AGE CYMRU GWYNEDD A MON
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023
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 2023
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 Nerys Anne Evans
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
11.10.2023 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
11.10.2023 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 Cyf (the ''Charity'') for the year ended 31st March 2023 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).
In our opinion, the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 31st March 2023 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.
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.
4
Report of the Independent Auditors to the Members of Age Cymru Gwynedd a Mon
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:
-
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.
Auditors 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.
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.
Use of the Report
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.
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) 11.10.2023 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 2023
| Notes Income Direct Expenditure Gross Surplus Investment Income Taxation Surplus For The Year |
2023 £ 952,992 1,063,046 (110,054) 6,826 (6) (103,234) |
2022 £ 1,099,206 858,987 |
|---|---|---|
| 240,219 6,501 (2,064) |
||
| 244,656 |
Consolidated Statement of Total Recognised Gains and Losses for the Year Ended 31st March 2023
| Notes Surplus For The Year Unrealised Gains On Investments 15 Total Recognised (Losses)/Gains Relating To The Year |
2023 £ (103,234) (12,165) (115,399) |
2022 £ 244,656 9,580 |
|---|---|---|
| 254,236 |
6
AGE CYMRU GWYNEDD A MON
Consolidated Statement of Financial Activities for the Year Ended 31st March 2023
| 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 15 Total Increase in Funds Balances brought forward Balances carried forward |
Unrestricted Funds £ 4,857 828,030 119,305 - 952,192 80,107 974,672 1,054,779 (102,587) 1,000 (6) - (101,593) 1,005,404 903,811 |
Restricted Funds £ 800 - - 6,826 7,626 - 8,267 8,267 (641) (1,000) - (12,165) (13,806) 279,205 265,399 |
Total Funds 2023 £ 5,657 828,030 119,305 6,826 959,818 80,107 982,939 1,063,046 (103,228) - (6) (12,165) (115,399) 1,284,609 1,169,210 |
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 |
7
AGE CYMRU GWYNEDD A MON
Consolidated Balance Sheet as at 31st March 2023 (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 Provisions for Liabilities 16 Net Assets 12 Funds Unrestricted Restricted 15 |
£ £ 216,284 216,703 432,987 1,000 103,866 792,854 897,720 (158,677) 739,043 (2,820) 1,169,210 903,811 265,399 1,169,210 2023 |
£ £ 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 |
|---|---|---|
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
J M Pritchard
Trustee
11.10.2023 Date
8
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
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 2023
| 2 | Net Income | ||
|---|---|---|---|
| is stated after charging; | 2023 | 2022 | |
| £ | £ | ||
| Pension Contributions | 19,987 | 18,724 | |
| Auditors' Remuneration | 6,120 | 5,760 | |
| Depreciation on Tangible Fixed Assets | 15,643 | 15,106 | |
| Loss/(Profit) on Disposal of Assets | 790 | (41,066) |
3 Charitable Activities
| Anglesey Council Gwynedd Council Age Cymru Grants WCVA National Lottery Other Grants Homecare Receipts Shopping Scheme Clwb Bontnewydd Receipts Membership Fees Sundry Receipts Meals on Wheel Receipts Meals on Wheel Grants Covid 19 Grants 4 Other Trading Activities Christmas Cards Café Receipts Bontnewydd Café Rent Gift Aid Shop Receipts Insurance Compensation Other Trading Income |
Unrestricted Funds £ 54,627 225,254 22,736 - - 29,298 407,429 26,641 5,739 60 3,172 53,074 - - |
Restricted Funds £ - - - - - - - - - - - - - - |
Total Funds 2023 £ 54,627 225,254 22,736 - - 29,298 407,429 26,641 5,739 60 3,172 53,074 - - 828,030 Total Funds 2023 £ 86 32,182 314 6,600 500 50,015 29,459 149 119,305 |
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 9,949 |
|
|---|---|---|---|---|---|
| 828,030 | - | 993,264 | |||
| Unrestricted Funds £ 86 32,182 314 6,600 500 50,015 29,459 149 119,305 |
Restricted Funds £ - - - - - - - - |
Total Funds 2022 £ 83 21,202 994 11,225 372 26,280 29,459 426 90,041 |
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AGE CYMRU GWYNEDD A MON
5 Charitable Activities
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
| Charitable Activities Unrestricted Funds £ Salaries 272,946 Travel Expenses 3,330 Meals on Wheels Salaries 51,968 Meals on Wheels Costs 37,211 Homecare Salaries 370,940 Shopping Scheme Salaries 15,248 Homecare & Shopping Scheme Travel 35,012 Other Costs 1,177 Volunteer Costs - Activities 42,795 Day Clubs - Cleaning 1,011 Equipment & Renewals 3,033 Equipment Hire 8,334 Vehicle Running Costs 10,345 Telephone Charges 8,692 Office Costs 9,775 Advertising & Promotions 2,913 Insurance 12,556 Rent 12,907 Water Rates 1,278 Heat & Light 14,978 Repairs to Property 726 Courses & Training 1,224 Licences 998 Publications & Subscriptions 1,803 Software Licences 9,433 Auditors Remuneration 4,800 Professional Fees 14,029 Bank Charges 3,890 Mortgage Interest - Other Finance Costs 83 Sundry Expenses 4,933 Depreciation 15,514 Loss/(Profit) on Sale of Fixed Asset 790 974,672 |
Restricted Funds £ - - - - - - - - - - 5,532 - - - - - - - - 1,475 - - - - - - - - 1,260 - - - - - - 8,267 |
Total Funds 2023 £ 272,946 3,330 51,968 37,211 370,940 15,248 35,012 1,177 - 42,795 5,532 1,011 3,033 8,334 10,345 8,692 9,775 2,913 12,556 14,382 1,278 14,978 726 1,224 998 1,803 9,433 4,800 15,289 3,890 - 83 4,933 15,514 790 982,939 |
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 |
|---|---|---|---|
11
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
| 6 Raising Funds Unrestricted Funds £ Trading Subsidiary Salaries 28,115 Trading Subsidiary Direct Costs 944 Trading Subsidiary Overheads 27,600 Café Wages & Travel 20,506 Café Costs 2,942 80,107 7 Staff Costs Wages and Salaries Social Security Costs |
Restricted Funds £ - - - - - - 2023 £ 724,806 43,092 767,898 |
Total Funds 2023 £ 28,115 944 27,600 20,506 2,942 80,107 |
2022 £ 629,911 37,762 667,673 |
Total Funds 2022 £ 21,252 1,512 24,253 22,141 1,262 |
|
|---|---|---|---|---|---|
| 70,420 | |||||
The average number of employees was 51 (2022 46)
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 2023 At 31st March 2022 9 Debtors Trade Debtors Grants & Legacies Due Other Debtors Prepayments |
£ 166,825 - - 166,825 10,855 2,171 - 13,026 153,799 155,970 Freehold Property |
£ 11,114 19,738 - 30,852 4,444 3,085 - 7,529 23,323 6,670 Improvements to Property |
£ 57,210 3,588 - 60,798 43,153 3,528 - 46,681 14,117 14,057 2023 £ 77,398 19,583 - 6,885 103,866 Plant & Machinery |
£ 72,650 2,636 (3,074) Fixtures & Fittings |
£ 72,778 - - 72,778 63,231 2,387 - 65,618 7,160 9,547 2022 £ 35,601 35,262 3,035 11,793 85,691 Motor Vehicles |
£ 380,577 25,962 (3,074) Total |
||
|---|---|---|---|---|---|---|---|---|
| 72,212 52,140 4,472 (2,285) |
403,465 | |||||||
| 173,823 15,643 (2,285) |
||||||||
| 54,327 17,885 20,510 |
187,181 | |||||||
| 216,284 | ||||||||
| 206,754 | ||||||||
12
AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
| 10 Liabilities:Amounts falling due within one year Accruals Other Creditors Grants in Advance Other Loans |
2023 £ 80,105 18,242 41,167 19,163 158,677 |
2022 £ 51,673 18,001 10,000 19,350 |
||
|---|---|---|---|---|
| 99,024 |
11 Share Capital
Age Cymru Gwynedd a Mon is a company limited by guarantee and does not have any share capital.
12 Analysis Of Net Assets Between Funds
| Unrestricted Funds £ Tangible fixed assets 216,284 Investments - Stock 1,000 Cash at bank and in hand 744,158 Debtors 103,866 Current liabilities (158,677) Long Term liabilities (2,820) 903,811 |
Restricted Funds £ - 216,703 - 48,696 - - - 265,399 |
Total 2023 £ 216,284 216,703 1,000 792,854 103,866 (158,677) (2,820) 1,169,210 |
Total 2022 £ 206,754 228,704 250 866,658 85,691 (99,024) (4,424) |
|---|---|---|---|
| 1,284,609 |
13 Trustee Remuneration And Expenses
During the year no travel expenses were paid trustees. (2022 £102 to 1 trustees)
14 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 2023
15 Restricted Funds
| Restricted Funds | |||||
|---|---|---|---|---|---|
| Cronfa John Trevor Roberts | At Beginning Of Period £ 279,205 279,205 |
Income Expenditure In Period In Period (Inc Depreciation) £ £ 7,626 8,267 7,626 8,267 |
Transfer between funds £ (1,000) (1,000) |
Investment Gains £ (12,165) (12,165) |
Balance At 31/03/2023 £ 265,399 |
| 265,399 |
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 2022 Transfers In/(out) of fund Net (decrease)/Increase in value Value of shares at 31st March 2023 |
£ 228,704 164 (12,165) |
| 216,703 |
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AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
16 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 2023 | 31st March 2022 | 31st March 2021 |
|---|---|---|---|
| £ | £ | £ | |
| Present value of provision | 2,820 | 4,424 | 18,843 |
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AGE CYMRU GWYNEDD A MON
Notes To The Consolidated Accounts For The Year Ended 31st March 2023
Reconciliation Of Opening And Closing Provisions
| Period Ending 31st March 2023 £ Provision at start of period 4,424 Unwinding of the discount factor (interest expense) 83 Deficit contribution paid (1,612) Remeasurements - impact of any change in assumptions ( 75) Remeasurements - amendments to the contribution schedule 0 Provision at end of period 2,820 Income And Expenditure Impact Period Ending 31st March 2023 £ Interest expense 83 Remeasurement - impact of any changes in assumptions (75) Remeasurements - amendments to the contribution schedule - Contributions paid in respect of future service - Costs recognised in income and expenditure account - Assumptions 31st March 2023 31st March 2022 % per annum % per annum Rate of discount 5.52 2.35 |
Period Ending 31st March 2022 £ 18,843 109 (4,768) ( 102) (9,658) 4,424 Period Ending 31st March 2022 £ 109 (102) 9,658 - - - 31st March 2021 % per annum 0.66 |
|---|---|
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 2023 | 31st March 2022 | ||
| £ | £ | ||
| Year | 1 | 1,612 | 1,612 |
| Year | 2 | 1,343 | 1,612 |
| Year | 3 | - | 1,343 |
| Year | 4 | - | - |
| Year | 5 | - | - |
| Year | 6 | - | - |
| Year | 7 | - | - |
| Year | 8 | - | - |
| Year | 9 | - | - |
| Year | 10 | - | - |