## Tai Pawb Wrapped: Annual Report April 2023 – March 2024 ## **Artist of the year: Tai Pawb** We imagine a Wales where everyone has the right to a good home. We advance equality, diversity and social justice in housing in Wales by continuing our work with members, partners and communities... ... to fundamentally influence decision making at the highest level and make the change on the ground. Shape the Change, Make the Change, Be the Change. Year 3 of our 5 year strategy. ## **Policy and Infuencing** ## **Most Talked About…** - 83 mentions of Tai Pawb in Welsh Government or Senedd publications or member contributions - 11 consultation responses We advised Welsh Government 145 times on equality and diversity issues. 36 policy changes (both big and small) were adopted as a result of Tai Pawb advice/influence. ## **Top hits:** - WHQS: Welsh Government publishes WHQS 2023 with new flooring, disability and culturally appropriate housing elements following Tai Pawb input - Right to Adequate Housing: Welsh Government Green Paper on Fair Rents and the Right to Housing Launched following Back the Bill input with Tai Pawb as key partner - Homelessness White Paper: Expert Panel advice and Lived Experience research reflected in Homelessness White Paper with Tai Pawb as key partner ## **New releases:** - Floored: 3 years on report with TPAS Cymru - The experiences of homelessness of people with protected characteristics in Wales - Report: the housing experiences in Wales of people from ethnic minority communities with EYST - Anti-Racist Wales Social Housing Baseline Survey: Key Findings ## **Tai Pawb as a featured artist:** We sat on many groups and panels, including: 1. Chair of Race Stakeholder Group under Ending Homelessness National Advisory Board 2. Welsh Government Rapid Rehousing sub-group 3. Welsh Government Expert Review Panel on Homelessness 4. Ending Homelessness National Advisory Board 5. Welsh Government Disability Rights Taskforce Housing Group 6. Welsh Government Legislative Options Working Group 7. Welsh Government Adequate Housing and Fair Rents Stakeholder Group 8. Cross Party Group on Human Rights - Helping to advance the human rights agenda in Wales 9. Cross Party Group on Housing - Presenting on the Right to Adequate Housing to Senedd members 10. Homes For All Cymru 11. WCVA EHRCO (equality and human rights coalition) **Anti-Racism** ## Training - Trained 838 people on EDI and Anti-Racism - 93% would recommend the training to others - Launched our eLearning platform with our first course being on antiracism - 22 housing organisations’ boards and SMT were trained in antiracism and 8 partially trained ## **General work** Our Anti-Racism Manager support organisations with 148 distinct pieces of anti-racism advice and support, including 47 social landlords, 13 local authorities and 9 housing support organisations. We released our anti-racism and our hate crime toolkits. Deeds not Words panel was launched: - Regular coffee mornings - Ethnic minority housing professionals leading, influencing, scritinising and supporting Deeds not Words Day of Action for Race Equality Week where 14 organisations shared their progress across social media. ## Impact 800 employees in housing organisations were surveyed for Deeds not Words, 2 years on... - More ethnic minority people feel able to speak up - Fewer ethnic minority people feel worried about having things in common with others - More ethnic minority people feel that anti-racism is important to their managers - More ethnic minority people feel respected by colleagues and managers We’ve seen a positive change in Racial Board Diversity in Registered Social Landlords, from 4% of Board members being ethnic minority in 2021 to 9% in 2023. 80% of housing organisations in 2023 have an anti-racism plan compared to only 25% in 2021. 75% of Deeds not Words Pledgees were actively recruiting people from ethnic minority backgrounds. Significantly more organisations are engaged with their ethnic minority tenants/services users than in 2021. ## **Reach** We added to the band by hiring our Communications and Marketing Manager, Jennie. - We’ve had a 138% increase in website traffic - 1000 new social media followers - Launched a LinkedIn newsletter We’ve got more listeners than ever before: - 43% increase in people attending events - 139% increase in people trained ## **Projects** ## **Making their debut is the Champions Project. Our Private Rented Sector Work got fully underway:** - Total of 15 Champions recruited (tenants, landlords and letting agents) - Newport, Torfaen and Monmouthshire Landlord forums established and now running independently - Worked alongside 3 partners to deliver webinars to over 40 landlords - New tenant workshop developed with 30 partners – to be delivered in next year of the project - Champions took part in Senedd Committee enquiry into the Private Rented Sector - They met with John Griffiths MS and fed into the Local Government & Housing Committee's Enquiry into the PRS ## **Rental Health campaign with TPAS Cymru** This campaign, as part of our work with the Private Rented Sector in Gwent, highlighted the mental health impact of being a renter, and signposted support for both tenants and landlords. The campaign directly reached over 2000 people through e-guide downloads and direct engagement. ## **People Seeking Sanctuary** We held Stronger Together events in South Wales and North Wales. Bringing together housing, refugee community orgs, local authorities and people with lived experience to work towards a Nation of Sanctuary. We launched: - Refugee Housing Framework - Map of organisations across Wales working people seeking sanctuary published ## **Open University Equitable Response to Climate Change** Tai Pawb and the Open University brought together NGOs, Housing Associations, Welsh Government, academics and people with lived experience to take part in a workshop. ## **Membership** - We listened to our members and tweaked our membership offer, this included offering 28 free member events throughout the year. 50% increase in member events. - EDI connect was set up and met 4 times throughout the year. - We now have 78 members across Wales. Up by 7. ## Community: - We engaged with 1538 individuals from member organisations - Had 124 helpline enquiries - Delivered 3 large consultancy pieces - 1352 mailing list subscribers - 76 mailers sent, including awareness events and resources ## Training: - 807 event attendees - 100% attendees recommend our events - 112 training sessions delivered - 93% attendees recommend our training There was a 56% increase in confidence to implement EDI changes at work following Tai Pawb training. ## **QED** And this year’s award goes to… North Wales Housing Association. Congratulations to North Wales Housing Association for achieving QED this year. We officially launched our QED Leaders Award. 100% are happy with the process. ## **Annual Conference** The big ‘gig.’ We asked our delegates: Are we there yet? ## Headliners: - Rosa Curling: Director and Founder of Foxglove Legal - Dr Wanda Wyporska: Award winning charity Chief Exec, Trustee, Keynote Speaker, Author - Andrew Jenkins from BBC’s The Traitors Over 100 attendees and 100% would recommend: - “One of the best conferences I've attended. Looking forward to next year’s conference.” - "This was an utterly brilliant conference that made me think about things I've never even considered - you don't know what you don't know - but now I do!" - “Great thought-provoking theme for a great conference and excellent speakers.” ## **Be The Change** - We launched our EDI Strategy and published our staff and board diversity data - We had a team volunteering day - We prepared for and completed staff training on a 4-day week. Implementing 2024-25. We did a lot of listening too: 301 people with lived experience engaged in our work, including: - Right to Adequate Housing focus groups - Deeds not Words Panel - Homelessness lived experience research - Race and housing report - Private Rented Champions ## **Finances and Acknowledgements** - We couldn’t have done it without our funders: - Welsh Government - Comic Relief - National Lottery Community Fund - Oak Foundation And the money they provide: - Total Income – £573,735 - Expenditure – £529,677 - Actuarial Pension Loss – (£24,000) - Net movement in funds – £20,058 ## Thank you to: - Our Board, and our three outgoing board members. Thank you for everything you did for us. - Our associates - Our staff - And our members and partners… Without you all, and the work that you do, we wouldn’t be half the ensemble we are REGISTERED COMPANY NUMBER: 05282554 (England and Wale$ REGISTERED CHARITh NUMBER: 1110078 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR TAI PAW8 Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Pafk Swansea SA7 gL4 TAI PAW8 CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page ReforgD¢• and Admlnlstratlve Details Report of thg Tru$tee$ Report of thg Indopend•nl Auditors 9 to 11 Statement of Finon¢ial Activities 12 Statement of Finan¢i•l Position 13 Statement of Cash Flows 14 Notes to the Ststgmont of Cash Flow8 15 Notes to the Financial Statsmonts 16 to 28 Detsiled Statement of Financial Activitios 29 to 30 TAI PAWB REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES Mr J Conway (resigned 13.10.231 M$ S Prescott IV1¢e Chair) Mr C Stephen50n OBE Ichairl Dr L Cordery-Bruce Mrs E S Gilbert Mr G Findlay (resigned 14.5.241 Mrs N A2ad (resigned 14.7.231 Ms C Clark Mrs N T Jone$ Mrs L J Hamer (appointed 4.12.231 Ms M Elmirghani (appointed 4.12.23) Mr J A Dowd811 lappoinled 4.12.231 REGISTERED OFFICE Mariners House East Moors Road Cardiff CF24 STD REGISTERED COMPANY NUMBER 05282554 (England and Wales) REGISTERED CHARITY NUMBER 1110078 INDEPENDENT AUDITORS Bevan Buckland LLP Charte￿d Accountants And Statutory Auditors Ground Floor Cardigan HoL5$e Castle Court Swansea Entèrprise Park Swansea SA7 9LA Page 1 TAI PAWB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are a150 directors of the charrty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Aecounling and Reporting by Charities.. Statement of Recommended Practice applicable lo ¢harrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 {effe¢live 1 January 20191. OBJECTIVES AND ACTIVITIES Objectiv¢s and aims Tai Pawb's objectives are contained in 11$ Constitutioft. 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 9rounds of race. age, disability, gender, transgender. sexual orientation or religion or belief." The organisation's Strategic Plan 2021-2026 Contains the followng.. Vision A Wales where everyone has the right lo a good home. Whatwè do We advance equ3lily, diversity social justice in housing in Wales Strateglc Obje¢tiVo8 and Prioritigs Tai Pawb works to 3 strategic objeclives and relevant corresponding priorities.. Shape the change Campaign for a legal right lo housing in Wales Help build an anti-racist Wales Champion disabled people's housing rights Promole LGBTQ+ rights Champion equal rights for homeless and vulnerably housed people Advocate an equitable response to the climate emergency Make the change Broaden the reach and impa¢t of our transfomational QEO Awaid Focus on cultural change Amplify our message Increase connection with members Embed lived experience in our work Be the change L8ad by example Become more agile and reflective Nurture new and existirsg partnerships Grow our capacity lo deliver Page 2 TAI PAWB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Key Achievements Sha e the chan Carnpaigning for a legal right to housing in Wales Senedd Local Government and Housing Committee conduct an inquiry into the Right lo Adequate Housing Welsh Government publishes Green paper on Fair Rents and Right lo Adequat8 Housing Champion disabled people's housing rights White Paper on Homelessness plans for legal duty to have an accessible housing register for local authorities WG publishes WHQS 2023 with new flooring, disability and culturally approprFate housing elements following Tai Pawb input Help build an anli-racist Wales Racial diversity of housing association boards increase$ Deeds not Words 2 Years on Report published with positive shift in self-reported staff experienees and govemance Anti-racisl Wales Baseline Report Published showing slate of the sector in relation to Welsh Government Anti-racist Wales Action Plan Trained 22 organisation boards andlor SMTS on anli-racism Launched hate crime toolkit and anli-racism toolkit Launched Housing Experiences of People from Ethnic minority Backgrounds in partnership wth EYST Pltblished Local Authority ARWAP guide Promote LGBTQ+ rights Significant awareness raising activity via social media, resource newsletters and bespoke member sessions Champion equal rights for homeless and vulnerably housed people Successful Rental Health Cymru Campaign by our Gwent Boost PRS Champions Project,. successful training sessions, establishment ol landlord for a and engagement of 10 landlord champions sU￿esSIuI North Wales Refugee Networking Event Publication of Ready for Housing Framework for Refugee 019anisations Signifi¢ant work as chair of Race Stakeholder Group under Ending Homelessness National Advisory Board While Paper on Homelessness includes Commitments related lo disability and wefugees reflecting Tai Pawb's work Advocate equitable response to climate emergency Floored 3 year5 on - Practs'ce Compendium Launched. Significant contribution to development of research into equilable response to climate emergency in the housing sector in Wales Contribution to the work of Net Zero worl(ing group with Welsh Government, with input from disabled tenants Make he chan Broaden the reach and impact of our Iransfomiational QED Award Continuation of aED Leaders Pilot with Melin Homes North Wales Housing Achieves QED Accredrtation Page 3 TAI PAW8 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Focus on cultural change Launch of Tai Pawb EDI Conne¢t Network Evidenc8 of cultural shift thank5 to our anti-ra¢i$m work labovel Highly successful anli-racisl training delivered lo 22 organisations Amplify our message Increased mailing list subscription by 149 subscribers Sent out 2 newsletters, 4 thematic briefings and 93 bulk mailers on EDI to the sector 145 inputs into Welsh Government Policy. 106 into Senedd work 36 Changes adopted in Welsh Government Policy as a result of our work 83 mentions of Tai Pawb in Welsh Government or Senedd publications or member contributions Increase connection with members Answered 116 helpline inquiries, completed 96 training sessions and 3 consultancy pieces IncTeased event output from 10 to 28 free events with 807 people attending (change from 364 last yeail Signifieant training impact wth 56V/o increase in confidence post training 838 people attended our training Increased membership to 78 members and engaged with 970/0 of our membership Ithrough 1662 separale instances of en9agemenl} Embed lived experience in our work Engaged 289 people with lived experience of inequality in our work via training, focus groups, sessions and as speakers Published Tai Pawb principles of lived experience Be the chan Lead by example Published our EDI Strategy, plan and diversity statislies Held team volunteering day- painting residence in supported housing project Become more agile and reflective Conduded development work for 4-day week pilot lo start in 23-24 Nurture new and existing partnerships Continued working together wth our highly effedive Back the Bill coalition alongside CIH Cymru and Shelter Cymru Further developed partnership and joint progfammes of work with Open University Developed new partnetship focusing on accessible housing wrth three organisation Grow our capacity to deliver Launched our e-learning offer following substantial developmenl pgriod STRATEGIC REPORT Financial position Total income for the year to 31 March 2024 was £573,73512023.' £555,209). The expenditure for the year totalled £529,677 12023.. £484,703), leaving a net surplus for the year of £44,058 before the movement on the defined benefit pen5i0n scheme. Actuarial losses on the defirsod benefit pension scheme provision of £24,000 12023.. £26,000 lossl has been reported. Prlncipal fundSng sour¢o$ Tai Pawb continues to supplement core funding with income from membership fees. training, consultancy and Tai Pawb events. This year saw significant actions towards greater financial suslainabilily induding development of e-learning off8r a$ a future sustainable offer lo members, nOn￿neMberS and a source of income This year Tai Pawb had a fantastic financial return from its training and consultancy, where we reached nearly double the target Surplus fforn these activities, mainly thank$ to anti￿arisM training. Investment policy Investments are ruled by policies contained in Tai Pawb finance handbook and the Memorandum and Articles of A550cialion. Page 4 TAI PAWB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Financial revlew ReseNes policy Tai Pawb continues to have a reserves policy and to hold reseThes. The organisation's reserves policy aims to rnitigale against ¢losur8 and invests in strategic development costs. The amount of rese￿eS should cover 5 months net operating costs plus closure costs. Organisation's balance sheet also reflects its liabilities in tems of participation in Social Housing Pension Scheme. The organisalion had a sufficient level of designated Teserves in accordance with the policy al the end of March 2024. Trustees are dosely monitoring tho ongoing effect of Social Housing Pension Scheme liabilities and its impact on reseNes. 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 lo day basis it ensures that contributions required to the fund are included within budgets and factored within medium tèrm plans. Likewiso il considers the associated risks as part of ils ongoing risk management, and receives periodi¢ review by the Board as a $pecific topi¢. Reserves policy is shared and reviewed by the trustees each year ahead of year end to ensure sufficient level and appropriate use of rese￿es. The policy will be next reviewed in July 2024 wilh a new provision that additional funds may also be designated for setting off aduarial gains against possible fuluie losses on the Social Housing Pension Scheme. Social Housing Pension Scheme Following the actuarial valuation which lead to a stgnificant int￿4$e in Tai Pawb's share of liabilities as well as past deficit contributions the board continued to oversee work aimed at offsetting andlor reducing liabilities. This can be summarised as follows.. Financial advice from auantum and support with providing information to fomier employees eligible for cash benefits Close monitoring of financial plans and reporting Review of membership benefits and fees with a view towards more sustainable income sour Development of plans for new income source.. e-lgarning Social housing pension scheme continues to be monitored by the board as a standalone risk with pension update being a standing agenda item in senior management team's board report at each board meeting. Foll¢)wing a lower than previously 'debt on withdrawal, amount received from Social Housin9 Pension Scheme in 2024, In 2024-2025 Tai Pawb will commission financial advice lo consider exiling the scheme order to limit future risks and liabilities. Plans for Future Periods These plans are outlined in our new Strategy 2021-2026 and Business plan. Inlemally 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 2024 STRUCTURE. GOVERNANCE ANO MANAGEMENT Governance Structure The charity is controlled by its goveining document, a deed of trust, and constitutes a limited company, limited by guarant•e, as defined by the Companies Act 2006. The charity'$ govemance structure is supported by its constitution document, the Memorandum and Articles of Association and eonstitute$ a limited company, limited by guarantee. as defi'ned by the Companies Act 2006. In 2023-24 Tai Pawb board undertook a comprehensive review of Tai Pawb Memorandum and Articles of Assoaation, reflective on the fact that there were very few Changes since Tai Pawb's inception in 2005. With legal advice from Geldards LLP, new articles of association were developed with Charity Commission consent granted on 12 March 2024. The new articles will be out for member approval by special resolution at Tai Pawb's next AGM in Q3 202412025. The charity has a membership structure consisting of categories of membership, with these being Support•ts, Affiliates. Commercial. Full Members. The charity's board of trustees can have at leasl ning and no more than eighteen membets, all of whom must be over the age of eighteen. Each category of membership has been allo¢ated a specific number of seals on the Board. These categories We￿ reviewed and amended in 2023.. Cooplees category has been reduced lo a maximum of 3 seats and a new elected specialist input category has been created comprising of maximum three seats for any Tai Pawb members with skill$ needed on the board as delemined by the board from time lo time. The number of places allocated to ea¢h category of membership is detailed below.. Number of Seals Available Category of Membership Supporters Affiliate IThird Sector) Full Member (Local Authoriliesl Full Member (Registered Social Landlords) Affiliate {Other Housing Interests) Ccpoptees (Recruited by the board) Specialist Input TOTAL NUMBER OF SEATS 18 Annual Ggnèral Meetlng Tai Pawb held its Annual General Meeting on 4 De￿mber 2023. The audited accounts were p￿sented to the Board by the independent auditors at the Board meeting. The Chair and CEO went through their respective report$ with ￿gardS to Tai Pawb's a￿1vitieS in the preceding year. Trustee Induction and Trainin9 The Iruslees attend a number of Board meetings on a regular basis. Tai Pawb holds events and seminars a¢ross 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 Iru51ees are inducted and encouraged lo attend WCVA trustee and other courses. Page 6 TAI PAWB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk managgment The board continued lo pview risk on a quarterly basis with reports on progre$s and thanges to risk register from senior management team who a￿ responsible for the day-l&day risk management. Risks aro split into corporate and practice related risks. At the end of the financial year Tai Pawb had 17 risks noted in the ￿giSter. Residual risk for 4 risk$ is low. for 13 risk$ 1$ medium with no ri$k$ rated a$ high. In March 2023 the board considered and developed a new framework whieh describes the organisations approach to risk appetite. This has enabled the board and stuff lo better consider key Tisks and control measures relating to different areas of operats'on and governance. Tai Pawb's Risk Managemenl Policy and Procedure has also been reviewed this year. improving and clarifying some of the processes used by the organisalion. In 2023-2024 Tai Pawb board developed and approved a scheme of delegation which clarifies authority in relation lo key policies and areas of operation of Tai Pawb. The scheme will improve clarify in terms of decision making delegated to staff and decisions sitting with the board. Cybersecurity.. Tai Pawb has successful achieved ils Cyberessentials accreditation second year in a row. In ordef to minimise the increasing Cybersecurity risks Tai Pawb has also. Commissioned a Pii Protect service through its IT provider- Orbits IT. The service provides annual and ongoing Cybersecurity training to the whole team,. runs mock Phishing attacks with reports against each employee,. scores the organisation based on training eomplelion and phishing attack response. Tai Pawb have opted in to be provided with new Endpoint Detection and Response SofvarelEDR} provided by Orbits IT. The EDR sofvare has been carefully selected and implemented to bolster our existing security infraslruclure and provide advanced threat dele¢tion capabilities. 11 will actively monitor and analyse endpoint activ￿lIes, enabling us to proactively identrfy and respond to potential security incidents. Thi5 proactive approach will signrficantly strengthen your defence against emerging cyber threats Management The Board of Trustees managed members of stsff comprising Chief Executive Officer. Head of Business, Head of Policy and Public Affairs, Policy Manager, Membership Manager, Membership Officer, Funding and Partnerships Manager, PRS Champions Manager. Communications and Marketing Manager, Finance and Administration Officer and Anti-racism Manager. CEO and Senior Management Team work wilh the oversight ffom the board of trustees to support them in the fulfilmenl of their obligations, in determining and reviewing the organisation's strategic direction and providing assurance on Tai Pawb's activities, governance and risk. Regular ￿ntact 1$ maintained with the chair who holds 121 meetings with the CEO between board meetings. This is also done in consumation with staff, where the CEO has responsibility for overseeing the operational management of aspects of Tai Pawb together Wlth the Senior Management Team ttjmprising of Head of Business and Head of Policy and Public Affairs. Throughout 2023-2024 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 tho purposes of company lawl are responsible for preparing the Report of the Trustees and the finaneial $latemenls in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted A￿O￿ntIng Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Page 7 TAI PAWB REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - contlnued Company law requires the trustees to prepafe financial statements for each financial year whi¢h give a true and fair view of the stale of affairs of the charitable company and of the incoming fe50ui¢es and application of ￿$our¢e$, including the income and expenditure, of the charitable company for that period. In preparing Ih058 financial statements, thg trusteos are required to select suitable accounting poli¢ie$ and then apply them ¢on$i$tenlty', observe the methods and principles in the Charity SORP,. make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departu￿5 di$¢lo$ed and explained in Ihe financial statements., prepare the financial slalemenl$ on the going concem basis unless it is inappropriate to presume that the ¢haritabl8 Company will continue in busine$$. The trustee$ aTr responsible for keeping proper accounting records which disdose with reasonable accuracy at any lime the financial position of the charitable company and to enable them to ensure that the financial statements comply with th8 Companies Act 2006. Thèy are also r8$pon$ible for safeguarding the assets of the charitable company and hen￿ for taking reasonable $tep$ for the prevention and detection of fraud and other irregularities. In so far as thè trustees are aware.. there is no relevant audit infonnalion of which th• charitable company's auditors are unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are awaie of that infomation. AUDITORS Bevan Buckland LLP were appointed as the charitable company's auditors. Report of the trustees. incorporating a slrate9ic r•port, approved by order of th• board of truste•$, a$ tho Company directors. and syned on the board's behalf by-. Mr C Stephenson OBÉ- Trusteo Pago 8 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB Opinion We have audited the financial statements of Tai Pawb {Ihe 'charilable company'l for the year ended 31 March 2024 which comprise the Slalemenl of Financial Activities, the Stalemenl of Financial Position, the Statement of Cash Flows and notes to the financial statements. including a summary of significant aceounting policies. The financial reporting framework that has been applied in theii preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accosjnting Practice}, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland,. In our opinion the financial statements.. give a true and fair view of the stste of the Gharitable company's affairs as al 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKI} and applicabl8 law. Our responsibilities under those standards are fvrther described in the Auditors, ￿sponSIbl1111eS for the audit of the financial statements section of our report. We are independent of the chafilable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilrties in accoidance with these requirèments. 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 ¢oncluded 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 lo events or ¢onditions that, individually or ¢olledively. may ￿$1 significant doubt on the charitable ¢ompany'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 90ing concem are described in th8 Televant sections of this report. Other inforniation The trustees are responsible for the other information. The other infomation comprises the infonnation 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, eX￿pt to the extent otherwise explicitly slated in our Teport, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we idenbfy such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselve$. If, based on the work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribgd by the Companie$ Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statement5 are prepared is consistenl with the financial statements., and the Report of the Truslees has been prepared in accordance with applicable legal requirements. Matters on which wo are required to report by exeeption In the light of the knowledge and undeTStanding 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 Trspect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial statements aTe not in agreement with the accounting fecords and ￿tUrns., or certain disclosures of trustees, remuneration specrfied by law are not made,. or we have not reeeived all the infomation and explanations we require for our audit. Page 9 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TAI PAWB Respon$ibilitie8 of trust••s As explained more fully in the Statement ol Trustees, Responsibilities, the tru$lees (who a￿ also the directors of tho charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a twe and fair view, and for such Intemal control as the trustees delemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the finan¢io1 statements, the trustees are responsible for assessing the charitable company'$ ability to Continue a$ a going con¢ern, disclosin9, as applicable, matters related lo going Con￿rn and using the going concem basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no rèalistic alternative but to do $0. Our responsibilities for th• audit of the firtan¢ial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a￿ 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 assuran￿, bul is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misslalements arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be 8xpeded to influence the economi¢ decisions of users taken on the basis of these financial statement$. Extent to whi¢h the audlt was considered capable of detscting Irrègularities, including fraud We identify and assess the risks of material misstatement of the Financial Sialements, 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 appropriat8 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 indopendence throughout the process. Identifying and assessing potentlal 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.. enquiring of management. including obtaining and roviewing supporting documentation. concerning the Charity's policies and procedures relating to.. identifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.. detecting and responding to the risks of fraud and whether they have kno￿edge of any actual. suspocted or alleged fraud. the internal controls established lo mitigate risks related lo fraud or non-compliance with laws and regulations. discussing among the engagement leam how and where fraud might occur irF the finaneial statements and any potential indicators of fraud. obtaining an understanding of the logal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that had a direct effect on the financial slatemenls or that had a fundamental 8ffect on the operations of the Charity, The key laws and Tegulations we considered in this context induded the UK Companies Act and relevant tax legislation. Audit responso to risks identllled In addition to the above, our procedures to respond lo risks idenlrfied included the followng.. reviewing the financi?1 statement disdosures and testing 10 5UPPQrting documentation lo asses$ ¢omplianee with relevant laws and regulations., enquiring of management concerning actual and potential litigation and Claims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of meetings of those charged with governance., in addressing the risk of fraud through management override of conlrols, testing the appropriatenes$ of journal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bia$', and evaluating the operational rationale of any significant transactions that a￿ unusual or outside th8 nom)al course of operations. Pag• 10 REPORT OF THE INDEPENDEKf AUDITORS TO THE MEMBERS OF TAI PAWB We also communi¢ated 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 al w4w.frc.org.uklauditorsresponsibililies. This descflption fonns part of our Report of the Independent Auditors. Uso of our report This report is made solely lo 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 slate to the charitable company's members those matters we art required to slate 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 lo 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 fomied. Mic ael Jones (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 11 TAI PAWB STATEMENT OF FINANCIAL ACTIVITIES {INCORPOIiATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total fund$ Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Charitsb19 activities Membership Fees Charitable Activities 83,196 363,079 83,196 472,713 72.705 468,530 109.834 Investment income Other Income 920 16,906 920 16,906 503 13,471 Tolal 464,101 109,634 573.735 555.209 EXPENDITURE ON Charitable activities Charitsble Activities 433,454 96,223 529,677 484,703 NET INCOME Other rgcognised galnsl(lossesl Actuarial gainslllossesl on defined benefit schemes 30.647 13,411 44,058 70,506 124.000} 124,000} 126,000) Nel movemgnt in funds 6.647 13,411 20,058 44,506 RECONCILIATION OF FUNDS Tolal funds brought forward 304.309 24,150 328,459 283,953 TOTAL FUNDS CARRIED FORWARD 310.956 37,561 348,517 328,459 The note$ form part of these financial statements Page 12 TAI PAWB {REGISTERED NUMBER: 05282564) STATEMENT OF FINANCIAL posmoN 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Intsngible assets Tangible assets 12 13 7,931 4,481 7,931 4,481 975 4,952 12,412 12.412 5.927 CURRENT ASSETS Debtors Cash at bank 14 93,506 296,067 93,506 333,628 99,099 306.514 37,561 389,573 37,561 427,134 405.613 CREDITORS Amounts falling due vthhin one year 15 126,0291 (26,0291 (27.0811 NET CURRENT ASSETS 363,544 37,561 401,105 378,532 TOTAL ASSETS LESS CURRENT LIABILITIES 375,956 37.561 413,517 384.459 PENSION LIABILI 18 165,000) {65,000) 156,000) NET ASSETS 310,956 37.561 348,517 328,459 FUNDS Unrestricted funds Restricted funds 17 310,956 37.561 304,309 24.150 TOTAL FUNDS 348,517 328,459 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. CBStephen5on Mr C Sl•phen$on OBE- Trusteo Ms S Prescott- Trustee The notes fom part of these financial statements Page13 TAI PAWB STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow5 from op9rating activitios Cash generated from operations 34,294 25.859 Nel cash provided by operating activities 34,294 25,859 Cash flows from invgsting activitiès Purchase of intangible fixed assets Purchase of tangible fixed assets Interest received {8,100} 15,4241 503 920 Net cash used in investing activities 17,1801 {4,9211 Change in Cash and ¢a$h eqvivalents in the rfrporting period Cash and ¢ash equivalents at the beginning of the reporting period 27,114 20,938 306,514 285,576 Cash and cash equivalents at the end of the reporting period 333.628 306.514 The notes form part of these financial statements Pa9e 14 TAI PAWB NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCIUATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel income for the reporting period (as per the Ststement of Financial Activities) Adjustmènts for: Depreciation charges Interest received DecreasellinC￿asQ> in debtors Decrease in creditors Difference be￿eeTr pension charge and cash contributions 44.058 70,506 1,615 1920) 5,593 (1,052) {15,000) 2,038 1503) 127,482) 12,7001 116,000} Not eosh provided by operatlons 34,294 25,659 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Nèt Cash Cash at bank and in hand 306,514 27,114 333,628 306.514 27,114 333,628 Totsl 306,514 27,114 333.628 The notes form part of these financial statements Page 15 TAI PAWB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Tai Pawb is a charitable ¢ompany, limited by guarantee, registered in England and Wales. The charity's registered number and regi5ter8d office address can be found on the Reference and Administrative Details page. The presentation tur￿ n¢y of the finan¢ial statements is the Pound Sterling 1£). ACCOUNTING POLICIES Basis of preparing the financial ststements 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 IFRS 1021 'A¢eounting and Reporting by Charities.. Statement of Reeommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191,, Financial Reportin9 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 ¢ost ¢onvention. The trustees consider Ihal there are no material uncertaintiès aboul the charity's abilty to continue as a going concem. Income r¢eognition All income is recognised in the Sl8t8mènt of Financial Activrti&$ once th& charity has entrtlemenl to the funds, any performance conditions attached to the ilemlsl of income have been met. st is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether 'capit81' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds. any performance conditions attached lo the grants have been met, il is probable Ihal 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 8￿811ng membeis 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 perfomied. 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 1$ entitled to the funds, the income is deferred and not re¢ognised until either those ¢ondrtions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Interest on fvnds held on deposit is included when receivable and the amount ¢an be measured reliably by the charity.. this is nom)ally upon notification of the interest paid or payable by the bank. Expenditure Liabilrties are rewgnisgd as exp8ndilure as soon as Ihgre 1$ a legal or con$tru¢live 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 obligalion can be rneasured reliably. Expenditure is accounted for on an accruals basis and has boen classrfied 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 Intsngible assets are initially measured al cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impaimenl losses. Website costs are being amortised evenly over its estimated useful life of 4 years. Compvter sofvare is being amortised eventy over its estimated useful life of 5 years. Tangible flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its ests'mated useful lrfe. Computer equipment 339h on cost Cost comprises the purchase price of the asset and expendrture directly attributable lo the acquisition of the item. Page 16 ¢ontinued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - ¢ontinugd Tangible r￿ed assfrts A fixed asset is derecognised upon disposal or when no future economie benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an assel is determined a$ the difference between the sale proceeds and the carrying value of the asset, and is credited or charged lo the income statement. Impaimi•nt of fixed assets The charity performs impaiment testing where there are any indi¢alor$ of impaimient. Impairment is ¢al¢ulated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is Ihe higher of net realisable value and estimated value in use at the dale the impairment loss is re¢ognised. Value in use represents the present valLte of expected future discounted ca$h flows. If incurred, impairm8nl 1$ recognised immediately in the income statement. Where an impaimient 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 delemiined 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 slatement. Corporatlon taxation The charity is exempl from corporation tax on its charrtable activities. Debto 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. Cagh at bank and in hond Cash al bank and cash in hand includes cash and short term highly liquid investments wilh a short maturity of three months or le$$ from the date of a￿vISItion o¥ 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 lo a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision$ are nomally recognised al their settlement amount after allowing for any trade discounts due. Fund accounting Unrestricted funds ¢an be used in accordance with Ihe charitable objedive$ at the dis¢retion of the Iru$tee$. Designated funds are unrestricted funds eamarked by the trustees.for particular purposes falling in future time periods. Reslri¢ted funds can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of Ihe nature and purpose of ea¢h fund is included in the notes lo the financial statements. Pension costs and other post-retirement benefits The charity has obligations to pay pension benefits to certain employee5. The pension accounting di$clo$ure for this scheme has changed from a Present Value Approach to 8 Defined Benefit Approach in this financial year. This 1$ due to sufficient infomation now available for an employer in SHPS to account for its obligation on a Defined Benefit basis li.e. slating assets and obligations}. For defined b8nefil schemes the amounts charged lo the Statement of Financial Activities are the current service costs and gains and losses on settlements and curtailments. They ar8 included as part of staff costs. Past service cosls are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested irnmedialely, 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 credrts adja¢ent lo interest. Actuarial gains and losses are recognised immediately in the Ststement of Financial Activities. Page 17 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued PensioTr costs and other po8t-retirement benefits Defined benefit schemes are funded, with the assets of the scheme held separately from those of the charity, in separate Ifustee administered funds. Pension scheme assets are measured at fair value and liabilities ale 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 temi to the scheme liabilitie5. 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 olh8r net assets on the face of the balance sheet. Operating leases Rental$ paid under operating leases are Charged to the SOFA on a $lraight line basis over the period of the lease. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial $tatements requires management to mak& judgments, estimates and assumptions that affect the application of policie$ and Teported 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 lo be reasonable under the circumstances, the results of which fomi the basis of making the judgmfjnts about carrying values of assets and liabilities that are not ￿ adily appa￿nt from other sour¢e$. Actual result5 in the future may differ from these estimates. Estimates and underfying assumptions are reviewed on an on90ing basis. Revisions lo accounting estimates a recognised in the period in which the estimate is revised and in any future periods affected. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unil method and discounted at a rale equivalent to the current rate of retuin on a high quality corporate bond of equivalenl currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated al each balance sheet date. The resulting defined benefit asset or liability. net of the related deferred tax, is presented separatety after other net assets on the face of the balance sheel. E$timalion 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 adjuslmenl to the carrying amounts of assets and liabilities within the next financial year. INVESTMENT INCOME 2024 2023 Bank account interest 920 503 Page 18 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Membership fees Membership Fee$ Conference and other events Charitable AGlivities Grants Charttable Activities Consultancy fees Charitable Activities Trainin9 Charitable Activities 83.196 13.110 395.764 72,705 11,225 408,600 14,000 34,705 63,839 555,909 541,235 Grants received, included in the above. are as follow$= 2024 2023 Welsh Government Grant Oak Foundation WCVA Comic Relief The Walli¢h 237,548 48,582 208,075 107,043 9,624 48,495 35,363 38,422 71,212 395,764 408,600 CHARITABLE ACTIVITIES COSTS Support ¢osts {see note 71 Direct Costs Totals Charitable Activities 516.359 13,318 529,677 SUPPORT COSTS Support costs Finance Totals Charitable Activities 534 12,784 13,318 NET INCOMEI(EXPENDITURE) Net in¢omellexpenditure} is stated after chargingllcreditingl". 2024 2023 Auditors, remuneration Auditors, remuneration for non audit work Depreciation - owned assets E-Learning platfom amortisation Computer software amortisalion 6.336 1,H8 471 169 975 5.874 1,429 736 1,301 Page 19 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneralion or other benefrts for the yeai ended 31 March 2024 nor for the year ended 31 March 2023. Trustee¥. gxpenses No trustees were ieimbursed for any expenses during the year12023= £159 ￿1mburSe￿ to one tru$lee}. 10. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 392,185 2,000 333,953 2,000 394,185 335.953 The average monthly number of employees during the year was as follow$'. 2024 2023 Senior management18am Office staff 11 10 No employees received emoluments in ex¢e$$ of £60.000. During the year salaries of £136.70912023.. £135,369) were paid lo key management. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricted funds Total funds INCOME AND ENDOWMENTS FROM Charitable acttvitie8 Membership Fees Charitable Activities 72,705 375,048 72,705 468,530 93,482 Investment income Other income 503 13.471 503 13,471 Total 461,727 93,482 555,209 EXPENDITURE ON Charitable activities Charitable Activitie$ 381,312 103,391 484,703 INCOMEI{EXPENDITURE other rgcogni8ed gainslllo$$•8 A¢luarial gainslllosse$l on defined benefit schemes 80,415 19,9091 70,506 {26,000) {26,0001 Net movement In funds 54,415 19.9091 44,506 RECONCILIATION OF FUNDS Total funds brought forward 249,894 34.059 283,953 Page 20 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES . continued Unresliieted funds Restricted funds Totsl funds TOTAL FUNDS CARRIED FORWARD 304.309 24.150 328,459 12. INTANGIBLE FIXED ASSETS Website development costs E-Learning platform Computer sof￿are Totals COST At 1 April 2023 Additions 9,990 6,504 16,494 8,100 8,100 At 31 March 2024 8,100 9,990 6,504 24,594 AMORTISATION At 1 April 2023 Charge for yeaf 9,990 5,529 975 15,519 1,144 169 At 31 March 2024 169 9.990 6,504 16,663 NET BOOK VALUE Al 31 March 2024 7.931 7.931 Al 31 March 2023 975 975 13. TANGIBLE FIXED ASSETS Computer equipment COST Al 1 April 2023 and 31 March 2024 10,335 DEPRECIATION Al 1 April 2023 Charge for year 5,383 471 At 31 March 2024 5.854 NET BOOK VALUE At 31 March 2024 4,481 At 31 Mafch 2023 4,952 Page21 ¢ontinued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments 26,428 59,510 7,568 20,405 70,512 8,182 93,506 99.099 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade ¢reditors Social security and other taxes Other Creditors Accruals and defeffed income 2,410 7,932 2,377 13.310 3,866 8,440 2.183 12.612 26.029 27,081 16. LEASING AGREEMENTS Minimumlgase payments under non-caneellable operating lease$ fall due as follows.. 2024 2023 Within one year Betsveen one and five years 9,570 11.100 5,130 6,132 20,670 11,262 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestrictod funds General funds Designated Funds Designated Capital As$els 23,393 274,989 5,927 8,262 (8,1001 23,555 274,989 12,412 11.6151 8.100 304,309 6.647 310,956 R•$tri¢ted fund$ Comic Relief - Housing Juslice Wale$ Help End Homelessness 5,422 18,728 13,5761 16,987 1,846 35.715 24,150 13,411 37.561 TOTAL FUNDS 328,459 20,058 348,517 Page 22 ¢ontinued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS . continuod FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS . coTrtinuod Net movement in funds, included in the above are as follows.. Incoming resource$ Resources expended Gains and losses Movement in funds Unrestrieted funds General funds Designated Capital Assets 464,101 {431.8391 11,6151 124,0001 8,262 (1,615) 464,101 {433,4541 124,0001 6,647 Rt$trl¢ted funds Comic Relief- Housing Ju$li¢e Wales Help End Homelessness 38,422 71,212 (41,9981 (54,2251 {3,576) 16,987 109,634 (96,2231 13,411 TOTAL FUNDS 573,735 {529,677} 124,0001 20,058 Comparatives for movement in funds Net movement in funds Transfers be￿een funds At 31.3.23 At 1.4.22 Unre$tri¢tsd funds General funds Designated Funds Designated Capital Assets 6,853 240,500 2,541 54,415 137,8751 34.489 3,386 23,393 274,989 5,927 249,894 54,415 304,309 Restricted funds Comic Relief- Housing Justice Wales Public Health Wales WCVA Third Sector Resilien Help End Homelessness 3,245 1,943 28,871 2,177 11,9431 (28,8711 18,728 5,422 18,728 34,059 19,909} 24,150 TOTAL FUNDS 283,953 44,506 328,459 Page 23 continued... TAI PAWB NOTES TO ThE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued Comparative net movement in fijnds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrleted fund$ General funds 461,727 1381,3121 {26,000} 54,415 Restricted funds Comic Relief - Housing Justice Wales Public Health Wales WCVA Third Sector Resilience Help End Homelessness 48,495 146,3181 11.9431 (38,4951 (16.6351 2,177 {1,9431 128,871) 18,728 9,624 35,363 93.482 {103,391} 19,909) TOTAL FUNDS 555,209 (484,703) {26,0001 44,506 A current year 12 months and prior year 12 months combined position is a$ follows.. Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 Unrestricted funds General funds Designated Funds Designated Capital Assets 6,853 240,500 2,541 62,677 {45,9751 34,489 11,486 23,555 274,989 12,412 {1.615} 249,894 61,062 310.956 Rgstricled funds Comic Relief - Housing Justice Wales Public Health Wales WCVA Third Sector Resilience Help End Homelessness 3,245 1,943 28,871 {1,3991 {1,9431 {28,8711 35,715 1.846 35,715 34.059 3.502 37,561 TOTAL FUNDS 283,953 64.564 348,517 Pa9e 24 Continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS- ¢ontinued A current year 12 months and prior year 12 months ¢ombined net movement in funds, included in the above are as follows.. In¢oming resources Resources expended Gains and losses Movement in funds Unrestricted funds General funds Designated Capital Assets 925,828 {813.151} {1,615) {50,0001 62,677 11,6151 925,828 1814,7661 {50,0001 61,062 Restricted funds Comi¢ Relief- Housing Justice Wales Public Health Wales WCVA Third Sector Resilience Help End Homelessness 86,917 {88.3161 {1,9431 {38,4951 {70,8601 (1,399} 11,943) {28,871) 35,715 9,624 106,575 203.116 1199,6141 3,502 TOTAL FUNDS 1,128.944 11,014.3801 150,000} 64,564 Designated Funds The designated funds are made up as follows= 2024 2023 Nel Runnin9 Costs Closure Costs Strategic Development Costs Pension Scheme Costs 59,080 49,556 20,000 146,354 72,046 37,364 20,000 145,580 274.990 274,990 The net running costs represent over five months of the Charity's expendilure, less membefship fees. Closure costs represent the total expenditure that would be in¢uTred 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. StTategi¢ development costs rep￿sents the funds set aside to help meet the charity's medium tem strategic plan. Pension scheme costs represents funds set aside to help the charity meet the anticipated future losses in the pension scheme. Page 25 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS The Pensions Trust- So¢ial Houslng Pènsion Scheme ISHPSI SHPS 1$ a multi employer pension schemes which provides benefits lo non- associated participating employers. The s¢heme is classed as a defined benefit scheme in the UK. The $oheme is classified as 'lasl man standing. arrangement. Therefore each employer is liable for other participating employers, obligations if those employers are unable lo 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. FRS 102 ￿qUireS that an employer participating in a Defined Benefit scheme should recognise.. a liability for its obligations under the scheme net of seheme assets and the net ehange in that liability during the accounting period as the cost of the Defined Benefit s¢heme during the period The amounts re¢ognised in the Statement of Financial A¢tivilies are as foll¢)WS'. Defined benefit pension plans 2024 2023 Current service cost Nel interest from net defined benefit assetlliability Past service cost Expenses 17.000 2,000 1,000 17,000 3,000 Actual return on plan assets {431,000) Changes in the prosenl value of the defined benefit obligation are as follows.. Defined benefit pension plans 2024 2023 Opening defined benefil obligation Interest cost Expenses A¢luarial Igainslllosses from scheme experience Benefits paid Remeasuremenls.. Actuarial Igains}Ilosses from Changes in demographic assumptions Actuarial {gainslnosses from changes in financial assumptions 346,000 17,000 2,000 558,000 15.000 2.000 1,000 14.000} 8,000 14.000) 13,0001 11,0001 112,0001 1232,0001 347,000 346,000 Page 26 continued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS - continued Changes in the fair value of scheme assets are as follows.. Defined benefit pension plans 2024 2023 Opening fair value of s¢heme assets Contributions by employer Interest income Benefits paid Return on plan assets (excluding interest in¢ome} 290,000 20,000 14,000 {4,0001 512,000 19,000 14,000 {4,000) {38,0001 1251.0001 282,000 290,000 The amounts Tecognised in other recognised gains and losses are as follows.. Defined benefit pension plans 2024 2023 Actuarial Igains}llosses from changes in demographic assumptions Actuarial Igainslllosses from changes in f1nancial assumplions Return on plan assets {excluding interest income) A¢tuarsal gainslllosses) from scheme experience 3.000 1,000 12.000 232,000 138,0001 1251.0001 {8,000) 123.0001 126,0001 The major categories of s¢heme assets as amounts of total scheme assets are as follows: Defined benefrt pension plans 2024 2023 Global Equity Absolute Retum Credit Relative Value Emerging Markets Debt Risk Sharin9 Insuranc&Linked SecuTities Property Infrastructure Secured Income Liability Driven Inveslmenl other 28,000 11,000 9,000 4,000 17,000 1.000 11.000 29.000 8,000 115,000 49,000 5.000 3,000 11,000 2,000 21,000 7,000 12,000 33.000 13,000 134,000 49,000 282,000 290.000 Included in Other are the following types of assets.. Distressed Opportunities, Afternalive Risk Premia, Private Debt, Opportunisli¢ Illiquid credit, High Yield. Opportunistic Cred¢t, Cash, Liquid Credit, Long Lease Property, Currency Hedging and Net Current Assets. None of the fair value of the a$sets shown include any direct investments in the employerfs own financial instruments or any property occupied by, or other assets used by, the employer. Page 27 ¢ontirtrued... TAI PAWB NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS - ¢ontinuod Principal actuarial assltmptions at the Statement of Finan¢ial Position date {expressed as weighted averagesl-. 2024 2023 Discount rate Salary growth RPI Inflation CPI Inflation 3.80/0 3.07ty 2.800/0 3.140/¢ 2.830/ The morality assumptions adopted al 31 March 2024 imply the following lrfe expectancies.. Life expectancy at age 65 (years) 20.5 23.0 21.8 24.4 Male retiring in 2024 Female retiring in 2024 Male retiring in 2044 Female retiring in 2044 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 benefEts over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised lo seek clarification from the Court on these items. This proces$ is ongoing and the mattèr is unlikely to be resotved before the end of 2024 at the earliest. 11 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, particularfy on an individual employer basis, with any accuracy al this lime. No adjustment has been made in these financial statements in respect of this potential issue. RELATED PARfi DISCLOSURES 19. During the year £248,259 was received from 6 organisations where Tai Pawb trustees are either trustees al these other organisations or hold positions of significant influence 12023 £56,932 was received from 9 organisations} These fees We￿ for membership subscriptions, training, consuttancy and fees to attend seminar$. All transactions were conducted al an arms length basis. 20. SHARE CAPITAL The charitable company 1$ limited by guarantee and as such has no share capitsl. In the event of the charitable company being wound up, the liability of each member is limited to £1. Page 28 TAI PAWB DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Inve¥tsngnt in¢ome Bank account interest 920 503 Charitsble activltles Membership fees Conference and other events Grants Consultsncy fees TTaining 83,196 13,110 395,764 72,705 11,225 408,600 14,000 34,705 63.839 555,909 541,235 Other incomg Other income 16,906 13,471 Total incoming resour¢es 573.735 555,209 EXPENDITURE Charitsblg activlties Staff costs Office rent Insurance Telephone Postage and stationery Advertising Staff travel & subsistence Conference staff attendance Publication costs IT & other equipment Legal & professional Training Subscriptions Event expenditure Human resour¢es support Recruitment costs QED costs Patents and licences Computer software Depn of computer equipment 392,185 6,192 1,228 2,802 811 6,313 3,667 1,230 4,600 19,226 19,554 35,540 3,510 12,449 3.900 545 992 169 975 471 333,953 6,192 1,075 2,316 1,920 1,941 4,384 5,359 8,772 19,499 24,108 3,781 3,991 3,182 1,080 323 1,301 737 516,359 424,757 Support costs Finance Bank charges 534 281 Support costs Pension scheme operating cost Carried forward 2,000 2,000 2,000 2,000 This page does not form part of the statutory financial statements Page 29 TAI PAWB DETAILED STATEMENT OF FINANCIAL ACTIVITIE8 FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Support costs Brought forward Auditors, remuneration Auditors. remuneration for non audit work Consultancy fees Interest on pgnsion scheme liabilities 2,000 5.874 1,429 49.362 1,000 6,336 1.448 3,000 12.784 59,665 Total resources expended 529,677 484,703 Net income 44.058 70,506 Thi$ page does not fom part of the statutory financial slalements Page 30 Tai Pawb Accounts Final Audit Report 2024-0741 Created: 2024-07-26 By= Kayleigh Lang (kayleigh.lang@bevanbv¢kland.¢o.uk) Status.. Signed Transaction ID.. CEJCHBCAABAA4rK42TQJ-Zzj3P8-thqbop8xlBN2AMI "Tai Pawb Accounts" History Document ¢reated by Kayleigh Lang (kayleigh.lang@bevanbuckland.co.uk) 2024-07-26- 11.'23.'47 AM GMT * Document emailed to craigbstephenson@gmail.com for signature 20244J7-26- 12.'02..15 PM GMT Email viewed by craigbstephenson@gmail.com 2024-07-26- 4.'08.'24 PM GMT Signer craigbstephenson@gmail.com entered name at signing as CB Stephenson 2024-07-26- 4-11.34 PM GMT Document e-signed by CB Stephenson (craigbstephenson@gmail.com) Signature Date.. 2024-07-26- 4:11..38 PM GMT- Tlme Source.. s•Ner . Document emailed to Sarah Prescott (sprescOt￿ales@gma1l.corn) for signature 202￿7-26-4:1l.'36 PM GMT Email viewed by Sarah Prescott (sprescottwales@gmail.com) 2024-07-31- 2..23.'21 PM GMT Document etrsigned by Sarah Prescott (Sprescot￿aIeS@gM8l1.C0m> Slgnature Date.. 2024-07-31- 2.'24:23 PM GMT- Tim8 Source.. Se￿er Agreement completed. 2024-07-31- 2'.24-.23 PM GMT Q A(k>be Acrobat Sl **Audit Findings Report for the year ended 31[st] March 2024** ## **Table of Contents** Executive Summary ............................................................................................................... 1 Audit approach ..................................................................................................................... 3 Areas of significant risk ......................................................................................................... 4 Additional audit risks ............................................................................................................ 5 Accounting estimates and judgements ................................................................................. 6 Internal Controls ................................................................................................................... 7 Adjustments from the draft trial balance ............................................................................. 8 Unadjusted misstatements ................................................................................................... 8 Other Matters ....................................................................................................................... 9 Appendix 1 – Auditor independence and objectivity.......................................................... 10 Appendix 2 - Strategic, Financial & Governance Health Check ........................................... 11 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 2024. 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. ||| |---|---| |Status of our audit
We have completed the majority of our audit work. The main items outstanding are:
Agreeing designated and restricted fund balances
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 £17,200, 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 £860 has been set as our clearly trivial level.|| |Audit risks & other
areas of focus
We have no significant items to highlight regarding significant audit risks and other areas of audit focus.|| |Accounting estimate
and judgements
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
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.| Executive Summary 1 ||| |---|---| |Adjustments from
draft trial balance
We have made adjustments to the draft trial balance totalling £20,058 subsequently the charity’s surplus was decreased 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 2 ## **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 £15,500. We have considered whether this level remained appropriate during the course of the audit and have increased the overall materiality. |**Area**
**Planning materiality**
**Final materiality**
~~ee~~
~~Ce~~|**Area**
**Planning materiality**
**Final materiality**
~~ee~~
~~Ce~~|**Area**
**Planning materiality**
**Final materiality**
~~ee~~
~~Ce~~| |---|---|---| |Overall|£15,500
~~Ce~~|£17,200| 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 £860. Audit approach 3 ## **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**|**Risk**
**Overall**
**Risk**
**Factor**
**Work completed, issues & assurance gained**|**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; and
Reviewing journal entries and other adjustments made at the end of the accounting period.
There are no issues we wish to bring to your attention arising from the procedures undertaken.||| |**Going Concern – Pension deficit**|Medium|During the course of the audit we have undertaken the following procedures:
Reviewed budgets to ensure pension payments cab be made without a significant impact on reserves;
Reviewed correspondence with SHPS to confirm the liability is not required to be paid in full; and
Compared the assumptions used in calculating the liability with similar pension schemes to confirm it was
calculated correctly.
There are no issues we wish to bring to your attention arising from the procedures undertaken.| 4 ## **Additional audit risks** |**Risk**|**Overall**
**Risk**
**Factor**|**Work completed, issues & assurance gained**| |---|---|---| |**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**|Low|We reviewed invoices, payments and receipts around the year end to ensure they are accounted for in the correct| |**creditors**||period.| |||There are no issues we wish to bring to your attention arising from the procedures undertaken.| 5 ## **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 - We consider the estimate to potentially be materially misstated and disagree with judgements used to derive the estimate or estimation process - We consider it unlikely that the estimate is materially misstated, however we consider assumptions used in the estimation process to be optimistic - We consider it unlikely that the estimate is materially misstated, however we consider assumptions used in the estimation process to be cautious We consider the process of estimation to be appropriate and key assumptions to be well balanced ||**Key Estimate**|**Assessment**|**Summary of policy**| |---|---|---|---| |Economic life of assets (depreciation)
Provision and accruals
~~a~~||@|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.
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 6 ## **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 2024. 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**|**Issue and risk**|**Recommendations**|**Management Response**| |---|---|---|---| |No control weaknesses were|||| |identified during our audit testing|||| |this year|||| ## **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|| 7 ## **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. **----- Start of picture text -----**
Income Statement Balance sheet
Dr £ Cr £ Dr £ Cr £ Description
1 17,559 17,559 Opening balance adjustment
2 8,100 8,100 Capitalisation of e-learning platform
3 1,144 1,144 Amortisation
4 471 471 Depreciation
5 11,002 11,002 Movement on other debtors – Welsh Government Q4
6 614 614 Prepayments movement
7 5,000 5,000 Employment allowance
8 698 698 Accruals movement
9 5,000 5,000 SHPS Operating costs
10 24,000 24,000 SHPS Actual loss
11 20,000 20,000 SHPS Employer contributions
12
13
60,488 33,100 33,100 60,488 Accumulated effect of adjustments
**----- End of picture text -----**
The total aggregate of the above adjustments resulted in increasing the charity’s surplus by £8,672 ## **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**| 8 ## **Other Matters** **Fraud Laws & Regulations Related parties Written representations Disclosures Accounting policies** - We have previously discussed the risk of fraud in our planning report. We have not been made aware of any material incidents in the period and no other issues have been identified during the course of our audit. - You have not made us aware of any significant incidences of non-compliance with relevant laws and regulations and we have not identified any incidences from our audit work. - In forming an opinion on the financial statements, we are required to evaluate whether identified related party relationships and transactions have been appropriately accounted for and disclosed. We have no issues to report in this area. - A letter of representation has been requested from the board, including specific representations. This has been provided externally to this report. - Our review found no material ommissions in the financial statements - The accounting policies used to prepare the financial statements are considered to be appropriate and are in accordance with the relevant accounting standards. 9 ## **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. The following other services are provided by Bevan Buckland LLP and the relevant safeguard applied is: •Any adjustments are approved by management for processing and are included within our audit findings report which is presented to the Board prior to finalisation and approval of the financial statements. **Preparation of the financial statements from the draft trial balance** - •Seperate teams within the firm are used to perform payroll services **Payroll Services** 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 companuy, 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. 10 ## **Appendix 2 - Strategic, Financial & Governance Health Check** |**Strategic**
**Current year**
**Prior year**
Charity has stated strategic objectives in trustees
report
**Risk**
**Current year**
**Prior year**
Risk register in place
~~7 ee~~
~~@~~
~~@~~
~~@~~
~~@~~|**Strategic**
**Current year**
**Prior year**
Charity has stated strategic objectives in trustees
report
**Risk**
**Current year**
**Prior year**
Risk register in place
~~7 ee~~
~~@~~
~~@~~
~~@~~
~~@~~| |---|---| |Charity reports progress against these objectives|Risk Register regularly reviewed
~~@~~
e@
@
@| |Are the activities of the Charity in line with the Charity
objects?|Have all appropriate risks been identified?
~~@~~
~~@~~
~~@~~
~~@~~| |Charity has a long term strategy/plan?|Appropriate actions taken in response to risks
~~@~~
@
@
@| ||identified| |Charity produces an annual budget?|~~@@~~| |Charity reports against budget/strategy?|~~@~~@| |**Financial**
**Current year**
**Prior year**
**Governance**
**Current year**
**Prior year**
~~hh~~|**Financial**
**Current year**
**Prior year**
**Governance**
**Current year**
**Prior year**
~~hh~~| |---|---| |Unrestricted surplus|Have the board held sufficient meetings in the year?
~~@~~
~~@~~
~~@~~
~~@~~| ||| |Net current assets
Positive “free reserves”|Is the financial reporting to the board clear,
transparent, readily understood by all board members
at each meeting?
~~@~~
@
@
@
~~@@~~| |Reserves policy in place|Have the board reviewed their internal controls
recently?
~~e~~e
@
@| |Reserves level in line with policy|Are minutes of all board meetings kept?
~~e~~
~~@~~
~~@~~
~~@~~| ||| |What level of reserves are required?
Charity has budgets in place for at least 12 months|Do you have procedures in place to deal with conflicts
of interest?
~~@~~
@
@
@
~~@@~~| |Over reliance on one large funder for grant income?|~~@~~@| **Governance Current year Prior year** 11 Bevan-:Buckland LLP Chartered accountant5, tax aiid financial planiiers 'Your Local Financial Team Contact us: Fokny uson: g Ground Floor. Cardirdn House. Castlecourt. Swan5ta Enterprise Park. Swansea SA7 9LA J 01792 4101(XI l ebevanbuckland Il Obe¥anbuckland U @beVan1￿CkIand In @bevanbuckland mall@bevanknklarKlxo.uk