## Age Cymru Dyfed
Charity number 1155813
Annual Report and Financial Statements
for the year ended 31 March 2023
## Age Cymru Dyfed
Annual Report and Financial Statements for the year ended 31 March 2023
|**Contents**|**Page**|
|---|---|
|Trustees' report|2 to 7|
|Statement of Trustees' Responsibilities|8|
|Auditor's report|9 to 11|
|Statement of financial activities|12|
|Balance sheet|13|
|Cash Flow statement|14|
|Notes to the accounts|15 to 26|
1
## Age Cymru Dyfed
## Trustees' report for the year ended 31 March 2023
## **Reference and administrative details of the charity, its trustees and advisors**
The trustees during the financial year and up to and including the date the report was approved were: **Name Position Dates**
**Position Dates** Harvey Jones Chair to April 2023 Peter Hamilton Chair from April 2023 Kate Curran Treasurer Jack Lambert Peter Loughran Caroline Streek Vanessa Tyrwhitt-Walker Allan Williams Mark Williams Anthony Mattick David Harries Lois Reed Karl Wilcox
Appointed October 2022 Appointed January 2023 Resigned January 2023 Resigned April 2022 Resigned January 2023
## **Chief Executive Officer**
Simon Wright
**Charity number** 1155813 **Registered and principal address Bankers** 27 Pier Street CAF Bank Aberystwyth 25 Kings Hill Avenue Ceredigion Kings Hill SY23 2LN West Malling Kent ME19 4JQ
Registered in England and Wales
## **Auditor**
Morgan Griffiths LLP Chartered Accountants Cross Chambers Newtown Powys SY16 2NY
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation (CIO) registered on 17 February 2014 as Age Cymru Ceredigion and is governed by a CIO Association constitution. The constitution was amended in January 2020, and in April 2020 it changed its name to Age Cymru Dyfed, from which date the amended constitution became effective. The charity's activities are now undertaken throughout the counties of Carmarthenshire, Ceredigion and Pembrokeshire. At 1 April 2020, the activities, assets and liabilities of Age Cymru Sir Gar (former charity no.1106321) were transferred to Age Cymru Dyfed.
## **Method of recruitment and appointment of trustees**
The trustees of the charity are appointed for three year terms by the trustee board,
2
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## **Objectives and activities**
## **The charity's objects**
The objects of the CIO are:
To promote the health and well-being, primarily of older people, in any manner which now is or hereafter shall be deemed by law to be charitable in and around west Wales (the counties of Carmarthenshire, Ceredigion and Pembrokeshire).
## **The charity's main activities**
The charity provides projects and services for older people, their families and carers.
## **Public benefit statement**
In setting its objectives and planning its activities, the board of trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular ensure that the activities undertaken are in line with the prevailing charitable objects and aims under which the charity was established.
## **Achievements and performance**
The last year saw the organisation continue to grow and immeasurable amounts of work have been undertaken to tender successfully for long term contracts.
The year also saw the reapplication for many of our quality standards which is essential but time consuming; these include our Charity Quality Standard (CQS), Quality and Advice Standard and Advocacy Standards.
Recruitment has been an ongoing task and during the year many new position have been filled.
The principal activities during the year included:
## Information and Advice services (I&A)
The Ceredigion Housing Support Grant funded dementia pilot continued successfully, with a further 50% uplift in funding for its continuation in 2023/24, to focus on elevating the support element provided to people living with dementia. The team have has numerous complimentary feedback letters from clients. The planned retender for long term funding did not happen as expected in November 2022 but is now scheduled for November 2023.
The reapplication to Enhancing Pembrokeshire was successful with the new funding to commence April 2023. The programme will change in the forthcoming iteration to focus on community-based support and outreach activities. The grant funding for Pembrokeshire I & A continued on the same basis and meetings have been held with the commissioners to make the case for extended funding. The Carmarthenshire County Council tender was completed in December with ACD being successful for all 5 geographical areas in the county as the supplier for older adults’ services. The Eon programme also contributed to the support of benefit entitlement and home energy efficiency checks across the three counties.
Services continue to be delivered in Ceredigion funded from Reserves, however a successful bid to Age UK Cost of Living fund has seen a reduction in the funds sought to support the service. We continue to tender and raise awareness of need in the county with the objective of securing funds for the service.
3
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## **Achievements and performance (continued)**
## Befriending Life Links
The three-year funding agreement was extended by the Welsh Government, and this service will now run until 2025 to provide befriending support with the aim of enabling people to re-engage with their community and build personal resilience post pandemic. The people supported have seen a reduction in feelings of loneliness and isolation, and the service continues to offer support throughout the three counties with new groups established during the year.
## Veterans’ services
The service successfully tendered for extra funds and now consists of a team of three people. Two welfare officers are out in the field across the Dyfed communities directly supporting veterans in their own homes.
## Digital services
The Digital Support Service has continued to deliver support across the three counties with the successful attainment of a three year project funded by Santander. There are now three advisers directly supporting older people with online banking and shopping. An Age UK funded service runs until November 23 offering generalised support. Many virtual reality demonstrations have significantly drawn awareness to what ACD offer and this area is sure to grow in the future.
## Mental health service provision
This project continued to support older people and the referrals from Health Board colleagues continue to grow. In January 23 ACD successfully tendered for a 4 year contract to be delivered from July 2023. It continues to make a significant difference to lives with over 90% of clients showing a reduction in loneliness and isolation.
4
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## **Achievements and performance (continued)**
## Byw Adref
The service continues to deliver support in the clients home primarily within Ceredigion. A working party has reviewed the performance of the service and a recommended uplift in the hourly charge has been implemented in order to ensure financial viability. The service is continually reviewed to ensure that it is working effectively and is cost effective to the organisation.
The strategic aim of the service is to expand delivery, extending the footprint outside Ceredigion into Pembrokeshire and Carmarthenshire in the forthcoming year. Limiting factors to expansion remain the recruitment and retention of suitable home support workers to fulfil the requirements of potential service users.
## Advocacy
From April 2022, we joined with four other organisations to deliver the three county Independent Professional Advocacy service through 3CIPA. Our part-time advocate continues with the support of her manager to raise awareness to boost referrals. The service on the whole is facing a challenge with an influx of child protection cases but all partners appear to be working together to address this.
## **Financial review**
The overall net deficit for the year was £73,876, including a net deficit of £116,902 on unrestricted funds and a net surplus of £43,026 on restricted funds, after transfers. Although gross income rose by 15% in the year, expenditure increased by 24%, following a necessary restructuring of the salaried staffing establishment and consequential changes to supervisory and managerial responsibilities. More senior management time is now spent on raising additional funds, through which a greater proportion of administrative and overhead costs will be recovered in the future, commensurate with the continued growth of the organisation.
At 31 March 2023, total reserves were £817,480, of which £127,229 represented balances on restricted funds (31 March 2022: £891,356 total, with £84,203 restricted).
The Finance & Scrutiny Committee deals with the detail of proposals which have a significant financial impact on the charity.
## _Reserves policy_
The charity's free reserves, excluding fixed assets, at the year end were £664,268.
During the year, trustees re-evaluated the purposes for which unrestricted funds were being held, and agreed a forward-looking review of designated reserves. At 31 March 2023, funds were held in five distinct elements, and trustees will continue to review these on a regular basis:
(a) to mitigate the risks of unplanned closure or a substantial reduction in activities arising from an unforeseen loss of income, and these include statutory redundancy obligations, binding lease commitments and dilapidations provision. These costs were updated as a result of staffing and leasing changes.
(b) to enable service development opportunities identified within the strategic business plan to be funded, with the aims of diversifying the number of income streams and funders, enhancing services in the community, and spreading the organisation’s risks across more projects.
5
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## _Reserves policy(continued)_
(c) to support the charity's marketing strategy by funding a marketing manager and associated costs.
(d) to fund a core information and advice service in Ceredigion, which is the one area of Dyfed without a local authority-funded I&A presence, which trustees consider to be a crucial component of the charity's activities. Further discussions are planned with the local authority in this regard.
(e) to ensure that there continues to be sufficient funding to retain the charity's veteran's coordinator, supplementing partial finding from other grant sources.
Trustees decided to hold an amount of ‘working capital’ to smooth out the way by which we receive grant funding, much of which is quarterly in arrears, and that this should be in the range of between three and six months’ operating expenditure, which would give a base figure of between around £349K and £698k based on budgeted expenditure, At 31 March 2023, the value of free reserves which were not otherwise designated was £413,498, which is in excess of 3.9 months' operating costs. Trustees will continue to consider designating further sums from free reserves to enable the short-term funding of services whilst alternative grant or contract funding is being sought, with the proviso that free reserves should not fall below three months' operating expenditure.
## _Investment policy_
As a substantially larger amount of the charity's assets was being held in the main bank current account, trustees recognised this as a growing risk, given the limit of £85K per financial institution under the Financial Services Compensation Scheme. They agreed to diversify bank holdings to mitigate this risk, whilst also generating some additional investment income for the charity. This was successfully effected in June 2021 through the CAF Bank investment platform managed by Flagstone Investment Management Ltd. At a cost of 0.25% of invested funds, this continues to generate additional net income whilst spreading the risk across a number of institutions.
6
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## **Future Plans**
Age Cymru Dyfed continues to seek additional funding to improve services in line with its strategic business plan. The strategic objectives of the charity are:
- (i) to reduce isolation and loneliness
- (ii) to improve health and mobility, and reduce the impacts of frailty.
(iii) to improve the financial positions of service users
- (iv) to promote access, choice and independence
We will seek to achieve these objectives through a sustainable funding strategy and by continuing to transform our ways of working.
The successful achievement of long term funding for the Connecting Carmarthenshire programme and the three counties for Mental Health Services and Financial Digital allows the charity to retain staff and offer more job security. This in turn makes the recruitment of suitably qualified employees far easier.
ACD will continue to seek long term contracts building on its reputation with the health board and county councils to improve the long-term future and stability of the organisation and its workforce.
7
## Age Cymru Dyfed
## Trustees' report (continued) for the year ended 31 March 2023
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed.. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the board of trustees on 26 October 2023
Name:Peter Hamilton (Trustee)
8
## Age Cymru Dyfed
## Report of the Independent Auditors to the Trustees of Age Cymru Dyfed
## **Opinion**
We have audited the financial statements of Age Cymru Dyfed (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 31 March 2023 and of its incoming resources
- and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' 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 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 a basis for 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 charity'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 trustees 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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.
9
## Age Cymru Dyfed
## Report of the Independent Auditors to the Trustees of Age Cymru Dyfed
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial
- statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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. Misstatements 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-we identified the laws and regulations applicable to the charity through discussions with management, and from our knowledge and experience of the charity sector;
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including relevant legislation such as the Charities Act 2011, taxation legislation, employment, environmental and health and safety legislation;
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
10
## Age Cymru Dyfed
## Report of the Independent Auditors to the Trustees of Age Cymru Dyfed
## **Our responsibilities for the audit of the financial statements (continued)**
To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-reviewed nominal ledgers and tested journal entries reports to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance; -reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Morgan Griffiths LLP Chartered Accountants Statutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY
Date 26 October 2023
11
## Age Cymru Dyfed
## Statement of Financial Activities
## (including summary income and expenditure account) for the year ended 31 March 2023
|Notes
2023
Unrestricted
funds
£
**Income from:**
Donations and legacies
46,877
Income from charitable activities
316,992
Income from other trading activities
7,657
Other income
1,394
Investment income
6,470
**Total income**
(2)
379,390
**Expenditure on:**
Advice, information & ancillary services
(5)
473,609
Raising funds
(6)
7,574
**Total expenditure**
481,183
Net gains/(losses) on investments
(864)
**Net income / (expenditure)**
(102,657)
**Transfers between funds**
(14,245)
**Net movement in funds**
(116,902)
**Fund balances brought forward**
807,153
**Fund balances carried forward**
(4)
690,251|2023
Restricted
funds
£
-
817,685
-
-
-
817,685
788,904
-
788,904
-
28,781
14,245
43,026
84,203
127,229|2023
Total
funds
£
46,877
1,134,677
7,657
1,394
6,470
1,197,075
1,262,513
7,574
1,270,087
(864)
(73,876)
-
(73,876)
891,356
817,480|2022
Total
funds
£
18,165
1,011,173
6,899
152
1,689
1,038,078
1,022,939
-
1,022,939
2,015
17,154
-
17,154
874,202
891,356|
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
12
## Age Cymru Dyfed
## Balance sheet
|as at 31 March 2023
2023
Unrestricted
£
**Fixed assets**
Tangible assets
(7)
25,983
Investments
(8)
-
**Total fixed assets**
25,983
**Current assets**
Debtors and prepayments
(9)
206,458
Current asset investments
(10)
340,000
Cash at bank and in hand
(11)
190,250
**Total current assets**
736,708
**Current liabilities:**
**amounts falling due within one year**
Creditors and accruals
(12)
72,440
**Total current liabilities**
72,440
**Net current assets / (liabilities)**
664,268
**Net assets**
690,251
**Funds**
Unrestricted funds
General unrestricted funds
439,481
Designated funds
(14)
250,770
Unrestricted funds
690,251
Restricted funds
-
**Total funds**
690,251|2023
Restricted
£
-
-
-
79,371
-
82,667
162,038
34,809
34,809
127,229
127,229
-
-
-
127,229
127,229|2023
Total
£
25,983
-
25,983
285,829
340,000
272,917
898,746
107,249
107,249
791,497
817,480
439,481
250,770
690,251
127,229
817,480|2022
Total
£
20,997
9,241
30,238
183,886
425,000
305,352
914,238
53,120
53,120
861,118
891,356
564,353
242,800
807,153
84,203
891,356|
|---|---|---|---|
The financial statements were approved by the board of trustees on:
Date: 26 October 2023
Name: Peter Hamilton (Trustee)
13
## Age Cymru Dyfed
## Statement of cash flows
## for the year ended 31 March 2023
|**Cash flows from operating activities:**
**Net cash provided by (used in) operating activities**
**Cash flows from investing activities:**
Dividends and interest
Purchase of tangible fixed assets
Sale of investmemts
**Net cash provided by (used in) investing activities**
**Cash flows from financing activities:**
Repayments on borrowing
Cash inflows from new borrowing
**Net cash provided by (used in) financing activities**
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
**Cash and cash equivalents at the end of the reporting period**
Adjustments for:
Depreciation charges
Profit on disposal of investments
Dividends and interest
Revaluation of investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
**Net cash provided by (used in) operating activities**
**Analysis of cash and cash equivalents**
**Total cash and cash equivalents**
**Reconciliation of net movement in funds to net cash flow from**
Net movement in funds for the reporting period (as per
the statement of financial activities)
Cash at bank and in hand|2023
£
(120,464)
(120,464)
6,422
(11,818)
8425
3,029
-
-
-
(117,435)
730,352
612,917
2023
£
(73,876)
6,832
(48)
(6,422)
864
(101,943)
54,129
(120,464)
2023
£
612,917
612,917|2022
£
13,632
-
(13,632)
1,689
(9,563)
(7,874)
-
-
-
(21,506)
751,858
730,352
2022
£
17,154
4,825
-
(1,689)
(2,015)
28,616
(60,523)
(13,632)
2022
£
730,352
730,352|
|---|---|---|
14
## Age Cymru Dyfed
## Notes to the accounts
## for the year ended 31 March 2023
## **1 Accounting policies**
## **Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.
## **Going concern**
The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, if it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
## **Grants and donations**
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.
Donated goods for resale are valued at the amount actually realised upon their sale.
Donated assets, facilities or services are valued at their estimated value to the charity. This is the price that the charity estimates it would pay in the open market for equivalent items; or services and facilities of equivalent utility to the charity.
## **Fixed Asset Investments**
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
## **Expenditure and liabilities**
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
## **Taxation**
As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
15
## Age Cymru Dyfed
## Notes to the accounts
## for the year ended 31 March 2023
## **1 Accounting policies continued**
## **Tangible fixed assets**
Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:
Equipment, fixtures and fittings: over 5 years
Improvements to short leasehold premises: in accordance with the lease terms.
## **Pensions**
The charity operates a defined contribution scheme and makes contributions to such schemes for the benefit of its eligible employees. The costs of contributions are recognised in the Statement of Financial Activities in the year they are payable.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
## **Leases**
Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.
16
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**2 **|**Income**||2023|2023|2023|2022|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
||||funds|funds|funds|funds|
||||£|£|£|£|
||_Donations and Legacies_||||||
||Donations||8,226|-|8,226|8,165|
||Legacies||28,651|-|28,651|-|
||Grants - general funds||10,000|-|10,000|10,000|
||_Income from charitable activities_||||||
||Grants:|Advocacy West Wales -3 CIPA|-|23,316|23,316|-|
|||Age Cymru - Strategic Volunteering|-|1,006|1,006|1,006|
|||Age UK - Cost of living response|-|10,000|10,000|-|
|||Age UK - Dementia MCST project|-|12,573|12,573|20,281|
|||Age UK - Digital Champions|-|40,000|40,000|-|
|||Armed Forces Covenant Trust|-|13,905|13,905|623|
|||Carms CC - I&A|-|61,196|61,196|58,282|
|||Carms. CC - Additional digital|-|5,000|5,000|-|
|||Carms. CC - Ageing Well|-|500|500|-|
|||Carms. CC - mobilisation grant|-|15,000|15,000|-|
|||CAVO - Project Digital Ceredigion|-|5,000|5,000|15,000|
|||CAVO - Warm Welcome grant|-|1,025|1,025|-|
|||Ceredigion CC - dementia pilot|-|92,147|92,147|61,200|
|||Hywel Davies Residuary Trust|5,000|46,463|51,463|-|
|||Hywel Dda UHB - Mental Health|-|118,561|118,561|63,421|
|||PAVS - Keep Warm Keep Well|-|23,115|23,115|-|
|||Pembs. CC - I&A|-|31,795|31,795|31,795|
|||Pembs. CC - Older Persons HSG|-|23,000|23,000|-|
|||Pembs. Living Well|-|2,500|2,500|-|
|||Pembs. Warm Welcome|-|1,290|1,290|-|
|||Santander - Cost of living|15,000|-|15,000|-|
|||Santander - digital development|-|58,241|58,241|-|
|||Veterans Foundation|-|19,999|19,999|-|
|||Vodafone|-|750|750|-|
|||Welsh Government- Befriending|-|211,303|211,303|197,261|
|||Advicelink - Citizens Advice|-|-|-|5,000|
|||Age Cymru - Winter Pressures|-|-|-|8,625|
|||Age Friendly Communities Digital|-|-|-|1,500|
|||Cardigan Town Council|-|-|-|2,000|
|||Caring Communities Innovation|-|-|-|1,937|
|||Carms CC - Carers Admin. Grant|-|-|-|5,400|
|||Carms CC Improvement & Wellbeing|-|-|-|25,000|
|||Carms CC - Digital Skills|-|-|-|3,000|
|||Carms CC - Independent Advocacy|-|-|-|3,252|
|||CAVS - promotional support|-|-|-|2,000|
|||CAVS - Winter Pressures|-|-|-|2,000|
|||Ceredigion Independent Advocacy|-|-|-|26,800|
|||CUSP|-|-|-|1,000|
|||_c/f_|_66,877_|_817,685_|_884,562_|_554,548_|
17
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**2 Income (continued)**
_b/f_
Digital Inclusion
Good Things Foundation
Henry Smith Charity
Integrated Care Fund
Pembs CC - Enhancing Pembs.
Santander - Think Digital
Screwfix Foundation
Wales Co-operative Centre
WCVA - Volunteering Wales
West Wales Veterans Archive
Byw Adref cleaning services
Social footcare services
Gardening services
Hosting fees
Tregaron lunch club
Age UK - benefits & energy checks
_Income from other trading activities_
_Other income_
_Investment income_
**3 Staff costs and numbers**
Gross salaries
Social security costs
Employment allowance
Pensions|2023
Unrestricted
funds
£
_66,877_
-
-
-
-
-
-
-
-
-
-
247,900
2,964
110
7,400
-
38,618
7,657
1,394
6,470
379,390|2023
Restricted
funds
£
_817,685_
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
817,685|2023
Total
funds
£
_884,562_
-
-
-
-
-
-
-
-
-
-
247,900
2,964
110
7,400
-
38,618
7,657
1,394
6,470
1,197,075
2023
£
858,228
54,951
(5,000)
19,954
928,133|2022
Total
funds
£
_554,548_
30,000
3,000
35,000
57,744
23,112
9,638
4,300
1,595
20,000
35,000
208,373
-
-
7,400
314
39,314
6,899
152
1,689
1,038,078
2022
£
695,676
43,048
(4,000)
18,874
753,598|
|---|---|---|---|---|
The average number of employees during the year was 69: management and administration 5; project staff 32; home support workers 32 (2021: 62: management and administration 4; project staff 24; home support workers 34).
There was one employee with emoluments over £60,000, in the banding between £60,000 and £70,000 (2022: none).
The key management personnel of the charity include the trustees, Chief Officer and the Head of Business Development & Contracted Services and Head of Operations (Trustees and Chief Officer only in the previous year). The total employee benefits of the key management personnel were £129,478 (previous year: £59,960).
|**Defined contribution pension scheme**|2023|2022|
|---|---|---|
||£|£|
|Costs of the scheme to the charity for the year|19,954|18,874|
|Amount of any contributions outstanding at the year end|2,690|2,226|
18
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**4 Restricted funds**
Balance b/f
£
Advocacy West Wales -3 CIPA
-
Age Cymru - Strategic Volunteering
1,006
Age Friendly Communities Digital
1,500
Age UK - Cost of living response
-
Age UK - Dementia MCST project
110
Age UK - Digital Champions
-
Armed Forces Covenant Trust
-
Carers' Grant Admin project
1,947
Carers Home Improvement
and Wellbeing
14,512
Carms CC - I&A
2,839
Carms. CC - Additional digital
-
Carms. CC - Ageing Well
-
Carms. CC - mobilisation grant
-
CAVO - Project Digital Ceredigion
14,663
CAVO - Warm Welcome grant
-
Ceredigion CC - dementia pilot
-
Ceredigion IPA
5,980
Digital Inclusion
10,209
Digital Skills direct payments
2,272
Hywel Davies Residuary Trust
-
Hywel Dda UHB - Mental Health
13,795
PAVS - Keep Warm Keep Well
-
Pembs. CC - I&A
-
Pembs. CC - Older Persons HSG
-
Pembs. Living Well
-
Pembs. Warm Welcome
-
Santander - digital development
-
Screwfix Foundation
1,101
Veterans Foundation
-
Vodafone
-
Wales Co-operative Centre
1,595
Welsh Government- Befriending
-
West Wales Veterans Archive
12,674
84,203|Incoming
£
23,316
1,006
-
10,000
12,573
40,000
13,905
-
-
61,196
5,000
500
15,000
5,000
1,025
92,147
-
-
-
46,463
118,561
23,115
31,795
23,000
2,500
1,290
58,241
-
19,999
750
-
211,303
-
817,685|Outgoing
£
23,330
2,012
1,500
7,948
9,464
40,006
6,859
1,947
14,512
67,869
-
500
700
19,067
1,025
92,151
5,980
21,107
2,272
15,663
143,699
7,647
39,476
10,741
2,162
1,290
7,436
553
15,261
750
1,595
210,810
13,572
788,904|Transfers
£
14
-
-
-
-
6
(1,426)
-
-
3,834
-
-
-
(596)
-
4
-
10,898
-
(701)
(2,079)
(677)
7,681
(1,354)
(338)
-
(1,426)
-
-
-
-
(493)
898
14,245|Balance c/f
£
-
-
-
2,052
3,219
-
5,620
-
-
-
5,000
-
14,300
-
-
-
-
-
-
30,099
(13,422)
14,791
-
10,905
-
-
49,379
548
4,738
-
-
-
-
127,229|
|---|---|---|---|---|
19
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**4 Restricted funds**
Balance b/f
**_- comparative movement_**
£
Age Friendly Comm. digital
-
Armed Forces - booklets
-
Armed Forces Loneliness
& Isolation
1,938
Befriending Life Links
(76)
Cardigan Town Council
-
Carers' grant admin. Project
-
Carers Home Improvement
and Wellbeing
-
Carers' Support innovation fund
7,497
Caring Communities- innovation
-
Carmarthenshire I&A
10,795
Carmarthenshire Adult IPA
1,151
CAVS - promotional support
-
CAVS - Winter Pressures
-
Ceredigion Dementia Pilot
230
Ceredigion IPA
2,333
Citizens Advice Ceredigion
-
CUSP
-
Digital Inclusion
9,915
Digital Skills direct payments
-
Enhancing Pembrokeshire
-
Henry Smith Charity
-
HOPE regional support
1,671
Integrated Care Fund
-
Lady Grace James
1,000
memorial fund
MCST
-
Nobody in the Dark
-
Pembrokeshire I&A
-
Project Digital Ceredigion
-
Santander - Think Digital
5,196
Screwfix Foundation
-
Social Care winter pressures
-
Strategic Volunteering Grant
-
Third Sector mental health
27,181
Veterans' Foundation
11,371
Veterans should never
7,670
be forgotten
Volunteering Wales
-
Wales Co-operative Centre
-
West Wales Veterans Archive
12,812
100,684|Incoming
£
1,500
623
-
197,261
2,000
5,400
25,000
-
1,937
58,282
3,252
2,000
2,000
61,200
26,800
5,000
1,000
30,000
3,000
23,112
35,000
-
57,744
-
20,281
3,000
31,795
15,000
9,638
4,300
8,625
1,006
63,421
-
-
20,000
1,595
35,000
755,772|Outgoing
£
-
623
1,938
191,895
2,000
3,453
10,488
7,782
1,937
65,399
4,403
2,000
2,000
61,541
23,153
5,000
1,000
38,880
728
23,377
35,000
1,671
58,232
1,000
20,171
633
42,311
337
8,027
2,416
8,625
-
76,807
11,391
7,670
20,074
-
35,138
777,100|Transfers
Balance c/f
£
£
-
1,500
-
-
-
-
-
(5,290)
-
-
-
-
1,947
-
14,512
285
-
-
-
(839)
2,839
-
-
-
-
-
-
111
-
-
5,980
-
-
-
-
9,174
10,209
-
2,272
265
-
-
-
-
-
488
-
-
-
110
(2,367)
-
10,516
-
-
14,663
(6,807)
-
(783)
1,101
-
-
-
1,006
-
13,795
20
-
-
-
74
-
-
1,595
-
12,674
4,847
84,203|
|---|---|---|---|
20
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
## **4 Fund name**
Advocacy West Wales -3 CIPA Age Cymru - Strategic Volunteering Age Friendly Communities Digital Age UK - Cost of living response Age UK - Dementia MCST project
Age UK - Digital Champions Armed Forces Covenant Trust Carers' Grant Admin project Carers Home Improvement and Wellbeing Carms CC - I&A
Carms. CC - Additional digital Carms. CC - Ageing Well Carms. CC - mobilisation grant
CAVO - Project Digital Ceredigion CAVO - Warm Welcome grant Ceredigion CC - dementia pilot Ceredigion IPA Digital Inclusion
Digital Skills direct payments
Hywel Davies Residuary Trust Hywel Dda UHB - Mental Health
PAVS - Keep Warm Keep Well
Pembs. CC - I&A
Pembs. CC - Older Persons HSG Pembs. Living Well Pembs. Warm Welcome Santander - digital development Screwfix Foundation
Veterans Foundation
Vodafone
Wales Co-operative Centre Welsh Government- Befriending West Wales Veterans Archive
## **Purpose of restriction**
to provide independent professional advocacy in Ceredigion to participate in developing and implementing new ways of working to support digital group and individual work to provide information and advice around cost of living issues
to support people with mild to moderate dementia, as well as their families and carers, on an ongoing basis through cognitive stimulation therapy. to upskill people using volunteer-led digital tuition to provide welfare support to older veterans
vouchers for Dementia Carers from Carmarthenshire County Council. vouchers from the Carers' Trust grant from Carmarthenshire County Council.
to provide a high quality information and advice service to promote the welfare of older people in Carmarthenshire.
to support unused delta tablets, loaning them and providing tuition to support recycling of devices for older people
to support the set up costs and time for launching the Connecting Carmarthenshire programme
to implement a network for digital inclusion in Ceredigion to provide warm spaces in Ceredigion specialist support, especially in early diagnosis. to provide independent professional advocacy in Ceredigion digital project in Carmarthenshire to develop new day opportunities for older people
to promote digital inclusion and progress of digital skills for people whose care and support needs are met with a Direct Payment. to provide mental health support in and around Milford Haven support services to address low level mental health and wellbeing issues for older adults and their carers
to provide information around the cost of living and fuel crisis in Pembrokeshire
to provide a comprehensive information and advice service for older people in Pembrokeshire. Transfers are from unrestricted funds. to support older people with housing issues additional information and advice resource
to provide a warm room in the Pembrokeshire office
to provide tuition specifically around online banking and shopping to improve and develop the Haverfordwest office. Transfers relate to equipment purchased which has been capitalised.
to provide practical services to older veterans in need by delivering a range of support services. Transfers are from unrestricted funds. tablet loan scheme
to purchase digital equipment under the hardship fund one to one support for lonely and isolated older people to collect and record the stories of older veterans for future generations
21
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
## **5 Costs of Charitable activities and services**
|2023
Unrestricted
funds
£
Wages costs, incl. NIC & Pension
341,849
Staff travel and training
12,618
Other staff costs
3,147
Volunteer expenses
433
Project equipment, materials and
other costs
3,081
Rent and water
16,993
Heat and light
3,497
Insurance
4,010
Telephone
10,358
Printing, postage and stationery
3,127
Computer and software costs
11,594
PR and advertising
2,310
Other office costs
3,371
Repairs, maintenance and
leasing costs
13,267
Audit
1,810
Accountancy and Finance support
13,093
Marketing support
-
Professional fees
20,880
Bank charges
2,589
Investment management fees
877
Trustee expenses
139
Bad debts
139
Sundry expenditure
305
Depreciation
4,122
**Total expenditure**
473,609
**6 Costs of Raising Funds**
2023
Unrestricted
funds
£
Wages costs, incl. NIC & Pension
7,574
**Total expenditure**
7,574|2023
Restricted
funds
£
578,710
17,045
2,069
2,621
72,090
17,266
3,264
2,635
8,413
4,527
5,131
9,440
7,734
8,935
1,190
8,606
5,843
29,606
176
577
91
-
225
2,710
788,904
2023
Restricted
funds
£
-
-|2023
Total
funds
£
920,559
29,663
5,216
3,054
75,171
34,259
6,761
6,645
18,771
7,654
16,725
11,750
11,105
22,202
3,000
21,699
5,843
50,486
2,765
1,454
230
139
530
6,832
1,262,513
2023
Total
funds
£
7,574
7,574|2022
Total
funds
£
753,598
12,413
2,511
1,119
50,455
35,420
8,836
6,127
23,276
7,035
13,119
10,961
5,623
18,474
3,120
17,316
-
43,198
2,135
814
-
2,300
264
4,825
1,022,939
2022
Total
funds
£
-
-|
|---|---|---|---|
22
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**7 **
**8 **
**9 **
**10 **
**11 **|**Tangible assets**
**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022
**Fixed assets investments**
Balance b/f
(Disposals)
Gain / (loss) on revaluation
Total
**Debtors and prepayments**
Debtors
Prepayments
Accrued income
Other debtors
**Current asset investments**
Cash equivalents on deposit
**Cash at bank and in hand**
Cash at bank
Cash in hand|2023
Listed
investments
£
9,241
(9,241)
-
-|£
44,658
11,818
56,476
23,661
6,832
30,493
25,983
20,997
2023
Total
£
9,241
(9,241)
-
-
2023
£
118,634
17,935
100,705
48,555
285,829
2023
£
340,000
340,000
2023
£
272,850
67
272,917
Equipment|Total
£
44,658
11,818
56,476
23,661
6,832
30,493
25,983
20,997
2022
Total
£
7,226
-
2,015
9,241
2022
£
49,619
14,670
102,104
17,493
183,886
2022
£
425,000
425,000
2022
£
305,210
142
305,352|
|---|---|---|---|---|
23
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
|**12 Creditors and accruals**
Creditors
Accruals
Deferred income (see note below for analysis)
Taxation and social security
Other creditors
**13 Deferred income**
Grant - Hywel Dda UHB
Grant - Hywel Davies Residuary Trust|2023
£
21,191
30,006
39,639
13,723
2,690
107,249
Deferred
to next
year
£
29,639
10,000
39,639|2022
£
18,092
22,472
-
10,201
2,355
53,120
Released
from last
year
£
-
-
-|
|---|---|---|
## **Item name**
## **Reason for deferral**
Grant - Hywel Dda UHB Grant received for the period from 1 April 2023, invoiced in March 2023. Grant - Hywel Davies Residuary Trust Grant received for 2023-24 and 2024-25
|**14 Designated funds**
Planned closure costs
Service development
Marketing support
Ceredigion I&A service
Veterans' support|Balance b/f
£
203,000
39,800
-
-
242,800|Incoming
£
-
-
-
-
-|Outgoing
£
-
-
-
21,415
10,315
31,730|Transfers
£
(27,500)
(4,800)
20,000
32,000
20,000
39,700|Balance c/f
£
175,500
35,000
20,000
10,585
9,685
250,770|
|---|---|---|---|---|---|
## **Fund name**
## **Reason for designation**
Planned closure costs to mitigate the risks of unplanned closure or a substantial reduction in activities, including statutory redundancy obligations, building lease commitments and dilapidations. The net provision was decreased during the year - although provision for redundancy liabilities increased,
Service development to enable the funding of service development opportunities identified within the strategic business plan. The provision was revisited and reduced in the year as a result of amended priorities.
Marketing support to fund the costs of a marketing manager and associated costs. Ceredigion I&A service to fund a core information and advice service in Ceredigion, pending further discussions to obtain appropriate grant income.
Veterans' support to supplement grant funding for veterans'' projects to continue the post of veterans' coordinator.
24
## Age Cymru Dyfed
## Notes to the accounts continued
## for the year ended 31 March 2023
## **15 Related party transactions**
## **Trustee expenses**
During the year 2 trustees were paid a total of £230 in respect of travel (previous year: 0 trustees and £nil).
## **Trustee remuneration and benefits**
No trustee received any remuneration or benefit during this or the previous year. Trustee indemnity insurance was included in the charity's total insurance costs in both years and not separately identified .
## **16 Operating leases**
|Within one year
In the second to fifth years inclusive
Expected future minimum lease payments over the remaining life of the
lease, analysed into the period in which the commitment falls due:|2023
£
32,568
37,114
69,682|2022
£
32,641
59,848
92,489|
|---|---|---|
25
## Age Cymru Dyfed
## Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 31 March 2023
|2023
2022
Unrestricted Unrestricted
funds
funds
£
£
**Income**
Donations and legacies
46,877
18,165
Income from charitable activities
316,992
255,401
Income from other trading activities
7,657
6,899
Other income
1,394
152
Investment income
6,470
1,689
**Total income**
379,390
282,306
**Expenditure**
Advice, information & ancillary servic
473,609
245,839
Raising funds
7,574
-
**Total expenditure**
481,183
245,839
Net gains/(losses) on investments
(864)
2,015
**Net income / (expenditure)**
(102,657)
38,482
**Transfers between funds**
(14,245)
(4,847)
**Net movement in funds**
(116,902)
33,635
**Fund balances brought forward**
807,153
773,518
**Fund balances carried forward**
690,251
807,153|2023
Restricted
funds
£
-
817,685
-
-
-
817,685
788,904
-
788,904
-
28,781
14,245
43,026
84,203
127,229|2022
Restricted
funds
£
-
755,772
-
-
-
755,772
777,100
-
777,100
-
(21,328)
4,847
(16,481)
100,684
84,203|2023
Total
funds
£
46,877
1,134,677
7,657
1,394
6,470
1,197,075
1,262,513
7,574
1,270,087
(864)
(73,876)
-
(73,876)
891,356
817,480|2022
Total
funds
£
18,165
1,011,173
6,899
152
1,689
1,038,078
1,022,939
-
1,022,939
2,015
17,154
-
17,154
874,202
891,356|
|---|---|---|---|---|
26