AGE CYMRU GWYNEDD A MON
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2022
Company Registration Number: 07621068 Charity Registration Number: 1143587
A. Hughes-Jones, Dyson & Co Chartered Accountants Caernarfon
AGE CYMRU GWYNEDD A MON
| Contents | Page |
|---|---|
| Trustees' Report | 1 |
| Trustees' Responsibilities Statement | 2 |
| Auditors' Report | 3 - 4 |
| Income & Expenditure Account & | |
| Statement of Total Recognised Gains and Losses | 5 |
| Statement Of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes | 8 - 15 |
1
AGE CYMRU GWYNEDD A MON
Trustees' Report For The Year Ended 31st March 2022
The trustees present their annual report on the affairs of the Company together with the Accounts and Auditors Report for the above period.
This report complies with the Companies Act 2006 and should be read in conjunction with the full Trustees' Annual Report compiled according to the Statement of Recommended Practice for Accounting by Charities.
Principal Activities
The principal activity of the company is to provide help and support for the elderly.
Trustees
The trustees of the company during the year were:
Dafydd Iwan Gwilym Ellis Evans Owen Alwyn Jones Robert Cledwyn Williams Victor Wynne Williams Meinir Owen Anwen Hughes John Morris Pritchard Hugh Neville Evans Helen Owen
Statement Of Disclosure Of Information To Auditors
So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each trustee has taken all steps that they ought to have taken as a trustee (director) in order to make aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Public Benefit Statement
The Trustees confirm that they have complied with their duty under section 17(5) of the 2011 Charities Act. They have considered the public benefit guidelines published by the Charity Commission and believe they have followed it's guidance in this area. The activities undertaken by the Charity during the year in furtherance of it's charitable purpose are outlined in the full trustees report , and the trustees are satisfied that such activities provide a public benefit.
Auditors
A. Hughes Jones Dyson & Co. have expressed their willingness to remain as auditors of the company.
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
A Hughes
By Order of the Board
3.10.2022 Date
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AGE CYMRU GWYNEDD A MON
Trustees' Responsibilities Statement
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial accounts;
-
prepare the financial accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial accounts comply with Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A Hughes
By Order of the Board
3.10.2022 Date
3
Report of the Independent Auditors to the Members of Age Cymru Gwynedd a Mon
Opinion
We have audited the financial statements of Age Cymru Gwynedd & Mon (the ''Charity'') for the year ended 31st March 2022 which comprise the statement of financial activities, balance sheets and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other that the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion, the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 31st March 2022 and of its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and the provisions available for small entities, in the circumstances set out in note 1 to the financial statements' and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis of our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustee's report (incorporating the strategic report and the directors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report (incorporating the strategic report and the director's report) have been prepared in accordance with applicable legal requirements.
4
Report of the Independent Auditors to the Members of Age Cymru Gwynedd a Mon
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
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the financial statements are not in agreement with the accounting records and returns;
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certain disclosures of trustee' remuneration specified by law are not made; or
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we have not obtained all the information and explanations necessary for the purpose of our audit.
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.
Responsibilities of the trustees
As explained more fully in the trustees' responsibilities statement set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have assessed that the risk to the financial statements of being susceptible to material misstatement is low. We believe audit work undertaken is sufficient to identify material misstatement The key Laws and regulations affecting the company's ability to trade relate to food hygiene standards, Social Care regulations and Charity Commission rules. We have not identified or been advised of actual or suspected fraud or instances of non compliance with key regulations.
The experience of the audit team was deemed to be sufficient to identify fraud or errors in this engagement.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. The description forms part of our auditor's report.
Brian Hughes
Mr Brian Hughes (Senior Statutory Auditor) 3.10.2022 for and on behalf of A. Hughes-Jones, Dyson & Co. Date Statutory Auditors & Chartered Accountants Capel Moreia, South Penrallt, Caernarfon, Gwynedd, LL55 1NS
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AGE CYMRU GWYNEDD A MON
Consolidated Income and Expenditure Account For The Year Ended 31st March 2022
| Notes Income Direct Expenditure Gross Surplus Investment Income Taxation Surplus For The Year |
2022 £ 1,099,206 858,987 240,219 6,501 (2,064) 244,656 |
2021 £ 1,214,659 807,786 |
|---|---|---|
| 406,873 6,483 - |
||
| 413,356 |
Consolidated Statement of Total Recognised Gains and Losses for the Year Ended 31st March 2022
| Notes Surplus For The Year Unrealised Gains On Investments 16 Total Recognised Gains Relating To The Year |
2022 £ 244,656 9,580 254,236 |
2021 £ 413,356 32,885 |
|---|---|---|
| 446,241 |
6
AGE CYMRU GWYNEDD A MON
Consolidated Statement of Financial Activities for the Year Ended 31st March 2022
| Income Notes Legacies & Donations Charitable Activities 3 Other Trading Activities 4 Investment Income Total Income Expenditure Raising Funds 6 Charitable Activities 5 Total Expenditure Net Income / (Expenditure) 2 Transfers Between Funds Taxation (Losses)/Gains on Investments 16 Total Increase in Funds Balances brought forward Balances carried forward |
Unrestricted Funds £ 9,193 999,972 90,041 - 1,099,206 70,420 782,869 853,289 245,917 1,000 (2,064) - 244,853 760,551 1,005,404 |
Restricted Funds £ - - - 6,501 6,501 - 5,698 5,698 803 (1,000) - 9,580 9,383 269,822 279,205 |
Total Funds 2022 £ 9,193 999,972 90,041 6,501 1,105,707 70,420 788,567 858,987 246,720 - (2,064) 9,580 254,236 1,030,373 1,284,609 |
Total Funds 2021 £ 9,091 1,178,867 26,701 6,483 |
|---|---|---|---|---|
| 1,221,142 | ||||
| 63,085 744,701 |
||||
| 807,786 | ||||
| 413,356 - - 32,885 |
||||
| 446,241 | ||||
| 584,132 | ||||
| 1,030,373 |
7
AGE CYMRU GWYNEDD A MON
Consolidated Balance Sheet as at 31st March 2022 (Company Number: 07621068)
| Notes Fixed Assets Tangible Assets 8 Investments Current Assets Stock Debtors 9 Cash at Bank and In Hand Liabilities: amounts falling due within one year 10 Net Current Assets Liabilities:amounts falling due after one year 11 Provisions for Liabilities 17 Net Assets 13 Funds Unrestricted Restricted 16 |
£ £ 206,754 228,704 435,458 250 85,691 866,658 952,599 (99,024) 853,575 - (4,424) 1,284,609 1,005,404 279,205 1,284,609 2022 |
£ £ 374,776 219,136 593,912 250 50,242 650,257 700,749 (218,715) 482,034 (26,730) (18,843) 1,030,373 760,551 269,822 1,030,373 2021 |
|---|---|---|
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
A Hughes
Trustee
O A Jones
Trustee
3.10.2022 Date
8
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
1 Accounting Policies
Basis Of Accounting
These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of the Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historic cost convention. Equity investments held by the John Trevor Roberts Fund are stated at market value.
Turnover
Turnover represents net sales of goods and services excluding Value Added Tax.
Grants
Grants of a revenue nature are credited to the income and expenditure account in the year in which they are receivable. Grants received in advance are carried forward for matching with the appropriate expenditure. Capital grants are also reflected in the income and expenditure account in the year in which they are received in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities 2015.
Resources Expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Resources expended on restricted funds relate to expenses incurred solely on the project together with overheads apportioned on the basis of beneficiary hours.
Tangible Fixed Assets
Tangible fixed assets are stated at cost.
Depreciation is provided at the following rates on the net book value before charging depreciation at the year end in order to write off their cost less their estimated residual values over their expected useful economic lives.
| Leasehold Improvements | over period of primary lease |
|---|---|
| Motor Vehicles | 25% |
| Plant & Equipment | 20% |
| Fixtures & Fittings | 20% |
| Capital items below £100 are written off to expenditure in the year. |
Investments
Listed investments are valued at market value as at the balance sheet date less any permanent diminution. Gains and losses of investments are charged to the Statement of Financial Activities.
Pension Contributions
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the Income and Expenditure account.
Leased Assets
Fixed assets acquired under finance leases are included in the balance sheet at cost less depreciation. Interest payable in each period is charged to the profit and loss account. Operating leases are charged to the profit and loss account as incurred.
Auditors
In common with many businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
9
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
2 Net Income
| Net Income | ||
|---|---|---|
| is stated after charging; | 2022 | 2021 |
| £ | £ | |
| Pension Contributions | 18,724 | 13,317 |
| Auditors' Remuneration | 5,760 | 5,520 |
| Depreciation on Tangible Fixed Assets | 15,106 | 20,782 |
| Loss/(Profit) on Disposal of Assets | (41,066) | (3,073) |
3 Charitable Activities
| Unrestricted Funds £ Anglesey Council 54,500 Anglesey Council - Other - Gwynedd Council 275,275 Gwynedd Council: Communities First - Age Cymru Grants 64,431 WCVA 58,050 Lottery Age UK 40,000 Other Grants 29,534 Homecare Receipts 358,831 Shopping Scheme 33,799 Clwb Bontnewydd Receipts - Bontnewydd Day Care Receipts - Membership Fees 100 Sundry Receipts 1,639 Meals on Wheel Receipts 59,656 Meals on Wheel Grants 7,500 Covid 19 Grants 16,657 999,972 4 Other Trading Activities Unrestricted Funds £ Christmas Cards 83 Café Receipts 21,202 Bontnewydd Café 994 Rent 11,225 Gift Aid 372 Shop Receipts 26,280 Insurance Compensation 29,459 Other Trading Income 426 90,041 |
Restricted Funds £ - - - - - - - - - - - - - - - - - Restricted Funds £ - - - - - - - - |
Total Funds 2022 £ 54,500 - 275,275 - 64,431 58,050 40,000 29,534 358,831 33,799 - - 100 1,639 59,656 7,500 16,657 999,972 Total Funds 2022 £ 83 21,202 994 11,225 372 26,280 29,459 426 90,041 |
Total Funds 2021 £ 87,100 43,361 169,601 13,152 138,515 80,127 17,712 45,649 220,876 38,638 313 11,403 170 2,417 47,646 11,000 251,187 |
|---|---|---|---|
| 1,178,867 | |||
| Total Funds 2021 £ - 994 - 19,753 - (275) - 6,229 |
|||
| 26,701 |
10
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
5 Charitable Activities
| Charitable Activities Unrestricted Funds £ Salaries, Wages & Travel 279,642 Travel Expenses 3,212 Meals on Wheels Salaries 53,100 Meals on Wheels Costs 32,780 Homecare Scheme Salaries 274,749 Shopping Scheme Salaries 21,163 Homecare & Shopping Scheme Travel 30,463 Volunteer Costs 564 Age Well Costs - Project Costs - Activities 675 Cleaning 488 Equipment & Renewals 4,856 Equipment Hire 13,106 Vehicle Running Costs 9,393 Telephone Charges 6,931 Office Costs 8,867 Advertising & Promotions 1,092 Insurance 8,843 Rent 14,250 Water Rates 967 Heat & Light 8,233 Repairs to Property 1,659 Courses & Training 1,270 Meeting Costs - Publications & Subscriptions 1,833 Software Licences 5,212 Auditors Remuneration 4,560 Professional Fees 11,847 Bank Charges 4,185 Mortgage Interest 589 Other Finance Costs 109 Sundry Expenses 4,353 Donations - Depreciation 14,944 Loss/(Profit) on Sale of Fixed Asset (41,066) 782,869 |
Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - 4,794 - - - 904 - - - 5,698 |
Total Funds 2022 £ 279,642 3,212 53,100 32,780 274,749 21,163 30,463 564 - - 675 488 4,856 13,106 9,393 6,931 8,867 1,092 8,843 14,250 967 8,233 1,659 1,270 - 1,833 5,212 4,560 16,641 4,185 589 109 5,257 - 14,944 (41,066) 788,567 |
Total Funds 2021 £ 292,458 5,049 43,013 17,583 209,041 22,709 22,820 - - - - 1,357 5,375 7,756 9,550 5,569 12,564 1,432 8,528 12,531 2,689 9,588 1,362 425 - 128 4,130 4,320 15,803 4,954 1,457 502 4,412 - 20,669 (3,073) 744,701 |
|---|---|---|---|
11
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
| 6 Raising Funds Unrestricted Funds £ Trading Subsidiary Salaries 21,252 Trading Subsidiary Direct Costs 1,512 Trading Subsidiary Overheads 24,253 Café Wages & Travel 22,141 Café Costs 1,262 Other Costs - 70,420 7 Staff Costs Wages and Salaries Social Security Costs |
Restricted Funds £ - - - - - - - 2022 £ 629,911 37,762 667,673 |
Total Funds 2022 £ 21,252 1,512 24,253 22,141 1,262 - 70,420 |
2021 £ 571,689 28,526 600,215 |
Total Funds 2021 £ 30,364 1,808 25,920 4,795 - 198 |
|
|---|---|---|---|---|---|
| 63,085 | |||||
The average number of employees was 46 (2021 43)
None of the Charity's employees received emoluments over £60,000 in the current year.
8 Tangible Fixed Assets
| At beginning of year Additions Disposals At end of year Depreciation At beginning of year Charge for year Elimination on Disposal At end of year Net Book Value At 31st March 2022 At 31st March 2021 9 Debtors Trade Debtors Grants & Legacies Due Other Debtors Prepayments |
£ 333,191 - (166,366) 166,825 20,320 2,171 (11,636) 10,855 155,970 312,871 Freehold Property |
£ 11,114 - - 11,114 3,333 1,111 - 4,444 6,670 7,781 Improvements to Property |
£ 55,864 1,346 - 57,210 39,639 3,514 - 43,153 14,057 16,225 2022 £ 35,601 35,262 3,035 11,793 85,691 Plant & Machinery |
£ 72,182 468 - 72,650 47,012 5,128 - 52,140 20,510 25,170 Fixtures & Fittings |
£ 107,481 - (34,703) 72,778 94,752 3,182 (34,703) 63,231 9,547 12,729 2021 £ 15,839 24,081 1,855 8,467 50,242 Motor Vehicles |
£ 579,832 1,814 (201,069) Total |
||
|---|---|---|---|---|---|---|---|---|
| 380,577 | ||||||||
| 205,056 15,106 (46,339) |
||||||||
| 173,823 | ||||||||
| 206,754 | ||||||||
| 374,776 | ||||||||
12
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
| 10 Liabilities:Amounts falling due within one year Accruals Other Creditors Grants in Advance Bank Loan Other Loans 11 Liabilities:Amounts falling due after one year Bank Loan Other Loans |
2022 £ 51,673 18,001 10,000 - 19,350 99,024 2022 £ - - - |
2021 £ 69,507 16,862 77,940 46,141 8,265 |
||
|---|---|---|---|---|
| 218,715 2021 £ - 26,730 26,730 |
12 Share Capital
Age Cymru Gwynedd a Mon is a company limited by guarantee and does not have any share capital.
13 Analysis Of Net Assets Between Funds
| Unrestricted Funds £ Tangible fixed assets 206,754 Investments - Stock 250 Cash at bank and in hand 816,157 Debtors 85,691 Current liabilities (99,024) Long Term liabilities (4,424) 1,005,404 |
Restricted Funds £ - 228,704 - 50,501 - - - 279,205 |
Total 2022 £ 206,754 228,704 250 866,658 85,691 (99,024) (4,424) 1,284,609 |
Total 2021 £ 374,776 219,136 250 650,257 50,242 (218,715) (45,573) |
|---|---|---|---|
| 1,030,373 |
14 Trustee Remuneration And Expenses
During the year, a total of £77 was paid in travel expenses to 1 trustee. (2020 £352 to 1 trustees)
15 Subsidiary Undertakings
Age Cymru Gogledd Masnachol Cyf was incorporated on the 14th November 2013 and is a wholly owned subsidiary of Age Cymru Gwynedd A Mon.
13
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
16 Restricted Funds
| Restricted Funds | |||||
|---|---|---|---|---|---|
| Cronfa John Trevor Roberts | At Beginning Of Period £ 269,822 269,822 |
Income Expenditure In Period In Period (Inc Depreciation) £ £ 6,501 5,698 6,501 5,698 |
Transfer between funds £ (1,000) (1,000) |
Investment Gains £ 9,580 9,580 |
Balance At 31/03/2022 £ 279,205 |
| 279,205 |
John Trevor Roberts Fund
The fund was set up to promote the well-being of the elderly in the Brynsiencyn and Criccieth area. The fund is made up of stock market investments and cash held on deposit. The movements in investment values during the period was as follows:-
| ts in investment values during the period was as follows:- | |
|---|---|
| Value of shares at 1st April 2021 Transfers out of fund Net (decrease)/Increase in value Value of shares at 31st March 2022 |
£ 219,136 (12) 9,580 |
| 228,704 |
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AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
17 Pension Obligations
Scheme TPT Retirement Solutions - Growth Plan
The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30th December 2005. This, together with the documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit following withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30th September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions
From 1st April 2022 to 31st January 2025:
£3,312,000 per annum
(payable monthly and increasing by 3% each on 1st April)
Unless a concession has been agreed with the Trustee the term to 31st January 2025 applies.
Note that the scheme's previous valuation was carried out with an effective date of 30th September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions
From 1st April 2019 to 30th September 2025: £11,243,000 per annum
(payable monthly and increasing by 3% each on 1st April)
The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.
Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.
| Present Values Of Provisions | 31st March 2022 | 31st March 2021 | 31st March 2020 |
|---|---|---|---|
| £ | £ | £ | |
| Present value of provision | 4,424 | 18,843 | 22,327 |
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AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2022
Reconciliation Of Opening And Closing Provisions
| Period Ending 31st March 2022 £ Provision at start of period 18,843 Unwinding of the discount factor (interest expense) 109 Deficit contribution paid (4,768) Remeasurements - impact of any change in assumptions ( 102) Remeasurements - amendments to the contribution schedule (9,658) Provision at end of period 4,424 Income And Expenditure Impact Period Ending 31st March 2022 £ Interest expense 109 Remeasurement - impact of any changes in assumptions (102) Remeasurements - amendments to the contribution schedule (9,658) Contributions paid in respect of future service - Costs recognised in income and expenditure account - Assumptions 31st March 2022 31st March 2021 % per annum % per annum Rate of discount 2.35 0.66 |
Period Ending 31st March 2021 £ 22,327 502 (4,630) 644 - 18,843 Period Ending 31st March 2021 £ 502 644 - - - 31st March 2020 % per annum 2.53 |
|---|---|
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contribution due, would give the same result as using full AA corporate bond yield curve to discount the same recovery plan contributions.
Deficit Contributions Shedule
The following schedule details the deficit contributions agreed between the company and the scheme at each year end
| Year Ending | Year Ending | ||
|---|---|---|---|
| 31st March 2022 | 31st March 2021 | ||
| £ | £ | ||
| Year | 1 | 1,612 | 4,768 |
| Year | 2 | 1,612 | 4,912 |
| Year | 3 | 1,343 | 5,059 |
| Year | 4 | - | 4,342 |
| Year | 5 | - | - |
| Year | 6 | - | - |
| Year | 7 | - | - |
| Year | 8 | - | - |
| Year | 9 | - | - |
| Year | 10 | - | - |