Company registration number: 03017158 Charity registration number., 1046763 Perthyn (A company Ilmited by guarantee) Annual Report and Financlal Statements forthe Year Ended 31 March 2025 HSJ Audit Limlted Statutory Auditors Severn House Hazell Df ive Newport South Wales NPIO 8FY
Perthyn Contents Trustees, Annual Report Ito9 Independent Auditors, Report IOto14 Statement of Financial ACtivitS 15to16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Financial Statements 19to46
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 INTRODUCTION The Trustee5, who are also directors of the charity for the purposes of the Companies Act 2006, are pleased to present their annual report together with the financial statements of the charity for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the financial statements and comply with the charitvs Articles of Association, the Companies Act 2006 and Accounting 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} (effective 01 January 20191. OBJECTIVES AND ACTIVITIES Purpose.. Whywe do what we do Perthyn's primary activity is provldlng support to people with learning disabilities, autism and complex health and emotional support requirement5, to enable them to fulfil their maximum ind ividual potential and live full and valued lives in their communitie5. Vision.. What our future looks like when our goals are accomplished Perthyn's vision is for people with dlsabilitles and autlsm to have the rlght support to live lives filled with opportunities, self-determination and meanin8ful relationships, with a real sense of belonging in the community. Mission.. What we aim to do Perthyn's mission is to deliver the right amount of individualised support so everyone, regardless of their previous opportunities or the complexitie5 of their support, can live the life they choose, being visibly active and contributing in the community in line with our organisation's values. Values Resilience Empowerment Core Values Accomplishment Innovation Belongin9 Accountability Inclusivity
TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Strategy It is our intention to maintain our current position as a quality provider of individualised support so people can live the life they choose, being visibly active in the community regardless of the complexity of their support, whilst Erowing our offering and expanding to ensure our future viability and offer job security for our current and future workforce. Public Benefit statement Trustees review Perthyn's aims, objectives and activities each year. This review considers the outcomes and achievement5 of the previous twelve month5, focusing on key departmental activities and the de8ree to which specified and a8reed targets have been met. Trustees refer to the guidance contained in the Charity Commission'5 general guidance on public benefit when reviewing aims and objectives and in planning future activities. ACHIEVEMENT AND PERFORMANCE General Overview Perthyn was established In 1995 as a registered charlty and a company limlted by guarantee. We operate on a 'not-for-profit' basis, so invest all our funding in the provision of personal and individualised support to people with a learning disability, and the workforce that supports this. We are registered with both CQC (Care Quality Commission) and CIW (Care Inspectorate Wales) and work with a number of local authorities and health commissioners. We mainly support people via the Supported Living Model, but also provide bespoke community day opportunities and specialised residential / tran51tion 'step down. seryices for people with complex support requirements. Perthyn's skills and experience in plannin8 and delivering support for people with complex health needs, multiple disabilities, autism, personality disorder, behaviour that can challenge, or where previous community living arrangements have failed, means we can effectively support people who require a more intensive level of support to achieve positive outcomes and an improved quality of life within the community. We are now entering the second year of our 3-year strategic planning cycle {2024-20271 with increasingly more cornplex and diverse requirements requiring more ways to provide personalised support. This is also a time of political change with a new 'social care reform, seeking to deliver consistency, 5UStainabi lity and high-quality care, which is balanced with increasing financial pressures and shortfalls. Key Characteristics: 2024-25 2023-24 Number of people Supported (as at 31 March) 163 183 Number of staff {headcount as at 31 March) 487 492
TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Turnover £20,705,905 £22,031,367 Local Authorities we worked with during 2024-25: Notls Wales,. o Cardiff o Carmarthenshire o Pembrokeshire o Powys Swansea England: o Nottinghamshire Shropshire bs Operatlonal Performance Below are some of our key achievements made this year against our strate8ic aims,, The quality of Perthyn's support will be measurable and demonstrable to each person, their teams, families and commissioners. O Both the organisational risk and performance monitoring KPIS have been reviewed and defined, ensuring we have useful, accountable and empowerin8 information. / We continued to develop and implement the iplanit system, to inform and assist with support planning, Our workforce will have access to regular training and development, management support and their wellbeing will be of paramount importance. In return everyone will be expected to meet our high standard of performance and behaviours as outlined In our organisation's values and job descriptions. / Employee recognition award scheme launched. / Management Development Pro8ramme initiated. All experiences with Perthyn will meet the same consistently hi8h standards regardless of where you live or work. O Regional Scrutiny Committees established, to examine the risks and successes specific to the individualities of each region. The role of the Supported Living Manager was reviewed, the job description updated, and the working patterns aligned to improve clarity around the accountability of the role and to ensure the managers have the time and resources needed to support them. We will support people to do more both at home and in the community through good plannin& decision making, use of the Active Support Model, Trauma Informed Support and
TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Positive Risk Taking. O Short term active support interventions implemented. Revised Active Support Trainin8 We will maximise our use of digital and assistive technology and actively source further solutions to improve communication, enhance usability and functionality, rnodernise our approaches and enable us to work smarter. / IT setup and offering reviewed and roadmap developed Digital signatures introduced O Alternative rota management software implemented O Alternative software for managing HR and Payroll inforfflation identlfied and configuration works commenced O Cyber Essentials Plus accreditation maintained / New person-focussed QA audits established We will evidence financial stability through clear negotiated milestones, work within our agreed bud8ets, and invest our reserves wisely in creating growth, embracing innovation and seeking out added value. / Improved cashflow monitoring processes implemented O Corporate banking arrangements moved to Barclays O short.term investment funds re-invested to maximise return5 / Strategy developed for reducing reliance on reserves and reducing management char8e FINANCIAL REVIEW Financial Performance The overall surplus for the year ended 31 March 2025 was £19S,293 (2024: £828,643 deficit). The overall level of funds carried forward into 2025-26 amounts to £1,643,407 compared with the £1,448,114 brought into 2024-25. The cumulative unrestricted reserves increased to £1,235,562 {2024: £1,077,021). Note: l. Funds are restricted either on geographical grounds to recognise the funding from various local authority areas, or by the terms and conditions laid down by the donor. Although local authority funds are restricted, their expenditure remain5 in support of Perthyn's primary objectives. 2. The funding for the year was received from those local authorities with whom Perthyn has service agreements. In addition Perthyn received Supporting People 8rant fundin8 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 housing benefit and other contributions.
TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 3. The principal cost for the year continued to be the salaries and related costs of the staff that are necessarily employed to meet Perthyn's cor•tract obligations. Perthyn 3150 meets the cost of accommodation on behalf of the people being supported, including rent, housing associations, service charges and other housing management costs. 4. Perthyn continues to incur increased pension costs and actuarial losses as SHPS moves slowly towards financial stability, and also the annual graduated increases in the employer contribution5 of the 'Auto Enrolment, employee pension scheme. Investment Pollcy The investment policy the Trustees have adopted is designed to generate returns at low risk and is regularly reviewed by the Finance & Business Development Scrutiny Committee. Any income not used during the year is re-invested with the original capit31 sum. Any other investments relate only to surplus monies held from time to time, which are placed on short term deposit. Significant financial risk considerations The Executive Management Team have identified to the Trustees that the following financial risks are most in need of protective policies: l. The loss of servlce contracts and the resultant financial costs to Perthyn. 2. The cost of maintaining appropriate levels of support in the event of a reduction in the scope and/or value of any service contract. 3, The cost of ensuring that all properties, Including the Residential Care Home, are safe, appropriately compliant and at all times fit for purpose. 4. The SHPS Defined Benefit pension scheme and the impact of fluctuating valuations. To address these potential problems the Trustees have adopted the Reserves Policy outlined below. Reserves Pollcv Analysis of risk to Perthyn's contracted operations and moral obligations to those we support has recognised the need to hold reserves in respect of eventualities which may include, inter alia, the following,, l. To ensure that if the funding levels for support are significantly reduced then appropriate levels of support still be provided whilst an appropriate exit strategy is negotiated with the relevant funder. 2. To make provision for other potential liabilities as a result of contracts being terminated, reduced or withdrawn. 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.
TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Perthyn is subject to periodic contract retendering in all areas, which could result in the loss or reduction of a contract. Any such event would trigger pre-prepared action plans to minimise the impact on Perthyn's operations and financial 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 review Perthyn's reserves policy to ensure it protects against the identified risks. Future Plans Perthyn operates in a constantly changing environment and need5 to respond to legislative and regulatory chan8es, commi55ioning developments, cost pressures, and tender opportunities. Trustees meet regularly with the Executive Management Team to consider and agree how the organisation should respond and evolve. Peithyn considers tendering opportunities as they arise, taking into account our capacity and re50urce5, weighing this up with the aims and requirements of the tender specifications, alon8 With how they fit with our values and ethos. The 3 year Strategic Plan sets out Perthyn's overarching aims and objectives.
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and Governing Document Perthyn is a company limited by guarantee and not having a share capital, registered in England and Wales {company registration number 030171581, and is governed by its Memorandum and Articles of Association. Perthyn is also registered with the Charity Commission {charity registration number 1046763). The Trustees are also directors of the Charitable company. Recruitment, appointment and training of new Trustees New Trustees, who are appointed by existing Trustees, are provided with an induction pack (including relevant guidance on Trustee roles and re5ponsibilitie51, an induction programme, and any additional training that might be required. This process is under regular review. Organlsationa I Structu re The Board of Trustees meets five times each year and Trustees are responsible for formulating policies and procedures, for setting strategic direction, and for ensuring appropriate levels of internal control. The day to day running of Perthyn is the responsibility of the Chief Executive Officer and the Executive Management Team who report to Trustees at regular 8oard and Scrutiny Committee meetings. Sub-committee / worklng group structure A committee structure is in place to asslst and strengthen the Trustees, oversight of activlties. The sub-committee structure aligns with activity and project groupings, strategic conversations and Head of Department areas of responsibility. The committees and meeting frequencies are as follows: Finance & Buslness Development Scrutiny Committee (4-5 meetings annually) Workforce Scrutiny Committee (quarterly meetin8s) Systems & Processes Scrutiny Committee (quarterly meetings) Supportin8 People Scrutiny Committee {quarterly meetings) Annual Governance Day The Chair of the Board of Trustees also meets monthly with the Chief Executive Officer, The Auditors have direct and confidential acces5 to the Chair of the Board of Trustees should they so require. Employment Pollcles Employment of disabled persons It is the policy that disabled persons shall be considered for employment, career development and promotion on the basis of their aptitude and abilities in common with all employee5.
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name Perthyn Charity Number 1046763 Company Number 03017158 (England and Wales) Registered Address Vivian Court Llys Felin Newydd Phoenix Way Swa nsea SA7 9FG Trustees Colin Downham {Chair) Andrew Thoma5 Bernice Brown Anne Dunbar Company Secretary Beth Radford Senior Management Beth Radford (Chief Executive Officer) Kat An8ell (Executlve Director, Finance & Business Development) Erika Gostelow (Executive Director, Support & Inclusion) Gareth Matthews (Executive Director, Development & Compliance) lan Higgins (Head of Support & Inclusion, En8land) Emma Rees (Head of Support & Inclusion, Wales) Choi Tang (Head of Finance) lan Du88an (Head of Human Resources) Gary Darch {Head of Recruitment, Learning & Development) Hayley Thomson (Head of Health, Safety & Quality Assurance) Simon Hardwicke (Head of P8S Services) Andy Johnson (Director of ICT) - resigned 30th November 2024 HSJ Audit Limited Severn House, Hazell Drive, Newport, NPIO 8FY Auditors Bankers Barclays Bank PIC 5 Calla8han Square. Cardiff, CFIO 5BT Solicitors Geldard's LLP Dumfries House, Dumfries Place, Cardiff, CFIO 3ZF
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of Perthyn for the purposes of company law) are responsible for preparing their Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statefflents, the Trustees are required to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charity SORP make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping 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 financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which 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 directors, on 26 November 2025 and si8ned on the board's behalf by: Signed.. Dated: 2k/, I Colin Downham (Chair)
Perthyn Independent Audltor's Report to the Member5 of Perthyn Opinion We have audited the h'nancial statements of Perthyn (the 'charity'l for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes lo the Financial Statements, including a summary of significant accounting policles. The financial reporting framework that has been applled In their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its Incomln8 resources and application of resources, including its income and expenditure, for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practlce; and have been prepared In accordance with the requirements of the Companies Act 2006. 8asl$ for oplnlon We condurted our aud6t In accordance wlth Internatlonal Standards on Auditing IUKI {ISA5 {UK)l and applicable law, Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of ou r report, We are Independent of the charity in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon, io
Perthyn Independent Auditor's Report to the Members of Perthyn Conclusions relating to going concern In auditing the financial statements, we have concluded that the tf Ustees use of the going concern basls of accountln8 In the preparatlon of the financial slatements is appropriate. Based on the work we have performed, we have not identifled any materlal uncertainties relating to events or condltlons that, Indlvldually or collectively, may cast Sl8nificant doubt on the charity's ability to continue as a going concern f or a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going Concern are described in the relevant sections of ihis report. Other Informatlon The trustees are responsible for the olher Informatlon. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinlon on the financial statements does not cover the other information and, except to the extent otherwise expllcitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are required to determine whether there is a materlal misstatement in the financial statements or a material misstatemenl of the other information. If, based on the work we have performed, we conclude that there Is a materlal misstatement of this other information, we are required to report that fact. We have nothin8 to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the for the f inancial year for which the financial statements are prepared is conslstent with the f Inanclal statements; and the ha5 been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception 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 We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: li
Perthyn Independent Auditor'5 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 visited by us; or the financial statements are not in agreement with the accounting records and returns,. or • certain disclosures of trustees remuneration specified by law are not made,. or • we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the (set oul on page I, the trustees are responsible for the preparation of the f Inanclal slatements and for belng satlsfied that they give a true and fair vlew, and for such Internal control as the trustees determine is nece55ary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessin8 the charity's ability to continue as a going concern. disclosing. as applicable, mattels related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilqu idate the charlty or to cease operations, or have no realistic alternative but to do so. Auditor responslbllltles forthe audlt of the Ilnanclal statements Our objectives are to obtain reasonable assurance about whether the flnanclal statements as a whole are free from material misslatement, whether due to fraud or error, and to issue an audltorfs report that includes our oplnion, Reasonable assurance Is a high level of assurance, but is not a Euarantee that an audit conducted in accordance with ISAS (UK} will always detect a material mlsstatement when It exists. Mlsstaternents can arise from fraud or error and are considered material if, individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these f inancial statements. The extent to which our procedures are capable of detecting irfegu larities, Including fraud is detailed below: 12
Perthyn Independent Audltor's Reportto the 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 audit team including relevant industry experlence and expectations as well as externally with the client mana8ement. The key laws and regulations we considered In this context were the UK Companies A 2006, Charities Act 2011 and relevant tax legislation. Once identified, we assess the risks of material misslatements In relation to the laws and reEulations, irregularlties, including fraud and adjust our testing accordingly. Our audit procedures include-. Discussing with Trustees and managemenl which areas of the business they belleve to be more susceptible lo fraud. and whether they have any knowledge or suspicion of fraudulent actlvlties; Obtaining an understandlng of ihe key controls put in place by the group to addre55 risks Identified, assesslng the effectiveness of those and discussing how these are maintained and monitored internallyi Assessing the risk of mana8ement overrlde and review and testing of journal entries made into the accountln8 System. Challenglng assumptlons and ludgements made by the group in relation to the significant accountin8 estimates employed in the preparation of the f inancial statements,. Discussions with Trustees and management the le8al and re8ulatory obligations of the business and whether they have any knowledge or susplclon of non compliance. Desplte the audit belng planned and conducted In accordance with ISAS IUKI there remains an unavoidable risk that material mi55tatemenls in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentatlon, or the override of internal control5. 13
Perthyn Independent Auditor's Report to the Members of Perthyn Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our avdit work has been undertaken so that we might state to the charity's trustees those malters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted 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 thls report, or for the opinions we have formed. Mr Andrew Plill FCCA ACA DChA 8FP (Senior Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Auditor Severn House Hazell Orive Newport South Wale5 NPIO 8FY 28 November 2025 14
Perthyn Statement of Flnancial ktlvitles for the Year Ended 31 March 2025 (Includin8 Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Unrestrlcted Restricted funds funds Total 2025 Note Income and Endowments from: Charitable activities Investment income 3,334,423 17,354,964 20,689,387 Total Income 17 20 705 905 Expenditure on: Charitable activities 3 441400 20 759 612 Total expenditure 20 759 612 Nel (expenditurellincome Other reco8nlsed 8aln$ and losses Actuarial gains on defined benefit pension schemes 190,4591 36,752 (53,7071 Net movement in fvnds 158,541 36,752 19S,293 Reconclllatlon of lunds Total funds brought forward 1077 021 371093 1448 114 Is
Perthyn Statement of Financial Activities for the Year Ended 31 March 2025 (Includin8 Income and Expendlture Account and Statement of Total Recognised Gains and Losses) Unrestricted Restrlrted funds funds Total 2024 Note Income and Endowments from: Charitable activities Investrnent incorne 4,193,159 17,826,096 22,019,255 Total income 420527 17 826 096 22 031367 Expendlture on: Charitable activities 4 999 437 17 832 573 22 832 010 Total expenditure 4 999 437 17 832 573 22 832 010 Net expenditure Transfers between funds 1794,1661 16,216 16,4771 116,216) {800,643) Other reeognised gains and losses Actuarial gains on defined beneflt pension schemes Net movement fund5 1805,950} {22,693) 1828,6431 Reconclllatlon ol funds Total funds brought forward 1882 971 2 276 757 Total funds carrled forward All of the charity's activities derive from continuin8 operations durin8 the above two periods. The funds breakdown for 2024 is shown in note 19. 16
Perthyn {Re8lstration number: 03017158) Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Tangible assets li 615,141 596.460 Current assets Debtors 12 1,442,921 382,430 737 S03 1,359,259 372,438 Investments Cash at bank and in hand 13 2,562,854 2,596,282 Creditors: Amounts fallin8 due within one year 14 927 468 Net current asset5 635 386 173578 Total asset$ less current liabllltles 2,250,527 2,332,242 Provlslon$ Net a55etS Funds of the charity: Restricted income fund5 Restricted funds 407,845 371,093 Unrestricted income funds Unrestricted funds Revaluation reserve 1,109,170 126 392 935,629 141392 Total unreslricted funds 1235 562 107702 Totsl funds The financial statements on pages 6 to 37 were approved by the trustees, and authorised for issue on 26 November 2025 and si8ned on their behalf by.. Trustee 17
Perthyn Statement of Cash Flows for the Year Ended 31 Marth 2025 2025 2024 Note Ca$h flows from operatln8 actlvltles Net cash income/{expenditurel 195,293 1828,6431 Adjustments to cash flows from non.cash Items Depreciation Investment income Financial instrument net (gains) losses through statement of financial activities 18,381 116.518) 16,331 112,1121 249 000 151,8441 1796,4241 Workin8 capital adjustments Increase in debtors Increase/ldecreasel in creditors IDecreasel/increase in provisions IDecrease}/increase in deferred income 12 183,6621 80,552 128,0081 (93,5691 1122,9681 44,068 14 16 Net cash flows from operatln8 actlvltles Cash flows from Investln8 actlvltles Interest receivable and similar income Purchase of tangible fixed assets Sale of tan8ible f ixed assets 106 538 16,518 (39,9321 12,112 li Net cash flows from investing activities Net decrease In cash and cash equlvalents 1127,0821 {953,7481 Cash and cash equivalents at l April 864 585 1818 333 Cash and cash equivalents at 31 March All of the cash flows are derived from continuing operations during the above two periods. 18
Perthyn Notes to the Financlal Statements for the Year Ended 31 March 2025 I Charlty $tatu$ The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is Ilable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The addf ess of its re8lStered office is.. Vivian Court Llys Felin Newydd Pheonix Wav Swansea SA7 9FG These flnancial statements were authorised for issue by the trustees on 26 November 2025. 2 kcountlng pollcles Summary of $18n•ficant accountin8 policies and key accountln8 estlmates The principal accounting policiès applled in the preparatlon of these flnanclal statements are set out below. These policles have been conslstently applled to all the years presented, unless othenvise stated. Statement of compllance The financial statements have been prepared in accordance with AccountSng and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their account5 in accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland (FRS 10211 (issued in October 20191- (Charities SORP IFRS 10211, the Flnancial Reportin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021 and the Companies Act 2006. Basi5 of preparation Perthyn meets the definition of a public benef It entSty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Goln8 concem The trustee5 consider that there are no material u ncertainties about the charity's ability to continue as 3 going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. 19
Perthyn Notes to the Financial statements for the Year Ended 31 March 2025 Income and endowments Deferred income Deferred income represent5 amounts received for future period5 and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used In future accountin8 periods; or . The donor has imposed conditlons whlch must be met before the charlty has unconditional entitlement. Investment Income Dividends are recognlsed once the dividend has been declared and notification has been received of the dlvidend due. Charltable artlvltle5 All incoming resources are included In the statement of flnanclal actlvlties when the charlty Is entitled to the Income and the amount can be quantlfied wlth reasonable accuracy. The followlng speciflc policies are applied to partlcular cateEorles of Income. Housin8 benefit clalmed on behalf of all service users is accounted for on a receivable basis, Grants and service level a8reement5 to support the provlslon of care are accounted for in the financial year to which they relate. Grants received to f inance the cost of fixed asset are recognised as reslricted 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 eligible carers, to reward the hard work and commitment of social care staff who have provided essential care to the most vulnerable cltizens during the COVID-19 pandemic {20231. Income from charitable activities includes income reco8nised as earned {as the related goods or services are provided) under contract, Expenditure Liabilities are recognised as 500n as there 15 a legal or constructive obligation committin8 the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the cate80ry. 20
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Charitoble artlvltles Charitable expenditure comprises those costs incu rred by the charity in the delivery of its activities and servlces for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to aclivity cost categories on a basis consistent with the use of resources, for example, allocating property costs bv floor areas. or per capita. staff costs by the time spent and other costs by their usage. Governance costs Governance costs include costs of the preparation and examinatlon of the statutory accounts, the cosls of trustee meetin8S and the cost of any legal advice to trustees on 80vernance or constitutional matters. Taxatlon The charity Is consldered to pass the tests set out in Paragraph I Schedule 6 of the Flnance 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 respecl of income or capital gains received wlthln cate8ories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purposes. Tangible fixed assets Individual f Ixed assets costing £1,500.00 or more are initially recorded at cost. Depredatlon and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated resldual value, over their expected useful economic life as foll0th. Asset class Motor vehicles Fixtures & fittings Freehold buildings Freehold land Depreclatlon method and rate 25% straight line basis 15% straight line basis 2% straight line basis 21
Perthyn Notes to the Financial statements for the Year Ended 31 March 2025 Current asset Investments Current asset investments are included at the lower of cost and net realisable value / market value. Trade debtors Trade debtors are amount5 due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are reco8nised initially at the transaction price. They are subsequently measured at amortised cost using the effective Interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collecl all amounts due accordin8 to the original terms of the recelvables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposlts, and other short-term highly liquid investments that are readily convertlble to a known amount of cash and are subject to an inslgnlflcant rlsk of change In value. Trade creditors Trade creditors are obligations to pay for goods or servlces that have been acqu Ired in the ordinary course of business from suppllers. Accounts payable are classified as current liabilities If the charity does not have an unconditional rlght, at the end of the reporting perlod, to defer settlement of the credilor 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 In itially at the transaction price and Subsequently measured at amortised cost using the effective interest method. Provislons Provisions are recognlsed when the charity has an obligation at the reportin8 date a5 result of a past event, it is probable that the charity will be requ ired to settle that obligation and a reliable estimate can be rnade of the amount of the obligation. 22
Perthyn Notes to the Financial Statements for the Year Ended 31 March 2025 Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Deslgnated funds are unrestricted f u nds set aside for specific pu rposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for speclflc pu rposes, the use of which is restricted to that area or purpose. Penslons and other post retlrement obll8atlons The Charity participates In the Social Housing Pension Scheme {SHPS}. This is a defined beneflt scheme for which the assets and Ilabilities are calculated by an independent qualified actuary. Contributions towards the current cost of the scheme as well as towards the past seriice deficit are recorded through the year. At the year end an Actuarial assessment is conducted and the impact of any gains or losses recorded in the financial staternents. 3 Income from charltable artlvltles Unrestrlcted funds General Restrlcted funds Total 2025 Total 2024 Care Services Unrestricted funds General ftestricted funds Total 2025 Total 2024 Housing Benefll Serlice User Recharge Care Funding Fees Repairs, renewals & internal decoratlons Care contributlon Tralning and other income Carer allowance 1,134,460 32.820 1,614,472 119,335 1,253,795 32,820 18,850,101 1,246,157 21,219 20,293,920 17,235,629 112.712 91,616 73,923 274 419 112,712 91,616 73,923 274 419 81,870 90,002 32,475 253 612 23
Perthyn Notes to the Financial Statements for the Year Ended 31 Marth 2025 4 Investment Income Unrestrlcted funds General Total 2025 Total 2024 Interest receivable and similar income; Interest receivable on bank deposits 24
) v o o) th Cn Ln ill Ew p
.11 -11
Perthyn Notes to the Financial Statements forthe Year Ended 31 March 2025 7 Net Incomlngloutgolng re50urce5 Net outgoing resources for the year include: 2025 2024 Operating leases - other assets Audit fees Other non-audit seplices Depreciation of fixed assets 210,372 9,100 2,000 242,086 9,100 8 Trustees remuneration and expenses During the year the charity made the following transèctions with trustees: Trustee expenses totallln8 £76812023: £1,567) were re-lmbursed during the year. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year, 9 Staff costs The a88regate payroll cost5 were as follows: 2025 2024 Staff costs durin8 the year were: Wages and salaries Social security cost5 Pension cost5 15,740.875 1,469,520 397 128 16,800.729 1.517.654 656 271 28
Perthyn Notes to the Financial Statements for the Year Ended 31 March 2025 The monthly average number of persons lincluding senior management / leadership team) employed by the charity durin8 the year expressed as full time equivalents was as follows: 202S 2024 No Operational Offlce 505 50 605 62 The number of employees whose emoluments fell within the following bands was: 2025 No 2024 No £60,001- £70,OCK) £70,001- £80,000 £80,001- £90,000 £ioo,ooi- £iio,000 The total employee benefits of the key management personnel of the charity were £779,038 12024- £838,539). 29
Perthyn Notes to the Flnancial Statements for the Year Ended 31 March 2025 10 Taxation The charity is a re8lStered charity and is therefore exempt from taxation. IITanglble fixed assets Furnlture and equlpment Land and building5 Motor vehicle5 Total Cost At l April 2024 Additions Disposals 750,0 14,295 2,870 25,637 13,800 766.670 39,932 At 31 March 2025 789 932 Depreclatlon At l April 2024 Charge for the year Eliminated on disposals 154,633 15,144 1,777 3,237 13,800 170,210 18,381 13 At 31 March 2025 169 777 174 791 Net book value At 31 March 2025 At 31 March 2024
Perthyn Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Revaluatlon The fair value of the company's Buildings was revalued on S November 2015 by Lambert Smilh Hamptin Chartered Building Surveyors, an independent valuer. This valuation was based upon open market value which Is deemed to be not materially different from existing use basis. Had this class of asset been measured on a historical cost basis. their carrying amount would have been £385,000 {2024 - £396,000). IZ Debtors 2025 2024 Trade debtors 1,173,505 162,575 106 841 1,203,150 155,354 755 Prepayments Accrued income 13 Cash and cash equivalents 2025 2024 Cash on hand Cash at bank 276 737 227 386 864 199 14 Credltors: amounts falllng due wlthin one year 2025 2024 Trade creditors Other taxatlon and soclal security other creditors Accruals Deferred income 130,612 313,394 112.800 366,588 194,071 348,077 161.793 128,909 31
Perthyn Notes to the Flnancial Statements for the Year Ended 31 March 2025 2025 2024 Deferred income at l April 2024 Resources deferred in the period Amounts released from pievious periods 27.650 4,074 24,617 27,650 Deferred income at year end 32
Perthyn Notes to the Financial Statements for the Year Ended 31 March 2025 15 Obllgatlons under leases and hire purchase contracts Operatlng lease commltments Total future minimum lease payments under non-cancellable operating leases are as follow5: 2025 2024 Land and bulldlngs Within one year Between one and flve years 103,475 225 445 109,333 309 850 16 Provlslons Pension ¢ontrlbutlons Property & provlslon IT Provision Total At l April 2024 Credited to the statement of reco8nised gains and losses Decrease due lo passage of time and change In discount rate 1765,0001 1119,1281 1884,1281 28,008 28,008 At 31 March 2025 17 Penslon and other schemes Defined contributlon pension scheme The charity operate5 a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £397,128 (2024- £503,447). 33
Perthyn Notes to the Financial Statements for the Year Ended 31 March 2025 Defined benefit pension schemes Soclal Housln8 Penslon Scheme The Scheme is funded and is contracted-out of the State Pension scheme. SHPS is a multi-employer defined benefit scheme. Employer participation in the Scheme is subject to adherence with the employef responsibilities and obligations as set out in the 'SHPS House Pollcles and Rules Employer Guide,. An employer can elect to operate different beneflt structures for their active members and thelr new entrants. An employef can only operate one open defined benefit structure at any one time. An open beneflt structure is one which new entrants are able to join. Perthyn currently operates final salary with a 1160th accrual rate, final salary with a 1170th accrual rate and final salary wlth a 1/80th accrual rate benefit structuie for active members. The Trustee commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation Is to determlne the financial position of the Scheme In order to determine the level of future contributions required, in respect of each benefil structure, so that the Scherne can meet it5 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 payin8 no less than 50% of the total contribution late. From I April 2010 the requirement for employers to pay at least 50% of the total contrlbutlon rate no lon8er applies. The actuarial valuallon assesses whether the scheme's assets at the valuatlon date are likely to be suff icient to pay the penslon benefits accrued by member5 a5 at the valuation date. Asset values are calculated by refeience to market levels. Accrved pension benefits are valued by discounting expected future benefit payments uslng a discount rate calculated by reference to the expected future investment returns.
Perthyn Notes to the Financial Statements for the Year Ended 31 March 2025 The date of ihe most recent cornprehensive actuarial valuation wa5 30 September 2023, The average duration of the defined benefit obligation at the period ended 31 March 2024 is 14 years. Assumptions for futu re inflatlon linked pension increases {where applicable) are based on the appropriate headline inflation index, adjusted where necessary to feflect any caps and collars, bearing in mind the proximily of the future inflation assumpiion to those caps and collars and the expected varlability of fulure inf lation increases. These assumptions are set out below In full. Note that these represent all possible assumptions that could apply to scheme benefits, and in practice not all of these assumptions will be used. The total cost relating to defined benefit schemes for the year reco8ni5ed in profit or loss as an expense was 173,51812024 - £168,000), The total cost relating to defined benefit schemes for the year included In the cost of an asset was- (2024 - £-1, 35
Perthyn Notes to the Financlal Statements for the Year Ended 31 March 2025 Reconciliation of scheme assets and liabilities to assets ond Ilabllltle5 recognlsed The amounts recognised in the statement of financial position are as follows: 202S 2024 Fair value of scheme assets 3,084,000 3,177.000 Present value of deflned benefit obligation Defined benefit penslon scheme deficit Defined benefit obligatlon Changes In the def ined benefit obligation are as follows.. 2025 Present value at start of year Past service cost 3,942,000 5,000 190,0(KI 1405,0001 132 000 Interest cost Actuarial gains and losses Benef its paid Present value at end of year Falr value of scheme ossets Changes In the falr value of scheme assets are as follows: 2025 Fair value at start of year Interest Income Return on plan assets, excluding amounts included in interest Incomellexpensel Employer contributions Contributions by scheme participants 3,177,000 157,000 (302,0001 184.000 Fairvalue at end of year 36
Perthyn Notes to the Flnancial Statement5 for the Year Ended 31 March 2025 Analy515 of a55ets The major categories of scheme assets are as follows: 2025 2024 Global Equity Absolute Return 345,000 316,000 124,(X)O 112,lYJO 104,(KlO ioi,000 Distressed Opportunities Credit Relative Value Alternative Risk Premia Liquid Alternatives Emerging Markets Debt Risk Sharing Insurance-Linked Securitles 572,000 41,000 186,000 16,000 io,iy)o 154,000 Property Infrastructure 128,000 321,000 3,000 1,000 3,000 369,000 Private Equilv Real Assets Private Debt I25,0 124,000 Opportunistic Illiquid Credit Private Credit 377,000 118,000 95,000 42,000 1,000 51,0(M) Credit Investment Grade Credit Cash 63.000 Long Lease Property Secure Income 21,(K)O 95,0 Liability Drlven Investment Currency Hedging Net Current Assets 934,OCM) 1,293,000 11,0001 5,OCA) 7.000 Total assets 3,084,000 3,177.000 Return on scheme ossets 37
Perthyn Notes to the Financlal Statements for the Year Ended 31 March 2025 2025 2024 Return on scheme assets 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. Princlpol ortuarlal 055umptlons The principal actuarial assumptions at the statement of financial position date are as follows.. 2025 2024 Discount rate 5.85 3.09 4.90 3,15 2.78 3.78 Inflation IRPII Inflation ICPII Salary growth Allowance for cornmutation of pension forcash at retirement (maximum allowance) Post retlrement mortallty assumptions 2.79 3.79 2025 2024 Years Years Current UK pensioners at retirement age - male Current UK pensioners at retlrement age- female Future UK pensioners at retirement age - male Future UK pensioners at retirement age - female 21.00 23.00 22.00 21.00 23.00 22.00 24.00
Perthyn Notes to the Financlal Statements for the Year Ended 31 March 2025 18 Other lon8-term employment and termination benefits Penslon Trust'5 Growth Plan The Growth 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 pension payable from Normal Retirement Date. From October 2001 contrlbutions were invested in personal funds which have a Capital guarantee and which are converted to pension on retirement, elther wlthin 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 credits if this is within the financial capacity of the Plan assessed on a prudent basis. Bonuses / Investment credits are not guaranteed and are declared al the discretion of the Plan's Trustee. The Trustee commlsslons an actuarial valuation of the Growth Plan every 3 years. The maln purpose of the valuation is to determine the f inancial positlon 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 dale 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 discountin8 expected future benefit payments using a discount rate calculated by reference lo 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 choice. The or8anisation does not pay any contributions to the Growth Plan. 39