**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
2
**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;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trustee' remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purpose of our audit.
- 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**
5
**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|
10
**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|
14
**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|
15
**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|-|-|