REGJSTERED COMPANY NUMBER: 06541083 (England and Wales) REGISTERED CHARITY NUMBER: 1123615 REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OR CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MFRTHYR AND THE VALLEYS MIND Baker Knoyle Audit Limited Chartered Certified Accountants Orbit Business Centre Rhydycar Business Park Merthyr Tydfil CF48 IDL 11111111111 •AD181S23• 1811212024 COMPANIES HOUSE A27
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MER THYR AND THE VALLEYS MIND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 P*ge Report of the Trustees Report of the Independent Audltors 10 to 12 Statement of FlnAnelal Actlvltles 13 BalAnee Sheet 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Flnanclal Statements 17 to 35 Detalled Statement of Financial Actlvltles 36 to 37
CWM TAF MORGANNWG MIND EGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Thc trustees who are also directors of thc charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charilies.. Slalement of Recommended Practice applicable to chariti¢s preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019). The Trustee Report includ¢s the Report of th¢ Directors, as required by company law. Page I
CWM TAF MORGANNWG MIND EGJSTERED NUMBER: 06541083 PREVtOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Objectives and aims Our vlslon We won't give up until everyon¢ experiencing a mental health problem gels both support and respect. Our mission To provide quality services across th¢ Cwm Taf Mor8annw8 region Ihat promot¢ positive mental health and wellbeing. Our valuts: - We provide hope beyond surviving. We have compassion for oursclvcs and others. We are passionate about buildtng r¢silience and wellbeing We are: Open - We reach out to anyone who needs us. Together - We're stronger in partnerships. Responsive- We listen, we aci. Independent- We speak out f¢arlessIy. UnstOPPAble- We never give up. Our goals l. Staylng well.. Support people likely lo develop mental health problems to stay well. 2. Empowerlng choice.. Empower people who experience a m¢ntal health problem to make infonned choices about how they live and recover. 3. Improvlng serviees and support.. Ensure people get the righl services and support at th¢ right lime to help th¢ir recovery and enable them to liv¢ with their mental health problem. 4. Enabllng soelAI partlclpatlon: Open the doors lo people with experience of mental health problems participating fully in society, 5. Removlng Inequallty of opportunlty.. Gain equality of treatment for people who experience boih mental health and other forrns of discrimination. 6. Or%anS$ational excellence: Make the most of our assets by building a culture of excellence. Service User Involvement Cwm Taf Morgannwg Mind seek to involve service users in a number of ways.. - Through Service User Representation at Trustee Board Level - Tlirough employing people with direct liv¢d ¢xp¢ri¢nc¢ Through consistently evaluating peoples experience of using our services - Through info@ctmmind.or8.uk - Through presenting topical issues through social media and communicating openly - TIoUgh - http.'Iwww.clmmind.org.uklgel-involved/ offering wider involvement in Mind We evaluate the views of people using our services throughout the year and analyse this dats to strive for improvement, we know that a range of service user Anvolvem¢nt approaches are required in order to truly engage and empower those using our services. We also remain committed to the work of Mind Cymru and ils Policy and Public Affairs role, getting local peoples, voic¢s into Welsh Government Consultations which is a priority for us and the Mind Network in Wales. Page 2
CWM TAF MORGANNWG MIND EGJSTERED NUMBER: O PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND 41083 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Summary of Actlvltle$: Minds Legal and Mind Info Lines A national offer through Mind, providing peopl¢ with inforniation on their legal rights as well as sign posting p¢ople to Local Mind Services across England and Wales. Mlnds online communlty- Side-by-side Peer Support A place to bc yourself, someone to talk to anytime and a safe and trusted place to be. Share what's on your mind, comrnent, private message, and generally conncct with peers. It's a powerfijl thing to connect with som¢on¢ else over shared experiences. Side by Side is an online community where you can listen, share and be heard. Mentgl Health and Preventlon Servlces: Mind Supported Self Help A Mind National product, a programme of 5clf-direcied support for people experiencing moderate mental health conditions such as anxiety and depression. Co-localed in Primary Care Services, workn'ng alongside GP Practices and Primary Car¢ Cluster Teams by providing patients with mental health inlerventiot15 in the 'watchfiJl waiting, period. This service is provided 10 adults, as well as children and young people who are supported my CAMHS. Talldng Treatments Also known as counselling or psychotherapy, the charity is a registered member of the British Association for Counselllng and Psychotherapy (BACP) and provides counselling service5 in partnership with ihe NHS and Local Primary Care Mental Healih Support S¢rvices. Providing Irauma-informed counselling servi¢¢s to lnerable people al risk of homelessness , as well as veterans. Independent Advocacy Providing independent financial advocacy services to people receiving chre and Irealmenl under the Mental Healih Act within the Cwm Taf Morgannwg University Health Board region, including Royal Glamorgan Hospital and other local health and inpatient services ¢mpowering peopl¢ to use their voice and defend their righ15 and responsibilities. Indep¢nd¢nt community advocacy for people with mental health probl¢nLS Struggling lo have their voice heard by slatulory services, e.g., social services. Supporting veterans and individuals receiving inpatient mental health care with financial difficulties. Carers Servlces Working with carers who are exposed to loneliness and isolation, delivering a range of wellbeing initiatives to create a sense of belonging in communities, mattering as individuals and speaking out on people's behalf when their rights ar¢ nol upheld. Long *rni obj¢¢tives The charity is currently dev¢loping il's next Slrat¢8y, ¢overing a period of 2025-2028. This will be agreed by the Board of Trustees in February 2025. Public beneflt We have complied with the duty in section 17 of the 201 I Charities Act to have due regard lo guidance published by the Commission in respect of our duty to provide public benefit. Volunte¢r$ We have three volunteer roles which include board volunleers {8). professional volunteers (26) and vocational volunteers (4) all of whom contribule lo our success and fultre direction. Long term obj¢ctiv¢s Tbe charity is currently developing it's next strat¢gy, covering a period of 2025-2028. This will be agreed by the Board of Trustees in February 2025. Page 3
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VA LEY MIND REPORT OF THE TRUSTEES FOR THE YIAR ENDED 31 MARCH 2024 STRATEGIC REPORT A¢hievement and performance Charitable %ctivities Summary of Achlevements and Performance ID summary. the chhrity has obsetved a £342,040 drop in income during this financial period. This is due to reductions and ending in services and overall fimding received from slatrjtory funders because of ihe increasingly complex mental health issues that many of our populations are facing in a p05t-COVTD environment. This is particularly evident in the housing and homelessness sector as Local Authorities grapple with implementin8 new 8uidan¢¢ and l¢gislalivc changes alongside the cost-of-living crisis and its impact on th¢ Public Secior. In December 2022, following a review of the increasingly. compl¢x presentations of people using housing support services. Rhondda Cynon Taf County Borough Council (RCTCBC) terminated our housing support service, step by step longsid¢ those of another provider. Furthermore, when Tesilience staff have moved on lo work elsewhere, RCTCBC has advised that we can no long¢r recruit for these roles. merth Tydfil County Borough Council also terminated our residential resilience service. The chariry operalcs in an environment of fixed-iemi contracts and lime-limiled granls, whicb can result in business contraction, alongside the business expansion Ihai Ihe charity has enjoyed in previous years. With thai in mind. we have enhanced our social ¢nt¢rprise capacity with the appointment of a Wellbeing al Work Manager post to lead on the developmenl of our trainin8 and wellbeing social enterprise, The charity has worked extremely hard over the past year to sustain its reach and continue to provide life-changing services 10 the people we serve - this has not yet delivered financial growth How¢ver, given the current financial climat¢ we do not anticipate that flnancial growth will continue from granl funds and commissioned conira¢ts as the finances availabl¢ ar¢ conlracling. It is therefore essential that social enierprise, corporate donors, and cornmunity fundraising are prioritised in line with our strategic objectives, How We Measure Success Cwm Taf Mor8annwg Mind apply a variety of different measures across our range of services to demonstrate successful outcomes deliv¢r¢d by our s¢rvi¢c, we apply the Mind Outcomes Toolkit which allows us lo report on our impact to commissioners and grant fjjnders. We have developed our 'Theory of Change, methodology. enhanced resources, cenifdlised data processes, developed policy and continue to monitor and evaluate our effectiveness. Fundra151ng actlvltles The charity has enhanced its fundraising activities in this period through enhanced resources. profile and planned fundraising actlvity. The Charity has also developed supporter relationships with corporate businesses within our area of operation, thi5 has resulted in improved profile and fundraisin8 income, Fln8ncial review Principal funding sources We would like lo thank Cwm Taf Morgannwg University Health Board, Merthyr Tydfil County Borough Louncil. Rhondda Cynon Taf County Borough Council and Mind National for their continued investment in our services. Reserves policy Our Free Reserves shown in our 2023-2024 accounts are £601.461, which is above the agreed targeted reserves policy of £261,950 but is considered a pNdent level of reserves given th¢ ¢urrenl economic environmenl. The Trustees have identified the charitys needs. key risks and have identified key elements to mitigate andlor manage those risks, as follows: l. Financial Resilience - investing reserves wisely in property and the development of a viable social enterprise 2. Maintaining a skilled workforc¢ - w¢llb¢ing initiatives and job evaluation 3. Reputational risk - people presenting with higher degrees of need 4. Competition from new providers of mental health services Page 4
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 REVIOUSLY KNOWN AS MER THYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES R THE YEAR ENDED 31 MARCH 2024 STIL4TEGIC REPORT Financial revlew Financlal Resilience The charity has recently recwited a Financial Manager who will be integrated in the senior management team and work directly with the CEO on building our financial resilience in the face of multiple risk factors. Future plans We are CUentlY consuliing with our key stakeholders and population to develop a 2025-2028 strategy. This will be agreed by the Board in February 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controll¢d by its governing do¢ument, a deed of trusl and constitutes a limited company. limited by 8uaranl¢e, as defined by the Companies Act 2006. Cwm Taf Morghnnwg Mind's governing documents are its Memorandum and Articles of Association (amended 23rd October 2015). The Organisation has been incorporated since I st July 2008. RecruStment and appointment of new tru$tees All applications have to be returned 10 the Board Secretarial by post and are invited in for fonnal discussions to get to know the Charity and their roles and responsibilities, Ihese discussions are led by the Charity Chairman. Depending on skill, knowledge, experience and suitability. Ihey will be interviewed by the Trustee Board, or its delegal¢d deputies, a5 part of the appoinlmenl process. The Chief Execulive Officer will arrange a meeting with the newly appoinl¢d trustees to arrange an induction and provide insighi. Organ1s2tlon21 structure Cwm Taf Morgannwg Mind have a Truste¢ Board who meet quarterly and are responsible for overall charity governance. At present. the Board has several professional members from a variety of backgrounds relevant to the charity as well as other Trustees with skills that are invaluable to the Organisalion. The Trustee Board may develop sub-committees lo lead specific organisalional developments in line with 115 duties under the Mind Quality Mark, a quality framework endorsed by the Charity Commission in England and Wales. The Board delegate strategic management to the CEO who is accountable for delivering on our vision, mission values and goa15. The CEO maintains slrategic relalionships with our commissioners or 'purchasers of services,. The CEO manages and provides leadership to the Strategic Leadership and Management Group (SLMG). with support and sup¢rvision in line with Mind Quality Management (MQM) and organisational policy. Page 5
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNAIYCE AND MANAGEMENT Induction and tralnlng of new trustees Trnstees are already familiar with the practical work of the charity alld are encouraged lo spend time within the Organisation. Additionally. new trustees are invited and encouraged to attend a series of short informal training sessions lo familiaris¢ themselves with the charity and the contexl within which il operates, these will be carried out within the organisalion.Th¢se ar¢ jointly led by th¢ Chair and CEO of the charity and cover.. The obligations of Trustees The main documents which set out the operational fram¢work for the charity including the memorandum and Articles of Association and th¢ current slrategy. Resourcing and the current financial position as set out in the latest published accounts. Future plans and objectives In addition. the Trustee members are offered trustee Training at Voluntary Action Merthyr Tydfil (VAMT) or RCT InterliJ (RCT). The Charity Commtssion publicklion "The Essential Trustee" is disiribuied lo all Ihe new tNstees along with th¢ lalesl financial slalemenls, and minutes of th¢ thr¢¢ previous Trustee Board meetings. Cwm Taf Morgannwg Mind have produced an induction programme, which is constantly updated and implemented. Organisalional governance processes are followed inline wilh the Charity Commission and Mind Quality Management (MQM) Key m&nAgement remuneratlon The charity sets its own pay Slructures using market intelligence, cost of living rises are delerniined by the Board of Trusiees in line with the charities affordability and scoping of the public and charity s¢¢tors remuneration benchmarks. Wider network Our affiliation to Mind and working in collaboration with the Mind Network means that we are strategically aligned to the national priorities in Mind and therefore work lo achieve a sustainable network, for which we play a key role at national and local level. Pag¢ 6
CWM TAF MORGANNWG MIND EGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES R THE YEAR EIYDED 31 MARCH 2024 STRUCTURE, GOVERNANCE MANAGEMENT Reloled partles Cwm Taf Morgannwg Mind is affiliated to Mind (The National Mental Health Charity) via a federated charity Sttucture. Cwm Taf Morgannwg Mind has fomially contracted with Mind via the National Community Partnership Agreement which specifies its fonnal relationship. The charity has close relationships with the following organisations.. Related partles - Member5hlp. The charity has clos¢ r¢lationships and is a men]bcr of th¢ following organisalions.. l. Wales Council for Voluntary Action (WCVA) 2. BAVO 3. RCT Interlink 4. Voluntsry Action Merthyr Tydfil (VAMT) Public Sector Commissioner - cryn Taf Morgannwg University Healih Board . M¢rthyr Tydfil County Borough Council - Rhondda Cynon Taf County Borough Council Partner Orgvdnisations - Mind Cymru - The Voi¢¢ of Ihe Mind Network in Wales Local Minds across Wales and England Trivallis Housing Association Merthyr Tydfil Housing Association - Merthyr Vall¢ys Homes - Cynon Taf Housin8 Group Ciiizens Advice covering RCT, Merthyr Tyfil and Bridgend counli¢s Funders (Grants) Oak Foundation - Henry Smith - Armed Forces Covenant Fund Individual donors, sponsors and fundraisers, The organisation is a member of the Cwm T2f 3rd Sector Mental Health Forum and ha5 representation on various sub-groups and many cotnmunity group5 including: - One Mind in Wales - Mental Health Partnership Board - Cwm Taf Morgannwg Regional Partnership Board 3rd Sector Mental Health Forum - Mental Health Partnership Board (MHPB) - Cwm Taf - Suicide and self-ham committee (MHPB} - Together foi Menlal Health (T4MH} Adult delivery group Risk management The trust¢¢s apply a risk management frarnework which will comprise an annual review of the risk5 th¢ charity may face, and the establishrnenl of systems and procedures to mitigate risks identified. To implement procedures design¢d to minimise any potential impacl lo the charity should those risks arise, several policies have been introduced and adopted by Ihe board of Inte¢S which are focused on the Organisational Structure and risks associaled therein. Pag¢ 7
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06541083 (England and Wales) Registered Charlty number 1123615 Registered offlce 11 S High Street Merthyr Tydfil CF47 8AP Trustees Councillor Clive T Jones - Chair Mr Gerwyn Buller- Treasurer Ms Lisa M Thomas Ms Joanna Markham Ms Briony Hunt - resigned I Ith June 2023 Mr Benjamin H Tr¢wartha Ms JOa[e Trewartha Mr David Price - appointed 8th July 2024 Ms Lynnetie Thomas - appointed 8ih July 2024 Mr James Allen - appoinred 8th July 2024 Mrs Helen Whitfield-Williams- appointed 8th July 2024 Mr Jan John Diment- appofftnled 8th July 2024 Mrs Helen Anne Smith - appointed 8th July 2024 Con$ultants Jon Matthew$ - Funding Eye Charity CEO Ms Daisy Cole (to 15th December 2023) Ms Lucy Reynolds (Inierim) Mr Kieran Harris (July 2024 - date) Senior Statutory Audltor Richard Pkn'llips FCCA Audltors Baker Knoyle Audit Litnited Chartered Certified Accountants Orbit Business Centre Rhydycar Business Park MerthJT Tydfil CF48 IDL Bankers Barclays Bank PIC 47 High Street Menhyr Tydifl CF47 8DL Page 8
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBtLITIES The trustees (who are also Ihe directors of Cwrn Taf MOrgarWg Mind for the purposes of company law) are responsible for preparing the Report of th¢ Trustees and the financial statements in accordance with applicable law and United 'ngdom Accounting Standards (United Kingdom Generally Actepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of Ihe charitable company and of the incoming resources and applicalion of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to selecl suitable accounting policies and Ihen apply them consisi¢ntly; observe Ihe meihods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting Stsndards have been followed, subject lo any material departures disclosed and explained in the financial stalemenis. prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charitabl¢ company will continue in business. The trustees are responsible for keeping proper a¢¢ounting records which disclose with reasonable accura¢y at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking ieasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomlalion of which the charitable companls auditors are unaware; and the trustees have taken all steps that they oughi to have taken to make themselves aware of any relevant audit infornialion and to establish that the auditors are aware of that information. AUDITORS The auditors, Baker Knoyle Audit Linwted, have expressed their willingness to b¢ r¢appoinled. Report of the trustees, inco directors, on oralin a strategic report, approved by order of the board of trustees, as the company and signed on the board's behalf by.. CTJONES-T Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 Opinion We have audited th¢ financial staiements of Cwm Taf Morgannwg Mind (the 'charitable compan} for the year ended 31 March 2024 which comprise the Statement of Financial Actlvilies, the Balance Sheet. the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statemenls.. give a true and fair view of the state of the charitable compan$ affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expendIre, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Acc¢ptcd Accowiting Practice, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and R¢public of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) and applicable law, Our responsibilities under those standards are further dc5cribed in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitsble company in accordance with thc ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirem¢nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial siatemenls. we have concluded that the trustees, use of the going concern basis of ac¢ounting in the preparation of the financial staiemenls is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions thai, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to 80in8 concern are describ¢d in thc relevant sections of this report. Other Informatlon The trustees are rcsponsibl¢ for th¢ other infomtioTr. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independeni Auditors Ihereon. Our optnion on th¢ financial slalemenls do¢s not cover the other informalion and, except to th¢ extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. In connection with our audit of'the financial siatements, our responsibility is to read the other inforn]ation and. in doing so, cotlsider whether the other inforniation is mat¢rially inconsislenl with the financial stal¢ments or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo detennine whether this gives rise to a material misslal¢ment in the fmancial slalements themselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Comp2nles Act 2006 In our opinion, based on the work undertaken in the course of the audit- the inforniation giv¢n in the Report of the Trust¢es for the fulancial year for which the fanCial statements ar¢ pr¢par¢d is ¢onsislent wilh the financial stalem¢nls; and the Report of th¢ Trnslees has been prepared in accordance with applicable legal requirements. Pa8e 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 Matters on whieh we are required to report by excepiion In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misslalemenls in the Report of th¢ Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting record5 have not been kept or returns adequate for our audii have not been received from branches not visited by us- or the financial slatemenls are not in agreemenl wilh the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforniation and explanations we require for our audit. Responslbililles of trustee$ As explained more fully An the Staiement of Trust¢es' Responsibilities, the trnstees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial ststemenls and for being satisfied that they give a true and fair view, and for such iniernal control as the trusiees determine is necessary to enable the preparaiion of financial statements that are free from material misstatem¢nt, wheiher du¢ to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a goin8 concern. disclosing, as applicable. matters related to going Concern and using the going concern basis of accounting unless the Iruslees either intend to liquidal¢ the chariiabl¢ company or lo cease operations, or have no realistic aliernalive but to do so. Our responsibllities for the audit of the financial statements Our objectives are lo obtsin reasonable assurance about whether the financial statements as a wholc are free from material misstal¢meni. whether due lo fraud or error. and to issue a Report of the Jndependenl Auditors thal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conduct¢d in accordance with ISAS (UK) will always delecl a material misslalemenl when ir exists. Misslalem¢nls can arise from fraud or error and are considered maierial if, individually or in the aggregaie. Ihey could reasonably be expecied to influen¢e the economic decisions of users taken on the basis of these fmancial statements. The extent to which our procedures are capable of detecting irr¢gularities, in¢luding fraud is detailed below.. We identified areas of laws and r¢gulalions that could reasonably be ¢xpected to have a material effect on the financial statements from our sector exp¢ri¢nce through discussion with th¢ Officers and othcr managcment (as required by auditing standards). We had regard to laws and regulations in areas that directly affect the financial statem¢nls including financial reporting (including related trade union legislation) and iaxalion legislation. We considered that ¢xlenl of compliance with those laws and regulations as part of our procedures on the related financial statement items. With the exception of any known or possible non-compliance, and as required by auditing standards, ow work in respect of these was limited ¢0 enquiry of the Officers. We communicated id¢ntified law5 and r¢gulations throughout our team and remained alert to any indicalions of non•complian¢e throughout the audit. We addressed the risk of fraud through management override ot" controls. by testing the dpprupi'iateness of joumAI entries and other adjustments. assessing whether the judgements made in making accounting estimates are indicative of a potential bias. and ¢valuating the business ralionale of any significant transactions that are unusual or outside lh¢ nomal course of business. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecling a material misslalemenl due to fraud is hi8her than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery. misrepresentations or through collusion. There are inherent limitations in the audit procedures perfornied and the further removed non-compliance with laws and regulations is from th¢ events and transactions reflect¢d in the financial statements, the less likely we are to become awar¢ of it. A fijrther deriptiOn of our responsibiliti¢s for the audit of th¢ financial statements is located on the Financial Reporting Council's website at www.frc.org.uklaudilorsresponsibililies. This description forn)s part of our Report of the Independent Auditors. Pa8ell
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 U$¢ of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To th¢ lIest extent perniitted by law. w¢ do not accept or assume responsibility lo anyone other than the charitable company and th¢ chariiable company's members as a body, for our audit work, for this report, or for the opinions w¢ have forn]ed. Richard Phillips FCCA (Senior Statutory Auditor) for and on behalf of Baker Knoyl¢ Audit Liii]ited Chartered Cenified Accountants Orbit Business Cenire Rhydycar Business Park Merthyr Tydfil CF48 IDL Date-. Page 12
CWM TAF MORGANNWG MIND PREVTOUSLY KNOWN AS MERTHYR AND THE VALLEY IND STATEMENT OF FINANCIAL ACTtvrrIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 MARCH 20 2024 Total funds 2023 Total funds Unreslricled funds Restricted nds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 7.444 137.112 144,556 84,378 Charltable aetivltie8 Recovery Services Housing Support Services Primary Care Prevention Enterprise 161,101 316,302 141,488 477.403 141,488 489,623 392,026 50,876 451,869 357,844 357,844 Other trading activities Investment income Other income 9,522 12,189 9,522 12,189 12.086 3.254 930 Total 548,100 594,902 1,143,002 1,485,042 EXPENDITURE ON Charitable activitles Core Administration Recovery Services Housing Support Services Primary Care Prevention EnteriSe 272,722 130,353 896 2,167 302,476 272,722 544,994 126,557 48,156 364,594 105.937 487,990 349,217 40,956 390,245 414.641 125.661 45,989 62,118 Total 708.614 648.409 1,357,023 1,374,345 NET tNCOMEI(EXPENDITURE) Transfers between funds (160,514) 100.432 (53.507) (100,432) (214,021) 110,697 18 Net movement In funds (60,082) (153.939) (214,021) 110,697 RECONCILIATION OF FUNDS Total fund5 brought forward 899,493 424,382 1,323.875 1.213.178 TOTAL FUNDS CARRIED FORWARD 839,411 270,443 1,109,854 1,323,875 The notes forni part of thes¢ fJDanciAI statements
CWM TAF MORGANNWG MIND REGISTERED NUMBER: 06541083 PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 13 1,474 4,918 CURRENT ASSETS Debiors Casb at bank and in hand 14 167,562 998,795 240,273 1,188,432 1,166,357 1,428.705 CREDITORS Amounts falling due within one year 15 (57,977) (109.748) NET CURRENT ASSETS 1.108,380 1,318,957 TOTAL ASSETS LESS CURRENT LIABILITIES 1,109,854 1,323.875 NET ASSETS 1,109,854 1,323,875 FUNDS Unreslricled funds Re5tricled funds 839,410 270,444 899,493 424,382 TOTAL FUNDS 1,109,854 1.323,875 The financia statements were approved by the Board of Trnstees and authorised for issue and were signed on ils behalf by.. on CTJONES-T Th¢ notes fonn part of these fllwicial statements Page 14
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from optrgtlng actlvltles Cash generated from operations (201,826) (77,232) Net cash used in operatin8 activities (201.826) (77,232) Cash flows from Investlng aetlvltles Interest received 12.189 3,254 Nel cash provided by investing activities 12.189 3,254 Change in cash and cash equlvalents In the reporting perlod Cash And cash equlvalents At the beglnnlng of the reportlng perlod (189,637) (73,978) 1,188,432 1,262,410 Cash and eash equlvalent5 at the end of the reporting perlod 998,795 1,188,432 The notes form part of these financial statements Page15
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITURE)/INCOME TO'NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net {expenditure)lincome for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Decreasel{increase) in debtors Decrease in creditors (214,021) 110,697 3,444 (12,189) 72,711 (51,771) 1.203 (3,254) (16,582) (169.296) Net cash used In operatlons (201.826) {77,232) ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 1,188.432 (189,637) 998,795 1,188,432 (189,637) 998,795 Total 1,188,432 (189,637) 998,795 Th¢ not¢5 form part of these financial statements Page 16
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Organlzatlonal Status The financial statements of the charitable company. wllich is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SOR (FRS 102) 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclivc l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. Th¢ financial statements have been prepared under the historical cost convention. The organisation is a company limited by guarantee and a registered charity, both registered in England & Wales.Th¢ directors are the trustee5 and are set out on page 9. they form a board of trustees which sets the Strategic direrlion of the charity and monitors the perfonnance of th¢ organisation against ils goals. The aims and objectives and rules for governance are set out in the charitable company's Memorandum and Articles of Association. Income All income is r¢cogThised in the Statement of Financial Activities on¢e the charity has cntitlement to the funds, it is probable that the income will be received and the amount Can be measured reliably. The following specific policies are applied.. Voluntary income received by way of grant5, gifts or donation is included in full on receipt unless it is subject to a condition when it js Ireaied as deferred income. Deferred Income. Income or grants received in advance are held as deferr¢d income and caled forward to future accounting periods to be released when the defined purposes of the work or project have been completed, approved or certified. Glfts In klnd are in¢luded in the income and expenditure account where they are applied in carryin8 Qut charitable aclivilies, where Ibe company would otherwise have to purchase thc donated facility and the benefit is both quantifiable and material. The quanlifiable benefLt is shown as both incorning and expended resources within the appropriate fijnds. Wh¢re Ihe gift is an asset it is treated as income and taken to stock or fixed assets as appropriate. The value of services provided by volunlecrs is not quantified. Investment Income is included when receivable. Trading Income is recognis¢d when earned. Government Grant Income comprises specific project related direct support. See not¢ 2, Incomin8 Resources, for amounts. Expenditure Liabilities are r¢cognised as expenditure as soon as there is a legal or ¢onstructiv¢ obligation committing the charity to that expenditure, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrnals basis and has been classified under headings that aggregate all cost related io the category. Where costs cannot be directly attributed lo particular headings tbey have been allocaled to aclivities on a basis consistent with th¢ use of resources. Charilable expenditure comprises those costs incurred by the charity in th¢ delivery of its activiti¢s and services for its beneficiaries. It includes the costs thai can be attributed directly to those activities and those costs of an indirect nature necessary to support them. Page 17 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOIVN AS MER THYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Expendlture All expenditure is allocated between the categories of the SOFA on a basis designed lo reflect the use of the resource. Costs relating to a particular activity are allocated directly. others are apportioned between categories on a basis that fairly reflects their usage. Charltabl¢ actlvltle$ During the year the charity revised its charitable activities lo include the four main service functions together wilh Core Administration. The four main service functions being Recovery Service, Housing Support Services, Primary Care Prevention and Enterprise. Prior year SOFA activities have also been revised to reflect the change. Tangible fixed assets Depreciation is provided at the following annual rates in order to lIe off each assel over its estimatcd useful lif¢. Plant and machinery Motor vehicles 20Q/o on r¢duoing balance and 15 % on reducing balancc 25Q/o on cost Tangible Fixed Assets are included in the balance sheet al historic cost less accumulated depreciation. Grant receipis which fvnd fixed asset acquisitions ar¢ taken to restricled funds and the appropriat¢ d¢pr¢ciation charge is made against those funds over the expected useful life of Ihe asset. Taxation The charity is exempt from corporation lax on its charitable activities. Fund aeeountlng Unreslricted funds can bc used in accordance with the charitable objectives al th¢ discretion of Ihe trustees. Restricted ndS can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when ndS are raised for particular restricted purposes. Designated funds are those unrestricted funds set aside by the Board for a specific purpose. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon cosls Pension costs are contributions made by the charitable company lo both employees own personal pension schemes together with contributions made lo the employees gov¢mm¢nt work place peThsion scheme. LeAsed assets Fixed assets acquired under finance leases are included in the balance sheet al historic cost less accumulated depreciation. The present value of fubjre r¢ntals 15 shown as a liability. Interest payable in each period is charged as an expended resource in proportion to the amounl outstanding under the lease. operating lease rentals ar¢ charged as expended r¢sour¢¢s a5 incurred. Ex-Gratli Termlnation Paymenl Tern)ination benefits ar¢ payable when emplODent is temiinated by the Charity before the normal retirement date, or whenever an employee accepts voluntary redundancy in ¢xchange for these benefits. Th¢ Charity recogn15¢S tern]ination b¢n¢fits when it is d¢monstrably committed to either (i) terminating the employment of Cuent employees according to a detailed forntsl plan without possibility of withdrawal or (li) providing termination benefits as a resuli of all offer mad¢ to ¢ncourage voluntary redundancy. Debtor5 and creditors reeeivablelpayable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one y¢ar are recorded at transaction price. Page 18 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - eontlnued Going ¢oThcern In common with many other similar organisations, we find ourselves in the situation where some grant nded projects are ending. while others are just commencing. We are also waiting on the outcome of a number of rth¢r grant applications, and therefore, currently. have no guarantees to what our 24125 fijnding streams may look lik¢. The Irustees arc confident that sufficient ndIng sources will be agreed lo allow the organisation 10 move forward in a similar manner to retent years, bul have planned alternative operating models, should- income streams be lower than envisaged. Th¢ trustees therefore f¢¢1 it appropriate to.pr¢parc the accounts on a 80ing concern basis. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Grants 7.426 18 137,112 6,113 83 78.182 144,556 84,378 Grants received, included in the above, are as follows.. 2024 2023 Cwm Taf Morgannwg University Health Board MfND (NAMH) VAMT Henry Smith 64.754 47,158 64,332 1,350 12,500 25,200 137.112 78,182 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events Training 7,252 2,270 8,886 3,200 9,522 12,086 Page 19 tontinued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- Contlnued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 12.189 3,254 INCOME FROM CHARITABLE ACTIVITtES 2024 2023 Activity Recovery Services Housing Support Services Primary Care Prevention Enterprise Charitable activity income Charitable activity income Chariiable activity income Charitable activity income 477,403 141,488 489,623 392,026 50,876 451.869 357,844 976.735 1,384,394 CHARITABLE ACTIVITIES COSTS Support costs (s¢e note 7) Direct Costs Totsls Core Administration Recovery Services Housing Support Services Primary Care Prevention Enterprise 260,829 514,538 120,310 45,974 346,545 11.893 30,456 6,247 2,182 18,049 272,722 544,994 126,557 48,156 364,594 1,288,196 68,827 ,357,023 SUPPORT COSTS Human resources Governance costs Management Finance Totals Core Administration Recovery Services Housing Support Services Primary Care Prevention Enterprise 7,135 14.628 3.211 .070 9.276 2,379 4,876 1,070 357 3,092 2,379 4,876 1,070 357 3,092 11,893 30,456 6,247 2,182 18,049 6,076 896 398 2,589 35,320 11,774 11,774 9,959 68.827 Page 20 ontinued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI(EXPENDITURE> Net incom¢/(expenditure) is stat¢d after charginW(cr¢diting): 2024 2023 Dcprecialion- owned assets Pension conlributions Accountancy Fees Other Payroll & Accouniancy Services Redundancy PayTnent Audil Fees 3.444 49.443 3,564 2,795 17,091 3,600 1,203 50,547 3.600 2.451 14.215 4,020 TRUSTEES, REMUNERATION AND BENEFITS There were no tNstees' remuneration or other benefits for ihe year ended 31 March 2024 nor for the y¢ar ended 31 March 2023. Trustees, expenses There were no tnjslees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. One trustee received expens¢ payments totalling £79 {2023.. £485) for the year. These payments were reimbursement of travelling expenses. io. STAFF COSTS 2024 2023 Wages and salaries Oiher pension costs 935,121 49,443 971.065 50.547 984.564 1,021,612 The average monthly number of employees during the year was as follows.. 2024 39 2023 33 Full time equivalent The number of employec$ whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 2023 £60.001- £70.000 Average employee head count for the year was 39. Includ¢d within wages and salaries is Employers, Nt contributions of £68,985 {2023=£73,470). Includ¢d within other costs is £17.091 (2023..£14,215} for redundancy and other costs paid during the year. The key management of the charity comprises the Chief Executive OtTicer. including the Interim Executive Officer,. The total benefits of the the key management personnel of the charity was £89.920 (2023.. £67,240). Page21 continued.
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND TES TO THE FINANCIAL ST ATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted nds Total nds INCOME AND ENDOWMENTS FROM Donations and legacies 7,542 76,836 84,378 Charitable activities Recovery Services Housing Support Services Primary Care Prevention Enterprise 145,470 71,927 344,153 320,099 50,876 50.655 489.623 392,026 50.876 451.869 401.214 Other trading aclivilies Investment Income Other income 12.086 3,254 930 12.086 3,254 930 Tot41 642,423 842,619 1,485.042 EXPENDITURE ON Charitable activStle$ Core Administration Recov¢ry Services Housing Support Services Primary Care Preveniion Enterprise 105,937 145,978 39,268 2,135 315,307 105,937 487.990 349,217 40,956 390,245 342,012 309,949 38,821 74,938 Total 608.625 765,720 1,374.345 NET INCOME Trans(er$ bttween funds 33,798 55,671 76,899 (55,671) 110,697 Net movement ID funds 89,469 21,228 110,697 RECONCILIATION OF FUNDS Total funds brought forward 810,020 403,158 1.213,178 TOTAL FUNDS CARRIED FORWARD 899.489 424.386 1,323,875 Page 22 continued.,.
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. AUDrroR & INDEPENDENT EXAMINERS, REMUNERATION 2024 2023 Fees payable to the charity's Auditors for the audit of the charity's financial statements 3,600 4.020 Amounts payable to Auditor in relation lo accounts preparation, payroll. pension adminislralion and olh¢r services provided to the charity were £6.359 (2023: £6,051). 13. TANGIBLE FIXED ASSETS Plant and machinery Motor vehicles Tolals COST Al l April 2023 and 31 March 2024 24,139 5,119 29,258 DEPRECIATION Ai l April 2023 Charg¢ for year 19,221 3,444 5,119 24.340 3,444 Al 31 March 2024 22.665 5,119 27,784 NET BOOK VALUE At 31 March 2024 1,474 1,474 Al 31 March 2023 4.918 4,918 14. DEBTORS: AMOUNTS FALLINC DUE THIN ONE YEAR 2024 2023 Other deblors Prepayments 167,562 239,473 800 167,562 240.273 Page 23 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STA TEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS: AMouNfs FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and oth¢r taxes Pension Fund Other Creditors Defeed income Aecrned expenses 12,905 23,427 17,520 4,419 27,339 8,968 28,075 7,399 7.860 5.415 24.398 57,977 109,748 Deferred Income 2024 2023 Opening balance Movement in the period 8,968 (3,553) 159,994 (151,026) D¢f¢rr¢d income carried forward 5,415 8,968 Deferred income represents income received from contributing agencies where the contribution was restricted to a fixed time period project which extends beyond the current financial year. Income is deferred on the basis that the conlribulion was lo the project as a whole. th¢ lime period of th¢ project was fully disclosed ¢0 the contributing agencies and that time period is Certain. The deferred income carried forward is analysed as follows.. 2024 2023 Project 34 - The Big Lottery Missing Middle Wales {Mind NAMH) 8,968 5.415 5,415 8,968 16, LEASING AGREEMENTS Minimum lease paym¢nls under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year B¢twe¢n one and five years 14.967 26,624 7,868 9,706 41.591 17.574 Pag¢ 24 eonlinu¢d..
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Fund5 Restricted Funds 2024 Total Funds 2023 Total Funds Fixed Assets Nel Current Assetsl(liabililies) 1,474 837.936 1,474 1,108,380 4.918 1,318,957 270.444 839.410 270,444 1,109,854 ,323,875 Page 25 continu¢d..
CWM TAF MORGANNWG MIND PREVIOUSLY KNONVN AS MERTHYR AND THE VALLEYS MIND TES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS Net movement in funds Transfers between nds At 3113124 At 114123 Unrestricted funds General fund Designal¢d Fund Private Counselling Evaluation Mind (NAMH) Community and Corporate Fundraising Fund (WCVA match) Social Enterprise Development Fund Core Management Team Capacity Fund Absence Capacity Fund It Takes Balls To Talk (Private Counselling) 566,207 3,243 12,840 4,587 (158.516) (1.769) (230) 193,770 601,461 1,474 (12,610) (4,587) 24,400 195,998 60,000 20,000 (24.400) (39.523) 156,475 60,000 20.000 12.218 (12,218) 899,493 (160,515) 100,432 839,410 Re$trie¢ed funds Cwm Taf Morgannwg University Health Board Prepare to Care RCT/RTF Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Asseis Residential Resilience RCTCBC Crisi5 Fund Oak Foundation (N¢w Fund) Connector Fund MTCBC Residential Resilience Projecl Whole School Approach Project SPEAK CF in Wales (Money Matters) MH Covid Response Enhanced R¢sid¢ntial Resilience Mum5 Matter (RCTCBC) WCVA TRSF 2 Grant MTCBC Wellbeing Grant Moondance Foundation Henry Smith (Advocacy Project) National Lottery Community Fund (SafeguardAn8 Support) Missing Middle Wales 208.156 16,016 (4.000) (732) 2,843 {1,675) 16,312 (86,284) 4,000 732 (2S,262) 137,888 22,419 1,675 (16,312) 4,100 43,961 3.140 4,100 45.910 3,140 1,949 (485) 485 5,932 54.018 5,932 (44.104) (30,539) (9,914) 30,539 25,172 2,000 6,613 10.772 17,359 12,649 4,666 25,172 2.000 4,061 (11,950) (10,674) 11,950 10,772 17,359 (12,649) 4.910 9,576 1,750 1,750 6,845 8,486 (1,641) 424,382 (53,506) {100,432) 270.444 TOTAL FUNDS 1,323,875 {214,021) 1.109,854 Page 26 continued...
CWM TAF MORGANNWG MIND REVJOUSLY KNONVN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCtAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Nel movement in nds. includ¢d in the above are as follows.. Incoming resources Resources expended Movement in fund5 Unrestrlcted funds General fund D¢signated Fund Private Couns¢lling 548,099 (706,615) (1.769) (230) (158,516) (1,769) (230) 548.099 (708,614) (160,515) Restrlcted funds Cwm Taf Morgannw8 University H¢alth Board Prepare to Care RCTIRTF Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Assels Residential Resilience RCTCBC MTCBC Residential Resili¢n¢¢ Project Project SPEAK CF in Wales (Money Mart¢rs) Mums Matier (RCTCBC) WCVA TRSF 2 Grant Moondance Foundation Henry Smith (Advocacy Project) Missing Middle Wales Carers Short Breaks Project (RJF) 259,228 (243.212) (4,000) (21,230) (44,314) (1,675) (125.177) (485) (58,214) (30,538) (21,088) (11,950) (12.649) (20,291) '(18,586) (35,000) 16.016 (4,000) (732) 2,843 (1,675) 16,312 (485) (44,104) (30.539) 4,061 (11,950) (12,649) 4,910 8.486 20.498 47,157 141,489 14,110 (i) 25.149 25.201 27,072 35.000 594,903 (648,409) (53,506) TOTAL FUNDS 1,143,002 (1,357,023) (214,021) Page 27 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Comparatives for movement In funds Net movement in funds Transfers b¢tween funds Al 114122 3113123 Unrestricted funds General fund Designated Fund Privaie Counselling Enlerpriserrraining Fund Evaluatioii Mind (NAMH) Community and Corporate Fundraisin8 Fund (WCVA match) Social Enterprise Development Fund Core Management Team Capacity Fund Abs¢n¢e Capacity Fund It Takes Balls To Talk (Private Counselling) 474,179 (7.739) (786) (660) 43,887 99,767 2,878 566.207 3.243 12.840 13,500 (43,887) 4.587 4,587 24.400 200,000 60,000 20,000 24.400 195,998 60,000 20,000 (900) (3,102) 12,203 15 12.218 810,020 33,802 55,671 899,493 Restrlcted funds Cwm Taf Morgannwg University Health Board ICF Project 5 Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Assels Residential Resilience RCTCBC Crisis Fund Awards For All (It Takes Balls to Talk) Step by Step (RCTCBC) Social Prescribing Fund P¢er Support Oak Foundation (New Fund) Connector Fund MTCBC Residential Resilience Project Whole School Approach Project SPEAK CF in Wales (Money Matters), MH Covid Response Enhanced Residential Resilience Enbanced Step by Slep (RCTCBC) Mums Matter (RCTCBC) WCVA TRSF 2 Grant Digital Transf0Mtion (Mind National) MTCBC Wellbeing Granl Moondance Foundation Henry Smith (Advocacy Project) National Lottery Community Fund (Safeguarding Support) 168,286 61,520 (3,324) 1,775 12.477 (417) 12,842 (21,650) 3,3.24 (1,775) (3.412) 208,156 13,354 2,092 22,419 1,675 (12,842) 4,100 4.100 (1,519) (4,708) (5) 1.048 1,519 3,929 (514) (1,048) 779 519 43.961 3,140 7,024 5,932 36,343 16,850 25.189 2,022 8,484 10,545 19,532 2,256 19,500 13,250 43.961 3,140 2,070 (9,094) 5,932 54.018 26,675 (15,032) (17) (22) (31) (1.901) (16.700) (2.256) (2,141) (601) 5,412 (9,000) (1,818) 25,172 2,000 (8,453) (2,031) 7,940 6,613 10,772 17.359 12,649. 4,666 (746) 1,750 1,750 403,158 76,895 (55,671) 424.382 TOTAL FUNDS 1,213,178 110.697 1,323,875 Page 28 onlinued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENI DED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continutd Comparative nel movement in funds, included An the above are as follows.. Incoming resources Resources expended Movem¢nt in funds Unrestrlcted funds General fund Designated Fund Private Counselling EnlerpriselTraining Fund Social Enterprise Development Fund 570,376 (578,115) (786) (780) (28.040) (900) {7.739) (786) (660) 43.887 (900) 120 71,927 642,423 (608,621) 33,802 Restrlcted funds Cwryn Taf Morgannwg University Health Board ICF Proj¢cl 5 Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Assets Residential R¢silienc¢ RCTCBC Awards For All (It Tak¢s Balls to Talk) Slep by Step (RCTCBC) Social Prescribing Fund Peer Support MTCBC Residential Re$ilience Project Project SPEAK CF in Wales (Money Matters) MH Covid Response Enhanced Residential Resilieftce Enhanced Step by Step (RCTCBC) Mums Matter (RCTCBC) WCVA TRSF 2 Grant Digital Transfomtion (Mind National) MTCBC Wellbeing Grant Moondance Foundation Henry Smith (Advocacy Project) National Lottery Community Fund (Safeguarding Support) 255,397 (193,877) (3,324) (18,724) (38,399) (417) (137,249) (1,519) (136,710) (5} (962) (35,938) (92.719) (31.386) (17) (22) (31) (37,962) {16.699) (2,256) (2,141) (601) (7.088) 61,520 (3,324) 1,775 12,477 (417) 12,842 (1,519) (4,708) (5) 1,048 2.070 26,675 (15,032) (17) (22) (31) (1.901) (16,700) (2.256) (2,141) (601) 5,412 20,499 50.876 150,091 132,002 2,010 38,008 19,394 16,354 36,061 (i) 12,500 9,428 (7,678) 1,750 842,619 {765,724) 76.895 TOTAL FUNDS 1.485,042 (1,374,345) 110,697 Page 29 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND TES TO THE FINANCIAL ST ATEMENTS - eontinued FOR THE YEAR EYI DED 31 MARCH 2024 18. MOVEMENT IN FUNDS - ¢ontlnued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers between nds At 114122 3113124 Unrestricted funds General fund Designated Fund Private Counsellin8 Enlerpriserrraining Fund Evaluation Mind (NAMH) Community and Corporate Fundraisin8 Fund (WCVA match) Social Enterprise Development Fund Core Management Team Capacity Fund Absence Capacity Fund It Takes Balls To Talk (Private Couns¢lling) 474,179 (166,255) (2,555) (890) 43,887 293.537 2.878 {12,610) (43.887) (4.587) 601,461 1,474 13.500 4,587 24,400 200.000 60.000 20,000 (24.400) (42,625) (900) 156.475 60,000 20,000 12,203 {12.203) 810,020 (126,713) 156,103 839,410 Restrlcled funds Cwm Taf Morgannwg University Health Board ICF Project.5 Prepare to Care RCTIRTF Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Assets Residential Resilience RCTCBC Crisis Fund Awards For All (It Takes Balls to Talk) Step by Step (RCTCBC) Social Prescribing Fund Peer Support Oak Foundation {New Fund) Connector Fund MTCBC Residential R¢silience Project Whole School Approach Proj¢ct SPEAK CF in Wales (Money Mallers) MH Covid Response Enhanced Residential Resilience Enhanced Step by Step (RCTCBC) Mums Matter (RCTCBC) WCVA TRSF 2 Grant Digital Transfomiation {Mind National) MTCBC Wellbeing Grant Moondance Foundation Henry Smith (Advocacy Project) National Lottery Community Fund (Safeguarding Support) Missing Middle Wales 168,286 77,536 (3,324) (4.000) 1,043 15,320 (2,092) 29,154 (107,934) 3,324 4.000 (1.043) (28,674) 137,888 13,354 2,092 (29,154) 4.100 4,100 (1,519) (4,708) (5) 1,048 1,519 3.929 (514) (1,048) 1,949 779 519 43,961 3,140 7,024 5.932 36,343 16.850 25,189 2,022 8,484 10.545 19,532 2.256 19,500 13.250 45,910 3,140 1,585 (R.609) 5,932 (17,429) (45,571) (17) (22) (31) 2,160 (28,650) {2,256) (2,141) (13,250) 10,322 {18,914) 28,721 25,172 2,000 (8.453) (12,705) 19.890 10,772 17,359 (746) 9,576 1,750 8.486 1,750 6,845 (1,641) 403.158 23,389 (156,103) 270.444 Page 30 continued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL ST ATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued TOTAL FUNDS 1,213,178 (103.324) 1,109,854 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fimd Designated Fund Private Counselling EnlerpriselTraining Fund Social Enterprise Development Fund 1,118.475 (1,284,730) (2,555) (i.oio) (28,040) (900) {166,255) (2,555) (890) 43.887 (900) 120 71.927 1,190,522 {I,317,235) (126,713) Restrlcted funds Cwm Taf Morgannwg University Health Board ICF Project 5 Preparc to Care RCTlliTF Merthyr Tydfil Carers (MTCBC) Active Monitoring LMA Fund Restricted Fixed Assets Residential Resilience RCTCBC Awards For All (It Takes Balls to Talk) Step by Slep (RCTCBC) Social Prescribing Fund Peer Support MTCBC Residential Resilience Project Project SPEAK CF in Wales (Money Matters) MH Covid Response Enhanced Residential Resilience Enhanced Step by Step (RCTCBC) Mums Matter (RCTCBC) WCVA TRSF 2 Grant Digitsl TransfornMtion (Mind National) MTCBC Wellbeing Grant Moondance Foundation Henry Smith (Advocacy Project) National Lottery Community Fund (Safeguarding Support) Missing Middle Wales Carer5 Short Breaks Project (IUF) 514,625 (437.089) (3,324) (4,000) (39,954) (82,713) (2,092) (262,426) {1.519} (136,710) (5). (962) (36,423) (150.933) (61,924) {17) (22) (31) (59.050) (28.649) {2,256) {2,141) (13,250) (27.3 79) 77,536 (3,324) {4.000) 1,043 15.320 (2,092) 29,154 (1,519) (4,708) (5) 1.048 1.585 (17,429) (45,571) (17) (22) (31) 2,160 (28.650) (2,256) (2,141) (13,250) 10,322 40,997 98.033 291,580 132,002 2,010 38,008 133,504 16,353 61,210 (i) 37,701 9,428 27.072 35,000 (7,678) (18,586) {35.000) 1,750 8,486 1,437.522 (1,414,133) 23,389 TOTAL FUNDS 2.628.044 (2,731,368) (103,324) Page 31 eontinued...
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMEIYT IN FUNDS - continued Transfers between funds Transfers between funds mainly arise where unrestricted fijnds have been used to fvnd shortfalls in restricted proj:cts. However. during tIM's financial year. the Trustees agreed to combine (he restricted hospital advocacy nd wilh the Cwm Taff Morgannwg University Health Board fvnd. via a transfer of fiinds, as ihey are one and the same. Transfers were also made in the year to strip capital expenditure oul of the restricted revenue ndS and, allocate lo an individual restricied fixed ass¢1 fund. The free reserves are available to provide funds to cashflow projects funded on a retrospective basis and are available with the approval of the lrnstees to nd any expenditure on projects or expenses which fall within the organisalions general aims and objectives. they are accumulated in accordance with the reserve policy hs Staled in the INstee report. Analysls of Unrestrlcted Deslgnated funds 2024 2023 Unamortised fixed assets Community and Corporate Fundraising Fund (WCVA match) Social Enterprise Development Fund Core Management Team Capacity Fund It Takes Balls To Talk Absence Capacity Fund 1,474 3,243 24.400 195,998 60,000 12,218 20,000 156.475 60.000 20,000 Designated funds 237,949 315,859 The Trustees consider that funds held and generated within the Private Counsclling and Evaluation Mind Funds are to be included as free reserves. UnAmorllsed Flxed Assets Fixed Assets Designated funds r¢presenl Ihe amounts sel aside lo write down Ihe remaining net book value of rixed assets held against unrestricted nds. Communlty and Corporate Fundralslng Fund (WCVA malch) To co-invest in the charities fundraising capacity and capability. Th¢ WCVA Charity Recovery Fund has been secured £48.8k. The Board is asked to co-invest £24.4k. (a 500/rt match), tn s$taIn Dur fundraising capahility for the period 2021-2023. Social Enterprise Development FuDd To co-invest in the Charity's social enterprise ambition. To designate a £200k fund. Robust business proposals will be developed in the strategic period 2021-2024 to support the Board decisions on social enterprise developments. For example, these could include capitsl developments such as a w¢llbeing coffee shop (Mocha Mind) or invesknent in prop¢rty/social housing. Core Management Team Capaclty Fund To desIate fijnds to build caparity within the Cor¢ Management Team should the Charity continue to grow towards £2m income. Specifically managing public sector contracts, finance and adminislraliv¢ needs. We would recommend a designated fund of (0.5 PTE Service Man&ger, Finance Officer and Adminislralor) - approx. £50-£60k. It Takes Balls To Talk This is a designaied fund, as money was raised specifically for a campaign to provide private couThselling. Page 32 continued.
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued Absence Capaclty Fund To designate £20k per annum to be used as backfill absence through using casual / bank workforce to sustain servic¢s during periods of unplanned absence. (As ther¢ is a high probability that this reserve would be utilised this could be considered to be built into fiiture budgets and reforecasts). Activlt5es undertaken with ea¢h major restrlcted fund The restricted funds of the charity have been applied durin8 the y¢ar or are held for future expenditure in the following areas.. HospitAVCommunity Advocacy (Cwm T&f Morgannwg Unlverslty Health Board) Hospital and Community Advocacy services are provided throughout Cwm Taf Morgannwg. and include the Royal Glamorgan Hospital, Ysbyty George Thomas and Pinewood House. The advocacy is fijnded via a service level agreement, and provides an advocacy service lo palients,which aim5 to be the voic¢ of palients. A¢tlve Monltorlng Activ¢ Monitoring is a proj¢¢t which enables GPS lo refer patients directly to a dedicated mental bealih practitioner as soon as they present with problems such as anxiety, depression, low self-esleem or stress. This project is funded by Cwm TatTMor8annwg University H¢alih Board. Residentlal Resillence Jointly funded by the Oak Foundation and RCTCBC. the project seeks lo support single homeless people who experience poor mental health and well- being to become more resilient through a range of psy¢ho-educalion, well-being support and developing social connections, the projecl also supports the development of psychological infornied environments. Merlhyr Tydfll Carers MTCBC Delivering the Carers STAR Project, a holislic approach to supporting carers with their caring rol¢. Crlsls Fund A Fund to enable small crisis grants to people exposed lo significant hardship. This year the money was speni on victims of flooding. Oak Foundjtlon This was a significant grant investment to assist in the developm¢nl of r¢silience and psychologically informed environments across homeless hostel.s. Connector Fund Funded by Mind Grant, working in Partnership with Valley Steps to co-design community s¢rvices - th¢ fund is designed to enhance or8anisational sustainability. MTCBC Residential Resllience Project Commissioned by MTCBC. supporting homeless people to develop resilience in the face of adversity. Whole School Approach Funded by the ICF prograrnme, delivering elements of Mind's Whole School Approach services to vuln¢rable children and young people. CF In Wales (Money Matters) CF in Wales administered etthance grants for the Lloyds Bank Foundation during the pandemic - an enhanced grant was awarded to 'Your Money Matters, project to deal with increased demand at this time of national crisis. MH Covld Response Page 33 continu¢d...
CWM TAF MORGANNWG MIND REVJOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- contlnmed FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- Continued Welsh Government made further grant investment in community-based services to take pressure off the primary care health system, investment was award¢d to the charity sector and administered through local County Voluntary Councils to enhance community services at this lime of national crisis. ProJe¢t SPEAK Providc5 Suicide prevenlion awareness sessions. professional education and counselling support for peopl¢ who have attempted suicide or lost loved ones to suicide via the following pathways: community awareness sessions at sports Clubs, mens barbers, pubs, ¢ic, about the signs to look for lo recognisc a fri¢nd, family member or colleague at risk of suicide through a see. say signpost presenlalion. professional training for social workers. social care workers, health professionals. advice workers, leachers ¢tc accredited by the National Centre for the Prevention of Suicide and Education UK. referral lo our leam of professional counsellors for free coun5elling Enhanced Residentlal Resilience The Residential Resilience Project provides a range of mental healih and wellbeing aclivities for tenants living in local hosiel provision and supported accommodation via the following pathways: one lo one coaching se55ions, peer support sessions and ref¢rral to our trawna informed counselliThg servic¢5. Mums Matter (RCTCBC) Mums matter is a structured 8-week course consisting of 2 hourly sessions for mums who are feeling low. stressed, ovenvhelmed. and anxious or having worryin8 thoughts and feelings, and are struggling with the transition to nloih¢rhood. The course is run by a local MtND practitioner and a mum with lived experience, with the Option of crèche facilities provided on sit¢. Moondance Foundatlon This was a grant to 5UPPOrt expanding the organisations work wtth the LGBTQ+ Community. MTCBC Wellbeing Grant This grant was to provide a s¢ries of mental health wellbeing groups across MerthyT Tydfil. WCVA TSRF 2 Grant The WCVA Transformation Grant was to increas¢ sustainability within the sector. Il enabled the ndIng of Marketing. Communications and Fundraising Manager. This in tern enables the promotion of community fundraising events. assist in the recruitment of trustee5. staff and voluDt¢crs, and io ¢nable the development of range of markeling materials to reach divervs¢ rommunities. Henry Smith (Advocacy Fund) This funding provides advocacy support for individuals experiencing serious mental health within secondary care services in MerthyT Tydfil, Rhonda Cynon Taf and Bridgend. NAtlonal Lottery Community Fund (Saf¢guardlng Support) This funding is to coThduct research. in partnership with the Cwrn Taf Morgannwg Regional Safeguarding Board, to investigate how suicide could b¢ actively prevented in a diverse range of communities. Missing Middle Wfdles Tllls funding is for the delivery of an early inl¢rv¢ntion, facililaied self-help service. for ¢hildr¢n and young people. within a number of primary care settings across Bridgend, RCT and Merthyr. Page 34 continued...
CWVI TAF MORGAN]YWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 19. EMPLOYEE BENEFIT OBLIGATIONS During the year the charity was committed to pay £49,443 2023,. £50,546) to th¢ ¢mployees pension schemes. At the year end £7,399 (2023.. £4,419) contributions were unpaid. 20. RELATED PARTY DISCLOSURES Transaction Type Related Party 2024 2023 Merthyr Tydfil County Borough Council Merthyr Tydfil County Borough Council Merthyr Tydfil CouDty Borough Council Merthyr Tydfil County Borough Council Income Debtor Creditor Expense 15,374 5,124 146 107 58.505 39,371 1,034 The Chair of the charity, Clive Jones is a Councillor for Merthyr Tydfil County Borough Council. 21. ULTIMATE CONTROLLING PARTY The Charity is controlled by its directorsltDJslee5 as disclosed within the Refer¢n¢¢ and Administrative details in the Trustee Report, 22. GIFTS tN KIND Volunteer Tlrne The value of volunteer time is not quantified in terms of money bul the time eontributed by volunteers is an invaluable resource in terms of the outstanding contribution made by Ihem. The number of hours ¢ontribuied by volunteers in the year was 2,119 (2023.. 1.284). Page 35
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MER THYR AND THE VALLEYS MIND TAILED STATEMENT OF FINANCIAL ACTIVITI FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacles Donations Gifi aid Grants 7,426 18 137.112 6.113 83 78,182 144,556 84.378 Other trAdlng 2¢tlvltles Fundrhising events Training 7,252 2.270 8,886 3,200 9.522 12,086 Investment Income Deposit account interest 12,189 3,254 Charitable Ictivltles Charitable aclivity income 976,735 1,384,394 Other Income Oiher Income 930 Total Ineoming resources 1,143,002 1,485.042 EXPENDITURE Charltable aellvltles Wages Pensions General Expenses 917.627 49.443 321.126 954.255 50,547 294,264 1,288,196 1,299,066 Support Costs Management Wages Ov¢rh¢ads 10.496 24,824 10.086 16,854 35,320 26,940 Finanee Wages Overheads 3.499 8,275 3,362 5.618 11,774 8,980 This page does not forni part of the statutory financial statements Page 36
CWM TAF MORGANNWG MIND PREVIOUSLY KNOWN AS MERTHYR AND THE VALLEYS MIND DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Finance Human resources Wages Overheads 3.499 8,275 3.362 25,926 11.774 29,288 Governanee costs Accountancy fees 9,959 10,071 Total resources expended 1,357,023 .374,345 N¢t {expendlture)Ilneome (214.021) 110,697 This page does not forn) part of the statutory financial statements Page 37