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2022-03-31-accounts

ITII 0. J• 43 *.

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... Here's what we did to help change that...

SHAPE THE CHANGE MAKE THE CHANGE We Launched a new, five-year strategy... BE THE CHANGE

We have shaped change... ...by playing an important role in influencing national policies, debates and decisions.

We worked with CIH Cymru and Shelter Cymru to commission an evidence base of global rights-based housing legislation... The independent research demonstrated good practice and an opportunity for Wales to lead the way in its approach...

Our call to recognise housing as a human right is supported by Welsh Government with a commitment to a White Paper included in the Programme for Government.

We have continued to rally the sector to end race inequality...

We measured the extent of racism in the sector through our baseline survey & report Racial diversity of boards increased to 6% in the first two years of Deeds Not Words We set up a dedicated Deeds Not Words Panel - made up of colleagues from across the sector with lived experience of racism We were instrumental in the development of the Anti Racist Wales Action Plan

34

members are signed up to meetings held with senior our Deeds Not Words pledge 3 leaders

We secured funding from the Oak Foundation... ...enabling us to commission policy research, grow the organisation and develop as a team ...and we won awards! Our research work on LGBTQ+ homelessness with partners in Gwent was recognised at the Wales Online D&I Awards.

Gypsy Roma Traveller Coalition, responding to a committee inquiry and supporting a public affairs campaign to highlight specific issues faced by those from this community.

CAPITAL project with Public Health Wales , bringing together people seeking sanctuary and social housing tenants in the Morriston area to share skills and facilitate asset-based workshops.

Building a Nation of Sanctuary project , working with Oasis and others to support the housing needs of newly granted refugees and asylum seekers

Our recommendations on accessibility feature in the new Local Housing Market Assessment guidance

The draft WHQS 2023 framework includes our recommendations on accessibility, cultural adequacy and provision of flooring.

Doreen Lawrence OBE

Francesca Martinez

Lisa Power MBE

Leilani Farha

We have made change happen... ...by supporting our members to help turn equality commitments into sustainable and positive change.

75 members 1,427 helpline enquiries

event registrations 741 people engaged with in organisations new members 50 email updates

142

61 policy & practice sessions 3 training & support sessions 347 hosted jobs advertised new members subscribers on 1,000+ our mailing list

members have achieved or are 8 working towards QED...

...while we worked on a framework for its second phase, QED Leaders.

We think we've made an impact...

but don't take our word for it...

Great training. A safe space to be open and honest. I felt free of the fear of getting things wrong. Interesting and informative session delivered by engaging trainers.

I really enjoyed the variation in the workshop - Helen was very good at delivering. No improvements for me.

Would love this to be rolled out to all housing professionals. Brilliant day. Thought provoking, informative and relevant.

Great training, it has helped me so much!

You were instrumental to developing our strategy. EDI is now a live issue for us. I will be in Tai Pawb's debt forever Trainer was lovely, very relaxed and approachable Very informative and created awareness

Really good, trainer knowledgeable and took us through the training in a supportive way Great training, it has helped me so much!

Communications and support is always good from Tai Pawb team

Income

Expenditure

Net income

Actuarial pension gain Net movement in funds

£439,314

£398,629 £40,685

£112,000 £152,685

Clare Hollinshead Housing & Development Manager

Alicja Zalesinska Andrea Penny Ceri Meloy Chief Executive Finance Officer Head of Business

Dave Rowlands Lynsey Davies Policy Manager Membership Officer

Rob Milligan Funding & Partnerships Manager

Ross Thomas Head of Policy & Public Affairs

Charlotte Gadd Comms & Marketing Officer

Vicki Foley Membership Manager

Whether it's through membership, partnership, challenge or lived experience... ...we can't do what we do without your support!

...for offering insight, direction and scrutiny , ensuring we continue to build on our fantastic work and plans. Diolch o galon - thank you for being you and for playing your part.

Craig Stephenson OBE (Chair)

Nazia Azad

Sarah Prescott (Vice Chair) Elaine Gilbert

Dr. Lindsay Cordery-Bruce Jonathan Conway Robin Staines Matt Kennedy

Bill Rowlands Omar Idris Graham Findlay

...for helping us deliver our ambitious and expanding programme of training , ensuring our members are supported and challenged in equal measure - and go on to bring about positive change.

Colin Heyman Helen Armstrong Llio Elgar Olymbia Petrou

Marilyn Bryan-Jones Dai Thomas Bethan Roberts

..and diolch to our funders WCVA CGGC Llywodraeth Cymru Welsh Government OAK FIJIIDED FOUNDATION BELIEf toi powb

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

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2to8
Report of the Independent Auditors 9to 12
Statement of Financial Activities 13
Statement of Financial Position 14
Notes to the Financial Statements 15 to 26
Detailed Statement of Financial Activities 27 to 28

TAI PAWB

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES Ms J Bell (resigned 9.7.21) Mr R Staines Mr J Conway Mr M Kennedy (resigned 28.6.22) Ms S Prescott (Vice Chair) Mr C Stephenson OBE (Chair) Dr L Cordery-Bruce Mr W H D Rowlands Mrs E S Gilbert Mr G Findlay Mrs N Azad-Warren Mr O A T Idris REGISTERED OFFICE Mariners House East Moors Road Cardiff CF24 5TD REGISTERED COMPANY NUMBER 05282554 (England and Wales) REGISTERED CHARITY NUMBER 1110078 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 2022

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 2022. 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 2021-2026 contains the following:

Vision

What we do

Strategic Objectives and Priorities

Tai Pawb works to 3 strategic objectives and relevant corresponding priorities:

Shape the change

Make the change

Be the change

Page 2

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES Key Achievements

Shape the change Campaigning for a legal right to housing in Wales

Champion disabled people's housing rights

Champion equal rights for homeless and vulnerably housed people

Advocate equitable response to climate emergency

Make the change Broaden the reach and impact of our transformational QED Award

Page 3

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES

Focus on cultural change

Amplify our message

Increase connection with members

Embed lived experience in our work

Be the change

Lead by example

Become more agile and reflective

Nurture new and existing partnerships

Grow our capacity to deliver

Page 4

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

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, project funding secured from Comic Relief in July 2021 and a one-off Third Sector Resilience Grant secured from WCVA for 2022-23 to help counteract the effects of Covid-19 on our income and support greater financial resilience into the future.

This year saw the development of a Business Plan including fundraising strategy. The plan 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 services in the first year of Covid-19 pandemic, in 2021 -2022 Tai Pawb had a good financial result owing to: sustaining membership income, securing partnership grant funding and commissions and substantial increase in income from consultancy and training. Income from events has not fully recovered from the impact of Covid-19 and the organisation is exploring options for making this stream more sustainable in future years.

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.

The 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 2022. Trustees are closely monitoring the ongoing effect of Social Housing Pension Scheme liabilities and its impact on reserves. Tai Pawb sets aside a designated reserve to reflect the long term, not immediately payable effects of the Social Housing Pension Scheme liability. On a day to day basis it ensures that contributions required to the fund are included within budgets and factored within medium term plans. Likewise it considers the associated risks as part of its ongoing risk management, and receives periodic review by the Board as a specific topic.

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.

Social Housing Pension Scheme

Following the actuarial valuation which lead to a significant increase in Tai Pawb's share of liabilities as well as past deficit contributions the organisation carried out significant work to plan and off-set any potential future increases.

This can be summarised as follows:

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 5

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance Structure

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

Tai Pawb board appointed new chair, Craig Stephenson OBE and new vice-chair, Sarah Prescott on 9 July 2021. Following role commencement, the chair carried out a comprehensive exercise, meeting with each board member and ascertaining feedback and views on the work of the board and the organisation. Subsequently, a report was prepared and presented to the board, including recommendations. This lead to a number of changes to board reporting and meeting structure, leading to a refreshed approach to governance.

Annual General Meeting

Tai Pawb held its previous Annual General Meeting on 6 October 2021. The audited accounts were presented to the Board by the independent auditors at the Board meeting.

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 6

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The board continued to review risk on a quarterly basis with reports on progress and changes to risk register from senior management team who are responsible for the day to day risk management. Risks are split into corporate and practice related risks.

At the end of the financial year Tai Pawb had 15 risks noted in the register with 4 risks terminated in 2021-2022. Residual risk for 4 risks was low, with the remaining 11 risks at medium level score.

Social housing pension scheme related risks (increases in liabilities) was taken out of a set of other finance related risks and established as a standalone risk in April 2022.

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 as reported in trustees report in 2020-2021.

In 2021-2022 the board continued to monitor risks associated with Covid-19 which are part of the risk register. Whilst most of the legislative requirements related to Covid-19 have been terminated, Tai Pawb continued to apply caution in service delivery and workforce arrangements with risks assessed on a regular basis and actions in place to reduce the risks to health and safety.

In the context of financial impacts, Tai Pawb's income from consultancy and training is on it's way to recovery to pre-pandemic levels however impacts are still significant on events income. Tai Pawb has implemented actions and has plans in place with the aim of offsetting this loss of income and putting the organisation on a more sustainable footing which are contained in its Business Plan and Operational plans (as described above). This will also be a considered in the context of review of membership fees and benefits.

As of April 2021 Tai Pawb significantly reduced it's office related expenditure and moved towards a hybrid working model by giving up it's full time office and moving towards a part time arrangement with Care and Repair Cymru.

Management

The Board of Trustees managed members of staff comprising Chief Executive Officer, Head of Business, Head of Policy and Public Affairs, Membership Manager, Membership Officer, Funding and Partnerships Manager, Communications and Marketing Officer, Finance and Administration Officer and Housing Development Manager. CEO 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 is maintained with the chair who holds 121 meetings with the director between board meetings.

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

Throughout 2021-2022 all staff were working via a hybrid model with access to part time office and working from home.

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

Page 7

TAI PAWB

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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.. .t.r...us..t....ees.... ..on... .11/10/2022.....................[and signed on its behalf by: ]

CB Stephenson

CB Stephenson (Oct 11, 2022 18:23 GMT+1)

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

Page 8

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 2022 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.

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 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB

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:

Page 10

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 non-compliance 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 11

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 12/10/2022 Date: .............................................

Page 12

TAI PAWB

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

2022
Notes
Unrestricted
funds
£
Restricted
funds
£
Total
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Membership Fees
68,062
-
68,062
Tai Pawb Events
-
-
-
Charitable Activities
300,143
50,471
350,614
Investment income
3
640
-
640
Other income
19,998
-
19,998
Total
388,843
50,471
439,314
EXPENDITURE ON
Charitable activities
Membership Fees
Charitable Activities
-
380,274
-
18,355
-
398,629
Total
380,274
18,355
398,629
NET INCOME
8,569
32,116
40,685
Transfers between funds
14
(1,943)
1,943
-
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
112,000
-
112,000
Net movement in funds
118,626
34,059
152,685
RECONCILIATION OF FUNDS
Total funds brought forward
131,268
-
131,268
TOTAL FUNDS CARRIED FORWARD
249,894
34,059
283,953		 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

The notes form part of these financial statements

Page 13

TAI PAWB (REGISTERED NUMBER: 05282554)

STATEMENT OF FINANCIAL POSITION 31 MARCH 2022

Notes
Unrestricted
funds
£
FIXED ASSETS
Intangible assets
8
2,276
Tangible assets
9
264
2,540
CURRENT ASSETS
Debtors
10
71,618
Cash at bank and in hand
251,517
323,135
CREDITORS
Amounts falling due within one year
11
(29,781 )
NET CURRENT ASSETS
293,354
TOTAL ASSETS LESS CURRENT LIABILITIES
295,894
CREDITORS
Amounts falling due after more than one year
12
-
PENSION LIABILITY
15
(46,000 )
NET ASSETS
249,894
FUNDS
14
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
34,059
34,059
-
34,059
34,059
-
-
34,059		 2022
Total
funds
£
2,276
264
2,540
71,618
285,576
357,194
(29,781 )
327,413
329,953
-
(46,000 )
283,953
249,894
34,059
283,953		 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
131,268
-
131,268

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 11/10/2022 and were signed on its behalf by:

CB Stephenson

C..B..S.t.e.p.h.e..n.s.o.n..(O..c.t.1..1., .2.0.2.2..1.8.:.2.3.G..M..T.+.1.).... Mr C Stephenson OBE - Trustee

Sarah Prescott

.[S] .[a] .[r] .[a] .[h] ..[P] .[r] .[e] .[s] .[c] .[o] ..[tt] ..[(O] ..[c] .[t] .[1] .[1] .[,] ..[2] .[0] .[2] .[2] ..[1] .[6] .[:1] ..[6] .[G] ..[M] .[T] ..[+] .[1] .[)] .... Ms S Prescott - Trustee

The notes form part of these financial statements

Page 14

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

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.

Page 15

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

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.

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.

Corporation taxation

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

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.

Page 16

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Fund accounting

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.

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

4.

INVESTMENT INCOME
2022 2021
£ £
Bank account interest 640 1,240
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2022 2021
£ £
Auditors' remuneration 5,197 4,949
Auditors' remuneration for non audit work 1,228 1,556
Depreciation - owned assets 768 2,578
Deficit on disposal of fixed assets - 445
Website development costs amortisation - 623
Computer software amortisation 1,301 1,301

Page 17

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor 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		 2022
3
6
9		 2021
3
4
7

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

During the year salaries of £107,132 (2021: £105,944) were paid to key management.

7.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Membership Fees
63,265
Tai Pawb Events
2,553
Charitable Activities
230,266
Investment income
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		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 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

Page 18

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022		 NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
TOTAL FUNDS CARRIED FORWARD 131,268 - 131,268
8. INTANGIBLE FIXED ASSETS
Website
development Computer
costs software Totals
£ £ £
COST
At 1 April 2021 and 31 March 2022 9,990 6,504 16,494
AMORTISATION
At 1 April 2021 9,990 2,927 12,917
Charge for year - 1,301 1,301
At 31 March 2022 9,990 4,228 14,218
NET BOOK VALUE
At 31 March 2022 - 2,276 2,276
At 31 March 2021 - 3,577 3,577
9. TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 April 2021 and 31 March 2022 4,911
DEPRECIATION
At 1 April 2021 3,879
Charge for year 768
At 31 March 2022 4,647
NET BOOK VALUE
At 31 March 2022 264
At 31 March 2021 1,032
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 12,266 2,200
Other debtors 54,455 43,790
Prepayments 4,897 4,034
71,618 50,024

Page 19

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Accruals and deferred income
13.
LEASING AGREEMENTS		 2022
£
2,169
6,394
1,803
19,415
29,781
2022
£
-		 2021
£
4,727
4,894
1,466
11,762		 2021
£
4,727
4,894
1,466
11,762
22,849
2021
£
800

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

2022 2021
£ £
Within one year 5,130 8,933
Between one and five years 3,066 2,064
8,196 10,997
14. MOVEMENT IN FUNDS
Within one year
Between one and five years
14.
MOVEMENT IN FUNDS		 Within one year
Between one and five years
14.
MOVEMENT IN FUNDS		 Within one year
Between one and five years
14.
MOVEMENT IN FUNDS		 Within one year
Between one and five years
14.
MOVEMENT IN FUNDS		 2022
£
5,130
3,066
8,196		 2022
£
5,130
3,066
8,196		 2021
£
8,933
2,064
10,997
Unrestricted funds
General funds
Designated Funds
Designated Capital Assets
Restricted funds
Comic Relief - Housing Justice Wales
Public Health Wales
WCVA Third Sector Resilience
TOTAL FUNDS		 At 1.4.21
£
8,144
118,515
4,609
131,268
-
-
-
-
131,268		 Net
movement
Transfers
between
in funds
£
funds
£
122,638
(123,928 )
-
121,985
(2,069)
-
120,569
(1,943)
3,245
-
-
1,943
28,871
-
32,116
1,943
152,685
-		 At
31.3.22
£
6,854
240,500
2,540
249,894
3,245
1,943
28,871
34,059
283,953

Page 20

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

14. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General funds
Designated Capital Assets
Restricted funds
Comic Relief - Housing Justice Wales
WCVA Third Sector Resilience
TOTAL FUNDS		 Incoming
resources
£
388,843
-
388,843
21,600
28,871
50,471
439,314		 Resources
expended
£
(378,205 )
(2,069)
(380,274 )
(18,355 )
-
(18,355 )
(398,629 )		 Gains and
losses
£
Movement
in funds
£
112,000
122,638
-
(2,069)
112,000
120,569
-
3,245
-
28,871
-
32,116
112,000
152,685

Comparatives for movement in funds

Net
movement
At 1.4.20
£
in funds
£
Unrestricted funds
General funds
30,543
(79,730 )
Designated Funds
175,846
-
Designated Capital Assets
9,556
(4,947)
215,945
(84,677 )
TOTAL FUNDS
215,945
(84,677 )
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Resources
expended
£
Unrestricted funds
General funds
309,281
(284,011 )
Designated Capital Assets
-
(4,947)
309,281
(288,958 )
TOTAL FUNDS
309,281
(288,958 )		 Transfers
between
At
funds
£
31.3.21
£
57,331
8,144
(57,331 )
118,515
-
4,609
-
131,268
-
131,268
Gains and
losses
£
Movement
in funds
£
(105,000 )
(79,730 )
-
(4,947)
(105,000 )
(84,677 )
(105,000 )
(84,677 )

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

Page 21

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

14. MOVEMENT IN FUNDS - continued

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

Net Transfers
movement between At
At 1.4.20 in funds funds 31.3.22
£ £ £ £
Unrestricted funds
General funds 30,543 42,908 (66,597 ) 6,854
Designated Funds 175,846 - 64,654 240,500
Designated Capital Assets 9,556 (7,016) - 2,540
215,945 35,892 (1,943) 249,894
Restricted funds
Comic Relief - Housing Justice Wales - 3,245 - 3,245
Public Health Wales - - 1,943 1,943
WCVA Third Sector Resilience - 28,871 - 28,871
- 32,116 1,943 34,059
TOTAL FUNDS 215,945 68,008 - 283,953

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
Comic Relief - Housing Justice Wales
WCVA Third Sector Resilience
TOTAL FUNDS
Designated Funds
The designated funds are made up as follows:
Net Running Costs
Closure Costs
Strategic Development Costs
Pension Scheme Costs		 Incoming
resources
£
698,124
-
698,124
21,600
28,871
50,471
748,595		 Resources
expended
£
(662,216 )
(7,016)
(669,232 )
(18,355 )
-
(18,355 )
(687,587 )		 Gains and
losses
£
Movement
in funds
£
7,000
42,908
-
(7,016)
7,000
35,892
-
3,245
-
28,871
-
32,116
7,000
68,008
2022
2021
£
£
94,135
68,000
37,365
20,515
13,000
13,000
96,000
17,000
240,500
118,515		 Gains and
losses
£
Movement
in funds
£
7,000
42,908
-
(7,016)
7,000
35,892
-
3,245
-
28,871
-
32,116
7,000
68,008
2022
2021
£
£
94,135
68,000
37,365
20,515
13,000
13,000
96,000
17,000
240,500
118,515
118,515

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.

Page 22

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

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

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

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
2022
£
-
2021
£
-
2,000
2,000
-
-
4,000
2,000
6,000
4,000
95,000
3,000		 Defined benefit
pension plans
2022
£
-
2021
£
-
2,000
2,000
-
-
4,000
2,000
6,000
4,000
95,000
3,000
4,000
3,000

Page 23

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

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
2022
2021
£
£
573,000
416,000
13,000
10,000
2,000
2,000
42,000
(2,000)
(4,000)
(4,000)
(8,000)
2,000
(60,000 )
149,000
558,000
573,000

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
2022
2021
£
£
408,000
347,000
13,000
13,000
9,000
8,000
(4,000)
(4,000)
86,000
44,000
512,000
408,000

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
2022
£
2021
£
8,000
(2,000)
60,000
(149,000 )
86,000
44,000
(42,000 )
2,000
112,000
(105,000 )

Page 24

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

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
2022
2021
£
£
98,000
65,000
21,000
23,000
17,000
13,000
15,000
17,000
17,000
15,000
12,000
10,000
14,000
8,000
37,000
27,000
34,000
24,000
19,000
17,000
143,000
104,000
85,000
85,000
512,000
408,000		 Defined benefit
pension plans
2022
2021
£
£
98,000
65,000
21,000
23,000
17,000
13,000
15,000
17,000
17,000
15,000
12,000
10,000
14,000
8,000
37,000
27,000
34,000
24,000
19,000
17,000
143,000
104,000
85,000
85,000
512,000
408,000
408,000

Included in Other are the following types of assets: Distressed Opportunities, Alternative Risk Premia, Private Debt, Opportunistic Illiquid credit, High Yield, Opportunistic Credit, Cash, Liquid Credit, Long Lease Property, Currency Hedging 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):

2022 2021
Discount rate 2.77% 2.22%
Salary growth 4.11% 3.88%
RPI Inflation 3.39% 3.18%
CPI Inflation 3.11% 2.88%

The morality assumptions adopted at 31 March 2022 imply the following life expectancies:

Life expectancy at
age 65 (years)
Male retiring in 2021 21.1
Female retiring in 2021 23.7
Male retiring in 2041 22.4
Female retiring in 2041 25.2

The charity has been notified by the Trustee of the Scheme that it has performed a review of the changes made to the Scheme's benefits over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This process is ongoing and the matter is unlikely to be resolved before the end of 2024 at the earliest. It is recognised that this could potentially impact the value of Scheme liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue.

Page 25

continued...

TAI PAWB

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

16. RELATED PARTY DISCLOSURES

During the year £42,656 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.

Page 26

TAI PAWB

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

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
Office overheads
Subscriptions
Event expenditure
Non Tai Pawb events
Human resources support
Recruitment costs
QED costs
Amortisation of website development cost
Computer software
Depn of fixtures & fittings
Depn of computer equipment
Loss on sale of tangible fixed assets		 2022
£
640
69,986
4,810
309,011
2,750
32,119
418,676
19,998
-
19,998
439,314
267,078
6,192
1,062
-
2,206
378
2,110
428
617
2,573
10,384
7,655
20,192
-
4,186
1,028
-
2,726
1,432
15
-
1,301
-
768
-
332,331		 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
472
15
623
1,301
656
1,922
445
277,382

Support costs

This page does not form part of the statutory financial statements

Page 27

TAI PAWB

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

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		 2022
£
485
2,000
5,197
1,228
53,388
4,000
65,813
398,629
40,685		 2021
£
396
2,000
4,949
1,556
675
2,000
11,180
288,958
20,323

This page does not form part of the statutory financial statements

Page 28

2022-10-11

Tai Pawb Accounts

Final Audit Report

Created: 2022-10-06 By: Lisa Ruffell (lisa.ruffell@bevanbuckland.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAS8viIYfEuMJ6jCwGK7dL7yHtzP5aeoqO

"Tai Pawb Accounts" History

Document created by Lisa Ruffell (lisa.ruffell@bevanbuckland.co.uk)

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Audit Findings Report for the year ended 31[st] March 2022

Table of Contents

Executive Summary ............................................................................................................... 1 Audit approach ..................................................................................................................... 2 Areas of significant risk ......................................................................................................... 3 Additional audit risks ............................................................................................................ 4 Accounting estimates and judgements ................................................................................. 5 Internal Controls ................................................................................................................... 6 Adjustments from the draft trial balance ............................................................................. 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 March 2022. 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
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 £11,000, 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 £550 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 £125,646 subsequently the charity’s surplus was increased 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 £11,000. 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 £11,000 £11,000

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

3

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 2023.
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 identified three restricted funds received this year.
There are no issues we wish to bring to your attention arising from the procedures undertaken.
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

4

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

5

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 March 2022.

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

6

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 1,301 1,301 Amortisation of intangible fixed assets
2 768 768 Depreciation of tangible fixed assets
3 65 65 Write off historic debtor balances
4 10,665 10,665 Year-end movement on other debtors
5 863 863 Year-end movement on prepayments
6 4,000 4,000 Annual employers’ allowance for 2021/22
7 5 5 Misc Difference on Nationwide closing balance
8 977 977 Year-end movement on accruals
9 3,124 3,124 Year-end movement on deferred income
10 30 30 Misc net wages balance written off
11 9,000 9,000 Accrual for Neil Turnbull Consultancy Fees – LGBTQ+ Project
12 6,000 6,000 Recognised operating costs of the pension scheme
13 112,000 112,000 Recognised gain on present value of the pension scheme
14 13,000 13,000 Monthly employer contributions to SHPS; rounded to nearest £000 to match SHPS report (Actual contributions: £13,266)
18,076 143,722 143,722 18,076 Accumulated effect of adjustments
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The total aggregate of the above adjustments resulted in increasing the charity’s surplus by £125,646

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

7

Other Matters

Other Matters

8

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

9

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

10

Bevan::Buckland LLP Chartered accountants, tax and financial planners our Local Financial Team, Fdow uson: P Ground Floor.Cordigan House. Castlecourt. Swansea Entefprtse Park,SwanseaSA7 9LA J 01792 4101(X) f @berfanbuckland In @bEvanbuckland w @b￿a￿6￿ck1and o ebevanbuckland mail@bevanbucklandLo.uk