Registered Charity Number. 243968 REPORT OF THE TRUSTEES AND INDEPENDENTLY REVIEWED FINANCIAL STATElENTs FOR THE YEAR ENDED 31 MARCH 2024 FOR PENCARE PO BOX 2526 CARI)IFF CF23 OGU
Pencare Index Page CIL4RITY INFORMATION Registered nuTnber of charity Name & address of charity Twstees Ind¢pendent Examiners Bankers Investment bankers STRUCTURE, GOVERNANCE & MAJIAGEMENT Nature of charity & gov¢rning d(UMellt Recruitment & training of TnJste¢s Risk Asgessment FINANCIAL REVIEW Compliance- Responsibilities of Trustees Investment Policy Investment Review Reserves Policy General res¢rves FundraisiThg Legacies Public Benefit PIANS FOR 2024n025 Aims Budget for 202412025 APPROVAL OF REPORT io INDEPENDEf4T EXANttNERS REPORT FINANCIAL STATEMENTS Statement of Financial Activities Balance Sh¢¢t Notes to the Financial Statements In¢om¢ and Expenditure account 11-22 Page I
Chari Information Registered charity number: 243968 Cbarity name & address: PenCar¢ PO Box 2526 Cardiff CF23 OGU Trustees Imanagement Committee): Mrs J Cotsen JP frs L Cawston Mr L Kahn Mrs R Levene Mr J Minkes Mr P Stewart Mrs J Whitten Dr R Whitten (Chair) Life Governors Prof P D J WeitThan Mr C N Harris depedent Examiners: Hodge Bakshi Chartered Accountants Churchgate House. 3 Church Road, Whit¢hurch, Cardiff CF4 2DX Bankers.. Lloyds Bank pl¢ l Queen Street, Cardiff CFIO 2AF Investment Illanagers: CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET EdenTree Investment Managers Limitsd Benefact Ilouse, 2000, Ptoneer Avenue. Gloucester Business Park Brockworth, Gloucester GL3 4AW Admi]$trator. Mr P Evans Page 2
Pencare STRUCTURE, GOVERNANCE & WAGEmEI Nature of charity & governing do¢umenL The charity was originally set Up in 1946 and from 1988 was known as Penylan House Jewish Retirement & Nursing Home. Following the sale of the home in 2013 to Linc-cymru Housing Associalion Ltd, the name of the charity was changed to PenCar¢. It is an independent organisation constituÈed as a charity under a Trust deed. After taking legal advice and following prior consultstion with the Charity Commission, a resolution regarding a Chan to the objects was approved at the Annual General Meeting held in December 2023, as follows". Objects The objects of the charity are for the public benefit and specifi¢ally restricted to.. The relief of those in need, by reason of youth, e, ill-health, disability or financial hardship. such beneficiaries being: (a) aged persons of the Jewish faith livins in the local Jewish community, (b) other persons of the Jewish faith living in the local Jewish Community; (c) other persons with a significant connection to the local Jewtsh Community" (d) other persons in tied. and The advancement of the Jewish faith for the public benefit including by the making of grants to S)agOgueS iti the local Jewish communily. Following the removal of the geoaphIcal locations previously spelified in the Objects, the Charity Commission website reports Pencare's area of operation as being throughout Wales. Followin¥ the sale of the care home to Linc-cynru Housinu Association Limited in April 2013, the maln focus of the charity changed from the operation of a care home to the commissioning and funding of care for the Jewish community within a new pu)Tos&built nursing and residential care home op¢rat¢d by Linc. the und¢n¥riting of Costs of op¢rating kosher fa¢ilities within the new home. and the provision of care within the Jewish Community. However. as indicated in th¢ Annual R¢view (below) the nature and focus of the ¢harity's activities has changed over recent years with a reduced demand in the cortimunity for nursing or residential care in Penylan House and a much ancreas¢d Involvent with. aud support of, the wider J¢wish community in Wales. In adopting such an approach the Trustees consider that public benefit is being met in that potential residents or beneficiaries are not excluded from the opporthnity to benefit from the activities of the charity. The Trustees consider that they have complied with the duty stated in Section 4 of the 2006 Chariti¢s Act to hav¢ du¢ regard to guidan¢¢ published by the Charity Commission (i.¢. publi¢ benefit statement). Page 3
Trustees Governance of the charity is through alt elected Management CommÈttee ("The Tntees') of up to eitsht persons. All trnstees give their time on a voluntary basis and receive no payment or other benefit. Where necessary, specific sub-committees are appointed. e.g. to review investment policy. with all decisions beinu refeed to the main Management Committee for approval. Applicants for trusteeship are appointed by ¢{tion at the charity's Annual General Meeting and are drawn from the local Jewish community. Most trust¢es are already familiar with the work of the charity. frequently through having had family member5 or friends who had r¢¢eived nursing or residential care, or through the close networking that exists within the community. Trustees are Includ in the Home's training programme. which covers areas such as: Obligations of Trustees Stru¢ture, governance and operation of the charity Financial management Planning for the future Day to day administration and financial m8nagement is undertaken by an administrator, acting on a part time paid basis. The Manatrement Committee meets at least every three months. Minutes of all meetings are i&sued to trustees, together with supporting documentation and financial reports. Risk Assessment The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the charity's free reserves at all appropriate level. combined with an annual review of financial systems controls. will provide suificient resources in the event of adverse conditions. Trustees also examine other op¢rational and business riskq which the charity faces and eotifirni that they have estsblished systems to mitigate the significant risks. The truste¢s believe the charity has sufficient reserves to allow it to meets Èts slated objectives. Nature of charity & governing doeument. Trustees have id¢ntified the types of Tisks the charity faces, prioritising them in ternis of potential impact and likelihood of occurrence. and hav¢ identified means of mitigating the risks. As part of this PTocess trustees have reviewed the adequacy of th¢ ¢harity's current intcrnal controls. The trustees are plea8¢d to report that the charity's financial wntrols conforni to guidelines issued by th¢ Charity Commission. Page 4
Pencare Since the takeover of Penylan House by Linc-cinnru in 2012, members of Pencare have been c105ely involved in the activiti¢s of the home. However. as a result of th¢ restriciions imposed due to the CoronaviTUS (COVID-19) pandemic in 2020, involvement and interaction came to a sudden halt. Sin¢¢ the while interaction has increased somewhaL PenCar¢ trustees reco.unise that involvem¢nt in the home will not return to pre-pand¢mic levels. Jewish cultural items within Penylan House include an arL lectern and ner tamid all situated in a dedicated area in tELe main lounge. Where&8 in previous pre-pandemic years religious sleeS in th¢ Home were well suprted by both r¢sid¢nls and visitors, unfortwiately it was not possibl¢ to reinstate service5 after th¢ pandemic. Following the takeover by Linc. the ¢harity continued to support the provision of Jewish dietary requir¢ments within Penylan House thTough the funding of a dedicated kosher kitchen and dining area. Pencare also contributed to the cost of catering staff working within the kosher area and nded a catering supplement in r¢spect of the greater costs of kosher food items. By funding and providing for the r¢quir¢ments of the Jewish religion, the trustees consider that the charity met the requirements of the Charity Commission regarding public b¢n¢fi¢. However, in recent years with few Jewish residents in the home and a subsequent low demand, th¢ continued provision of kosher food become untenable. As a result Pencare agreed with Linc that fidIng of kosher related facilities would ¢ease and that, apart from one dedicated storag¢ are4 Linc would be able to hav¢ th¢ pr¢viously kosher kitchen and adjacent areas for its own use. In November 2023 the charity was infornied by Linc that it was withdrawing from the residential and nursing care sector and that all its homes would be sold off. In the case of Penylan Houqe an offer had been rec¢iv¢d from Halltnark Group of Companies, which also operated other homes i the area including Ty Enfys in Pentwyn, Regency House in Ely and Shire Hall in Cardiff Bay. Following meetings between Pencare trustees, Linc and HallmarL the s&1¢ of the home was agreed and th¢ sale was completed in June 2024. A factor to be considered in the sale had been the existence of a 25-year Nominations Agreement negotiated between Linc and PenCar¢ at the time of the sale of the home in 2013. Th¢ agreemenL originally intended to safeguard access to Penylan House by Jewish residents and which placed a restriction on Linc's freehold title, was agreed by Pencare trustees as being no longer appropriate and was rel¢&s¢d on completion of the sale to Hallmark Group. While it was appreciated by trustees that the ¢hange of ownership marked the end of an are4 and a further remove from the days when the charity actually operated the care home, lookiThg to the ture, the meetings between Pencare and Hallmark had been very positive and it was hoped that a Telationship similar to that with Linc could b¢ KtLaintained going forward. N¢v¢rth¢less, given the changes referred to abov¢ regarding the sale of the home and the cessation of kosher catering activities in th¢ hi)m¢. tTUStees agreed that there were unlikely to be opportunities to hold s¢rvices in Penylan House as in fonner, pre-covid days. As a Tesult it was decided that all Jewish artifacts would be r¢movcd and donated within the Jewish Community. A final service would be held at the home in July 2024. Page 5
Pencare FINANCIAL REVIEW Compliallee- Responsibilities of Trustees Company and charity law requires the Tn]stees to prepare finkncial statements for each financial year, which give a true and fair view of the state of affairs of th¢ charity and of th¢ sulUS or d¢ficit of the charity for that p¢riod. In pr¢paring those financial stat¢m¢nts. the Trustees have: Selected suitsble accounting policies and then applied them consistently- Made juduements and estimates that are reasonable and prudent. Stated whether applicable accounting standards have been followed, subject to any material departtires disclosed and explained in the financial statements. and Prepared the financial statements on a going concern basis. The Tntee5 have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and gtherwise. They are also responsible for keepin - proper accounting records, whteh disclose with reasonable accuracy at any time. the financial position of the charity and enable them to ensure that th¢ financial statements comply with the regulatory requiT¢ments. They are also responsible for safeguarding the 8ss¢ts of the charity and hence for taking r¢asonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assvranc¢ that: Its assets are safeguarded against unauthorised use or disposition- Proper records are maintaiued and financial information used within the Charity or for publi¢ation is reliable- The systems of internal control are designed to provide reasonable, but not absolute. assurance against material mis-statement or loss. They include.. The charity complies with rel¢vant laws and regulations. A strat¢gi¢ review and an annual budget &pproved by the Truste¢s. Regular consideration by the Trustees of financial r¢sult4 variance from budget& non- financial perforniance indicators and benchmarking reviews. Identification and manag¢m¢nt of risks. Investment Policy The aim of the charitgs investment policy is to produce income in OTd¢r to fund the costs of its operatiolls in accordance with its Objects stated above. Until 2013, all the charity's filndg were managed by CCLA Investment Managers Limited. However, after an investtnent r¢vi¢w in 2014, in order to mitigate financial risk the charity transferred part of its assets into the EdenTre¢ Amity Investment Fund op¢rated by Ecclesiasti¢al Investment Managers Limited. In November 2023, following the discontinuation of the Amity Inv¢stment Fund by EdenTree, th¢ balance of funds was transferred to the EdenTree Responsible and Sustainable Managed Rncome Fund. Page 6
Pencare FINANCIAL REVIEW (eont.) Investment Policy (eont.) Both companies are required to operate within parameters approved by the charity's Management Coznmittee (trustees). Investment perforniance reports are provided on a quarterly basis and valuations are received monthly. enablirtg the trustees to monitor and assess the effectiv¢ness of the charity's investment polA¢y. Investment Reiqew review of investments was held in Novemb¢r 2022. In the revi¢w, trustees examined the investment income received from CCLA and EdenTree for the period January 2018 to June 2022. After considering the returns re¢eived, and after taking into account the finaneiil unctrtatnty of the previous two years, it was unanimously agreed that the level of funds h¢ld by the two fund management companies should remain unchanged. In order to meet on-going charitable expenditure in the year 202412025. trustees agreed in May 2024 10 the drawdown of £50,000 from th¢ COIF Ch2riti¢s Global Equity Fund. Reserves Policy The Trnstees again reviewed the reserves of the charity during the year, which embraced th¢ nature of income and expenditure streams. th¢ ¢harity's fixed commitments and the natyr¢ of the res¢Tves. Desfignated Funds & Fixed TheTC are no provisions for designated fid5 and f]xed asset reserves in the accounts. Gellernl Reserves As at 3 1st March 2024. the charity held £4,173,464 of unrestricted funds. The Statement of Fin8ncial Activities (SOFA) shows that th¢ totsl incom¢ of the ¢h&rity for the year was £127,227, principally through the return from investments. Total resources expended by the charity totalled £174,373 Fundraising Given the charity's curr¢nt financial r¢serv¢s th¢ Trustees have determined that no fvnd-raising activities should be taken in the fore$¢ble futur¢ and that all PencaTe expenditsre be met by income from investhients aTAd any shortfall should be m¢t out of capital. Legacies Though legacies have contributed substantially to th¢ charity's finan¢¢s over many y¢ars. inwm¢ from this source is excluded from the budget due to the unpredictable nature of such payments. Page 7
PenCar¢ FINANCIAL REVIEW {COL) Publi¢ Benefrt During the year the charity provi(fed public benefit of £141,991 including.. £7,416 Provision in Penyl2n House of kosher food & catering facilities. £34.886 Fundtng for a number of pertnanent residents in Penylan House who wer¢ unabl¢ to pay charges for care, whether in part or in full, plus respite care fees. £8,634 Community kosher food delivery service to Cardiff and SwatLse& £2,500 Cardiff Jewish Helpline fundints support. £12.000 Home care support funding. £15,303 Health & medical assistance funding. £8,631 Reli¢f of poverty. £2,818 CUS - Funding of activities aTAd equipment. £3,600 Board of Deputies £1,650 Forget-Me-Not Chorus & Lost Chord funding. £23,221 Special educational needs funding. £6,434 CRS - Funding of a¢tivities and equipment. £14.898 Funding of community t&xi service. PLANS FOR 202412025 Aitns As in past years, the charity intends to continu¢ to provide fvnding to those who require nursing, residenti or r¢spite care, whether in Penylan House or in other care homes. However, trustees have been aware for som¢ time of the scope for development and funding of other services and. as ststed above in the schedule of public benefiL the opportunity was again tsken during the year in review to support a rdnge of initi2tives, both at an individual and community level. The requirement for expanding area5 to be funded will continue to be explored further by trustees. Budget for 202412025 Budgeted income for the year is project¢d to be £123,252, excluding any drawdown from invested funds. Total expenditure, including public benefiL administration and other costs, is estimated to be £177,037. resulting in a projected deficit for the year of£53,785.
Pencare APPROVAL OF REPORT This report was approved by the Trustees on-. 15thAu st 2024 Mrs J COTSEN (Chair & TrLtstee) Mr P STEWART crrustee) Page 9
HO SHI CHARTERED ACCOUNTAXITS & CHARTERED TA.X ADVISERS IndedEnt exominer'5 rort to ihÉ Trnee5 ofPenC4re I reFQrt to the trust5 on my examination of the accounts of Pencare (Ihe Trust) for the year ended 31 March 2024. which are set out on page5 1 I to 21. RespoKsibilitie3 and basis ofreporl As th¢ charity knistees of the Trust you are responsible for the preparatÉon of the accounts in accordanee with the requirem¢nts of the Ch8Jities Act 2011('the Act,). I report in respect of my examination of the Trustee's accounts ¢arried out under s¢¢tioft 145 of the 2011 Act and in ]ng out my examination I haye followed all th¢ applicable Directions given by the Charity Conunission under tion 145(5Xb) of the 2011 ACL Independent examiner 5 Stotepnent I have completed my eaminatiOn. l ¢onfiTm that no material matters have come to my attcntion in connertion with the examination giving me tse to believe that in any material respeth: (l) accounting records wer¢ not kept in respect of the Trust required by section 130 of the Act; or (2) the accounts do not accord with those records; or [)} the accounts do not comply with the applieablc requirements concerning the forni and content of ¢ounts set out in the Charities (Accounts and Reports) Regulatians 2008 other than any requirement that the accounts gtve a'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and hav¢ come across no oiher matters in connection with th¢ ¢xaniination to which th¢nlioy] should be drawn in this report in ord¢r to ¢nable a pr(>r understanding of the accounts to bc reacbed. Signed: Name: James Burnett ACA ACCA Relevant professional quaiifi¢2tion or membership of professional body". ICAEW Address: Churchgate House ) Chur¢h Road Whitchurch Cardiff CF14 2DX Dat¢: zi o cr06Eq LPage 10 Chqrtered Tax Advisers ¢MAkTEkeP AttOUNYAATS EAt¥ettys•P•ik41 S. &¥xhl FC4CTA8FP•SwgrP. Bak$A¢4ABFP•w¥n(Conll¢rCr .'hèl RWkr£dwhhlhg¢h3MiÉdlnstknrtgtsfT¥W4iw¥s&firm(h•rt¥rOTax¢ef% aEÈBakTh[th8tr8dIRSnIffofHty BaksMikiiR4d. Compwnumwon9%)7L R¢Atsgw4¥Wl$aE%r*4d1e$$
PENCARE STATEMEf4T OF FINAI¥4CIAL ACTIVITI INCLUDING tNCOME & EXPENDITURL ACCOUNf AND STA TEMENf OF RECOCNISED GAINS AND OSSES FOR THE EAR EIWED 31 MARCH 2024 Unrestrf¢tsd FuMd5 Ulldeslgts#t¢ Totsl year en<kd 31 March 2023 Itt¢omillg Donations 500 500 2,500 Investn)ent incoEne 126,727 126,727 129,964 Tolal fftncome 127.227 127,227 132,464 Expenditure Charitable activiti¢s 174,373 174,373 143,467 Total Expenditure 174,373 174,373 143,467 Net (expenditure) and net movement in funds before gains and losses on investments {47,146) (47,146) (11.003) Net gainl (loss) on investments 228,225 228.225 (259,600) Net movement ID funds for the year Reconciliation offyTuIY Total funds brought forward 181.079 181,079 {270.603) 3.992.385 3,992,385 4,262.988 Total funds carried forward 12 4.173,464 4,173,464 3.992,385 The statement of fInancial activities includes all gains and losses recognised in the year. All income and exp¢nditure derive from continuing activities The note5 form part of these financial statements. Pagell
PENCARE Registered Charity P4umber: 243968 BALANCE SHEET 31 MARCH 2024 Asat 31 March 2024 Asat 31 March 2023 Notes FIXED ASSETS.. Heritage Assets Social investment Investment portfolio 350.000 3,746,682 350,000 3.568.457 4,096,682 3,918,457 CURRENT ASSETS: Debtors Cash at bank and in hand io 31.217 62.380 93,597 31,958 56,799 88,757 CREDITORS: Amounts falling due within on¢ y li 16,815 14,829 NET CURRENT ASSETS 76.782 73,928 TOTAL ASSETS LESS CURRELYr LIABILITIES: £4,173.464 £3,992,385 THE FUNDS OF THE CHARITY: Unrestricted Funds General Res¢rv¢s 12 4,173,464 3,992J85 TOTAL CIIARITY FUNDS 13 £4,173,464 £3.992 385 Approved by the Board of Trnstees 15 August 2024 and signed on its behalf by Mrs. J COTSEN (Chair of Trustees) Mr.P STEWART (Trustee) The notes forni part of these financial statements Page 12
PENCARE NOTES TO TllE FANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 I ACCOUNTING POLICIES Basis of preparation and essMent of going concern The financial statements have been prepared in accordance with the charity's Trust Deed and "Accounting and Rep)rting by Charities: Ststement of Recommended Practice applicable to ¢hariti¢S PT¢paring their counts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland {FRS 102). (as amended for accounting periods commencing from l January 2016) and the Charities Act 2011. Th¢ trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historic cost convention. The principal accounting policies adopted are set out below. The accounting policies have been applied consistently throughout the year and in the preceding year. The PTesentation curr¢n¢y of the fjnancial statements is the Pound Sterling (£) Going CoD¢ern The fjnancial statements have been prepared on a goin8 concern basis which assume the charity will continue in operational existence for the for¢s¢eable tll. Th¢ trustees ¢onsid¢r that there are no material uncertainties about the Trnst's abilty to continue as a going concern. The most signifi¢ant areas of key assumptions that affect Items in the accounts are with respcct to the next reporting period, 2024-25. the most significant areas of un¢ertainty that affect the ¢arying value of assets held by the Trust are the level of investment return aT)d the perfornwice of invesknient markets (s¢e the investment policy and perforniance and risk management $trIOnS of the trust¢¢s' annual report for more inforniation). The Trustees have Prepared forecasts for 2024125 and 2025126. The Trustees believe that the.se forecasts ar¢ based on realistic income assumptions and are confident that the charity will continue to be able to meet its liabilities as they fell due. The tnistses have a reasonable exp¢¢tation that the charity has access to adequate r¢sources to continue ITh operational ¢xistenc¢ for the foreseeable futsre. AccordinJu y. they continue to adopt the going concern basis preparing the financial ststements. Page 13
PENCARE NOTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 31 IIIARCH 2024 l AccouKfLYG POLICIES (¢ontSnued) Significant Judgements and Estimates In the application of the charitys ac¢ounting policies, which are d¢scribed in note I, management is required to m8ke judgements, estimates and assumptxons aFrf)u¢ the carrying values of assets and liabilities that are not readily apparcnt from oth¢r sources. The estimat¢s and underlytng assumptions are based on histori¢al experience and other factors that are considtted to be relevant. Actual results may ditfer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimat¢s are recognised in the period in which the estimate id revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Ltsted Investments - Listed Investsnents were initially reColsed at the transaction price excludtng costs and are subsequently re measured to fair value at each reporting date. Transaction costs are expenses thorough th¢ SOFA. The change in the fair value is rceo]Sed in the SOFA. Incoming resources Income represent% donations and MielIant0us incom¢. excluding value added t&x. All incoming resources are included in the SOFA when the charity is entitled to the income and the amount ¢an be quantified with reasonable accuracy. The following specific p)licies are applied to particular categori¢s of income: Donations All donations, and voluntary income arc rtcognised As income on receipt except where the donor requires the sum to be iEivested to provide income for the charity's purpose, in which case it is treated as an endowmenL Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is norn)ally upon notification of the interest paid or payable by the b3J Dividends Are rtcognised once the dividend h&s been declared alld nlfICation has been received of the diyidend due. This is nornially upon notification by the charity's invesknent advisor of the dividend yield of the investment portfolio. Page 14
PENCARE NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Resources expellded Liabilities are recognised as expenditure as soon &s there is a legal or ¢onstructive oblication committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can b¢ measured reliably. All expenditure is accounted for on an accruals basis. All expenses in¢ludtng support costs and governanc¢ costs are allocated or apportioned to the applicable expenditure headings. Allocation of support and governance eosts Support costs have been allo¢ated between gov¢rnance costs and other supp)rt costs. Governance costs comprise all costs involving the public ¢ountablIity of the charity and its cofflpliance with regulation and good practice. These costs include costs related independent review and legal fees together with an apportionment of overhead and support costs. Governance costs and support ¢osts relating to charitabl¢ activities have been apportioned based on the invoice cost heading. Costs of raising funds The costs of generating funds consist of Penfriends ¢xp¢nditure. Charitable actiTrities Costs of charitable activities include grant payments, residents catering and top up payments. governance costs and an apportionm¢nt ofsupport costs as shown in not¢ 3. Cash & Cash equivalents Cash and cash equivalents are basic financial instruments and include cash in hand and bank accounts. Financial instruments The charity has ¢lect¢d to apply the provisions of Section 11 "Basic Financial Instruments" Finarkclal instruments are recOlSed when the Charity be¢omes party to the contractual provisions of the instrument. Finan¢ial assets are liabilitÈes are offseL with the net amounts presented in the financial statements, wh¢n 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 Tealise the asset and settle the liability simultan¢ously. Page 15
PEN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Basi¢ financial assets Basic financial assets, which include accTued income and cash and bank balances. are initially measured at transaction price in¢ludiThg transaction costs and are subsequently arried at amortised cost using the eff¢ctive interest method unless the arrangement constithtes a financing transaction, where the financial ass¢t is me&sured at the pres¢nt value of the future receipts discount¢d at a market rate of interest. B*sic financial liabilities Basi¢ Fancial liabilities. including tr&de and other creditors. are recognis¢d where th¢ charity has a present obligation resulting from a past event that will probably result IR the transfer of fvnds to a third party and the amount du¢ to settle the obligation be me&sured or estimated reliably. Creditors are nornially recognised at their settl¢m¢nt amount after allowlng for any trade discounts due, arc initially r¢¢ognised at transaction price unless the arrdngement const&tutes a financial transaction, where the debt instrwnent is measur¢d at the present value of the future payments diswunted at a market rate of interest. FSxed asset investments Investmenlportfolio.- Investsnents are a forni of b1¢ firEancial instrument and are initially recognised at their transaction value and subsequently EneasuTed at their fair value as at the balance sheet date using the closing quoted market price. The ststement of financial activities includes the net gains and losses arising on revaluation and disposals throughotrt the year. The Trust does not acquire put options, derivatives or other Complex finanaial instruments. The main form of f]nancial risk faced by the charity is that of volatility in equ&ty markets and investment markets due to wider economic conditions, the attitude of investors to investtnent risk, and changes in sentiment concernirftg equities and within particular sectors or sub sectors. SocialInvestment." Loans made as a social investment to further the obj¢¢ts of the charity are recognised and measured as concessionary loans at cosL being at the amount of th¢ l(wn mad¢. Rea]ised gains and losses All gains and losses are tsken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening canyiJ)g value or their purchase value if acquired subsequent to the first day of the financial y¢ar. Unrealised ins and losses are calculated as the differen¢¢ belwe¢n the fair value at the year end and their carrying value. Realtsed and unrealised inveslment gains and losses are combined in the Statement of FRnancial Activities. Pa8e 16
PENCARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Ef+lDED 31 MARCH 2024 Contingent liabilities A contingent liabiliry is identified and disclosed for those grants resulting from.. a possible obligatton which will only be confllmed by the occurrence of one or more uncertain future events not wholly withÈn the In]st¢¢s' control; or a present obligation following a top up fees and catering expenditure where settlement is either not nsIder¢ probable. or the amount has not been communicated in the residents expenditure and that amount cannot be estimated reliably. Taxatio As a charity. Pencare 15 exempt from t&x on income and gains falling within section 478 of the T&xes Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. Fund Aecoujhting Details of the nature and purpose of ¢h fimd is set out on note 12. 2 INCOME r¢stri¢ttd year tDded fllnds 31-Mar-2024 period ended 31-Mar-2023 Donations Donations and legacies 500 500 500 500 2,500 2,500 Page 17
PEN NOTES T THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3 EXPENDITURE Basi5 of Cbaritsbl¢ Governance alloeatloD atts¥it5 y¢ar ended year end¢d 31 Marcb 2024 31 March 202J Travel & Subsistence actual Insurances actual Pen friends costs actual Sundries Administration costs a¢tual Printing & Stationery actual Storage actual Cultural Expenditure actual Grants made actual Residents catering payments Residents top up payments Legal Fees & professional Fees Accountancy Fees 15,370 861 374 490 15.370 2,980 374 543 16.480 494 3.577 4,572 84,141 8.014 2,708 300 2,434 13,791 1,620 3.543 15 61.521 2,119 53 16,480 41 3,577 453 4,572 84,141 al 7,416 7.416 15,775 al 34,886 34,886 30,116 actual actual 220 3,320 25,810 220 3,320 174,373 350 3,280 143,467 148,563 4 STAFF COSTS ye4r tDded 31 March 2024 year ¢nd¢d 3 1 March 2023 Stsff Costs There were no members of staff dÈre¢tly employed by the charity durino the current or previous years. However. as previously stated, one member of the Management Committee (the Administrator) receives remuneration for a¢countAn& administrative and other work carried out for and on behalf of the Charity. Such duties are carried out on a s¢lf<mploy¢l part-time basis. Related party trattsArtiOllS aDd trustees, expenses #Dd remuDeratioD The trustees all give freely their tim¢ and expertise without any fonn of remuneration or other benefit in cash or kind (2023.- £nil)- Expenses paid to the trustees in the year totalled £nil (2023: £nil). No remun¢ration is paid to any key manag¢m¢nt personnel or Trustees. There were no r¢lat¢d paty transactions during the year. Page 18
CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE Y EIWED 31 MARCH 2024 5 INVESTMENT tNCOME ye4r ended 31 March 2024 year ended 31 M8Jeh 202) General Deposit Interest Dividend distributions received from investments 96 34 126,631 126.727 129,930 129,964 6 OPERATLYG (])EFICIT) The operating deficit (2023- defi¢it) is stated after charging= yur ended 31 March 2024 year ended 31 Ntarch 202? Independent examiners remuneration 3,320 3,280 7 FIXED ASSETS - Heritsge asset Included within the ass¢ts of the Charity are the Torah Scrolls. Thesc assets ar¢ not included in the balance sh¢¢t as they were donated to the charity some time ago an(L due to their unique nath, reliable cost inforniation is not availabl¢ and conventional valuation approaches lack su1¢1ent reliability. Provision for use, stornge and security of the Scrolls is made within the Synagogue area of Penyl8n House. Followitig the sale of the home, the trustees agrttd that there were unlikely to be opportunities to hold services in Penylan House as in fornier. pre-covid days. As a result it was dlded that all Jewish artifacts would be removed and donated within the Jewish Community. A final service would be held at the home Én July 2024. 8 FIXED ASSETS- I)Jveslments LSst¢d iDve5tments Valuation at l April 2023 increase in valuation Transfers out of fund as at 31 March 2024 3,568,457 228,225 (50.000) 3,746.682 Valuation At 31 March 2024 At 31 March 2023 £3,746.682 £3,568.457 Page 19
PENCARE NOTES TO THE FINANCIAL STATEMENT OR THE YEAR LYDED 31 IWCH 2024 Cost or valuation at 31 March 2024 of fixed asset investments is represented by,. Listed investments Valuation in 2024 £3.746,682 9 FIXED ASSETS - Social Investment: asat &8at 31 Msreh 2024 31 March 2023 Cost Programme related investment 350.000 350,000 The programme related investment is a concessionary loan that is secured by a charge dated 27th November 2017 over the registered estate of 39 Cyncoed Road Cardiff. 10 DEBTORS: AMoUFs FALLtNG DUE WITHILY OIYE YEAR asat 31 mah2O24 31 Mar¢h 2023 Pr¢paym¢J)ts Other debtors 265 30,952 31,217 31,958 31,958 11 CREDoRS. AMOiIT4TS FALLtNG DUE WJTHtN ONE YEAR 31 Mareh 2024 31 March 2023 Accruals 16,815 16,815 14,829 14,829 12 ANALYSIS OF NET ASSETS BETWEEN Fuf4DS Investments Net current assets Total Unrestricted Funds 4,096,682 4.096.682 76,782 4,173.464 76.782 4,173.464 Page 20
PENCARE NOTES TO THE FINANCIAL sTATEMEs FOR THE YEAR END D 31 MARCH 2024 13 FUNDS Unrestricted funds are avxilable for use at the discretion of the trnstees in fierance of the geneTaI objectives of the charity. 14 GRANTS PAID The following grants totalling £84,141 have been paid to organisations and individuals by the ChaLIty during the yw: Nature of activi su orted b the Grants to individuals 35,581 Financial assistance Grants to institutions 48,560 Supplement existing fimds of the organisation 84.141 The above grants are the result of specific applications for fiding duTill8 the year and aTe in addition to other con)munity expenditLW¢, such as the funding of care fees and taxi service. IS RELATED PARTY There were no related paty transactions during the year. Page 21
NCARE INCOME & EXPENDITURE ACCOUNT FOR THE YEI AR E,DED 31 MARCH 2024 ear ended 31 March 2024 ¢ar ended Income: Donations Legacy 500 500 2,000 500 2,500 Otber Ineome: Deposit account interest Dividend distributions received from investm¢nts 96 34 126.631 129.930 126.727 127.227 129,964 132,464 ExpendEture: Administrdtion costs Printing & Ststtonery Storag¢ Travel & Subsistence InsuTance Accountancy fees LegaE and professional fees Sundries Pen Friends Expenditure Cultural expenses Grants paynents Residents catering payments Residents top up and respite payments 16,480 494 3.577 15,370 2,980 3.320 220 543 374 4.572 84,141 7,416 34.886 13.791 1,620 3.543 8.014 2.708 3.280 350 2.434 300 61.521 15,775 30.116 174,373 {47,146 143,467 11,003) NET (DEFICIT) This page does not forni part of the statutory financial statements Page 22