REGISTERED COMPANY NULIIBER: 03343059 (England and Wall￿) REGISTERED CIL4JUTY NUMBER: 1063289 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR P.EMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES Xeinadin Audit Limited Statutory Auditors and Chartered Accountants 24 Lanllnas Street Carniarthen Cannarthenshire SA313AL PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES coiYrEiYfs OF THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Detsits Report of the Trustees 2 to 16 Report of the Independent Auditor5 17 to 20 Statement of FinanciAI Ac¢ivities 21 BAIAnce Sheet Cash filow Ststement 23 Notes to the Cash Flow Statement 24 Notos to the FlnAnclal Siatements 25 10 44 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES C Carter (resigned 24.10.23) H D Murray B A Priest (resi￿ed 9.2.24) S Whitbread (resigned 19.2.24) C Crichton A E Sanbster C F Incledon J D M Tucker N D O'connor (appointed 24.10,23) (resigned 19.8.24) L l Hamilton {appointed 19.8.24) H V M¢Leod-Baikie (appointed 20.8.24) COMPANY SECRETARY J C Bickerton RLGIS'I'ERLD OFFICE 3&38 Iligh Street Havcrfordwest Pembrokeshire SA612DA REC.ISTERED COMPANY NUMBFR 03.143059 (Engl&nd and Wales) KEGISTERED CHAIU'I'Y NUMBER 1063289 AUDITORS Xeinadin Audit Limtted Stdtutory Audilors and ChartcrLd Accountants 24 Lammas st￿et CarniarthLn Camiarthenshire SAI13AL BANKE]LS Unity Bank Unity Trust Bank pl Four Brindleyplace Brimingham IJI 2JB SOLicrroRS Hains & Lewi5 Penftynnon Hawthorn RISL Haverfordwest Pembrokeshire SA612BQ Page I PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also direclors of the charity for ihe purposes of the Companies Act 2006, present their report with the financial slatLxncnts of thc charity for Ihe year ended 31 March 2024. 'Ibe trustees have adopled the provisions of Accounting and Rewrting by Charities: Statement of Recommended Practicc applicable to charities preparing iheir aL'counts in accordance with the Financial R¢pvrtithg Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Whgt does PAVS do. Pembrokeshirc Association of Voluntary Service has hcart for the comrnunity in Pembrokeshire. We have a strong reputation for working with the vibrant ￿mmunity and voluntary sector across thc County, deliveriTJ¥ Vital setvices and support to ihose in need. We encourage and support volunteers, we calalyse community action through grant fundin we cngage on policies and initiatives with local and national govemmenL the health board and businesses, produce solutions to social Care issues at a Community level an Lxciting shift away from the traditional model of care. Support h&s been provided to a small family run care home to explore the FK)lential ￿ conversion io a Community Ben¢fit Sv¢i¢ly generating signifiGqnt interest at national level. DementiA Supportive Communities Page 7 PEIKBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED IYUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ThtDugh funding for a Speci￿1St role, we have worked with local p￿pIe, communities and organisations to develop dementia fiiendly activities and communities across thL County. Over the year, 24 organisations have pledged lo become dementia fri¢Ddly and a network of 49 dementia supportive groups been set up offering at least 6 activities each week. PAVS alsi) helped to bring a new day 5crvice into Pembrokeshire focused on supporting p￿pIe with Young Onset D¢mentia- w-produced with people living with dementia and their carths. Connected Communities.. Sin¢¢ its launch in 2022. PAVS has managed The Pembrokeshire Communlty Hub on behalf of a multi-purpose and CTOSS-5C¢tor partnership. It has gone from streT]gth to strength and has be¢ome an e8tablished place a 'onc slop shop, for infomiation and support. Over thc last year, the Hub has provided support to Ukrainian re￿geeS and has enablcd access to a wide range of services designed lo help people fa¢ing financial hardship ag a rLsuIt of thc cost of living crisis. The Hub has handled over 3000 enquiries spanning fo0￿rinanCe, community activitieslsocial connections. benefi18, debt advice, care and support as well &s digital conncGt ivity. Importantly, there are strong connedions between the Work of the Hub and the wider work of PAVS, be il through distributing grants, building capacity in funding and fundraisin& TcLruiting volunteers. providing digita] suptK)rL supwrting community buildings. devcloping social ent¢ryJrises. providing direct help for individuals and signposting to extra support and gienerally contribuling to the dev¢lopment and delivery of COVLD recovery and tackling povety plans led by multi..agency aJ)d cross 8ector partn¢r8hips, 11)ere is potential for the Hub's role to extend to handling sorne adult S￿la1 care enquiries on behalf of Pembrokeshire County Council over the next ￿pOrting period. As part of the Pembrokeshire Prcvcntions Strategy, the tcam of 6 Communlty Connectors play a key rvle in delivering active. resourceful. cvnnected, sustainable and kind communities. The C.onncLtor team each cover one of the six Integrats.d Community Network are&s and link up with CYP pracliccs across the c.ounty to dcliver social prescriptions. They are equipped and trained to work on a one-to-onc basis with people referrcd lo them via GPS, social workers or other agcnvics, having a "what matters, conversalion and making onward connections to appropriate activitie5, WUPS and services within thcir LOTnmunity. DuTing the last year, over l 000 re[e￿al5 were received, with more than 400 honic visits made to help individuals create Iheir wellbeing plan leading to 700+ connections rnade to appropriatL' community activities, biroups and services. Ncarly 500 people were supw)rt¢d ta refer to other serviceq to provide support with b¢friending, income m&ximizalion, energy advicc etc. Thc Connctytor team have undertaken more Ihan 750 outredch ¢v¢nts to promote their work and to idLnlify local aclivities, assets w)d volunteer opportunities. A5 Part of the C.onne¢t IT programme that supports p¢ople to connL*Lt digitally, 87 individuals have been given assistsnce and 80 tablets havc been loaned. Busines8.$e￿iCeS The PAVS B￿8InesS Scrvices leam provide financial, Illl health aT]d safety, IT, governanc¢. premi5¢5 and administralive support, with spccialist HR and IT siipport being commissioned from extLmal providers. During the year under review, PAV8 has transitioned from Sage Line 50 account5 to the Xero cloud-based aGcounting system. The Trustcc with sp￿la1 Responsibility (TSR) for Finance &8sisted th¢ Business Services team with the tr￿sitiOn to the new system on Isl April 2024. PAVS h&8 an office b&se on thc Higb Street in Haverfordwest. The tiilly acccssible ground floor houses the PembrokeshirL' Community Hub. offices and meeting rooms used by Cili£ens Advice Pcmbrokeshire, together with flexible hL)t desk spaLe, a reception are4 and a meeting room that Can be ￿cd by third sector organisations. During the year, four third sector organisations were co-locaied with PAVS Citizens Advice Pembrokesbire, Advocacy West Wales. Volunteering Matters, 8nd The Wallieh vlith i)thers making regular of the ground floor meeting room. PAVS continues to work with partnors around place-based modcls of working acros5 six localities in Pernbrokeshire. Thc Ic&se on the PAVS building expires in just over 3 years, time and thcre is interest ID looking at the potential to create shared spac¢s across the County, as wcll as mainiaining a presence in the County town of IIaverfordwcst. The Board is fully aware of the siluation and has identified the need to work with key stakeholders and partners to develop an accommodation strategy in 2024-25. Page 8 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 PAVS remains wmmitted to w0￿1ng in an equitable and inclusive manner with all stskeholders. groups, communities. Staff have been offerLd accessibility awareness and basic EDI training. Work is ongoing to update PDlicies and enhance wurkforce development in this area. PAVS is a dementia fiiendly organisation and teams have a¢hieved Investors in Carers awards for their work The PAVS Business Services tcam ensure that health and safcty TequiremenL8 are adhered to and that Stand￿dS required under the Green Dragon Environmental Management Scheme are maintained. Systems are in place to support remote wod(in& and during the year PAVS staff have wntinued to WO￿ on a hybrid ba8is. in the office, in the community, and at home. Monthly in-person staff development sessions took place during the year under review as a way of maintaining a wholc team ethos and approach acros5 the Association. Tarbvctcd mailings and erbullelin5 have been sent out lo special intercst networks throughout thc ycar. Social Media platfonns, such as Facebook and Twiller, Padlets and the Community Hub websile (lomierly the Connect Pembrokeshire platfonn} were also uscd to promote PAVS wo￿, disseminate inforniation, and maintain ￿nts¢t with groups. voluntccfs, partners, funders, etc. Funding for the Business Serviccs leam primarily comes from core funding provided by Wclsh Govemment and Pembrokeshire CA)unty Council together with unrestricted Income earned through project management, membership, and fundhold¢r work. FINANCIAL REVIEW Finllncigl posI￿on Total funding received has de¢reased by £338.220 or 15.50/0. Resources expended during Ihc year (prior ￿ the inclusion of defined pension benefil Losts) have decreased by £764.334 or 28.20/0. Total r&sources expended duringy the year wcre £1,941,811 a decrease when compared lo the previous year. There is no defincd boncfi¢ pension scheme charge included this year, last year there wa% a cost of £68,000. The SOFA shows a decre&se of £13,343 on unrestricted reserves during the year after transfers. Unr¢stricled fvnds as at 31 March 2024 were £422,422. Paoe 9 PEMBROKESHIRE ASSOCIATION OF VOLUNfARY SERVICES (REGISTERED IYUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves policy The Reserves Policy was reviewed and agreed by the Board in March 2023. The policy provides a framework for a proactive and dynamic approach to building and utilising reserves in order to achieve the Association's strategic objectivLS, based on a robust analysis of vptKirtunities, threat5. assets and liabilities ond assessment of working Capital requ1￿MentS based on projected income and outgoing resources. Despite ongoing fmancial challenges presented by short-terni funding, the Board continues to recognise the need to build adequatc free reserve5 for the Association rcalised through sound manasvwnent ot available resources, making sen5ibl¢ provision for the ￿thre and to cover any deficit in ￿ndS for activities for whicli future ￿ndIllg may not be secured. The reserves target is set on the basis of the reserves policy and takes intt) account". - redundancy payments for eligible staff - pension strain liability payments for redundant staff agcd over 55 ycars salary in lieu of notiLC - ttwee months, overheadglrunning costs - potential deficit in re.source5 tor restricted projects - core activity that may not be funded in fulure . potential risk of funding being reclaimed - rcpair or rcplacemenl ofassets Whcn selling the required minimum level of Teserves for 2023-2024, the Board takes into account the likelihood of the liabilities becoming due b&sed on fll)ancial projections. cashflow f0￿Casts, security of fvnding. and risk assessments. Thc Board also consider.8 the need io build an(Vor designate reserves to.. delivcr thL Association's stratcgyic objcctivcs provide sufficient working capitsLI to manage relrospective paymenL4 expand SLfviLC dclivcry to rnect thc nccds of third 5etlor organisations inv¢st in n¢w incom¢ generating opportuniti¢s - achieve externally a¢¢redited quality and environmental standards Taking these item5 into account on a managed risk basis, the Association's tar8et level of free resC￿eS in 2023-2024 is set at £281,000. The Local Governmeni Pension Scheme (LGPS) provider has confimied that it will not seek to recover the liability shown on thc balancc shLLt and that liabililics will be recovered through the ￿ntribUtion rate in future year5, together with an annual lump sum paymeiit for past service deficit. Trustees arc awdre that, following a valuation exe￿iS¢ in 2019, the Past Service Deficit (PSD) payment is no longer expressed as a monetary amount bul as a percentage of pay. and the LGPS contribution rate for the period 1st April 2021-31st March 2024 is ¢onfim]ed &s being 240/0. This infomiation h&%. bccn uscd thL basis for financial forecasts and forward budget5. The Board closed the LGPS Éo new employee entrants and staff recruited to the Association during the ycar hdve been enrolled on thc ST (National Emplo>'ment Savings Trust) pension scheme at an cmployer contribution rate of 5 %. The Tn￿te¢S are aware of the finarA¢ial risks posed to the Association by the in¢re&sing costs of the LGPS pension fimd, particularly in Telation to up-fronl payments for redundant slalT aged over 55 years. The Trustees recognise their obligations under the pension auto-enrolment regulations and have complied with thc requirements of the Pei)sions Regulator in this regard. Membcr5hip of the LGPS presents an ongoing risk to Association bccausu of pension strain liability payrnenls that may become due in the event of redundancy. The matter is kept under close r¢view. Total reserves at year end were £880,877. of which £458,455 related to restricted funds which are earmarked for specific projects (see note 20). This leaves £422,422 An unrestrictcd funds and as Iree reserves. Pag¢ 10 PEMBROKESHtRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW This exceeds the target of free reserves of £281,000 by £141,422. The tnLStees consider that in the prevailing climate of economic and political uncertainty which h&8 triggered the current cost of living crisis. it is appropriate ￿ hold reseNes in cxcess of the largel ai this tim¢. "I'he frust¢e5 will also consider releasing free rese￿e5 to help the Association achieve its strategic objective5. The LGPS fund is currently in surplus. l*Thilst a Defined Pension Scheme deficit is usually recogniscd in lull, a surplus can be recognised as an assct on the balance sheet to the extent that an Org￿lSatIOn is able to recover the Su￿1￿8 either through reduced contributions in the fijbjre or refiu)ds from the scheme. In order not to distort the charity's ove1211 financial position, the Board has made the decision not to reflcct tbc surplus on the Balance Sheet and the financial position at 31 march 2024 excludes this amount, with the 2023 position re-stated by a prior Y￿ adjustsnent of £386,000. See Note 14 the financial ststements for fvrther inforniation. PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBKR: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Going concern The Trustees are of the view that the a¢tions being implemented and those that are planned to be tsken are sutTi¢ienl to sccurc the future of the Association in the longer tcmi. Many funders still remain unable or unwilling to commit to funding agreemenls of more tlwi on¢ y¢ar in duration and this makes it di￿]QUIt to plan for the fvttjre. However, it is pleasing to report that our relationship wth Welsh Gov¢nun0￿¢ through the Third SectOT SuprA)rt Wales partnership agreemcnt rcmains strong, as we move into negotiationa for a new multi..yLar agreement from 2025-2028. Although public se¢lor funding is under pressur4 Welsh Goverrmenl remains committed to the third Sector and it IS highly likely that cor¢ fuT)ding for Third Sector Supwrt Wales will continue in die coming years. The Welsh Ciovernment Regional Integration Fund (RtF) offers funding on a multi-year basis - 2 years tor new projects (under the A¢celcratcd Fund) and 3 years for existing progrdmmes {undcr thL Ernbedded fund). PAVS ha8 secured RIF fuT]ding for a progrdmtne of work entitled stren￿henlng Communilies, which includes a number of projects led by PAVS. Work is bcing undcrtaken with thc Regional Partnership Bckwd to plan futurc funding over the next 3 years. Current projections suggest an annual increase of 4th/D in RiF funding io cover rising Costs. Over the years, PAVS has developed a positive and Lonstructive w0￿1ng relationship with statutory partncrs. This relationship will stand the Assotiiation in good Stead in iernis of securing ongoin&Y fiinding for clements of work liinded from statutory grants. I'unding for r¢strict¢d projects has been confirnicd fur 2024-2025. PAVS has earned an ex¢ellent reputation for grdnt administration, nianagying funds, and taking the lead on third secior collaborative deliv¢ry partherships. This provides a solid found(ilion fur future income Lieneration. PAVS strategic plan in¢ludes a kby objcilivc around developing stronbFer relalionshipy with the private sector with a view to earning unrestricted income through offering a rtmge of chargeable services including grant administration, support for employer-supported voliintcering, delivering corporate social rLsponsibility, and community enbFagLment. The regional entity owned by the CVCS in West Wales is available should regional contracts be secured. The strategic plan also illcludes an objective around increasing mcmbership and potentially crcating a range of chargeable services available to rnembers dt a discounted rate. Work h&8 already bctn undertakcn to produce an option5 paper. which is ¢utTently being considered by the Board to incrc&se membership from 115 to 450 mernbcrs over a fiv¢ year pcriod. The J3oard receives financial updatC5 at cach of its meetings including quarterly management accounts, reports o progr¢5S towards achieving a balanced budget at year cnd, and plans for scLuring future funding. Actions taken in¢lude making funding biiL4' seLuring contracts. increasing income generation and Controlling operating Losts. Risks are id¢nlified and raised in Board papcrs for discussion and agreement on appropriate mitigation or avoidance measures to be taken. The Association continues lo work extremcly Llosely with its fi￿dIng partnLYs: members and slakeholdLrs at a local. Tegional and national level to sus(ain aniL where possible. increase cutTcnt Ilinding levels. PAVS has successfully managed the succession process for senior management posts in the organisation, including thc appointment of a new Chief'F.xecutive Officer who took ovcr from the current Chief OtTicer in Augyust 2024. PAVS prepared detailed financial projections for the 3-year period from 1st April 2025 - 315t MarLh 2028. On this b&sis, the &8sessment of the Trnstees is that the Charity remains a going concem. Page 12 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS PAVS remains committed to securing sufficient resources to wntinue to dclivcr the full range of volunteering, funding, development, representation. and ongagemcnt s¢rvices to meet the needs of voluntary and community groups. social ente￿rises and volunteers in Pembrokeshire. The Association is also committed to ombeddlng the Pembrokeshire Comrnunity Hub within the third sector and to the Community Connector service to improve indivTdual and community wellbeing. Specific plans for the future include: - Delivering PAVS 5-ycar stratc&v with a particular focus on strengthening relationships with the private sector and enhanciT]g PA VS membership base - Building Lffcctive relationships with au increased number of private sector organisatiotts, sta¢utr>ry partners and ders for thc benefit of the Pembr()kcshirc third sector - Continuin¥ to work with partners to cmbed the Pembrokeshire Community Hub within the third seL'tor, with & plaT]ned programme of outreach provision k￿d a netyvork of active Hub volunteers - Encouraging and supporting morc pcople to volunteer- both fomially and informally - Contributing to the devclopmcnt of social enlery)rises and third-sector led services that improve individual and community well-being - Working with partners to measure social value and the outcomes and impact of community-lcd aclion, and build an evidcnce base lor investmcnt in preventative community aL'tion. STRUCTURE, COVEIINANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, a deed of trnst. and constituk8 a limitcd c4)mpanyi limited by guardnt¢e, as delined by the c.ompanies Act 2006. The charity is contmlled by its govemiug document, a deed of ITus¢ and constitules a limited company, limited by guarantee, as defined by thc Companies Acl 2006. The organisation is a registered charity, registered on 5 July 1997, ajid a]so a company limiicd by guarantee, inLotyorated on l April 19Y7. 'llie company was estsblishcd under a Memorandum of Association which established the objeGiS powers Lif the charitable company and is governed under its Article8 of A5soLiation. In the event of the ¢ornpany being wound up, rnembers are required to contribute an amount not cx¢¢eding £10. Page l? PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTIJRE, GOVER¥ANCE AND MANAGEMENr Recrnitmenl and appointment of new trustees The Board of Trustees. whi¢h cau nun]bcr up to 10 members in total. governs ihe AssoGiation. A PembTokcshire County Council nomIt￿ted representative sits as an adviser to the Board. Thc full Board meets every 6-8 weeks in accordance with a forward work programrne published for the year. The Trustees Consti￿te Directors of the charity for the purposes of the Companies Act 2006 and Tn)ste¢s of the charlty for the purposes of the Clwities Act 2011, and under the Company's Arti¢l¢s are known as members of the Lloard of Ttustees. Trustees &¢ elected at the Annua] General Meeting of the Association or appointed soon after by the Board. The numb¢r of Trustees for thc Association nlay not be less than three and shall not be more than ten. SevLn Trns￿eS a nominated and elected by the membership of the Association - each member organisation having a named represcntalive, allowing one vote per full member organisation. Three Tn￿tee5 arc appoillied by the Board through an open and competitive ￿NItment proc¢ss to the posls of Chair, Vice-chair 8nd Trustee with Special Responsibility (TSR) for FinancL'. One third of elec*d and appointed Truslees will retire from office at each Annual General Meeting, with rctirement by rotstion acwrding lo length of office. Where TrnsteLs were elected at the same time, retirem¢nt may be detennined amongst thLm. or by lot. If vac3nLies LYcatLd by retiring Trnstse.8 cannot bc fille(L those Trustees may. if willing, be deemed to have been re-appoinled, unless the meeting resolvcs not ¢0 fLII the vacanry. or unless a resoluiion for the reapp)intmcnt of the TNstee is put to thc mcetingy and 105t. Trustees also hav¢ the powcr to appoint ￿rther members to the Board of Trustees during the year provided that thc total numbcr of trustees dixs not exceed ten. During the y&gr, the PAVS Chair, Charles Cartcr, stepped down fr()m the Board at the PAVS Annual General Meeting in October 2023 PAVS Vice Cl)air, Claire Incledon, took on the role of C.haiT. Dennis O'connor was elected to the Board at Ihc AGM, bul stood down in August 2024 due to external commitments. The Board is actively seeking to -opt new Trustees to the Board. PAVS is extTemely graleful to all Board members for their hard work and Commitment to thc Asso)Liati(Trn during the year under review. Tlie Board also wishcs lo extend th¢ir tlianks to Barbara Priest for 8 years of dedicated service to the Board, and Sue Whitbread for 4 years - both trustces relired fivm the Board during the year. Tnduction and Training of New Trustees New Trustees undergD an induction session to brief thern on th¢ir legal obligation5 under chaTity and company law. the content of the Memurundum and Articles of Association; the Board and dccision m8J(ing processes. thc business plan and recent financial perfom)ance of the charity. During the Induction proce55 new Trustees meet key employees and other tn]stees. I'rustees ar¢ ¢ncouraged to attend appropriate training events whcre these will facilitate thcir rol¢. srRucfuRE, GOVERNANCF. AND ￿AGEMENT Appointment of key mAnagement personnel A c.hief OITieer is appointed by the Trustees ty m2T)age the day-to-day operations of the charity. To facilitate effectivc operations, the Chief Officer has delcgated authority, within terni.s of dclcgalion approved by the Trustees, for operational matters including finance, employment, and contraclual agreements with fundcrs. A Busine55 Operations Manager is appoinfrd hy the Board and Chief Officer to provide senior management support to the Chief Officer and to act as tsovernance Officer to the Boa Page 14 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 srRucfuRE. GOVERNANCE AND MANAGEMEIY'I. In 2023-2024. the J3oard t￿k the d¢Gision to move away from NJC pay scaIes due to funding prcssures and (he need to maintain LontNTrl of salary decisions. The Board h&$ decided to award a 40/0 increase to PAVS staff in the yc8f 2024_2025. This incre&se has been built into the budget and, where necessury. agreements have bwn reached with funders to Lov¢r the increased salary wsts on restricted projects. The Board continu¢s to monitor NJC salary agreemellts and keep PAVS salary scales under review. Relo¢ed parties The A8sociation h&8 a close relationship with its members. Org￿lsa110nS of the voluntary sectOT are able to access PAVS, services. re1￿10￿shlp is not exCI￿s1Ve, and non-member In additivn, there is a strong relationship with Pembrokeshire County Council (PCC) and Hywel Dda University Hcdlth Board (FIDUHB), together with olher stalutory agencies, in order to further the inlerests of the third sector, and to ensu that opportunities for joint working and collaborativc ventures are M￿JM1S¢d. The Welsh Government (WG). Third s￿tOr Support Wales (Wales Council for Voluntary Action and County Voluntary Councils in Wales). West Wales Regional Partnership Board,. PLANED (P¢mbn)keshire Local Action Network for Ente￿￿rIse and Developmenl). Public Health Wales; South Elook LNG. Bluestone Community Foundation and Building Communitics TNSI are also Si￿]rICant par(ners in PAVS, work. with increasing ernphasis on a rcgional and collaborative approach to the provision of services to the sector. PAVS has an eslablished working relationship wilh the County Voluntary Councils (CVCS) in Cer¢digion (CAVO) and C,arniarthenshire (C,AVS). C,VC. .staff WO￿ collaboratively to ensure there is third sector representation on rcgyj()nal partnerships including hcalth, social Lare and w¥ll-being" safebiuarding. Icarning and skills; economic development and community safety. Risk manAgement Thc trustces have a duty to identify and review thc risks to which the charity IS LXtKised and io ensure appropriate controls a￿ in place to provide reasonable assurance a&Fain5t fraud and Lrror. The major risk£ to which th¢ charity is exposed, as identified by the Trustees, are monitored closcly by the Board who identify and abryee mitigating actions. PAV8 risk register ¢onlains strategi¢ risks which are monitored by the Board and 01)erational risk5 which are monitored by the Scnior Management Team. Calcgories of risk includL governanco, financial, extemai, wmpliance, and operational with likelihood and impact being used as Éhe bases for asse55ing the severity of the risk. The register also includes miligalion actions and control measures tog¢iher with an assessment of residual risk. The main risks identified by the Board include public 8ector budget cuts potenliaily affecting funding for PAVS, premises management and location once the lease comes to an end in 3 years, time, public profilcjrepulational risk, and business contingency planning. Risk mitigation actions have been 4ryeed in each caye and these will be monitored by the Board. PAVS continues to make every effort to secure additional thnding, generate income and reducc overhead costs in ordcr to provide enhanced volunteering supFrf)rt mainlainlexpand dLlivery of funding, Eovernance, organisational developmen( engagemenL and connected communities services. Action.8 includc making appropriate ￿ndIng applications. bidding for contracls where these do not confliLI wilh member interests; renting out meeting and offiLc space within the PAVS building. offering chargeable se￿I¢¢s. providing project management for third sector consortia; and continually reviewing contrdcts to ensure best valuc is achieved. The Associaiion has a comprehensive sel of Financial Regul*ioDS which include the Finance Policy. Financial Managcmcnt Contro15 and Procedures" Schcdule of Del¢gated Finamcial Authority" Rcsorvc5 Policy; Prowr¢ment Policy and Bribery and Fraud Poliw. Page15 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUIIIBER: 03343059) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENI, OF TRUSTEES, RESPOIISIBILITtES The tn￿lL￿S (who are also the directors of Pembrokeshire Association of Voluntary Se￿Ices for the purp)ses of company law) are Tesponsible for prep￿ing the RerM)rt of Ihc T￿￿teeS and the fmanGial statements in accordance with applicable law and United Kingdom Accounti7]g Standards (United Kingdom Generally Accepted ALLDunting Pwtice). Company law requires the tn￿reeS to prepare financial stalemenls for each f￿anCial year which give a true and fair view of the State of affairs of the charitable company and of the incoming resources aud application of resources, including the income and expLnditUTC. of the Lhdritsbl¢ company for that period. In preparing those financial statements, 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 prndent. preparL' the financial ststements on the going conccrn basis unless it is inappropriate to pre5umc that the charitable company will continue in business. The trnstees are respon5iblL for kLLping proper accounting records which disc105e with rcasonable aG¢uracy at any time Ihe financial position of the charitable company and to cnable them to ensure that the financial statcrnenls cornply with the Lompanicy Act 2006. They are also responsible for safeguarding the assets of the charitable c4)mpany and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the trustees are aware: there is no relevant audit inforniation of which Ihc charitable company's auditt)r8 are unawarc; and the Iru8teL'S have taken all Steps that they ought to havc taken 10 make themselves aware of any relevant audit information and to establish that the auditors are aware of that inforniation. AUDII"ORS The auditors, Xeitladin Audit Limited, will be proposed tor re-appointment al the forthLorning Annual General McLting. ILt/i.i j&4............... Approved by order of the board of tswsle¢s on ...... .. . . and signed on ils bchalf by.. JoTh,I J C Bickerton- Secretary Page 16 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES Opinion We have audited the financial statements of Pembrokeshire Association of Voluntary Services (the 'charAtable company) for the year ended 31 March 2024 which ¢omprise the Statement of Financial Activities, the BalgJ]ce Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that h&s been applied in their preparation is, applicable law and United Kingdom Aexounting Standards (Unitcd Kingdom Generally Accepted Accounting Practice). In our opinion thc findnciai slaternents: give a ttue and fair view of the state of the chatitable compan￿$ attairs as at 31 March 2024 and of its incoming resources and application of resources, includin¥ ils income and expondilure, for the ye8s then ended. havc been properly prepared in accordance with United Kingdom Generally ALeepted Accounting Practice. and have been prepared in aLcordance Wit￿ the requirements of the Companics Act 2006. Basis for opinioll Ive conductcd our audit in ￿COrdanCe WTth TT]tcrnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our reswnslbilities under those standards are further dcscribed in the Auditors, responsibilitics for the audit of the fmancial statements section of our report. We arc independent of thc charilable company in accordanLe with the ethical requirements that are relevant to our audit of rhe finaT]ciai statements in the UK, including thc FRC'S F.thical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believc ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Conclusions relgting to going Concern In audilin¥ thc f￿an¢la1 statem¢nt5, w¢ have concluded that the trustees, use of the going concern basis of accounting in the preparation of the finanLial statLmenls is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relaling to events or condition8 that. individually or colle¥tively* may cast sismificant doubt on thc charitable company's ability to continue a5 a going concem for & period of at le&st twelve months from when the financial ststemLnts are authorised foT issue. Our rcsponsibilities and the reswjnsibilitics of the Injstees with respect to going concern are dcscribed in the rclevant sectionq of this rcport. Other Information The tTh5tees are responsible for the other inforniation, The other infomiation ¢ompri5C5 the infornation included in the Annual Report, other than the financial statcmenls and our R¢port of the Tndepcndcnt Auditors Ihcrcon. Our opinion on the financial sta*rn¢nts does not covcr the other infonnaiion and, except to the extent otherwise explicitly statcd in our report, we do not express any form of assuranGc Conclusion thcreon. In connection with our aiidit of the financial stslem¢n15, our responsibilily is to read the other inf¢)rnation and, in doing so, consider whether the other inforn]alion is materially inconsistent with th¢ financial statements or our knowledge obÉained in thc audit or otherwise appears to be materially misstated. If we identify such tnaterial inconsistencies or apparent material misstatements, wc are required to determine whether this gives rise to a material misstatemcnl in the financial statementq thcmsclves. If, b&sed on the work we havc perfornied, we conclude that thcre is a matcrial misstkttement of this other infornialion, we are required to report that fact. We have nothing to report in this rcgard. Opinions on other matters pr&seribed by the Companies Aet 2006 In our opinion, b&sed on thc work undertaken in thL course of the audit.. thc infomLatiOll given in thc Report of the lrnstecs for the financial year for which the fLnancial ststem¢nts are prepared is consistent with the financial statements. and the Report of the Trn5tees has bccn prepattd In acL'ordance with applieablc legal requirements. Page l? REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE ASSOCIATION OF VOLUNfARY SERVICES Matters on Ivhich we are required to report by exception In the light of the knowledge and underst2nding of the chaTitsble company and its environment obtained in the course of the audiL we have not identified material misstatements in the Report of the Trustees. We have nothing to report in re5P¢Ct of the following matters where the Companies Act 2006 requires us to Teport to you if, in our opiniun= adequafr accounting records have not been kept or returns ad¢quate for our audit have not been re¢eAved from branches not visited by us. or the financial statement5 are not in agreemcnt with the a¢counting records and rctums. or ccrtain disclosures of ttustees, remuneration specified by law are not n￿e. or we have not received all the inforniation and explanations we require for our audit. or the tNstees wcre nat entitlcd to take advantage of the small companies exemption from the requirement to prepare a Strategi¢ Report or in preparing the Re]xFrt of the Trnstees. Responsibilities of t￿￿tee8 As explained more fully in the Statement of Trnstecs, Responsibilitie5, the trustees (who are also the directors ot" the oharitable company for the puryoses of company law) arL' responsible for the preparation of the financial statements and for being sati.sfied that they givc a tnLC and fair vicw, and for such internal conttDI as the trustecs detcrmine is necessary to enable the preparation of finanLial slalerrLents that are free from material misstatement, wheiher due to fraud OT error. Tn pteparin¥ the financial stat¥m¢nts, the lrnstees arc responsible for assessing thc uharilable company's abilily to continue as a going concern, disclosing. as applicable, matters related to goin¥ concern alld usinby the going concern b&sis of awounling iinlc5S the trustees either intend lo liquidate the charilable company or to ce&sc operations. or have no realistiG alternative but to do so. REPORT OF THE INDEPEIYDENf AUDITORS TO THE MEMBERS OF PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES Our responsibilities for the audit of the finxneiAI stateM￿ts Our objective5. are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to frdud or e￿)[, and to issue a Rq)ort of the Independent Auditors that includes our opinion. Re&￿llable assurance is a high level of assurancc. but is not a guarantcc that an audit conducted in accordance with ISAS (UK) 74ry11 always detect a material misstatement whcn it exists. Mi5Statements can arise from fraud or aTor and considered material if, individually or in the aggregat¢, they could reasonably be eXp￿ted to influ¢nc¢ the economic decisions of users taken on the b&¥is of these fmancial statemcnL8. The extent to which our procedures are capable of detecting irregularit1￿, iD¢luding fraud 15 detailed bclow.. Exten¢ to whlch the audlt was ¢on$ldered capable of detectlng IrregularEtles, includlng fraud We idcnlify and assess the risks of mat¢rial misstatement of the financial statements, whether due to fraud OT erroT, and then design and perforni audit procedures responsive lo those risks, including obtsining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identlfyrfng and Y48sesslng potential rlsks relftted to Irregulorldes In identifying and as%a4sing risks of material mi8Statemenl in of I￿egularl11es, including fraud and non-compliance with laws and regulations, we Considered the following: the nabjre of the industy and sector, Control environment and busines4 perfonnance including the deyi8n of the Charity's remuneration policies and perfomance targets. r&%ults of our enquiries of mana¥ement about th¢Ar own identification and aswsment of the risks of irrebvularities any matters we identified having obtaincd and reviewed tbe Charity's documentation of their policies and procedures rLlating to.. identifying, eva]uating and complyin¥ with laws hnd regulations and whethcr they werc aware of any Inblanc￿ of noncomplian¢e,' detecting and responding to thc risks of fraud And whether they have knowledge of any actual, 5uspethd or alleged frdud. the internal ¢ontrolq eqtabli¥hed to mitigate risks of frdud or non-compliance with laws and regulations; the matters dis¢ussed among the audit engagemcnt team regarding how and where fraud might occur in th¢ financial statemenLs and any pot¢ntial indicators of fraud. As a result of these procedures, we considered the opportuniti&% and incentives that nuy exist within the organisation for fraud and identified the greatest potential for frnud in relation to revenue recognition. In conllnon with all audits under ISAS (UK), we are also requir¢d to perforni syecific prrKedures to Mpond to the risk of managcment override. We also obtained an understandiiig of th¢ l¢¥al and regulatory frarneworks that the Charity operates in, focusing on provisions of those laws and reguLations that had a direct cffc¢¢ on Ihe deterniination of material amountèi and disclosures in the financia] statements. The key laws and regulations we considered in this context included the Clwities Act 201 I and Companies Act 2006, In additio￿ we con4idered provisions of other laws and regulations that do not have a direct effect on the financial slatement8 but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These included compliance with Health and Safety legislation, Employment legislation and Data protection laws (including Generdl Data Protection Regulation (GDPR)). Audlt response to rlsks Identlfled As a result of pffforming the abov< we identified revenue recwition as a key audit matter related to the p)tential risk of fraud. Our proceduTCS to r&spond to risks. identified included the following: reviewing the financial statement disclosures and testing lo supwrting documentation to &5sess compliance with ptDvisions of relevant laws and rcguiations describcd having a direct effect on the financial statements; carrying out walkthrough, transaction l&stiDg oi proof in total on all matcrial income and expenditure streams; enquiring of management concerning actual and potential litigation and claims. Page19 REPORT OF THE IM)EPENDENT AUDITORS TO THE MEMBERS OF PEMBROKESHIRE ASSOCIATION OF VOLUNTIIRY SERVICES perforniing analjtical procedures to identify any unusual or unexpeLted relationships that may indicate risks of material missta¢¢ment due to frdUIL' reading minut&s of meetings of those charged with governance and the senior management tcam" In addre￿sing the risk of fraud through maDagcment override of controls lesting the appropriatene&8 ofjoumai ¢ntries and other adjustments. ￿CSsIng whetli¢r the judgements made in making accounting eslimates are indicative of a potential bias. and evaluating the business rauonale of any significant traJ)sactions that unusual or outside the norn￿1 course ot busine&s. We also communicated relevant idenlificd law4 regulation& and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance wilh laws and regulations throughout the audit. A further description of our responsibiliti&% for the audit of the financAaL statements is located on the Financial Reporting Council's website at www.frc.org.uwauditorsresponsibiliti¢s. This desoiption fornis part of our Rq)ort of the Indq)endent Auditors. U8¢ of our report 'rhis report it> made solely to the charitabl¢ company's members, as a body) in a¢cordan¢¢ with Chapter 3 of Part 16 of the Coinpanies Act 2006. OUT audit work been undertaken so that we might btale to the chariiable company's rnernbe￿ Ihobe mattcrs wc are required lo slate lo them in an auditOTS' report and for T)0 other PUTpo¥e. To the fullc¥t extent perniilted by law, we do not accept or ￿sum¢ responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit worK for ihis report, or for the optnions we have fonned. Mark Jones BSL FCA {Scnior Statutory Auditor) for and on behalf of Xeinadin Audit Limiled Statutory Auditors and Chartered Accountants 24 Lammas Str¢¢l Carniartliej) CarniarthfflL¥hire SA313AL Page 20 PEIVIBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES STATEMENT OF FINANCIAL ACTIvrfIES (INCORPORATING AN INCOIWIE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total funds as reststed Unrestricted nds Restricted funds Notes ILNCOME AND LNDOWMENIS FROM Donations and legacies 71 5,061 5,132 1,491 Charitable activities Third Sector Support Connected Communities Policy & Engagemcnt Grants for Distiibution 219,097 157,756 529.354 252,683 624,090 376,853 529,354 252,683 624,090 324,852 498,680 364.811 936,074 Oih¢r trading activities Illvestsnent income 39,408 3,686 4,495 43,903 3,686 45,751 2,262 Tothl 262,262 1,573,439 1,835,701 2,173,921 LXPENDITURE ON Raising fiinds {505) Charitable Activitie5 Third SeLtor Support Connected Communities Policy & F.ngiaLycrncnt Grarnls for Distribution Core 212,322 88.728 79,623 152,907 470.651 236,067 701.513 365,229 559,379 315,690 701,513 298.104 612,352 472.270 1255,924 Other 68.000 Totsl 380.673 1,561,138 1,941,811 2,706,145 NET INCOMF/(FXPENDITURE) (118,411) 131,754 12,301 (131,7.fj4) (lQ6.110) (532224) Transfers behveen fund%. Other recognised gaiJJsl(losso$) Actuarial gains on definLd benefit schemes 20 965,000 Net movement in fund 13,343 (119,453) (106,110) 432,776 IiECONCIJ.IATtON QF FUNDS Total funds brought forward As previously reported Prior year adjustment 795,080 (386,000) 577,907 1,372,987 (386,000) 554,21 A 14 A5 restated 409.080 577,907 986,987 554211 TOTAL FUNDS CARRIF.D FORWARD 422,423 458.454 880,877 986,987 The notes fonn part of these fllwiciai statements Page21 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES (REGISTERED NUMBER: 03343059) BALANCE SHEET 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total nds as tEstsied UnTestricted funds Restri¥tcd n(Ls Notes FIXED ASSETS Tangible assets 15 2,884 CURRINT ASSETS Stocks Debtors Cash at bank and in hand 16 17 225 19.731 658,000 225 340.928 795,258 73 470,721 801,321 321,197 137.258 677,956 458,455 1,136,411 1,272,115 CREDI'foRS Amounts falling due within one year 18 (255.534) (255,534) (288,012) NET CURRENT Assk'rs 422,422 458,455 880,877 984.103 TOTAL ASSF.TS LESS CURRE￿. LIABILITIES 422,422 458,455 880,877 986,987 NF.I' ASSETS 422,422 458,455 880,877 986,987 FUNDS Unrestricted ￿ndS ReslrictLd ￿ndS 20 422.422 458,455 409,080 577,907 TOTAI, FUNDS 880,877 986,987 lThese fmancial siatements havc been prepared in accordance with the provisions applicable to charitable companies subjcct to the.8mall companies regime. The fwancial statements were approved by the Board of TTUStcLs and au¢horised for issue . and werL signed on its behalf by- on C F Incledon- Trust The notes forni part of these financial ststeJJJents Page 22 PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 as restated Notes Casb flows from operating #ctiviti Cash generated from operations (9.749} (361,307) Net cash used in operating activities (9,749) (361.307 } Cash flows from investing activities Interest received 3,686 2263 Net cash provided by investing activities 3,686 2,263 Change in cash and cash equivalents in the reporting period Cash and ¢&sh equiv4lents at the beginnin% oft'¢he r¢portiDg period (6,063) (359,044) 801,-321 1,160,365 Cash and cAsh equlvalenL8 at the end of the reporting period 795,258 801,321 The noks forn part of these financial statements Page 23 PEMBROKESHIRE ASSOCIATION OF VOLUNfARY SERVICES NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATIOIN OF NET EXPENDITiIRE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 as restated Net expenditure for the reporting period (as per the StatemeDt or inancial Activities) Adjustments for: Depreciation charges Interest received Jncrease in stocks Decrease in debto {Dccrease)lincrease in creditors Difference between pension charge and cash contributions (106,110) (532,224) 2,884 (3,686) (152) 129.793 (32.478) 12.834 (2.263) (66) 949 91,463 68.000 Net clsh used in oper8tions (9,749) (361,307 } ANALYSIS OF cHA￿GEs IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 N¢t cash Cash at bank and in hand 801,321 (6,063) 795,258 801,321 (6,063) 795.258 Total 801,321 (6,063) 795,258 The note5 forni part of these financial statements Page 24 PElVtBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTtNG POLICIES BASIS OW PRF.PARING THE FINANCIAI, STATEMENrs -I"he [￿ancIal ststements of the charitsble company, which is a public benetit cntity under FRS 102, have been prepared in accordanrc with the Charities SORP (FRS 102) 'AGcouuling and Rew)rting by Charities: Statement of Recommcnded PraGtiGe applicable to charitios preparing their ￿￿UnIS in accordance with the liinancial Reporting Standard applicable in the UK and Republic ol Jreland (FRS 102) (effectivo l January 2019),. l inanciai Rcporting Standard 102 'The FiDanciai Reporting Standard applicable in the UK and Republic of Ireland, and the CA)mpani¢s Act 2006. The fJnan¢ial statements hav¢ been prepared under tbe historical cost convention. Pembrokeshire Association of Voluntary Services meets the definition of a public bcnefit entity under FRSIO2. Assets and liabilities are initially recognised at historical cost or transaction values unless Othcnvise sta*d in the relevant accounlTng policy nolels). INCOME All inconie 18 recogniscd in Ihe Slatement of Financial Activilies once the charity has entitlement to the funds, it is probable that the income will be receivcd and the amount can be measurcd reliably. EXPENDITURE Liabilities are recognised as expenditurc as soon as there is a legal or ¢onstrnctive obligation committing the charity lo that expenditure, il is probable that a transfer of economic ben¢fits will be rcquired in settlement and the amount of the obligation can be measured reliably. F.xrKndilurL' is accounted for on an aLcruals basis and has been classificd under hc￿￿1ngS that aggregate all e()8t related io the category. Where costs cannot bc dircctly attribulLd to particular headings they have bccn allocated to activitics on a basis Consistent with the use of resources. Grants offered subject to L()nditions which have not been mct at th¢ year end date are noted as a commitment but not accrucd as expenditure. ALLOC.ATION AND APPORTIOLYMENI. OF COSTS Thc Association used a flat-rate metliadology to calculafr apportionment of indire¢l costs to funds. At the start of each financia] year. the Association agrees a fair rate for premisC5 and overheads per full-time equivalent wist (37 hours pcr week). This rate is then consi8tcntly applied across the activities dLlivered by the Association, with costs being calculated on a PTfrfdth basis for part-time employees. All oth¢r support costs have been allocated to aLtivities in prow)rtion tu the direct gross salary c(Xsts incurred for staff working on those activitics. TANGIBLE FIXED ASSETS Dcpreciation is provided al the following annual rntes in order to write off ￿ch asset over its estimated useful life. Fixtures and fittings Compul¢r equipment 150/0 on cost 33.33 /0 on cost and 250/D on cost The classification of r￿ed asset is deterniined by the value of the purchase. Any item of eqllipmcnt with a value greater than £1,500 is capitalised. tmpainnent reviews are canied out when necessary. STOCKS Stwks are valued at the lower of cost and net realisable valu4 after making due allowance for obsolete and slow moving items. continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POI.TCIES- continued TLXATIO The charity is exempt from Lorporation lax on its Charitsble activities. FUND ACCO[TN'T￿G Unrestiicted fi￿dS can be used in accoTdancc with the charitsble objectives at the dibcrelion of the trustees. Restricted funds Gan only be used for partiLular restricied purtrf)ses within the objects of the charity. Restriction5 arise when specified by the donor or when funds are taised for partitiLLlar reStrI￿d purposes. Further explanation of the natsre and purpose of cach fund is included in ihc noles to the financial statements. PENSIOIY COSTS AND OTHER POST-RbTIREMEIY"I' BENEFrrs The charity operatLS a defined benefit schemc for its eligible employees as pan of the Dyfed Local Authority PLnsion Fund. The assets of the schcmc are held separately from those of the charity. Pension costs are assesscd in accordance with actuarial advice and bL5ed on the rnost recent actuaries valuation of the scheme, which was last carried out on 31 March 2022. Thcsc Costs are acLountcd for on the basis OF charging the cosi of providing pensions over the period durin¥ which the charity bcnefits from employce's services. 'rhe p¢nsion c05t for the year ended 31 March 2024 is based on the ro%ult of the a¢trJariai valuation of the sLheme &s at 31 March 2022 using th¢ assumptions as per note 18. The charity lias i)pened a defined contribution scheme for ncw employees. The a5SLt% of the s¢hemc are held in a NEST independently managed schcme. Contributions payable to the ￿￿.ST schcme aJe chargycd to the Statement of Firwicial Activitics in the pcriod lo which they rclat¢. DONAI'IONS AND I,EGACIES 31,3.24 31.3.23 as restated Donations 5,132 1,491 OTIIER'I'RADING ACTIVII'IES 31.3.24 31.3.23 as re5tsted Membership inwme Service contracts and training Premises hire 8alary relatLd payments County show income 3,725 11,049 25,149 3,480 9,640 21.503 5.483 5,645 3,980 43,903 45,751 Page 26 ntinued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTME￿ INCOME 31.3.24 31.3.23 as restated Deposit account interest 3,686 2.262 INCOME FROM CHARITABLE AcrtVITIES 31.3.24 31.3.23 as restated Activity Third Sector Support Third SectOT Support Third Sector Support Connected Communities Connected Communities Policy & Engagement Policy & Engagement Grnnts for Distribution GranL8 SLA incorne Carers online platfonn Grants SLA income Grants SLA income Grants for distribution 240,447 88.790 47,616 180,893 348,461 93.034 159,649 624,090 201,526 80,192 43,134 172,909 325,771 174,513 190,298 936,074 1,782,980 2,124,417 Cffant5 Tcccived, included in the above, are as follows,, 31.3.24 -31.3.23 as restated C,ore support (PCC) Core Support (WCVA) Cnmmunity Conneciors (PCC) Catalysts for Care (WWCP) v￿10￿S ￿nderS Voluntcering Awards (South Hook LNCI) UK Community Rcnewai Fund (UK Govemment) Enhancing Pembrokesbire Grant (PCC) National Lottery Community Fund Keep Wann Keep Well (PCC) Community HubslSpoke5 (PCC) Ukraine Community Llvents (PCC> Kickstsjt Scheme (PCC) RCP training grant (SCW) I)ementia Supportive Communities (PCC,) Together 4 Change EvaluatlOD (HDUHB) 21,245 202,852 50 17,600 750 3,000 16,244 194,046 63,000 150 2,350 (23,909) 19,759 32,163 167,350 58,000 5,0(H) 7,196 3599 2,000 2.000 72,843 38,175 54,359 40,000 500 451,374 548,948 Grantslfunds for distribution: 2024 2023 P￿0T S¢rvi¢e (WG RIF) PIVOT Care & RepaiT Adaptations (WG DCP capital) 320,128 54,937 326.392 19,396 Page 27 continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEIVIEwfs - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOMF FROM CHARITABLF, AcrtVITIES- continued piv(Yr Home From Hospital (HDUHB) GwiTVol Youth Led Grnnls (WCVA) LD Innovation FuT]d (WG RIF) Loneliness and Social Isolation Grdnt (WGIPCC) Hubberston & Hakin Invest l.ocal (National Lottery/BCT) SCAF Grant Fundlng (WG RIF} Kcep Wami Keep Well Grant Funding (PCC) Vood Poverty Grant I.'unding (PCC) Ukraine Community Support CJrant (pcc) l.iving Well and Community Spac¥s (PCC) Small Grants for Carer Support Cyroups (PCC) Outdoor Connection5 C¢lPjtal Grant (WG DCP capital) Community Fund (Bluestone Foundation) TÉme out for Carers 20,000 6,650 20,000 6,650 50.000 22,727 144,884 25,000 150,000 5,973 10.000 80,000 17,500 57,552 21727 68,986 25,000 17,500 50,831 6,180 31.151 624,090 936,074 Key.. BCT 14DUHB Building c.ommunities Twst Ilywel Dda Univcrsity Health Board Integrated Care Fund Learning Disabilities Pembrokeshire County Council Regional IntLgration Fund Welsh Government Wesl Wales c.are Partnership LD pc,c RIF WG wwcp RAISING FUNDS OTIIER TRADING ACTIVITIES 31.3.24 31.3.23 as restated Bad debts (505) Page 28 ntinu¢d..- PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FIIYANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CHARIIABJS ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 9) Di￿t Costs 8) Totals Third Sector sUp￿rt Conneckd Communities Policy & Engagement Grants for Distribution 251,623 436,795 190.218 46,679 22,241 63,767 701,513 66.927 100,343 61,705 365,229 559,379 315,690 701.513 878,636 834.200 228,975 1,941,811 GIUNTS PAYABLE 31.3.24 31.3.23 as restated Third Sector Support Connected Communities Policy & F.n&ya&iement Grants for Distribution 46.679 22,241 63.767 701,513 21,367 22,089 140,350 1,196,043 834200 I,379,849 Please see note 24 for ￿11 details of the grants awarded in the year. SUPPORT COSIS (Jovernance costs Management Totals Third ScLlor Support Connected c￿MmunitieS Policy & Engagcmcnt 57,383 84,650 52,163 9,544 15,693 9,542 66.927 100.343 61.705 191,172 37,803 228,975 Page 29 colltinued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY S￿RvICEs NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS- continued Support costs have been allocated to activities firstly in line with the fiat-rate calculation agreed with funders. Any remaining support costs are alLocated to activities in proportion to the direct gross salary costs incurred for staff Wo￿lI1g on those activities. 10. NET INCOMEI(EXPE￿￿1TuRE) Net in¢omel(expenditurc) is stated afier chargingl(creditAng}: 31.3.23 &8 re8ta*d Auditors, remuneration Depreciation- owncd &ssels 10.835 2,884 9,600 12,834 li. TRUSTEES, REMUNERATION AND ]JENEFITS There were no trnstees, rcmuneration or other benefils for the year ended 31 M1￿h 2024 nor for the year ended 31 March 2023, TRIJSTF.ES' EXPENSES There were no trustees, exp¢ns¢s paid for the year ended 31 Mar¢h 2024 nor for ih¢ ended 31 Nlarch 2023. 12. STAFTr COSTS 3l.3.24 31.3.23 &$ rcstated Wages and salaries So¢ial security costs Other pension costs 651,763 59,158 68,571 674,1511 64,913 67,333 779.492 806,404 The total key managemenl personnel remuncrdtion benefits paid during thc ycar were £61.29l, this includes gry)ss salaries, employers national insurance and ernployer pension contribution8. The average monthly number ofi'employees during the year was as follows: 31.3.24 31.3.23 as restPAted Third Sector Support Policy & Engagement Connected CornTnunitiLs Busin¢ss Services io 27 26 No employees received emoluments in excess of £60,000. Page 30 Continued... PEMBROKESHlllE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. STAFF COSTS - continued A nurnber of staff work on a part-time basis, the fijll-time equivalent is 22.4 i.e. Third Sector Support 5.4. Policy & Lngagement 4.0, C.otfftected Cornmunities 10.0 and Business Services 4.4 (2023: 22.4 i.e. Third Sector Support 4.8. Policy & Fngagement 4.9. Conne¢t¢d Communities 9.1 and Bu5incs¥ Services 3.6) 13. COMPARATIVES FOR THE STATEMFNT OF FINANCIAL ACTTVtTIES Unrestricted fimds Restrithed funil8 Total nds as rcstaled INCOME AND ENDOWMENTS FROM Donations and legacies 700 791 1,491 Charitable activities rhiid Sector Support c.onnected C.ominunities Policy & Engagement Grants for Distribution 227.585 97.267 498,680 364,811 936,074 324,852 498.680 364,811 936,074 Other trading acllvities Invcsthicnt incomc 40,106 2,262 5,645 45,751 2,262 270,651 1.903,268 2,173,921 EXPENDITIJRE ON Raising funds (505) (505) Choritsble uctivities Third SeC￿r Support CAinnected c.ommunities PoliLy & Lngagemenl Grants for r)istribution Cor¢ 193,598 88,728 81,030 104,506 523,624 391,240 1255,924 298,104 612.352 472,270 1,255,924 Othcr 68,000 68,000 Totsl 430,851 2,275,294 2,706,145 NET IIYC.OMFJ(FXPFNDITURE) TrAnsfers between funds Other recogDised gainsl{losses) Actuarial gains on defined benetit schemes (160,198) 128,809 {372.026) (128,809) (532.224) 965.000 965.000 Net movememt in funds 933.611 (500,835) 432,776 RECONCILIATIOI¥4 OF FUIYDS Total ￿llds brought forward (524.531) 1,078,742 554,211 Page31 continueiL.. PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrrIES- eontinued Unrestricted R¢stri¢led fimds funds Total funds as restated TOTAL FUNDS CARRIED FORWARD 409,080 577,907 986,987 14. PRIOR YEAR ADJUSTMENT Pen8ion sU￿lUs Whilst a Defined Pension Scheme deficit 15 u.qually recognised in full, a surplus can be recognised &8 an asset on the balance sheet to the extcnl thal an organisation is able to recover the sU￿lUS cither through reduced contributions in the fvture or refunds from the scheme. As Pembrokeshire Association of Volunteers does not rcccive any ben¢fit from the Pension su￿lUS a decision was takcn by the Board to not inLlude this in the Financial Statements as it wa5 not a Statutory rcquirement and therefore the fLnancial position w&s shown excludinby this amount and the surplu5 did not distort the organisations overall financial posltion. IS. TANGIBLE FIXED ASSETS Fixthres Computer equiprnent fLttings Totals Al l April 2023 31 March 2024 28,074 42,046 70,120 DLPRECIATION At l April 2023 Charge for ycar 28,074 39,162 2,884 67,236 2.884 At 3 l March 2024 28,074 42,046 70.120 NET BOOK VAI,UE Al 31 March 2024 At 31 March 2023 2,884 2,884 Page 32 ritinued... PEMBROKESHIRE ASSOCIATION OF VOLUNfARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EI¥4DED 31 MARCH 2024 16. STOCKS 31.3.24 31.3.23 &s restated Stocks 225 73 17. DE￿ORs. AMOUNTS FALLILYC DUE WITHIN ONE YEAR 31.3.24 31.3.23 as restated Trade debtors Crnt debtor Prepayments 5,752 325,458 9,718 4,550 457,375 8,796 340,928 470,721 18. CiiEDITORS: AMOItNTS FALLING DIJL WI"I'HIN ONF YEAR 31.3.24 31.3.23 as restaied 'I'rade creditors Other creditors Defcrred income Accrned expenses 58,948 144,544 1,315 12,566 129,587 4,250 191,021 255,534 288,012 19. LLASING AGREF.MENTS Minimum lease payments undLr non-c¥nLellable operating leases fall du¢ as follows: 31.3.24 31.3.23 rcstaled Within one y¢ar Between one and five years 35,413 80,174 115,587 115,587 151,000 £113,367 of the above commitment relate to a property lease. .Pdge 13 contlnued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FJNANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMEIIT IIY FUNDS Prior year adjustment Net movement ith funds Transfers b¢tween ftLnds At 31.3.24 At1.4.23 Unrestricted funds General fimd Designated fund - R¢gional Entity fund Designated fimd - Children & Familieg fLtnd Defined benefit pension 386.895 (118.412) 153,939 422.422 16,685 (16.685) 5.500 386,000 (5,500) (386,000) 795,080 (386.000) {118,412) 131,754 422,422 R&8tricted funds Other Project l unds Catalysts for Care Community Connectors Health and W¢ll-b¢ing Facilitdtor Connect Pembrokeshire Children & Families CoDllector Inv&%1 Local Hubbcrston & IIakin Dementia Supportive Communitics ptVOT/preventions Regional Carcrs Supp)rt Tnnovation l und Gwirvol Youth Led tirant Bluestone Foundation Commlinily Fund Hubberston & Hakin Dcvelopment OFlicer Regional Ll) tnnovation Flind Carers Online Portal Digicoach (Healthier Pembrok¢shire) Connect ll. Supporting Community Action Fund Investors in Carers promotion Cotnvnunity Connectors - Digital C,onnections Voluntccring for Pembrokeshire Capital expenditure Community Hub Outdoor Connections Fund 20.973 13,788 45,326 {3,895) 5,907 27,003 (2,000) (7,063) (27,003) 15,078 12,632 45,326 5,346 37,409 1,397 5,933 (4,476) (5,933) 2,267 37.409 3,691 3,378 (4,663) 2,406 89,795 32,363 (20,587) 101.571 35.704 94,160 2,749 (1,726) (2,999) (8,000) 35,454 84,434 54,418 (48,976) 310 (5,442) (310) .216 195 (116) 1,295 {16,882) 16.882 6.318 6,318 13,355 16,355 (3,000) 6,673 712 6,673 762 50 91,563 (68,040) (23,523) 3,778 (974) 2,804 17,249 17,249 20.248 2,174 26.237 1,500 20.248 (2,174) 477 3,500 1,385 (5,000) 28,099 Page J4 continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 National Lottery C.ommunty Fund - Preseli Cares Keep Warni Keep Well Active Citizenship & F.ngagement- UK Shared Prosp¢rily l und Resourceful Communities Partnership - Social Care (371} 5,004 99 (4,663) (99) (30) 7,774 (7,919) {145) 29.250 4,950 (4,000) {4,950) 25250 Timeout for Carers Live Well for Less - UK Shdredl Prospcrity fund Community Hub Officer 3,857 4.418 {3,857) {4,418) 577,907 12.302 (131,754) 458,455 TOI'AL FUNDS 1,372,987 (386,000) (106,110) 880,877 Pa8e 35 contiDue&.. PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FUNDS- continued Nel movement in funds. included in the above are as follows: Incoming r¢sour¢es Resoiirces expended Movement in funds Unrestrleteil fun(ts General fund 262,262 (380,674) (118.412) Restrieted funds Other Project Funds C.atalysls for Care Cornmunity Connector5 Health and Well-being Facilitator Conncct Pembrokeshire Childrcn & Familic5 Connector Tnvest Local Hubberston & Hakin Dementia Supportivc CommunitiLs ptVOTlpreventions Regional Cdrcr5 Support Innovation Fund Gwirvol Youth Led Grant Bluestonc Fuundation Community Fund Hubberston & Hakin Development o￿l¢er Carer.% Online Portal Connect I'l. Supwrting CAJinmunity Action Fund Investors in Car#rs promotion Capital expenditure Community Hub Outdoor Connections Fund National Loltery Communty Fund - Preseli Cares Keep Wann Kccp Well Active C.iti7£nship & Engagement - UK Sh(wed Prosperity Fund Re80urceful Communities Partnership - Social Care Wales Timeout for Carers Live Well for LLYS - UK Sharedl ProspeTity Fund Community Hub Otyicer (34,775) (83.158) (264,970) (43,376) (35,568) (34,623) (36,623) (32,626) (396,791) (48,976) (6,340) (5,985) (16.882) (31211) (3,895 } 5,907 27,003 1.397 89,065 291,973 44,773 41,501 38,001 68,986 35,375 395,065 3J78 32,363 2,749 (1,726} (48,976 } 310 195 (16,B82} 16,355 50 (68,040 } (974) (2,174) 477 3,500 6,650 6,180 47,566 50 65,227 (133,267) (974) (2,174) (152,563) (47,331) 153,040 50,83 I 38,175 54,359 (13,171) (54,260) 5,004 8,047 (273) 7,774 40,000 31,151 (10,750) (26.201) 29,250 4,950 3,945 32,599 (88) (28,181) 3,857 4,418 1,573,439 (1,561.137) 12,302 TOTAL FUNDS 1,835,701 (1.941,811) (106.110) Page 36 ontinued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FIIYANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FiJNDS- continued CoJnparativ¢s for movement in thnds Net movern¢nt in ￿ndS Transfers betsveen funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated fund - Regional Enlity fund Desigmated fund - Children & Families nd Defined benefit pension 349,714 17.255 (91.628) (570) 128,809 386,895 16,685 5.500 (897,000) 5,500 897,000 (524,531) 804.802 128,809 409,080 RestriL*e(I funds Other Project Funds Caialysts for Ca Comrnunity Connectors Health and WLII-being Facilitator Connecl Pembrokeshire c.hildren & Families Connector Inv¢s¢ Local Hubberston & Hakin Connector+ Dementia Supportive Communities PIVO'l'/preventions Rcg>ional CareTS Support Lnnovation Fund Gwirvol Youih Led Grant Loca] Action Hubs Blueston¢ Foundation Community Fund Hubberston & Hakin Devclupment O￿l¢er Regional LD Innovation Fund Carers Online Portal Digicoii¢h (Llealthier Pembrokeshire) Connect IT Supporting Community A¢tion Fund Tnveqt0￿ in CdrLTS promotion Community connect0￿- Digitsl Conne¢tiOnS Volunteering for Pembrokeshire Capital cxpcndilure Employee Volunteering Development otyicer Community Hub UK Community Renewal Fund Outdoor Connections Fund National Lottery Comvnunly Fund - Presc Cares Keep Wann Keep Well 8,634 13,291 42,896 4,360 37,409 6.485 84,118 3,052 35,704 92,874 54,418 (6,647> (11,967} 20.696 6,530 4,874 2,078 32,934 18,986 12,464 (18.266) (5,544) (4.874) (4,872) (27,257) (3.052) (4,872) (12.681) (3.650) (310) {1,890) 20,973 13,788 45,326 5,346 37,409 3.691 89,795 4,872 13,967 3,650 310 35,704 94,160 54,418 1,890 1,216 1,216 (18,902) (I IC),042) 3,000 (6,786) {1,749) (70,097) (2,756) 18,902 (15,550) (3,000) 140,910 6,318 6,673 712 91,563 3,778 2,461 12,437 6,534 149.223 18,929 22.488 13,237 (1,680) (2,240) (11,063) 17,249 20,248 2.174 {2,717) (39,650) (362.236) 6,000 2,717 41.891 (75,708) (4.500) 23,996 437,944 26,237 1,500 3,622 182,973 (3,993) (182.973) (371) 1,078,742 (372,026) (128,809) 577,907 Page 37 continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FUNDS- Continued TOTAL FUNDS 554,211 432,776 986.987 Compardtive net movement in fund4 included in the above ar¢ as follows: In¢oming resources Resource5 expended Gains and loss¢s Movement infimds Unrestricted funds General fund Designated ￿nd- Regional Entity fund Defmed benefit pension 270,653 (362.281) (570) (68.000) (91,628) (570) 897,000 965,000 270,653 {430,851) 965,000 804.802 R￿trict￿d funds OthLr Project Funds Catalysts for c.are Communily Connoctors Health and Well-being Facilitator ConneLt Pcmbr()kL.%hirL' Children & Families Connector InvLsl Local Hubbcrston & Hakin Dementia Supportive Communilies prvoTlpreventions Regional Cdrcrs Support Innovalion Fund Gwirvol Youth Led Grant Hiibberston & Ilakin Developmgnl Onicer Regional LD Innovation Fund Carers Online Portal Digi¢oa¢li (Healthier PembrokeshiTe) Cunncct IT Supporting Community Action Fund Inveslors in C.arers promotion Comniunity Connectors - Digital Conncctions Volunteering for Pembrokeshire Capital expendilu Employee Volunteering Development 77,996 65,357 280,358 61,955 35,799 38,001 144,884 46,543 365.788 (84,641) (77,324) (259,662) (55.425) (30,925) (35,923) (111,950) (41.671) (351,821) 3,650 (6,340) (18,902) (16C),042) (40,1.34) (6,786) (1,820) (225,324) (2,756) (6.647) (11 ()67) 20,696 6.530 4,874 2,078 32,934 4,872 13,967 3,650 310 (18,902) (119,042) 3,000 (6,786) (1,749) (70,097) (2,756) 6,650 50.000 43,134 71 155,227 (1,680) (2,240) {11,063) (1,680) (2.240) (11,063) 8,335 134,042 {23,910) 57.552 {11.052) (173,692) (318,826) (51,552) {2,717) (39,650) (362,236) 6,000 Community Hub UK Lommunity Reneival Fund Outdoor Connections Fund National Lottery Communty Fund - Prcscli Carey Keep Wami Keep Well 32,163 123,323 (28,541) (140,35U) 3,622 182.973 1.903,268 (2,275,294) (372.026) TO'fAL FUNDS 2,173,921 (2,706,145) 965,000 432,776 Pagei8 ontinued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ￿NDED 31 MARCH 2024 20. MOVEMENT IN FUNDS. continued RESERVES 2023 Movement 2024 Restri¢tcd funds Generdl fund Designated fimds (Regional Entity and Children & Families) 577,907 772,895 (121.556) (348,520) 456,351 424.375 22,185 (22.185) Totsl reserves before pension deficit 1,372,987 (492.261) 880,726 Prior year adjustment (386,000) 386,000 Total ￿ServeS 986,987 (106,261) 880,726 The pension s¢hem¢ can significantly fluctuate ycar on year due lo actuarial valuations aT]d the assumptions used. Ai 31 March 2023 thc pension sL.hcme was in surplus by £386,000. comparl'd with a deficit of £897,000 in thc prior year, A surplus of £674,000 w&5 reported at 3 l Mar¥h 2024, It is not a sta￿tOry requiremcnt to in¢lude the peT]sion sury)lus in the financial sla*ments as the organi5ation is not aclually cntitled to the sU￿]uS funds.The PAVS Board h&$ tsken the decislon not to include the pension surplus in the financial statements and. as sucl Éhe 2023 accounts hav¢ been rcstatcd to Tcmove the surplus. Material funds Communily Connectors / Connect Pembroke5hire thi8 funding will be Ca￿led fonvard and USLd to further develop and strengrthcn thL SOLial prcsLribing and infomationlsupport service delivered by the PAVS Community Conn¢ctor l¢am. Invesi Local - Hubberston & Ilakin this funding is held on bchalf of the Ilubberslon & Hakin Invesl Llx'al c.ommunity Fornm. The original 8pend profilc hab no¢ been achieved, primarily due to a dclay in securing an ass¢L ITan5Fer of Gelliswi¥k J3ay. 'I'he funds will be ¢anied foThiard and spent in accordance with the cuTrc.nt Driving Change Plan. whi¢h is due to be ¢omplcted in March 2028. PTVOTIPreventions - this ￿ndIng ac¢rucd over succ¢ssAve years and will be released to support future third sector-led prevenlative and Int￿MediatC rar¢ activity, as agr￿d with fundcrs. and slralegic planning partneTS. Dementia Supportive Communitics this funding will be carricd fonv8rd and us¢d to provide information. advice and practical support tl) people living with d￿nentia and their unpaid carers through the work of the Supportive Communities Development oificer TRANSFERS BETWEEN FUNDS During the year ended 31 March 2024 the following transfer.s were madL fronl trstricted ￿ndS tu the general fjjnd as a contribution towards overhead costs: Catalyst for Care Cotnmunity Connectors Health and Well-being Facilitator Connect Pernbmkeshire Children & Famili¢5 Connethor 7,063 27,003 4,579 5,933 4,663 Paoe 39 continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMEwfs - continued FOR THE YEAR ENDED 31 MARCH 2024 20. MOVEMENT IN FiJNDS- continued TILINSFEHS BETWEEN FUNDS- ¢ootinucd Invest Local Hiibberston & Haki Dementia Supportive Communities PIVOTlpr¢ventions Regional Care￿. Support GMTiVol Youth Led Grant Hubberston & Hakin Development otTicer Supporting Community Action l und Community Hub Resourceful CommLmities Partnership Outdoor Contiections Keep Warni, Keep Well Nationa] I.ottery Community Fund - Preseli Cares BILIL5tone Foundation Timeout for Carers Active C.iti7£nship & Engagement l.ive Well for Less Regiundl Carers Development Carers Onlinc Plaiforn] Other Project Funds 1,271 8,000 5442 310 2,434 23,523 -1,385 4,000 -5,000 4.663 116 4,9.fj0 7,919 3,857 4,418 3,000 2.000 TotaI 131,857 A transfer of £19,316 I)&s been made from the Invest Local Hubbcrston & Hakin fund to the Hubberston & Hakin Development O]TILer fund in respect of a grant made from the tund to PAVS towards the cost of a Communily Developmen¢ worker. 21. EMPLOYEE BENETr I'I. OBLIGATIONS Defined benefit.%cheme The Association wntributes kn the Dyfed Loca] Government Pertsion ifund ai the rates set by the scheme Actuary and advised to the Scheme Administrator. The scheme is multi-employer defined benefit pension scheme. The assets of the scheme are held separately frorn thosp of the charity in an inde.p¢ndently administcred fund. The most recent completed triennial actuarial valuation was perfom)ed by an independent actuary for the trustees of the scheme and was carried out 31 March 2022. The main assumptions used in the actuarial valuations &rc 2L% follows.. 2024 2.70 /0 4.20 /0 2.80/0 4.80/ 2023 Kale of CPI inflation Rale of increase in salaries Rdtc of illLrcasL in pLnsions Di5wunt rate 4.20 % 4.800/0 -•ntinued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMEiYfs - continued FOR THE YEAR ENDED 31 IVIARCH 2024 21. EMPLOYEE BENEFIT OBLICyATIONS- continued The major categories of scheme assets are as follows.. 2024 2024 2023 2023 Equities GoveTnrncnt bun(L5 Other bonds Propety C&sbAiquidity Other 2.684,000 72.80/0 2,489,000 74.4010 17,000 0.50/0 237,000 7.10/0 451.000 13.50/0 23.000 O.P/o 127,000 3.80/0 346,000 9.40/¢ 453,000 12.3t/I o 18,000 0.50/0 184,000 5.00/ 3,685,000 3,344,000 The movement in sury)lus during the year is as follows: 2024 2023 Total presenl value of benefit obli￿110nS Fair value of plan assets 3,011,000 2,958,000 (3,685,000) (3 J44,(K>O ) (Surplus) (674,000) {386.000) A decision w&8 taken by the Board io not Include this in the Financial Statements ￿ it w&8 not a statutory requiren)ent and therefore the flliancial position w&$ shown excluding this amount and the 5UTplus did noi distort the organisations overall linancial position. The change in benefit obligation during period the year is as follows: 2024 2023 Henefit obligatioll at the beginning of the year c￿￿ent ￿TviCe uosls Interest on pension liabilities Membcr5 wntributions Past service costs (gain) Actuarial (gainsylosscs on liabilitics CurtailmenLs Settlements Benefit<ran5feTS paid Bu5in¥ss cornbiniltions 2,958,000 51.000 142,000 14,000 4.335.000 9.3,000 121,000 14,000 {69,000) (1,541,000) {85,000) (64,000) Benefit obligation at end of period 3.011,000 2.958.000 Page 41 ontinu¢(i... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 21. EMPLOYEE BENEFIT OBLIGATIo￿S- continued The change in the plan &8sets duriT)g the year is as follows: 2024 2023 Fair value of plan assets at the beginning of the year Interest on plan assets AC￿arIal gain51(losses) on assets Administration expenses Business combinations Settlements Employer conlribulions Member contributions Benefilsltransfers paid 3,344.000 160,000 203,000 (1,000) 3,438,0(M) 96.000 (190,000) (1,000) 50,000 14,000 (85,000) 51,000 14,000 (64,000) Fair value of plan &8sets at end ofperiod 3,685,000 3,344,000 Actual Retum on plan assets = £363,000 ExperienLC loss - pension incre&8es = £18,000 Lxperi¢n¢e guin- Other- £0 Analysis of amounts rccognised ill the Statcrncnt of Financial Activities.. 2024 2023 CU￿cnt S¢Tvice costs Past se￿ICe ¢osts Administration expenses Ne¢ fu￿￿1¢¢ (intcr¢s'ty¢osts 51,000 93,000 1,000 {18,000) 1,000 25,000 119,000 Total costs recognised in SOFA Stftiement of actuarial gains and losses.. 2024 21)23 Actuarial gains/(losses) on liabilities Actuarial gainsl(Ios5es) on assets 69,000 203,000 1,541,(H)O (190,000) Total actuarial gainl(Loss¢s) on defined benefit scheme 272.000 1,351,000 At 31 MarL,h 2024 £nil (2023.. £nil) w&s oulslanding in ￿SpeCt of Contributions relating to cu￿ent service obligations. Defined eontribution scheme The Charity also operatc a defined contribution pension scheme for new employees. During the yeaT ended 31 March 2024 £18,684 was paid into the scheme, at the year end there was a creditor of £nil (2023.. £nil). Page 42 continued... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 22. RELATED PARTY DISCLOSURES Dwing the year ended 31 MaTch 2024 transactions took place with the following related partie5: Helen MuTray is a trnstee. consultan￿ setvices tDlalling £nil (2023: £570) were purchased from this related paty. At the year end 31 Mar¢h 2024 a balan¢e of £nil w&8 owed to the relat¢d paty (2023: £nil) Jayne Tucker is a t￿st¢¢. Consultancy 5crvi¢es totalling £l.IK)0 (2023: £nil) were purchased from this related party. At the ycdr end 31 March 2024 a balance of £nil was owed to the related party (2023., £nil) Citizcns Advice Pembrokeshire (CAP) is a Telated paty due to having a t￿ste¢ in common. CAP rent offic¢ space from PAVS. Durin¥ the period that it was a related party, rent of £12.500 (2023: £12,500) was Gharged to CAP. At 31 March 2024 a balance was not owed by the related paty. PAVS is the local fi￿d holder for Hubberston & Hakin Invest Local Community Fund. During the year, £19,316 (2023: £21,659) was awarded to PAVS from the ￿nd to fund a Community Developinent Officer p)st. The decision was made by the Hubber5ton & Hakin Community I,'orum. PAVS does not have a voting right on the toNm. MEMBERS, GUARAN'I'FE The Charity is a privatc limited company by guarantee and consequently does not havc any share capital, The liability ofmember5 in the event of liquidation is limited to £1 O PCT mcmber. 24. GRANT ADMINIST114TION In the year end 8 l March 2024, PAVS administered a number of grant schemes on behalf of a range of public and private sector funders. thcse arc as follows: Supportin&, Lommunity Action Fund (SCAF) a consolidated grant srheme bringing together lunding from Pembrokeshire c￿Unty Council (KWKW. Loneliness & So¢ial Isolation, Small Grant4 for Carers Support Gmups) and thc Regional Tntebyration Fund (RTF) to ofyer small grants to community gr()ups under key themes of addressiThg poverty, isolation, unpaid carers, wellbeing, etc. (wwirvol youth.led Grunts disbursed by Pcmbrokeshire Youth Bank and fLmded by Wclsh LTovernment via Wales Council for Voluntary Aclion Outdoor Connections a capital small grants ￿herne lunded by the Rlt,. discretionary capital proryme to crcate outdoor meeting spaces Time Out for Carers - funded by Pembrokeshire c.ounty Council to provide community-based and innovative respite options for unpaid carcrs c.a￿15 Support Iwiovation Fund - fundcd by RIF to provide SUPPKfftrt to unpaid carers Community fiLnds administered 01) behalf of South Hook LNG and Blu¢stone Community Ft)undation to suptKIrt community project5 PIVOT - an intemiediate car¢ service delivered by third sector organisations, fLmded by RJF and Hywel Dda University Health Board Invest Local programme - delivered by the Hubberston & Hakin Community ForuTn. fi￿ded by the National Lottery Community Fund Building ComTnunities T￿￿t Page 41 cont￿lled... PEMBROKESHIRE ASSOCIATION OF VOLUNTARY SERVICES NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 24. GWT ADMINISTRATION- continued Fund mana¥cmen¢ and grant administration repre￿nts a Si￿lFicant element of PA VS, annual budget, and for this reason, it has been agreed to show GrantlFunds distributed &s a discrete element of thc accounts. Page 44