Registered Charity Number 243968 REPORT OF THE TRUSTEES AND INDEPENDENTLY REVIEWED FINANCIAL STATEMEI¥TS FOR THE YEAR ENDED 31 MARCH 2025 FOR PENCARE PO BOX 2526 CARDIFF CF23 OGU
PENCARE Index Page Retristered number of ¢harity Name & address of chaxAty Tntee$ Independent Examiners Investment bankers STRU, GOVERNANCE & MANAGEMENT Nature of Charity & governin4y document Recruitment & traininu of TSteeS Risk Assessment Compliance- Responsibilities of Tnjstees Investmeat Policy Investm¢nt Review Reserves Policy General reserves Fundraising I£gacies Public Benefit PLANS FOR 202512026 Aims Budget for 202512026 APPROVAL OF REPORT J14DEPENDEiYf EXATrItNERS REPORT Statement of Financial Activities Balance Sheet Notss to the Filneal Statements Income arLd Expenditure account io li 20
PENCARE Chari Infonnation Registered eh2rity number: 243968 Cty ae & address: Pencare PO Box 2526 Cardiff CF23 OGU Truste (Management Committee): Mrs J Cotsen JP Mrs L Cawstott Mr L Kabn Mrs R Levene Mr J Mink¢s Mr P Stewart Mrs J Whitten Dr R Ilffiitten (Chair) Llfe Governors Prof P D J Weitanan Mr C N Hatri5 Indepeudent Examiners: Hodge Bakshi Chartered Accountants & Regist¢T¢d Auditors Churchgate House. 3 Church Roa Whil¢huTCh, Cardiff CF4 2DX Bankers: Lloyds Bank plc l Queen Stree¢ Cardiff CFIO 2AF Investment Manggers.. CCLA Invesknent ManageEnent Ltd One Ang¢1 Lan¢ London EC4P3AB EdenTree InVeStent Managers Limited Benefa¢t House. 2000, Pioneer Avenu4 Gloucester Business Park Brockworth, Gloucester GL3 4AW Administrator: Mr P EvatLS
PENCARE STRUCTURL GOVERNANCE & MANAGEJtENT Nature of cbarity & governing documenL The charity was OTiginally set up in 1946 2nd from 1988 was known as Penylan House Jewish Retirement & Nursing Home. In 2013 the name of the charity was changed to PenCaTe. It is an independent organisation constituted as a charity Under a Trust deed. After taking legal advice and following prior consultation with the Chartty Commission. a resolution regarding a chang¢ 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 specifically restricted to: The relief of those in neel by reason of yotrth. age. ill_health. disability or finart¢iai hardshTP. such beneficiaries being: (a) aged persons of the Jewlsh faith living in the local Jewish community, (b) other persons of the Jewish faith living in the local Jewish Community. (c) other persons WAth a Silficant connection to the lo1 Jewish Community, other persons in need; and (d] The advancement of the Jewish faith foT the public benefi¢ including by the making of grants to slagOgUeS in the local Jewish community. FolloThino the retnoval of the geowdphical locations previously specified in th¢ Objts, the Charity Commission websits reports Pencare's area of operation as being tbroughout Wa]es. Th¢ Trust¢¢s Consider that they have ¢otnplied with the duty stated in Section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Con)missioD (i.e. publie benefit statem¢nt)- Trnst¢es Governance of the ¢harity is through an elected MaJ)agetn¢nt Committee ("The Tnjstees.) of up to eight persons. All trustees give theiT time on a voluntary basis and ceive no payment or other benefit. WheTe necessary, specific sub-committees are appointsl e.g. to review inve51ment policy, with all d¢cisi0Tr5 bein(T ferred to th¢ main Man¢}¢t Collmnittee for appToval. Applits for trustseship ar¢ appointed by election at the ¢haTity's knnuaj G¢n¢ral Meeting and are drai) from the local Jewlsh community. Most trustees are already familiar with the work of the ¢harity. frequently through havtng had family members or friends who had received nursing or residential co, or through the close networking that exists within the ¢ommunity.
PENCARE TneS aTe included in the Hom¢'s training progrdmme. which wvers areas such as.. Obliirdtions of Trnstees Structur4.uovernance and operation of the Ch7ty FinaDcial management PI&Tming for the future Day to day administration and financial management is undertaken by an administrator. tIng on a part time paid basts. The Mana.ent Committee meets at least every three months. Minutes of all meetings are issued to trustee5, together with supporting documentation and finallcial reports. Rlsk Asse&gment The trustees actÈvely review the major risks which the charity faces on a re.oular basis and believe that maintaining the ehariws free reserves at an appropriate level, combined with an amiual review of fmancial systems controls, will pmvide sufficient resources in the event of adverse conditions. Trustees also examine other operdtional and business risks which the Charity faces and confim that they have established systems to mitigate the signific2nt risks. The trustees believe the charity has sufficient reserves to allow it to meets its stated obj¢¢tives. Natsre of charity & governing documenL Trustees have identified the types of risks the charity face prioritising th¢m in ternis of potential impact and la(elihood of occurrence. ond have identified means of miti<Tatinu the risks. As part of this process trustees have r¢vi¢wed the adeqt¥acy of the c}lty'S current internal controls. Th¢ trustees are pleased to report that the cbaritys financial controls collform to guidelin¢s issued by th¢ ChaTity Commission. Sin¢e its foundation, the main activity of the clwity had been th¢ operntion of a care home. Penylan House. However. with a reduced number from the Jewish community seekintr resid¢ntial or nursing care in the hom4 Penylan House was sold in 2012 to Linc-cymrn Housing Association. In 2024 Linc-cymru infornied the trustees of its intention to sell the home the Hallmark 0UP of care homes and the sale was completed later the same year. During the time tt Penyl8n House was operated by Linc-cionru. mcmbS of P¢nCare continued to be closely involv¢d An the activities of the home. However. ov¢r the years the cknitys involvement with Penylan House has diminished. accompanied by a continued decre&se in the umber of Jewish residents within the home. Following the sale of the home to HalimarK a final fawell service was held at Penylan House in July 2024 to mark the end of Jnany years of iJvolvement and partieipation in th¢ Jewish ethos and culture of the home. All Jewish 2rtifacts were subsequently removed and donated to other Jewish oroanisations P4t4
PENCARE Since 2013 the charity's activities have bmadened from the funding of respite and third party care into wider support for the Jewish ¢ommunity of south Wales. In 2021 the availability of grants was introduce4 with a wide take-up amonost the community, resulting in over £876,000 being issued in the forn] of grnnts and other commtTnity support in the years vp to 3 1st March 2025. The trustees see the demand for grants continuing into the future as the main fonn of charitsble expenditure. By fundiug such ts. as well as continuintr to fund residential, nursing and respite ¢are, both in care homes and domestically, and other community activities, the trustees ¢ODsider that the charity eontinues to meet the requirements of the Charity Commtssion regarding public benefit. FJJANCIAL REVIEW Compllanee- Responsibiliti&8 of Trustees Company and charity law requires the Trustees to prepar¢ financial statements for each finan¢ial year. which gAve a true aod fair view of the state of affairs of the charity and of the surplus or deficit of the chaTity foT that period. In preparitLU those financial statements, the Trustees have: Selectsd suitable accounting policies and then applied them ¢onsistently' Made judgements and estimates that are Teasonable and prndent: Ststed whether applicable ac¢ountinry standards have been followe4 subject to any Pr¢par¢d the fll)ancial statements oll a going coacem basis. The Trnstees have overall responsibility for ensuring that the charity has appropriate systems of control4 fmancial and otheNise. They are also responsible for keeping proper ac¢ouTJting record whÈch disclose with reasonable accuracy at any time, the financial position of the charity and enable thera to ensure that the financial statements comply with the regulatory requirements. They also responsible for safeguardino the assets of the charity and hence for tsking re&sonable steps for the Tention and detection of fraud and other irre2ularities and to Drovide reasonable assurance that.- Its assets are safeguaTded against unauthorised use or disposition. Proper records are tnaintained and fizRancial infonnation used within the charity or for publication is reliable- The systems of internal control are dest)ed to provide reasonable. but not absolut4 assurance against materia] mis-statement or loss. They include: The charity ¢omplies with relevant laws and regulations. A strategic r¢view alld an annual budoet approved by the Trustees. R¢gular consideration by the Tnstees of finan¢ia] results. vartanee from budg¢ts, Don- financial performance indicatOT$ 2nd benchmarki TleW$. Identificatioo and management of risks. Inv&<twent PoIiey The aim of the charitys investrnent Frf)licy is to produce income in ordeT to fund the costs of its operations in accordance with its Objects stated above. Around 850/0 of the charity's funds are managed by CCLA Investment Management Limited, with the remaining 150/0 beinu managed by EdenTree Investment Mana.(Fement Limited.
Pencare Both compaTLies are required to operate within parameters approved by th¢ ¢haTity's Management CoTnrnittee (trustees). Investtnent perforniance reports are provided on a qutherly basis 8nd valuations or¢ Teceived monthly. enablin(y the to monitor and assess the effectiveness of the chatitys investment policy. Investmejjt R¢vffleTY A T¢view of investments wa5 held in November 2022. In the review. tnLStees examined the investment income Teceived from CCLA and EdenTree for the p10d January 2018 to June 2022. After considering the returns received. and after takin¢F into account the financial uncertainty of the pT¢vious two years, it was unanimously agreed that the level of funds held by the two fund man4oement companies shouId remain unchanged. In order to meet on-gointr charitable expendittLre in the year 202412025, trustees aa to the drawdown of £50.000 from the COIF Clwities Global Equity Fund in May 2024 and a further £50,000 in March 2025. Reserves Policy The Trustees again reviewed the reserves of the charity during the year, whi¢h embTaced the nature of income and expenditure streams, the charity's fixed commisments and the nature of the reserves. Desi2nated Fullds & Fixed Asset Reserve There are rAO provisions for designed funds and fixed teserves in the accounts. General Reserves As at 3 1st March 2025. the charity held £3.974.349 of unrestricted funds. The Statement of Financiaj Activities (SOFA) shows that the total income of the charity for the y¢ar was £128,770, principally through the return from investments. Totsl resources expended by th¢ chortty totslled £219,448. notably throuJi the provision of and commEtnty support totalling £188,033. Fundraising Given the chariry's current financial reserves the Trustses have determined that no fund-raising activities should be tsken in the foreseeable future and that all Pencare expenditUT¢ b¢ met by incom¢ from inveskn¢nts. with any shortfall being met out of capital. Legacies Though l¢gacies have contributed substantially to the charity's finances over many years. income from this source is ¢x¢luded from th¢ budget due to the unpredictable nature of such payments. Pa8e6
PENCARE Public Benefft Diuing the year the chaTitypTOVAda publi¢ benefit of £188,033 including.- £25,000 Cardiff Jewish Helpline £19.450 CaTe costs - Home care support £14,165 Car¢ costs- 3Td paty. residential & respite £25.660 CoDJlllUDity transport £9,175 CRS - Various grdnts £64.557 CUS - VaTiOUS grnnts £2,517 Educat[On grants £10,759 Kosher food communitytr8nsport £11,750 Relief of povety ts. £I,OQO SW Jewtsh Rep Council £4,000 Other cJwities PLANS FOR 202512026 As in past years. tbe clrIty intends to conlinue to provlde fijnding to those who require nuTSi resideDti81 or respite care, whether in Penylan Hoe OT in other care homes. However, as stated above, tbe charity has in recent years allocated substaTttial r¢sour¢¢s to the fijnding of a wide raDge of grants and the trustees see this area of expenditire as ¢ontiDuing at a similar level ill fi]ture years, if not Incr$1 Budget for 202512026 Budgeted in¢om¢ for the year is projected to be £175.952, excluding an estimated drawdown of £50.OIXI from investDWAt fimds dwing the year. Total expenditur4 including pub]ic benefiL admirithtion and other COS is, estimated to be £213,880, resu]ting in a projected deficit for the year of £37.925. APPROVAL OF REPORT This report w&% approved bythe Trustets o 24 July 2025 Mrs J COTSEN CChair& Trustee) Mr P STEWART (TTh)
Iftdependent lner'S report to tht frusteÉs ofPenCare I report to th¢ trustees on my examination of the Lceounts of Pencare (tlle Trust) for the year ended 3 l March 2025, which are set out on pages 9 to 19. Responsrbilities and basis ofreport As the charity trustees of the Trust you are responsible for the preparation of the a¢counts in aeeordance with the requirements of the chltieS Act 2011 ('the A¢t'). I report in resp¢¢t of my examination of the Trustee's accounts ¢TI¢d out under section 145 of the 2011 Ad and in carying out my examination I have followed all the applicable Direeiions given by the Charity Commission under section 145(5)(b} of the 2011 Act. Jizdependenl examlner s stalement I have completed my examination. I COAfirni thai no Materi matters have come to my attention in connection with the examination giving me cause to believe that in any materiaj restt. {1) accounting records were not kept in respect of the Trust as required by section IJO of the Act. or {2) the accounts do not accord with those re¢or(ts- or {3) the accounts do not comply with the applicable requirement5 concerning the forni and content of accounts set out in the Charitie5 (Accounts and Reports) Regulation$ 2008 other than any requirement that the Accounts give a'tru¢ and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which att¢ntion shothd be drawn in thig report in order to enable a proper Undetstadlng of the accounts to be reached. Signed: Name: James Burnett ACA ACCA Relevant professional qualification or membership of professional body: ICAEW Address: Churchgate House J Church Road Whitehuwh Cardiff CF14 2DX Date.. 2 8.7_Z Page 8
PENCAB sTATElENT OF FINANCIAL ACTIVITIES INCLUDING INCO & EXPENDITURE AccouKf AIYD STATEMENry OF RECOGNISED GAINS AM) LOSSES FOR THE ED 31 MI ARCH 2025 Ullrestricteil Funds Totsl year ended 31 MaT¢h 2024 UndesigMt¢d Not lll¢omiDg Donations 5.536 5,536 500 Investment income 123,234 123,234 126.727 Totsl in¢ome 128,770 128,770 127,227 EIpenditure Charitable activities 219.448 219.448 174,373 Total Expenditsre 219,448 219,448 174,373 N¢t {¢xpenditure) and net movement in funds before gains and losses on investments (90.678) (90,678) (47,146) N¢t.oainl (loss) on investments (108,437) (108.437) 228.225 Net movement in funds for the year Reconciliation offvzds Totsl fijnds brouoht fOard (199.115) {199.115) 181,079 4,173,464 4.173.464 3.992.385 Total funds earried forward 12 3,974,349 3.974.349 4,173,464 The ststement of financial activities includes all gains losses reoo.onised in the year. All income and expenditure derive from continuing activities The notes forn part of th¢se financial statements. Page 9
PEN CE SHEET 31 MARCH 2025 Asat 31 Mirch 2025 31 fv18Kch 2024 Notss FIXED ASSETS: Social iuvcsttnent Investmentporfolio J50,000 3.538245 350.000 3 746.682 3.888.245 4.096.682 CURRENT ASSETS: Debtors Cash at baDk and io hand 31,184 62.511 93.695 31217 62,38 93,597 CREDITORS: Amounts fauing due io 7.591 16.815 86,104 76.782 TOTAL ASSETS LESS Ct7RRENT £3,974.349 £4.173.464 Unr&qtricted Fund8 Gener41 Resetyes 3,974,349 4.173,464 TOTAL CHARTfY FUNDS 12 £3,974.349 £4.173.464 Approved by the Board of Trustees 24 July 2025 and signed onits beTrtslf by MFS. J COT&EN (Chair of ThLqtees) Mr2 STEWART {TTUSt¢e) The notes forn part of tlw¢ fJnoncI statemellts Page 10
PENCARE NOTES TO TKE FJNANCIAL STATEMINrs YEAR ENDED 31 MARCH 2025 l ACCOtrNTING POLICIES Basis of preparation assessmellt of going concern The financial statements have been prepar¢d in a¢cordance with the charity's Trust Deed and "Accountin and Reporting by Charities: Statement of Recommended Practice appli¢abl¢ to chartties preparinu their accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102)" (as amended foT accounting pertods ¢ommen¢ing from l January 2016) and the ChaTities Act 2011_ The tsust ¢onstitutss a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historic cost convention. The principal a¢countin£ policies adopted are set out below. The accounting poli¢ies have been applied Consistendy througbout the year and in the precedinu year. The pres¢ntation currency of the financial stat¢ments is the Pound SteTling (£) Going Coneern The finaTk¢ial statements have been prepared on a ¢Toing concern basis. The trus¢e¢s have assessed the ¢harAty's financial position and its ability to cont7nue to operdte for the foreseeable future, being a period of at least 12 months from the dat¢ of approval of these financial ststements. In making this assessment, the trnstees have considered woje¢ted income and eXpendire. including the performance of the investfftent portfolio, and are satisfied that the charity has adequate resourc to meet its liabilities a5 they faIl due. The trustees have also reviewed budgets and forec&sts for the financial years ending 31 March 2026 and 31 March 2027 and believe these are based on pnLdent and reasonable &ssumptions. As a r¢sulL the tTUStees have a reasonable expectation that th¢ charity will continue in operational existence for the foreseeable fiLture. Accordingly, the financial statements have been prepaTed on a ¢FOiTrU corJe¢rn basis. Page 11
PENCARE NOTES TO THE FINANCLIL TATEMENTS FOR THE YEAR ETr4DED 31 MARCH 2025 l Accouf+rrL¥G POLICIES (continued) "fjcant Judgements attd Estimates In the appli¢atioll of the charity's accounting polici¢4 which are described in note l. management is required to ma](e jud¢yements. estimates and assumptions about the C¥llyill<T vatues of assets and liabilities that are not readily appare])t from other sources. The ¢sÉimates and undeTlying assumptions are based on historical experience and other factors that are considereAJ to be relevant. Actual results may differ from these The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogllised in the peTiod in which th¢ estimate is revised if the revision affects only that perio or in the period of the Tevision and ture pttri(th if the revision affects both current and future periods. Listed Investments - Listed Investrnents were initiaIly reColSed at the transaction price excludioo ¢osts amd are subsequently re measured to fair value at each reporting date. Transaction costs are expenses thorough the SOFA. The change in the fair value is recOlsed in the SOFA. Illcomin resollr¢¢s IncoEne represents donations 8nd miscellaneous incom¢ excluding valu¢ added t& All in¢oming resources are ineluded in the SOFA when th¢ charity is entitled to the income and the amount can be quantified with reasonable &ecurney. The following specific policies are applied to particular categories of income: Donations All donations, and voluntsJy income ar¢ Y¢cognised &$ income on receipt except where the donor requires the sum to be invested to provtde income for th¢ ¢harity's purpos4 in which case it is tr¢at¢d as an endowment. Inv&stw¢nt Illcome Lrlterest on funds held on deposit is included when receivable and the amount can be rnur¢d reliably by the charity. this is nonnally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend h&8 been declared and notifi¢ation h&s been received of the dividend due. This is noMllY upon notification by the charitys investtnent advisor ofthe dividead yield ofthe investtnent portfolio. Page 12
PENCARE NOTES TO TKE FLYANCIAL STATEMENTS FOR TIIE YEAR LYDED 31 MARCH 2025 Resources expended Liabilities are recolsed as expenditure as soon as there is a legal or consbuctive obligation committing the charity to that expenditure, it is probable that settlement will be required and the 8mount of th¢ obligation can be measured reliably. All expenditUTe is aoUnted for on an accnthls b&gis. All expenses including support osts and uovernance costs are allocated or apportioned tr) the applicable exp¢ndtttire headings. Alloc*tioD of 5UPPOrt and governance eosts Support costs have been allocated bettve¢n gov¢rnan¢¢ costs and other support costs. Governance costs comprise all costs involving the public OUnbIlIty of the charity and its compliance with Tegulation and good pra¢tice. Thes¢ costs include costs related to independent review and legal fees together Thith an apportionment of Cpverhead arAd support costs. Governance costs and support costs relating to charitable activities have been apportioned based on the invoice tost heading. Costs of raising f&nds The costs of generating funds Qonsist of PeEEfriends expenditure. Charitable activities Costs of ¢haritabl¢ activities include w payments. Tesidents ¢atertng and top up panents, governance costs and an apportionment of support costs &$ shoThTh in note 3. Cash & Cash equivalents Cash ond cash equivalents are basic fmancial instsuments and include cash in Fland and bank accowits. Financial instruments The charity has el¢¢ted to apply the provisions of S¢¢tion 11 "Basic FinanciaI Financial instJuments are recolsed when the Charity becomes party to the contractual provisions of the instrument Financial assets and liabilities are offseL with the net amounts presented in the fin0claI statements, when there is a legally enforceable riJo It to set off the recognised amounts and there is an intsntiori to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 13
PENCARE NOTES TO THE FINANCIAL STATEMENTS R THE YEAR ENDED 31 NL4RCH 2025 Basit financial assets Basic fuwi¢ial assets, which include accrued income and cash and bank baIances, are initially measured at transact?on price including transaction costs and are subsequently Catea at amortised cost using the effective interest method unless the arrangement constithtes a fJn&ncing trartiOn, where the financial Set is measured at the PTes¢nt value of the futse receipts discounted at a market rate of intertSL Basit finaneial liabilities Basic financiaI liabiliti4 in¢luding trade and other creditor& recognised wh¢r¢ the charity has a present obllgation resulting from a past event that will PTobably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nomially re¢ognised at their settlement amowit after allowing for any trade discounts due. ¢ initially recognised at transaction price unless the arrangement constitutes a ftnancial transactton, where the debt instrument is measured at the present value of the fvture payments discounted at a market rnte of inte$L Fixed asset investments InVeSthnIp0rrfIlO." Investments are a forni of basic financial instrument and are initially recogThised at their transaction value and subs¢quently measured at their fair value as at the balaJ)ce sheet dat¢ Using the ¢losing quoted rnaet price. The ststement of financial a¢tiviti¢s includes the net gaiDS and losses aTising on revaluation and disposals throughout the year. The Tnjst does not acquire put option4 derivatives or other ¢omplex fanCIal instnunents. The n]ain forni of financial risk faced by the charity is that of volatility in equity markets and iEJvestment maTk¢ts du¢ to wider economic conditions. the attitude of investors to investment risL 8lld changes ij) sentiment concerning equities and within particular sectors or sub sectors. SocialJnvesfvienfr Loans mad¢ as a social investment to fitrther the objects of the cllarity are recognised 9d measured &$ concessionary loans at cosl being at the amount of the loan made. Realised gains and losses All gains and losses are taken to the Ststement of Finan¢ial Activities as they arAse. Realised gains and losses on investm¢nts are calculatsd as the difference between sales PreedS and their opening ¢arrying value or th¢iT pllrch& value if a¢quid subsequent to the first day of the financial year. Unr¢aJised gatns and losses calculated as the dÉfftrence between the fair valu¢ at the year end and their canying vaIue. liealised and unrealised investsnent gains and losses are combined in the Stsiement of Financial A¢tivities. Page 14
PENCARE NOTES TO THE FINANcL STATEMENTS FOR THE YEAR ENDED 31 IIL4RCH 2025 Contingent liabllhles A contingent liability is identified and disclosed ftir those grants resulting from: a p)ssible obligation which will onty be confirnied by the O¢¢UTrence of one or more uncert2in future events not wholly within the trustees. control. or a present obligation following a top up fees and catering expenditlwe where settlement is either not considered probabk" or tbe amount has not been communiGated in the Tesidents #xpendTtUTe #nd that amount cannot be estimated reliably. Taxatio As a clwity, Pencare is eXerpt from tlx on income and gains falling within section 478 of the Te5 Act 2010 or s256 of the TtiOll of ChaTg¢able Gains Act 1992 to the extent that these are applied to its charitable objects. No tsx charges have arlsen ia th¢ ¢harity. Fund Accountina Detsils of the nature 2nd purpose of each fund is set out on note 12. Z COmE nrestritttd year ended fuDd$ 31-MaTr2025 period cttdtd 31-Mar-2024 Donatioms Donations and le88cies 5,536 5.536 5,536 5,536 500 500 Page 15
PENCARE NOTES TO THE FINANCL4L STATEJtENTS FOR THE YEAR ENDED 31 IIIARCII 2025 Bas of Chgritsble Governaty¢¢ allo¢Atlon aLvItIeS ytar thded year ended 31 Mareh 2025 i l Mgtth 2024 Travel & Subsistence actual Insurau¢es actual Pen friends costs a¢&1 Sundries actual Administration Costs actual Printing & Stationery actual Storage Cultural Expenditure actsal Grants made actual Residents catering payments Residents top up paynents Legal Fees & PTofessional F¢es A¢countancy Fees 26.307 156 26.307 2.425 15J70 2,980 374 543 16.480 494 3.577 4,572 84,141 2269 1.299 250 18.000 155 4.069 1,549 18.000 997 4.069 126 148.210 842 126 148.210 7.416 14.165 14,165 34,886 actttal actuaI 240 3,360 28,343 240 3,360 219.448 220 3,320 174.373 191,105 4 STAFF COSTS yearended 31 M#rtkn 2025 year ended 31 MCh 2024 Staff Costs There w¢re no members of staff directly employed by th¢ charity during the current or previous yeajs. However. as PTev30usly statel one member of the Management Cornmittee (the Administrator) receives remuneration for accountin& administtative and other wotk carried out for and on behalf of the charity. Such duties are carried out on a self•employe¢ part-time basis. Related party transactions and trnstees, expenses and remuneration The trustees all give freely th¢ir time and expertise without any fonn of remunerdtion or other benefit in ¢h or kiJ)d {2024: £nil). Expenses paid to the trustees in the y¢ar totalled £nil (2024.. £nil). No remuneration is paid to any key management peTsonnel or Trustees. Th¢Te were no r¢Lated paty traDsactions during the year. Page 16
PENCARE NOTE AIYCIAL STATEMENrs FOR THE YEAR ENDED 31 MAIiCH 2025 5 fNVESTMENf INCOME year ended 31 March 2025 year tnded )1 M&ch?024 General Deposit Interest Dividend distributions Teceived from investments 102 96 123.132 123234 126.631 126,727 6 OPEIL4TING (DEFICIT) The operating deficit (2024: deficit) is stated after charging.. ye#r ended JI M8rch 2025 ye8rende(E JI MaTeh 2024 Independent exn]nerS remuneration 3.360 3.320 7 FIXED ASSETS- Investments Listed iDveslrneDts Valuation at l April 2024 decrease in valuation transfers out of fulld as at 31 March 2025 3.746.682 (108,437) (loo,000 3,538 ?45 Valuation At il March 2025 At 31 March 20?4 £3.538,245 £3,746,682 Cost or valuation at 31 March 2025 of fixed asset investments is repr6seJAted by, Listed investments Va]uation in 2025 £3,538,245 Page 17
PENCARE NOTES TO THE FLYANCIAL sTATEs FOR THE YEAR ETr4DED 31 MARCH 2025 8 FIXED sSETS- Social Investment:
sat
31 M*r¢h 2025 31 March ?0?4 Cost Programme related investment 350,000 350.000 The programtue relat investment is a concessionary loan that is secured by a charge dated 27th November 2017 over the registered estate of 39 Cyncoed Road Cardiff. 9 DEBTORS: AMOUNIS FALLING DUE WITHtN YEAR 31 M#rth 2025 31 Marth 2024 Prepayments Other debtors 336 30,848 31,184 265 30.952 30,952 10 CREDITORS: AMOT]NTS FALLllYG asat 31 Marth 2025 )1 Mah 2024 Accrua]s 7,591 7,591 16,815 16.815 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Net eurrent assets Tot21 Unr¢stricted Funds 3,888245 3,888,245 86,104 3,974,349 86,104 3.974,349 Page 18
PENCARE NOTES TO TItE F]NAI¥CIAL STATEIIIENTS FOR THE ITAR ENDED 31 MARCH 2025 12 FUNDS UnrestrACted funds are available for use at the discretion of the tsustees iu furtherance of the general objectives of the cFwity. 13 GIL4NTS PAID The following grants totalling £148,210 have been paid to organisations and indAviduals by the ClrIty during the year: Nathre of activi sll orted Grants to Synagogue ¢ODnected 93,493 Supplement existing fL]nds of tbe orlyatiisation Grants to individuals 32217 Financial assistance Grants to institutions ??.500 Supplement existing funds of the org¥J]isation 148 ?10 The above grants are the result of specific applications for fjjnding during the year and are in addktion to other community expenditure, such Ls the f(mIll of care fees and taxi service. 14 RELATED PARTY There weTe no related paty transactions during the year. Page 19
PENCARE iNCOME & EXPEf4DrruRE ACCOUN[ FOR THE YEAR ETrIDED 31 MARCH 2025 ended 31 March 2025 ear ended tncome: Donations Legacy 536 5.000 500 5.536 500 Other in¢ome: Deposit a¢¢ount interest Dividend distributions received from imvestsnents 102 96 123.132 126.631 123,234 128.770 126,727 127,227 Expenditsre: Administration costs Prtnting & Stationery Stordge TTavel & Subsistence Insurance Accountancy fees Legal aod professiona] f¢¢s SundTies Pen Friends Expenditure CulttuaI expenses GrJDts payments Residents cafrxing pa)qnents Residents top up and respite payments 18,000 997 4.069 26,307 1425 3.360 240 1,549 16,480 494 3,577 15,370 2.980 3,320 220 543 374 4,572 84,141 7,416 34.886 126 148.210 14.165 219.448 (90,678) 174.373 (47,146) NET (DEFICIT) This page aS not form part of the statutory financial statements Page 20