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← Credu Supporting Young And Adult Carers Limited

2024-03-31-accounts

Company no. 04779458 Charity no. 1103712

Credu Supporting Young and Adult Carers Limited Report and Audited Financial Statements 31 March 2024

Credu Supporting Young and Adult Carers Limited

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 March 2024
Company number 04779458
Charity number 1103712
Registered office and Oasis
operational address Spa Road
Llandrindod Wells
Powys
LD1 5ER
Secretary L Hammond resigned 21 June 2024
J Gorman appointed 21 June 2024
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
E Bleakley
S Cooper resigned 21 June 2024
M Evitts
G Heathcote
M Jarvis
S John
O Jones resigned 7 November 2023
J Raftree
A Williams
E Yaxley
Chief executive officer Jennifer O'Hara-Jakeway resigned 2 February 2024
Owen Jones (Interim) appointed 8 January 2024
resigned 31 August 2024
Becky Evans appointed 19 August 2024
Senior Management Mandy Dean Ceredigion Team Manager
Team Sally Duckers Making Carers Count and Volunteer Coordinator
Becky Evans Powys Team Manager (until 18 August 2024)
Laura Hammond Company Secretary (until 21 June 2024) /
Systems and First Point of Contact Manager
John McDade Finance Manager
Sonia Penlington WCD Team Manger
Bankers CAF Bank HSBC
25 Kings Hill Ave Middleton Street
Kings Hill Llandrindod Wells
West Malling Powys
ME19 4JQ LD1 5EU
Solicitors P4B Law Limited
JR Business Centre
Main Avenue
Treforest
CF37 5ST

1

Credu Supporting Young and Adult Carers Limited

Reference and administrative details

For the year ended 31 March 2024

Auditors

Godfrey Wilson Limited 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

2

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

The trustees who are also directors of the charity for the purposes of company law, present their annual report together with the financial statements of the charity for the year ended 31 March 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Credu (Credu Supporting Young and Adult Carers Limited) is the legal name and Credu (the brand name) is a charity and a company limited by guarantee, incorporated in 2003. It is a network member of the Carers Trust and is a Carers Trust Centre of Excellence. The organisation also self-assesses against the Trusted Charity criteria.

The organisation is managed by a voluntary Board of Trustees, which sets the strategic direction of the charity and delegates responsibilities for the day to day running of the charity to a Chief Executive Officer. The CEO manages the Leadership Team covering all elements of Credu’s operations.

As well as the main board of trustees which meets quarterly during the period, we have a Finance Subgroup to scrutinise the organisation's finances and make recommendations to the board about any significant financial decisions. There is a Quality Subgroup which reviews the governance and policies of the charity and makes recommendations to the board. There is also a People and Wellbeing subgroup which takes an overview of recruitment, support and wellbeing of staff and volunteers.

Trustee recruitment

Trustees are recruited via word of mouth, working relationships and networks. Potential trustees apply to the Company Secretary, are checked and approved, and are then co-opted by the existing trustees.

In this year, no new trustees joined.

Owen Jones resigned in order to take up the position of Interim Chief Executive Officer of Credu.

Responsibility for day to day management

Day to day responsibility for the provision of the services rests with the Chief Executive Officer along with the Management Team.

Credu’s guiding principles:

The day to day work is guided by the following principles:

3

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

Credu’s achievements:

Overview from the Chair

This year we are still very aware of the challenges that carers face in the current economic climate.

To share the feedback we have from carers, volunteers and staff, the Board of Trustees prioritised expanding and strengthening networks. Within our communities, counties and at national level we continue to raise awareness and engage at all levels to share the needs and concerns that carers share with us.

We are also committed to continuing to support staff wellbeing to enable them to give their best to the carers they support. We have strengthened the relevant HR policies accordingly.

The trustees had their annual away day in May with a follow-up session in June to consolidate these priorities.

There have been challenges as always.

We faced the coming year with the uncertainty of our financial position as two of our local government contracts, with Ceredigion and Powys, would be up for tender at the end of the financial year. We established a fundraising sub-committee to look at community and corporate fundraising.

Towards the end of 2023 we had changes in the leadership and structure of the WCD team and the resignation of our CEO after 9 magnificent years.

The WCD team stepped up to the mark and under the new leadership of Sally Duckers move from strength to strength.

With the resignation of the CEO and the uncertainty of our financial position going into 2024/25, the Board agreed to recruit an interim CEO to take us forward until we could identify our future pathway. Following an internal recruitment, Owen Jones was offered the post and accepted. With his knowledge of Credu as a trustee and former Chair he was well placed for this role and stabilised the organisation during this period.

Credu volunteers and staff continued to offer the best support to our carers. Their achievements were shared at our annual residential away day. The pride and commitment they have in their roles shone through and good practises were shared by all.

The All Wales Young Carers Festival was hosted by Credu at The Royal Welsh Showground and was enjoyed by everyone. Commitment to the 2024 event was secured.

We look to the future with hope, and I know this incredible team will face any challenges that come our way with kindness and compassion for everyone. It continues to be a privilege to be part of this organisation. Thank you everyone for the past year.

4

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

OBJECTIVES, ACTIVITIES AND ACHIEVMENTS FOR THE PUBLIC BENEFIT

We have 12,327 active Carers registered with Credu. In the last year, we were in touch with 3,398 of those carers.

Because we believe each person is an expert in their own lives, we invest in carers in a way that is person-centred, strength-based and outcome-focused. Our impact is relevant and meaningful with snap surveys showing that 79% of Carers are moving forward on what matters most to them.

Other achievements include:

5

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

6

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

In the system, there are two. Up and down, in and out, black and white, win and lose.

Binary.

There is space, grey, decimal, if you really try. If you balance and negotiate and hope and delude yourself. The goal, however, is for all things to come from nothing. Abundance from absolute zero.

Blood from stone.

Then, and only then, productivity has been maximized.

Public benefit statement

Further to the review of activities during the year included within this trustee report, we confirm we have complied with our duty to have due regard to the Charity Commission's public benefit guidance when exercising our powers or duties to which the guidance is relevant.

FINANCIAL REVIEW

Principal funding sources

Principal funding sources for the period include contracts from the local authorities in which we work: Ceredigion, Conwy, Denbighshire, Powys and Wrexham. These contracts enable us to have an infrastructure of support in each area. We have secured the contracts in all five counties for the next 4 years. We also have additional funds from grants and donations which are incredibly important to being able to do meaningful work. These range from donations from private individuals, to grants from trust funds such as the Waterloo Foundation and The National Lottery Fund to government grants from the Integrated Care Fund and Carers Support Fund, via Carer’s Trust Wales.

Financial review

Total income for the year was £1,766,455 (2023: £1,421,270). Of this £1,101,768 (2023: £734,813) related to project restricted activities. Direct expenditure for the year was £1,599,540 (2023: £1,584,303). A surplus of £166,915 (2023: a deficit of £163,033) was made in the year.

At 31 March 2024 total funds were £911,666 (2023: £744,751), of which £478,516 (2023: £431,159) represented restricted funds.

7

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

Reserves policy

We have a dynamic reserves policy, which guides us to hold reserves to cover our liabilities rather the usual 3 – 6 months running costs. This includes redundancy amounts, leases and commitments over 12 months. This financial year, such costs were calculated to be £197,903. Because of growing demand, we are working hard to:

The unrestricted reserves held by the Charity on 31 March 2024 amounted to £433,150 (2023: £313,592). Free reserves are calculated from unrestricted reserves excluding fixed assets of £nil (2023: £nil), giving free reserves of £433,150 (2023: £313,592).

Fundraising

We carry out fundraising internally and it is a major part of the Chief Executive Officer's role with the active support of team leaders, staff members, carers and Trustees. Local funding projects are sought and drafted by Team Leaders. Local relationships with active Carers and Outreach workers result in small local donors for local activities and funds on behalf of individual carers and young carers.

We are members of The Charity Retail Association. We seek advice and guidance from the Fundraising Regulator website as well as support from local County Voluntary Associations and Carers Trust.

We have received no complaints about our fundraising activities and our current fundraising activities are low risk to vulnerable people and children.

Plans for future periods

The plan over the next year is to:

Continue our work to deliver our triple mission strategy as it still aligns with what we hear matters most to Carers.

MISSION 1 : Strength based, person centred, outcome focused support to Carers and their families to help people to move towards life enhancing outcomes.

MISSION 2 : Supporting carers to create connected and caring communities that are supportive and enabling of carers and their families.

8

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

To build on this we need to:

MISSION 3 : Amplifying Carer’s voice for influence and ACTION!

Going forward we need to:

Build on deep, collaborative relationships with other local and national organisations such as Cross roads North Wales, Carers Trust West Wales, Brecon and District (and other local) Mind, CAB, Age Cymru, Hahaf, Young Carers Academy, All Wales Forum, Arts Connection, Wildlife Trusts, The Workhouse, Wrexham Sounds and many primary and secondary schools - we see other organisations as fundamental strengths within our community and along with Carers, develop these relationships to expand support for Carers.

Improve our internal systems with a focus on:

▪Embed improvements in budget control system;

Risks

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

9

Credu Supporting Young and Adult Carers Limited

Report of the trustees

For the year ended 31 March 2024

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 30 October 2024 and signed on their behalf by

John Raftree - Trustee

10

Independent auditors' report

To the members of

Credu Supporting Young and Adult Carers Limited

Opinion

We have audited the financial statements of Credu Supporting Young and Adult Carers Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

11

Credu Supporting Young and Adult Carers Limited

Independent auditors' report

To the members of

Opinion on other matters prescribed by the Companies Act 2006

▪

▪

▪

▪

▪

▪ we have not received all the information and explanations we require for our audit; or ▪

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees

Independent auditors' report

To the members of

Credu Supporting Young and Adult Carers Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

13

Independent auditors' report

To the members of

Credu Supporting Young and Adult Carers Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs 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 charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 30 October 2024

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

14

Credu Supporting Young and Adult Carers Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income / (expenditure) and
net movement in funds		 Restricted
£
6,688
1,095,080
-
-
1,101,768
-
1,054,411
1,054,411
47,357
431,159
478,516		 Unrestricted
£
446
622,435
39,501
2,305
664,687
44,889
500,240
545,129
119,558
313,592
433,150		 2024
Total
£
7,134
1,717,515
39,501
2,305
1,766,455
44,889
1,554,651
1,599,540
166,915
744,751
911,666		 2023
Total
£
13,113
1,330,225
76,996
936
1,421,270
78,866
1,505,437
1,584,303
(163,033)
907,784
744,751

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the accounts.

15

Credu Supporting Young and Adult Carers Limited

Balance sheet

As at 31 March 2024

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
176,019
803,651
979,670
(68,004)		 2024
£
-
911,666
911,666
478,516
433,150
911,666		 2023
£
-
236,853
589,938
826,791
(82,040)
744,751
744,751
431,159
313,592
744,751

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 30 October 2024 and signed on their behalf by

John Raftree - Trustee

16

Credu Supporting Young and Adult Carers Limited

Statement of cash flows

For the year ended 31 March 2024

For theyear ended 31 March 2024
Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Dividends and interest from investments
Decrease / (increase) in debtors
(Decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Net cash provided by investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
166,915
-
(2,305)
60,834
(14,036)
211,408
2,305
2,305
213,713
589,938
803,651		 2023
£
(163,033)
56
(936)
(2,167)
(32,309)
(198,389)
936
936
(197,453)
787,391
589,938

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

17

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) General information and basis of preparation

Credu Supporting Young and Adult Carers Limited is a charitable company limited by guarantee registered in England and Wales. The registered office address is Oasis, Spa Road, Llandrindod Wells, Powys, LD1 5ER.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Credu Supporting Young and Adult Carers Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of contracted services, trips, and events is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

18

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is considered to be reflective of the activities of the charity in this period.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Furniture and equipment 10% on cost Computer equipment 15-25% on cost

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) Stock

The charity holds donated stock in one (2023: two) charity shop retail outlets. This stock is comprised mainly of donated clothing and has not been valued in the accounts on the basis that it would be impracticable to do so.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

19

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

m) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

p) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

q) Termination payments

Where an employee receives a termination payment, the cost is recognised at the date that the employee is notified.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1(i) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period are described above, in note 1(i).

20

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds
3.
Income from donations and legacies
Donations
Prior period comparative:
Donations
4.
Income from charitable activities
Core contracts
Grants
Total income from charitable activities		 Restricted
£
£
11,542
1,571
715,988
614,237
7,283
69,713
-
936
734,813
686,457
-
78,866
802,764
702,673
802,764
781,539
(67,951)
(95,082)
Restricted
£
£
6,688
446
Restricted
£
£
11,542
1,571
Restricted
£
£
-
582,435
1,095,080
40,000
1,095,080
622,435
Unrestricted
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
13,113
1,330,225
76,996
936
1,421,270
78,866
1,505,437
1,584,303
(163,033)
2024
Total
£
7,134
2023
Total
£
13,113
2024
Total
£
582,435
1,135,080
1,717,515

21

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

4. Income from charitable activities (continued) Prior period comparative:

Core contracts
Grants
Trip and events fees
Total income from charitable activities
Income from other trading activities
Fundraising
Retail income
Other sundry receipts
Total income from other trading activities
Prior period comparative:
Fundraising
Retail income
Subletting
Other sundry receipts
Total income from other trading activities		 Restricted
£
£
-
613,603
715,988
-
-
634
715,988
614,237
Restricted
£
£
-
2,848
-
34,248
-
2,405
-
39,501
Restricted
£
£
7,283
-
-
66,970
-
1,190
-
1,553
7,283
69,713
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
613,603
715,988
634
1,330,225
2024
Total
£
2,848
34,248
2,405
39,501
2023
Total
£
7,283
66,970
1,190
1,553
76,996

5. Income from other trading activities

22

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

6. Government grants

7. Total expenditure

Total expenditure
Fundraising expenses
Retail overheads
Staff costs (note 9)
Consultancy costs
Staff travel and subsistence
Other staff costs
Direct project activity
Premises and office costs
Communication and marketing
IT support & software
Meeting costs
Bank charges
Depreciation
Legal and professional fees
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
155
13,946
30,788
-
-
-
-
-
-
-
-
-
-
-
44,889
-
44,889		 Charitable
activities
£
-
-
738,406
15,173
45,616
-
499,304
10,601
2,568
2,369
64
-
-
-
1,314,101
240,550
1,554,651		 Support and
governance
costs
£
-
-
135,872
3,038
-
5,912
-
86,208
210
290
-
380
-
8,640
240,550
(240,550)
-		 2024 Total
£
155
13,946
905,066
18,211
45,616
5,912
499,304
96,809
2,778
2,659
64
380
-
8,640
1,599,540
-
1,599,540

Total governance costs were £13,658 (2023: £17,300).

23

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

7.
Total expenditure
Prior period comparative
Fundraising expenses
Retail overheads
Staff costs (note 9)
Consultancy costs
Staff travel and subsistence
Other staff costs
Direct project activity
Premises and office costs
Communication and marketing
IT support & software
Bank charges
Depreciation
Legal and professional fees
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
20
34,905
43,941
-
-
-
-
-
-
-
-
-
-
78,866
-
78,866		 Charitable
activities
£
-
-
744,115
15,466
39,972
-
395,011
7,809
12,614
29,414
-
-
-
1,244,401
261,036
1,505,437		 Support and
governance
costs
£
-
-
156,389
-
1,047
5,534
-
84,843
330
-
475
56
12,362
261,036
(261,036)
-		 2023 Total
£
20
34,905
944,445
15,466
41,019
5,534
395,011
92,652
12,944
29,414
475
56
12,362
1,584,303
-
1,584,303

24

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (excluding VAT)

Additional fees for prior year statutory audit
(excluding VAT)		 2024
£
-
20,517
Nil
Nil
7,200
-		 2023
£
-
35,131
Nil
279
6,800
3,502

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

No trustees were reimbursed in the year (2023: Two trustees were reimbursed a total of £279 in the year).

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Redundancy		 2024
£
815,042
55,867
32,113
2,044
905,066		 2023
£
852,664
59,667
32,114
-
944,445

No employee earned more than £60,000 during the year.

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, Operations Manager, and Team Leaders. The total employee benefits of the key management personnel were £245,762 (2023: £225,525).

Average head count 2024
No.
41		 2023
No.
40

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

25

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

11. Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
12. Debtors
Trade debtors
Accrued income
Prepayments
13. Creditors : amounts falling due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors		 £
427
427
427
427
-
-
Furniture
and
equipment		 Computer
equipment
£
2,174
2,174
2,174
2,174
-
-
2024
£
133,185
14,980
27,854
176,019
2024
£
20,025
27,325
13,743
6,911
68,004		 Total
£
2,601
2,601
2,601
2,601
-
-
2023
£
143,197
26,137
67,519
236,853
2023
£
40,978
22,572
14,110
4,380
82,040

26

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

  1. Analysis of net assets between funds
Analysis of net assets between funds
Current assets
Current liabilities
Net assets at 31 March 2024
Prior period comparative
Current assets
Current liabilities
Net assets at 31 March 2023		 £
513,326
(34,810)
478,516
£
465,969
(34,810)
431,159
Restricted
funds
Restricted
funds		 £
466,344
(33,194)
433,150
£
360,822
(47,230)
313,592
Unrestricted
funds
Unrestricted
funds		 £
979,670
(68,004)
Total
funds
911,666
Total
funds
£
826,791
(82,040)
744,751

27

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds

Restricted funds
Bronglais Hospital projects
Carers fund
Carers innovation
Carers representatives
Carers respite - various
Carers Trust - Amser
Carers Trust - cost of living
Carers Trust - peer support
Ceredigion
Clore
Emergency
Esme Fairbairn
GBS public health
ICF raising awareness
Individual grants
Maximising income for carers
New Leaders
PCC - RPB engagement
Powys adult carers
Powys young carers
Rank
Sport Wales
Time for me
Triangle Trust
Waterloo young carers
WCD
WG parent training
WG young carers festival
Wrexham FC
Total restricted funds
General funds
Total unrestricted funds
Total funds
The National Lottery
Communty Fund
Sundry donations and
fundraising
PtHB - co-production learning
collaboration
Unrestricted funds		 At 1 April
2023
£
28,349
344
662
-
61,033
-
7,944
2,271
61,641
5,918
46,420
6,724
1,025
10,209
2,470
14,934
-
-
1,864
13,580
17,898
2,161
11,233
1,500
38,571
7,173
15,787
2,364
32,671
9,061
19,352
8,000
431,159
313,592
313,592
744,751		 Income
£
65,000
-
-
16,000
79,117
87,660
157,440
-
85,890
-
62,664
-
-
50,000
-
6,000
112,737
3,000
-
11,355
189,121
-
500
-
7,703
-
29,948
25,000
37,633
-
75,000
-
1,101,768
664,687
664,687
1,766,455		 £
(50,317)
-
-
(10,410)
(86,016)
(87,660)
(165,384)
-
(75,814)
(5,918)
(75,743)
-
-
(41,380)
-
(9,115)
(71,113)
(700)
-
(11,878)
(139,675)
-
(11,232)
-
(11,043)
(7,173)
(28,134)
(25,064)
(44,337)
(8,866)
(87,439)
-
(1,054,411)
(545,129)
(545,129)
(1,599,540)
Expenditure		 £
43,032
344
662
5,590
54,134
-
-
2,271
71,717
-
33,341
6,724
1,025
18,829
2,470
11,819
41,624
2,300
1,864
13,057
67,344
2,161
501
1,500
35,231
-
17,601
2,300
25,967
195
6,913
8,000
At 31 March
2024
478,516
433,150
433,150
911,666

28

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds (continued)

Funds with common purposes have been grouped together in the current year. Comparatives have not been grouped and are presented in line with the prior year accounts.

Purposes of restricted funds

Bronglais Hospital projects Funding to raise awareness of and build support for staff at Bronglais hospital who are carers as well as for the families of patients. Carers fund Funding towards an adult carer group. Carers innovation Funding from Wrexham County Borough Council for resources to co-design meaningful respite with individuals and groups. Carers representatives To support young carers representation on the Regional Partnership Board. Carers respite - various Funding for carers to access respite activities. Carers Trust - Amser Funding that will enable Young/Adult-Carers and their families facing acute pressures or marginalisation to have a restorative break. There will also be collective opportunities such as wellbeing days, nature days, family breaks, small peer groups for young carers with autism/social anxiety and residential breaks. Carers Trust - cost of living Funding to both support carers with the cost of living through outreach work in Powys, Ceredigion and WCD. Increase levels of telephone support. Increase access to professional therapies an wellbeing support. To also give direct grants, up to £300 to individuals (paying directly for items or services rather than giving cash grants). Carers Trust - peer support A fund that support carers peer support group. Ceredigion Funding for carer support activities in Ceredigion. This includes one to one support, peer support and respite. Clore Clore Social Leadership - Bursary for J O'Hara Jakeway to be a Clore Social Fellow.

Emergency

Funding for shortfalls in emergency funding for carers and to cover staffing shortfalls, towards staff and carer wellbeing through the pandemic, grants for carers facing financial hardship, and for increased communications for carers.

29

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds (continued) - Purposes of restricted funds (continued) Esme Fairbairn 3 year Grant funding from The Esmee Fairbairn Foundation for supporting young carers in rural schools. GBS public health Funding for capacity to participate in a coproduction project. ICF raising awareness Funding from the Integrated Care Fund (ICF), through Powys CC to raise awareness among hard to reach communities, health settings and intergenerational work in Powys. Individual grants Funding from Welsh Government towards individual grants for carers facing financial hardship. Maximising income for carers Funding from Ceredigion County Council to provide for events focused on maximising income for carers and knowing their rights. In particular outreach work with carers looking at finances. Buying in specialist financial support services for case work and grants for emergency essential items such as heating fuel etc. The National Lottery Funding has been provided to build a sustainable Communty Fund infrastructure of mutual support with carers and allies to transform Carers experiences by building on strengths in their own communities, schools, workplaces and among services. New Leaders Funding from the Public Service Board Research & Insight Fund and delivered by North East Wales Community Cohesion (NEWCC) to empower youth leadership in Wrexham, Flintshire and Denbighshire. PCC - RPB engagement Engaging with adult carers to understand key issues that matter to them and to open opportunities for carers to sit on the RPB and sub-groups. Powys adult carers One to one support, group support funded by Powys CC and Powys Teaching Health Board for Powys adult carers. Powys young carers One to one support, group support funded by Powys CC and Powys Teaching Health Board for Powys young carers. PtHB - co-production learning Funding for a variety of listening events with carers collaboration and report to Powys Teaching Health Board.

30

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds (continued) - Purposes of restricted funds (continued) Rank Internship programmes for young adults. Sport Wales A Sport Wales Community Chest Grant to sports equipment for use by Brecon young carers. Sundry donations and Sundry donations and fundraising are towards fundraising various carers groups and trips and money raised by other smaller community organisations for the benefit of carers. Time for me Funding from Carers Trust to provide monthly sessions that will give respite as well as help build a network of friendships as well as provide individual respite grants where respite needs cannot be met through current projects and activities in Ceredigion, Wrexham, Conwy and Denbighshire. Triangle Trust Recruit and train a network of peer mentors who will give informal and light touch support to peers during young carers ‘drop ins’ at school. Waterloo young carers Funding towards an outreach worker's salary for one year. WCD Funding for young carers for trips and activities. WG parent training Welsh Government funding to support our carers to provide activities and training to support parent carers. WG young carers festival Funding from Welsh Government and other donations for All Wales Young Carers Festival. WG young carers festival Funding provided towards young carers support in and around Llandrindod Wells. Wrexham FC Donation from Wrexham Football club to be used towards North Wales young carers festival in collaboration with Action for Children and NEWCIS.

31

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds (continued) - Prior period comparative Prior period comparative

Restricted funds
Bronglais Hospital projects
Care to connect
Carers fund
Carers innovation
Carers involvement project
Carers relief funds - various
Carers representatives
Carers respite - various
Carers Trust cost of living
Carers Trust - peer support
Ceredigion
Clore
Emergency
Esme Fairbairn
Festival young carers
GBS public health
Great Ideas/Llechi Glo
ICF raising awareness
Individual grants
Lloyds Bank Foundation
Maximising income for carers
Newmor
Sub-total restricted funds
The Big Lottery Fund -
connected generations		 At 1 April
2022
£
14,855
16,285
175
344
-
4,913
949
18,204
54,259
-
2,271
54,100
6,250
60,910
6,724
5,252
1,025
11,760
16,506
1,905
6,311
-
348
283,346		 Income
£
-
53,905
-
-
5,000
-
-
10,000
106,000
93,500
-
66,095
-
15,050
-
4,872
-
7,646
50,884
1,975
-
14,934
-
429,861		 £
£
(14,855)
-
(41,841)
28,349
(175)
-
-
344
(4,338)
662
(4,913)
-
(949)
-
(28,204)
-
(99,226)
61,033
(85,556)
7,944
-
2,271
(58,554)
61,641
(332)
5,918
(29,540)
46,420
-
6,724
(10,124)
-
-
1,025
(19,406)
-
(57,181)
10,209
(1,410)
2,470
(6,311)
-
-
14,934
(348)
-
(463,263)
249,944
At 31 March
2023
Expenditure

32

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

15. Movements in funds (continued) - Prior period comparative (continued)

Restricted funds (continued)
Brought forward sub-total
PAVO social value research
PCC - RPB engagement
Powys adult carers
Powys young carers
Rank
RPB age well, live well
RPB start well
RUPU Conwy & Denbigh
Sport Wales
Time for me
Triangle Trust
Tudor Trust
Waterloo young carers
WCD
WG parent training
WG young carers festival
Wrexham FC
Youth led
Total restricted funds
General funds
Total unrestricted funds
Total funds
PtHB - co-production learning
collaboration
Unrestricted funds
PCC connecting carers
brochure
Powys community endowment
fund
Sundry donations and
fundraising		 At 1 April
2022
£
283,346
460
265
1,864
24,329
636
67,721
2,161
232
885
2,090
1,523
1,500
38,889
-
-
19,064
2,091
42,475
-
-
8,000
1,579
499,110
408,674
408,674
907,784		 Income
£
429,861
-
-
-
27,196
-
38,658
-
45,455
-
-
-
-
11,453
10,000
19,974
-
25,000
87,216
15,000
25,000
-
-
734,813
686,457
686,457
1,421,270		 £
(463,263)
(460)
(265)
-
(37,945)
(636)
(88,481)
-
(34,454)
(885)
(2,090)
(1,523)
-
(11,771)
(2,827)
(4,187)
(19,064)
(24,727)
(97,020)
(5,939)
(5,648)
-
(1,579)
(802,764)
(781,539)
(781,539)
(1,584,303)
Expenditure		 £
249,944
-
-
-
1,864
13,580
-
-
17,898
2,161
11,233
-
-
-
1,500
-
38,571
7,173
15,787
-
2,364
32,671
9,061
19,352
8,000
-
At 31 March
2023
431,159
313,592
313,592
744,751

33

Credu Supporting Young and Adult Carers Limited

Notes to the financial statements

For the year ended 31 March 2024

16. Operating lease commitments

The charitable company had operating leases for land, property, communications and printing equipment at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years
After 5 years		 2024
£
4,691
12,423
242
17,356		 2023
£
12,954
16,114
-
29,068

17. Related party transactions

There were no related party transactions in the current or prior period.

34