Company registration number.. 03017158 Charity reglstration number: 1046783 Perthyn {A eompany limited by guarantee Annual Report end Flnancial Statements for the Year Ended 31 March 2024 HSJ Audit Limite Statutory Auditors Severn House Hazell Drive Newport South Wales NPIO 8FY
Perthyn Contents Paqe Trustees. Annu81 Report (including Strateglc Report) Independent Auditorfs Report 10-14 Statement of Flnanclal Actlvltles 15-16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Flnanclal Statements 18-45
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 INTRODUCTION The Trustees, who are also directors of the charSty for the purposes of the Companies Act 2006, are pleased to present their annual report together with the financial statements of the charlty for the year ended 31st March 2024, The financial statements have been prepared in accordance wlth the accounting policles set out In Note I to the financial statements and comply wlth the charitrfs Artlcles of Assoclation, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 01 January 2019). OBJECTIVES AND ACTIVITIES Purpose: Why we do what we do Perthyn's primary activlty is provldlng support to people with learnino disabilitSes, autism and complex health and emotlonal support requirements, to enable them to fulfil their maximum individual potential and live full and valued lives in their communitles. Vlsion: What our future looks like when our goals are accompllshed Perthyn's vision is f or people with disabilities and autism to have the right support to live lives filled with opportunities, self-determinatlon and meaningful relationships, with a real sense of belonging in the community. Mlsslon: What we alm to do Perthyn's mission Is to dellver the right amount of individualised support so everyone, regardless of their previous opportunities or the complexities of theirsupport, can live the life they choose, being visibly active and contrlbutlng In the communlty In Ilne with our organisation's values. Values Integrity Resilience Empowerment Accomplishment Core Values Innovation Belonging Accountability Inclusivity
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 Strategy It is our intentlon to malntaln our current posltion as a quality provlder of individualised support so people can live the life they choose, being vislbly actlve in the communlty regardless of the complexlty of thelr support. whilst growlng our offerlng and expanding to ensure our future viability and offerjob security for our current and future workforce. Publlc Beneflt Statement Trustees review Perthyn's aims, objectives and actlvltles each year. This revlew conslders the outcomes and achlevements of the previous twelve months, focusing on key departmental activities and the degree to which speclfied and aqreed targets have been met. Trustees refer to the guldance contalned In the Charity Commlsslon's general guidance on public benefit when reviewing alms and objectlves and in planning future activltles. ACHIEVEMENT AND PERFORMANCE General Overvlew Perthyn was established in1995 as a registered charity and a company limited by guarantee. We operate on a'not-for-profit, basis, so Invest all our funding in the provlslon of personal and I ndlvlduallsed su pport to people wlth a learning disablllty, and the workf orce that supports this. We are reglstered with both CQC (Care Quality Comrnlsslon) and CIW (Care Inspectorate Walesland work with a number of local authorltles and he81th commlssloners. We malnly support people vla the Supported Llvlng Model, but also provide bespoke communSty day opportunities and specialised residentlal, transition'step down, services for people with complex support requirements. Perthyn'8 skllls and experlence In plannlng and delivering support for people with complex health needs, multiple d isabi lities, autismi personallty dlsorder, behaviour that can challenge, or where previous cornrnunlty Ilvlnq arrangements have falled, means we can effectively support people who require a more intenslve level of SUPPDrt to achleve posltive outcomes and an improved quality of Ilfe wlthln the community. We are now entering our next 3-year strateglc planning cycle wlth Increasingly more complex and diverse requirements requiring more ways to provide personalised support. This is also time of political change wlth a new'soclal care reform. seeklng to deliver consistencyi sustaSnabillty and hlgh-quality care, which is balanced wlth Increasing financial pressures and shortfalls.
Perthyn Trustees. Annual Report For The Year Ended 51 March 2024 Key Characteristics: 2023-24 2022-23 Number of people supported las at 31 March) 183 192 Number of stafflheadcount as at 31 March) 492 727 Turnover £22,031,367 £23,011.597 Local Authorltles we worked wlth durlnq 2023-24; Wales: Cardiff, Swansea, Carmarthenshire, Pembrokeshire & Powys England: Nottlnghamshire, Northamptonshire & Shropshlre Operatlonal Performance Perthyn entered the 2023-24 flnanclal year wlth planned but slgnlflcant changes to the organisation's leadershlp. In partlcular after several years leadSng Perthyn our former CEO, Steve Cox, retlred on 31 March 2023 and we at Perthyn would like to take thls opportunity to express our sincere qratltude for Steve's commitment and leadershSp. Steve was part of the ground-breaking"All Wales Strategy. in the1980s which called for an end to people with a learning disabillty Ilvlng hldden lives. Since then Steve has held a number of senlor posltions in organisations working in the soclal care sector, demonstrating pioneering values and prlnclples, and malntalned staunch commitment and strateolc dlrection through the various challenges faced by soclal care, IncludSng most recently steering Perthyn through the COVID- 19 pandemlc, We thank Steve and wish him the very best for a long and fulf1115ng retlrement. Beth Radford now reaches the end of her first year as Perthyn's CEO following 14 years in senior leadership roles at Perthyn and a career commltted to social care. Beth has facllltated the development of the 2024-27 StrategSc Plan, setting the strategic direction for the next three years which reflects our vision and encompasses current demands and external factors. One of our key ongoing objectlves Is to increase peoples, Independence and reduce thelr reliance on paid support wherever possible, and as such we are committed to sharing this Information wlth our commissioners. This does lead to a reductlon In the overall hours we provide and the funded services within existing contracts. Concurrently the commissioned rates funded do not necessarily increase in tandem with National and Real Llving Wage and i nf lationary rates whlch has resulted i n some contracts no longer belnq f Inancially vlable. Consequently the decision has been taken to hand back these contracts to commissioners afteryears of consultation, namely the contracts held with the Northamptonshire Councils came to an end March 2024. These are the two key factors which have led to turnover decreasing over the last two years,. while this has reduced the size of the organisation, it has however provided the opportunity for resources to instead be invested into more value- adding activities.
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 The Strategic Plan will also facilitate a more flexlble working model that offers benefits to the people we support and our employees, including hybrid working, systems and technology enhancements and effective communication. FINANCIAL REVIEW Flnanclal Performance The overall deficlt for the year ended 31 March 2024 was £828.64312023: £596.593 deflcltl. The overall level of funds carried forward Into 2024-25 amounts to £1,448,114 compared with the £2,276,758 brought into 2023-24. The cumulative unrestrlcted reserves decreased to £1,077,021 (2023: £1.882.9711. Note: l. Funds are restricted either on geographlcal qrounds to recognise the fundlnq from various local authority areas, or by the terms and conditions laid down by the donor. Although local authority funds are r8Stricted, thelr expendlture remalns In support of Perthyn's primary objectives. 2. The funding for the year was recelved from those local authDrltles with whom Perthyn has Sgrvice agreements. In addition Perthyn received Supportlng People grant fundlng from those same local authorities, health funding from local health boards and payments from or on behalf of the people being supported in respect of houslng benefit and other contributlons. 3. The prlnclpal cost for the year continued to be the salarles and re18ted costs of the staff that are necessarily employed to meet Perthyn's contract obligations. Perthyn also meets the cost of accommodation on behalf of the people being supported, including rent, housSng assoclatlons, service charges and other houslng management costs. 4. Perthyn continues to incur increased pension costs and actuarlal losses as SHPS moves slowly towards flnanclal stability, and also the annual graduated Increases in the employer contrlbutions of the'Auto Enrolment. employee pension scheme. Investment Pollcy The Investment policy the Trustees have adopted Is deslgned to generate returns at low risk and Is regularly reviewed by the FSnance & Buslness Development Scrutiny Committee. Any Income not used during the year is re-lnvested with the original capital sum. Any other investments relat8 only to surplus monles held from time to time. whlch are placed on short term deposlt.
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 Significant flnancial rlsk considerations The Executive Management Team have identlfied to the Trustees that the following financial risks are most i n need of proitective policies.. l. The loss of service contracts and the resultant financial costs to Perthyn. 2. The cost of malntalning appropriate levels of support in the event of a reductlon in the scope andlor value of any service contract. 3. The cost of ensuring that all properties, including the Resldentlal Care Home, are safe, appropriately compllant and at all times flt for purpose, 4. The SHPS Defined Benefit pension scheme and the impact of fluctuatin9 valuations. To address these potential problems the Trustees have adopted the Reserves Policy outllned below. Reserves Pollcy Analysis of rlsk to Perthyn's contracted operations and moral obligatlons to those we support has recoonlsed the need to hold reserves In respect of eventualitSes which may include, inter alla, the following: l. To ensure that if the funding levels for support are significantly reduced then appropriate levels of support can still be provided whilst an appropriate exlt strateqy is negotiated wlth the relevant funder. 2. To make provision for other potential liabilities as a result of contracts belnq termlnated, reduced or wlthdrawn. Such liabilities could include redundancy costs, buying out leases, severance of contracted commitments, etc. 3. Maintenance of Perthyn-owned properties and assets to meet safety standards, insurance and other obligations. 4, Replacement of essential assets. 5. To be able to respond to statutory changes. Perthyn is subject to per5odic contract retendering in all areas, which could result in the loss or reduction of a contract. Any such event would trigger pre-prepared actlon plans to minimise the impact on Perthyn's operations and financlal stability. The advice of a contract reduction or loss would be immediately brought to the attention of the Trustees. and then considered at relevant Scrutiny Committee meetings. The Trustees annually revlew Perthyn's reserves pollcy to ensure it protects against the identlf led rlsks.
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 Future Plans Perthyn operates in a constantly changing environment and needs to respond to legislative and regulatory changes. commlssioning developments. cost pressures, and tender opportunlties. Trustees meet regularly with the Executive Management Team to consider and agree how the organisation should respond and evolve. Perthyn considers tendering opportunities as they arise, taking into account our capacity and resources, welghlng thls up with the aims and requlrements of the tender speciflcations, along with how they fit wlth our values and ethos. The 3 year Strategic Plan sets out Perthyn's overarching alms and objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon and Governing Document Perthyn is a company Ilmlted by guarantee and not havlng a share capital, registered In England and Wales (company registration number 030171581, and is governed by its Memorandum and Artlcles of Assoclatlon. Perthyn Is also reqlstered with the Charity Commlsslon Icharity registration number10467631. The Trustees are also dlrectors of the Charltable company. Recrultment, appolntment and tralnlng of new Trustees New Trustees, who are appointed by existing Trustees. are provlded wlth an induction pack (including relevant guldance on Trustee roles and responslblllties), an Induction programme, and any additional training that Might be requlred. Thls process Is under regular review, Organlsatlonal Structure The Board of Trustees meets five times each year and Trustees are responslble for formulating policles and procedures, for setting strategic direction, and for ensuring approprlate levels of internal control. The day to day running of Perthyn Is the responsibillty of the Chief Executive Officer and the Executive Management Team who report to Trustees at regular Board and Scrutlny Commlttee meetlngs. Sub-commlttee I worklng group structur• A commlttee structure is in place to assist and strengthen the Trustees. oversight of activities. During 2023-24 the sub-commlttee structure was reviewed and updated to best allgn with activity and project groupings, strateglc conversations and Head of Department areas of responsibillty. The committees and meeting frequencies are as follows: Flnance & Business Development Scrutlny Committee15 meetings annually) Workforce Scrutiny Committee (quarterly meetings) Systems & Processes Scrutiny Committee (quarterly meetings) Supporting People Scrutiny Committee Iquarterly meetings) Trustee and Executlve Management Annual Governance Day
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 The Chalr of the Board of Trustees also meets monthly wlth the Chief Executive Officer. The Auditors have direct and confidential access to the Chair of the Board of Trustees should they so require. Employment Pollcies Employmènt of dlsabled persons It is the pollcy that disabled persons shall be consldered for employment, career development and promotion on the basis of their aptitude and abilities in common with all employees. REFERENCEAND ADMINISTRATIVE DETAILS Charlty Name Perthyn Charlty Number 1048763 Company Number 03017158 (England and Wales) Reglstered Address Vivian Court Llys Felin Newydd Phoenix Way Swansea SA7 9FG Trustees Colin Downhamlchairl Andrew Thomas Bernice Brown Anne DunbarlAppointed 29 March 20231 Usmaan Rahman (Resigned 31 January 2024) Company Secretary Beth Radford (Appolnted 01 Aprll 20231 Senlor Management Beth Radford (Chief Executlve Officer) Kat Angell (Executive Director, Finance & Business Development) Erlka Gostelow (Executlve Director, Support & Incluslonl Gareth Matthews (Executlve Director, Development & Compliance) lan Higgins (Head of Support & Inclusion, England) Emma ReeslHead of Support & Inclusion, Wales) Choi TanglHead of Finance) Hayley Thomson (Head of Health. Safety & QA) lan Duggan (Head of Human Resources) Gary Darch IHead of Recruitment, Learnlng & Development) Simon Hardwicke (Head of PBS Services) Andy Johnson (Dlrector of ICT Services)
Perthyn Trustees, Annual Report For The Year Ended 31 March 2024 HSJ Audit Limited Severn House, Hazell Drive, Newport, NPIO 8FY Audltors Bankers Bank of Scotland One Kingsway, Cardiff, CFIO 3YB Solicitors Geldard's LLP Dvmfrles House, Dumfries Place, Cardiff, CFIO 3ZF
Perthyn Trustees. Annual Report For The Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees Iwho are also the directors of Perthyn forthe purposes of company lawl are responsible for preparing their Annual Report and the flnancial statements in accordance with applicable law and United Klngdom Generally Accepted Accounting Practice, Company law requlres the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the Incomlng resources and application of resovrces, including the income and expenditure, of the charltable company for that perlod. In preparing those financial statements, the Trustees are required to: select sultable accountlng policies and then apply them conslstently observe the methods and principles in the Charity SORP makejudgements and estimates that are reasonable and prudent prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the charitable company w511 contlnue in business. The Twstees are responslble for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the f inanclal statements comply with the Companies Act 2006. They are also responslble for safeguardlng the ass@ts of the charitable company and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularltles. In so far as the Trustees are aware: there is no relevant audit information of whlch the charitable company's auditors are unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Report of the Trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company dlrectors, on18 December 2024 and signed on the board's behalf by: Signed: Dated: Colin Downham (Chairl
Perthyn Independent Audltorfs Report to the Members of Perthyn Oplnlon We have audited the financial statements of Perthyn (the 'charity'l for the year ended 31 March 2024, whlch comprise the Statement of Flnancial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, Includlno a summary of slgnlflcant accountlng policies. The flnanclal reportlnq framework that has been applied in their preparation Is United Kingdom Accountlng Standards, comprising Charltles SORP - FRS 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accountlng Practlce). In our oplnlon the flnancial statements: glve a true and falr view of the state of the charltys affairs as at 31 March 2024 and of its incoming resources and appllcation of resources, including its Income and expenditure, for the year then ended; have been properly prepared In accordance with Unlted Klngdom Generally Accepted Accountlng Practlce: and have been prepared In accordance w5th the requlrements of the Companies Act 2006. Bas18 for oplnlon Wè conducted our audit in accordance wlth Internatlonal Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the audltor responsibilities for the audlt of the flnanclal statements section of our report. We are independent of the charity in accordance with the ethlcal requirements that are relevant to our audit of the flnanelal statements In the UK, Includlng the FRC'S Ethical Standard, and the provislons available for small entities, in the circumstances set out In note to the financlal statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufflclent and approprlate to provlde a basis for our oplnion, Page 10
Perthyn Independent Audltovs Report to the Members of Perthyn Concluslons relatlng to golng concem In auditlng the financial statements, we have concluded that the trustees use of the going concern basls of accountlng In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identified any material unoertai nties reSatSng to events or conditions that, individually or collectively, may cast Si9nificant doubt on the charity's ability to continue as a golng concern for a period of at least twelve months from when the original financial statements were authorlsed for issue. Our responsibilitles and the responslbllities of the trustees with respect to going concern are described in the relevant sections of this report, Other Informatlon The trustees are responsible for the other information. The other Informallon comprises the Informatlon Included In the annual report, other than the financial statements and our audltorfs report thereon. Our oplnlon on the f inancial statements does not cover thg oth8r information and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon with our audit of the flnancial statements, our responsibility is to read the other Information and, in doing so, consider whether the other Information is materially inconsistent with the financial statements or our knowlèdge obtained in the audlt or otherwise appears to be materially misstated. If we Identlfy such materlal inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a materlal misstatement of the other informatSon. If, based on the work we have performed, we conclude that there is a material misstatement of thls other Information, we are requ ired to report that f act. We have nothlng to report in thls regard, Oplnlon on othermatters prescrfbed bythe Companles Act 2006 In ouropinlon, based on thework undertaken In the courseof the 8udlt". the informatlon given in the for the flnancial year for which the financial statements are prepared is consistent with the financial statements; and the has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the flnancial statement. We have nothing to report in respect of the following matters where the Cornpanies Act 2006 requires us to reportto you if, in ouropinion.. Page11
Perthyn Independent Audltorfs Report to the Members of Perthyn adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not vlsited by us; or the flnancial statements are not In agreement with the accountlng records and returns; or certain disclosures of trustees remuneration specified by law are not made., or we have not received all the informatlon and explanations we require for our audlt. Responslbllltles of trustees As explained more fully In the (set out on page I, the trustees are responsible for the preparation of the financial statements and for being satisfied that they gSve a true and fair vlew, and for such Internal control as the trustees determlne Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements, the trustees are responsible for assessing the charlty's ablllty to contlnue as a golng concern, disclosingi as applicable, matters related to golng concern and uslng the going concern basls of accountlng unless the trustees either intend to liquidate the charity or to cease operations, or have no reallstlc alternatlve but to do so. Audltor responglbllltles for the audlt of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the flnancl81 statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that Includes our oplnlon. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always dètect a material misstatement when it exists. Misstatements can arlse from fraud or error and are consldered materlal If, Indlvidually or in the aggregate, they could reasonably be expected to influence the economlc decislons of users taken on the basls of these financlal statements. The extent to whlch our procedures are capable of detecting Irregularitles, including fraud is detailed below: Page12
Perthyn Independent Audltorfs Report to tho Members of Perthyn Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the group. These are reviewed internally with the audlt team Including relevant industry experlence and expectations as well as externally with the client management. The key laws and re9ulations we considered in thls context were the UK Companies ACT 2006, Charities Act 2011 and relevant tax legislation. Once Identlfled. we assess the risks of material mlsstatements in relation to the laws and regulations, irregularitles, includi ng f raud and adjust our testing accord ingly. Our audit procedures Include: Discusslng wlth Trustees and managernent whlch areas of the buslness they belleve to be more susceptlble to fraud, and whether they have any knowledge or susplclon of fraudulent activities., Obtaining an understanding of the key controls put in place by the group to address rlsks Identified, assessin9 the effectiveness of those and discussing how these are maintained and monitored internally; Assesslng the rlsk of management overrlde and review and testlng of journal entrles made Into the accountlng system., Challenging assumptions and judgements made by the group in relation to the sSgnlflcant accounting estimates employed In the preparation of the financial statements; Discussions wlth Trustees and management the legal and regulatory obllgatSons of the business and whether they have any knowledge or suspicion of non compliance. Despite the audit being planned and conducted in acoordance with ISAS IUKI there remains an unavoldable rlsk that material misstatements in the flnanclal statements may not be detected owin9 to inherent limitations of the audit, and that by their very nature, any such instances of f raud or irregularities likely involve collusion, forgery, i ntentional misrepresentatlon, or the overri de of i nternal controls. A further descriptlon of our responsibilities is available on the Flnancial Reportlng Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of otjr auditorfs report. Page13
Perthyn Independent Audltorfs Report to the Members of Perthyn Use of our report This report is made solely to the charitable companls trustees, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charlty's trustees those matters we are required to state to thern in an audltorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and Its trustees as a body, for our audit work, for this report, orforthe opinionswe have formed. Mr rew Hill FCCA ACA DChA BFP(Senior Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Audltor Severn House Hazell Drlve Newport South Wales NPIO 8FY 18 December2024 Page14
Perthyn Statement of Flnanclal Actlvltles for the Year Ended 31 March 2024 Ilncludlng Income and Exp8ndlture Account and Statement of Total Recognl8ed Galns and Losse8) Unrestrlcted Restrlcted funds funds Totsl 2024 Note Incorne and Endowments from: Charitable actSvitles Investment income 4,193,159 17,826,096 22,019,255 12,112 12,112 Total income 4,205,271 17,826,096 22,031,367 Expendlture on: Charitable activities 4,999 437 17,832,573) (22 832 010 Total expenditure 14,999,437) (17,832,573) 122,832,010) Net expenditure Transfers between funds 1794,1661 16,216 16,477) (16,2161 (800,6431 Other recognlsed galn8 and108808 Actuarial gains on defined benefit pension schemes 28,000 28,000 Net movement in funds 1805,950) (22,6931 1828,6431 Reconclllatlon of fund8 Total funds brought forward 1,882,971 393,786 2,276,757 Total funds carrled forward 19 1,077,021 371,093 1,448,114 The notes on pages19 to 45 form an integral part of these financial statements. Page15
Perthyn Statement of Flnanclal Actlvltles for the Year Ended 31 March 2024 (Includlng Income and Expendlture Account and Statement of Total Reco9n18ed Galn8 and Lossès) Unrestrlcted Restrlcted fund8 funds Total 2023 £ (A8 restatodl Note Income and Endowments from: Charitable actlvities Investment income 6,081,636 16,928,027 23,009,663 1,933 1,934 Total income 6,083,569 16,928,028 23,011,597 Expondlture on: Charitable actlvltles (5,742,538) (17,676,652) 23,419,190 Total expenditure Net Incomellexpend5ture) Transfers between funds (5,742,538) 17,676,652) 123,419,190) 341,031 (937,9741 1748,624) 937,974 (407,593) other recoqn18ed galn8 and108se8 Actuarlal gains on defined benefit penslon schemes Net movement In funds 1189,0001 189,000 (785,9431 189,350 1596,593) ROnC111atlon of fund8 Total funds brought forward Total funds carried forward 2,668,915 204,436 2,873,351 19 1,882,972 393,786 2,276,758 All of the charity's activities derive from contlnulng operatlons during the 8bove two periods. The funds breakdown for 2023 Is shown In note19. The notes on pages 19 to 45 form an integral part of these financial statements. Page16
Perthyn (Reglstratlon number: 03017158) Balance Sheet as at 31 March 2024 2024 2023 £(As restated) Note Flxed a88et8 Tangible assets Current assets Debtors Investments Cash at bank and in hand 596,460 612,791 12 1,359,259 372,438 864,585 2,596,282 1,265,690 360,326 1,818,333 3,444,349 13 Credltors: Amounts falllng due wlthln one year Net current assets 14 880,500 968,322 1,735,782 2,476,027 Total 8S8ets18gs curr8nt118bllltle8 2,332,242 3.088,818 Provlslons 16 884 128 812 060 Net assets 1,448,114 2,276,768 Fund8 of the charlty: Restrlcted Income funds Restrlcted funds 371,093 393,788 Unrestrlcted Income funds Unrestrlcted funds Revaluation reserve 936,629 141392 1,737,580 145,392 Total unrestricted funds 1,077,021 1,882,972 Total fund8 19 1,448,114 2,276,758 The financial statements on pages 15 to 45 were approved by the trustees, and authorised for issue on18 December 2024 and signed on their behalf by.. Cali o. k (I The notes on pages10 to 36 form an integral part of these financial statements. Page17
Perthyn ststernent of Cash Flows for the Year Ended 31 March 2024 2024 2023 £(As restated) Note Cash flow8 from operatlng actlvltles Net cash expenditure Adjustments to cash flow8 from non-cash Items Depreclatlon Investment income 1828,6431 1596,593) 16,331 (12,1121 1824,424) 16,781 (1,9341 (581,7461 Worklng capltal adjustments (Increaselldecrease in debtors IDecreasellincrease in credltors Increaselldecreasel in provisions Increaselldecreasel In deferred Income 12 14 16 193,5691 194,9881 44,068 3,033 849,086 117,482 178,7421 128,4171 Net cash flows from operating actlvltles 1965,8601 279,663 Cash flows from Inv88tlng actlvltle8 Interest receivable and similar income 12,112 1,934 Net Idecreaseylncrease In cash and cash equivalents Cash and cash equivalents at l April Cash and cash equivalents at 31 March (953,7481 281,597 1,818,333 1,536,736 864,585 1,818,333 All of the cash flows are derlved from contlnulng operatlons durlng the above two periods. The notes on pages19 to 45 form an integral part of these flnancial statements. Page18
Perthyn Notes to the Flnancial Statementsforthe Year End8d 31 March 2024 I Charlty status The charity is Ilmited by guarantee, Incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assetsof the charity in the event of Ilquldation. The address of its registered office is: Vlvlan Court Llys Felin Newydd Pheonix Way Swansea SA7 9FG These flnancial statements were authorSsed for issue by the trustees on 18 December 2024. 2 Accountlng pollcles Summary of slgnlf Icant accountlng pollcles and kay accountlng e8tlm8tos The principal accounting policies applied In the preparation of these flnanclal statements are set out below. These policies have been eonslstently applled to all the years presentgd, unless otherwise stated. Statement of compllance The financial statements have been prepared In accordance with Accountlng and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)) Ilssued in October 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Repub15c of Ireland IFRS102)and the Cornpanies Act 2006. Basls of preparatlon Perthyn meets the definition of a publlc benefit entity under FRS 102. Assets and liabilities are Inltially recognised at historical cost or transactlon value unless otherwise stated in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to contSnue as a going concern nor any significant areas of uncertalnty that affect the carrying value of assets held by the charity. Page19
Perthyn Notes to the Flnanclal Ststement8 for the Year Ended 31 March 2024 Prlor perlod errors Under-statement of opening creditors and unrestrlcted reserves. Relatlnq to prlor Relatlng to Relatlng to perlods the current the prlor before the perlod perlod prlor perlod dlsclosed Indlsclosed Indlsclos8d In thése these those flnanclal fln8nclal flnanclal 8t8temèntg Statornents Statement8 Other creditors 124,793 124,793 {124,7961 1124,7931 General unrestricted funds Upon completion of the financial statements for the year ended 31 March 2025 It has become apparent that creditor balances, relatlng to accruals and deferred income were understated as at 31 March 2024. This prior period error became apparent when completing the annual reconclllatlon between opening accruals and deferred income and closing balances of the same. On tracing the variance back, it is evident that the Statement of Financlal Act5vltles was not affected for the current or previous period, with the relevant error being adjusted through opening reserves as at l April 2022. Income and endowments Defwredlneome Oeferred income represents amounts received for future periods and is released to Incoming resources in the period for which, it has been received. Such income Is only deferred when: The donor specif les that the grant or donation must only be used In future accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entltlement. Investmentlneome Dlvidends are recognised once the dividend has been declared and notlflcatlon has been received of the dividend due. Page 20
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Charftable actlvltles All incoming resources are included in the statement of financial activities when the charity Is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to partlcular cate9ories of income. Housing benefit claimed on behalf of all service users is accounted for on a receivable basis. Grants and service level agreements to support the provlsion of care are accounted for in the financial year to whlch they relate. Grants recelved to finance the cost of flxed asset are recognised as restricted funds and used to finance the annual depreciation charge. Carers allowance awarded by the Welsh Government relates to a one-off flat rate payment of £500 for ellgible carers, to reward the hard work and commitment of soclal care staff who have provided essential care to the most vulnerable citizens during the COVIO-19 pandemlc(20231. Income from charitable activities includes incorne recognised as earned las the related goods or services are provided) under contract. Expendlture Llabilitles are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, All expenditure is accounted for on an accruals basis and has been classified under headings that agoregate all costs related to the category. Charltable actlvltles Charltable expenditure comprises those costs incurred by the charity in the delivery of Its activities and services for its beneficiaries. It includes both costs that can be allocated dlrectly to such activities and those costs of an indirect nature necessary to support them. Support CO8t8 Support costs Include central functions and have been allocated to activlty cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per caplta, staff costs by the time spent and other costs by thelr usage. Page 21
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Qovernance cost8 Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. Taxatlon The charlty is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporatlon tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of Income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such Income or gains are app15ed exclusively to charltable purposes. Tanglble flxed assets Individual fixed assets costlng £1,500.00 or more are initially recorded at cost, less any subsequent accumulated depreclatlon and subsequent accumulated Impairment losses. Depreclatlon and amortl8atlon Depreclatlon Is provlded on tangible fixed assets so as to write off the cost or valuation, less any estlmated residual value, over thelr expected useful economic life as follows: A88et cla88 Motor vehicles Flxtures & f Ittlngs Freehold bulldlngs Freehold land D8precl8tlon method and rate 25 /0 Stralght Ilne basss 15 /• Stra ight line basis 2 /0 Straight line basis Current asset Investments Current asset Investments are Included at the lower of cost and net realisable valu8 1 market value. Page 22
Perthyn Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchandlse sold or servlces performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortlsed cost using the effectlve interest method, less provision for Impalrment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the orlginal terms of the receivables. Cash and cash equlvalent8 Cash and cash equivalents comprlse cash on hand and call deposits, and other short-term hlghly Ilquid investments that are readily convertible to a known amount of cash and are subject to an insignificant rlsk of change in value. Trade credltors Trade creditors are obligations to pay for goods or services that have been acquired In the ordlnary course of business from suppliers. Accounts payable are classlfied as current liabilities if the charlty does not have an unconditlonal rlght, 8t the end of the reportlng perlod, to defer settlement of the creditor for at least twelve months after the reporting date. If there Is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognlsed Initially at the transactlon prlce and subsequently measured at amortlsed cost using the effective interest method. Provlslons ProvisSons are recognised when the charity has an obligation at the reportlng date as a result of a past event, it Is probable that the charlty wlll be requlred to settle that obllgatlon and a reliable estimate can be made of the amount of the obligatlon. Fund structure Unrestricted Income funds are general funds that are available for use at the trustees discreti on in f urtherance of the objectives of the charity, Oeslgnated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restrlcted income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Page 23
Perthyn Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 Penslons and other post retlrement obllgatlons The Charity participates in the SocSal Houslng Pension Scheme ISHPSI. This is a defined benefit scheme for which the assets and Ilabllltles are calculated by an Independent quallfled actuary. Contributions towards the current cost of the scheme as well as towards the past service def icit are recorded throuqh the year. At the year end an Actuarlal assessment is conducted and the impact of any gains or losses recorded in the financial statements. 3 Income from charltable actlvltle8 Unre8trlcted funds General Restrlcted funds Total 2024 Total 2023 Care Services 4,193,159 17,826,096 22,019,255 23,009,663 Unre8trlct8d funds General Restrlcted fund8 Total 2024 Total 2023 Housing Beneflt Servlce User Recharge Care Funding Fees Repairs, renewals & internal decorations Care contributlon Training and other income Carer allowance Covid-19 local authority 1,246,157 21,219 2.467,824 1,246,157 1,101,346 21,219 11,633 17,826,096 20,293,920 20,806,642 81,870 90,002 32,475 253,612 81.870 90,002 32,475 253,612 76,402 103,321 660,248 230,280 19,791 17,826,096 22,019,255 23,009,663 4,193,159 4 Investment Income Unrestrlcted funds General Total 2024 Total 2023 Interest receivable and similar income", Interest receivable on bank deposits 12,112 12,112 1,934 Page 24
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Perthyn Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 7 Not Incomlngloutgolng resource8 Net outgoing resources for the year include: 2024 2023 Operatlng leases- other assets Audit fees Other non-audit servlces Depreciation of fixed assets 242,086 9,100 2,000 16,311 288,859 12,255 1.550 16,781 8 Trustees remuneratlon and oxpen808 Durlng the year the charity made the following transactions wlth trustees: Trustee expenses totalllnq £76812023.. £1.5671 were re-lmbursed durlng the year. No trustees, nor any persons connected with them, have received any remuneration from the charlty durlng the year. g Staff co8t8 The aggregate payroll costs were as follows: 2024 2025 Staff costs durlng the year were: Wages and salarles Soclal security costs Penslon costs 16,800,729 1,517,654 656,271 18,974,654 16.911.605 1,618,844 670,874 19,201,123 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as f ollows: 2024 2023 O perational Off Ice 605 62 687 617 62 879 Page 28
Perthyn Notes to the Flnanclal Ststement8 for the Year Ended 31 March 2024 The number of employees whose emoluments fell within the following bands was,. 2024 2023 No £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 The total employee benefits of the key manaqement personnel of the charlty were £838,53912023- £739,977). Page 29
Perthyn Notes to the Flnanclal Stst8ment8 for tho Year Ended 31 March 2024 10 Taxatlon The charlty Is a reglstered charlty and Is therefore exempt from taxation. 11 Tanglble flxed assets Land and Fumlture and bulldlngs equlpment Motorvehlcle8 Total Cost At1 April 2023 Dlsposals 750,000 40.748 37,876 13,800 804,546 137,8761 At 31 March 2024 750,000 2,870 13,800 766,670 Depreclatlon At l Aprll 2023 Charge forthe year Ellminated on disposals At 31 March 2024 139,633 15,000 39,223 430 137,8761 12,899 901 191,755 18,331 37,8761 154,633 1,777 13,800 170,210 Net bookvalue At 31 March 2024 595,367 1,093 596.460 At 31 March 2023 810,367 1,523 901 812,791 Page 30
Perthyn Notes to thè Flnanclal Statements for the Year Ended 31 March 2024 Rev8luatlon The fair value of the compan$ Buildings was revalued on 5 November 2015 by Lambert Smlth Hamptln Chartered Buildlng Surveyors, an independent valuer, This valuation was based upon open market value which is deemed to be not materlally different from existlng use basis. Had this class of asset been measured on a historical cost basis, their carrying afflount would have been £396,00012023 £407,000). 12 Dgbtor8 2024 2023 Trade debtors Prepayments Accrued income 1,203,150 155,354 755 1,359.259 892,514 373,176 1,265,690 13 Cash and cash equlvalent8 2024 2023 Cash on hand Cash at bank 386 864,199 864,585 623 1817 710 1,818,333 14 Credltors.. amountgfalllng due wlthln one year 2024 2023 £ (As restated) 241,672 372,275 229,732 100,026 Trade creditors Other taxation and social securlty Other creditors Accruals Oeferred incorne 194,071 348.077 161,793 128,909 860,500 968,322 Page 31
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2024 2024 2023 Deferred income at l April 2023 Resources deferred in the period Amounts released from previous periods 24,617 27,650 24,6171 51.034 24,617 151.034 Deferred income at year end 27,650 24,617 Page32
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2024 15 Obllgatlons under leases and hlre purchase contracts Operatlng lease commltment8 Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Land and bulldlng8 Wlthin one year Between one and five years 109,333 309,850 419.183 97,325 43,000 140,325 18 Provlslon8 Penslon contrlbutlons Property & IT provlslon Provlslon Totsl At l Aprll 2023 Charged to the statement of recognlsed gains and losses Decrease due to passage of time and change in discount rate 1737,0001 (75,0601 1812,0601 (44,0681 (44,0881 128,0001 128,000) At 31 March 2024 765,0001 1119,1281 1884,1281 17 Pen8lon and other schemes Def Ined contrlbutlon p8n8lon Scheme The charity operates a deflned contrlbution pension scheme, The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £503,44712023- £670,874). Page 33
Perthyn Note9 to the Flnanclal Statements for the Year Ended 31 March 2024 Deflned beneflt pen81on 8cheme8 Soclal Houslng Penslon Scheme The Scheme Is funded and is contracted-out of the State Pension scheme. SHPS is a multi-employer defined beneflt scheme. Employer partlclpatlon In the Scheme is subject to adherence with the employer responsibilities and obligations as set out in the'SHPS House Policles and Rules Employer Gulde.. An employer can elect to operate different benefit structures for thelr actlve members and thelr new entrants. An employer can only operate one open defined benefit structure at any one tlme. An open benefit structure Is one whlch new entrants are able tojoin. Perthyn currently operates final salary with a 1160th accrual rate, final salary with a 1170th accrual rate and final salary wlth a 1180th accrual rate beneflt structure for actlve members. The Trustee commisslons an actuarl81 valuatlon of the Scheme every three years. The main purpose of the valuatlon Is to determlne the flnanclal posltlon of the Scheme In order to determine the level of future oontributions required, in respect of each benefit structure, so that the Scheme can meet Its pension obligations as they fall due. From April 2007 the split of the total contribution rate between member and employer is set at individual employer level, subject to the employer paying no less than 50 /D of the total contrlbution rate. From l April 2010 the requirement for employers to pay at least 50 /a of the total contrlbutlon rate no longer applies. The actuarial valuatlon assesses whether the Scheme's assets at the valuatlon date are likely to be sufficient to pay the pension benefits accrued by members as at the valuation date. Asset values are calculated by reference to market levels. Accrued pension benefits are valued by discounting expected future benefit payments using a discount rate calculated by reference to the expected future Investment returns. Page34
Perthyn Notes to tho Flnanclal Statements for the Year Ended 31 March 2024 The date of the most recent comprehensive actuarial valuation was 30 September 2023. The average duration of the deflned benefSt obligatlon at the period ended 31 March 2024 is 14 years. Assumptions for future Inflatlon Ilnked pension increases (where applicable) are based on the approprlate headline inflation index, adjusted where necessary to reflect any caps and collars, bearing in mind the proxlmlty of the future inflatlon assumption to those caps and collars and the expected variability of future inflation increases. These assumptions are set out below in full. Note that these represent all possible assurnptiDns that could apply to scheme benef Its, and in practice not all of these assumptions will be used. The total cost relatlnq to deflned benefit schemes for the year recognlsed In proflt or loss as an expense was168,00012023- £164,000). The total cost relating to deflned benefit schemes for the year included In the cost of anasset was-12023- £-). Page 35
Perthyn Notes to the Flnanclal Statement8 for the Year Ended 31 March 2024 Reconciliation of scheme assets and liabilities to assets and liabilities recognlsed The atnounts recognised in the statement of financial position are as follows: 2024 2023 Fair value of scheme assets Present value of defined benefit obligation 3,177,000 3,271,000 (3,942,000] (4,008,000) Deflned benefit pension scheme deficit 1765,0001 1737,000) Defined beneflt obligatlon Changes In the defined beneflt obllgatlon are as follows: 2024 Present value at start of year Interest cost Aetuar5al galns and losses Benefits paid Present value at end of year 4,008,000 188,000 162,000 1416,000 3,942,000 Falr value of scheme assets Changes in the falr value of scheme assets are as follows: 2024 Fair value at start of year Interest income Employer contributions Benef its paid 3,271,000 148,000 174,000 1416,0001 Fair value at end of year 3,177.000 Analysls of assets The major categorles of scheme assets are as follows: Page 36
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2024 2024 2023 Global Equity Absolute Return Distressed Opportunlties Credit Relative Value Alternative risk Premia Emerging Markets Debt Risk sharing Insurance-Linked Securities 316,000 124,000 112,000 104.000 101,000 41,000 186,000 16,000 1,000,000 61,000 35,000 99,000 123.000 6,000 18.000 241,000 83.000 666,000 Return on scheme assets 2024 2023 Return on scheme assets 148,000 1,757,000 The pension scheme has not invested in any of the charity's own financial instruments or in properties or other assets used by the charity. Principal actuarial assumptions The principal actuarial assumptions at the statement of f inancial position date are as f ollows.. 2024 2023 Discount rate assumptlon InflationlRPI)assumption InflationlCPI)assumption Pensionable earnings increases assumptlons 4.90 3.15 2.78 3.78 75.00 75.00 4.87 3.19 2.75 3.75 75.00 75.00 Page 37
Perthyn Notes to tho Flnanclal Statements for the Year Ended 31 March 2024 Postretlrementmort8llty8ssumptlons 2024 Year8 21.00 23.00 22.00 24.00 2023 Years 21.00 23.00 22.00 25.00 Current UK pensioners at retirement age - male Current UK pensioners at retirement age- female Future UK pensloners at retlrement age- male Future UK pensioners at retirement age- female Page 38
Perthyn Notes to the Flnanclal Ststemont8 for the Year Ended 31 March 2024 18 Other long-tem employment and termlnatlon beneflts Penslon Trust's Growth Plan The GrDWth Plan is a multi-employer penslon Plan which is in most respects a money purchase arrangement but It has some guarantees. Contributions paid into the Growth Plan up to and including September 2001 were converted to defined amounts of penslon payable from Normal Retlrement Date. From October 2001 contributions were Invested in personal funds whlch have a Capital guarantee and whlch are converted to pension on retirement, either within the Growth Plan or by the purchase of an annuity. The Plan Is funded and Is not contracted out of the state scheme. The rules of the Growth Plan allow for the declaration of bonuses andl or Investment credlts Sf this Is wlthln the flnancial capaclty of the Plan assessed on a prudent basis. Bonuses l investment credits are not guaranteed and are declared at the discretion of the Plan's Trustee. The Trustee commisslons an actuarial valuation of the Growth Plan every 3 years. The main purpose of the valuation is to determlne the flnancial position of the Plan and so determine the future prospects for discretionary bonuses andl or Investment credits. The actuarial valuation assesses whether the Plan's assets at the valuation date are likely to be sufficient to pay the pension benefits accrued by members as at the valuation date. Asset values are calculated by reference to market levels. Accrued pension benefits are valued by dlscounting expected future benefit payments using a discount rate calculated by reference to the expected future Investment returns. Perthyn offers the Growth Plan as an AVC investment option for members of the Social Housing Pension Scheme The members pay contributions at a rate of their cholce, The Drganlsatlon does not pay any contrlbutlons to the Growth Plan. Paoe39
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Perthyn Notes to the Flnanclal Ststement8 for the Ye8r Ended 31 March 2024 20Analysl8 of net as8ets between funds Total fund9 at 31 March 2024 Unrestrlcted funds General Deslgnated Restrlcted funds Tangible flxed assets Current assets Current liabilities Provisions 459.068 1,456,663 (860,5001 1884,128) 137.392 768,526 596,460 2,596,282 1860,5001 1884,1281 371,093 Total net assets 171,103 905,918 371,093 1,448,114 Total funds at 31 March 2023 £ (A8 restated) 612,791 3,444,349 (968,3221 1812,0601 Unre8trlcted funds General D881qnated Re8trlcted fund8 Tanqlble flxed assets Current assets Current liabilities Provisions 471,399 1,982,037 (968,3221 1812,060 141,392 1,068,526 393,786 Total net assets 673,054 1,209,918 393,786 2,276,758 21 Analysls of net fund8 Flnanclnq At 31 March At l Aprll 2023 cash flows 2024 Cash at bank and in hand Current asset investments 1,818,333 360 326 (953,7481 6,556 864.585 366,882 Net debt 2,178,659 1947,1921 1,231,467 Page 44
Perthyn Notes to the Flnanclal Statements forthe Year Ended 31 March 2024 Flnanclng At 31 March At1 Aprll 2022 cash flows 2023 Cash at bank and in hand Current asset investments 1,536,736 374 331 281,597 114,005) 1,818,333 360,326 Net debt 1,911,067 267,592 2,178,659 Page 45