REGISTERED COMPANY NUMBER.. 03608297 (England and Wales)
REGISTERED CHARITY NUMBER.. 1084265
Report of the Trustees and
Audited Flnan¢ial Statements for the Year Ended 31 March 2024
for
The Frlendly Trust

The Friendly Trust
Contents of the Financial Statements
for the Year Ended 31 March 2024
Page
Report of thg Trustge$
Report of the Independent Audltors
Statement of Financial Activitigs
10
Statement of Financlal Position
Statement of Cash Flows
12
Notes to the Statement of Cash Flows
13
Notes to the Financial Statemgnts
14 to 19
Detailed Staterngnt of Financial AGtivities
20 to 21

The Friendly Trust
Report of the Trustees
for the Year Ended 31 March 2024
Introduction
What we do
The Friendly Trust helps vulnerable people with their money. We work in partnership with people who have disabilities,
or disabling illnesses, their families, and carers lo enable them lo manage their money more effectively and end the
distress and isolation caused by poverty, abuse, and debt.
The people we support are often al risk of exploitation and abuse, as described by the Financial Conduct Aulhorily's
report in 2020 - Financial Lives.. The Experienc8s of Vulnerable Customers which stated 4 drivers of vulnerability..
Health - health conditions or illnesses that affect the ability to carry out day-to-day tasks.
Life events - majo¥ life events such as bereavement, job loss or relationship breakdown
Resilience - low ability to wilhsland financial or emotional shocks.
Capability - low knowle¢Jge of financial mallers or low confidence in mana9ing money (financial capability). Low
capability in other relevant areas such as literacy or digital skills.
In their 2020 Financial Survey, Ihe FCA found that 46010 of UK adults 124.1 million people) display one or more
characteristics that fall under these driver5. They 5ugggsI that sorn8 groups ar8 more likely lo display characlerislics of
vulnerability than others, such as thosè over 75, those unemploygd, those who rent and those with no forrnal
qualifications.
The people we support will often display more than one characlerislic of vulnerability and without the appropriate
support. are al risk of..
Financial exclusion.
Difficulty in accessing Services.
Exploilalion by family members or carers.
Discrimination and stigma.
Scams.
Over-indebledness.
Exposure lo mis-selling.
Buying inappropriate products or seNices.
We believe that vulnefable people..
1. have the same value and slalus as everyone else.
2. have a right lo make important decisions lor themselves.
3. have a right to support from their families. commvnilies and any other support which will help them achieve their
wishes and goals.
4. have a right lo influence and shap8 servic95 and sgrvice delivery.
W8 provide accessible informalion and personalised, practical help lo help people become mor8 financially
independent, improving the quality and security of their lives.
Operatlons and chang•
This financial year has been one of considerable change and development, 81ongside weathering suslainabilily
challenges (driven by a rapidly inflating cost basel that have been impacting many small and medium charities across
the third sector.
A highlight of the financial year was the appointment by the Trustees of a new Oireclor via an executive search agency.
An executive search agency was engaged by Ihe Trustees lo ensure the charity was able lo appoint a high calibr8
individual in a very compelilive and light labour market lo ensure the continued quality of our seNices to the 500 service
users that rely on the Friendly Trust.
The new Director has set about driving a programme of change built around clear priorities lo both shore up the
suslainabilily of the Trust following the cosl-of-living crisis shock and leadership change. and lo deliver productivity and
service enhancements. Progress in these areas is reported againsl al each Trustee meeting. Some of the key changes
include".
In light of ongoing budget Conslrainls, the Trustees made the difficult decision to offer staff Ihe opporttsnity for voluntary
redundaricy lo balance future financial years, budgets. Two staff members accepted this offer and departed the
organi5alion during the year.
The Trustees 8pproved new Service User management sofmare to boost efficiency and automate processes. The
Director identified suitable sothvare providers. who demonslraled their solutions lo the management team. CasparGov
by Plainz was choseri lor implernenlalion. Currently. data migralion is underway, with a transition planned for eady 2025.
Vvo also achieved Cyber Essential accredilalion in late 2023 to protect our staff and Service Users, data.
Page 1

The Friendly Trust
Report of the Trustees
for the Year Ended 31 March 2024
One of the significant challenges we faced was the routine process of changing the named Deputy on several Court of
Protection Depulyship Order5. The organisalion held Orders that named the previous Co-ordinator as ltte Deputy.
Following advice from the Court of Protection, we made a block application lo list the named Deputy as the Holder of the
Office of Coordinator of the Friendly Trust. In response, the Court direcled the Office ol the Public Guardian IOPGI to
report on whether the Friendly Trust remains an appropriate organisalion foi the appoinlmenl of its officeholder and
whether the current holder of the office ol Co-ordinator is suitable for depulyship appoinlmenl. This investigation rai58d
the issue of Trust Corporation slalus. which had been delayed by the Ministry of Justice's lack of response lo an
application made in 2014. To address this, the court scheduled a hearing for the end of OclDber, where the Friendly
Tru51 successfully argued for the previous Co-ordinator lo be resigned as Deputy and for new Orders lo be issued with
the Holder of the Office of Coordinalor of the Friendly Trust listed as the new Deputy. As a result. all the Court of
Protection Cseputy Orders held by the Friendly Trust are now consislenl. The issue of whether trust Cofporation slalus is
necessary andlor beneficial lor the Trust will be consid8r8d separately with the TrL¢sI's solicitors.
Objectives and activities
Objectives and aims
Delivering our charitable objoctlvgs
The Friendly Trust is led by a Director who is supported by a Board of Tnjslees to deliver the currenl strategic plan Isel
out below).
The Friendly Trust delivers ils day-to-day business via the following primary servic8S:
Work with vulnerable people who need help lo manage their money including debts;
Assist vulnerable people lo claim their rights lo social security benef1ts'.
Vvork with vulnerable people, older people and carers lo safeguard their future by making a lasting power of attorney..
Provide advice lo families how they can plan for the lulure of their vulnerable fe181ive,
Advise families on making wills and setting up trust lunds lo benefit a vulnerable relalivo,
Manage Trusts which benefit a vulnerable person.,
Act as Deputy appointed by the Court ol Protection
Lessen or eradicate vulnerability to financial abuse.
The regular activities ol the charity are carried out by Trust Officers, who are led and supervised by Team Managers.
Th9se manag9r5 a159 hancjle their own complex caseloads, with support from our Adminislralion team. Vvhile the Team
Managers and Trust Officers work closely with Service Users, the adminislralive team oversees the management of both
the charity's funds and the Service Users, money. This oversighl is conducted under the aulhorily granted by the Court
of Proleclion, Ihe Department for Work and Pensions, and Ihe individuals themselves lunder Lasting Power of Allorneyl.
Staff lime is valuable and there is big demand for the service. Al the lime of writing 105 people were on the wailing list
for a service.
Over the course of the year the Friendly Trust worked wiltt 616 Service Users across the following Loc81 Authorities and
funding partners. Over the course of 115 existence the Friendly Trust has supported over 3,200 individuals with 91 %
slating that their bills are more manageable with our support and guidance.
We continue to work with the following organisations.
Cardiff Council
Monmouthshire Council
Newport Council
North Somersel Council
Rhondda-Cynon-Taff
Torfaen Council
Vale of Glamorgan Council
We are extremely grateful lo our funding partners for their continued support of The Friendly Trust.
Page 2

Tha Friendly Trust
Report of the Trustees
for the Year Ended 31 March 2024
Objectives and activities
Public benefit
We refer to the guidance contained in the Charity Commission's general guidance on pvblic benefit and in particular. the
trustees consider how planned activitie5 will contribute lo our aims and objectives. All our charitable activities focus on
helping vulnerable people, including disabled people and people who are ill., their families and unpaid carers lo achieve
financial independenc8 and security.
This can include providing advice tsr practical help lo budget and manage money and planning for the future by making
3 will Of selling up a trust for a vulnerable relative. Unfunded advice is provided lo any vulnerable person or unpaid carer
calling in person or by telephone during 'office duly" limes which are weekdays 10am until 12pm and 2pm until 4pm.
Moniloring and feedback exercises are carried out lo evidence funding we r8ceive for specific projects in addition ID the
annua5 satisfaction survgy conducted across all projects and core services.
The Trust continues lo operate and deliver against its existing slfalegic plan.
Our goals over the next two years are..
Remain focused on providing public benefit..
Deliver outstanding levels ol service-lo-service users.,
Deliver a balanced budget., and
Ensure the good adminislralion and governance of The Friendly Trust
To meet our goals, we will pursue the following strategies..
Pursug partnershlp.. we will look for and develop opportunities for joint working with other agenci8S',
Invest In staff: w8 will allracl, wlain and invest in a team of skilled and molivaled staff and volunteers, focusing on
their professional development and reward,,
Develop trustees: we will attract, relain and support the developmenl of a skilled and diverse 8oard of Trustees.,
Involve sorvicg u5ers.' we will ensure we seek out and listen lo the voices of our service users and conlinuou51y look
for ways lo involve them in the work ol The Friendly Trust;
Offer free servlcè$.' we will continue lo provide f￿e services lo some service users and expand this free service..
Grow only when prudent.. we will grow The Friendly Trust in a wise and prudent manner as suitable opportunities
present Ihemselv8s, bul never al the risk of compromising our standards of service or our public benefit;
Be flnancially practlcal.. we will carry on a conversation with our funders each year lo make sure we have the
reasonable resources we need lo deliver the outstanding levels of service we and they expect us lo deliver.
Devglop a sustalnable fundraising program.. We have engaged Richard Newton Consulting - a Cardiff based firm
with experience In fundraising for the 3rd sector lo help us create and deliver a long-lerrn fundraising strategy by
building relationships with a number ol Trusts and Foundations lo secure a valuable and consi51enl source of additional
income,
Ensure we work in an envlronmentally sustainable mod81: We are constantly seeking w8y$ in which to decrease
the volume of paperwork managed by the charity. We have switched lo using electronic application processes where
available and will further reduce our requirement lor paper bank slalemenl with the implementation of CasparGov. We
have introduced 8 cycle lo work scheme for employees and we monitor how our waste is recycled by our waste carrier.
Trusteos
The board continues lo meet on a bi-monthly basis providing direction and 5UPPOrt for the staff and appfopriale
oversight of charity operalions and significant decisions.
Strategic report
Financial Review
The Charity's nel oulgoing resources amounted lo £73.444 12023 nel incoming resources.. £42,381).
decreased the available funds from £579.649 10 £506.205. No reslricled income received in the year.
which has
Page 3

The Frlendly Trust
Report of the Trustees
for the Year Ended 31 March 2024
Strateglc report
Financial review
Investment pollcy and objectSves
The Friendly Trust is a registered charity which helps vulnerable adulls lo manage their money.
This investment policy applies lo the unreslricled reserves and reslricled reserves held by The Friendly Trust. 11 is not
applicable lo inveslm8nls made Dn behalf of our service users in the role of Appointee, Deputy. Allorney, Executor or
Trustee.
The Trustees of The Friendly Trust are governed by the Trustee Act 2000 which sets out the general power of
investment. This policy is intended lo clarify the responsibilities of the Iruslees and provide additional working guidance
in relation to The Friendly Trust's Inveslmenls,. il is not intended to supersede or conlradicl the Trustee Act 2000.
Investment Objectlves
The Friendly Trust seeks lo produce the best financial return within an acceptable level of risk. Capital preservation is
the highest priority in deciding wher8 to place funds.
Resgrv•s policy
The economic climate facing the Third Saclor over the past faw years has continued lo place pressure on funding
streams and the Trustees acknowledge the need lo retain available reserves lo facililale the continuance of at lea51 the
current level of service delivery. The Charity provides a range of services which are unfunded and without sufficient
reserves. this assistance would be al risk. The Trustees also recognise that should a closure of operations be required
due lo aDy external factors. they would want lo do so In such a way that those who rely on Th8 Friendly Trust. both Ihosg
who work lor the Charity and Ihose who receiv8 direcl services from it, are not and do nol feel abandoned.
The policy of the Charity, which 1$ reviewed al regular inleNals, is to aim towards securing sufficient reserves to fund six
months, worth of operational costs in order lo meet these needs. Ai the balanc8 sheet dale, the level of available
unrestricled funds amounted to £506,20512023', £579.6491.
Page 4

The Friendly Trust
Report of the Trustees
for the Yèar Ended 31 March 2024
Strategic report
Risk
The unreslricled cash reseNes of The Friendly Trust are broadly in line with the rninimum deemed necessary lo provide
working capital for our operations and lo deal with any reasonable risks Ihal malerialise and may result in an
unexpected increase in expenditure or a reduction in income, Capital volalilily beyond the Trustee's risk appelile musl
be avoided and unreslricled reserves should be invested with a cautious approach lo risk.
Reslricled cash reserves, when held. are required lo fund specific projects and liabilities. Capital volatility should be
avoided. and funds should be invested with a conservativè approach to risk.
The Charity's funds should be held in cash or near cash inveslmenls denorninaled in sterling. The exception lo this
would be in Circumstances if foreign assels or assets not held in cash were bequeathed lo the charity. In such
circumstances The Friendly Trust would lake professional advice as soon as possible.
The Friendly Trust will usually make use of banks and building societies covered by Ihe UK'S Financial Services
Compensation Scheme. The institution should also be incorporated in the UK. The sum of money placed in such
inslilulions lor related group) should nol normally exceed the maximum limit for compensation under the Scheme
{currenily £85,0001. The Friendly Trust will seek professional fiT)anci31 advic8 before investing in any inslilulion not
covered in paragraph above. The inslilulionlinvestmenl musl b8 regulated by the Financial SeNices Authority IFSAI or
Prudential Regulation Authority IPRAI.
Any investment opportunity which could not be described as being placed with a "bank Of building society" las outlined
In para9raph above) must be discussed, agreed and noted al a management committee meeting lo which all the
Iruslees have been invlled.
Liquldlty Requlrgrnents
Approximately £100,000 of available reserves conslilules a working balance and should be held where il can be
imrnecjiately acces58d. The balance of funds may be invested for a period up lo 3 years however, any investment for
period exceeding 365 days requires the approval of the Board ol Trustees.
Management, Reportlng and Monltoring
Day lo day decisions on placing and withdrawing deposits are lo be made by the Director.
The Direclor will monitor the cash position and performance and report this lo the Board al least annually.
Any of the Iruslees may request Information from the Director al any lime regarding cash balances, The Friendly Trust's
investments or other budgetary information. The Oirector will normally respond lo such information requests within 7
days.
Approval and Revlew
This Investment Policy Sialemenl was prepared lo provide a framework for the investment of The Friendly Trust's funds.
11 will be reviewed on an annual basis, of more frequenlly if requested by any of the Iruslees.
11 will also be immedialely r8viewed should cash reserves exceed £500,000.
Structure, governance and management
Structure, Governance and Management Governlng Document
The Charity is a company, limited by guarantee, registration number 03608297. 11 is registered with the Charity
Commission number 1084265. The charity changed ils memorandum and articles in November 2013 10 allow itself lo
become a Trust Corporation.
Organisational structure
The Friendly Trust is governed by a Bciard of Trustee Directors. all of whom act in a voluntary unpaid capacity. and me81
al least every other month lo direct the work ol The Friendly Trust.
Flnanclal contro15
Financial probity Is allained by internal monitoring system5 and by external audit. Cash handling is recognised as the
area most vulnerable lo error and fraud and so the syslemalic checking and monitoring is particularly scrupulous in this
area.
Appointment, induction and tralnlng of new trustees
Thère is an on-going need lo recfuII new trustees 10 51renglhen the governance ol The Friendly Trust. New trustees are
sought through advertising on volunteer recruilmenl siles. Polenlial trustees may also be approached following personal
recommendation. New trustees are sent the govefning documents and inlroduced to other trustees and staff members.
Formal training for Iruslees on their legal responsibilities is held from lime to lime.
Vve have seen several resignations over the past 18 months. and we are In the process of Trustee recruitment lo ensure
we have the best team ol trustees overseeing the governance and lulure direction of the charity. good governance and
Trust outcomes.
Page 5

The Frlendly Trust
Report of the Trustees
for the Year Ended 31 March 2024
Reference and administrative details
Registered Company number
03608297 (England and Wales)
Reglstered Charity number
1084265
Regi5t•red office
Canton House
435451 Cowbridge Road Easl
Canton
Cardiff
CF5 1JH
Trustees
Philip Joseph Boshier (Chairl
Norbert Flynn Iresigned 21. 10.241
Janel Claire Burke (resigned 10.9.241
David Keith Riman (resigned 31.8.241
Jonathan Cordy (resigned 12.9.231
Matthew John Wedlake
Susan Lesley Roberts
Jason Tucker
Elinor Kerr- Smith Iresigned 14.5.241
Owain Phillips
Sarah Burke lappoinled 12.3.241
Auditors
Haines Walls Wales LLP. Slalulory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ
Bankers
The Co.op8ralive Bank plc
PO Box 101
1 Ballon Street
Manchester
M60 4EP
CAFCASH Limited
PO Box 289
Wesl Malling
Kent
ME194TA
Funds held as custodian for others
The Charity manages money on behalf of ils services users. This service includes paying expenditure on their behalf,
detailed records are kept ensuring that the Charity can idenlify amounts owed lolby each individual. As slated above
when service users have substantial funds an Independent Financial Advisor Is consulted for recommendations on
appropriate investments.
Staternent of trustees. responsibilities
The trustees (who are also the directors of The Friendly Trust for the purposes of company lawl are responsible for
preparing the Report of the Trustees and the financial slalernents in accordarsce wlh applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel-
Page 6

The Friendly Trust
Report of the Trusteès
for the Year Ended 31 March 2024
Statement of trustges. responsibilities continued
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view
of the stale of affairs of the charitable company and of the incoming resource5 and application of resources, including
the income and expenditure, of the charitable company lor that period. In preparing those financial statements, the
trustees are required lo
select Suitable accounting policies and then apply them consistently.,
observe the methods and principles In the Charity SORP..
make judgements and eslimales that are reasonable and prudent..
prepare the financial slalemenls on the going concern b8sis unless il is inappropriate lo presume that the charitable
company will continue in business.
The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
lime the financial position of the charitable company ancs lo enable them lo ensure that the financial sl8lements 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 faf as the Iruslees are awarè..
Ih8re is no relevant audit information of which the charitable company's auditors are unaware., and
the trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit
information and lo establish that the auditors are aware of Ihal information.
Auditors
The auditors. Haines Watts Wales LLP, Slalulory Auditors. will be proposed for re-appoinlmenl al the forthcoming
Annual General Meeting.
Report ol the trustees, incorporaling a strategic report. approved by order of the board of trustees, as the company
directors, on
and signed on the board's behalf by..
Philip Joseph Boshier- Trustee
Page 7

Report of the Independent Auditors to the Members of
The Friendly Trust
Opinion
We have audited the financial statements of The Friendly Trust Ilhe 'charitable company'l for the year 8nded
31 March 2024 which comprise the Slalement of Financial Activities, the Slalemenl of Financial Position. the Slalemenl
of Cash Flows and notes lo the financial slatemenls, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial slalements..
give a true and fair view of the slate of the charitable company's affairs as al 31 March 2024 and of its incoming
resources and application of resources. including Ils Income and expenditure, for thè year then ended.,
have been properly prepared in 8ccordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
asi$ for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law.
Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the
financial slalemenls section of our report. We are Independent ol the charitable company in accordance with the ethical
requirements that are relevant lo our audit ol the financial slalements in the UK, including the FRC'S Ethical 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 lo provide a basis for our opinion.
Conclusions relating to going ¢on¢orn
In auditing the financial slalements, we have concluded that the Iruslees, use of the going concern basis of accounting
in the preparation of the financial slalements is appropriale.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions
that, individually or collectively, may cast significant doubl on Ihe charitable company's ability lo continue as a going
concern for a period of al least ￿e1ve months from when the financial slalemenls are aulhorised for issue.
Our responsib111lies and the responsibilities of the trustees with respect lo going concern are described in the relevant
sections of this report.
Other Informatlon
The Iruslees are responsible lor the other information. The other information comprises the information included in the
Annual Report, other than the financial slalemenls and our Report of the Independent Auditors Ihereon.
Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otherwise
explicitly slated in our report, we do not express any form of assurance conclusion Ihereon.
In connection with our audit of the financial slalem8nls, our r85ponsibilily 15 to read the other Information and, in doing
so, consider whether the other information is rnalerially inconsislenl with the financial slalemenls or our knowledge
obtained in the audit or otherwise appears lo be m81erially miss181ed. If we identify suctt malerial inconsistencies or
apparent material misslalements, we are required to determine whether this gives rise lo a material misslalemenl in the
linancial slalemenls themselves. If. based on the work we have performed, we conclude Ihal there is a material
misslalemonl of this olher information, we ar8 requirgd to report that lacl. W8 have nothin9 to report In this regard.
Opinions on other matters prescribgd by the Companlès Act 2006
In our opinion. based on the work undertaken in the course ol the audit..
the information given in the Report ol the Trustees for the financial year for which the financial slalomenls are
prepared is consislenl wilh Ihe financial stateme￿IS.. and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by èxceptlon
In the light of the knowledge and understanding of the charitable Company and ils environment obtained in the course of
the audit, we have not identified m31ofial misslalemenls in the Report of the Trustees.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you
if. in our opinion..
adequate accounting records have not been kept or returns adequate for OUT audit have not been received from
branches nol visited by us.. or
the financial slalemenls are not in agreement with the accounting records and relums., or
certain disclosures of trustees, remLJneration specified by law are not made.. or
we have not received all the Information and explanations we require for our audit.
Page 8

Report of the Independent Auditors to the Members of
The Friendly Trust
Responslbilities of trustee$
As explained more fully in the Statement of Trustees. Responsibilities, the trustèes Iwho are also the direclors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view, and for such inlerrial control as the trustees determine is necessary
lo enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error.
In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable company's ability lo
continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern
basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have
no realistic alternative bul lo do $0.
Our responsibilities for the audit of the fSnancial statements
Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from
material misslalemenl, whether due lo fraud or error. and to issue a Report of the Independent Auditors that includes
our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS (UK} will always detect a material misslalemenl when il exists. Misslalemenls can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial slalemenls.
The exlenl lo which our pro¢edufes are capable of detecting irr8gL¢larilies, ineluding fraud is delailgd below..
Our planning procedur8s identify the legal and regulatory frameworks applicable to the operations and financial
slèlemenls of the charily.These are reviewed internally with the audit team including relevant industry experience and
expectations as well as exlefnally with the Client management. The key laws and regulations we considered in this
context were the UK Companies Acr 2006. Charities Act 2011 and relevant lax legislation.
Once identified. we assess the risks of material misslalemenls in relation lo the laws and iegulalions, irregularit18S,
including fraud and adjust our lesling accordingly. Our audit procedures include..
Discussing wlh Trustees and management which areas of the business they believe lo be mor8 susceptible to
fraud, and whether they have any knO￿edge or suspicion of fraudulent activities
Obtaining an understanding of the key conlrols pul in plac8 by the charity lo addr8ss risks identified, assessing
the effe¢livgness of those and discussing how these are maintained and monilor8d internally
Assessing the risk of management override through review of cashbook entries
Discussing with Trustees and managemenl the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion ol non compliance
Substantively lesling by sample. income and expenditure transactions recorded against individual service users.
reconciliations performed by management and the controls over-arching the safe guarding of service users
funds.
Despite the audit being planned and conducted in accordance with ISAS IUKI there remains an unavDidable risk that
mal8rial misslalemenls in the financial slalemenls may not be detected owing lo inher8nl limitations ol th8 audit. and
that by their veTy nature, any such instances of fraud or irregularities likely involve collusion, forgery. intentional
misrepresenlalion, or the overridg of internal controls.
A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting
Council's website al www.frc.org.uklaudilorsresponsibililies. This description forms part of our Report of the Independent
Auditors.
Use of our report
This report is made solely to the ch8rilable company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable ¢ompany'5
mernber5 Ihose mallers we are required lo slate lo them in an auditors, report and for no other purpose. To the fullest
exlenl permilled by law, we do not acc8pI or assume respon5ibilily lo anyone other than the charitable company and the
charilab
ny's mernbers as a body, for our audit work, for this report, or for the opinions we have formed.
Clive Edwards (Senior Slgtutory Audilorl
for and on behalf of Haines Watts Wales LLP, Slalulory Auditors
7 Nept￿ne Court
Vanguard Way
Cardiff
CF24 5PJ
Dalo-.
Page 9

The Friendly Trust
Statement of Financial Activities
(Incorporating an Incorne and Expenditurè Account)
for the Year Ended 31 March 2024
2024
Total
funds
2023
Total
funds
Unrestrlcted
funds
Restricted
funds
Note$
Income and endowments from
Donations and legacies
4,246
4,246
12.041
Charitable activltles
Core services
774,460
774,460
710,639
Investment income
7,407
7,407
3,010
Total
786,113
786,113
725,690
Expendlture on
Charitable activltles
Core services
877,228
877,228
670.245
Net gainslllosse51 on investments
17,671
17,671
113,0641
NET INCOMEIIEXPENDITUREI
173,4441
173,4441
42,381
Reconciliation of funds
Total funds brought forward
579,649
579,649
537,268
Total funds carrled forward
506,205
506,205
579.649
The notes form part of these financial statements
Page 10

The Friendly Trust IRegister#d number: 036082971
Staternent of Financlal Position
31 March 2024
2024
Total
funds
2023
Total
funds
Unrestricted
funds
Restricted
funds
Notes
Current assets
Debtors
Investments
Cash al bank and in hand
166,395
363.931
104,512
166,395
363.931
104,512
171,027
436,809
178.12S
12
634.838
634,838
785,961
Creditors
Amounts falling due within one year
13
1108.6331
1108,6331
1171,3121
Net current asset$
526.205
526,205
614.649
Total asset5 less current liabilities
526,205
526,20S
614,649
Provlslons for Ilabllitles
14
120,0001
120,0001
135,0001
NET ASSETS
506,205
506,205
579,649
Funds
Unreslricled funds
15
506,205
579,649
Total funds
506,205
579,649
i¥ slalemenls were approved by the Board of Trustees and aulhorised for issue
and were signed on ils behalf by..
on
Philip Joseph Boshier - Trustee
The notes form part of these financial sta19menls
Page 11

The Frièndly Trust
Statement of Cash Flows
for the Year Ended 31 March 2024
2024
2023
Notes
Cash flows from opgrating activities
Cash generated from operations
Movement In provision
1156,5691
115.0001
16,647
Nel cash (used inllprovided by operating activities
1171,S691
16,647
Cash flows from Investlng activiti•$
Investments
Interest received
90,549
7,407
{47.9461
3.010
Nel cash provided byllused inl investing activities
97,956
144,9361
Change in cash and cash equlvalents In
the reporting perlod
Cash and cash equivalents at the
beginning of the reporting period
173,6131
128,2891
178,125
206,414
Cash and ¢a$h equivalents at the end of
the reporting period
104,512
178,125
The notes form part of these financial statements
Page 12

The Friendly Trust
Notes to the Statement of Cash Flows
for the Year Ended 31 March 2024
Reconciliation of net lexpenditurelllncome to net cash flow from operating actlvltie$
2024
2023
Net lexpenditure}lincome for the reporting perlod la$ per the
Statement of Financial Activities)
Adjustments for:
Losses on investments
Interest received
Decreasellincreasel in debtors
{Decreasellincrease in cr8dilor5
173,444)
42,381
117,6711
17,4071
4,632
162,6791
13.0101
129,8111
7,087
Net cash {used in)Iprovlded by operations
1156.5691
16,647
Analysis of changes In net fund$
At 1.4.23
Ca$h flow
At 31.3.24
Net cash
Cash at bank and in hand
178.125
173,6131
104,512
178,125
173.6131
104.512
Llquld resources
Deposits included in cash
Current asset investments
436,809
172,8781
363,931
436.809
172,8781
363,931
Total
614,934
1146.4911
468,443
The notes form part of these financial statements
Page 13

The Friendly Trust
Note5 to the Financial Statements
for the Year Ended 31 March 2024
Aeeounting policie$
Basls of preparing the financial statements
The financial slalemenls of the charitable company, which is a public benefit èntity under FRS 102, have been
prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Sialemenl
ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Rèpublic of Ireland IFRS 1021 leff@cliv8 1 January 20191,,
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost
convention.
Income
Service user fee5, donation5 and similar incoming resources are recognised when they are received.
Oulslanding legacies are regularly reviewed and recognised when the incoming resource can be measured with
sufficient reliability. Donations in kind are included as income al a fair valu8. Donated lime provided by
volunteers is not included.
Investment income is recognised on a receivable basis.
Grants are included as an incoming resource when the charity is enlilled to the resources, il is virtually certain
that the incoming resource wi15 be received and the monetary value can be measured with sufficient reliability.
RevenLJe grants are credited lo the income and expenditure account in the year lo which they relate. Whero
grants have been received bul relate lo 8 future accounting period, that part of the grant received is deferred lo
the appropriate period.
Expendlture
Liabilities are recognised as 500n as there is a legal or conslruclive obligation commilling the charity lo the
expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate 811 costs related lo the category.
Charitable expenditure comprises those c051s incurred by the charity in the delivery of ils activities and services
for 115 beneficiari8s. It includes both costs that can be allocated directly lo svch aclivllies and those cos15 of a
indirect nature necessary lo support them.
Governance costs
Governance costs include costs ol the preparation and examination of the slalulory accounts. th8 costs of
Iruslee meetings and the cost of 8ny legal advice lo Iruslees on governance or conslilulional rnallers.
Taxatlon
The company is a registered charity and all of ils income ￿$ primary purpose il is, therefore, exempl from
laxalion.
Fund accountlng
Unrestricted funds can be used in a¢¢ordan¢e with the charitable objectives al the discrolion of the Irust8es.
Restricted funds can only be used lor particular reslricled purposes within the objects of the charity. Reslriclions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanalion of the nature and purpose of each fund is included in the notes lo the financial statements.
Pension costs and other post-retirement benefils
The charitablè company operates a defined contribution pension scheme. Contributions payable lo the
charitable company's pension scherne are charged lo the Slalemenl of Financial Activities in the period lo which
they relate.
Operatlng leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight line
basis over the lease term.
Provisions
Where liabilities exist of uncertain liming and amount. the Charity provide5 for its best estimate of any eventual
costs lo be Incurred.
Debtors
Debtors are recorded al the value of their recoverable amount.
Page 14
continued...

The Friendly Trust
Notes to thg Financlal Statements continued
for the Year Ended 31 March 2024
Accounting policies - contlnued
Investments
Investment balances reflect amounts held on dep0511 to achieve an improved r3te of return in line with the
Charities treasury management policy.
Creditor5
Creditors are recorded 81 the value of the idenlifled liability.
Donatlon5 and legacies
2024
2023
Legacies, bequests and donations
4,246
12,041
Investmant Income
2024
2023
Deposit account interest
7,407
3,010
Income from ¢harltable actlvltles
2024
2023
A¢tlvity
Core services
Cardlff County Council
360,636
331.737
Core servic8$
Torfaen County Borough
Council
66.280
66.280
Cor8 services
Vale of Glamorgan Council
88,795
77,207
Cor8 services
Monmoulhshire County
Council
2,880
2,D25
Core services
North Somersel Council
6,917
Core services
Fees re service users
146,952
138,320
Core services
Newport Borough Council
1,440
1,260
Core services
Rhondda Cynon Taf Council
100,560
93,810
774,460
710,639
Page 15
continued...

The Friendly Trust
Notes to the Financial Statements - continued
for the Year Ended 31 Mar¢h 2024
Charitable activities costs
Support
Costs Iseg
note 61
Direct
Costs
Totals
Core services
755,904
121.324
877,228
Support ¢osts
Governance
costs
Finance
Other
Totals
Core setvices
130,676
115,0001
5,648
121,324
The other income relates to a reduction in th& dilapidation provision as detailed in note 14.
Support costs, included in the above, are as follows..
2024
Core
services
2023
Total
activities
Wages
Social security
Repairs and renewals
Auditors, remunefalion
Auditors, r8muneralion for non audit work
117,735
12,941
115,0001
2,119
3.529
86,116
8.517
1,800
2,999
121,324
99,432
Net incom•l{expenditurg1
Nel incornellexpendilurel is slated after chargingllcredilingl..
2024
2023
Auditors, remuneration
Auditors, remuneration for non audit work
2,119
3,529
1,800
2,999
Trustees, remuneration and beneflts
There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended
31 March 2023..
Trustees. expenses
During Ihe year Iruslees were reimbursed for travel expenses of £nil12023'. £951.
Page 16
continued...

The Friendly Trust
Notgs to the Financial Statements continued
for the Year Ended 31 March 2024
Staff costs
2024
2023
Wages and salaries
Social security costs
Other pension costs
651,421
68,618
53,542
470,399
50.274
44,604
773,581
565,277
The average monthly number of employees during the year was as follows..
2024
20
2023
14
Charitable activities
Support and administration
25
21
No ernployoe5 received emoluments in exc@ss of £60,000.
10.
Comparatlves for tho $tatement of flnanclal actlvlties
Unrestricted
funds
Re$tricted
fund$
Total
funds
Incorne and endowments from
Donations and legacies
12.041
12,041
Charitable actlvltles
Core services
710,639
710.639
Investment income
3,010
3,010
Total
725,690
725,690
Expendlture on
Charitable actlvltles
Core services
670,245
670,245
Nel g8insl{lossesl on investments
113,0641
113,0641
NET INCOME
42,381
42,381
Reconciliation of funds
Total funds brought fotward
537,268
537,268
Total funds carried forward
579,649
579,649
Page 17
continued...

The Friendly Trust
Notes to the Financial Statements - Continued
for the Year Ended 31 March 2024
11.
Debtors.. amounts falling due within one year
2024
2023
Grant debtors
Other debtors
Prepayments and accrued income
158,457
1,122
6,816
163,475
1,122
6,430
166.395
171.027
12.
Current asset investments
2024
2023
Cash held on deposit
363,931
436,809
13.
Creditors.. amounts faSllng due within one year
2024
2023
Social securlly and other taxes
Amounts owed lo seNice users
Accruals and deferred incomè
16.387
87.266
4.980
10.853
154,175
6,284
108,633
171,312
14.
Provlslons for Ilabllltles
2024
2023
Provisions
20,000
35.000
Balance brought fO￿ard
Amounts provided in the year
Amounts released in the yea
35,000
25,000
10,000
115,0001
Balance carried lorward
20,000
35.000
The dilapidation provision has been reduced by £15,000. Thi5 covers the Trust's legal commitment should they
decide lo leave their cvrrenl premises.
15.
Movement in fund$
Net
movement
In funds
At
31.3.24
At 1.4.23
Unrestrlcted funds
General fund
579,649
173,4441
506,205
TOTAL FUNDS
579,649
173,4441
506.205
Net movemenl in funds, included in the above are as follows..
Incoming
resources
Resource$
expended
Gains and
losses
Movement
in funds
Unrestricted funds
General fund
786,113
{877,2281
17,671
173.4441
TOTAL FUNDS
786,113
1877,2281
17,671
{73,4441
Pa9e 18
continued...

The Friendly Trust
Note5 to the Financial Statements continued
for the Year Ended 31 March 2024
15.
Movement in funds- continued
Comparatives for movement in funds
Net
movement
in funds
At
31.3.23
At 1.4.22
Unrestrlcted fund5
General fund
537,268
42,381
579,649
TOTAL FUNDS
537,268
42,381
579,649
Comparative nel movement in funds, included in the above are as follows:
Incomlng
resources
Rosour¢8s
expended
Gains and
losses
Movement
in funds
Unrestrlcled funds
General fund
725,690
1670,2451
113,0641
42,381
TOTAL FUNDS
725.690
1670,2451
113,0641
42,381
Unrestrlcted funds
Unreslricled income funds ar8 general funds that arè available for use al the Iru$lg85' discretion in furth8ranc8 of
the obiecliv05 of the charity.
16.
Employee beneflt obllgations
The charity operates a defined ¢onlribulion scheme. The pension costs charge lor the year represents
contributions payable by the charity lo the scheme and amounted lo £53,54212023'. £44,604).
There were no oulslanding or prepaid contributions al eilhei the beginrnlng or end of the financial year.
Rèlatèd party disclosures
17.
There were no related party transactions for the year ended 31 March 2024.
18.
Managed funds
As al 31 March 2024 the Friendly Tnjsl aolively managed funds lolalling £13,841,36912023'. £12,081,306) on
behalf of ils service users.
19.
Members. liablllty
The charity is a private company. incorporated in England and Wales. limited by guarantee and consequently
does not have Share capital. Each of the members is liable lo contribute an amount not exceeding £1 towards
the assets of the charity in the event of liquidation.
Page 19

The Friendly Trust
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
2024
2023
Income and endowments
Donations and legacies
Legacies, bequests and donations
4,246
12,041
Investment Income
Deposit account interest
7,407
3,010
Charltablg activiti¢5
Cardiff County Council
Torfaen County Borough Council
Vale of G18morgan Council
Monmouihshire County Council
North Somersel Council
Fees re service user5
Newport Borough Council
Rhondda Cynon Taf Council
360.636
66,280
88,795
2,880
6,917
146,952
1,440
100,560
331.737
66,280
77.207
2,025
138.320
1,260
93.810
774,460
710,639
Total In¢omlng rfrsour¢e$
786,113
725,690
Expenditur0
Charltable actlvltles
Vvages
Social security
Pen5i0ns
Volunteer expenses
Rent, rates and service charges
Insurance
Equipment costs not capilalised
Office costs
Travel and subsistence
Books. publications and training
Legal and profession81 lees
533,686
55,677
53,542
1,649
31,183
23,588
8,557
2,628
384,283
41,757
44.604
66
30,276
17.164
4,468
9.516
6.636
174
2.588
4.117
8,624
16.831
1,548
548
3,120
7,737
9.975
96
39
1,852
5,711
93
Telephone
Recruilmenl & velling costs
Conference & Training
Books & memberships
Postag8
IT seNices & softwafe
Bank charges
Legal fees
Printing & Stationary
1,966
3,893
98
48
5.701
2,872
755,904
570.813
Support costs
Flnance
Wages
Social secuTIIy
117,735
12,941
86,118
8,517
130,676
94.633
Other
Repairs and renewals
(15,000}
This page does not form part ol the statutory financial slalernents
Page 20

The Friendly Trust
Detailed Statement of Finaneial Activities
for the Year Ended 31 March 2024
2024
2023
Other
Governance costs
Auditors, remuneration
Auditors, remuneration for non audit work
2,119
3,529
1,800
2,999
5,648
4,799
Totsl resotjrces expended
877,228
670,245
N9t (expenditurelllncome before gains and
10$5es
191,1151
55,445
Reallsed recognlsed gains and losses
Realised gainsllosses on current asset
investments
17,671
113,0641
Net lexpendlturellincorne
173,4441
42.381
This page does not form part of the slalutory financial statements
Page 21