REGISTERED COMPANY NUMBER: 4187497 {England and Wales) REGISTERED CHARITY NUMBER: 1140129 ort of the Trustees an Flnanclal Statements forthe Year En d 31st March 2024 for Prlme Ashmole & Co (Statutory Auditor) Chartered Certlfled Accountants & Reglstered Auditors 9 Broad Street Llandovery Carmarthenshlre SA20 OAR
Prlme C mru Contents of the Flnanclal Statements for the Year Ended 31st March 2024 Page Report of the Trustees Report of the Independent Audltors 9 to 12 Statement of Flnanclal Actlvltles 13 Balance Sheet 14 to 15 Notes to the Flnanclal Statements 16 to 32 Detalled Statement of Flnanclal Actlvltles 33 to 34
Prlme mru Re ort of the Trustees for the Year Ended 315t March 2024 The trustees who are also directors of the charlty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provlsions of Accountlng and Reporting by Charities: Statement of Recommended Practlce applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191. OBJEcfivES AND AcfiviTIES ObJe¢tlves and alms The relief of unemployment primarlly In Wales but not solely restrlcted to Wales, through the encouragement of self-employment, employment, tralnlng and volunteerln8 to mature members of the general publlc wlth a focus on those over the age of 50, who are not engaged In pald employment, are under-employed or faclng redundancy who would beneflt through enhanced Income, opportunltles for engagement In meanlngful activity and the preventlon of soclal excluslon and older age poverty. Vlslon and Mlsslon Statement PRIME Cymru's vision is to ensure that the undervalued experlence, skills and entrepreneurial potentlal of mature people wlll be recognlsed and developed through the actlvltles of PRI ME Cymru. PRIME Cymru's mlsslon Is to provlde Informatlon, advlce, tralnlng and mentorlng support to empower mature economically Inactive or unemployed people, to reallse thelr potentlal and progress Into employment, self-employment, educatlon, tralnln8 or volunteerln8 to move closer to the world of work to reduce older a8e poverty In retlrement. We do thls through developln81 and dellverin81 Innovatlve programmes of actlvlty that develop and enable the Indlvldual to take part Sn economlc actlvlty. Publlc beneflt The trustees conflrm that they have complled wlth thelr duty In sectlon 17(51 of the 2011 Charltles Act wlth regard to the Charlty Commlsslon's general guldance on publlc beneflt when rev5ewlng the Charlty's oblect5ves and In plannlng of future actlvltles. Page I
Prime Re ort of the Trustees r the Year Ended 315t March 2024 ACHIEVEMENT AND PERFORMANCE During the financial year both PRIME Cymru, and the wider charity sector, has continued to face many challenges due to the ending of European Social Funding via the E.U., and the uncertainty of how the Shared Prosperlty Fund will operate in Wales to support the Third Sector. Our tearn of staff and volunteer mentors have worked tirelessly to support our clients to f ind and secure job opportunities, start businesses, re-train, and volunteer to develop the skllls needed by a modern workforce. Thls has enabled us to meet both our own targets and, in all cases, exceed those tar8ets placed by our funders. As a result of these successes, the Senior Management Team has been able to secure forward fundlng for the charlty. Thls means we have safe8uarded its future for at least the next two years vla the Moondance Foundatlon whlch h35 been a 8reat supporter of the charlty for several years. The trustees therefore conflrm that It Is approprlate to prepare the financial statements under the 8olng concern bas1S. In the financlal year we worked wlth nearly 1000 Indlvlduals wlth 89% of our partlclpants havlng a posltlve outcome in moving closer to their goals of securing employment, starting a business, and retralnlng to develop skills to meet the needs of employers. This has enabled them to regain flnancia l independence for both them and thelr famllles, and to contribute to thelr local economies and the greater economy of Wales. Overall, PRIME Cymru has provlded a Soclal Return on Investment to the Welsh economy In excess of £2 million. Our Volunteer Mentorln8 programme has continued to grow durlng the year and we now have one of the largest mentoring programmes In Wale5 Wlth nearly 160 Volunteer Mentors offerin8 UP to 19,000 hours mentorln8 time per annum. The team at PRIME Cymru understand how lrnportant It Is that we value and provlde the rS8ht support, tralnlng and opportunltles for development to our volunteers, and In Aprll 2023 secured the Investors In Volunteerln8 accredltatlon. Thls natlonally recognlsed accredltatlon acknowledges the quallty of tralnlng and on8olnB sUPPOrt provlded to all volunteers workln8 wlth us. Sadly, In September 2022 we saw the death of Her Majesty Queen Ellzabeth11 and the successlon to the throne of our founder HIS Majesty Kln8 Charles111. We are greatly honoured that HIS Majesty has declded to malntaln PRIME Cymru as a Royal Foundlng Patronage and contlnue to offer hls support where posslble. HIS successlon has enabled us to promote the actlvltles of the charlty throughout Wales and publlc vlslblllty has been greatly Increased. We contlnue to be the recognised authorlty on older age worklng, wlth natlonal press and televlslon referring to us for comment and advice on the topics of older a8e career change, recruitment, and campalEnln8 for equallty In the workplace. We would like to offer our gratltude to our commltted team of hlghly experlenced and skllled staff who work so hard to deliver our services, our Volunteer Mentors, trustees, our Patrons and funders in the last year whlch were The Prince of Wales Charitable Fund, Postcode Lottery Fund, and In partlcular the Moondance Foundation, without whom we would not be able to provide our vital and often life changing services throughout Wales. Page 2
Prlme mru ort of the Trustee5 or the Year Ended 31st March 2024 FINANCIAL REVIEW Flnanclal posltlon Net incoming resources for the year, before gains / losses on Investments amounted to1£443,343) in 2023124 compared to £323,927 in 2022123. Total net funds as at 31 March 2024 amounted to £347,427, representin unrestricted funds only. There were no restricted funds carried forward as at 31 March 2024. A modest investment fund Is managed on behalf of PRIME Cymru by Walker Crlps. The trustees revlew the performance of the Investment fund regularly and as a result make declslons In respect of further dep051ts to the Investment fund or withdrawals to the 8eneral fund accordlnglv. Bankln8 facilltles are revlewed annually by the Chlef Executive, and they advlse the Flnance, Audlt and Rlsk Committee members on alternative opportunltles that may beneflt the charlty. Reserves pollcv It is the pollcy of the Trustees to develop adequate unrestrlcted reserve funds to reduce the charity's dependence on grant income excluslvely from the publlc sector, and we aim to malntaln free reseprfes at a level equlvalent to 3 months runnlng costs. Page 3
Prlme ort of the Trustees for the Year Ended 31st March 2024 PLANS FOR FUTURE PERIODS We intend to work towards broadening our funding base by seeklng corporate funding through CSR schemes and developing new and innovative programmes that will capture the interest of Welsh Government and other funding bodies. Further development of the 'PRIME Cymru Patron5' Group" will also be a key activity during the year. Objectives for the year will include: Increase the number of people engaged per year Increase the geographical reach of our services Dlverslfy fundin8 through corporate sponsprshlp Golng forward the 2024-2026 strate8lc obJe¢tlves of PRIME Cymru are to: Malntaln, and bulld on, current resources to meet the ever-8rowln8 needs of our Increaslng customer base. Flnanclal stablllty wlll provlde Stable employment opportunltles for our staff enablln8 Contlnulty In dellvery of servlces to our current and future cllents. We are doing this throu8h developlng a fundraislng plan that incorporates both contractual and Brant based fundin8 appllcatlons, developln8 relatlonshlps wlth corporates to access CSR fundlng and collaboratlve activities to deliver services, increasing patronage opportunities and Identlfylng a potential longer-term plpeline of fundlng optlons. Contlnue to Invest In Its stafl, mentors and trustees to ensure that all can utlllse thelr skllls and experlence for the beneflt of the charlty and Its customers. We are doin8 thls by produclng an Integrated tralnlng plan based on identified needs of staff/ trustee/volunteer needs and emerglng le8Sslatlon. Undertaklng a skllls audit of Trustees and Mentors to enable utlllsation of potentlal unreco8ni5ed skSlls that can be used to support our cllent base. Develop and embed a culture of equallty, dlverslty and Incluslon {EDII wlthln the organlsatlon seeklng to Improve our processes, ethos and outcomes In Ilne wlth our equallty plan. Ensure that all staff, mentors and trustees are effectlve In thelr roles enabllng our customers to recelve support servlces that meet thelr needs and those of the labour market In Wales. This will be done by Increasing our contribution to the development of a successful workforce in Wales by Increaslng the number of indivlduals we help and the varlety of cllents we support to positlve outcomes. We will identify labour market shortages and raise awareness of opportunlties to service users and encourage employers to make better use of older workers. In additlon, we wlll use our equality monltorlng data and continue to extend the diversity of our service users to ref lect the different cornmunities in Wales with a particular focus on the BM'S community to ensure that our reach is increased. Wlll contlnue to develop Ils external communlcatlons to ralse awareness of the or8anlsatlon's artlvltles and outputs,whllst Increaslng publlc recognltlon amongst key stakeholders, potentlal cllents, mentors, funders and patrons. To do this, we will develop stakeholder strate8y to Identlfy and develop partnershlps wlth stakeholders and third sector organlsations to increase access to addltlonal customer groups and raise awareness of services to these users. We wlll also seek opportunltles to contrlbute to or conduct jolnt research projects related to our customer group and the thlrd sector. Page 4
Prlme ort of the Trustees for the Year Ended 31st March 2024 Endeavour to operate In an envlronmentally frlendly manner and wlll monltor and report on Its operatlonal Impact on the envlronment annually. To ensure that we work towards reduclng or carbon footprlnt for our activities we will monltor and report on ener8y• fuel and consumables usa8e. We will also seek accreditation of the charity's green credentials by securlng the"Green Mark" In addltlon, we plan to contlnue to generate further Ilvely debate wlth pollcy makers on the pllght of the economlcally Inactive 50+ cohort, the need for dedicated tailored support forth15 underrepresented group and the need to concentrate on reduclng inactivity levels that can lead to older age poverty. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng document The cornpany was incorporated under the name of PRIME Cymru on 26 March 2001, and Is a company limited by Buarantee registered in England and Wales. Charitable status was obtained in February 2011 under reference 1140129. PRIME Cymru is constltuted by Its Memorandum and Articles of Assoclatlon. Management and governance Trustees of PRIME Cymru are Identlfled and recrulted to ensure that they brln8 to the organlsatlon the expertlse and skllls identlfled as necessary for the proper effectlve and efficient runnlng of the charity. In recrultment of Trustees our formal Trustee Recrultment Pollcy and process Is adhered to. Shortllsted candidates are Intervlewed by two current Trustees and the Chlef Executlve. Those successful at Intervlew are Invlted to attend, as an observer, the next board meetln8 where a formal offer of Trusteeshlp Is communlcated. All new trustees of the charlty undertake a formal Inductlon to the charlty's operatlon and a¢tSvltles, alon8 wlth recelvlng a lob descriptlon and a copy of the board's code of 8ood governance. The day to day runnlng of the Charity Is delegated to D J Pugh the Chlef Executive who Is appolnted by the board of PRIME Cymru. Rlsk management The Trustees have examlned the major risks which the charity faces and malntain a formal risk reglster which is revlewed quarterly. Systems have been established to enable the Trustees to recelve regular reports 50 that necessary steps can be taken to lessen those risks. In the event that further grants are not forthcoming then there Is a risk that the charity may cease operations. The Trustees wlll be taking further steps in the coming year to secure the future of the charlty. The Trustees, havlng revlewed the charlty and Its systems, have concluded that thls constitutes the maln rlsk to the charlty. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 4187497 {En8land and Wales) Page 5
Prlme C mru Re ort of the Trustees for the Year Ended 31st Mar h 2024 Reglstered Charlty number 1140129 Reglstered offlce Mile End House 9 Broad Street Llandovery Carmarthenshlre SA20 OAR Trustees Mrs S E Flnne8an-Dehn (Chalr of Trustees) Mr A D Morgan Ireslgned 10.11.231 Mr B C Birtles Mrs A M V Graham Paul (resi8ned 10.11.231 Dr S Phllllps Mrs V Leyshon Ireslgned 26.07.241 Ms E Marks Mr S M West (resigned 18.04.241 Mr M Curties (appointed 26,07.24) Mrs F J Jones (appolnted 26.07.241 Mr R O'Keefe {appolnted 26.07.241 Company Secretary Mr D J Pugh (Chlef Executlvel Audltors Ashmole & Co (Statutory Audltorl Chartered Certlfled Accountants & Reglstered Auditors 9 Broad Street Llandovery Carmarthenshlre SA20 OAR Bankers Lloyds Bank 38 Hlgh Street Brecon Powys LD3 7AR Page 6
Prime C mru ort of the Trustees for the Year Ended 31st March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Sollcltors Berry Smlth Haywood House DumfrSes Place Cardiff Investment Advlsers Walker Crlps 128 Queen Vlctorla Street London EC4V4BJ STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees {who are also the directors of Prlme Cymru for the purposes of company law) are responslble for preparlng the Report of the Trustees and the flnanclal statements In accordance wlth appllcable law and United Klngdom Accountlng Standards Iunlted KlnBdom Generally Accepted Accountlng Practice). Company law requires the trustees to prepare financial statements for each financial year which Blve a true and falr vlew of the state of affalrs of the charltable company and of the Incomlng resources and appllcatlon of resources, Includln8 the income and expenditure, of the charltable company for that perlod. In preparlng those flnanclal statements, the trustees are requlred to select sultable accountlng pollcles and then apply them con515tentlyi observe the methods and prlnciples In the Charlty SORP; makeludgements and estlmates that are reasonable and prudent; prepare the flnanclal statements on the goln8 concern basis unless It Is Inapproprlate to presume that the charitable company wlll contlnue In buslness. The trustees are responsible for keeping proper accountlng records which disclose wlth reasonable accuracy at any tlme the flnanclal positlon of the charltable company and to enable them to ensure that the flnanclal statements comply with the Companies Act 2006. They are also responsible for safe8uardin8 the assets of the charltable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irre8ularitles. In so far as the trustees are aware: there Is no relevant audlt Information of which the charltable 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 Informatlon and to establlsh that the audltors are aware of that Information. AUDITORS The auditors, Ashmole & Co (Statutory Audltorl, will be proposed for re-appointment at the forthcomlng Annual General Meetlng. Page 7
Prlme ort of the Trustees r the Year Ended 31st March 2024 Approved by order of the board of trustees on ...... and signed on its behalf by: Mrs S E Finne8an-Dehn- Trus Page 8
Re ort of the Inde endent Audltors to the Trustees of Prlme Oplnlon We have audited the financial statements of Prime Cymru (the 'charitable company'l for the year ended 31st March 2024 which comprise the Statement of Financial Activitie5, the Balance Sheet and notes to the financlal statements, includlng a summary of significant accountin8 policies. The financlal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kin8dorn Generally Accepted Accountlng Practice). In our oplnlon the financlal statements: glve a true and fair vlew of the state of the charitable company's affalrs as at 31st March 2024 and of Its Incomln8 resources and appllcatlon of resources, Includlng Its Income and expendlture, for the year then ended; have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce,. and have been prepared In accordance wSth the requlrements of the CompanlesAct 2006. Basls for oplnlon We conducted our audlt In accordance with Internatlonal Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibillties under those standards are further described in the Auditors, re5ponsibilitles for the audit of the financlal statements sectlon of our report. We are Independent of the charitable company In accordance wlth the ethical requirements that are relevant to our audlt of the flnancial statements In the UK, Includlng the FRC'S Ethlcal Standard, and the provlslons avallable for small entltles, In the clrcumstances set out In note 21 to the financial statements, and we have fulfilled our other ethical responsibllitles In accordance wlth these requlrements. We belleve that the audit evldence we have obtalned Is sufflclent and approprlate to provide a basis for our oplnlon. Concluslons relatln8 to golng concern In avdltlng the flnanclal statements, we have concluded that the trustees, use of the 8oln8 concern basls of accounting In the preparatlon of the flnanclal statements Is approprlate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events or condltlons that, indlvldually or collectivelyi may cast sl8nSflcant doubt on the charltable company's abillty to contlnue as a golng concern for a perlod of at least twelve months from when the financlal statements are authorlsed for Issue. Our responsibS1ities and the responsibilltles of the trustees with respect to going concern are described in the relevant sections of thls report. Page 9
ort of the Inde endent Auditors to the Trustees of Prlme Other Informatlon The trustees are responslble for the other information. The other Information comprises the information Included in the Annual Report, other than the financlal statements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not cover the other informatlon and, except to the extent otherwlse explScltly stated in our report, we do not express any form of assurance conclusion thereon. In connectlon wlth our audlt of the flnanclal statements, our responslblllty Is to read the other Informatlon and, in doing so, consider whether the other Informatlon is materlally Inconslstent with the flnancial Statements or our knowled8e obtalned In the audlt or otherwlse appears to be materially misstated. If we Identlfy such materlal inconslstencles or apparent material mlsstatements, we are requlred to determlne whether thls gives rise to a materlal mlsstatement In the financlal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mlsstatement of thls other Informatlon, we are requlred to report that fact. We have nothlng to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothlng to report in respect of the following matters where the Charltles (Accounts and Reports) Regulations 2008 requires us to report to you if, In our opinlon: the Informatlon 8Sven In the Report of the Trustees Is Inconslstent In any materlal respect wlth the flnanclal statements; or the charltable company has not kept adequate accountlng records,. or the flnancial statements are not in agreement with the accountlng records and returns; or we have not recelved all the Informatlon and explanatlons we requlre for our audlt. Responslbllltles of trustees As explalned more fully In the Statement of Trustees, Responslbllltles, the trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responslble for the preparatlon of the flnanclal statements and for belng satlsfled that they glve a true and falr vlew, and for such Intern31 control as the trustees determlne Is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the financlal statements, the trustees are responslble for assesslng the charitable company's ability to continue as a going concern, disclosin8, as applicable, matters related to going concern and using the golng concern basls of accountlng unless the trustees elther Intend to liquldate the charitable company or to cease operatlons, or have no realistic alternative but to do so. Page 10
ort of the Inde endent Auditors to the Trustees of Prlme C mru Our responslbllltle5 forthe audlt ol the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report In accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audltors that Includes our oplnion. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance with ISAS IUKI w511 always detect a material mlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are consldered materlal If, Sndlvldually or In the a88regate, they could reasonably be expected to influence the economlc declslons of users taken on the basls of these flnancial statements. The extent to whlch our procedures are capable of detectlng Irregularltles, Includlng fraud is detalled below.. In Identifying and assessin8 rlsks of material misstatement In respect of Irregularities, includlng fraud and non-compliance with laws and regulations, we considered the following: nature of the charlty and the sector In whlch It operates. the le8al and regulatory framework in which the charity operates, and in particular those law5 and re8ulations that dlrectly affect the flnancial statements or have a fundamental effect on operatlons eg Charltles Act 2011, health and safety legislation. results of enquirSes of management and those char8ed wlth governance any matters identified relating to the charlty's pollcles and procedure5 for Sdentlfylng, evaluatlng and complylng wlth laws and re8ulatlons, and whether there were any known Instances of non compllance. detectln8 and respondlng to the r15k5 of fraud and whether there Is any knowledge of actual, suspected or alleged fraud. the internal contro15 establlshed to mltl8ate rlsks of fraud or non compllance wlth laws and re8ulatlons. As a result of performln8 the above, we dSd not IdentSfy any key audlt matters related to potentlal rlsk of fraud or non compllance wlth laws and regulatlons. In addltlon to the above, our procedures Included.. revlewing the financial statement disclosures and testlng to supportin8 documentation to assess compllance wlth relevant laws and regulatlons enquires of management and those charged with governance concernlng actual and potential litl8ation and clalms performlng analytical procedures to identify any unusual or unexpected relatlonships that may Indlcate rlsks of material misstatement due to fraud review of minutes of committee meetings wrltten representations A further description of our responsibllltles for the audit of the financial statements is located on the Financial Reportlng Councll's website at www.frc.org.uk/audltorsresponslbllltles. Thls descrlption forms part of our Report ofthe Independent Auditors. Page 11
Re ort of the Inde endent Audltors to the Trustees of Prlme Use of our report This report is made solely to the charitable company's trustee5, as a body. In accordance with Part 4 of the Charltles (Accounts and Reports) Re8ulatlons 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audlt work, for thls report, or for the oplnlons we have formed. Ashmole & Co (Statutory Audltor) Chartered Certlfled Accountants & Re8lStered Audltors Eligible to act as an audltor In terms of Section 1212 of the Companies Act 2006 9 Broad Street Llandovery Carrnarthenshlre SA20 OAR IL Page 12
Prlme Statement of Flnancial Activitles for the Year Ended 31st March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donatlons and legacles 6,998 6,998 504,624 Charltable actlvltles General Charltable Actlvltles 30,000 30,000 343,265 Investment Income 11,353 11,353 6,186 Total 18,351 30,000 48,351 854,075 EXPENDITURE ON Ralslng funds 380 Charltable artlvltles General Charitable Activities 460,356 30,000 490,356 528,506 Other 1,338 1,338 1,262 Total 461,694 30,000 491,694 530,148,,, Net galns/(10sses) on Investments 2,449 2,449 129,279) NEf INCOME/IEXPENDITURE) 1440,8941 1440,894) 294,648 RECONCILIATION OF FUNDS Total funds brou8ht forward 788,321 788,321 493,673 TOTAL FUNDS CARRIED FORWARD 347,427 347,427 788,321 The notes form part of these financial statements Page 13
Prlme Balance Sheet 315t March 2024 31,3.24 31.3.23 Notes FIXED ASSETS Tan8Sble assets Investments 13 14 2,678 198,971 1,098 192,469 201,649 193,567 CURRENT ASSETS Debtors Cash at bank 15 7,196 156,870 9,892 603,229 164,066 613,121 CREDITORS Amounts falling due withln one year 16 118,288) {18,3671 NET CURRENT ASSETS 145,778 594,754 TOTAL ASSETS LESS CURRENT LIABILITIES 347,427 788,321 NET ASSETS 347,427 788,321 FUNDS Unrestricted funds 19 347,427 788,321 TOTAL FUNDS 347,427 788,321 The charitable company Is entitled to exemption from audlt under Section 477 of the Companles Act 2006 for the year ended 31st March 2024. The members have not deposlted notlce, pursuant to Sectlon 476 of the Companles Act 2006 requlrlng an audit of these financlal statement5. The notes form part of these flnancial statement5 Page 14 continued..,
Prlme Balance Sheet- contlnued 31st March 2024 The trustees acknowledge their responsibllities for ensuring that the charitable company keeps accountlng records that comply with Sections 386 and 387 ofthe Companies Act 2006 and preparing financlal statements which give a true and fair view of the state of affalrs of the charitable company as at the end of each financial year and of its surplus or deficit for each flnancial year in accordance wlth the requlrements of Sectlons 394 and 395 and which otherwlse comply with the requirements of the Companles Act 2006 relating to flnanclal statements, 50 far as applicable to the charltable company. Ib) These financlal statements have been audlted under the requlrements of Sectlon 145 of the Charltles Act 2011. These flnanclal statements have been prepared In accordance wlth the provlslons appllcable to charitable companles subject to the small companles regime. The f clal tate ents were approved by the Board of Trustees and authorised for Issue on and were signed on Its behalf by.. Mrs S E Flnnegan-Dehn- Tru Ms E Marks- Trustee The notes form part of these financial statements Page IS
Prlme Notes to the Flnanclal Statements for the Year Ended 315t March 2024 ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financial statements of the charitable companyi which Is a public beneflt entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reportin8 by Charities., Statement of Recommended Practlce appllcable to charltles preparlng thelr accounts In accordance with the Flnancial Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021 {effectlve I January 2019),, Flnanclal Reportlng Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland, and the Companle5 Act 2006. The flnanclal statements have been prepared under the historical c05t convention, wlth the exceptlon of investments which are Included at market value. Income All income Is recognised in the Statement of Flnancial Activities once the charity has entitlement to the funds, It Is probable that the income will be recelved and the amount can be rneasured rellably. Expendlture Llabilities are recognlsed as expenditure as soon as there Is a legal or constructive obllgation commlttlng the charity to that expendlture, It Is probable that a transfer of economlc beneflts w511 be requlred In settlement and the amount of the obligation can be measured rellably. Expendlture is accounted for on an accruals basls and has been classlfled under headlngs that a88re8ate all cost related to the category, Where costs cannot be directly attributed to partlcular headln8S they have been allocated to activities on a ba515 conslstent wlth the use of resources. Allocatlon of Costs All costs are allocated between the expendlture cate8orles of the Statement of Flnanclal Activltles on a basis deslgned to reflect the use of the resource. Costs relatlng to a partlcular activlty are allocated dlrectly and support costs are apportloned on an approprlate basls eg staff tlme spent on each actlvity. Tan8lble flxed assets Depreciation is provlded at the followin8 annual rates in order to write off each asset over its estlmated useful Ilfe. Exhlbltlon equlpment Flxtures and f ittings Offlce equipment 33% on cost 20% on cost 25% on cost Taxatlon The charity is exempt from corporation tax on its charltable activities. Fund accountln Funds held by the charity are elther: Unrestricted general funds - these can be used in accordance with the charitable objectlves at the dlscretlon of the trustees. Page 16 continued...
Prlme Notes to the Financlal Statements - contlnued for the Year Ended 31st March 2024 ACCOUNTING POLICIES - contlnued Fund accountln8 Deslgnated funds these are funds set aside by the trustees out of unrestrlcted general funds for specific future purposes or projects. Restrlcted funds these can only be used for partlcular restrlcted purposes within the oblects of the charlty. Restrlctlons arlse when speclfled by the donor or when funds are ralsed for partlcular restrlcted purposes. Further explanatlon of the nature and purpose of each fund Is Included In the notes to the flnanclal statements. Penslon costs and other post-retlrement beneflts The charitable company operates a defined contributlon penslon scheme. Contributlons payable to the charitable company's penslon scheme are charged to the Statement of Financial Activities in the period to which they relate. Investments Investments are stated at market value at the balance sheet date. The Statement of Financlal Actlvitles Includes the net galns and losses arislng on revaluatlons and dlsposals throughout the year. Grants recelvable Grant and servlce level a8reement Income are only reco8nlsed In the Statement of Flnanclal Actlvitles when the general Income reco8nitlon criterla are met. In the case of performance related 8rants, Income15 only reco8nised to the extent that the charity has provlded the speclfled 800ds and servlces. Capltal grants are recorded In the Statement of Flnanclal Actlvltles In the year of recelpt. DONATIONS AND LEGACIES 31.3.24 31.3.23 Donatlons Grants 6,998 4,624 500,000 6,998 504,624 Fundin8 from the Moondance Foundatlon will be received In 3 instalments of £500,000 each. The instalment for the flnanclal year ended 31 March 2024 was received In March 2023 and was therefore shown In the financial statements for the year ended 31 March 2023 and carried forward wlthin closing funds accordinglv. The instalment for the financial year ended 31 March 2025 was received In April 2024. Page 17 continued...
Prlme Notes to the Flnancial Statements - contlnued for the Year Ended 31st March 2024 DONATIONS AND LEGACIES- contlnued Grant$ Unrestricted funds Restrlcted funds 31.3.24 31.3.23 Moondance 500,000 500,000 Donatlons Donatlons & glfts 6,998 6,998 4,624 6,998 6,998 4,624 Total 6,998 6,998 504,624 INVESTMENT INCOME 31.3.24 31.3.23 Dep051t account Interest Investment account Income 6,325 5,028 86 6,100 11,353 6,186 Pa8e 18 contlnued...
Prlme Notes to the Flnanclal Statements - contlnued for the Year Ended 31st March 2024 INCOME FROM CHARITABLE ACflVITIES 31.3.24 31.3.23 General Charitable Activities TotalActlvltles TotalActlvltles WCVA 26882 WCVA 27400 WCVA 27908 WCVA 26984 WCVA 29703 Prlnce of Wales Charlty Foundatlon 38,718 44,355 42,732 12,425 140,035 65,000 30,000 30,ociI 30,000 30,CNJO 343,265 RAISING FUNDS Other tradlng actlvltles 31.3.24 31.3.23 L055 on wrlte down of assets 380 CHARITABLE ACTIVITIES COSTS Dlrect Costs (see note 7) Support costs (see note 81 Totals General Charltable Activities 437,811 52,545 490,356 Page 19 continued...
Prlme Notes to the Flnanclal Statements- contlnued for the Year Ended 31st March 2024 DIRECT COSTS OF CHARITABLE AcfiviTIES 31.3.24 31.3.23 Staff costs Travelling Accommodatlon & subslstence Meeting facilitles Tralnlng & workshops 411,152 22,889 2,907 509 354 459,163 23,711 2,795 670 786 437,811 487,125 SUPPORT COSTS Governance costs Management Finance Totals Other resources expended General Charitable Activities 1,338 47,841 1,338 52,545 144 4,560 49,179 144 4,560 53,883 Support costs, Included In the above, are as follows.. Management 31.3.24 31.3.23 Other resources expended General Charitable Actlvitles Total actlvitles Total actlvltles Rent, rates and water Insurance Light and heat Telephone Postage and stationery Marketlng Sundries Subscriptions Computer & website costs Repairs & renewals Depreciation of tanglble and herltage assets 10,960 4,567 3,415 8,300 1,327 1,850 1,087 2,255 4,431 764 10,960 4,567 3,415 8,300 1,327 1,850 1,087 2,255 4,431 764 9,794 2,928 3,112 7,181 2,373 533 4,428 2,707 1,461 1,338 1,338 1,262 Carried forward 1,338 38,956 40,294 35,779 Page 20 continued...
Prlme mru Notes to the Financlal Statements- contlnued for the Year Ended 31st March 2024 SUPPORT COSTS- contlnued Management- contlnued 31.3.24 31.3.23 Other resources expended General Charitable Actlvltles Total actlvltles Total actlvStles Brought forward Investment management fees Professlonal fees 1,338 38,956 975 7,910 40,294 975 7,910 35,779 1,616 1,338 47,841 49,179 37,395 Flnance 31.3,24 General Charltable Actlvltles 31.3.23 Total actSvltles Bank charges 144 648 Governance costs 31.3.24 General Charitable Actlvltles 31.3.23 Total actlvltles Audltors, remuneratlon Accountancy and le8al fees 3,560 1,000 4,600 4,560 4,600 Page 21 contlnued...
Prlme C mru Notes to the Flnanclal Statements- contlnued forthe Year Ended 31st March 2024 NET INCOME/IEXPENDITURE) Net incomellexpenditurel is Stated after chargin{crediting). 31.3.24 31.3.23 Auditors, remuneratlon Depreclatlon - owned assets Deflclt on di5P05al of fixed assets Penslon Costs 3,560 1,338 4,600 1,262 380 19,826 22,800 10. TRUSTEES. REMUNERATION AND BENEFITS During the year, a gift was presented to a long standlng trustee upon retirement as gratitude for servlces amountin8 to £63.30. Trustees, expenses The charlty Incurred £204.40 of expenses to one trustee In respect of travel and accommodation expenses durlng the year ended 31 March 2024 {2023: £132.90). 11. STAFF COSTS Staff Costs 31.3.24 31.3.23 Wa8es & Salarles Soclal Securlty Penslon 356,862 31,490 22,800 403,442 35,895 19,826 411,152 459,163 The average monthly number of employees durlng the year was as follows: 31.3.24 31.3.23 Chief Executive Director of Operations Finance Manager Project Manager Admlnlstratlon and Human Resources Development Officers Communlcatlons Co-ordlnator li 13 Page 22 contlnued...
Prlme Notes to the Financlal Statements - continued or the Year Ended 31st March 2024 ii. STAFF COSTS - contlnued The number of employee5 whose employee benefits (excluding employer pension costs} exceeded £60,000 was: 31.3.24 31.3.23 £80,001- £90,000 £90,001- £100,000 Durlng the year penslon contributlons on behalf of these staff amounted to £9,625. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestrlcted Restrlcted funds funds Total funds INCOME AND ENDOWMENTS FROM Donatlons and legacie5 504,624 504,624 Charltable actlvltles General Charitable Actlvltles 343,265 343,265 Investment Income 6,186 6,186 Total 510,810 343,265 854,075 EXPENDITURE ON Raislng funds 380 380 Charltable artlvltles General Charltable Actlvltles 146,926 381,580 528,506 Other 1,042 220 1,262 Total 148,348 381,800 530,148 Net galns/llosses} on investments 129,2791 {29,279) NET INCOME/(EXPENDITURE) 333,183 {38,535) 294,648 Page 23 continued...
Prlme Notes to the Flnancial Statements- contlnued for the Year Ended 31st March 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES . contlnued Unrestricted funds Restrlcted funds Total funds RECONCILIATION OF FUNDS Total funds brought forward 455,138 38,535 493,673 TOTAL FUNDS CARRIED FORWARD 788,321 788,321 13. TANGIBLE FIXED ASSETS Flxtures and flttlngs Exhibition equipment Offlce equlpment Totals COST At 1st Aprll 2023 Addltions 6,024 9,954 13,340 2,918 29,318 2,918 At 31st March 2024 6,024 9,954 16,258 32,236 DEPRECIATION At 1st Aprll 2023 Char8e for year 6,024 9,530 212 12,666 1,126 28,220 1,338 At 31st March 2024 6,024 9,742 13,792 29,558 NET BOOK VALUE At 31st March 2024 212 2,466 2,678 At 31st March 2023 424 674 1,098 Page 24 continued...
Prlme C mru Notes to the Flnanclal Statements- continued for the Year Ended 31st March 2024 14. FIXED ASSET INVESTMENTS Cash and settlements pendlng Listed Investments Totals MARKET VALUE At 1st Aprll 2023 Addltlons Olsposals 210,198 6,930 18,2061 6,436 11,733 17,9051 216,634 18,663 {16,1111 At 31st March 2024 208,922 10,264 219,186 PROVISIONS At 1st Aprll 2023 Revaluation provision for year Ellminated on disposal 24,165 13,0021 19481 24,165 13,002} {9481 At 31st March 2024 20,215 20,215 NET 800K VALUE At 31st March 2024 188,707 10,264 198,971 At 31st March 2023 186,033 6,436 192,469 There were no Investment assets outslde the UK. IS. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3,24 31.3.23 Trade debtors Other debtors Prepayments 1,176 1,800 4,220 3,276 1,800 4,816 7,196 9,892 Page 25 contlnued..,
Prlme mr Notes to the Flnancial Statements - contlnued for the Year Ended 31st March 2024 16. CREDITORS; AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Social security and other taxes Accrued expenses 3,089 9,230 5,969 3,147 8,988 6,232 18,288 18,367 17. LEASING AGREEMENTS Mlnlmum lease payments under non-cancellable operatln8 leases fall due as follows: 31.3.24 31.3.23 Within one year Between one and flve years 10,750 10,750 10,750 21,500 21,500 32,250 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3,24 Total funds 31.3.23 Total funds Unrestrlcted funds Restrlcted funds Flxed assets Investments Current assets Current Ilabllltles 2,678 198,971 164,066 (18,288) 2,678 198,971 164,066 118,288} 1,098 192,469 613,121 (18,367) 347,427 347,427 788,321 Page 26 continued...
Prlme Notes to the Flnanclal Statements- contlnued for the Year Ended 31st March 2024 19. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund Moondance Deslgnated Walker Crlps Investment Fund 95,852 500,000 11,655 (459,051 107,507 40,949 192,469 6,502 198,971 788,321 {440,8941 347,427 TOTAL FUNDS 788,321 (440,8941 347,427 Net movement In funds, Included In the above are as follows.. Incomln8 resources Resovrces expended Galns and losses Movement In funds Unrestrl¢ted funds General fund Moondance Des5gnated Walker Crlps Investment Fund 13,323 11,668} 1459,0511 11,655 1459,051) 5,028 19751 2,449 6,502 18,351 1461,6941 2,449 1440,8941 Re5trl¢ted funds Prlnce of Wales Charity Foundatlon 30,000 130,0001 TOTAL FUNDS 48,351 1491,6941 2,449 1440,8941 Page 27 contlnued.,.
Prlme C mru Notes to the Financial Statements- contlnued for the Year Ended 31st March 2024 19. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In funds Net movement In funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcted funds General fund Moondance Deslgnated Walker Crlps Investment Fund 127,874 140,000 12,0221 360,000 130,0001 95,852 500,000 187,264 (24,7951 30,000 192,469 455,138 333,183 788,321 Restrlcted funds Powys County Councll WCVA 23997 Bridgend, NPT, Rhondda, Caerphllly, Denblghshlre, etc. Prince of Wales Charlty Fund- Rebranding Grant WCVA 24282 Prlme People Plus Wales Councll for Voluntary Actlon 20 1201 178 11781 1,000 62 37,275 (1,0001 1621 (37,2751 38,535 138,5351 TOTAL FUNDS 493,673 294,648 788,321 Page 28 continued..,
Prime Notes to the Flnancial Statements- contlnued for the Year Ended 31st March 2024 19. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included In the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund Moondance Designated Walker Crlps Investment Fund 4,710 500,000 16,7321 (140,0001 12,022) 360,000 6,100 11,6161 129,279} 124,7951 510,810 {148,3481 129,2791 333,183 Re5trlcted funds Powys County Councll WCVA 23997 Brldgend, NPT, Rhondda, Caerphilly, Denblghshlre, etc. Prlnce of Wales Charlty Foundatlon 1201 120) 11781 11781 65,000 165,0001 Prlnce of Wales Charlty Fund- Rebrandlng Grant WCVA 24282 Prlme People Plus WCVA 26882 Prlme People East Wales Councll for Voluntary Actlon- Prlme People West Wales Councll for Voluntary Actlon- Prlme People West 2 Wales Councll for Voluntary Actlon Wales Councll for Voluntary Action - Prlme People West 3 (1,000 161) {38,7181 (1,000) 162) (i) 38,718 44,355 144,3551 42,732 12,425 142,7321 149,7001 {37,2751 140,036 {140,0361 343,265 1381,8001 138,535) TOTAL FUNDS 854,075 1530,1481 {29,2791 294,648 Page 29 contlnued...
Prlme mru Notes to the Flnanclal Statements- contlnued for the Year Ended 31st March 2024 19. MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months comblned position is as follows: Net movement In funds Transfers between funds At 31.3.24 At 1.4.22 Unrestrl¢ted funds General fund Moondance Designated Walker Crlps Investment Fund 127,874 140,000 9,633 199,0511 130,0001 107,507 40,949 187,264 (18,2931 30,000 198,971 455,138 1107,7111 347,427 Restrlcted funds Powys County Councll WCVA 23997 Bridgend, NPT, Rhondda, Caerphllly, Denblghshlre, etc. Prince of Wales Charlty Fund- Rebrandln8 Grant WCVA 24282 Prlme People Plus Wales Councll for Voluntary Actlon 20 1201 178 11781 1,000 62 37,275 (1,0001 1621 (37,2751 38,535 138,5351 TOTAL FUNDS 493,673 1146,2461 347,427 Page 30 continued...
Prlme Notes to the Flnancial Statements- continued for the Year Ended 31st March 2024 19. MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined net movement in funds, included In the above are as follows: Incomln8 resources Resources expended Galns and 1055es Movement in funds Unrestrl¢ted funds General fund Moondance Designated Walker Crlps Investment Fund 18,033 500,000 18,4001 1599,0511 9,633 (99,0511 11,128 {2,5911 126,830) (18,2931 529,161 {610,0421 126,830} {107,7111 Restrlcted fund$ Powys County Councll WCVA 23997 Bridgend, NPT, Rhondda, Caerphllly, Denblghshlre, etc. Prince of Wales Charlty Foundatlon 1201 120) 11781 {178) 95,000 195,(QO) Prlnce of Wale5 Char5ty Fund - Rebrandlng Grant WCVA 24282 PrSme People Plus WCVA 26882 Prlme People East Wales Councll for Voluntary Actlon - Prlme People West Wales Councll for Voluntary Actlon . Prlme People West 2 Wales Council for Voluntary Actlon Wales Council for Voluntary Actlon- Prime People West 3 {I,0001 1611 (38,7181 11,0001 1621 38,718 44,355 (44,3551 42,732 12,425 142,7321 149,7001 {37,275) 140,036 {140,0361 373,265 1411,8001 138,5351 TOTAL FUNDS 902,426 (1,021,842) 126,8301 {146,2461 Page 31 continued...
Prlme C mru Notes to the Flnanclal Statements . contlnued for the Year Ended 31st March 2024 20. RELATED PARIY DISCLOSURES There were no related party transactions for the year ended 31st March 2024. 21. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES In common wlth many other buslnesses of our slze and nature we use our audltors to prepare and submlt returns to the tax authorltles and asslst wlth the preparatlon of the financlal statements. 22. RESTRICTED FUND5 Prlnce of Wales Charltable Foundatlon Thls grant was restrlcted to coverlng costs related to the dellvery of the PRIME Cymru Volunteer Mentorlng Programme throu8hout Wales. Page 32