Mirus-wales COMPANY NUMBER: 01966665 REGISTERED CHARITY NUMBER: 517149 mirus posslbllltl•s Inio r•alltl•s Report of the Trustees and Financial Statements for the Year Ended 31st March 2024 for Mirus-wales Page 1 of 40
Mirus-wales REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2024 The trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS102). Page 2 of 40
Mirus-wales CHAIRS REPORT 2023124 As we reflect on this past year at Mirus, it's clear that it has been a transformative period for us as an organisation. Under the leadership of our new Chief Executive, Kirsty Davies-warner, we've navigated significant change, while continually focusing on our core purpose - to provide the support that people need to live good lives. We've strengthened our commitment to person- centred support, keeping the voices of the people we support at the heart of everything we do. One of the most exciting developments has been the creation of the first paid Mirus Ambassador roles. a significant step toward valuing lived experience within our organisation. Alex and Adam, our Mirus Ambassadors, have played a critical role in advocating for greater inclusivity in Wales, and their work is already making a difference. Their campaigning efforts, informed by the experiences of the people we support, have highlighted significant barriers, such as issues with public transport and cashless payments, which we're actively working with them to address. We're hopeful that these roles will expand in the future, so that more people with learning disabilities, mental ill-health and autistic people can bring their unique perspectives, skills and experiences to all levels of our organisation. Celebrating our achievements has been a highlight this year, especially during our Mirus Stars Awards, where we came together to celebrate the incredible achievements and contributions of both our staff and the people we support. These moments of celebration reinforce the deep sense of community that defines Mirus. This year, we began our journey to becoming a trauma-informed organisation, recognising the impact trauma can have both on the people we support and our staff. This shift is essential for creating an environment where everyone feels safe, respected and valued. Looking forward, we're excited about the path ahead. We're committed to making a significant and positive impact on the lives of the people we support and the communities we work in. As part of this, we have committed to continually developing the services, support and information we provide in the Welsh language. Page 3 of 40
Mirus-wales We've focused on refreshing our strategic plan to align with our vision for the future. Our Trustees have worked closely with the management team to develop inspiring plans that will guide us in the years ahead, ensuring we remain adaptable, responsive and innovative in our approach. Our refreshed strategic objectives are: 1. Work with people, families and communities to build support networks that enable people to live good lives. 2. Invest in our diverse, highly skilled, engaged and supported workforce 3. Grow sustainably so that we are a resilient organisation, able to drive social value and influence our operating environment 4. Influence our operating environment to protect the rights of people, families and communities. To enable us to achieve these objectives, we have reintroduced the Director of Support role. Sara Davies joined us in March, bringing with her a wealth of management experience and an outlook that aligns with our mission and values. On behalf of the Trustees, I would like to thank Mirus staff, volunteers and everyone who has been part of this journey with us. Together, we're building a more inclusive Wales, where everyone can live a good life. Nick Beckett Chair Page 4 of 40
Mirus-wales FINANCIAL REVIEW The net unrestricted surplus for the year ended 31 March 2024, before transfers amounted to £89,039 (net incoming unrestricted surplus 2023.. £1,984,125). The cumulative unrestricted funds increased to £5,287,700 (2023: £5,311,703). The movements in the individual designated funds are shown in note 16. The restricted funds include the monies received for the provision of care in the local authority areas in which the charity works. The total incoming resources from these sources amounted to £25,940,584 (2023: £23,108,943) and the total expenditure from restricted reserves amounted to £26,053,626 (2023: £25,088,319). A transfer from unrestricted reserves was made resulting in net resources (after actuarial gainsllosses) of £0 (2023.. £0). All the incoming resources have been applied to further the objects of the charity. The funding for the year continued to be received from those Local Authorities and Health Boards with whom the charity is commissioned. In addition, the charity received Supporting People Grants from Local Authorities as well as contributions from the people we support in the form of housing benefit and other contributions. The principal cost for the year was staff salaries and related costs. The staff provide the level of support required to meet the charity's obligations under the commissioned contracts. INVESTMENT POWERS AND POLICY Under the Articles of Association mirus has the power to invest for the furtheran of the charity's principal activity. All investments comply with the Charity Commission guidelines. The trustees, having regard to the liquidity requirements of the charity have operated a policy of keeping surplus cash balances as liquid as possible and any surplus balances will be invested in fixed term deposit accounts. Page 5 of 40
Mirus-wales RESERVES POLICY AND GOING CONCERN mirus analyses its, risk as an organisation and recognises the need to hold reserves, as an example to: provide for potential liabilities because of a significant reduction in commissioned contracts such as redundancy and other contracted commitments. ensure that where funding levels for support are reduced that appropriate levels of support continue to be provided whilst negotiations with the commissioner are agreed, or an alternative solution identified. The level of available reserves (unrestricted funds less fixed assets and designated reserves) on 3191 March 2024 was £4,428,897 (2023: £3,874,872). mirus also has aCsS to loan finance to manage any working capital requirements. The Trustees regularly review mirus reserves policy and position to ensure that it can meet the ever-changing impact of legislation and commissioning requirements on the Social Care sector. PLANS FOR FUTURE PERIODS Our strategic aims for the next three years are: 1: Work with people, families and communities to build support networks that enable people to live good lives. 2.. Invest in our, diverse, highly skilled, engaged, and supported workforce 3.. Grow sustainably so that we are a resilient organisation able to drive social value and influence our operating environment 4: Influence our operating environment to protect the rights of people, families and communities to live a good life. Page 6 of 40
Mirus.Wales REFERENCE AND ADMINISTRATIVE DETAILS Charity number: Company number: Registered office: 517149 01966665 Unit 5 Cleeve House, Lambourne Crescent. Llanishen, Cardiff CF14 5GP Our advisors: Auditors: Haines Watts Wales LLP, 7 Neptune Court, Vanguard Way, Cardiff CF24 5PJ Solicitors: Douglas-Jones merr, 16 Axis Court, Mallard Way, Swansea, SA7 OAJ Bankers: National Westminster Bank PLC, 50 Station Road, Llanishen. Cardiff Page 7 of 40
Mirus-wales Directors and Trustees: The directors of the charitable company (the charity) are the trustees for the purpose of charity law. The members at the Annual General Meeting appoint the Trustees. The trustees and officers serving during the year and since the year end were as follows: Mr Nick Beckett (Chair Mrs Deborah Bainbridge (Vice Chair) Ms Roz Waterhouse Ms Helen Cook Mr Ben Price Dr Janet Webster Mrs Deborah Stein Mr Ronald Zammit (Treasurer) Mr Stephen Porter: Appointed 26th June 2023 Mrs Heidi Morris: Appointed 25th September 2024 Mr Bernard Gibson (Interim Treasurer): Resigned 15th January 2024 Mr Andy Jones: Resigned 19th December 2023 Mr Benjamin Hurrell: Resigned 5th January 2024 Mr Dylan Ashpole: Resigned 11 th Dember 2023 Company Secretary: Alison Corten - Director of People and ReSoUrS Senior Management Team: Kirsty Davies-warner - Chief Executive Alison Corten - Director of People and Resources Neil Yates - Director of Organisational Development Sara Davies - Director of Support Nichola Jones - Assistant Head of Service and Responsible Individual Peter Davies - Assistant Head of SeNice and Responsible Individual Sally Bathurst- Assistant Head of Ser[Ce and Responsible Individual Leanne Smith- Head of Finance Margaret Falcon - Head of Learning & Development Claire Dixon- Head of Human Resources David Isaac-Jones - Head of Resourcing and People Projects Claire Dunkerton - Head of Practice and Culture Chris Garlick- Head of Health & Wellbeing Sarah Pierce - Head of Systems & Technology Page 8 of 40
Mirus-wales STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Mirus-wales is a company limited by guarantee and not having a share capital, registered in England and Wales (company registration number 01966665) and is governed under its Articles of Association. Mirus-wales is also registered with the Charity Commission (charity registration number 517149). The Trustees are also the Directors of the charitable company. Appointment of trustees As set out in the Articles of Association the minimum number of trustees shall be three but shall not be subject to any maximum unless otherwise determined by a SolUtion of the trustees. Every trustee shall be appointed or re-appointed by a resolution passed at a properly convened meeting of the Board of Trustees either.. as soon as reasonably possible following retirements at the Annual General Meeting or at any other time of the year. In selecting individuals for appointment or re-appointment as trustees; the Board of Trustees must have regard to the skills knowledge and experien needed for the effective administration of Mirus. A retiring trustee may be re-appointed for a further term but shall not be counted in the quorum for that part of the meeting or have a vote on the matter. Every trustee after election must sign a declaration of willingness to act as a trustee of the Charity before he or she may vote at any meeting of the Board of Trustees. Trustee induction and training Trustees receive an induction that includes all the key governance documents, strategic plans the work of the current Board of Trustees and engagement visits to visit the people we support and their staff teams. A formal process of application and interview selection by Trustees and the people we support is the first stage and successful candidates are encouraged to attend a Board Meeting as an observer prior to being co-opted as a Trustee. Additional training is offered from time to time, which contributes to the effectiveness and skills of our Trustees and is driven by the regular skills review that is undertaken. Page 9 of 40
Mirus-wales Delegation of Authority Important review responsibilities are delegated to Board committees. so that Trustees can better support management and also examine important issues in greater depth. The Chief Executive and key senior personnel attend each committee meeting unless the committee chair agrees otherwise. The committee activities are formally reported back to the Trustee Board by the committee chairs, supported by relevant senior key personnel, so that all Trustees can probe and understand the committees, decisions. Board Structure Mirus Trustees are ultimately responsible for directing the affairs of the charity, ensuring that it is solvent, well-run, and delivering the charitable outcomes for the benefit of the public for which it has been set up. The Trustees must ensure compliance and have both a duty of prudence and care. Mirus Trustees bring a diverse range of professional expertise. all highly relevant to the charity's strategic objectives and values. Mirus has a Board of Trustees who meet at least four times a year as well as attending an annual Board Development Day. Trustees also have the option of sitting on a Sub Committee as shown below: Governance Committee Finance and Business Development Committee Quality of Care Committee People & Culture Committee Remuneration Committee Trustees may be allocated to a specific region and are required to scrutinise and comment on the Review of Quality-of-care Report for that region. Page 10of40
Mirus-wales Minutes of all committee meetings are made available to Trustees via a Board SharePoint Site. This enables Trustees to aCsS past and present meetings and decisions from one single, secure digital plaffomi. This supports our governan and compliance, enhances information confidentiality and security and facilitates Board administration as well as reducing our environmental Impact. Governance Committee The Governance Committee oversees regular self-reviews of our governance viewed against the Charity Commission Charity Governan Code. There are seven principles of the Code, and these relate to organisational purpose, leadership, integrity, decision-making, risk and control, board effectiveness, diversity and openness and accountability. The Code emphasises that it is important that Trustees discuss the Code's principles and recommended practice and make well considered decisions about how these should be applied. The committee reports regularly to the full Board of Trustees and area satisfied that Mirus is applying all the seven principles in the way that it is govemed and that it regularly monitors and conducts self-reviews to ensure it meets the desired outcomes in respect of each of the seven principles of the Code. Finance and Business Development Committee The Finance and Business Development Committee reviews Mirus financial systems and controls, including key financial risks, financial results and the balan sheet. It also reviews Mirus budgets, cost management, cash management. its policy for investment of surplus funds and its reserves policy. Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored, and that appropriate management information is prepared and reviewed regularly. Quality of Care Committee The Quality-of-care Committee provides oversight of the Mirus Quality Assurance Strategy and advises the Board on the effectiveness of this framework in providing safe and effective care for the people supported by Mirus. The Committee also ensures that services are compliant with the Regulated Services, making recommendations to the Board on any changes that are needed to improve the quality and safety of Mirus servIs. Page 11 of40
Mirus-wales People & Culture Committee The People & Culture Committee ensures appropriate oversight of the human resources performance of the organisation. This includes best practice recruitment, retention and employer offer, assuring the Board that Mirus meets required policies, standards, best practice and regulatory requirements. The Committee also undertake risk management reviews of the Mirus People & Culture workstreams. Remuneration Committee The Committee meets at least once a year and on an as needed basis. The Committee reviews all recommendations on the remuneration of Mirus staff, including key management personnel. The committee focuses on ensuring that the remuneration of all employees is competitive and fair within the current financial constraints that the sector faces. The remuneration of all staff is reviewed every three years through an external Job Evaluation exercise, and any changes approved by the Board of Trustees. The directors comprising of the board of directors, who are the charity's trustees, give their time freely and no director received remuneration in the year. Details of the directors, expenses and related party transactions are disclosed in note 11 to the accounts. Risk management A Risk Register is at the heart of the risk management processes of mirus. The Risk Register is reviewed in significant detail by the relevant committee and appropriate mitigation and action plans developed. The major risks are reported through to the full board alongside details of the actions completed or being undertaken to mitigate the risk. Page 12 of40
Mirus-wales Mirus has in place: Suitable levels of supervision, training and procedures to ensure the standard of care is of the highest level. Robust internal controls and internal audit prOdureS to safeguard the monies of those we support. Appropriate levels of insurance to cover public liability, employer liability and other areas relevant in its operations. The Board of Trustees are satisfied that these risks are rigorously controlled and monitored through internal and external sources and that risks are effectively managed. Risks and Considerations The Trustees regularly review the risk register and consider the major risks to which Mirus-wales is exposed and the systems which have been established to mitigate those risks. Board meetings include the monitoring of financial and operational performance and risk. Senior key personnel present to Trustees about their specific area of responsibility and routinely manage and review its Risk Register. The principal risks are associated with" Workforce Challenges: Recruitment and retention of skilled social care workers are ongoing issues, impacting service delivery. Reduced public spending: The sector that the Charity operates in continues to undergo significant change and public services in Wales will remain under intense financial pressure for many years. Mirus-wales has responded to the financial pressures through continuing to seek efficiencies whilst protecting the support that it provides to people. Demographic Changes: An aging population increases the demand for social care services, putting pressure on resources and workforce capacity. Page 13 of40
Mirus-wales Equality & Diversity mirus is committed to building a workforce which is valued and whose diversity reflects the communities in which it operates. mirus is committed to and strives to ensure that every individual who works for us, or who applies to work (providing they have a legal right to work in the UK) will be treated fairly and equally valued regardless of their protected characteristics or other circumstances, including disability. Public Benefit Statement Within the objects, mirus public benefit aim is to relieve people in Wales who are in need due to a learning Disability, a mental or physical illness to enable them to live fulfilled, valued lives by.. providing care, support, education. accommodation and practical advice. supporting carers who are helping such persons within and outside the home. mirus supported 228 people as at 31st March across ten local authority areas; Cardiff, Vale of Glamorgan, Bridgend, Ceredigion, Powys. Caerphilly, Newport, Neath Port Talbot, Swansea and Torfaen. We also provide support commissioned across 4 Health Boards in Cardiff & Vale, Powys, Aneurin Bevan and Swansea. Region How many people were being provided care and support by the service as of 31 st March 2024 Supported Living Services Cwm Taff 27 Cardiff and Vale 100 36 Gwent 16 Powys Western Bay Totsl 22 15 75 23 240 86 We support people with a variety of needs, goals and aspirations through service models which include supported living, community connections, complex behaviour and autism specialist servIs, respite, and community support services. Page 14 of40
Mirus-wales No Trustees receive any benefit from the services that we operate. In the furtheran of these aims, the Trustees of mirus have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published general and sub-sector guidance concerning the operation of the Public Benefit requirement under the Act Page 15of40
Statement of Trustees Responsibilities The Trustees are responsible for their Annual Report and for the preparing of the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. They are also responsible for ensuring they give a true and fair view of the incoming resources and the application of resources of the Charity during the year, and of the situation as at the end of the financial period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently. make judgments and estimates which are reasonable and prudent. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement. prepare the financial statements on an on-going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible for safeguarding the assets of the Charity and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement as to Disclosure of Information to Auditors With regard to the preparation of this Annual Report and Accounts: as far as each Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware. each Trustee has taken all the steps that a Trustee might reasonably be expected to have taken to be aware of relevant audit information and to establish that the Charity's auditors are aware of that information. Page 16 of40
Statement of Trustees Responsibilities Auditors 1. A resolution to re-appoint Haines Watts LLP as auditor for the ensuing year will be proposed at the Annual General Meeting. 2. Approved by the Board of Trustees on 9th December 2024 and signed on its behalf by.. Signed Nick Beckett (Chairperson) Dated Page 17 of40
Report of the Independent Auditors to the Members of Mirus.Wales Opinion We have audited the financial statements of Mirus-wales (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: a. give a true and fair view of the state of the charitable company's affairs as of 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. c. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice; and d. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Page 18 of40
Report of the Independent Auditors to the Members of Mirus-wales Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 19 of40
Report of the Independent Auditors to the Members of Mirus-wales Matters on which we are required to report by exception. In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the infomation and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies, exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 20 of 40
Report of the Independent Auditors to the Members of Mirus.Wales Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland,, UK GAAP (FRS 102) and relevant tax legislation. Page 21 of 40
Report of the Independent Auditors to the Members of Mirus.Wales Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include: Discussing with Trustees and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities. Obtaining an understanding of the key controls put in place by the charitable company to address risks identified. assessing the effectiveness of those and discussing how these are maintained and monitored internally. Assessing the risk of management override and review and testing of journal entries made into the accounting system. Challenging assumptions and judgements made by the charitable company in relation to the significant accounting estimates employed in the preparation of the financial statements. Discussing with Trustees and Management the legal and regulatory obligations of the charity and whether they have any knowledge or suspicion of non-compliance. Despite the audit being planned and conducted in accordance with ISAS (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 22 of 40
Report of the Independent Auditors to the Members of Mirus-wales Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Victoria Carter (Senior Statutory Auditor) for and on behalf of Haines Watts Wales LLP, Statutory Auditors 7 Neptune Court Vanguard Way Cardiff CF24 5PJ Date: 19th ts£combL( 2DI Page 23 of 40
Accounting Policies Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared on a going concern basis. Income Donations are recognised where there is entitlement, rtaInty of receipt and the amount can be measured with sufficient reliability. Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been reived. Such income is only deferred when: The donor specifies that the donation must only be used in future accounting periods. or the donor has imposed conditions which must be met before the charity has unconditional entitlement. All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to categories of income. Housing benefit claimed on behalf of all service users is accounted for on a receivable basis. Grants and service level agreements to support the provision of care are accounted for in the financial year to which they relate. Grants received to finance the cost of fixed asset are recognised as restricted funds and used to finance the annual depreciation charge. Investment income is recognised on a receivable basis. Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. Page 24 of 40
Accounting Policies Expenditure Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of reSoUrs, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance Costs Governan costs include costs of the preparation and examination of the statutory accounts. the costs of trustee meetings and the cost of any legal advice to trustees on govemance or constitutional matters. Financial Instruments Current assets and liabilities, including cash held at bank or as part of short-term deposits, are recognised at cost or valuation as at the year end. Aged debtors and liabilities are held at cost in line with FRS 102. Page 25 of 40
Accounting Policies Depreciation Depreciation is provided on assets in eXsS of £1 ,000 and capital in nature. Depreciation is calculated to write off the cost of assets over their expected lives at the following annual rates.. Freehold properties: Cost of freehold 20/0 of latest revaluation Cost of adaptations 4% ofcost Leasehold properties Over the term of the lease Project furniture 33 % of cost Office furniture & equipment 100/0 of WDV Computer equipment Computer software 33 % of cost Written off in year of purchase. Site office refurbishment costs Over the term of the lease Motor vehicles Cost less anticipated residual value (written off over 3 or 5 years) Page 26 of 40
Accounting Policies Grants Capital Grants Capital grants. received to fund the purchase of fixed assets are brought into restricted funds via the Statement of Financial Activities and reduced annually by the charge for depreciation. Revenue grants Grant contribution is accounted for in the accounting period to which it relates. Clawback of local authority grant is accounted for in the year in which it is known. Notification of such costs is not received until after the statutory accounts have been finalised and submitted. Designated Funds Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Housing Benefit Reserve This represents unspent Housing Benefit monies carried forward for the benefit of the service users. Page 27 of 40
Accounting Policies Pensions The Company operates a defined contribution pension scheme, the cost of which is written off to the income and expenditure account on an accrual's basis. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operated a defined benefit scheme which is separately recognised on the balance sheet in accordance with FRS102. Management charges Management charges are made to each individual project within the organisation for administrative services, centrally organised training, Insuran and recruitment costs. Liabilities The financial statements are prepared on the accruals basis thus recognising all liabilities when the Charity has committed itself to an expense or contractual obligation as per FRS 102. Apportionment of Costs Direct costs are allocated to the individual projects on an actual basis with central costs being apportioned based on individual bed spaces andlor specific agreements with funders. As the Charity is not registered for VAT all input VAT is irrecoverable and is included with the related costs. Page 28 of 40
Statement of Financial Activities (Incorporating an Income & Expenditure Account) for the Year Ended 31st March 2024 2024 Total Unre8lricled Restricted funds funds funds 2023 Total funds Unre$tri¢ted Restricted funds funds Notes In¢ome athd endo¥menQs Irom OoThaiiofis andItya¢S vesimeTht fft¢ome 73x3 73.923 19.687 19.667 Ch•rttabl aciivill•S Receiv10MpOpl(v W suppori Looalgoverr¢rrnt wanrs SPG èDdoihti allowaTh¢es Tiaw ahdo11 i)c¢yne 245.388 245.388 25.227.683 702.9)1 3.( 261.642 261.642 21375.857 22275.857 733.096 733.086 l976.096 25237.683 702.901 76. 459216 25240.5e4 26,399. 2258.580 rJ.KI8A43 25267.5fts Epndilui o Chasitablt aciivili•s Direct chaitiaNe èynthiure Nèt in¢ornel [eipndilre) belor T1$(5 brtwe¢nlunds 370.177 26.(6J.626 26.429.W3 274.455 25.08&319 25262.774 (113.0421 n3.012 I24.• l984.125 Il369.3761 Il$84.4151 l369.376 4.749 1113.042) Ntt incomel lèxp¢n41Il1I before other Tecognised gains a¢lu111 ga•)slllossèsl cffl dtlined beThlit peThsioTh Scheme. 124.(Inl $H.749 16WJ.O( 4.749 6.(4X) 6KI.( Nt¢ moYemeTri in Ivnd5 ReoTheiliation of I05 12¢X) I24.() 6M.749 614.749 Toi•l Ivnds bioughi Soi¥aid 5.JI1703 521I703 I..954 4.696.954 Tol•1 lunds ¢aiiied 5287.7 5287.n 5211703 SJIL703 Continuing operations: All income and expenditure have arisen from continuing activities. Page 29 of 40
Cash Flow Statement for the Year Ended 31st March 2024 Ilotes 2024 2023 Cash Ilows from operating activities Cash generated from operations (946.610) (1,661.391) Net cash provlded by (used in) operating aclivities (946.610) (1,661.391) Cash flows from investing acli¥ilie$ Purchase of tangbk fLYed assets Sa of tangtsk ft¢ed assets Inleresl receNed {4S) 73.923 19.667 leresl pak1 Net cash provided by (used in) invesling acti¥ilies 73,923 19.622 Cash flows from financing a¢tivrties Loan repayffnt m year Net cash provided by (used in) financing activitses Change in cagh and cash equivalents in the reporting period (872,687> (1.641,7691 Cash and cagh equivalent$ at the beginning of Ihe reporting peiiod S.OS4.203 6,705.972 Cash and cash equivalents at the end of the reporti period 4.191.516 S.C64,203 Page 30 of 40
Balance Sheet as at 31st March 2024 Company No: 01966665 2024 Tolal Funds 2023 Tal Funds Notes Uniesriicied Aesiricted Funds Fixed Assels Tan9ible Assets 529x1 581.417 581.417 Cuiieni Assels DebtOFS 3.6.167 3.K6.%7 3.029520 Cash ai Bank 4.757.71J (566.Nl 4.191.5 5Th.203 8.093.723 4.757.71) 2.539.973 7.297.683 Cieditois 12.539.573) 12.539.973) I3..437) w*1 one ar Nei Cuireni Assots 4.757.7KI 4.757.rn 4.7x1.286 Total Assels Le5$ Cuiienl Liabiliiies 5.287.7C(I 5.287.7C(I 5.311.703 Ciedilors AmouN5 due ali rMrethanoneyear Pwovision loi Liab¢lit•es N•1 Asseis 5287,7C 5.287.7( 5.311.703 Lknre$tsled Fwds 4.S19.781 791.922 4.S19.781 4.6?54 OeggnaiedRtSèEYèS ofil I (Ltsssl 791.922 (24.Cl)31 (24.0031 6N.749 T4)tal Funds S287.7LKI 5287.7CO 5.311.703 The financial statements were approved by the Board of Trustees on 9th December 2024 and were signed on its behalf by: Signed Nick Beckett (Chairperson Page 31 of 40
Notes to the Financial Statements for the year ended 31st March 2024 Noteg Actual £ 2024 A¢tu•l £ 2023 2 Donalions and Legacies 1.175 3 Irbvèsimèni Incomt 73J23 19.667 Reconciliation of nei incomel(expenduiel to net cash Ilo¥ ITorn opèiaoinq aclivilies Nei incomellxpÈnditurel foF the fepoFling period las pèi the slalemeni ol IFYbanGial 124.0031 4.749 Adjustmènis lry.. Depreciaiionchwges Interesi ieceived INèr+si pa Movement on FrfQWSiCS movem on salès olliKed assets Ihcrasèl l Dèciease in debtois Ioeueasell hciease ciedilXS 47.925 173.923) 62,370 119.6671 1210£1)01 3.$02 176.647) 1823.464) 11.C¢O.8461 1417.8971 Net Cash piovided by lused in) opwalin9 1946.6101 11.661.391) 5 Income from Chaiirabh Acii¥ilies Lo1 PA#knrilyCat?Fund Health Ce Furbdi H¢sing 6enelit Furds supplIngP0Ple Grant Rechwges Peisonèl Grant Fundir herFimd 19.312275 3.323.361 2fj02.048 702.901 47.761 197.627 47.761 85246 17.192.344 2.720.%2 1463.352 733. 33.346 228.297 106.476 1.869.620 26.318.980 25.346.683 6 Chaiiiable a¢14vilies Costs Chwiiableacrwi*s cosis 26.423.&)3 25..774 Page 32 of 40
Notes to the Financial Statements for the year ended 31st March 2024 Motes A¢8[ £ 2024 Atlual £ 2023 7 Direct costs ol chatitable aclivities Staff cosis Tiavèl aftdcai se$ Awommodattsjn Co#$ Bad dobts and Depieerèuon Loss onsale of assels Apwiionmèrt ol ¢0sts .925.332 55.272 2.192.426 100.845 5.639 19355,271 45.862 2J)5.083 12.743 3.774.112 3J72J93 26.053.626 25.088.313 8 supp¢ Cosls MaTragemeni Wages Adrninislfaiionexpens esiabh'shmenicosis Oèwèciioti of tarKJiblè hèiitagèassèts rl10nw ol cost 1847.552 879.584 263.845 2288294 854.179 39.836 13.372.333) 13.774.112) 256,764 8.212 Goveinan¢e cosls Wa9es Authiors renM•)wKJn Athnirristraiion 77X 16.296 12.581 13.762 113.413 6.243 9 Net lincome)lexpendiiuie Net lè)yeTha"luwÈl is ed afieF Audit% rerrrtmef¥p reciath)n- ownèd ass$ Operalsn9leases Surplus on dispos&oFfwed ass•1 45.524 S2.579 68.875 Page 33 of 40
Notes to the Financial Statements for the year ended 31st March 2024 Notes Aclual £ 2024 Actual £ 2023 10 Tiusiees ienuffteraiion and benefits Trusteesiecewed aryiernwfi n2024or 2023. Trusite Èxpens paid the yeaw 815 11 Siall costs Wagès and Social security Pension c051$ ovi&onlOrrè&d3 20,899,144 1.762.496 250.771 19.Th,980 1.784,657 J.156 22.812.411 21.766.793 AV39 Number ofPersons ETrphyddurrjt Pwst)nsEmployed ai End ofY (Pèirnanenl and Cawèll 772 ThèrnIml cl eIeS whos*efflok¥nèNs ared1? ovèr t60.000in theYe wweaslollows.. t110.(Ql10 t120.( t100.001Eo £110.000 0.00110 £100.000 t80.001 to £90.CQO t70,001 to £80.OCoJ 60.7 Eo £70.COO Dwtn9 iheyear mirus pa key mana9erneN loiè&'nq £1.121.26112023. £944.9601. KeymanagemeN are eonsts4èrèdiobè 1412tr23.. N} individuab who dweulyirnpaci uponihè sliateg of ihèchaity. Page 34 of 40
Notes to the Financial Statements for the year ended 31st March 2024 12 Tangtsi le Fixed Assels Leasehold & Fieehold Piopeities Improve -rnents lo Piopert¥ Piojeci Fuiniluie Cosi: Ai 1st A2023 Addirions 'sposals Depreciaiion: Ai1st Apiil 2023 Char9e IYear Oisposals Nei Book Value at 31st m¢ 2024 yXI.CW 258.870 201.504 7.459 63.536 23.129 341.037 172.205 Nei Book Value ai 31st Maich 2023 348.4 195.334 Furnituie Fumiiuie Conw¢ei Total C051- Ar 1siAprl 2023 Ad&'iions Isposals Depiecialion: 12.870 934.317 I33• 13.9)21 Ai l$1 Apra 2023 Chwgèfoiyear Disposals Nei Book Valu ai 31s1 Maich 2024 8.420 722 71.045 16.6 353.5 47.925 13.020 s28.1 Nei Book Value ai 3151 Maich 2023 4.450 33.137 581.417 Notes Actual £ 2024 Actual £ 2023 13 Debiois: arnounis lalling due Viohin one ye 0$L•d Pi•paymènts andA[ed hcom 2.2.642 )3.325 3.106.167 2.480.868 548.652 3.029.520 14 Cieditois: afftounts lallin9 qhje Viihin oybe ye Bank Loans and Ovwdralis Social Securiiy andhèrTa•S hei credOr$ Delr knct)me 2N.832 421.586 1,125,527 778.018 2.539.973 518.876 1.227.484 1.6&8.077 3.363.437 Deleifed Incoffte: Deferred kncomeBi0ug Fwd. Arnounrs Releèsediolncom? Arn15 Deleriedin iheye 1ffj16117T 11.6%.0771 778.018 2.20S.331 (2205.331) 1.6*.077 15 CTe&ilois: amounts duè altei more ihèTr one ye B•nkLoans Page 35 of 40
Notes to the Financial Statements for the year ended 31st March 2024 Kotes Actual E 2024 Actual £ 2023 16 Movement in Funds Unresiiicied F4mds: Genwal Fund Housin98enelitReswv• At Ist Apiil Geneial Fw Housing 8enelitReseFV Net Movemeni in Resèives Gèneial Fund HO9 BeThe1 Reserve Transfeis b$b Funds Gèneial Fth)d Housin9 Berff ReseNe Ai 3151 Maich 4.456.288 855.415 5.371.703 615.641 1526.6021 3.689.021 7.7.333 4.6S6.954 2.136.643 1152.5181 1.984.125 (1,369.3761 1113.0421 1113.0421 4.958.887 328.813 (1.365.376 4,456.288 855.415 5.311.703 Resiri¢iÈd Funds= pensts Reswve Leashold Propwiies GiaN and S)G FL•)d Ai 1s1 April Pension Reseive LeasholdPIopeiiiÈs GFant and SQG F1 Nei Movemeni •n Resei¥es Pension Resèi LeasholdPropeviies Grant and SPG Fwbd liansleFS beivèen Funds Pensh)n Resèivè LÈashofdPioperlies Grant and SPG Fur Ai 31si March Total Funds 1820.COJI 820.000 820.000 1113ffj42J 1113.0421 11189.3761 I1..376) 113.042 1.363.376 1369.376 5287.7C 5.311.703 Nei Movefftent In Funds. included in above afe as lolk4V Uniestricted Funds GeneralFunds Housing Benelil Incomin9 Aesources GeneralFurKIs Housng Ber Resourcès Expended Generalf4$ Housing Ber*f Movèment in Funds 2.Th.643 1152.5181 I984.5 11.521.(lJ21 1374.0841 11.895.0861 615.641 1526.6021 877.835 40,174 9fv8.Tr)3 1258.808 1192,692) 1.066.116 2.136.643 1152.5181 1.984.125 Page 36 of 40
Notes to the Financial Statements for the year ended 31st March 2024 Actual £ 2024 Aciual t 2023 Nois 17 CommitffitThis •JThd•r Op•iatih9 L•ass Office Equipmtnl Opwalir¥J lease due wit l year Opwaiiwhaskn ith2 aftdSyès 2.013 64.452 66.465 26,245 40.215 6.460 18 Pl•t Dbi Rcon¢iliation Cash Ai End oFY¥ of Year Cash S(4.203 I8727) 4.19l516 19 Related paiiy dis¢losuits There wwe no IekitdpariyiraG1loTh$Y ndedJfstch 2024 20 Pensions Thè ¢cryany operales a wsonalpension $¢her. ThAvvipttsoThalPMs4)Schemèis WThS1ilUltd vnder a liusl, the rules of thes¢hemt•e hldsubjt¢i tOlhlwusi. Theith 1[ust may be¢han9ediF ieqwredor a9reed b9 iht apptoplièie 9overThThe authorit The pens)Thcoy ¢harge pad io thtluThd amouNtdio£580.577 12023. £522.0681. Theiewas £10157214dM as ¥ lhbal+ shetd*è. Tht th$¢losL¥t$)w idloi IjhtIès wiih4i1c¥th11I ¥alt QFL4ar¥y9P¢fisFthj (Ihe"Fd') whh is payt ol ihe LocalGoveinmertPenSKbnS¢hemlihelGPSI. The lded nawrè OF Iht LGPS rqu¢res mS.wateS andiis employees iopay ¢onutsAiohs1r thè F¢aalQd a[aleI inténdèdto bncethe perbsions li4bAleS assds. In February2013.lo1owwJtIIdOf¢rad in Po4y knthere TE tr¢crfrparfj ON+rlO a¢losed4thTrissioTh agw¢mè sialFtranslerirty ¥lwwweeadJ •thePowys Lo¢•1 GovèiThTrèrt PeThsionSchème. The ¢CMTWry alsooyiat•s •pern ihecarthff aThlvLo¢alGrdTreN Pth5ionS¢l)rn•. DISCLOSURE UNDER FBS1021LGPS FUNDED BENEFITSI INTRODVCTION Thè disclosures belowleIl¢thQ luThd hWs%ithinthe Carthff aThdV0Efyam91Trpen5IoThF Iihe Tunfl vknt¢h i% p¥1 ol ihèLo¢alGovèrfiment Pension Scheff llhe I$1 Thel¢mdt4 nar ol IhLGPS iewies Mwus.Wales and i¢semployeesw pay ¢on1r$ ito theFffid.¢4l¢ulai¢d at alevel indd10 balah¢è the pensionsliabthiios withirwesimtm issis.1Tha¢¢dftCéWh FThncièl Reytin9 Standards. discloswe ol ¢VIa inFormaliC ¢on¢wrig asss. babib"tiès.iTh¢t)mè artt1e¥wthture relatin9 lOpenOn Sche$ is rewwtd. CONT AIBUTIONS FOR THE ACCOiINTING PERIOD ENDING 31 MARCH 2024 Miius.wales'iegvl ¢ontrknJtK ioihe Fuj10rth• 4¢¢owdry 2024 is eslimated tobe £84.89513tst Mar¢h 202&.£124.4011 Aldillon tOnty.0ns may alsobecome thje iespeci OF arwj employei dixieborts io Mert$>beneElISMtheFdoV¢I iher4 4¢¢LW p1. ASSUMPTIONS Thtlesl a¢iuarial vJaticffioFMrus.W4les"s&aWiesioc plx•as at31M¢h2022.LiabtKIhWt bèèrj èstwnated by the walifd u¥yO ¥)Uall41ba$uSty iheFrfciected e$ meihodThewincipalèsSWfVioDs usedbyih* U4¢Y fft updatty the lat valuaihjnol Fwd F FRSK12wposts artr. Page 37 of 40
Notes to the Financial Statements for the year ended 31st March 2024
Not
2024
2023
PRIIICIPAL FIIWICi4L ASSUl•MS fA PER ANNUM
4.P
CPI hf4
2.P
trIEALTH)
Y07 dbrtr Ebze
slc ra
rSe fr
Notes to the Financial Statements for the year ended 31st March 2024 AHALYYS OF TIIE PROFIT AND LOSS CILIRGE 31)Jzth X24 31 o. otyj 0.12 o.c o£fJ OA)) 14 CMAMGESTO THE PResEIIT VALUE OF Lwufts DURJMG Peml THE AccoupmNG PEIIIOD 31 4.1 652 0.12 0.17 otsj 022 o.(0 10.In 12.*> 0£8 10.$5> Nel aA 10.13> otsj a.c o.c#) oth o. 4.49 CHAIIGESTOTHE FAIRVALUE OF ASSETS DURfftIG TtE Pw•>Jvthg ACCOUNnMG PERK>D 31 ljwth X24 31 yj &77 S.70 0.15 0.33> 0.35 OA 0.13) Q.07 oKo ¢O.S5> o.( 5.93 o.oj &77 ACTUAL REfuRM 011 ASSETS 31 X24 15 ¢0.3J) ¢0.18) o. Page 39 of 40
Notes to the Financial Statements for the year ended 31st March 2024 AKILYSISOF AMOUHTS RECOGMSEDN STRGL 31 212: 31 iiri 40.13) 0.17 2. 0.04 T4x4 Iithkrv Ik%%es> iOC(J> 10.53> io.oj> Ilxx) n STr¢x OAI HISTORY OF ASSET VALIJES. PRESENT VALiE OF LIABILITE$ AND SURPLU YDEFIC 31 21 31 klwthy rar 5.9) s. 4. Page 40 of 40