿ts Management costs Totals Care s•rvic•s 2.995.596 13.071 3.008.667 Support costs. ineluded in tht at*)ve. are as fo*)ws: 2022 2021 Total aclivities are services Wage Sooal security Pension5 Operating leases Travelling Rates and wa18r Light, heat and po%wr 1.830,761 195.087 149.669 231.885 96,$67 13.334 15.910 1.996,326 240.488 78,674 241,838 88.422 11,829 26.374 L JJ Insurance Repairs and maintenar Telephone Office eypenses InformatJ"on and te¢hnofogy costs Audilors. rernuneralion Audrtors. remunera11￿ fof non audit Trustee expenses 111,208 18.128 6,429 124.842 201,776 11,000 1.SSO 521 104,467 22,737 3.524 55,129 222.497 11,000 1,550 464 3.008.667 3,105.299 Page 15 eontinued... Mot•s to the Financlal St•tefflents- eontinuod for th• Year Effi￿d 31 Ilarth 2022 Net in¢omeIlexp•nditu￿) Net incornollexpenditu￿) is ststed after tharg1￿(cre£lllrtgl. 2022 2021 Auditors. remuneration Auditors. remuneration for non aud￿* *￿rk Deprriatiofi- owned assets Other operating leases Loan interesl 11.000 1,550 16,781 241.838 22,158 1.550 16.780 231.885 Truste•s' remuneratlon and benofits There were no trustees. rernuneralion or other beneffts for thB y8ar ènd￿ 31 Mareh 2022 nor for the year ended 31 March 2021. Trustoes. expens•s The trustees ￿ceIved no remuneraiion w) eilher ac￿unt￿￿j per￿. tsjt **re reimbursed for travel and subsistence expenses amounting lo £52112021.. £4641. Staff costs 2022 2021 Wages and salariss Social sewrity costs Other penS￿n Costs 17.101.208 1.405,425 698.935 16,432.619 1.335,935 531,598 19.205.568 18,300.152 The aveiagtr monthty number of ￿p10yeeS ¢kn"ng th• y•*was as fOlkn￿." 2022 705 2021 752 58 Operational Office 771 810 Thè number of employees %thos• eryloyee benefits lexduding enwoyer pension ￿st$l exceeded £60.0 2022 2021 £60.001 - £70,C £70,001 - £80.000 £80,001 - £90.000 £90,001 - £100.000 During tM ytsr Ptsrth￿ paid k•y management gross sakries totalling £793.495 12021: £669.536}. Kèy management are considered to be 12 12021: 121 K￿NIdUal5 dirnclly impact th• strat￿* direction of the Charity. Pag• 16 )ntinued... Notes to the Financial Statem•nts- cont5nu•d for the Yèar End•d 31 Mar¢h 2022 Comparatives for Ihe statem•nt Offfinan¢i￿ athits•s for 2020121 UnrnstrKt•d R•strictad fvnds funds Total funds Incom• and *ndowm•nts from Charitable activiti Care services 4.399.719 17.598.874 21,998.593 Investment ￿($>me 11.810 11.811 Total 4,411.529 17.598.875 22,010,404 Exp¢nditure on Charltable aetivitses Care services 3,848.947 17.700.728 21.549.675 NET INCOMEIIEXPENDITUREI 562.582 1101.8531 460.729 Transfers betw••n funds 188.8721 88.872 Other recognlsed gainslllosses} Actuarial gainslllos5esl on d•firwd benefit schemes (508.(￿) 1508.¢X)01 N•t mf*¥ement in funds I34,2￿) (12,9811 (47.271) R•￿ncIlIatIon of fvnds Total funds brotsght fonvard 1.686.273 219,886 1.9)6.159 Total fund$ Carried fonvard 1.651.983 206,905 1,858.888 10. T•nglbl• fixed ass•ts FI￿r•S and fith"Th F￿hOld or vehicles Totals Cost At 1 April 2021 and 31 March 2022 750,0 40.746 13.800 804,546 Depreciation At 1 Apnl 2021 Charge for year 109.883 15.000 38,362 430 10,199 1,350 158,444 16,780 At 31 March 2022 124.883 38,792 11,549 175,224 N•t book ¥alu• At 31 March 2022 625.117 1,954 2.251 629.322 Al 31 March 2021 640.117 2,384 3.601 646.102 The freehokl pwptriy was vahJed on S November 2015 by Lambert Smith Hampton an independent firm of hartered Building Surveyors at £750,000. This valualitsn was based upon opèn martet value %%thich is deemed to be not materi81ty different from the exisb.ng use basts. The net eairying amcwi on 8 depreciated histwie basi$ T*rt)uld havt ￿K￿nted to £418.000 8s at 31 March 2022 12021.. £429.0001. Page 17 ntinuad... Not•s to th• Financial Stat•menls- continued for th• Year Ended 31 Marth 2022 11. D•bt4)rn: amounts talllng du• within one >*•r 2022 2021 Trade debtc¥s Other d8blors Prepayments and awued ￿coMe 1.976.931 2,360 135.485 1.240.489 2,439 126,678 2.114,776 1.369.6rA8 12. Current ass•t investments 2022 2021 Unlisted investsments Monies held on deposit 101.845 272,486 103.702 272,402 374.331 376,104 13. Cr•ditors: amounts falling du• within on• >••r 2022 2021 Trad• efeditors Social security and Ot￿ taxes Other creditors AccTua15 and delerred irKorne 162.172 372,766 179.704 98.577 124.670 325,56S 219,748 23,494 813.219 693,477 D•f•ff8tl incom8 bThight lor•rard Amounts released to incoming T•s￿r¢ Amounts deferred in the ￿or 51.034 D•faffa(l ir￿￿￿$ ￿ried foThva 51,034 D*f*ffed ir*onw rtl8t•s to incm reeeNed for t*￿u$e$ payable lor cwer allowances. 14. Leasing agreements Minimum leasg payments undw ￿n￿n￿lIabl9 operatry lea￿ fall du8 as follo￿. 2022 2021 Within one year Between one and five yews 124.701 56.970 137,117 159,837 1B1,671 296.954 Lease pay)Ibenls ￿CcmjnISed a5 an eypen5e in the year lolalled £231.855.12021.. £241.8381. 15. S•¢ur•d d•bts Standard Security over Commer￿al Freemd Pmperty_ Fairfield House 85 Ety Road, Cardrff. CF5 2BY. Wales. United Kingdom granted by Perlhyn All monies Debenture granted by Perthyn over the ¥thrAe assets of the Company Page 18 continued... Not•s to thg Flnanelal Statem•nls- contlnu•d for the Year Ended 31 PAarch 2022 16. Provision$ for liabiliti•s 2022 2021 Provisions Pension Deftit Liability 803.802 690,000 783,000 1,493,802 783,000 2022 2021 Bala[￿ brought fowward Amounts provided in the year Amounts iele8s•d in lh• year 7B3.000 775.500 93.000 407.000 376,000 Bolaneè carried forward 1.465.500 7B3.000 During the year the Charity ha5 I￿n prO￿ded vrith its calculated Sha￿ ol the net liabilty position for its participation in SHPS. Full details of Ihe pension scheme are 5h¢)knn in note 19. 17. Mov•m•nt in fvnds Net rnovemènt in funds Transfers between fvnds At 31.3.22 At 1.4.21 Unrestricted fvfftds Genèral fund Designated Revaluation reser¥e Designated Maint•nance Desi9nat8d Cyclical maintenance Designated IT warrnnty reserve Designated Occupancy reserv• Oesignated ConbrKJency 1.076,263 149,392 192.851 54.477 S23.￿ (3.7061 14,0001 13.3431 1.596.522 145,392 1B9,508 33,286 {21.191} 45.000 100.000 45,000 loo,000 1.651.983 $02.774 111.049) 2.143,708 Restrlcted funds Local Authority funding HB- SV Engagement through l.T. Donalion from Celtic Communrty cons0￿.UM (11.049} 11.049 83257 83,257 123.648 12.4691 121,179 2C6.SN)S (13.5181 11.049 204,436 TOTAL FUNDS 1.858.888 489.256 2.348.144 Net moverwt in fijnds. indL*Yed in the above are as folkME'. Inthming resources Resourcès ewdeij Gains and 105ses Movement in funds Unrestrlcted funds General fund Designated Cydical maintsn8nce 4.625.129 {4.068.164) {21.191) {33.0001 523,965 (21.1911 4.625,129 14.089.355) {33.0001 502,774 Restricttd funds Loeal Authority fund￿9 DOnat￿n from C*tb"c Community consorb.um 18.500.167 118.51.1.216) (11,0491 12,469} 12.4691 18.500.167 118,513,685} 113.5181 TOTAL FUNDS 23,125,296 122.603.0401 133.0001 489.256 Page 19 continued... P•rthyn Not•$ to the Fin•nci#l Statements- ¢ontinued for th• Y•ar End•d 31 MaTeh 2022 17. ￿0￿M•nt In funds- conlinued com￿rativ•S f4x mov•menl in fund• Net ￿￿ernent lurM1s Transfers bebveen funds Al 31.3.21 At 1.4.20 Unr•$tri¢ted lunds General fund Oesignated Revaluation reS8￿e Designa¢ed Maintenance Oesignated Cyclical maintenance Designated IT warranty rest Designated Ocujpancy reserve Designated Contingency 988,190 299.172 165.434 54.477 34.000 45.000 100.000 33.491 {149.780) 27,417 1.076.263 149,392 192.851 54,477 34.000 45,000 10D,000 1.686.273 54.582 188.872) 1,651.983 R•$tri¢t•d funds Local Authority fundw HB- SU EngagerneDt through I_T. DonatK)n from Celljc Communrty Consorfium 188.8721 88.872 83.257 83.257 136.629 112.9811 123,648 219.886 1101.8531 88.872 206,905 TOTAL FUNDS 1.9)6.159 147,2711 1,858.888 c￿aratI￿ net movemenl in fijnds. wKhJded in the al)o¥e are as fdlows.. Incoming Rèsoufces Gains and losses ovement in funds Unr•striet•d fvnds G•n•ral fund 4.411.529 (3,848.9471 {508.000) 54.582 Resfriet•d funds Local Authority lunding DonalKm from Cellic comm￿rtY ¢￿sO￿luM 17.598.875 {17,687.7471 188.872} 112.981) 112,981} 17.598.875 {17.71XJ.7281 1101.853) TOTAL FUNDS 22.010.404 121.549.6751 (508,0001 147.271} Page 20 continued... P•rthyn N¢)t•s to th• Flnancial Slat•ments- conlinu¢d for th• Year Ended 31 2022 17. Movement in fvnds- contlN•d A ¢urr•nt year 12 months and prior 12 months combw)ed posth￿ is a5 follows: Transfers between ftjnds nb)vèment fvnds At 1.4.20 31.3.22 Unrnstri¢l•d funds General fund Designated Revaluab"OA r￿aiNe Designated Maintenance Designated Cyclical maintenance Designated IT wairanty resewvè Designatèd Occupancy reserve Designaied Contingency 988.190 299.172 165.434 54.477 34,000 45.000 11x1.000 578.547 29,785 1153.7801 24,074 1.596,522 145,392 189.508 33,286 34.000 45,000 100,000 {21.191) 1.686.273 557.356 199.9211 2.143,708 Restricted fund$ Local Authority lun(*ng HB- SU Engagement through l.T. Oonation from Cehic Communty ConsoTbum (99.921) 99.921 83.257 83,257 136.629 {15.49JI 121.179 219.886 111S.371} 99.921 204.436 TOTAL FUNDS 1.5￿.159 441.985 2,348,144 A current year 12 months and PWKbr yaar 12 months cornbintd net movernènt in funds. inc4LwJed in the above are as follo￿= Gains and Movement funds Unrestrbcted funds General fijnd Dèsignated Cyelical maintenance 9.036,658 17,917.1111 121.1911 {541.(K)01 578.547 121,1911 9.036.658 (7,938.3021 1541.0001 557,356 Restri¢ted funds Local Authority fvnding Dornathon from Celtic Communty Consortium 36.099.042 136,198.9631 199,9211 I15.4￿) 115.4501 36.099.042 (36.214.413) {115.3711 TOTAL FUNDS 45.135.700 (44.1S2.715} 1541.000) 441,985 General fijnds are general ftmds that are available for use at the trust•ès' discretKJn in furtherartt of Ihe objectives of Charity. Revaluation Reservè - the freehold properties ￿Te wdlued in 2012 and then re-￿Sited in 2015 at deemed cosL The reserve is debL'ted the depreryalion related to the re¥aluatK)n. Maintenance- this fvnding ha5 been sel tjp lo sel asKle the amount remaining ur)p8M1 from the repairs allowance for ci)fflmunal area5 claiffled from hw5iny benefil, ktsthich would have to be paid over to a new provider in the event ol the Scheme bwng IransleThed. Cydical Maintenance- To lund the onwrrrtJ reftwbishment of resrdenti81 and day 5er¥rces propety. IT Wafranty Reserve - represents balances designated by the TnJ5te83 to cover any poténtial costs in rep8iriThJ or replacing seNers are no longer held under warranty. Occupancy r•seNe - represents balances desMJnated by Ihe Trustees lo cover for8cas1 costs of undar ¢)ccupan¢y. Page 21 ontinued... P•rth> 14otes to the Fknan¢lal Slatements- c•nlinu•d for the Year End•d 31 PAar¢h 2022 17. Moven*nt in funds- eontinved Contingen¢y r•s•rv•- r•presents balances set ashle for anb'(xp8ted eX￿ndituTe. Local Authority funding is 9i¥en to meet the primary obJ'g¢ti¥es ofthe Charity. Housing 8enefrt . SU Engage￿￿1 thrw9h l.T. - *ryk to hJ8ntsfy appropn"at• broadband ￿[￿CtiVity in houses has progressed. Donation Celtic Cormwnty Consortium - funding is gw¥en lo fvnd non-rwyable wants or intèrèst free loans to those already reCei￿ng the benefit of Perthyn's seN¢es and who require additional financial support to assist in the acquisition of property, fumiiure of legal seMce5 Or any other financrdl support as the trustees Consider reasonable. Trnn5f•ws belwoen lund5 During the year a balance of £3,343 wa$ transferr￿ from thè Maintènanc* designatetj lund to the General Unrestiicted Fund in line athiibes d￿n9 yew. During the year, £11.049 was trdn5ferred to Ihe Loc81 AUt￿lIty Funding restricted reserye from the General un￿StIl￿e￿ fvn¢Js to accwnl fry the excess ofexpenditure cornpared to income. During the year, £4.000 was transfeffed to the Desiwat•d Rwaluats"on ￿seThe fto the General Uryestricted funds to account for t￿ depreciation charyje of the p￿pety based on historical cost. 18. Rèlatèd party diselosurns Thèrè wère M r•latéd patty transaclions for Ihe year eThJed 31 March 2022. 19. fined benefit pension scheTh• Perlhyn parti¢ipates in Ihe thal HDU5iWWJ Pension Sch8m8 (th• Sch•m•l. The Scheme ￿ funded and is contracted-out ol the Slate Pension sche1￿. SHPS is a rnulti-employer defined benefit scheffle. Empbyei participation in ihe Scheme is subject to adhe￿nce th the empk)yeT responsibilities and obligations a$ set oul in the SHPS Housè Policiès and Rules Employer Guide.. An employer eled to operate drfferent benefft structLnS fLYtheir #Ktivè mèmbers and their new entrants. An employer can only operate one open defined benefit Str￿t￿re at any tirne. An opèn btnofit strueturè is o which new entrants are able toioin. PerthyTr currgndy operates final salary wlh a 1160th accrual rnte, final salary wih a 11TOlh xcrual rate and final salary a 1180th accrual rate benefft structurg for acb.ve ￿￿rnber5. Thè Trust8• commissths èn actuarial valuation of the Scheme e¥ery thw years. The main purpose of Ihe valuation is to determine the financial wsition of the Schemè in order lo ¢Jetem)ine the level of luture contributsons required. in respecl of each benefit structure. so ¢hat the Sch8me can meel its pènsion obligations as th8y fall due. From April 2007 the splrt of ihe total ¢￿tributiOn rate befften member and employer is sel at individual emrAoyer level. subject to the employer pa￿r￿j no less Ihan SO% of the total conln"bution rate. From 1 April 2010 Ihe requirement for employers to pay at least 50% of the total contribution rate no longer applies. The actuaiial Valuatic￿ asse55es ¥rt￿ther the Scherne's assets at thè ¥aluakn"on date a￿ h"k•ly lo b• suffi¢i•nt to pay the pension benefit5 accwed by members as at the valuatiC￿ date. Asse¢ values are cal¢ulated by referen¢e lo market levels. AG¢rued pension b8nefftts arn valued by t1iscounting e4)ecied future benefft payments using a discount rate calculated by reference tr) the ey4)e¢ted fvlure inveslmgnt re￿M5. During the a¢countirwJ perirmj Perthyn paid contr*MAl￿$ at thè r8t• of 7.2S% to 11.5% membw contribub.ons varied beh¥een 6.75% and 7.9% The c*Jmpany made an annual contributi¢)n of £139.493 towards thè past semce deficil during the year. For the year ending 31 March 2022 the contnbubws lo be paKY amount to £142.283 and will inc￿85& each year by 2% until Septembef 2026. In accordance wth FRS 102 repO￿"n9 r•quifftm&nts th• company is rtrwired to disctse certain information concerning assets. lia￿lItieS. in￿me aTrJ expenditure in relalm to the pension scheme. Page 22 ntinued..- P•rthyTr Notes to th* Financial Stat•m•nls- eontinu•d for thè Year Ended 31 M•Tch 2022 19. Defined btrntllt pension sehem•- ￿thinutd Presentation valu•s of O•ffin•d B•n•fii Ob￿gatIOn. fair value of assets •nd Defined Benefft As#et {li•blllty} 31 March 2022 31 March 2021 £OOO$ £0005 5.030 4,781 5,720 I6￿} Fair value of plan asstrts Present value of defined benefft obligation surplus1lDe￿.tj in plan Unrecognised surplus Defined benefit a55et {liabilttyl to be r8crynised I6￿) {7831 R•eon¢iliati4)n of th• imp•¢t of th• ass•t ulllng 31 March 2022 £0005 Impacl of asset ceiling at start of year Effert of the asset ¢eiling induded in net inlerEsI cost Actuarial losses Igainsl on asset ceiling Impaet of asset ceiling at 8nd of period R•contlliation gf opning and eloslng balart•s of th• d¢fin•d b•nefft obllgatlon 31 Mareh 2022 £OOOs 5,564 Dèfintd benefit tsblKJats"on al start of peri¢xl Current seThie• cost Expenses Interest Expense Conlribvt*)ns by pkn parbcipants Actuarial losses Igainsl due to scheme expeiience Actuarial losses Igainsl due to changes in derno9raphic assumptions Actuarial losses (gains due to changes in financral aSsUmpt￿n5 Benefiis paid and expenses Liabilities acquirad in a business comtlnat Liabilitie5 ¢Xtingu$5hed on sethments Losses (gains) on curtailments Losses (gains} due to benefit ch*w Exchange rate dilferences Defin•d ben•fit obligabon at •nd of peiitsj 121 354 {2571 671 5,720 R•¢on¢iliation of op*ning and closing bal•nces of th• fair ¥alutr of plan assets 31 M4r¢h 2022 £OOOs 4,781 105 Fair value ol plan a55ets at start of wllod Interest income Experience on plan ¥s59ts lexclLKSing amounts Inc1￿1￿j in interest incoml- garn lth)ssl ontribulions by the ern￿OYer Contribulions by plan participants Benefits paid arKI exp•ns•s Assets acquired in a business ¢ombinat A5Sèts distributed orb S•tUéments Exchange rale changes Fair valuè of plan assets at end of pèrhxl 147 {67} 5.030 The aetual rètum cn the plan assèts lindudin9 any ehangès in Sha￿ ol assets) 0￿r Ihe perw)d from 31 March 2021 to 31 March 2022 was £169.OLXI. Page 23 continued... Not•s to th• Financial Statements- continu fr>r the Year Ended 31 March 2022 19. Dtrfined benellt pension seh•m•. conlinu¢d D•fin•d b•n•ffit ¢osts ￿1)g￿lS•d in 5tat•m•nt of finan¢lal acti¥iti•$- 14rt In¢om• and •xp•nditur¢ 31 March 2022 £OOO$ Current service cost Expenses Net interest Expen Los58s1gainsl on busin￿$ combinats"¢)ns Loss8s198insl on settlements Losses Igainsl on curtailmenls Losses Igainsl due to benefit changes Defined beneffit ¢05ts recogni5ed ￿ stalemenl offinancial 21 D•fin•d ￿n•￿t costs ￿09￿l￿d in $tat•m*nl of financial activities. Acknarial Gain51llosses} 31 March 2022 EOOOS E￿•nanC& on plan ass•ts {•xdudtng arTh)￿t$ Niduded in net interest c￿$11- 9ain Ilossl Experience gains and losses arising on the plan liabilities- gain Ilossl Effects of change5 in the dernographic assurnptions Und•￿"ng Ih• pr8s•nt value of thg defined benefit obligatk)n- gain lknssl Effects of changes in the financial assurnptions underf￿n9 the yyesenl value of lh& defin8(I benefit Obl￿ation- gain (loss) Total actuarial gains aThJ losses Ibefore resbiction lo sorne of the surplus t being recongisabl&l- gain Iloss) Effect5 of changes in the arnounl of suwplus that is not r8covèratl• lèxdudmig amounts included in ret interest costl- gain Ilossl Total amount recognised in Actuarial gainslllossesl 1354) 257 133) 133) Assets 31 March 2022 tOOOs 202 166 17 336 167 120) 180 146 31 March 2021 £OOOs 264 180 Absolutè Relum Attemative Risk Premia Cash Corporate Bond Fund Credil Relatbve Value Current Hedgin9 Distfessed Opportunrtiès Emerging Markets Debt Fund of Hedge Funds Global Equity High Yield Inlraslwcture Insurance Link•d S•eurities Liability Oriven Inveslment Long lease Property Net cu￿ent assets Opportunislic c￿dit Opportunistic Illiquid Credit Private Debt Liquid Credit Property Risk sharin9 Se0J￿d incom• Total assets 282 150 138 193 762 143 319 43 117 1.404 129 14 18 169 129 1.215 29 131 122 57 99 174 199 4,781 136 187 S.030 Nonè of thè fair values af asséts shtr*n aLM)ve w￿lude any dytet investments in the em￿0Ye￿$ own financial instruments (v any piopeity cK¢uwed by. or other assets used by. the employw. Page 24 continued... Perthyn N¢)tss to the Financlal Statem¢nts- continued for the Year End￿ 31 March 2022 19. Defin•d b•nefit p•n$ion sclwm•- ¢onllnu•d K•y Asswnptions 31 March 2022 31 Alar¢h 2021 % pw annum % p•r annum Oiscount ratè Infflation IRPI} Inllation (CPI) Salary Growlh 2.79 3.57 3.19 2.28 3.15 2.65 2.00 75% of 75% of maximym albwance maximum allowance Allowanc8 for commulation of pènsm for tash at retirefftht The mcrtality assurrytion$ adopted at 31 Mwch 2022 irrwy the fdlow.ng Irf• •yctan¢ies'. exp•¢tsncy at a9• 6S Yeors 21.3 23.9 22.6 25.4 Male retiiing in 2022 Ferna￿ ￿tinr￿j in 2022 Male retiiing sn 2042 Female rebrirvJ in 2042 Perthyn also parti¢ipales Irb the P•nsion5 Truses Gra*1h Plan The Growth Plan is a multi-employer wsion Plan whKh is in m05t respects a monèy purchase afrangement but it has some guarantees. Contn"bulKJns pa￿ into Ihe G￿h Plan up to and includin9 September 2001 convertad to defined amounts of p8ngon payable from ￿[Ma1 Retirement Date. From October 2001 contributions were invested in person￿ luntls wknich have a Capital guarantee and which are converted to nsion on rgtiremenL èlthèr within Ihe Grffi￿h Plan or by the wfchase ol an annuty. The Plan is funded and 15 llot contracted oui of the state scheme. The rules of the GrovAh Plan allow for th• dedaration of ljonuses and l or investment uedits if thi5 15 7*Alhin the fThncial capathty of th8 Plan assessed on a prudont basis. Bonusès 1 investm•nt u•dts are not 9iJaranteed and are dedared at the dis¢retwJn of the Plan's Trustoè. The Trustee commissions an acluarial valuation ofthe Gro￿ Aan e￿ry 3 years. The matn purpose of the valuath)n is lo detemiine th• fjnancial position of the Plan and so deterniine the future prospects ft>r di5crètThary bonuses and l or investment cr•drts. Th• acluarial valuakn.on assesses *￿ther Ihe Plan's assets at the valuation datè are likety to be sufficient to pay the pensbon benefts accrued by rnernbe￿ as at thè valuation date. Assèt values are calojlated by refèr•rKè to market levels. Accrued pension benefits are valued by di5¢0unting expected future benefit payments using a dis(x)unt rate calculated by reference to the expected ftrtU￿ inve5tmenl retums. perth￿ offers the Grovrth Plan 85 an AVC investment optK)n for mefflbers of the Soryal ￿￿￿$Ing Pension Scheme. The member5 pay contributions 8t 8 rate of their cM)ice. The Organisat￿n doe5 nol pay 8ny contsibutions to the Grov4th Plan. Page 25 cOntin￿d... Perthyn Mot•s to the Financial Statem•Thts- cont•nu•d forthe Yur Ended 31 March 2022 embers. liability The charity is a private company limiled by guarnnte8 and cgn5equenty dog$ rK>t have shore capital. Each of the members is liable to conln.bule an arnounl not exwdirwj £1 t(Avards tm a￿lS of thtr charrty in the even¢ of liqui(Jation. The company is regislered in Er*Jland aNJ Wales Ihe register￿1 officg is slK)wn vthin thè Trnst8es report. Pag8 26