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← Seren Ffestiniog Cyf.

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 03596581 (Wales) REGISTERED CHARITY NUMBER: 1108461

Report of the Trustees and Financial Statements for the Year Ended 31st March 2024

for

Seren Ffestiniog Cyf Trading as Grwp Seren

A.Hughes-Jones, Dyson & Co. Statutory Auditor Chartered Accountants Capel Moreia South Penrallt Caernarfon Gwynedd LL55 1NS

Seren Ffestiniog Cyf Trading as Grwp Seren

Contents of the Financial Statements for the Year Ended 31st March 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 23
Detailed Statement of Financial Activities 24 to 26

Seren Ffestiniog Cyf Trading as Grwp Seren

Reference and Administrative Details for the Year Ended 31st March 2024

TRUSTEES A L Ellis
E J Lewis
Mrs M A Williams
Ms R E Morgan
W A Evans
M Jones
COMPANY SECRETARY A L Ellis
REGISTERED OFFICE Unit 2 Llwyngell
Blaenau Ffestiniog
Gwynedd
LL41 3NE
REGISTERED COMPANY 03596581 (Wales)
NUMBER
REGISTERED CHARITY 1108461
NUMBER
AUDITORS A.Hughes-Jones, Dyson & Co.
Statutory Auditor
Chartered Accountants
Capel Moreia
South Penrallt
Caernarfon
Gwynedd
LL55 1NS
BANKERS HSBC PLC
62 Stryd Fawr
Porthmadog
Gwynedd
LL49 9LN
Unity Trust PLC
9 Brindley Place
Birmingham
B1 2HB

Page 1

Seren Ffestiniog Cyf Trading as Grwp Seren

Report of the Trustees for the Year Ended 31st March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

The company's objectives are:

To promote such general charitable purposes for the benefit of people with learning and other difficulties in Gwynedd and the surrounding area as the trustees see fit from time to time including, but not limited to the foregoing by: providing relief from financial hardship and/or economic disadvantage, advancing education and relieving unemployment; and in particular providing opportunities for the aforementioned persons to participate fully in the life of their community in ways which address and alleviate social and economic disadvantage; and to develop their capacity and skills in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society.

Page 2

Seren Ffestiniog Cyf Trading as Grwp Seren

Report of the Trustees for the Year Ended 31st March 2024

OBJECTIVES AND ACTIVITIES Significant activities

The charity's main activities are the provision of care services for its clients, both sociable and private in the fields of day, domiciliary and respite care.

Domiciliary income grew during the year as we increased the number of houses we support. Our longstanding provision from Noddfa and the Flat, and our new tenancy for Hafan which was formally won by tender commenced in August 2023. In a similar fashion and at the request of the Council, we stepped in and now successfully support an individual living in Trigfa since February 2024.

Drill Hall was sold and the consolidation of trading outlets to the one location known as Harods proved successful with turnover marginally reduced whilst staffing costs were significantly reduced. Textile collections were significantly reduced with bins and the community collections sold to another charity whilst we retained some school sites only, which allowed us to retain the work experience whilst reducing running costs. We also encouraged local clothes donations straight to Harods or during second hand furniture collections and have retained a manageable level of service given the staffing capacity we now have.

Cylch yr Efail was re-modelled to focus on health and wellbeing predominantly with courses and craft related activities being undertaken. We will review this model in the future to develop items to sell but this is on the back burner for the time being. However, we focused on income generation opportunities from the Gerddi against a small target which proved successful, with future further opportunities for growth.

This was a year of consolidating the new business model and shaped up nicely to justify the difficult decisions made last year. We experienced growth in what has been a challenging year and are pleased to have stabilised the downturn, with expectations of further growth in all areas of the business against annually reviewed targets. In terms of the benefits for individuals, having less staff means that they have experienced more opportunities and we have achieved our aim of individuals being able to take customers throughout all aspects of the retail experience without staff intervention. We are incredibly pleased with this development and customer feedback is also positive.

Day Care provision continues to grow steadily during this financial year with new individuals joining and creating additional staffing needs. We introduced 2 new opportunities within our retail/day care provision - namely a café in the Glaslyn Leisure Centre, Porthmadog which came about at the request of the local community and the Council itself who approached us to suggest the idea. From here, we run a café all day during the week and where we have also developed an Employability Scheme. This is a unique scheme whereby we offer individuals referred to us via the Council work experiences, training and qualifications in key areas such as First Aid, Food Hygiene, Heath and Safety, Manual Handling etc and develop their CVs. Therefore, the individuals we support become fully equipped to seek external employment - we ourselves have employed 2 individuals as members of staff on competitive salaries, thus proving the reality and success of the scheme.

Additionally, we were approached to take over a business which was due to come to an end due to the retirement of the business owner. This would have left a gap in the market and fitted with our own vision, mission and values. We now run Cymorth Seren from our retail outlet selling, maintaining (including PAT and LOLER testing), renting and servicing accessibility products from small items, to profiling beds and mobility scooters in the South Gwynedd area.

Gwesty Seren remains our respite care provision and works well - we have focussed our efforts this year in reducing costs wherever possible whilst trying to grow the business. Respite care is a 'slow burn' growth area but does provide an unique selling point due to the bespoke nature of the service we provide which is highly regarded by both individuals and their parents. We have been in discussions with the Council regarding a variety of model options, including a 'group' package for more independent individuals to enjoy a traditional but supported holiday style break. We continue to welcome guests via booking platforms additionally which generates income and this blended service also provides work opportunities covering all aspects of hospitality and catering. In the winter of 23/24, we internally undertook a significant 'makeover' investment of the public areas and have received great feedback. This investment will continue over a 3-5 year process as funds allow so that we can update all rooms in the hotel to offer the best facilities and encourage repeat visits. As part of our focus on the hotel, we have already started identifying, marketing and attracting specific sets of target customers and are focusing on updating our resources to enable this.

Page 3

Seren Ffestiniog Cyf Trading as Grwp Seren

Report of the Trustees for the Year Ended 31st March 2024

OBJECTIVES AND ACTIVITIES

Public benefit

The trustees confirm that they have complied with their duty as laid in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidelines published by the Charity Commission. Through the implementation of the above mentioned objectives and aims, we respond to the needs of our service users as well as the wider community.

STRATEGIC REPORT Achievement and performance

Charitable activities

Most of Seren's income is generated from care fees, and similar to those in previous years, 2022/23 continued to be challenging due to the after effect of the pandemic as well as Public Sector cuts in spending.

Seren, which is supported by its subsidiary Gwesty Seren continued with its main charitable aims despite challenges by offering people with a whole range of disabilities with a unique and ground-breaking facility leading to an increase in respite care.

Due to the tireless work of our staff, under the guidance of the trustees, the management function has once again enabled Seren Ffestiniog Cyf to provide care for an increasing number of those in need within our community. Staff are continually provided with a comprehensive Care training programme which covers most aspects of care qualifications and other relevant short courses.

As our staff are key, wages and pension provision are constantly reviewed to ensure they meet or exceed the minimum levels and which reflect the important role they all have within the Company.

As the business continues to grow, so does the level of staff employed. We have focussed on developing all staff related documentation, ensuring all communication is bilingual. We have started reviewing our benefits package and employment policies. This year, we have also focused on ensuring that staff are fully involved in understanding business performance by holding company wide staff meetings using historical business data to track developments, summarising activities and their effects as well as outlining our future strategic ideas. This has proved particularly effective and will become a repeated annual feature. As a result of this and the areas of growth, staff feel confident and proud to work at Seren - staff feedback and satisfaction surveys have highlighted year on year improvements and we have recognised a significant change in the culture as a result of all our activities.

It is with pleasure that staff now feel confident to apply for Awards and are extremely proud to have won the Prestige Wales Award in 2024 for the Best Non-Profit Organisation of the Year - Disability.

The company continued to comply with and successfully retain the BS ISO 9001 Quality Standard Award for 23/24.

Financial review

Reserves policy

It is the view of the trustees that sufficient reserves should be maintained to enable Seren Ffestiniog Cyf's charitable activities to continue for at least 6 months even if all income streams should suddenly end.This would in our view provide sufficient time for those who rely on our services to find replacement support services should a worse case scenario occur. The trustees therefore consider £1,000,000 to be an appropriate level of reserves to cover it's expenditure for 6 months.

Going concern

The accounts have been prepared on the assumption that both the charity and the group is able to carry on its business as a going concern, with the group as a whole generating a surplus of £134,506. Gwesty Seren suffered a post tax loss of £26,582 and has net liabilities as at the 31st March 2024 of 326,951. The trading model of Gwesty Seren has been reviewed and changes introduced to mitigate these losses. Gwesty Seren is seen as an integral part of the group's ability to deliver its aims and the parent company gas resolved to continue its support for Gwesty Seren.

Page 4

Seren Ffestiniog Cyf Trading as Grwp Seren

Report of the Trustees for the Year Ended 31st March 2024

STRATEGIC REPORT

Future plans

We would like to continue to grow our domiciliary provision in our area - Dwyfor and Meirionydd Areas - should opportunities arise and also our day care provision. We have identified an increase in complex and challenging behaviours which we will need to strategically plan for - coming through education at the moment, these needs will become apparent in a few years as they become Adults needing support and we must be ready for this. Our remaining future long term strategic plans for Seren remain unchanged but will require grant support to realise them. These include developing an out-of-town style retail outlet at the Llwyngell site, developing Gerddi 'Stiniog to enhance the gardens experience for both customers and individuals and working to own the Stables building at the side of Gwesty Seren so that we can develop it in line with business needs.

However, we also recognise the importance of identifying new opportunities as they arise and to adapting to meet unexpected challenges.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Three Board resignations were received during this financial year, however the remaining Board members decided to retain the current number of members for the time being due to their in-depth understanding of the background and current financial challenges with a possible review when the situation improved or should the current levels prove to be too challenging to manage Board decisions effectively.

Organisational structure

Chief Executive Officer -

Angela Middleton-Jones, appointed on 29/06/22. Angela has worked in the public, private and educational sectors for over 30 years, specialising in HR Management and holds a CIPD professional qualification and membership, together with a NEBOSH qualification in Health and Safety. Angela is listed as Company Secretary and Director for Williams a Williams Cyf and is also a newly appointed as a Board Director for Cymunedoli Cyf

Care Manager -

Aled Williams, appointed on 05/07/21. Aled comes with 30 years of experience in all aspects of Care, mainly but not exclusively in Learning Disability. His initial care experience came from the shop floor and included a period of time as an NVQ Lecturer/Assessor. He progressed into management roles for the Elderly and Dementia Residential and Nursing homes as well as managing community homes for individuals with mental health/learning disabilities and serious challenging behaviours before joining Seren.

Finance Manager -

Guto Evens, appointed on 09/05/22. Guto is professionally qualified and has an experienced background in a privately owned Accountancy Firm of 11 years prior to joining Seren. He brought with him added value to the field of financial accounting and budgeting from the private sector and introduced an in-depth understanding of working accounts which improved day to day business efficiency.

Sales, Business and Marketing Manager -

Sioned Lewis, appointed on 06/01/14. With a degree in Business and Marketing, and having previously worked in the majority of outlets within Seren, this newly developed role has allowed Sioned to bring her previous experience together with her academic background to develop the retail opportunities and enhance trading income.

HR, H&S, Training and Quality Manager -

Joanne Farrington, appointed on 08/03/04 initially in Care at the shop floor, developing into Team Leader, she grew over time to take responsibility for all aspects of the corporate provision. Jo holds professional qualifications in HR having undertaken a CIPD course, as well as a NEBOSH qualification and is the longest serving member of the Management Team with an in-depth knowledge of staff and also the company's history.

Page 5

Seren Ffestiniog Cyf Trading as Grwp Seren

Report of the Trustees for the Year Ended 31st March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Key management remuneration

The board consider its key management personnel for the charity to comprise of the trustees, the chief executive officer and the other department heads, as they are responsible for the day to day running of the charity.

Total employment benefits, which include employer national insurance and pension contributions, of the key management personnel was £214,953 (2023 £172,315)

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Seren Ffestiniog Cyf for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, A.Hughes-Jones, Dyson & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26th November 2024 and signed on the board's behalf by:

W A Evans - Trustee

Page 6

Report of the Independent Auditors to the Members of Seren Ffestiniog Cyf

Opinion

We have audited the financial statements of Seren Ffestiniog Cyf (the 'charitable company') for the year ended 31st March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 7

Report of the Independent Auditors to the Members of Seren Ffestiniog Cyf

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We determined that the the key laws and regulations affecting the company are the Companies Act 2006, UK GAAP, Charities Act 2011 and social care regulations..

We identified that the the greatest audit risk in relation to fraud and error was in relation to revenue recognition. We have assessed that the the risk to the financial statements of being susceptible to material misstatement is low.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud may occur. Audit procedures performed by the engagement team included: Assessing the design and implementation of management control to prevent and detect fraud; Identifying and testing manual journal entries, in particular entries posted to revenue; Assessing the extent of compliance with laws and regulations.

We made inquiries with management to understand whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. We corroborated the results of our enquiries to supporting documentation such as board minutes.

We have not identified or been advised of actual or suspected fraud or instances of non compliance with key regulations. The experience of the audit team was deemed to be sufficient to identify fraud or errors in this engagement.

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 Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Members of Seren Ffestiniog Cyf

Use of our report

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

Brian Hughes (Senior Statutory Auditor) for and on behalf of A.Hughes-Jones, Dyson & Co. Statutory Auditor Chartered Accountants Capel Moreia South Penrallt Caernarfon Gwynedd LL55 1NS

26th November 2024

Page 9

Seren Ffestiniog Cyf Trading as Grwp Seren

Consolidated Statement of Financial Activities

for the Year Ended 31st March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Provision of care in the community
Gwesty Seren
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Provision of care in the community
Gwesty Seren
Other
Total
Taxation

NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
3,071
1,905,764
-
134,498
3,968
83,739
2,131,040
87,647
1,814,688
-
22,293
1,924,628
-

206,412
( 75,417)
130,995
683,923
814,918		 Restricted
fund
£
-
-
-
192,093
-
-
192,093
37,925
-
210,983
15,091
263,999
-
(71,906)
75,417
3,511
743,960
747,471		 31.3.24
Total
funds
£
3,071
1,905,764
-
326,591
3,968
83,739
2,323,133
125,572
1,814,688
210,983
37,384
2,188,627
-

134,506
-
134,506

1,427,883
1,562,389		 31.3.23
Total
funds
£
3,935
1,824,593
40,066
390,722
735
-
2,260,051
148,994
1,742,241
314,042
37,019
2,242,296
12,666
30,421
-
30,421
1,397,462
1,427,883

The notes form part of these financial statements

Page 10

Seren Ffestiniog Cyf Trading as Grwp Seren

Consolidated Balance Sheet 31st March 2024

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
604,219
604,219
18,948
168,798
410,201
597,947
(191,483)
406,464
1,010,683
(195,765)
814,918		 Restricted
fund
£
951,837
951,837
2,346
23,165
3,309
28,820
(51,510)
(22,690)
929,147
(181,676)
747,471		 31.3.24
Total
funds
£
1,556,056
1,556,056
21,294
191,963
413,510
626,767
(242,993)
383,774
1,939,830
(377,441)
1,562,389
814,918
747,471
1,562,389		 31.3.23
Total
funds
£
1,585,420
1,585,420
17,103
164,243
273,570
454,916
(220,824)
234,092
1,819,512
(391,629)
1,427,883
683,923
743,960
1,427,883

The financial statements were approved by the Board of Trustees and authorised for issue on 26th November 2024 and were signed on its behalf by:

W A Evans - Trustee

The notes form part of these financial statements

Page 11

Seren Ffestiniog Cyf Trading as Grwp Seren

Consolidated Cash Flow Statement for the Year Ended 31st March 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.24
£
111,702
(35,775)
75,927
(29,224)
104,943
3,968
79,687
(15,674)
(15,674)
139,940
273,570
413,510		 31.3.23
£
55,329
(25,577)
29,752
(28,855)
-
735
(28,120)
(21,135)
(21,135)
(19,503)
293,073
273,570

The notes form part of these financial statements

Page 12

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Cash Flow Statement for the Year Ended 31st March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
Interest paid
(Increase)/decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 31.3.24
£
134,506
37,384
(83,739)
(3,968)
35,775
(4,191)
(27,838)
23,773
111,702		 31.3.23
£
30,421
37,019
-
(735)
25,577
9,591
(29,193)
(17,351)
55,329

2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 273,570 139,940 413,510
273,570 139,940 413,510
Debt
Debts falling due within 1 year (19,879) 1,486 (18,393)
Debts falling due after 1 year (391,629) 14,188 (377,441)
(411,508) 15,674 (395,834)
Total (137,938) 155,614 17,676

The notes form part of these financial statements

Page 13

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements for the Year Ended 31st March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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, with the exception of investments which are included at market value.

The Trustee have reviewed the Charity's position and are of the view that the Charity is able to carry on its business as a going concern and thus these financial statements have been prepared on that basis.

Preparation of consolidated financial statements

The financial statements contain consolidated information in respect of Seren Ffestiniog Cyf and Gwesty Seren as of its incorporation on 21st May 2012.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable activities are recognised on an accruals basis and include expenditure in relation to the charity's projects and both direct and support costs relating to these activities. Expenditure is summarised under functional headings on the direct cost basis.

Governance costs

Governance costs are recognised on an accruals basis and include those costs incurred in the governance of the charity and its assets and are primarily associated with meeting constitutional and statutory requirements but also include other costs where appropriate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Related party exemption

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

continued...

Page 14

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

1. ACCOUNTING POLICIES - continued

Taxation

Corporation Tax:- Seren Ffestiniog Cyf as a charitable company is exempt from corporation tax on income and gains within section 505 of the Taxes Act 1988 and section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Gwesty Seren is subject to corporation tax.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Legal status of the charitable company

The charitable company is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Bank account maintained under contract for the benefit of third parties

The charity has a contract to run the Noddfa and Hafan facilites. As part of the contract bank accounts are maintained by the company for each site. The monies therin are not owned by Seren Ffestiniog Cyf and the accounts are not included withing the financial statements. On the 31st March 2024 the balances held in the accounts were £2,770.95 and £2,108.04.

2. DONATIONS AND LEGACIES

3.

Donations
OTHER TRADING ACTIVITIES
Shop income
Gwesty Seren
Other income		 31.3.24
£
3,071
31.3.24
£
110,997
215,162
432
326,591		 31.3.23
£
3,935
31.3.23
£
134,942
255,780
-
390,722

Page 15

continued...

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

4. INVESTMENT INCOME

Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Activity
Care services
Provision of care in the community
Bryn Afon Income
Provision of care in the community
Grants
Provision of care in the community
Noddfa income
Provision of care in the community
Grants
Gwesty Seren		 31.3.24
£
3,968
31.3.24
£
1,866,559
-
22,010
17,195
-
1,905,764		 31.3.23
£
735
31.3.23
£
1,714,658
7,670
88,920
13,345
40,066
1,864,659

5. INCOME FROM CHARITABLE ACTIVITIES

6. RAISING FUNDS

Other trading activities

Opening stock
Purchases
Closing stock
Staff costs
Bad debts
Rent
Other Cafe costs		 31.3.24
£
17,103
98,271
(21,294)
26,201
-
2,122
3,169
125,572		 31.3.23
£
26,693
109,473
(17,103)
13,013
13,427
3,491
-
148,994

7. CHARITABLE ACTIVITIES COSTS

Provision of care in the community
Gwesty Seren		 Direct
Costs
£
1,781,665
185,427
1,967,092		 Support
costs (see
note 8)
£
33,023
25,556
58,579		 Totals
£
1,814,688
210,983
2,025,671

Page 16

continued...

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

8. SUPPORT COSTS

Management
£
Provision of care in the community
8,245
Gwesty Seren
291
8,536		 Governance
Finance
costs
£
£
19,778
5,000
21,365
3,900
41,143
8,900		 Totals
£
33,023
25,556
58,579

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£ £
Auditors' remuneration 8,900 8,900
Other non-audit services - 3,498
Depreciation - owned assets 37,384 37,019
Hire of plant and machinery 4,218 5,983
Surplus on disposal of fixed assets (83,739) -

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Management
Other
Gwesty Management
Other staff Gwesty		 31.3.24
£
1,551,187
124,735
29,382
1,705,304
31.3.24
5
52
1
5
63		 31.3.23
£
1,558,860
126,431
30,225		 31.3.23
£
1,558,860
126,431
30,225
1,715,516
31.3.23
5
53
2
10
70

No employees received emoluments in excess of £60,000.

continued...

Page 17

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3,935
Charitable activities
Provision of care in the community
1,824,593
Gwesty Seren
-
Other trading activities
134,942
Investment income
600
Total
1,964,070
EXPENDITURE ON
Raising funds
93,864
Charitable activities
Provision of care in the community
1,742,241
Gwesty Seren
-
Other
22,409
Total
1,858,514
Taxation
-
NET INCOME/(EXPENDITURE)
105,556
Transfers between funds
(85,125)
Net movement in funds
20,431
RECONCILIATION OF FUNDS
Total funds brought forward
663,492
TOTAL FUNDS CARRIED FORWARD
683,923
Restricted
fund
£
-
-
40,066
255,780
135
295,981
55,130
-
314,042
14,610
383,782
12,666
(75,135)
85,125
9,990

733,970
743,960		 Total
funds
£
3,935
1,824,593
40,066
390,722
735
2,260,051
148,994
1,742,241
314,042
37,019
2,242,296
12,666
30,421
-
30,421
1,397,462
1,427,883

continued...

Page 18

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

13. TANGIBLE FIXED ASSETS

COST
At 1st April 2023
Additions
Disposals
At 31st March 2024
DEPRECIATION
At 1st April 2023
Charge for year
Eliminated on disposal
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023
COST
At 1st April 2023
Additions
Disposals
At 31st March 2024
DEPRECIATION
At 1st April 2023
Charge for year
Eliminated on disposal
At 31st March 2024
NET BOOK VALUE
At 31st March 2024
At 31st March 2023		 Fixtures
and
fittings
£
52,555
7,883
-
60,438
45,355
3,016
-
48,371
12,067
7,200		 Freehold
property
£
1,037,712
-
(35,819)
1,001,893
289,305
10,792
(14,615)
285,482
716,411
748,407
Motor
vehicles
£
63,508
6,500
-
70,008
41,550
7,061
-
48,611
21,397
21,958		 Improvements
to
property
£
905,142
-
-
905,142
118,869
8,935
-
127,804
777,338
786,273
Computer
equipment
£
47,829
322
-
48,151
37,642
2,397
-
40,039
8,112
10,187		 Plant and
machinery
£
56,651
14,519
-
71,170
45,256
5,183
-
50,439
20,731
11,395
Totals
£
2,163,397
29,224
(35,819)
2,156,802
577,977
37,384
(14,615)
600,746
1,556,056
1,585,420

continued...

Page 19

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

14.
STOCKS
31.3.24
£
Stocks
2,346
Harrods stock
14,635
Cylch yr Efail stock
4,313
21,294
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
£
Trade debtors
158,989
Other debtors
11,888
VAT
-
Prepayments
21,086
191,963
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
£
Bank loans and overdrafts (see note 18)
18,393
Trade creditors
34,619
Social security and other taxes
43,815
VAT
6,807
Other creditors
119,629
Credit card
-
Accruals and deferred income
2,000
Accrued expenses
17,730
242,993
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24
£
Bank loans (see note 18)
377,441
18.
LOANS
An analysis of the maturity of loans is given below:
31.3.24
£
Amounts falling due within one year on demand:
Bank loans
18,393
Amounts falling between one and two years:
Bank loans - 1-2 years
20,169
Amounts falling due between two and five years:
Bank loans - 2-5 years
72,974		 31.3.23
£
1,898
12,396
2,809
17,103
31.3.23
£
141,090
10,964
118
12,071
164,243
31.3.23
£
19,879
62,798
34,007
444
93,470
15
-
10,211
220,824
31.3.23
£
391,629
31.3.23
£
19,879
21,530
74,159

continued...

Page 20

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

18. LOANS - continued
31.3.24 31.3.23
£ £
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal 284,298 295,940
19. SECURED DEBTS
The following secured debts are included within creditors:
31.3.24 31.3.23
£ £
Bank loans 395,834 411,508

HSBC Bank PLC

Legal mortgage over the freehold property known as land and buildings lying to the north of Dorvil street, Blaenau Ffestiniog-HM Land Registry title WA567730

Unity Trust Bank PLC

Legal mortgage over the freehold property known as 17 Church street, Blaenau Ffestiniog, LL41 3HB - HM Land Registry Title number WA629517

Legal mortgage over the freehold property known as Units 1 & 2 Llwyngell Enterprise Park, Blaenau Ffestiniog, LL41 3HT - HM Land Registry Title number CYM378420.

20. MOVEMENT IN FUNDS





Unrestricted funds
General fund
Restricted funds
Gwesty Seren
TOTAL FUNDS

Net movement in funds, included in the above are



Unrestricted funds
General fund
Restricted funds
Gwesty Seren
TOTAL FUNDS

At 1.4.23
£
683,923
743,960
1,427,883
as follows:
Incoming
Resources
£
2,131,040
192,093
2,323,133		 Net
Movement Transfer
in funds between funds
££ £
206,412
(75,417)
(71,906)
75,417
134,506 -
Resources
expended
£
(1,924,628)
(263,999)
(2,188,627)		 At
31.3.24
£
814,918
747,471
1,562,389
Movement
in funds
£
206,412
( 71,906)
134,506		 At
31.3.24
£
814,918
747,471
1,562,389
Movement
in funds
£
206,412
( 71,906)
134,506

134,506

continued...

Page 21

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement Transfer At
At 1.4.22 in funds
 between funds 31.3.23
£ £ £ £
Unrestricted funds
General fund 663,492 105,556 (85,125) 683,923
Restricted funds
Gwesty Seren 733,970 (75,135) 85,125 743,960
TOTAL FUNDS
 1,397,462 30,421 - 1,427,883
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,964,070 (1,858,514) 105,556
Restricted funds
Gwesty Seren 295,981 (371,116) (75,135 )
TOTAL FUNDS 2,260,051 (2,229,630)
 30,421
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement Transfer At
At 1.4.22 in funds between funds 31.3.24
£ £ £
Unrestricted funds
General fund 663,492 311,968 (160,542) 814,918
Restricted funds
Gwesty Seren 733,970 (147,041) 160,542 747,471
TOTAL FUNDS 1,397,462 164,927
 - 1,562,389

continued...

Page 22

Seren Ffestiniog Cyf Trading as Grwp Seren

Notes to the Financial Statements - continued for the Year Ended 31st March 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:




Unrestricted funds
General fund
Restricted funds
Gwesty Seren
TOTAL FUNDS
 Incoming
Resources
Movement
resources
expended
in funds
£
£ £
4,095,110
(3,783,142)
311,968
488,074
(635,115)
(147,041)
4,583,184 4,418,257 164,927

21. RELATED PARTY DISCLOSURES

Williams & Williams Cyf

Angela Middleton-Jones the chief executive officer is a director and company secretary for the business, which is owned by her husband. Seren Cyf makes use of the company's services on normal commercial terms.The total paid to the company in the year ended 31st march 2024 was £1,780 (2023 £445)

22. POST BALANCE SHEET EVENTS

The company has been awarded a direct award contract to provide care for an individual requiring emergency placement.

Seren also successfully secured a tender for a new supported living scheme in which is set to commence in early 2025. The scheme will provide supported living care for three individuals over a minimum period of three years, with an optional extension of an additional two yearsupplemented by training and qualifications towards gainful external employment.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the group are deemed to be the members of Seren Ffestiniog Cyf

24. SUBSIDIARY UNDERTAKING

Gwesty Seren

Nature of business: Hotel

A summary of its adjusted turnover and expenditure are included as restricted funds on the face of the SOFA and in more detail within the notes to the financial statements.

Page 23

Seren Ffestiniog Cyf Trading as Grwp Seren

Detailed Statement of Financial Activities for the Year Ended 31st March 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Shop income
Gwesty Seren
Other income
Investment income
Deposit account interest
Charitable activities
Care services
Bryn Afon Income
Grants
Noddfa income
Other income
Gain on sale of tangible fixed assets
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
No description
Wages
Bad debts
Rent
Other Cafe costs
Closing stock
Charitable activities
Wages
Social security
Pensions & healthcare
Hire of plant and machinery
Carried forward		 31.3.24
£
3,071
110,997
215,162
432
326,591
3,968
1,866,559
-
22,010
17,195
1,905,764
83,739
2,323,133
17,103
87,834
10,437
26,201
-
2,122
3,169
(21,294)
125,572
1,524,986
124,735
29,382
4,218
1,683,321		 31.3.23
£
3,935
134,942
255,780
-
390,722
735
1,714,658
7,670
128,986
13,345
1,864,659
-
2,260,051
26,693
109,473
-
13,013
13,427
3,491
-
(17,103)
148,994
1,545,847
126,431
30,225
5,983
1,708,486

This page does not form part of the statutory financial statements

Page 24

Seren Ffestiniog Cyf Trading as Grwp Seren

Detailed Statement of Financial Activities

for the Year Ended 31st March 2024

Charitable activities
Brought forward
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Travelling
Motor expenses
Repairs & renewals
Licences & subscriptions
Household & cleaning
Tutor & course fees
Facility fee
DBS checks
Refreshments
PPE and care products
Computer & software costs
Direct grant expenditure
Bryn Afon staff food
Non recoverable VAT
Gwesty Seren
Other
Freehold property
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Support costs
Management
Consultancy fees
Legal & professional fees
Finance
Bank charges
Bank loan interest		 31.3.24
£
1,683,321
1,233
16,938
17,452
5,481
4,933
4,640
1,178
32,491
24,413
17,898
3,058
2,605
7,378
8,800
2,751
3,036
10,684
6,465
3,814
4,992
8,845
94,686
1,967,092
18,297
1,430
5,183
3,016
7,061
2,397
37,384
4,439
4,097
8,536
5,368
35,775
41,143		 31.3.23
£
1,708,486
1,593
15,517
34,035
4,617
5,220
3,647
532
18,071
22,253
7,605
4,429
1,938
8,137
13,800
1,964
1,362
5,485
5,381
11,287
5,200
6,669
110,833
1,998,061
20,697
1,430
2,849
1,800
7,231
3,012
37,019
3,292
6,994
10,286
9,961
25,577
35,538

This page does not form part of the statutory financial statements

Page 25

Seren Ffestiniog Cyf Trading as Grwp Seren

Detailed Statement of Financial Activities for the Year Ended 31st March 2024

Finance
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Taxation
Total resources expended
Net income		 31.3.24
£
8,900
-
-
8,900
2,188,627
134,506		 31.3.23
£
8,900
3,498
(12,666)
(268)
2,229,630
30,421

This page does not form part of the statutory financial statements

Page 26