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2021-03-31-accounts

•q, Ill toi powb promoting equal'ty in housing drad(loliJ£.5 ym maes tai ANNUAL REPORT 2020 - 2021 11: KII BI B

We imagine a Wales where everyone has the right to a good home

Too many people in Wales don’t have somewhere to live in security, peace and dignity Too many people face systemic prejudice, discrimination and disadvantage

We are determined to change that and here is what we did in 2020-2021…

SHAPING CHANGE

We played an important role in influencing national policies, debates and decisions

• We launched Deeds not Words

• 30 organisations signed up • 800 colleagues surveyed • We helped spark change

We rallied the sector to end racial inequality in housing

We also helped address racism through

Helping to create homes for refugees in Newport with the Gap Wales

Writing a guide to reducing migrant homelessness with WLGA & WSMP

Analysing RSL board diversity stats for the regulator

Raising awareness of EU settlement scheme

We promoted accessible housing

Co-design with WG ~~Adaptations~~ Steering Group

Major review of accessible homes allocation in Gwent

Linking disabled people, officials and practitioners via online fora

We helped tackle poverty & inequality together with TPAS Cymru

Published report on lack of flooring in social housing Taken on board by Welsh Government Numerous social landlords changed their policies

Our campaign to make housing a human right gained further ground

Draft Bill Published #BackTheBillDraft Bill Published #BackTheBill

Over 100 significant supporters Welsh Government supports the principleWelsh Government supports the principle

MAKING CHANGE HAPPEN

We supported our fantastic members to help them turn equality commitments into reality

HERE IS A SNAPSHOT…

total 69 members

new 296 mailing list sign ups 525 event registrations

83 helpline enquiries

62 training & support sessions delivered

We engaged with 797 people in member organisations

We held We sent 48 3 email updates 1 Making Making Equality Networks

We held 1 Making Making Menopause Matter Network meeting

members achieved or 7 working towards QED Award. Our data shows impacts! great

jobs advertised 86 with us

30 members signed up to Deeds Not Words pledge

3 Good Practice Briefings

7 free online webinars

Very good and left feeling motivated to integrate into work!

Your support throughout 2020 has been invaluable.

Really helpful session making myself aware of my own bias . It's definitely opened up my mind to be more considerate when making decisions and maybe not jump to conclusions.

Here’s what our members thought:

Your input has been very helpful and we have made the necessary changes to strengthen our strategic plan.

The format was excellent. Lots of discussion and application to our own organisation.

Very engaging and knowledgeable trainer who spoke with passion regarding the issues faced in society and not superficial. A very good person I imagine to drive change and open debate with.

Absolutely brilliant and extremely informative. Thank you!

Ok, a few more, we are so proud of our team!

Excellent session that was very thought provoking whilst being informative at the same time. The stats presented really put things into perspective

Dedicated online fora

Help in addressing refugee homelessness

COVID-19

Contribution to First Minister’s Expert Group

Dedicated Covid-19 resources page

Finances

Income: £ 309,281 Expenditure: £ 288,958 Net income: £ 20,323 Actuarial pension loss: (£105, 000) Net movement in funds: (£84,677)

THANK YOU! We could not have done it without you!

All the kind and brave people who supported, challenged and worked with us through their lived experience

Our wonderful team :

Ceri Meloy Ross Thomas Andrea Penny Vicki Foley Rob Milligan Charlotte Gadd Alicja Zalesinska

: Our amazing trustees

Jan Bell (Chair) Jonathan Conway (Vice Chair until Jan 2021) Craig Stephenson OBE (Vice chair from Jan 2021) Mark Jennings Matt Kennedy Sarah Prescott Omar Idris Elaine Gilbert Dr Lindsay Cordery-Bruce Nazia Azad-Warren Graham Findlay Bill Rowlands Robin Staines

Our fantastic associates:

Colin Heyman Marilyn Bryan-Jones Olymbia Petrou Dai Thomas Helen Armstrong

Our funders:

to all our members you and partners!

REGISTERED COMPANY NUMBER: 05282554 (England and Wales) REGISTERED CHARITY NUMBER: 1110078

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

TAI PAWB

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

TAI PAWB

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 10
Report of the Independent Auditors 11 to 14
Statement of Financial Activities 15
Statement of Financial Position 16 to 17
Notes to the Financial Statements 18 to 31
Detailed Statement of Financial Activities 32 to 33

TAI PAWB

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

TRUSTEES

Mr M Jennings (resigned 16.10.20) Ms J Bell (Chair until 29.01.21) Mr R Staines Mr J Conway (Vice Chair until 29.01.21) Mr M Kennedy Ms S Prescott (Vice Chair designate from 29.01.21) Mr C Stephenson (Chair designate from 29.01.21) Ms L Cordey-Bruce Mr W H D Rowlands Mrs E S Gilbert Mr G Findlay (appointed 16.10.20) Mrs N Azad-Warren (appointed 16.10.20) Mr O A T Idris (appointed 16.10.20)

REGISTERED OFFICE

Mariners House East Moors Road Cardiff CF24 5TD

REGISTERED COMPANY NUMBER

05282554 (England and Wales)

REGISTERED CHARITY 1110078 NUMBER

INDEPENDENT AUDITORS

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Page 1

TAI PAWB

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

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 31 March 2021. 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

Tai Pawb's objectives are contained in its Constitution. Its key objective is

"..to promote equality and diversity in the provision of housing in Wales, in particular social housing, for the benefit of the public in Wales by the elimination of discrimination on the grounds of race, age, disability, gender, transgender, sexual orientation or religion or belief."

The organisation's Strategic Plan 2017-2021 contains the following:

Purpose

What we do

Strategic Objectives and Priorities

Tai Pawb continued working to 3 strategic objectives and relevant corresponding priorities:

Advancing Rights and Increasing Fairness

Fostering Excellence in Equality and Diversity

Running an Innovative and Proactive Organisation

Page 2

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES Key Achievements

Advancing Rights and Increasing Fairness

Increasing the provision of accessible housing in Wales:

Improving race relations and addressing race inequality and hate crime:

Addressing inequality in the private rented sector:

Alleviating the impact of the welfare reform and tackling socioeconomic inequality:

Page 3

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES

Facilitate better understanding and responses to mental health issues:

Fostering Excellence in Equality and Diversity

Delivering our QED Award:

Retaining and increasing membership:

Increasing involvement and co-production:

Delivering great services:

Page 4

TAI PAWB

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES

Running an Innovative and Proactive Organisation Developing our research and evidence capacity:

Nurturing forward-thinking partnerships:

Improving communications and marketing:

Increasing long term sustainability:

Embedding new structure:

Page 5

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Principal funding sources

Tai Pawb continues to supplement core funding with income from membership fees, training, consultancy and Tai Pawb events. The restructure of staff and membership benefits is also a planned move towards greater sustainability in face of previous cuts to Tai Pawb's core funding. Appointment of Fundraising and Partnerships Manager is another key element of the goal of increased sustainability going forward and diversification of funding streams, with core unrestricted funding secured from Oak Foundation in July 2021 and project funding secured from Comic Relief in July 2021.

This year, Funding and Partnerships manager focused on the development of a fundraising strategy with the aim of focusing our work on increasing financial sustainability. The strategy was finalised in 2021-2022 and outlined key goals and actions needed to increase income, engagement and sustainability with SMART objectives and financial targets.

Despite the losses in income from consultancy and training in the first year of Covid-19 pandemic, Tai Pawb had a good financial result owing to: sustaining membership income, securing partnership grant funding and commissions, obtaining a small grant from Rayne Foundation to counteract the financial effects of Covid-19 and putting some staff members on the furlough scheme.

Investment policy

Investments are ruled by policies contained in Tai Pawb finance handbook and the Memorandum and Articles of Association.

Reserves policy

Tai Pawb continues to have a reserves policy and to hold reserves. The organisation's reserves policy aims to mitigate against closure and invests in strategic development costs. The amount of reserves should cover 5 months net operating costs plus closure costs.

Organisation's balance sheet also reflects its liabilities in terms of participation in Social Housing Pension Scheme. The organisation had a sufficient level of designated reserves in accordance with the policy at the end of March 2021. Trustees are closely monitoring the ongoing effect of Social Housing Pension Scheme liabilities.

Reserves policy is shared and reviewed by the trustees each year ahead of year end to ensure sufficient level and appropriate use of reserves. The policy was last reviewed in February 2021 with a new provision that additional funds may also be designated for setting off actuarial gains against possible future losses on the Social Housing Pension Scheme.

PLANS FOR FUTURE PERIODS

These plans are outlined in our new Strategy 2021-2026. Internally this is supplemented by Work Plan which is developed on an annual basis.

Page 6

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governance Structure

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.

The charity's governance structure is supported by its constitution document, the Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity has a membership structure consisting of categories of membership, with these being Supporters, Affiliates, Commercial, Full Members.

The charity's board of trustees can have at least nine and no more than eighteen members, all of whom must be over the age of eighteen.

Each category of membership has been allocated a specific number of seats on the Board. Where a specific expertise gap is identified, further trustees can be appointed as co-optees, where members have full voting rights.

The number of places allocated to each category of membership is detailed below:

Number of Seats
Category of Membership Available
Supporters 3
Affiliate (Third Sector) 4
Full Member (Local Authorities) 2
Full Member (Registered Social Landlords) 2
Affiliate (Other Housing Interests) 1
Co-optees (Recruited for specific skills etc.) 6
TOTAL NUMBER OF SEATS 18

Annual General Meeting

Tai Pawb held its previous Annual General Meeting on 16 October 2020. Audit plan was presented and discussed with the board on 10 July 2020. The audited accounts were presented to the Board by the independent auditors at the Board meeting held on 16 October 2020.

The Chair and Director went through their respective reports with regards to Tai Pawb's activities in the preceding year.

Trustee Induction and Training

The trustees attend a number of Board meetings on a regular basis. Tai Pawb holds events and seminars across Wales and some of Tai Pawb's Board members attend these events to increase their knowledge and experience around equality and diversity issues. All new trustees are inducted and encouraged to attend WCVA trustee and other courses.

Page 7

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The board reviewed its approach to risk management and assurance with the introduction of the following changes in 2020-2021.

The board and staff held a strategy away day in March 2021. The aim of the day was to feed ideas, including consideration of barriers and risks, into the development of the forthcoming new strategy. The information gathered has subsequently fed into further sessions with staff and a plan of strategy development going forward.

The board recognised the risk to continuity due to the planned departure of Chair, Janice Bell in July 2021. The board mitigated against this by appointing a Vice Chair, Craig Stephenson OBE, at the board meeting on 29 January 2021 with the view that the vice chair would succeed the chair upon departure. At the same time, the board also made plans to appoint Sarah Prescott as Vice Chair at 9th July 2021 Board meeting. The board thanked Jonathan Conway for his role as Vice Chair and strong commitment to Tai Pawb over the recent years.

Brexit

While there is uncertainly as to the ongoing impact of Brexit, no significant risks were identified in 2020-2021 however this will be subject to ongoing monitoring by the board.

COVID-19

The outbreak of the COVID-19 pandemic towards the end of the financial year 2019-2020 presented significant risks to the organisation. Tai Pawb put significant measures in place to protect the charity, it's beneficiaries and staff. Although initial measures were introduced in the second half of March 2020, trustees feel that it is important to outline the organisation's overall response to the pandemic below, including the action and decisions that followed in 2020, in order to demonstrate assurance as to the going concern of the charity.

Page 8

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Management

The Board of Trustees managed members of staff comprising a Director, Head of Business, Policy and Public Affairs Manager and Membership Manager, Funding and Partnerships Manager, Communications and Marketing Officer and Finance and Administration Officer. The Director works with the oversight of and in partnership with the trustees to support them in the fulfilment of their obligations, in determining and reviewing the organisation's strategic direction and providing assurance on Tai Pawb's activities, governance and risk. Regular contact in maintained with the chair who holds 121 meetings with the director between board meetings.

This is also done in consultation with staff, where the Director has responsibility for overseeing the operational management of aspects of Tai Pawb together with the Senior Management Team comprising of Head of Business and Policy and Public Affairs Manager.

Throughout 2020-2021 all staff were working from home with a move to hybrid working model in April 2021.

Skills and Equality Monitoring

Tai Pawb has an Equality and Diversity policy which makes a commitment to equality and diversity in the workplace and within its activities. Equality monitoring is carried out regularly to assess the extent to which Tai Pawb effectively ensures the representation of people from a cross-section of society on its Board and amongst its staff members. Equality and skills audit is undertaken annually with board ahead of board recruitment cycle.

Equality monitoring information was collated in relation to staff members and Board members for the period 2020-2021

Page 9

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

The results showed under-representation in some areas including: Black, Asian and minority ethnic people, women, under 24s and over 65s, disabled people, tenants. It was agreed that the recruitment would focus on ethnic minority people, disabled people and women. It terms of skills, the board decided that the recruitment would focus on skills in: accessible housing, race issues and skills needed for successful Covid-10 recovery with a focus on innovation and digital entrepreneurship/product development.

New trustees were recruited onto the board at the AGM of 2020 - with representation improved across ethnicity and disability strands and skills in accessible housing, innovation and community engagement/race issues.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Tai Pawb 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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

Bevan Buckland LLP were appointed as the charitable company's auditors.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Craig Stephenson (Nov 1, 2021 14:26 GMT)

................................................................. Mr C Stephenson - Trustee

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB

Opinion

We have audited the financial statements of Tai Pawb (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 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.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB

Opinions on other matters prescribed by the Companies Act 2006

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

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.

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

Page 12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB

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.

Alison Vickers (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: .............................................

Page 14

TAI PAWB

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Membership Fees
63,265
Tai Pawb Events
2,553
Charitable Activities
230,266
Investment income
3
1,240
Other income
11,957
Total
309,281
EXPENDITURE ON
Charitable activities
Membership Fees
-
Charitable Activities
288,958
Total
288,958
NET INCOME
20,323
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
(105,000)
Net movement in funds
(84,677)
RECONCILIATION OF FUNDS
Total funds brought forward
215,945
TOTAL FUNDS CARRIED FORWARD
131,268		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
63,265
2,553
230,266
1,240
11,957
309,281
-
288,958
288,958
20,323
(105,000)
(84,677)
215,945
131,268		 2020
Total
funds
£
63,650
16,331
256,876
1,429
19,702
357,988
-
351,602
351,602
6,386
57,000
63,386
152,559
215,945

The notes form part of these financial statements

Page 15

TAI PAWB (REGISTERED NUMBER: 05282554)

STATEMENT OF FINANCIAL POSITION 31 MARCH 2021

Unrestricted
funds
Notes
£
FIXED ASSETS
Intangible assets
8
3,577
Tangible assets
9
1,032
4,609
CURRENT ASSETS
Debtors
10
50,024
Cash at bank and in hand
265,284
315,308
CREDITORS
Amounts falling due within one year
11
(22,849)
NET CURRENT ASSETS
292,459
TOTAL ASSETS LESS CURRENT
LIABILITIES
297,068
CREDITORS
Amounts falling due after more than one year 12
(800)
PENSION LIABILITY
15
(165,000)
NET ASSETS
131,268
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
Notes
£
FIXED ASSETS
Intangible assets
8
3,577
Tangible assets
9
1,032
4,609
CURRENT ASSETS
Debtors
10
50,024
Cash at bank and in hand
265,284
315,308
CREDITORS
Amounts falling due within one year
11
(22,849)
NET CURRENT ASSETS
292,459
TOTAL ASSETS LESS CURRENT
LIABILITIES
297,068
CREDITORS
Amounts falling due after more than one year 12
(800)
PENSION LIABILITY
15
(165,000)
NET ASSETS
131,268
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
3,577
1,032
4,609
50,024
265,284
315,308
(22,849)
292,459
297,068
(800)
(165,000)
131,268		 2020
Total
funds
£
5,501
4,055
9,556
60,750
235,338
296,088
(19,499)
276,589
286,145
(1,200)
(69,000)
215,945
215,945
215,945
131,268
131,268

The notes form part of these financial statements

Page 16

continued...

TAI PAWB (REGISTERED NUMBER: 05282554)

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

Craig Stephenson (Nov 1, 2021 14:26 GMT)

............................................. Mr C Stephenson - Trustee

Sarah Prescott (Nov 1, 2021 14:25 GMT)

............................................. Ms S Prescott - Trustee

The notes form part of these financial statements

Page 17

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. STATUTORY INFORMATION

Tai Pawb is a charitable company, limited by guarantee, registered in England and Wales. The charity's registered number and registered office address can be found on the Reference and Administrative Details page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern

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.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Estimation Uncertainty

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Management consider their to be no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Income recognition

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from 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.

Membership income is recognised when invoices for membership fees are invoiced to the members. For existing members this would be the 1 April, and for new members this would be the date of application.

Page 18

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES - continued

Income recognition

Training income is recognised when the Charity has entitlement to it which would generally be when the training course has been performed.

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

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.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over its estimated useful life of 4 years. Computer Software is being amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets

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

Fixtures and fittings - 25% on cost Computer equipment - 33% on cost

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets

The charity performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES - continued

Corporation taxation

The charity is exempt from corporation tax on its charitable activities.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

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.

Creditors and provisions

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.

Fund accounting

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

Designated funds are unrestricted funds earmarked by the trustees.for particular purposes falling in future time periods.

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.

Pension costs and other post-retirement benefits

The charity has obligations to pay pension benefits to certain employees. The pension accounting disclosure for this scheme has changed from a Present Value Approach to a Defined Benefit Approach in this financial year. This is due to sufficient information now available for an employer in SHPS to account for its obligation on a Defined Benefit basis (i.e. stating assets and obligations).

For defined benefit schemes the amounts charged to the Statement of Financial Activities are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in the Statement of Financial Activities.

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the charity, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.

Operating leases

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

3. INVESTMENT INCOME

INVESTMENT INCOME
2021 2020
£ £
Bank account interest 1,240 1,429

4.

NET INCOME/(EXPENDITURE)

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

Auditors' remuneration
Auditors' remuneration for non audit work
Depreciation - owned assets
Deficit on disposal of fixed assets
Website development costs amortisation
Computer software amortisation		 2021
£
4,949
1,556
2,578
445
623
1,301		 2020
£
4,695
1,169
3,095
-
2,498
1,626

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

Senior management team
Office staff		 2021
3
4
7		 2020
3
4
7

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

During the year salaries of £105,944 (2020: £120,193) were paid to key management.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Membership Fees
63,650
Tai Pawb Events
16,331
Charitable Activities
225,830
Investment income
1,429
Other income
19,702
Total
326,942
EXPENDITURE ON
Charitable activities
Charitable Activities
315,095
NET INCOME/(EXPENDITURE)
11,847
Transfers between funds
15,711
Other recognised gains/(losses)
Actuarial gains on defined benefit
schemes
57,000
Net movement in funds
84,558
RECONCILIATION OF FUNDS
Total funds brought forward
131,387
TOTAL FUNDS CARRIED FORWARD
215,945		 Restricted
fund
£
-
-
31,046
-
-
31,046
36,507
(5,461)
(15,711)
-
(21,172)
21,172
-		 Total
funds
£
63,650
16,331
256,876
1,429
19,702
357,988
351,602
6,386
-
57,000
63,386
152,559
215,945

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

8. INTANGIBLE FIXED ASSETS

8. INTANGIBLE FIXED ASSETS
Website
development Computer
costs software Totals
£ £ £
COST
At 1 April 2020 and 31 March 2021 9,990 6,504 16,494
AMORTISATION
At 1 April 2020 9,367 1,626 10,993
Charge for year 623 1,301 1,924
At 31 March 2021 9,990 2,927 12,917
NET BOOK VALUE
At 31 March 2021 - 3,577 3,577
At 31 March 2020 623 4,878 5,501
9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 April 2020 2,624 8,182 10,806
Disposals (2,624) (3,271) (5,895)
At 31 March 2021 - 4,911 4,911
DEPRECIATION
At 1 April 2020 1,695 5,056 6,751
Charge for year 656 1,922 2,578
Eliminated on disposal (2,351) (3,099) (5,450)
At 31 March 2021 - 3,879 3,879
NET BOOK VALUE
At 31 March 2021 - 1,032 1,032
At 31 March 2020 929 3,126 4,055

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 2021
£
2,200
43,790
4,034
50,024
2021
£
4,727
4,894
1,466
11,762
22,849		 2020
£
3,536
51,386
5,828
60,750
2020
£
5,021
4,099
2,621
7,758
19,499

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Accruals and deferred income
13.
LEASING AGREEMENTS		 2021
£
800		 2020
£
1,200

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2021
£
8,933
2,064
10,997		 2020
£
2,990
2,741
5,731

14. MOVEMENT IN FUNDS

Unrestricted funds
General funds
Designated Funds
Designated Capital Assets
TOTAL FUNDS		 At 1.4.20
£
30,543
175,846
9,556
215,945
215,945		 Net
movement
in funds
£
(79,730)
-
(4,947)
(84,677)
(84,677)		 Transfers
between
funds
£
57,331
(57,331)
-
-
-		 At
31.3.21
£
8,144
118,515
4,609
131,268
131,268

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
Designated Capital Assets
TOTAL FUNDS		 Incoming
resources
£
309,281
-
309,281
309,281		 Resources
expended
£
(284,011)
(4,947)
(288,958)
(288,958)		 Gains and
Movement
losses
in funds
£
£
(105,000)
(79,730)
-
(4,947)
(105,000)
(84,677)
(105,000)
(84,677)

Comparatives for movement in funds

Unrestricted funds
General funds
Designated Funds
Designated Capital Assets
Restricted funds
Big Lottery
TOTAL FUNDS		 At 1.4.19
£
2,470
112,937
15,980
131,387
21,172
152,559		 Net
movement
in funds
£
76,066
-
(7,219)
68,847
(5,461)
63,386		 Transfers
between
funds
£
(47,993)
62,909
795
15,711
(15,711)
-		 At
31.3.20
£
30,543
175,846
9,556
215,945
-
215,945

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
Designated Capital Assets
Restricted funds
Big Lottery
TOTAL FUNDS		 Incoming
resources
£
326,942
-
326,942
31,046
357,988		 Resources
expended
£
(307,876)
(7,219)
(315,095)
(36,507)
(351,602)		 Gains and
Movement
losses
in funds
£
£
57,000
76,066
-
(7,219)
57,000
68,847
-
(5,461)
57,000
63,386

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General funds
Designated Funds
Designated Capital Assets
Restricted funds
Big Lottery
TOTAL FUNDS		 At 1.4.19
£
2,470
112,937
15,980
131,387
21,172
152,559		 Net
movement
in funds
£
(3,664)
-
(12,166)
(15,830)
(5,461)
(21,291)		 Transfers
between
funds
£
9,338
5,578
795
15,711
(15,711)
-		 At
31.3.21
£
8,144
118,515
4,609
131,268
-
131,268

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 funds
Designated Capital Assets
Restricted funds
Big Lottery
TOTAL FUNDS		 Incoming
resources
£
636,223
-
636,223
31,046
667,269		 Resources
expended
£
(591,887)
(12,166)
(604,053)
(36,507)
(640,560)		 Gains and
Movement
losses
in funds
£
£
(48,000)
(3,664)
-
(12,166)
(48,000)
(15,830)
-
(5,461)
(48,000)
(21,291)

Designated Funds

The designated funds are made up as follows:

Net Running Costs
Closure Costs
Strategic Development Costs
Pension Scheme Costs		 2021
£
68,000
20,515
13,000
17,000
118,515		 2020
£
68,000
20,846
30,000
57,000
175,846

The net running costs represent over five months of the charity's expenditure, less membership fees.

Closure costs represent the total expenditure that would be incurred in the event of the charity ceasing to operate. The trustees have no current issues with the going concern of the charity but believe it is prudent to set aside this amount.

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

14. MOVEMENT IN FUNDS - continued

Strategic development costs represents the funds set aside to help meet the charity's medium term strategic plan.

Pension scheme costs represents funds set aside to help the charity meet the anticipated future losses in the pension scheme.

15. EMPLOYEE BENEFIT OBLIGATIONS

The Pensions Trust - Social Housing Pension Scheme (SHPS)

SHPS is a multi employer pension schemes which provides benefits to non- associated participating employers. The scheme is classed as a defined benefit scheme in the UK. The scheme is classified as 'last man standing' arrangement. Therefore each employer is liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

For financial years ending on or after 31 March 2019 the way in which an employer's Defined Benefit pension obligation in SHPS is stated in its company accounts has changed. Previously there has been insufficient information available for and employer in SHPS to account for its obligations on a Defined Benefit basis (i.e stating assets and obligations). As a result, and as required by FRS 102, employers have been accounting for the obligation by stating the present value of agreed future deficit repayment contributions.

If sufficient information is not available in a multi employer Defined Benefit scheme, as was previously the case, then FRS 102 requires that an employer participating in the scheme should recognise - a liability for any employer contribution scheduled in the future arising from the scheme's agreed deficit recovery plan and

For financial years ending on or after 31 March 2019, full defined benefit accounting information has been provided (termed 'Defined Benefit Approach'). As a result the approach of reporting the deficit recovery plan contribution (termed 'Present Value Approach') will no longer comply with FRS 102.

FRS 102 requires that an employer participating in a Defined Benefit scheme should recognise: - a liability for its obligations under the scheme net of scheme assets and - the net change in that liability during the accounting period as the cost of the Defined Benefit scheme during the period

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

15. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the Statement of Financial Position are as follows:

Present value of funded obligations
Fair value of plan assets
Present value of unfunded obligations
Deficit
Net liability		 Defined benefit
pension plans
2021
2020
£
£
-
-
408,000
347,000
408,000
347,000
(573,000)
(416,000)
(165,000)
(69,000)
(165,000)
(69,000)

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost
Net interest from net defined benefit
asset/liability
Past service cost
Expenses
Actual return on plan assets		 Defined benefit
pension plans
2021
2020
£
£
-
-
2,000
3,000
-
-
2,000
2,000
4,000
5,000
3,000
(38,000)

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continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

15. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation
Interest cost
Expenses
Actuarial (gains)/losses from scheme
experience
Benefits paid
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions
Actuarial (gains)/losses from changes in
financial assumptions		 Defined benefit
pension plans
2021
2020
£
£
416,000
464,000
10,000
11,000
2,000
2,000
(2,000)
16,000
(4,000)
(4,000)
2,000
(4,000)
149,000
(69,000)
573,000
416,000

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets
Contributions by employer
Interest income
Benefits paid
Return on plan assets (excluding
interest income)		 Defined benefit
pension plans
2021
2020
£
£
347,000
329,000
13,000
14,000
8,000
8,000
(4,000)
(4,000)
44,000
-
408,000
347,000

The amounts recognised in other recognised gains and losses are as follows:

Actuarial gains/(losses) from changes in
demographic assumptions
Actuarial gains/(losses) from changes in
financial assumptions
Return on plan assets (excluding
interest income)
Actuarial gains/(losses) from scheme
experience		 Defined benefit
pension plans
2021
2020
£
£
(2,000)
4,000
(149,000)
69,000
44,000
-
2,000
(16,000)
(105,000)
57,000

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

15. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Global Equity
Absolute Return
Credit Relative Value
Emerging Markets Debt
Risk Sharing
Insurance-Linked Securities
Property
Infrastructure
Corporate Bond Fund
Secured Income
Liability Driven Investment
Other		 Defined benefit
pension plans
2021
2020
£
£
65,000
51,000
23,000
18,000
13,000
10,000
17,000
10,000
15,000
12,000
10,000
11,000
8,000
8,000
27,000
26,000
24,000
20,000
17,000
13,000
104,000
115,000
85,000
53,000
408,000
347,000		 Defined benefit
pension plans
2021
2020
£
£
65,000
51,000
23,000
18,000
13,000
10,000
17,000
10,000
15,000
12,000
10,000
11,000
8,000
8,000
27,000
26,000
24,000
20,000
17,000
13,000
104,000
115,000
85,000
53,000
408,000
347,000
347,000

Included in Other are the following types of assets: Distressed Opportunities, Alternative Risk Premia, Private Debt, Opportunistic Illiquid credit, High Yield, Opportunistic Credit, Liquid Credit, Long Lease Property and Net Current Assets.

None of the fair value of the assets shown include any direct investments in the employer's own financial instruments or any property occupied by, or other assets used by, the employer.

Principal actuarial assumptions at the Statement of Financial Position date (expressed as weighted averages):

2021 2020
Discount rate 2.22% 2.32%
Salary growth 3.88% 2.48%
RPI Inflation 3.18% 2.48%
CPI Inflation 2.88% 1.48%

The morality assumptions adopted at 31 March 2021 imply the following life expectancies:

Life expectancy
at age 65 (years)
Male retiring in 2021 21.6
Female retiring in 2021 23.5
Male retiring in 2041 22.9
Female retiring in 2041 25.1

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TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

16. RELATED PARTY DISCLOSURES

During the year £26,728 was received from 12 organisations where Tai Pawb trustees are either trustees at these other organisations or hold positions of significant influence. These fees were for membership subscriptions, training, consultancy and fees to attend seminars. All transactions were conducted at an arms length basis.

17. SHARE CAPITAL

The charitable company is limited by guarantee and as such has no share capital. In the event of the charitable company being wound up, the liability of each member is limited to £1.

18. GOVERNMENT GRANTS

During the year the charity received government support as part of the Job Retention Scheme during the ongoing pandemic. The total amount received in the year was £3,891.

Page 31

TAI PAWB

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

INCOME AND ENDOWMENTS
Investment income
Bank account interest
Charitable activities
Membership fees
Conference and other events
Grants
Consultancy fees
Training
Other income
Other income
Government grants
Total incoming resources
EXPENDITURE
Charitable activities
Staff costs
Office rent
Insurance
Utility costs
Telephone
Postage and stationery
Advertising
Staff travel & subsistence
Conference staff attendance
Publication costs
IT & other equipment
Legal & professional
Training
Service charges
Office overheads
Subscriptions
Conference promotion
Event expenditure
Non Tai Pawb events
Human resources support
Health & safety
Carried forward		 2021
£
1,240
63,265
2,553
175,995
36,416
17,855
296,084
8,066
3,891
11,957
309,281
214,823
9,780
1,258
2,365
2,545
299
1,199
666
1,211
1,091
14,392
538
14,968
-
1,516
3,607
-
80
70
1,540
-
271,948		 2020
£
1,429
63,650
16,331
205,041
22,465
29,370
336,857
19,702
-
19,702
357,988
215,203
10,090
1,527
2,634
2,943
938
-
6,337
1,832
12,952
10,616
31
21,537
30
2,280
3,664
1,255
6,660
1,284
1,497
13
303,323

This page does not form part of the statutory financial statements

Page 32

TAI PAWB

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
Charitable activities
Brought forward
Website/E-Zine
Recruitment costs
QED costs
Amortisation of website development cost
Computer software
Depreciation of fixtures & fittings
Depreciation of computer equipment
Loss on sale of tangible fixed assets
Support costs
Finance
Bank charges
Support costs
Pension scheme operating cost
Auditors' remuneration
Auditors' remuneration for non audit work
Consultancy fees
Interest on pension scheme liabilities
Total resources expended
Net income		 2021
£
271,948
-
472
15
623
1,301
656
1,922
445
277,382
396
2,000
4,949
1,556
675
2,000
11,180
288,958
20,323		 2020
£
303,323
354
772
6,889
2,498
1,626
656
2,439
-
318,557
492
2,000
4,695
1,169
21,689
3,000
32,553
351,602
6,386

This page does not form part of the statutory financial statements

Page 33

Audit Findings Report for the year ended 31[st] March 2021

Table of Contents

Executive Summary ............................................................................................................... 1 Audit approach ..................................................................................................................... 2 Areas of significant risk ......................................................................................................... 3 Accounting estimates and judgements ................................................................................. 5 Internal Controls ................................................................................................................... 6 Adjusted misstatements ....................................................................................................... 7 Unadjusted misstatements ................................................................................................... 7 Other Matters ....................................................................................................................... 8 Appendix 1 – Auditor independence and objectivity............................................................ 9 Appendix 2 - Strategic, Financial & Governance Health Check ........................................... 10

The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements and giving a value for money conclusion. Our audit is not designed to test all internal controls or identify all areas of control weakness. The terms and conditions, under which our audit will be performed, including our roles and responsibilities and auditors, are set out in our letters of engagement. These have been issued separately.

However, where, as part of our testing, we identify any control weaknesses, we will report these to you. In consequence, our work cannot be relied upon to disclose defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might identify. We do not accept any responsibility for any loss occasioned to any third party acting, or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose.

Executive Summary

This report highlights the key issues affecting the results of the Charity and the preparation of the financial statements for the year ended 31[st] March 2021. It is also used to report our audit findings to management and those charged with governance in accordance with the requirements of International Standard on Auditing (UK) 260.

We are required to report whether, in our opinion, the Charity’s financial statements give a true and fair view of the financial position of the Charity and its income and expenditure for the year and whether they have been properly prepared in accordance with FRS 102.

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Status of our audit We have completed the majority of our audit work. The main items outstanding are:
Finalise profit & loss testing including employee checks
Final review of post balance sheet events with the board
Audit opinion On the completion of the items outstanding, we expect to issue an unmodified opinion.
Materiality Final materiality has been set at £10,000, using a benchmark of 3% of turnover and taking into consideration total gross assets and other factors such as surplus
for the year. A level of £500 has been set as our clearly trivial level.
Audit risks & other We have no significant items to highlight regarding significant audit risks and other areas of audit focus.
areas of focus
Accounting estimate We have highlighted two key estimates and judgements. We have no issues to report in this area and considered the process of estimation to be appropriate and
and judgements key assumptions to be well balanced for these items.
Internal controls Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identified any control
weaknesses, we report these.
Our work has not identified any control weaknesses this year.
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Executive Summary

1

Adjustments from
draft trial balance		 We have made adjustments to the draft trial balance totalling £108,374, subsequently the charity’s surplus was reduced by this amount.
The adjustments are noted in further detail later in this report.
Unadjusted
misstatements		 We have not identified any unadjusted misstatements.
Other matters Nothing else to report.
Independence We are not aware of any relationships between Bevan Buckland LLP and the Charity that in our professional judgement, may reasonably be thought to bear on our
integrity, independence and objectivity in performing our duties as auditors.

Acknowledgement

We would like to take this opportunity to record our appreciation for the assistance provided by Andrea Penny and other staff during our audit.

Executive Summary

1

Audit approach

The auditing findings report presents the observations arising from the audit that are significant to the responsibility of those charged with governance to oversee the financial reporting process, as required by International Standard on Auditing (UK) 260.

As auditor we are responsible for performing the audit in accordance with International Standards on Auditing (UK), which is directed towards forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance. The audit of the financial statements does not relieve management or those charged with governance their responsibilities for the preparation of the financial statements.

Materiality

In performing our audit, we apply the concept of materiality, following the requirements of International Standard on Auditing (UK) (ISA) 320: Materiality in planning and performing an audit. The standard states that 'misstatements, including omissions, are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

We determined overall materiality to be £10,000. We have considered whether this level remained appropriate during the course of the audit and have made no changes to our overall materiality.

Area Planning materiality Final materiality
Overall £10,000 £10,000

We also set an amount below which misstatements would be clearly trivial and would not need to be accumulated or reported to those charged with governance because we would not expect that the accumulated effect of such amounts would have a material impact on the financial statements. We have defined the amount below which misstatements would be clearly trivial to be £500.

Audit approach

2

Areas of significant risk

We raised a number of significant risks in our audit plan where we detailed work we would be carrying out as part of our audit procedures. We performed procedures during the audit to address each of these risks and ensure the financial statements are free from a material misstatement.

Risk Overall
Risk
Factor		 Work completed, issues & assurance gained
Revenue recognition
There is a presumption that revenue recognition is a
significant risk on every audit engagement (ISA (UK)
240)		 High We examined and tested the process through which management has identified and quantified income. We also
performed substantive testing on a sample of transactions.
No issues were found in this area. Based on the work undertaken we are satisfied that revenue recognition is not
materially misstated.
Management Override of Controls
Management override of controls should be considered
a risk on every engagement (ISA (UK&I) 240.74)		 High During the course of our audit we have undertaken the following procedures:
Considered indication of management bias in accounting estimates and their overall appropriateness.
Reviewing journal entries and other adjustments made at the end of the accounting period; and
There are no issues we wish to bring to your attention arising from the procedures undertaken.
Economic fallout due to Covid-19 and restrictions High We reviewed the year end assets for any potential signs of impairment or required provisions as well as future funding
approved for the charity.
There are no issues we wish to bring to your attention arising from the procedures undertaken.

Areas of significant risk

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Additional audit risks

Risk Overall
Risk
Factor		 Work completed, issues & assurance gained
Going Concern – grant income Low We reviewed budgets and available correspondence with funders to satisfy ourselves that the charity will have
sufficient reserves to continue operating until Autumn 2022.
There are no issues we wish to bring to your attention arising from the procedures undertaken.
Going Concern – Pension deficit Low We reviewed the budgets prepared for next year to ensure the charity will be able to operate for the next 12 months.
There are no issues we wish to bring to your attention arising from the procedures undertaken.
Treatment of expenditure between restricted and
unrestricted funds		 Low We did not identify any restricted funds received this year and therefore all expenditure has been treated as part of
the unrestricted funds of the charity.
Creditors cut-off, accruals and completeness of
creditors		 Low We reviewed invoices, payments and receipts around the year end to ensure they are accounted for in the correct
period.
There are no issues we wish to bring to your attention arising from the procedures undertaken.

Additional audit risks

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Accounting estimates and judgements

Accounting estimates vary widely in nature and are required to be made by management when the monetary amounts cannot be directly observed. The measurement of these monetary amounts is subject to estimation uncertainty, which reflects inherent limitations in knowledge or data. The process of making accounting estimates involves selecting and applying a method using assumptions and data, which requires judgement by management and can give rise to complexity in measurement. We have outlined below a summary and how we assess the key accounting judgements applied by management.

Assessment

Key Estimate Assessment Summary of policy
Economic life of assets (depreciation) The estimations of the useful economic life of the charity’s assets and are based on industry standards adjusted to reflect
your own experience. We have no issues surrounding the basis of the estimate and disclosure.
Provision and accruals Management bases its judgements on the circumstances relating to each specific event and upon currently available
information. Accruals have been prepared from invoices after the year end and purchase orders not fulfilled at year end.

As part of the requirements of ISA (UK) 540 we will require written representations whether the methods, significant assumptions and the data used in making the accounting estimates and the related party disclosures are appropriate to achieve recognition, measurement or disclosure that is in accordance with applicable reporting framework and as such has been included on the draft letter of representation provided.

Accounting estimates and judgements

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Internal Controls

The purpose of an audit is to express an opinion on the financial statements. The matters reported here are limited to those deficiencies we have identified during the course of the audit and that we have concluded are of sufficient importance to merit being reported to you.

Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. We considered and walked through the internal controls for year ended 31[st] March 2021.

The following control issues were identified during the audit. These control issues are categorised according to the level of risk attached:

Red Significant weaknesses – risk of material misstatement Amber Significant deficiency – risk of significant misstatement Yellow Deficiency – risk of inconsequential misstatement

Area of control No control weaknesses were identified during our audit testing this year

Issue and risk Recommendations Management Response

Follow up of prior year audit recommendations

The following summarises the progress made to implement recommendations identified in our prior year audit findings reports.

Assessment Issue and recommendation Update on actions taken to address the issue No control weaknesses were highlighted in the previous year

Internal Controls

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Adjustments from the draft trial balance

We are required to report all items above our trivial threshold to those charged with governance, whether or not the financial statements have been adjusted by management. Below is a summary of the adjustments made from the initial trial balance received to the financial statements along with the impact on the primary statements.

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Income Statement Balance sheet
Dr £ Cr £ Dr £ Cr £ Description
1 1,924 1,924 Amortisation of intangible fixed assets
2 3,023 3,023 Depreciation and cost of disposals of tangible fixed assets
3 86 86 Write off of historic debtor balances
4 7,476 7,476 Year-end movement on other debtors
5 1,794 1,794 Year-end movement on prepayments
6 4,000 4,000 Annual employers’ allowance for 2020/21
7 1,524 1,524 Year-end movement on deferred income
8 719 719 Year-end movement on accruals
9 4,000 4,000 Recognised operating costs of the pension scheme
10 105,000 105,000 Recognised loss on present value of the pension scheme
11 13,000 13,000 Monthly employer contributions to SHPS; rounded to nearest £000 to match SHPS report (Actual contributions: £13,051)
125,460 17,086 17,086 125,460 Accumulated effect of adjustments
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The total aggregate of the above adjustments resulted in decreasing the charity’s surplus by £108,374

Unadjusted misstatements

Below is a summary of any unadjusted misstatements identified during the course of our audit except for those deemed trivial. In line with ISA (UK) 450 ‘Evaluation of misstatements identified during the audit’ we will require a written representation confirming the reasoning for not making these adjustments.

Income Statement Income Statement Balance sheet Balance sheet
Dr £ Cr £ Dr £ Cr £ Description
No unadjusted misstatements have been identified.
- - - - Accumulated effect of adjustments

Adjustments from the draft trial balance

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Other Matters

Other Matters

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Appendix 1 – Auditor independence and objectivity

Bevan Buckland LLP is required to maintain independence from Tai Pawb in line with the Ethical Standard (2019) issued by the Financial Reporting Council (FRC) and the ethical pronouncements established by the auditor's relevant professional body, in our case the Institute of Chartered Accountants in England & Wales. In addition, our reputation and continued success as a firm depends on us maintaining auditor independence. We have procedures in place to ensure that any conflicts of interest of which we are aware are communicated to directors and appropriate action taken. This includes all relationships between Bevan Buckland LLP and Tai Pawb that, in our professional judgement, may reasonably be thought to bear on our independence and objectivity of the audit engagement partner and the audit staff.

However, there may be factors known by the board of which we are not aware. Our letter of engagement requires the board to notify us if it becomes aware that any person becomes connected with Bevan Buckland LLP and we will be asking the board to give us written representations that there are no such matters at the conclusion of the audit.

Maintaining and assessing our independence is a continual process throughout the audit cycle. However, we will formally confirm our independence and any significant matters we have considered in assessing any threats to our independence and objectivity in our Report to the board.

We have made enquires of all Bevan Buckland LLP teams providing services to you for compliance matters to ensure our independence is maintained.

In our judgement we have complied with the UK regulatory and professional requirements including the Ethical Standard (2019) issued by the FRC. We are not aware of any relationships between Bevan Buckland LLP and the Charity, that in our professional judgement, may reasonably be thought to bear on our integrity, independence and objectivity at the date of the audit plan. As a result we are able to express an objective opinion on the financial statements.

Safeguards

As part of the firms safeguards, all audits are subject to a review by a second partner or independent reviewing officer. The review undertook all high risk areas, significant judgements, financial statements, audit plan and audit findings reports.

Appendix 1 – Auditor independence and objectivity

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Appendix 2 - Strategic, Financial & Governance Health Check

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Strategic Current year Prior year
Charity has stated strategic objectives in trustees
report
Charity reports progress against these objectives
Are the activities of the Charity in line with the Charity
objects?
Charity has a long term strategy/plan?
Charity produces an annual budget?
Charity reports against budget/strategy?
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Financial Current year Prior year
Unrestricted surplus
Net current assets
Positive “free reserves”
Reserves policy in place
Reserves level in line with policy
What level of reserves are required?
Charity has budgets in place for at least 12 months
Over reliance on one large funder for grant income?
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Risk Current year Prior year
Risk register in place
Risk Register regularly reviewed
Have all appropriate risks been identified?
Appropriate actions taken in response to risks
identified
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Governance Current year Prior year
Have the board held sufficient meetings in the year?
Is the financial reporting to the board clear,
transparent, readily understood by all board members
at each meeting?
Have the board reviewed their internal controls
recently?
Are minutes of all board meetings kept?
Do you have procedures in place to deal with conflicts
of interest?
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Appendix 2 - Strategic, Financial & Governance Health Check

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Bevan::Buckland LLP Chartered accountant5, tax and financial planners 'Your Local Financial Team, Contact u&. Follow us on: g Untt 5. Lancdon House, Langdon Road. SAI 8QY J 01792 410100 f @bevanbuckland W @beVall￿ckIand In @bevanbuthand n￿ll@beWanbuck11nd.cO.uk