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
Tn￿tee$
Independent Examiners
Investment bankers
STRU￿￿, GOVERNANCE & MANAGEMENT
Nature of Charity & governin4y document
Recruitment & traininu of T￿SteeS
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 Fil￿ne￿al Statements
Income arLd Expenditure account
io
li
20

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Chari
Infonnation
Registered eh2rity number:
243968
C￿ty ￿a￿e & 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 InVeSt￿ent Managers Limited
Benefa¢t House.
2000, Pioneer Avenu4
Gloucester Business Park
Brockworth,
Gloucester
GL3 4AW
Administrator:
Mr P EvatLS

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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 Si￿lficant connection to the lo￿1 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 s￿lagOgUeS in the local Jewish community.
FolloThino the retnoval of the geowdphical locations previously specified in th¢ Obj￿ts,
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.
Appli￿￿ts 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.

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Tn￿eS aTe included in the Hom¢'s training progrdmme. which wvers areas such as..
Obliirdtions of Trnstees
Structur4.uovernance and operation of the Ch￿7ty
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 t￿￿t Penyl8n House was operated by Linc-cionru. mcmb￿S 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
fa￿well 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

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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
￿T￿ention 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￿￿ T￿leW$.
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 p￿10d 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 a￿a 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 design￿ed 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

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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 cl￿rIty intends to conlinue to provlde fijnding to those who require nuTSi
resideDti81 or respite care, whether in Penylan Ho￿￿e 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 ch￿ltieS 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 rest￿t.
{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 Undetsta￿dlng 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
sTATEl￿ENT 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 fO￿ard
(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
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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 eXpendi￿re. 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

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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 reCo￿lSed 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 recO￿lsed 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
rn￿ur¢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 noM￿llY upon notification by the charitys
investtnent advisor ofthe dividead yield ofthe investtnent portfolio.
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NOTES TO TKE FLYANCIAL STATEMENTS
FOR TIIE YEAR LYDED 31 MARCH 2025
Resources expended
Liabilities are reco￿lsed 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 a￿oUnted 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 ￿OUn￿bIlIty 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
pa￿nents, 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 reco￿lsed 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 fin0￿claI 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.
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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
Ca￿tea at amortised cost using the effective interest method unless the arrangement
constithtes a fJn&ncing tr￿artiOn, where the financial ￿Set is measured at the PTes¢nt value
of the futs￿e 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 int￿e$L
Fixed asset investments
InVeSth￿nIp0rrf￿IlO."
Investments are a forni of basic financial instrument and are initially recogThised at their
transaction value and subs¢quently measured at their fair value as at the balaJ)ce sheet dat¢
Using the ¢losing quoted rna￿et price. The ststement of financial a¢tiviti¢s includes the net
gaiDS and losses aTising on revaluation and disposals throughout the year.
The Tnjst does not acquire put option4 derivatives or other ¢omplex f￿anCIal instnunents.
The n]ain forni of financial risk faced by the charity is that of volatility in equity markets and
iEJvestment maTk¢ts du¢ to wider economic conditions. the attitude of investors to investment
risL 8lld changes ij) sentiment concerning equities and within particular sectors or sub
sectors.
SocialJnvesfvienfr
Loans mad¢ as a social investment to fitrther the objects of the cllarity are recognised 9￿d
measured &$ 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 Pr￿eedS and
their opening ¢arrying value or th¢iT pllrch&￿ value if a¢qui￿d 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 FINANc￿L 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 eXer￿pt from tlx on income and gains falling within section
478 of the T￿e5 Act 2010 or s256 of the T￿tiOll 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 aL￿vItIeS
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 M￿Ch 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 ex￿n]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 sTATE￿￿￿￿s
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 Ma￿h 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
Cl￿rIty 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(m￿Ill￿ 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 a￿S not form part of the statutory financial statements
Page 20