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 ACtivit￿S
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