_Group Report of the Trustees and Consolidated Financial Statements_ Year Ended 31 March 2021
## _Contents_
## Page Contents
- 3 **Summary**
- 5 **Group Report of the Trustees**
- 18 **Independent Auditor’s Report**
- 22 **Consolidated Statement of Financial Activities**
- 23 **Statement of Financial Activities (Charity)** 24 **Consolidated Balance Sheet**
- 25 **Balance Sheet (Charity)**
- 26 **Statement of Cash Flows**
- 28 **Notes to the Financial Statements**
Age Cymru Gwent Group Report of Trustees and Consolidated Financial Statements Year Ended 31st March 2021
Registered Charity No: 1155903
I Iiij
## _Summar y_
During the last year the effects of the Coronavirus Pandemic have significantly impacted the Organisation, in particular our ability to deliver face-to-face support for older people. These unprecedented times have however, compelled us to find innovative solutions to meet the increased demands that have arisen, in order to support the older population of Gwent. Services were adapted with the approval of our funders in order to contribute to the Covid-19 effort, and we have successfully transformed the Charity to adopt these changes. Staff and volunteers have been dedicated to finding new ways of working, in particular the need to improve digital capability enabling the successful introduction of remote working. I congratulate our staff and volunteers for their dedication and perseverance in the face of adversity.
Safety of staff and service users remained paramount at such a difficult time, and in conjunction with Government guidelines we had suspended the majority of our normal support services by the start of the new financial year in April 2020. In order to meet the needs of those most vulnerable and required to shield, comprehensive risk assessments were completed to identify what areas of support would be safe to continue. An essential free shopping service for those without family networks was implemented together with medication collection. This was later escalated to cope with increased requests following the successful application to gain additional income from WCVA. Funding also aided the increased provision for much needed PPE required by our staff and also permitted the re-instatement of staff from our chargeable services who had unfortunately been placed on Furlough due to loss of vital income. This service in particular was significant in ensuring those most at risk from the virus remained safe. Respite care for unpaid carer’s became crucial through our registered
respite services enabling essential breaks and relaxation for many experiencing significant emotional strain during this difficult time.
The majority of our services adapted to a new way of remote working as additional IT equipment and phone access was sourced and deployed to staff at home. This enabled us to provide vital support with daily ‘check in and chat’ calls in conjunction with our national partner Age Cymru, to those experiencing the effects of isolation exacerbated by shielding and lack of contact with the outside world. Many of our volunteers unable to carry out their normal duties turned their efforts in to assisting with this cause.
Staff accustomed to conducting support face-to-face were now presented with the challenge of supporting older people in a different way. Our Think Digital Project funded by Santander via Age UK was key to not only increasing digital inclusion for older people but also upskilling our staff and volunteers. This enabled them to communicate and engage utilising a diverse range of platforms, such as Zoom, Microsoft Teams, Skype, and WhatsApp. Our services have evolved enabling us to continue supporting older people to maximise their income, through the application of welfare benefits and obtaining information and advice when it has been needed most. Collaborative working with our partner Age Cymru has enabled the older people of Gwent to have direct access to the National Advice Line when our own Head Office was forced to close during Lockdown.
Our staff continued to provide high quality services to over 5,000 people during an unprecedented situation when older people were isolated and lost touch with the outside world. We supported them to claim over £4.5 million in annualised benefits. We remained focused throughout to ensure that older people remained the key priority of our work.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Summary
The financial year covered by these accounts, 2020-2021, demonstrates that through the generosity of individuals (who have given as part of the fundraising activities carried out by Age UK’s Coronavirus Emergency Appeal) together with the funding sourced by the Charity, we were able to reduce a predicted deficit budget, and ended the year with a surplus of £69,208.
Plans are in place to use some of our legacy expenditure in 2021/22 to continue and expand our Digital Service, offering a loan scheme for devices enabling service users to trial equipment before considering purchases. At the time of producing this report, we are working hard to fulfil the objectives that have been set by our Trustees to aid older people across Gwent to become more resilient through post Pandemic recovery, and are developing a new offering through our Choices service to address social isolation and improve individuals’ wellbeing.
From a positive perspective, moving towards a hybrid model offering balance of office base and home working, will provide many advantages for both staff and the organisation in the future. We are still committed
to providing the most effective style of communication and engagement with older people and will continue to offer home visits where required, but our ability to provide flexibility in service delivery addresses work/ life balance, improved time management, efficient use of resources and a reduction in the environmental impact associated with our carbon footprint.
Once again I would like to thank everyone in the organisation for all they have accomplished during the year and for their loyal and dedicated service to older people.
## Gail Gordon
Acting Chief Executive Officer
## _Group Report of the Trustees_
## Chair’s Introduction
I have been the Chair of Age Cymru Gwent since 2017 and whilst I reflect on my last year as Chair of the Board of Trustees, I can only say that it has been a pleasure and privilege to work with you all as we endeavour to promote the independence of older people. This is not an easy task to achieve during a pandemic when we have also been experiencing organisational change. Nevertheless, we should celebrate the fact that as an organisation we have worked closely with our funders and partners to continue to deliver services to meet the needs of older people in Gwent. This has only been achievable through the dedication, hard work, flexibility and goodwill of staff and volunteers throughout this time. A special thanks to Eileen Powell, our former Chief Executive Officer who retired in the spring of this year, and to our acting Chief Executive Officer, Gail Gordon who have both led us through these challenging times. Thank you also to my fellow trustees for their support and advice, especially Betsi Knight who recently retired from the board.
The challenges faced by us over the last year because of the pandemic have meant that we have all had to change the way in which we work. For some of us, like our Respite Service, we have continued to deliver face-to-face support, others have adjusted to working from home; for others we’re getting used to a blended way of working, re-engaging with older people and work colleagues face-toface. The one thing I’ve realised during the pandemic is that keeping in touch with family, friends and colleagues takes some time and effort but it’s essential to maintaining emotional and social wellbeing. As an organisation we have been using technology such as Teams daily and most of us now take this type of technology for granted.
Keeping in touch has been a problem for a lot of older people and their carers during
this last year and now they face overcoming fears of re-engaging with their communities. Trying to overcome feelings of loneliness and social isolation has led to some older people developing new skills learning to use face time, WhatsApp, ordering food online, whilst others haven’t been able to do so. We know that there has been a significant digital divide among 50–70 year-olds which has been made worse by the pandemic. Some fear breaking devices or doing something wrong or find the technology difficult to use due to physical problems. Some feel that social media and this new world of technology just isn’t for them. This ultimately means that they may not be able to engage directly with banks, shopping and for some it may also mean they can’t keep track of their appointments.
Generally, the evidence tells us that older people have a lack of awareness of the support that’s available to them. And of course, our organisation will continue to think creatively about how we manage these challenges, supporting older people through our varying services to help them re-engage and contribute to the communities within which they live and thrive.
We are very proud of all our services and all our staff in Age Cymru Gwent and look forward to the next year as we re-engage with friends, family, colleagues, and our communities. On behalf of the Board of Trustees I would like to thank you all for your hard work and dedication. Personally, I would like to say thank you to you all for your support throughout the last four years. I look forward to welcoming the new Chair and Vice Chair of Age Cymru Gwent Board of Trustees. I know we will continue to thrive as an organisation under their leadership but most importantly continue to improve quality of life for older people in Gwent.
Professor Carolyn Wallace Chair
Group Report of the Trustees
The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity and its subsidiary for the year ending 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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).
Age Cymru Gwent is a charitable incorporated organisation, registered with the Charity Commission on 1 April 2014, registered charity number 1155903.
## Objectives and Activities
The purpose of the charity is to provide services and support to older people in the boroughs of Blaenau Gwent, Caerphilly and Torfaen, the city of Newport and the county borough of Monmouthshire.
Age Cymru Gwent’s vision is of a fully inclusive society where older people are valued as equals. Our aims are:
- To be seen as experts in issues affecting older people;
- To provide quality services which meet the needs of older people as they define them;
- To listen to the views of older people and ensure that they are communicated;
- To ensure that the Charity observes the principles of dignity and respect in all that it does and to promote these values to the wider community;
- To be proactive in securing the optimum level of resources (financial, staff and volunteers) and to ensure that they are used efficiently and effectively;
- To monitor and evaluate changes in society as they affect older people and to react accordingly.
The success of these activities will be measured by monitoring, recording and analysing outcomes for service users and by evaluating service user satisfaction using a variety of different tools.
In order to deliver high quality services to older people the charity is dependent upon the continued hard work and commitment of a team of over 80 volunteers. Their work ranges from dealing with enquiries in the Information Service; working as Robin Ward volunteers in hospitals; assisting at lunch and activity clubs; delivering digital sessions; visiting isolated people in their own homes; and providing administrative support to a number of different services. The Trustees wish to thank them all for their loyal support and service.
In setting its objectives for the year 2020/21 the Board of Trustees highlighted the following:
- I. To develop a marketing strategy aimed at raising the profile of Age Cymru Gwent
- II. To create a consultative forum of older people across Gwent. Engage with the forum on a quarterly basis
- III. To produce a Business Plan to develop Choices Services. Monitor and continue to develop the Later Life Planning Service
- IV. To develop our work in collaboration with other organisations wherever possible
- V. To deliver against the Strategic Plan 2020-2025
- VI. To review current funding contracts and expand the range of funding
Age Cymru Gwent
Group Report of the Trustees
- VII. To engage older people with digital technology through the Think Digital Project.
## Public Benefit
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives they have set.
Thus, the charity, in satisfying its constitutional objectives, achieves public benefit by:
- I. the provision of direct care and support to older people within the area of benefit.
- II. working in partnership with the statutory sector at both strategic and operational levels on issues relating to the lives of older people.
- III. acting as a public advocate on behalf of older people.
The geographical area of benefit covered by the charity is defined by the unitary authority areas of Blaenau Gwent, Caerphilly, Monmouthshire, Newport and Torfaen. In addition to working with the local authorities, the charity works with the Aneurin Bevan Health Board.
## Achievements and Performance
## How Objectives Were Met
The charity audited its services using a variety of means including contract monitoring by funding authorities, formal staff supervision and annual reviews, staff training programmes and service user satisfaction surveys and interviews. All contractual requirements were met and with a high level of service users satisfaction. The charity continues to review and monitor the services to ensure that they
deliver the highest standard of care and support possible and some services are subject to external audit or inspection.
The charity delivered services to over 5,000 older people throughout Gwent via a wide range of services. The provision of welfare benefit checks and assistance in completing application forms helped older people claim over £4.5 million in annualised benefits. This is a significant reduction in comparison to targets achieved in previous years, but is as a direct result of the Pandemic and lockdown restrictions that were imposed.
The organisation continues to raise its profile through the use of social media, coordinated marketing with partners and through corporate assistance. We give thanks to Niche Financial who kindly offered the use of their digital billboard at the side of the M4 motorway, at the Brynglas Tunnels, during the height of the pandemic, to showcase that our services continued to operate.
We have continued to work closely with other organisations including our national partner, Age Cymru and other brand partners, and with the Older People’s Commissioner for Wales to influence the policies and strategies which affect the lives of older people. On an individual level all of our services, and in particular our Advocacy Services, helped older people to have their voice heard.
During the year we have been committed to supporting older people wishing to explore and improve digital skills. The Coronavirus Pandemic has highlighted the difficulties for older people to remain connected with family, friends and to access services such as online shopping. The Choices Services were greatly impacted by the Pandemic which restricted our ability to deliver many elements of the service. Preparations for a new business plan were also put on hold due to the uncertainty
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Group Report of the Trustees
during the year. We are pleased to say that development of our services is now taking place and a business plan will be implemented to look at new and innovative services to assist older people through the recovery process, post Pandemic.
Although we have not had any formal collaborations during the year we continue to work in collaboration with other organisations and individual services wherever possible. We continue to explore opportunities for formal collaborations where appropriate.
Through consultation with staff and other stakeholders a new five-year Strategic Plan was developed and approved by the Trustees in March 2021 for the period 2020-2025.
Opportunities for securing funding from other sources have been explored during the year. These resulted in Covid-19 specific grants to supplement the work carried out by our Information & Advice Service, and to respond to the crisis by enabling critical services such as essential shopping.
## Activities:
The charity provided its main portfolio of services as listed:
**Hospital Discharge Services:** providing practical support to older people leaving hospital and at memory clinics across Gwent. The service is provided in Newport, Caerphilly, Blaenau Gwent, Torfaen and Monmouthshire.
## **Respite Care Service:** providing flexible,
practical and personal care to older people at home to enable their carers to take a break. Periods of respite care are varied and tailored to the individual’s needs.
**Blaenau Gwent Carers Project:** offers confidential advice and information to carers aged 18 or over. Advice may be given on benefits, care assessments and respite
options. Special events for carers are organised throughout the year.
**Social Activity Clubs:** a range of clubs operate in Monmouthshire and Caerphilly providing an opportunity for older people to socialise and take part in activities.
**Information and Advice Service:** provides up to date information and advice on a wide range of topics including: benefits, housing, health and residential care to anyone aged 50+ living in the Gwent area.
**Advocacy Services:** provides a range of services, in a variety of settings, such as care homes, hospitals or in the community, which enable people’s voices to be heard.
**Connect Gwent:** as part of the team at the Victim Hub the service helps to ensure older victims of crime and those at risk of crime are supported inside and outside of the criminal justice process.
**Robins Ward Volunteer Service:** Robins are ward volunteers who undertake activities, such as hair and nail care, assisting patients at meal times including feeding, chatting and reading to patients, letter writing and assisting with phone calls. They also provide a ‘Meet and Greet’ service and support staff in the MAU and A&E Departments.
**Housing Support Service - Caerphilly:** providing a signposting service for older people in Caerphilly ensuring that they are referred to the most appropriate organisation to help them with their individual needs.
**Choices Home Support Service:** Choices is a domiciliary service, providing a wide range of paid for support services for people over 50 living in Newport, Caerphilly, Blaenau Gwent and Monmouthshire. Services include gardening, domestic cleaning, shopping, odd jobs and nail cutting.
Age Cymru Gwent
Group Report of the Trustees
**The Older Persons Integrated Care Pathway:** this innovative service works within selected GP practices and the Frailty Team in Newport to identify older people who are invited to participate in the project.
**Digital Inclusion Service:** this service offers support either in a group setting or to individuals to learn about information technology and the use of iPads, tablet computers, laptops, and mobile phones.
**Lighthouse 55+:** this service provides housing related support to people aged 55+ living in Newport who are experiencing difficulties of a housing nature.
**Later Life Planning Service:** This paid for service offers Will Writing and Lasting Power of Attorney completion and registration. This enables older people to plan for later life.
**Later Life Goals:** this project provides support to older people who are experiencing a significant life event such as a bereavement, relationship breakdown, ill health or a change in financial circumstances.
Group Report of the Trustees
**----- Start of picture text -----**
over
50,003
Number of
contacts
contacts made
with older people
during the year
**----- End of picture text -----**
**----- Start of picture text -----**
over
2,727
Number of
pickups
essential shops /
medication
pickups
**----- End of picture text -----**
**over 3,400** Number of **respite care hours** respite care hours delivered to enable carers to have a break
**4,885 calls** Number of check in and chat **made** calls made to older people during lockdown
**----- Start of picture text -----**
over
£4.5
Amount of
million
annualised
benefit claimed
for older people
**----- End of picture text -----**
**183 energy** Free home **checks** energy checks carried out
**567 discount** Free warm home **checks** discount checks carried out
**----- Start of picture text -----**
227
people
supported
**----- End of picture text -----**
Number of older people supported to increase Digital capabilities
Age Cymru Gwent
Group Report of the Trustees
## Financial Review
For the financial year 2020/21 the group expended £1,529,286 a decrease of £228 compared to the previous year.
For the financial year under consideration, the Board approved a deficit budget of £113,776 in order to meet its objectives; this figure included costs agreed to implement a new HR system to improve efficiency across the organisation. Subscription to an e-learning portal was implemented enabling all staff to carry out necessary training to develop their knowledge and skills whilst enabling continued quality of service provision for older people.
Due to securing Covid-19 specific additional funding/services provision during the year a number of budget revisions were prepared and approved by the Board. As the Consolidated Statement of Financial Activities demonstrates, the group ended the year with a surplus of £69,208 of which £49,600 related to unrestricted funds before transfers.
The final outturn is due in part to the accrual of income from legacies of £40,005 during the year which had not been foreseen or forecast and the additional income received from the Coronavirus Emergency Appeal.
The Finance Committee has continued to exercise detailed scrutiny of the charity’s resources on a quarterly basis. In addition, the management accounts are scrutinised monthly by senior management.
Many of the charity’s activities during the year were funded by means of contracts or service level agreements and its major partners are listed on the next page. In addition, it derived further income from, donations, legacies, fundraising and grants.
## Reserves Policy
The trustees agreed the level of reserves be set at £500,000 of which £200,000 is restricted and £300,000 unrestricted funds. This was agreed as an appropriate amount to ensure the avoidance of cash flow problems; to enable the effective management of any variations in funding levels; and to fulfil the charity’s obligations in the event of closure. For the year 2020/21, the requirements of the reserves policy were met in full. In view of the Covid-19 Pandemic and uncertainty of some ongoing contracts the Trustees agreed it was prudent to hold some additional reserves in the short term to deal with any unexpected loss of income. The free reserves of the group at the year end totalled £671,080.
As at April 2020 the Charity’s reserves exceeded the figure set and the Board of Trustees therefore agreed plans for the expenditure of legacy funds in keeping with the Charity’s objectives. It was agreed that resources would be made available for implementing a new cloud based HR system which would enable electronic booking of absence, expense forms, time sheets and production of e-payslips for our staff. Its use will save valuable financial resources in years to come and improves efficiency of the HR department. At the time of writing this report we have now also implemented the recruitment package as part of the system which enables a streamlined approach for applicants seeking vacancies within the organisation.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Group Report of the Trustees
## Plans for Future Periods
During the year the organisation reviewed the five-year Strategic Plan for 2020-2025 which identifies the delivery of high-quality services and support as the main focus of the charity. The development of new services to meet the changing needs of older people and the further development of our paid for services are two specific areas of priority. In addition, the plan confirms the intention to encourage and support the greater use of technology both within the organisation and by older people. It is also the intention of the charity to establish a forum through which we can consult with older people on what they need and how we are doing in responding, or planning to respond, to them. We will also explore ways to improve our visibility across the range of services we deliver.
In setting out its intentions for the year, the Board is once again mindful of the potential challenges posed by the general economic situation. For 2021/22 the Board has agreed the following:
## Aim for 2021/22
To continue to provide and develop innovative and high quality services commensurate with the needs of older people and to expand service activities where appropriate.
## Objectives
- I. Create and deliver a local marketing strategy
- II. Implement the Age Cymru Partners marketing strategy
- III. To continue to develop a consultative forum for older people across Gwent
- IV. To produce a Business Plan to develop Choices Services. Monitor and continue to develop the Later Life Planning Service
- V. To continue our work in collaboration with other organisations wherever appropriate
- VI. To deliver against the Strategic Plan 2020-25
- VII. To review current funding contracts and expand the range of funding
- VIII. To engage older people with digital technology through the Digital Project.
Since the approval of the new five-year Strategic Plan we have experienced a global pandemic which has severely impacted on the types of activities carried out by the charity. In order to ensure the safety of staff and service users the charity will continue to observe all government guidance and to adapt service delivery wherever possible to continue to support older people.
## Structure, Governance and Management
As of 1st April 2014, the unincorporated charity Age Cymru Gwent, charity number 701834, transferred all its assets, liabilities, contracts and activities to the newly formed charitable incorporated organisation Age Cymru Gwent, charity number 1155903.
The charity is constituted by means of a Charity Commission ‘Foundation’ Model Constitution.
The Board of Trustees comprises eight members, together with an independently elected Chair. The Board may additionally co-opt up to three members without voting rights. Members of the Board are elected by the Membership annually in thirds. The Chair is elected annually by the Membership. New trustees are appointed by election when a vacancy arises, any newly appointed trustees taking a vacated position in the electoral cycle.
Age Cymru Gwent
Group Report of the Trustees
All trustees are familiarised with the workings of the charity prior to appointment. On appointment, the Chief Executive Officer takes responsibility for providing a more detailed induction to the charity and equips the new trustee with relevant documentation, including Age Cymru Gwent’s Staff and Trustee policies and appropriate Charity Commission publications.
The Board of Age Cymru Gwent is a nonexecutive body, delegating day-to-day management of the charity to the Chief Executive Officer. Its role is to establish the strategic direction of the organisation, to set appropriate policies in order to meet the objectives of the charity and to exercise scrutiny of performance and the managerial function. There are two standing committees of the Board; a Human Resources Committee and a Finance Committee, both of which report directly to the Board. The Board of Trustees meets six times annually, together with an Annual General Meeting, normally held in the autumn. Committees meet quarterly.
All trustees serve on at least one of the Committees. The Treasurer chairs the Finance
Committee as of right. The Honorary Officers are briefed on a bi-monthly basis by the Chief Executive Officer. Whilst this meeting has no executive authority it allows supervision of the work of the Chief Executive Officer to take place and for the Chief Executive Officer to seek guidance with regard to specific issues. Issues raised at briefing meetings are reported annually to the Board for information.
The staff of Age Cymru Gwent are organised in a formal line management structure, thus allowing a mode of communication and support to all levels of the organisation.
The trustees consider the Chief Executive Officer together with the Head of Central Services, Head of Contract Services and the Finance Manager comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The pay and remuneration of the charity’s key management personnel is set by benchmarking against comparable posts in similar organisations, the charity also considers local market conditions.
Group Report of the Trustees
## Risk Management
In addition to the production of a full risk register a risk report is presented to each Board meeting identifying the main risks affecting the organisation at that time. The trustees are satisfied that they are fully informed of risks to the charity and that appropriate policies and procedures are in place to mitigate against risk.
As the year under review came to an end the impact of the global pandemic remained the biggest risk to the charity. With the potential to impact on all aspects of our work and finances identifying the keys risks and actions to mitigate their impact was essential. The key risks identified were:
|Details of Risk
The spread of the virus to staff,
service users or the public could
potentially be life threatening
Loss of income from paid for
services (Choices & Later Life
Planning), fundraising
or termination of contracts
or SLAs
Risk of reputational damage
from failing to safeguard staff
and service users during the
pandemic. Negative publicity
would result in a loss of
confdence in the charity by the
public and funders
Insuffcient trustees to ensure
meetings are quorate and
essential decisions can be
made
Risk
Spread of
COVID-19
Risk of fnancial
diffculties due
to COVID - 19
Reputational
damage
Lack of suffcient
trustees|Controls
Follow current government guidelines
at all times. Carry out detailed risk
assessments for all activities and take all
necessary precautions including the use
of appropriate PPE. Guidance on social
distancing to be adhered to at all times.
Where accessed by staff/public all offce
bases to be risk assessed and appropriate
measures put in place to reduce the risk
of infection.
Discussions to be held with funders to
agree alternate activities to be delivered
during the pandemic. Reduce expenditure
on Choices and LLP wherever possible.
Look to secure additional COVID-19
related funding where appropriate.
Monitor income and expenditure. Agree
use of unrestricted reserves if necessary.
Ensure all risks are identifed, assessed
and mitigated against wherever possible.
Wherever possible ensure trustee
succession planning is in place and
recruitment of new trustees is effective
and effcient.|
|---|---|
Age Cymru Gwent
Group Report of the Trustees
## Reference and Administrative Information
The Board of Trustees is elected annually in thirds and has legal responsibilities and duties under charity law.
## Name
Age Cymru Gwent
## Charity Registration number
1155903
The principal office of Age Cymru Gwent is
12 Baneswell Road Newport South Wales NP20 4BP Tel: 01633 763330 Website: www.agecymrugwent.org
## Trustees
Professor Carolyn Wallace (Chair) Mr John Grimes (Vice Chair) Mr Philip Brabon (Treasurer) Mr Clifford Edwards Mrs Betsi Knight Ms Sheridan Metheun Mr Nicholas Haynes – appointed 7 October 2020 Mr John Metcalfe – appointed 7 October 2020
## Honorary Life Vice-Presidents
Mr M Harbinson Mr A Reynolds Mr J Frost Mrs P Stock
## Key Management Personnel
Chief Executive Officer – Mrs Eileen Powell (retired May 2021)
Finance Manager - Miss Laura Johansson
Head of Contract Services – Mr Tony Husein Head of Central Services – Mrs Gail Gordon Senior HR and Payroll Administrator – Charlotte Kerr
Age Cymru Gwent provides services from six sites as shown below:
Panteg Hospital, Griffithstown Nevill Hall Hospital, Abergavenny Institute Buildings, Crumlin St. Woolos Hospital, Newport Baneswell Road, Newport Beaumont House, Blackwood
## Bankers
National Westminster Bank
High Street Newport South Wales NP20 1GG
## Auditors
## Azets Audit Services
Chartered Accountants & Statutory Auditors Ty Derw, Lime Tree Court, Cardiff Gate Business Park, CF23 8AB
## Legal Advisors
Queens Chambers
2 North Street, Newport NP20 1TE
Geldards LLP
4 Capital Quarter, Tyndall Street, Cardiff CF10 4BZ
Thomas Carroll Group Ltd
Pendragon House, Crescent Road, Caerphilly CF83 1XX
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Group Report of the Trustees
## Acknowledgements
Age Cymru Gwent gratefully acknowledges the support of its partners:-
Blaenau Gwent County Borough Council Caerphilly County Borough Council Torfaen County Borough Council
## Related party transactions
The charity’s wholly owned subsidiary trades out of offices held by Age Cymru Gwent.
See notes 12 and 21 of the Financial Statements for details of the transactions.
Monmouthshire County Council
Newport City Council Blaenau Gwent ABUHB
Caerphilly ABUHB Newport ABUHB
Monmouthshire ABUHB
Torfaen ABUHB
Wales Council for Voluntary Action Aneurin Bevan Health Board
Gwent Police & Crime Commission
Age UK/Age Cymru/ Age Cymru Brand Partners. Thank you also to all those who participated in fundraising activities throughout the year. The charity is indebted to the numerous personal donors who have given so generously over the year, and without whose support, our work would be considerably more difficult.
_16_
Age Cymru Gwent
Group Report of the Trustees
## Responsibilities of the Trustees
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires 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 of the charity for that year.
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 judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Statement as to disclosure of information to Auditors
So far as the Trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Signed by
Approved by the member of the Committee on 27th September 2021
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
## _Independent Auditor’s Re ort p_
## Opinion
We have audited the financial statements of Age Cymru Gwent (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31st March 2021 which comprise the consolidated and parent Statement of Financial Activities, the consolidated and parent Balance Sheet, the consolidated Statement of Cash Flows and notes to the financial statements and notes to the financial statements, including 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 group’s and parent charity’s affairs as at 31st March 2021, and of the group’s incoming resources and application of resources, including 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 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group’s or parent 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.
Age Cymru Gwent
Independent Auditor’s Report
## Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the parent charity’s 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.
We have nothing to report in this regard.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Independent Auditor’s Report
## Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 12 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 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 group’s and parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statement
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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. 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/ Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/ Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.
## Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Age Cymru Gwent
Independent Auditor’s Report
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
## 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 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 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.
## Azets Audit Services
Chartered Accountants & Statutory Auditors Ty Derw Lime Tree Court Cardiff Gate Business Park CF23 8AB
Date: 1st November 2021
Azets Audit Services is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
## _Consolidated Statement of Financial Activities_
## Statement of Financial Activities - consolidated for the year ended 31 March 2021
**----- Start of picture text -----**
Note Unrestricted Restricted Total Funds Total Funds
Funds £ Funds £ 2021 £ 2020 £
Income and endowments from:
Donations and legacies 3 47,436 - 47,436 70,130
Charitable activities 4 137,611 1,343,297 1,480,908 1,226,615
Other trading activities 5 49,334 - 49,334 212,601
Investments 6 130 - 130 130
Other 7 19,300 1,386 20,686 4,472
Total income and endowments 253,811 1,344,683 1,598,494 1,514,447
Expenditure on:
Raising funds 8 180 - 180 530
Charitable activities 8 204,031 1,325,075 1,529,106 1,528,984
Total expenditure 204,211 1,325,075 1,529,286 1,529,514
Net income/ (expenditure) 9 49,600 19,608 69,208 (15,067)
Transfers between funds 17 11,954 (11,954) - -
Net movement in funds 61,554 7,654 69,208 (15,067)
Reconciliation of Funds
Total funds brought forward 17,18 675,538 2 52,904 928,442 943,509
Total funds carried forward 17,20 737,092 260,558 997,650 928,442
**----- End of picture text -----**
~~The Statement of Financial Activities includes all gains and losses recognised in the year.~~ All incoming resources and resources expended derive from continuing activities.
The notes on pages 28 to 52 form part of these financial statements
Age Cymru Gwent
## _Statement of Financial Activities (Charity)_
Statement of Financial Activities - charity only for the year ended 31 March 2021
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Note Unrestricted Restricted Total Funds Total Funds
Funds £ Funds £ 2021 £ 2020 £
Income and endowments from:
Donations and legacies 3 48,215 - 48,215 70,780
Charitable activities 4 137,611 1,343,297 1,480,908 1,226,615
Other trading activities 5 48,519 - 48,519 162,302
Investments 6 130 - 130 629
Other 7 19,300 1,386 20,686 4,472
Total income and endowments 253,775 1,344,683 1,598,458 1,464,798
Expenditure on:
Raising funds 8 180 - 180 530
Charitable activities 8 203,995 1,325,075 1,529,070 1,479,335
Total expenditure 204,175 1,325,075 1,529,250 1,479,8655
Net income/ (expenditure) 9 49,600 19,608 69,208 (15,067)
Transfers between funds 17 11,954 (11,954) - -
Net movement in funds 61,554 7,654 69,208 (15,067)
Reconciliation of Funds
Total funds brought forward 17,18 675,539 252,904 928,443 943,510
Total funds carried forward 17,20 737,093 260,558 997,651 928,443
**----- End of picture text -----**
The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 28 to 52 form part of these financial statements
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
## _Consolidated Balance Sheet_
## Balance Sheet - consolidated as at 31 March 2021
**----- Start of picture text -----**
Note 2021 £ 2021 £ 2020 £ 2020 £
Fixed assets:
Tangible assets 13 45,265 59,495
Current assets:
Debtors 14 382,548 450,76349
Cash at bank and in hand 680,611 561,721
1,063,159 1,012,484
Liabilities:
Creditors: Amounts falling due within one year 15 (78,207) (101,681)
Net current assets 984,952 910,803
Net assets less current liabilities 1,030,217 970,298
Creditors:
Amounts falling due after more than one year 16 (32,567) (41,856)
Net assets including pension liability 997,650 928,442
The funds of the charity:
Restricted income funds 17 260,558 252,904
Unrestricted funds 18 714,301 726,749
Pension reserve 18 (43,221) (51,211)
Designated funds 19 66,012 -
Total charity funds 997,650 928,442
**----- End of picture text -----**
These financial statements were approved by the Trustees on 27th September 2021 and are signed on their behalf by:
Trustee:
Professor Carolyn Wallace
Treasurer:
Mr Philip Brabon
The notes on pages 28 to 52 form part of these financial statements
Age Cymru Gwent
## _Balance Sheet (Charity)_
## Balance Sheet - charity only as at 31 March 2021
**----- Start of picture text -----**
Note 2021 £ 2021 £ 2020 £ 2020 £
Fixed assets:
Tangible assets 13 45,265 59,495
Investments 12 2 2
45,267 59,497
Current assets:
Debtors 14 383,327 468,562
Cash at bank and in hand 679,831 543,156
1,063,158 1,011,718
Liabilities:
Creditors: Amounts falling due within one year 15 (78,207) (100,916)
Net current assets 984,951 910,802
Net assets less current liabilities 1,030,218 970,299
Creditors:
Amounts falling due after more than one year 16 (32,567) (41,856))
Net assets including pension liability 997,651 928,443
The funds of the charity:
Restricted income funds 17 260,558 252,904
Unrestricted funds 18 714,302 726,750
Pension reserve 18 (43,221) (51,211)
Designated funds 19 66,012 -
Total charity funds 997,651 928,443
**----- End of picture text -----**
~~These fnancial statements were approved by the Trustees on 27th September 2021~~ and are signed on their behalf by:
Trustee:
Dr Carolyn Wallace
Treasurer:
Mr P Brabon
The notes on pages 28 to 52 form part of these financial statements
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
## _Statement of Cash Flows_
## Statement of Cash Flows - consolidated for the year ended 31 March 2021
**----- Start of picture text -----**
Note 2021 £ 2020 £
Net cash provided by operating activities 24 118,760 (101,778)
Cash flows from investing activities:
Dividends, interest and rents from investments 6 130 629
-
Proceeds from the sale of property, plant and equipment 2,000
-
Purchase of property, plant and equipment (61,820)
Net cash provided by investing activities 130 (59,191)
Change in cash and cash equivalents in the reporting period 118,890 (160,969)
Cash and cash equivalents at the beginning of the reporting period 561,721 722,691
Cash and cash equivalents at the end of the reporting period 24 680,611 561,721
**----- End of picture text -----**
The notes on pages 28 to 52 form part of these financial statements
## _Notes to the Financial Statements ear ended 31 March 2021 y_
## 1. Accounting Policies
## Legal form and address
Age Cymru Gwent is a charitable incorporated organisation whose principal office is 12 Baneswell Road, Newport, Gwent, NP20 4BP.
## Basis of preparation
The financial statements have been prepared in accordance with the charity’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## Group financial statements
These financial statements consolidate the results of the charity and its wholly-owned subsidiary Age Cymru Gwent Enterprises Limited.
## Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## Fund accounting
The charity’s unrestricted funds consist of resources, which may be used at the charity’s discretion to fulfil the objectives of the charity.
Restricted funds represent income contributions which are restricted to a particular purpose and which have not been expended for that purpose by the end of the year.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## Income recognition
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants are capitalised, and depreciation charged is offset against the grant income, in a restricted fund.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
No amounts are included in the financial statements for services and time donated by volunteers.
Interest on funds is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Trading company sales relate to the commission received for the provision of insurance information, arrangement of insurance policies and other financial products.
Client income is recognised in the period to which it relates with any amounts received in advance of the service being provided being deferred.
## Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
Costs of raising funds comprise the costs in relation to generating income such as fundraising activities.
Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Expenditure incurred by the charity in the year has been split between restricted and unrestricted funds. Expenditure relating directly to a cost category has been charged to that account. Expenditure, which includes more than one cost category, has been apportioned on a reasonable, justifiable and consistent basis to the categories involved.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## Fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses or in cases where fixed assets have been donated to the charity, at valuation at time of acquisition.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following base:
Office equipment - 25% p.a. straight line basis
Vehicles - 17% p.a. straight line basis.
## Investments
Investments relate to 100% of the share capital of the charity’s wholly owned trading subsidiary and is recognised at cost.
## Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## Financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## Pension
The company participates in a multi-employer pension scheme. The scheme is a defined benefit scheme in the UK; as it is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme it therefore has to account for the scheme as a defined contribution scheme. The amount recognised in the financial statements is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. See note 23 for further details.
## Operating Leases
Rental charges are charged on a straight line basis over the term of the lease.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 2. Critical accounting estimates and judgements
In the application of charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## 3. Income from donations and legacies
**----- Start of picture text -----**
Unrestricted Restricted 2021 Total 2020 Total
Funds £ Funds £ Funds £ Funds £
Group
Donations 7,431 - 7,431 5,877
Legacies 40,005 - 40,005 64,2537
47,436 - 47,436 70,130
Charity
Donations 7,431 - 7,431 5,877
Legacies 40,005 - 40,005 64,253
Covenant- Age Cymru Gwent Enterprises 779 - 779 650
48,215 - 48,215 70,780
Legacies were received from: 2021 £ 2020 £
Richard Willis - 500
Royston Huw Jones - 3,420
Ronald Hewertson - 5,333
Doreen Sylvia Prior - 20,000
Barbara Clara Malpass - 10,000
Maureen Bradley 8,957 25,000
-
Susan Gregory 25,000
-
Kathleen Pybus 6,048
40,005 64,253
**----- End of picture text -----**
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 4. Income from charitable activities
**----- Start of picture text -----**
Unrestricted Restricted 2021 Total 2020 Total
Funds £ Funds £ Funds £ Funds £
Group and charity
Grants receivable 137,611 1,343,297 1,480,908 1,226,615
137,611 1,343,297 1,480,908 1,226,615
Grants were received from:
Blaenau Gwent County Borough Council - 137,167 137,167 126,999
Caerphilly County Borough Council - 86,525 86,525 86,595
Monmouthshire County Council - 198,809 198,809 196,600
Newport City Council - 396,030 396,030 384,757
Torfaen County Borough Council - 25,666 25,666 45,667
Blaenau Gwent Locality - 11,178 11,178 11,178
Newport Locality 24,817 235,974 260,791 163,170
Caerphilly Locality - 9 5,289 95,289 71,289
Age UK 112,794 131,649 244,443 121,610
Gwent Police & Crime Commissioner - 18,750 1 8,750 18,750
HMRC Job Retention Scheme - 6,260 6,260 -
137,611 1,343,297 1,480,908 1,226,615
**----- End of picture text -----**
## 5. Income from other trading activities
**----- Start of picture text -----**
Unrestricted Restricted 2021 Total 2020 Total
Funds £ Funds £ Funds £ Funds £
Group
Client income 48,519 - 48,519 155,448
Fundraising - - - 6,854
Age Cymru Gwent Enterprises 815 - 815 50,299
49,334 - 49,334 212,601
Charity
Client income 48,519 - 48,519 155,448
Fundraising - - - 6,854
48,519 - 48,519 162,302
**----- End of picture text -----**
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 6. Income from investments
**----- Start of picture text -----**
Unrestricted Restricted 2021 Total 2020 Total
Funds £ Funds £ Funds £ Funds £
Group and Charity
Bank interest 130 - 130 629
130 - 130 629
**----- End of picture text -----**
## 7. Income from other sources
**----- Start of picture text -----**
Unrestricted Restricted 2021 Total 2020 Total
Funds £ Funds £ Funds £ Funds £
Group and charity
Miscellaneous income 19,300 1,386 20,686 4,472
19,300 1,386 20,686 4,472
**----- End of picture text -----**
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 8. Expenditure on charitable activities
**----- Start of picture text -----**
Charitable Support Governance Fund-raising Total Total
Activities £ Costs £ £ £ 2021 £ 2020 £
Group
Staff costs 1,022,958 258,122 - - 1,281,080 1,247,141
Travelling and subsistence 13,872 7,562 - - 21,434 57,671
Recruitment 1,470 2,895 - - 4,365 1,211
Rent, rates and room hire 14,464 20,804 - - 35,268 38,424
Transport and minibus costs 862 2,278 - - 3,140 4,968
Activities - - - - - 2,580
Legal and professional 6,734 1,442 6,480 - 14,656 15,943
Sundry expenses 8,204 4,329 - - 12,533 20,227
Depreciation 10,509 3,723 - - 14,232 13,738
Telephone, postage and stationery 25,584 10,863 - - 36,447 40,966
Advertising and publicity - - - - - 3,000
Training 1,820 466 - - 2,286 1,809
Insurance 3,704 1,699 - - 5,403 3,426
Fundraising - - - 180 180 530
Light and heat 2,138 2,913 - - 5,051 6,901
Repairs and renewals 55,286 13,462 - - 68,748 38,469
Irrecoverable VAT 24,463 - - - 24,463 24,617
Bad debt write off - - - - - 6,018
Loss on disposal of fixed asset - - - - - 1,875
1,192,068 330,558 6,480 180 1,529,286 1,529,514
**----- End of picture text -----**
~~During the year the charity purchased insurance to protect the charity from losses arising from the~~ neglect or defaults of its Trustees, employees or agents. The cost of this was included within the insurance charge.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 8. Expenditure on charitable activities (continued)
**----- Start of picture text -----**
Charitable Support Governance Fund-raising Total Total
Activities £ Costs £ £ £ 2021 £ 2020 £
Charity
Staff costs 1,022,958 258,122 - - 1,281,080 1,205,598
Travelling and subsistence 13,872 7,562 - - 21,434 57,526
Recruitment 1,470 2,895 - - 4,365 1,211
Rent, rates and room hire 14,464 20,804 - - 35,268 37,918
Transport and minibus costs 862 2,278 - - 3,140 4,968
Activities - - - - - 2,580
Legal and professional 6,698 1,442 6,480 - 14,620 14,327
Sundry expenses 8,204 4,329 - - 12,533 17,017
Depreciation 10,509 3,723 - - 14,232 13,738
Telephone, postage and stationery 25,584 10,863 - - 36,447 39,483
Advertising and publicity - - - - - 3,000
Training 1,820 466 - - 2,286 1,809
Insurance 3,704 1,699 - - 5,403 3,326
Fundraising - - - 180 180 530
Light and heat 2,138 2,913 - - 5,051 6,901
Repairs and renewals 55,286 13,462 - - 68,748 37,423
Irrecoverable VAT 24,463 - - - 24,463 24,617
Bad debt write off - - - - - 6,018
Loss on disposal of fixed asset - - - - - 1,875
1,192,032 330,558 6,480 180 1,529,250 1,479,865
**----- End of picture text -----**
During the year the charity purchased insurance to protect the charity from losses arising from the neglect or defaults of its Trustees, employees or agents. The cost of this was included within the insurance charge.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 9. Net income for the year
**----- Start of picture text -----**
2021 £ 2020 £
Group
This is stated after charging:
Operating leases 37,195 39,967
Depreciation 14,232 13,738
Auditors remuneration:
Audit fees 4,480 6,125
Accountancy services 2,000 2,000
Charity
This is stated after charging:
Operating leases 37,195 39,967
Depreciation 14,232 13,738
Auditors remuneration:
Audit fees 4,480 5,360
Accountancy services 2,000 2,000
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Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 10. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
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2021 £ 2020 £
Group and Charity
Wages and salaries 1,170,155 1,097,240
Social security costs 55,275 54,537
Other pension costs 55,650 53,822
1,281,080 1,205,599
Employees earning > £60k
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No employees were paid more than £60,000 during the current or previous year.
## **Key management personnel**
The total amount of employee benefits received by the trustees and its key management personnel for their services to the charity was £130,823 (2020: £178,634).
## **Transactions with Trustees**
No trustee received any remuneration or was reimbursed for any expenses during the current or previous year.
## 11. Staff numbers
The average number of staff employed by the group during the year were as follows:
**----- Start of picture text -----**
2021 £ 2020 £
Direct services 96 94
Management and administration of the charity 10 10
106 104
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Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 12. Investments
The charity holds the entire issued share capital of 2 ordinary shares of £1 each in Age Cymru Gwent Enterprises Limited, a company incorporated in England and Wales, company number 03054802. Age Cymru Gwent Enterprises Limited provides financial information, arrangement of insurance policies and other financial products on a commission basis, which fulfils an objective of the charity. A summary of the trading results is shown below.
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Year ended 31 March 2021 £ Year ended 31 March 2020 £
PROFIT AND LOSS ACCOUNT
Income 815 50,299
Administrative expenses (36) (49,649)
Interest - -
779 650
Statement of changes in Equity
Balance brought forward - -
Profit and total comprehensive income
for the period 779 650
Distributions to parent charity under gift aid (779) (650)
Balance carried forward - -
BALANCE SHEET
Current assets:
Debtors - -
Cash at bank and in hand 781 18,566
781 18,566
Current liabilities:
Intercompany (779) (17,799)
Other creditors - (765)
(779) (18,564)
Net current liabilities 2 2
Capital and Reserves:
Profit and loss reserves - -
Share capital 2 2
Called up share capital 2 2
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Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 13. Tangible fixed assets
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Motor Vehicles £ Equipment £ Total £
Group and charity
Cost
At 1 April 2020 66,999 31,986 98,985
At 31 March 2021 66,999 31,986 98,985
Depreciation
At 1 April 2020 15,417 24,073 39,490
Charge for year 10,570 3,660 14,230
At 31 March 2021 25,987 27,733 53,720
Net book value
At 31 March 2021 41,012 4,253 45,265
At 31 March 2020 51,582 7,913 59,495
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Included in the above are fixed assets of £nil (2020: £nil) and depreciation of £nil (2020: £nil) relating to Age Cymru Gwent Enterprises Limited.
All the above tangible fixed assets are used either directly in furthering the objectives of the charity, or assisting in the management of the charity.
## 14. Debtors
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Group Charity Group Charity
2021 £ 2021 £ 2020 £ 2020 £
Amounts due within one year:
Trade debtors 287,463 287,463 394,121 394,121
Other debtors 118 118 1,702 1,702
Amounts owed by subsidiary undertakings - 779 - 17,799
Prepayments 94,967 94,967 54,940 54,940
382,548 383,327 450,763 468,562
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Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 15. Creditors: Amounts falling due within one year
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Group Charity Group Charity
2021 £ 2021 £ 2020 £ 2020 £
Trade creditors 18,093 18,093 18,195 18,195
Accruals and deferred income 24,013 24,013 28,377 28,377
Taxation and social security 13,188 13,188 15,522 15,522
VAT 5,462 5,462 8,800 8,800
Other creditors 6,797 6,797 21,432 20,667
Pension deficit payments 10,654 10,654 9,355 9,355
78,207 78,207 101,681 100,916
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## 16. Creditors: Amounts falling due after more than one year
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Group Charity Group Charity
2021 £ 2021 £ 2020 £ 2020 £
Pension deficit payments 32,567 32,567 41,856 41,856
32,567 32,567 41,856 41,856
Due in one year 10,654 10,654 9,355 9,355
Due in two to five years 32,567 32,567 41,159 41,159
Due in more than five years - - 697 697
43,221 43,221 51,211 51,211
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The company participates in a multi-employer pension scheme.
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 amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 17. Restricted funds
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Balance at Income Expenditure Transfers Balance at 31st
1st April 2020 £ £ £ £ March 2021 £
Group and Charity
Blaenau Gwent
Advocacy Services 9,846 56,999 (57,855) - 8,990
Carers Project 10,849 30,702 (29,473) - 12,078
Choices:
Benefits 7,743 86,525 (86,927) - 7,341
Referrals 6,325 - - (6,325) -
Security 1,883 - - - 1,883
Community Support
Services:
Monmouth 17,632 78,550 (72,303) - 23,879
Age UK – Go Digital 2,324 51,774 (52,662) - 1,436
Fundraising - - - 500 500
Gwent Police & Crime
Commission - 18,750 18,816) 66 -
Hospital Discharge Scheme 87,223 317,843 (308,004) - 97,062
Information Unit 15,249 58,875 (67,388) - 6,736
Later Life Goals 480 21,000 (20,432) - 1,048
Lighthouse 1,496 260,829 (259,903) - 2,422
Pathways 59,867 133,000 (125,891) - 66,976
Frailty Care Support 6,195 - - (6,195) -
Respite 18,363 96,307 (102,032) - 12,638
Robins NLHB 2,477 101,603 (91,787) - 12,293
Torfaen Advocacy Services 4,952 25,666 (25,342) - 5,276
HMRC Job Retention Scheme - 6,260 (6,260) - -
252,904 1,344,683 (1,325,075) (11,954) 260,558
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~~Funds are provided for the provision of services under contract. Restrictions are that the funds~~ shall be used for this purpose only.
The restricted funds represent donations and grants received where restrictions placed on the funds by the donor have not been met at the year end.
Included in the balances at the year-end are various sums that are due to be expended in the forthcoming year.
The transfer represents amounts of expenditure covered by unrestricted funds. This is in line with the charity’s constitution.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 17. Restricted funds (continued)
## **Previous Year**
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Balance at Income Expenditure Transfers Balance at 31st
1st April 2019 £ £ £ £ March 2020 £
Group and Charity
Blaenau Gwent
Advocacy Services 10,400 46,639 (47,193) - 9,846
Caerphilly Advocacy Services 3,970 - - (3,970) -
Caerphilly Appeals Advocacy 1,726 - - (1,726) -
Carers Project 9,243 31,002 (29,396) - 10,849
Caerphilly Housing
Support Service 4,512 83,794 (86,259) 5,696 7,743
Choices:
Referrals 6,325 - - - 6,325
Security 2,373 - (490) - 1,883
Community Support Services:
Monmouth 16,516 87,406 (86,290) - 17,632
Age UK – Go Digital - 4,883 (2,559) - 2,324
Digital Inclusion - - (5,537) 5,537 -
Gwent Police & Crime
Commission 383 18,750 (19,453) 320 -
Hospital Discharge Scheme 84,995 292,590 (290,362) - 87,223
Information Unit 16,278 42,569 (43,598) - 15,249
Later Life Goals - 21,036 (20,556) - 480
Lighthouse - 51,757 (250,261) - 1,496
Pathways 60,194 133,000 (133,327) - 59,867
Frailty Care Support 6,195 - - - 6,195
Respite 6,559 96,268 (84,464) - 18,363
Robins NLHB (98) 48,310 (45,735) - 2,477
Torfaen Advocacy Services 5,087 25,667 (25,802) - 4,952
234,658 1,183,671 (1,171,282) 5,857 252,904
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Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 18. Unrestricted funds
||1st|Balance at
April 2020 £|**Income**
**£**|**Expenditure**
**£**|**Transfers**
**£**|**Balance at 31st**
**March 2021 £**|
|---|---|---|---|---|---|---|
|**Group**|||||||
|General funds||726,749|228,811|(204,211)|(37,048)|714,301|
|Pension reserve||(51,211)|-|-|7,990|(43,221)|
|||**675,538**|**228,811**|**(204,211)**|**(29,058)**|**671,080**|
||||||||
|**Charity**|||||||
|General funds||726,750|228,775|(204,175)|(37,048)|714,302|
|Pension reserve||(51,211)|-|-|7,990|(43,221)|
|||**675,539**|**228,775**|**(204,175)**|**(29,058)**|**(671,081)**|
## **Previous Year**
||1st|Balance at
April 2019 £|**Income**
**£**|**Expenditure**
**£**|**Transfers**
**£**|**Balance at 31st**
**March 2020 £**|
|---|---|---|---|---|---|---|
|**Group**|||||||
|General funds||770,975|330,776|(358,232)|(16,770)|726,749|
|Pension reserve||(62,124)|-|-|10,913|(51,211)|
|||**708,851**|**330,776**|**(358,232)**|**(5,857)**|**675,538**|
||||||||
|**Charity**|||||||
|General funds||770,976|281,127|(308,583)|(16,770)|726,750|
|Pension reserve||(62,124)|-|-|10,913|(51,211)|
|||**708,852**|**281,127**|**(308,583)**|**(5,857)**|**675,539**|
## 19. Designated funds
||Balance at
1st April 2020 £|Balance at
1st April 2020 £|**Income**
**£**|**Expenditure**
**£**|**Transfers**
**£**|**Balance at 31st**
**March 2021 £**|
|---|---|---|---|---|---|---|
|**Group and charity**|||||||
|Fixed asset fund||-|-|-|41,012|
41,012|
|Legacies||-|25,000|-|-|
25,000|
|||**-**|**25,000**|**-**|**41,012**|
**66,012**|
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 20. Analysis of net assets between funds
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Unrestricted Designated Restricted Total
funds funds funds 2021 £
Group
Fixed assets - 41,012 4,253 45,265
Net current assets 703,647 25,000 256,305 984,952
Pension reserve (32,567) - - (32,567)
671,080 66,012 260,558 997,650
Charity
Fixed assets - 41,012 4,253 45,265
Investments 2 - - 2
Net current assets 703,646 25,000 256,305 984,951
Pension reserve (32,567) - - (32,567)
671,079 66,012 260,558 997,651
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## **Previous Year**
**----- Start of picture text -----**
Unrestricted Restricted Total
funds funds 2020 £
Group
Fixed assets 51,582 7,913 59,495
Net current assets 665,812 244,991 910,803
Pension reserve (41,856) - (41,856)
675,538 252,904 928,442
Charity
Fixed assets 51,582 7,913 59,495
Investments 2 - 2
Net current assets 665,811 244,991 910,802
Pension reserve (41,856) - (41,856)
675,539 252,904 928,443
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Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 21. Financial commitments
At 31 March 2021 the charity had annual commitments under non-cancellable operating leases as follows::
**----- Start of picture text -----**
2021 £ 2020 £
Expiring within one year 42,612 37,195
Expiring between two and five years inclusive 103,743 7,925
146,355 45,120
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## 22. Related party transactions
The charity’s wholly owned subsidiary trades out of offices held by Age Cymru Gwent.
## **Age Cymru Gwent Enterprises Limited**
Age Cymru Gwent Enterprises Limited made, under covenant, a transfer to the charity of £779 (2020: £650).
During the year £nil (2020: £55,554) was recharged to Age Cymru Gwent Enterprises Limited. As at 31 March 2021 the charity was owed £779 (2020: £17,799) from Age Cymru Gwent Enterprises Limited.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 23. Pensions
Age Cymru Gwent participates in The Pensions Trust’s Growth Plan (the Plan).
This is a multi-employer scheme which provides benefits to some 950 non-associated 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 30 December 2005. This, together with 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 on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 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 1 April 2019 to 31 January 2025:**
£11,243,000 per annum _(payable monthly and increasing by 3% each on 1st April)._
Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.
Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
## Deficit contributions
**From 1 April 2016 to 30 September 2025:**
£12,945,440 per annum _(payable monthly and increasing by 3% each on 1st April)._ **From 1 April 2016 to 30 September 2028:**
£54,560 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.
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 23. Pensions (continued)
## Present Values of Provision
**----- Start of picture text -----**
31 March 2021 (£s) 31 March 2020 (£s) 31 March 2019 (£s)
Present value of provision 43,221 51,211 62,124
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## Reconciliation of Opening and Closing Provisions
**----- Start of picture text -----**
Period Ending Period Ending
31 March 2021 (£s) 31 March 2020 (£s)
Provision at start of period 51,211 62,124
Unwinding of the discount factor (interest expense) 1.151 786
Deficit contribution paid (10,619) (10,310)
Remeasurements - impact of any change in assumptions 1,478 (1,389)
Remeasurements - amendments to the contribution schedule - -
Provision at end of period 43,221 51,211
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## Income and Expenditure Impact
**----- Start of picture text -----**
Period Ending Period Ending
31 March 2021 (£s) 31 March 2020 (£s)
Interest expense 1,151 786
Remeasurements – impact of any change in assumptions (1,478) (1,389)
Remeasurements – amendments to the contribution schedule - -
Assumptions
**----- End of picture text -----**
**----- Start of picture text -----**
31 March 2021 31 March 2020 31 March 2019
% per annum % per annum % per annum
Rate of discount 0.66 2.53 1.39
**----- End of picture text -----**
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 23. Pensions (continued)
The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:
## Deficit Contributions Schedule
**----- Start of picture text -----**
Year Ending 31 March 2021 (£s) 31 March 2020 (£s) 31 March 2019 (£s)
Year 1 10,937 10,619 10,130
Year 2 11,266 10,937 10,619
Year 3 11,604 11,266 10,937
Year 4 9,960 11,604 11,266
Year 5 - 9,960 11,604
Year 6 - - 9,960
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Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 24. Reconciliation of net income/(expenditure) to net cash flow from operating activities
**----- Start of picture text -----**
2021 £ 2020 £
Group
Net income for the reporting period 69,208 (15,067)
Adjustments for:
Depreciation charges 14,230 13,738
Dividends, interest and rents from investments (130) (629)
Loss/(profit) on the sale of fixed assets - 1,875
(Increase)/decrease in debtors 68,215 (91,214)
Increase/(decrease) in creditors (32,763 ) (10,481)
Net cash provided by operating activities (118,760) (101,778)
Analysis of Cash and Cash Equivalents
Cash in hand 680,611 561,721
Total Cash and Cash Equivalents 680,611 561,721
At 1 April At 31 March
2020 Cash Flows 2021
Analysis of changes in net funds
Cash at bank and in hand 561,721 118,890 680,611
**----- End of picture text -----**
Age Cymru Gwent
Notes to the Financial Statements year ended 31 March 2021
## 25. Comparative statement of financial activities
**----- Start of picture text -----**
Unrestricted Restricted Total Funds
Funds £ Funds £ 2020 £
Group
Income and endowments from:
Donations and legacies 69,935 195 70,130
Charitable activities 56,594 1,170,021 1,226,615
Other trading activities 200,286 12,315 212,601
Investments 629 - 629
Other 3,332 1,140 4,472
Total income and endowments 330,776 1,183,671 1,514,447
Expenditure on:
Raising funds 530 - 530
Charitable activities 357,702 1,171,282 1,528,984
Total expenditure 358,232 1,171,282 1,529,514
Net income/(expenditure) (27,456) 12,389 (15,067)
Transfers between funds (5,857) 5,857 -
Net movement in funds (33,313) 18,246 (15,067)
Reconciliation of Funds
Total funds brought forward 708,851 234,658 943,509
Total funds carried forward 675,538 252,904 928,442
**----- End of picture text -----**
Group Report of the Trustees and Consolidated Financial Statements for year ended 31 March 2021
Notes to the Financial Statements year ended 31 March 2021
## 25. Comparative statement of financial activities (continued)
**----- Start of picture text -----**
Unrestricted Restricted Total Funds
Funds £ Funds £ 2020 £
Charity
Income and endowments from:
Donations and legacies 70,585 195 70,780
Charitable activities 56,594 1,170,021 1,226,615
Other trading activities 149,987 12,315 162,302
Investments 629 - 629
Other 3,332 1,140 4,472
Total income and endowments 281,127 1,183,671 1,464,798
Expenditure on:
Raising funds 530 - 530
Charitable activities 308,053 1,171,282 1,479,335
Total expenditure 308,583 1,171,282 1,479,865
Net income/ (expenditure) (27,456) 12,389 (15,067)
Transfers between funds (5,857) 5,857 -
Net movement in funds (33,313) 18,246 (15,067)
Reconciliation of Funds
Total funds brought forward 708,852 234,658 943,5101
Total funds carried forward 675,539 252,904 928,443
**----- End of picture text -----**
**Age Cymru Gwent**
r/
Email: ho@agecymrugwent.org www.agecymrugwent.org Registered Charity No: 1155903