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← Mirus - Wales

2025-03-31-accounts

Mirus-Wales

COMPANY NUMBER: 01966665 REGISTERED CHARITY NUMBER: 517149

Cmirus.

Report of the Trustees and Financial Statements for the Year Ended 31st March 2025 for Mirus-Wales

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Mirus-Wales

REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 MARCH 2025

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2025 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).

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Mirus-Wales

CHAIRS REPORT 2024/25

As we reflect on the past year at Mirus, it is clear that 2024/25 has been a period of significant change, growth, and renewed focus.

We were delighted to welcome three new Trustees to the Board, Heidi Morris, Laurence Brown and Paola Spiteri. They each bring a wealth of experience, and we look forward to the valuable contributions they will make in the months and years ahead.

This year we have continued our journey towards becoming a trauma-informed organisation. We recognise the lasting impact trauma can have—not only on the people we support but also on our staff. Embracing this approach is essential to creating an environment where everyone feels safe, respected, and valued.

Since January 2025, we have been working in partnership with the mental health charity Platfform to better understand staff wellbeing and explore how we can foster a more supportive and connected workplace. This collaboration has included surveys, open conversations across the organisation, and a commitment to using what we've heard to drive meaningful change.

The training delivered by Platfform has been transformative. It has given us the space to reflect on how we work, how we support one another, and where we need to improve to truly embed traumainformed principles into our culture.

As a result of this work, we have also made important changes to our Better Together process. We've improved how we gather and act on feedback—ensuring that people we support, their families, staff, and volunteers all have accessible ways to share their views and see those views lead to real change.

One of the most significant developments is how we now use feedback. We've built in more time for teams to reflect on feedback during meetings, enabling us to plan and track improvements more effectively. Central teams are also working more closely with support teams to adapt internal policies and processes based on what matters most to people.

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Mirus-Wales

In April 2024, we proudly welcomed Alex West and Adam Bartle as official Mirus Ambassadors. This initiative, which began asa pilot, aims to create employment opportunities for autistic people and individuals with learning disabilities or mental health conditions. Nearly a year on, Alex and Adam continue to contribute meaningfully to projects that matter to them, while also supporting our Admin Team in Cardiff and Bridgend one day a week.

In June 2024, we reintroduced in-person inductions, following a period of increased online training during the pandemic. These two-week induction blocks now include service shadowing and training delivered by people we support ensuring that lived experience remains central to our learning and development.

Our central teams have also undergonea significant transformation, with the introduction of “Heads of’ roles and a business partnering model. This new structure has already had a positive impact, enhancing the support available to operational teams and enabling us to focus more effectively on our core responsibilities, with expert guidance on hand.

Throughout this year, the support operations team has been focused on enhancing quality standards at the service level. We have improved personal plan documentation to ensure a more person-centred approach, keeping the individual at the forefront of their support. These plans are dynamic, regularly reviewed, and updated in line with any changes.

Additionally, we have implemented an electronic rostering system, providing greater oversight and ensuring our services are always safely staffed. Our monitoring of regulatory key performance indicators has been enhanced, ensuring our colleagues are well supervised and communication is improved at the service level.

Efforts have also been made to improve the audit process. In line with the new published ratings, we have been developing our Pathways to Excellence SharePoint site to support the achievement of good or excellent inspection ratings.

Our Responsible Individuals have been highly visible in their regions, driving continuous improvement and reporting back to the trustees on the excellent standard of support, wellbeing, and leadership across all regions.

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Mirus-Wales

We are committed to providing high-quality, person-centered support to individuals and communities across Wales. As a responsible employer and service provider, we are dedicated to meeting the needs of those we support and ensuring our staff are valued and fairly compensated for the vital work they do. However, we are facing significant financial challenges as in recent times, the uplifts in the Real Living Wage (RLW) and National Insurance contributions have not been matched by corresponding increases in the funding we receive from commissioning bodies and local authorities.

While we fully support the principles behind the RLW and are committed to paying our staff fairly, the gap between rising employment costs and the funding provided is putting pressure on our ability to deliver services at the level our beneficiaries expect and deserve. The increased cost of National Insurance further compounds this challenge. Despite our ongoing efforts to manage costs, improve efficiency, and innovate in our service delivery model, the mismatch between mandated uplifts and actual funding creates a challenging environment. This is not unique to Mirus; social care providers across the sector are facing similar difficulties.

We want to be transparent with the individuals we support, their families, our staff, and the wider public about these pressures. We remain committed to advocating for sustainable funding solutions and working collaboratively with our partners to protect the quality and continuity of support. Mirus will continue to engage with commissioners, funders, and policymakers to highlight these issues and seek the necessary uplifts to meet our obligations. We are grateful for the ongoing dedication of our staff and the support of our community as we navigate these challenges together.

| know that the Board of Trustees and| are looking forward to seeing everything we have worked on this year come to fruition and on behalf of the Board of Trustees, | would like to thank all Mirus staff, volunteers, and everyone who has been part of this journey. Together, we are building a more inclusive Wales—one where everyone has the opportunity to live a good life.

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eborah Bainbridge
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Chair

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Mirus-Wales

FINANCIAL REVIEW

The net unrestricted deficit for the year ended 31 March 2025, before transfers amounted to £6,446 (net incoming unrestricted surplus 2024: £89,039). The cumulative unrestricted funds decreased to £4,898,796 (2024: £5,287,700). 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 £27,672,114 (2024: £25,940,584) and the total expenditure from restricted reserves amounted to £28,054,572 (2024: £26,053,626). A transfer from unrestricted reserves was made resulting in net resources (after actuarial gains/losses) of £0 (2024: £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 furtherance 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.

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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:

The level of available reserves (unrestricted funds less fixed assets and designated reserves) on 31St March 2025 was £3,506,680 (2024: £4,428,897).

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 area 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.

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Mirus-Wales

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number: 517149

Company number: 01966665 Registered office: Unit 5 Cleeve House, Lambourne Crescent, Llanishen, Cardiff CF14 5GP

Our advisors:

Auditors:

Menzies LLP Cardiff, 5th Floor, Hodge House, 114 — 116 St Mary Street, Cardiff CF10 1DY

Solicitors:

Douglas-Jones Mercer, 16 Axis Court, Mallard Way, Swansea, SA7 OAJ Sargrave Law Ltd, Unit 2 Tynant Court, Cardiff CF 15 8LW Geldards LLP, 4 Capital Quarter, Tyndall Street, Cardiff CF10 4BZ

Bankers:

National Westminster Bank PLC, 50 Station Road, Llanishen, Cardiff

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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:

Company Secretary:

Alison Corten - Director of People and Resources

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 — Head of Service and Responsible Individual Peter Davies — Head of Service and Responsible Individual Sally Bathurst — Head of Service and Responsible Individual Leanne Smith — Head of Finance 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 Safety, Compliance and Housing Sarah Pierce — Head of Systems & Technology

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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 resolution 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 experience 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.

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Mirus-Wales

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.

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.

Board Meeting Structure

To ensure effective governance of Mirus’ service delivery and improvement plans, the Board meet quarterly for full-day sessions, held on weekends to maximise Trustee attendance. One of the quarterly meetings is extended to allow deeper relationship-building and strategic reflection.

Board meetings are held in person, with online attendance options available when necessary. Meeting papers are circulated at least one week in advance allowing for thorough preparation. The full-day format incorporates the work previously undertaken by Board committees, streamlining governance and enabling the full Board to engage directly in all areas of business

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Mirus-Wales

performance and in turn simplifying reporting and management responsibilities for department managers. The full day sessions allow time for:

The Board has designated Lead Board Members to provide oversight and assurance in the following key areas:

Terms of Reference are provided and outline the purpose, objectives, and guidelines for each key area. The Lead Members liaise with the relevant members of the Directorate Management Team (DMT) to shape the content and structure of reports presented to the Full Board, reviewing reports in advance and leading on scrutiny and assurance discussions during meetings.

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.

Regional Quality Oversight

Trustees are assigned to review Regional Quality of Care Reports for the various contract areas managed by Mirus. The assignment of regions is refreshed annually during the Board’s development discussions. Regional Quality of Care Reports are produced every six months and reviewed at two of the four annual Board meetings.

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Mirus-Wales

Risk Management

A Risk & Assurance Framework is at the heart of the risk management processes of Mirus. The Framework has identified the following 11 risk areas.

The Framework identifies the following for each risk area;

Improvement actions relating to risk are embedded into organisational and departmental plans. The progress of actions are controlled and monitored through Director Management Team meetings and reported to the Board of Trustees on a quarterly basis.

A risk register/scoring system sets out the likelihood and consequence of each risk area, with scoring based on residual risk (no controls in place) and current risk (with current controls in place). This is also updated quarterly and reported to Director Management Team and Board meetings alongside the updated Framework.

Through this approach, the Board of Trustees are satisfied that risks are rigorously controlled and monitored through internal and external sources and that risks are effectively managed.

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Mirus-Wales

Risks and Considerations

The Trustees regularly review the Risk and Assurance Framework as detailed above, considering 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 the Risk and Assurance Framework.

The current principal risks are associated with:

Risk 3. Staffing and management

Risk 4. Service outcomes and performance

Risk 6. Income

Risk 7. Expenditure

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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 havea 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

Mirus supported 241 people as at 31% March across ten local authority areas; Cardiff, Vale of Glamorgan, Bridgend, 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.

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Mirus-Wales

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 services, respite, and community support services.

No Trustees receive any benefit from the services that we operate. In the furtherance 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

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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:

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:

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Statement of Trustees Responsibilities

Auditors

  1. A resolution to re-appoint Menzies LLP Cardiff as auditor for the ensuing year will be proposed at the Annual General Meeting.

  2. Approved by the Board of Trustees on 6th December 2025 and signed on its behalf by: Tam SnDeborah BainbridgeSo (Chairperson)dated WRAPS a

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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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summaryofsignificant 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:

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.

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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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 assurance 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:

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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:

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.

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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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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.

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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:

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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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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

Menzies LLP Cardiff

5th Floor

Hodge House 114-116 St Mary Street Cardiff CF10 1DY Date. 23% hocomber 2029

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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 accordance with the 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 (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, certainty 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 received. 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.

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Accounting Policies

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.

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 resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance Costs

Governance 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 governance 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.

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Accounting Policies

Depreciation

Depreciation is provided on assets in excess 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 2% of latest revaluation Cost of adaptations 4% of cost Leasehold properties Over the term of the lease Project furniture 33% of cost Office furniture & equipment 10% of WDV Computer equipment 33% of cost Computer software 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)

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.

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Accounting Policies

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.

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, insurance 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.

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Accounting Policies

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 and/or specific agreements with funders. As the Charity is not registered for VAT all input VAT is irrecoverable and is included with the related costs.

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Statement of Financial Activities (Incorporating an Income & Expenditure Account) for the Year Ended 31st March 2025

2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Notes funds funds funds funds funds funds
E £ £ £ e 7%
Income and endowments
from
Donations and legacies 2 1,350 “ 1,350 6,898 z 6,898
Investment income 3 90,491 - 90,491 73,923 - 73,923
Charitable activities 5 e ‘i = e = =
Received from people we
support 245,797 - 245,797 245,388 - 245,388
Local government grants - 27,087,042 27,087,042 - 25,237,683 25,237,683
SPG and otherallowances - 585,072 585,072 - 702,901 702,901
Training and other income 68,033 - 68,033 133,007 - 133,007
Total 405,671 27,672,114 28,077,785 459,216 25,940,584 26,399,800
Expenditure on Charitable
activities
Direct charitable expenditure 6 412,117 28,054,572 28,466,689 370,177 26,053,626 26,423,803
Net income/ (expenditure)
before transfers (6,446) (382,458) (388,904) 89,039 (113,042) (24,003)
Transfers between funds 16 (382,458) 382,458 - (113,042) 113,042 -
Net income/ (expenditure)
before other recognised (388,904) - (388,904) (24,003) - (24,003)
gains and losses
Net actuarial gains/(losses) on
defined benefit pension 20
scheme. - - - - - -
Netmovement in funds (386,904) L (388,904) (24,003) = (24,003)
Reconciliation offunds
Total funds brought forward 5,287,700 - 5,287,700 §,311,703 - 5,311,703
Totalfundscarriedforward 4,898,796 - 4,898,796 5,287,700 - 5,287,700

Continuing operations: All income and expenditure have arisen from continuing activities.

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Cash Flow Statement for the Year Ended 31st March 2025

Notes 2025 2024
£ £
Cash flows from operating activities
Cash generated from operations 4 (576,356) (946,610)
Netcash providedby(used in)operating activities (576,356) (946,610)
Cash flows from investing activities
Purchase oftangible fixed assets - -
Sale oftangible fxed assets (1,986) -
Interest received 90,491 73,923
Interest paid rs =
Netcash provided by(used in) investing activities 88,505 73,923
Cash flows from financing activities
Loan repayment in year - =
Netcash provided by (used in) financing activities - 2
Change in cash and cash equivalents in the reporting
period (487,851) (872,687)
Cashand cash equivalents atthe beginningofthe
reporting period 4,191,516 5,064,203
Cash and cash equivalents attheendofthe reporting
period 3,703,665 4,191,516

Page 31 of 41

Balance Sheet as at 31st March 2025 Company No: 01966665

2025 2024
Notes Unrestricted Restricted Total Total
Funds Funds Funds Funds
FixedAssets
TangibleAssets 12 491,423 - 491,423 529,990
491,423 - 491423 529,990
CurrentAssets
Debtors 13 3,003,172 3,003,172 3,106,167
Cash at Bank 4,407,373 (703,708) 3,703,665 4,191,516
4,407,373 2,299,464 6,706,837 7,297,683
Creditors
Amounts fallingdue within 14 (2,299 464) (2,299,464) (2,539,973)
one year
NetCurrentAssets 4,407,373 - 4,407,373 4,757,710
TotalAssets Less 4,898,796 - 4,898,796 5,287,700
Current Liabilities
Creditors
Amounts dueaftermore 15 - - -
than oneyear
Provision for Liabilities - - -
NetAssets 4,898,796 - 4,898,796 5,287,700
Unrestricted Funds 16 4,495,779 - 4,495,779 4,519,781
» Designated Reserves 791,921 - 791,921 791,922
Restricted Funds - - - -
Profit /(Loss) (388,904) (388,904) (24,003)
TotalFunds 4,898,796 - 4,898,796 §,287,700

The financial statements were approved by the Board of Trustees on 6" December 2025 and were si its behajf by: .< \ Signed \%: Ri secs Dated blade oo: Deborah Bainbridge (Chairperson)

Page 32 of 41

Notes to the Financial Statements for the year ended 31st March 2025

Notes Actual £ Actual £
2025 2024
2 Donations and Legacies 1,350 6,898
3 Investment Income 90,491 73,923
4 Reconciliation ofnet income/(expenditure)to net
cash flowfrom operating activities
Net income/(expenditure) forthe reporting period (as (388,904) (24,003)
perthe statement offinancial activities)
Adjustments for.
Depreciation charges 36,491 47,925
Interest received (90,491) (73,923)
Interest paid - -
Movement on provisions - -
Movement on sales of fixed assets 4,061 3,502
(Increase)
/ Decrease in debtors		 102,996 (76,647)
(Decrease) / Increase in creditors (240,509) (823,464)
Net cash provided by (used in) operating activities (576,356) (946.610)
5 Income from Charitable Activities
Local Authority Care Fund 20,476,118 19,312,275
Health Care Funding 3,690,624 3,323,361
Housing Benefit Funds 2,920,300 2,602,048
Supporting People Grant 585,072 702,901
Recharges 30,819 47,761
Personal Contributions 214,978 197,627
Grant Funding 5,000 47,761
Other Funding 63,033 85,246
27,985,944 26,318,980
6 Charitable activities costs
Charitableactivitiescosts 28,466,689 26,423,803

Page 33 of 41

Notes to the Financial Statements for the year ended 31st March 2025

Notes Actual £ Actual £
2025 2024
7 Direct costs of charitable activities
Staffcosts 21,716,699 19,925,332
Travel and carexpenses 29.831 55,272
Accommodation Costs 2,449,367 2,192,426
Bad debts and provisions (109,858) 100,845
Depreciation 2,965 5,639
Loss on sale of assets - -
Apportionment ofcosts 3,965,568 3,774,112
28,054,572 26,053,626
8 Support Costs
Management
Wages 3,140,355 2,847,552
Administration expenses 874,154 879,594
Establishment costs 210,856 263,845
Depreciation of tangible and heritage assets 35,602 39,885
Apportionment ofcost (3,965,568) (3,774,112)
295,399 256,764
Governance costs
Wages 86,783 84,255
Auditors' remuneration 15,760 15,396
Administration 14,175 13,762
___116,718_ _
113,413
9 Net (income)/expenditure
Net income (expenditure) is stated after
Auditors’ remuneration 15,760 15,396
Depreciation -owned assets 38,567 45,524
Operating leases = z
Surplus on disposal offixed asset - -
54,327 60,920

Page 34 of 41

Notes to the Financial Statements for the year ended 31st March 2025

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Notes Actual £ Actual £
2025 2024
10 Trustees’ renumeration and benefits
No Trustees received any remuneration in 2024 or 2023.
Trustee expenses paid during the year 442 1,151
11 Staff costs
Wages and salaries 22,678,287 20,899,144
Social security costs 2,034,352 1,762,496
Pension costs 261,029 250,771
Provision for redundancy - -
24,973,668 22,912,411
Average Number of Persons Employed during the year 803 790
Persons Employed at End of Year 805 792
(Permanent and Casual)
The number of employees whose emoluments amounted to
over £60,000 in the year were as follows:
£110,001 to £120,000 1 -
£100,001 to £110,000 2
£90,001 to £100,000 3 2
£80,001 to £90,000 -
£70,001 to £80,000 2
£60,001 to £70,000 6 6
During the year mirus paid key management remuneration
totalling £887,174 (2024: £1,121,261).
Key management are considered to be 13 (2024: 14)
individuals who directly impact upon the strategic direction
of the Charity.
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Page 35 of 41

Notes to the Financial Statements for the year ended 31st March 2025

12 Tangible FixedAssets Leasehold& Improve Project
Freehold -ments to Furniture
Properties Property
Cost:
At 1stApril2024 550,000 258,870 8,995.
Additions - - -
Disposals - - -
Depreciation:
At 1stApril2024 208,963 86,665 8,995
Charge forYear 3,255 23,130 -
Disposals - -
NetBookValueat31st March 2025 337,782 149,075 -
Net BookValue at31st March 2024 341,037 172,205 -
Furniture Furniture Computer Total
Equipment
Cost:
At 1stApril2024 12,870 100,680 931,415
Additions - - -
Disposals (4,060) - (4,060)
Depreciation: -
At 1stApril2024 9,142 87,660 401,425
Charge forYear 502 9.604 36,491
Disposals (1,986) - (1,986)
NetBookValueat31stMarch2025 1,152 3,416 491,424
Net BookValue at 31st March 2024 3,728 13,020 §29,990
Notes Actual £ Actual £
2025 2024
13 Debtors:amounts falling due within oneyear
Debtors Ledger 2,532,956 2,802,342
PrepaymentsandAccrued Income 470,215 303,325
3,003,171 3,106,167
14 Creditors:amounts falling due within oneyear
Bank LoansandOverdrafts 172,548 214,832
Social Securityand otherTaxes 458,882 421,596
OtherCreditors 1,127,943 1,125,527
Deferred Income 540,091 778,018
2,299,464 2,539,973
Deferred Income:
Deferred Income Brought Forward: 778,018 1,616,077
Amounts ReleasedtoIncome (778,018) (1,616,077)
AmountsDeferred intheYear 540,091 778,018
15 Creditors:amounts due aftermore thanoneyear
BankLoans - -

Page 36 of 41

Notes to the Financial Statements for the year ended 31st March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Notes|Actual|£|Actual|£| |2025|2024| |[Restated]| |16|Movement|in|Funds| |Unrestricted|Funds:| |General Fund|4,495,778|4,456,288| |Housing Benefit Reserve|791,922|855.415| |At|Ist|April|5.287.700|5,311,703| |General Fund|(115,217)|152,532| |Housing Benefit Reserve|108,771|(63,493)| |Net|Movement|in|Reserves|(6,446)|89,039| |General Fund|(382,458)|(113,042)| |Housing Benefit Reserve|-|=| |Transfers|between|Funds|(382,458)|(113,042)| |General Fund|3,998,103|4,495,778| |Housing Benefit Reserve|900,633|791,922| |At|31st|March|4,898,796|5,287,|700| |Restricted|Funds:| |Pension Reserve|-|=| |Leashold Properties|=| |Grant and SPG Fund|-|-| |Ac|1st|April|-|=| |Pension Reserve|-|-| |Leashold Properties|-|-| |Grant and SPG Fund|(382.458)|(113,042)| |Net|Movement|in|Reserves|(382,458)|(113,042)| |Pension Reserve|-|-| |Leashold Properties|-| |Grant and SPG Fund|382,458|113,042| |Transfers|between|Funds|382,458|113,042| |Pension Reserve|=|S| |Leashold Properties|=|-| |Grant and SPG Fund|-|-| |At|31st|March|-|-| |Total|Funds|4,898,796|5,287,700| |Net|Movement|in|Funds,|included|in|above|are|as|follows:| |Unrestricted|Funds| |General Funds|152,532|2,136,643| |Housing Benefit|(63,493)|(152,518)| |Incoming|Resources|89,039|1,984,125| |General Funds|(267,749)|(1,984,111)| |Housing Benefit|172,264|89,025| |Resources Expended|(35,485)|(1,895,086)| |General Funds|(115,217)|152,532| |Housing Benefit|108,771|(63,493)| |Movement|in Funds|(6,446)|89,039|

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Page 37 of 41

Notes to the Financial Statements for the year ended 31st March 2025

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----- Start of picture text -----
Actual £ Actual £
Notes 2025 2024
17 Commitments under Operating Leases
Operating lease due within 1 year 69,401 2,013
Operating lease due within 1-5 years 50,081 64,452
119,482 66,465
18 Net Debt Reconciliation At Start Cash At End
of Year Flows of Year
£ £ £
Cash 4,191,516 (487,851) 3,703,665
Loans falling due within 1 year = = A
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19 Related party disclosures

There were no related party transactions for the year ended 31st March 2025

20 Pensions

The company operates a personal pension scheme. The Aviva personal Pension Scheme is constituted under a trust, the rules of the scheme are held subject to that trust. The rules and trust may be changed if required or agreed by the appropriate government authority. The pension cost charge paid to the fund amounted to £648,161 (2024: £580,577). There was £103,449 outstanding as at the balance sheet date.

The disclosures below relate to the funded liabilities within the Cardiff and Vale of Glamorgan Pension Fund (the “Fund") which is part of the Local Government Pension Scheme (the “LGPS"). The funded nature of the LGPS requires Mirus-Wales and its employees to pay contributions into the Fund, calculated at a level intended to balance the pensions liabilities with investment assets.

In February 2013, following the award of a contract in Powys where TUPE applied, the company entered into a closed admission agreement for those staff transferring who were already in the Powys Local Government Pension Scheme.

The company also operates a pension within the Cardiff and Vale Local Government Pension Scheme.

DISCLOSURE UNDER FRS102 (LGPS FUNDED BENEFITS)

INTRODUCTION

The disclosures below relate to the funded liabilities within the Cardiff and Vale of Glamorgan Pension Fund (the “Fund") which is part of the Local Government Pension Scheme (the “LGPS"). The funded nature of the LGPS requires Mirus-Wales and its employees to pay contributions into the Fund, calculated at a level intended to balance the pensions liabilities with investment assets. In accordance with Financial Reporting Standards, disclosure of certain information concerning assets, liabilities, income and expenditure relating to pension schemes is required.

CONTRIBUTIONS FOR THE ACCOUNTING PERIOD ENDING 31

MARCH 2025

Mirus-Wales’ regular contributions to the Fund for the accounting period ending 31st March 2025 is estimated to be £77,825 (31st March 2024: £84,895). Additional contributions may also become due in respect of any employer discretions to enhance members’ benefits in the Fund over the next accounting period.

ASSUMPTIONS

The latest actuarial valuation of IMirus-Wales's liabilities took place as at 31 March 2022. Liabilities have been estimated by the independent qualified actuary on an actuarial basis using the projected unit credit method. The principal assumptions used by the actuary in updating the latest valuation of the Fund for FRS102 purposes are:

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Page 38 of 41
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Notes to the Financial Statements for the year ended 31st March 2025

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||||||||| |---|---|---|---|---|---|---|---| |Notes|2025|2024| |PRINCIPAL|FINANCIAL ASSUMPTIONS|(%|PER ANNUM)| |Discount|rate|5.8%|48%| |CPI|Inflation|2.5%|2.6%| |Rate|of increase|to|pensions|in|payment|2.5%|2.6%| |Pension|accounts|revaluation|rate|2.5%|2.6%| |Rate|of general|increase|in|salaries|3.5%|3.6%|

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MORTALITY ASSUMPTIONS

The mortality assumptions are based on the recent actual mortality experience of members within the Fund based on analysis carried out as part of the 2022 Actuarial Valuation, and allow for expected mortality improvements.

POST RETIREMENT MORTALITY (RETIREMENT IN NORMAL HEALTH)

Males

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Year|of|Birth|base|table| |Rating|to|above|base|table|(years)| |Scaling|to|above|base table|rates| |Improvements|to|base|table|rates| |Future|lifetime|from age 65|(aged 65|at|accounting|date)|21.90|22.10| |Future|lifetime|from age 65|(aged|45|at accounting|date)|22.20|22.70| |Females| |Year of|Birth|base|table| |Rating to|above|base|table|(years)| |Scaling|to|above|base|table|rates| |Improvements|to|base|table|rates| |Future|lifetime|from age 65|(aged 65|at|accounting|date)|24.20|24.30| |Future|lifetime|from|age 65|(aged|45|at|accounting|date)|25.00|25.30|

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COMMUTATION

Each member was assumed to surrender pension on retirement, such that the total cash received (including any accrued lump sum from pre 2008 service) is 75% of the permitted maximum.

EXPECTED RETURN ON ASSETS

The approximate split of assets for the Fund as a whole (based on date supplied by the Fund Administering Authority) is shown in the table below. Also shown are the assumed rates of return adopted by the Employer for the purposes of FRS102.

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||||||| |---|---|---|---|---|---| |Estimated|Estimated| |asset|split|at|asset|split|at| |31|March|2025|31|March|2024| |(%)|(%)| |Equities|67.6%|69.7%| |Property|5.8%|6.3%| |Government|Bonds|7.5%|8.4%| |Corporate|Bonds|5.1%|7.3%| |Cash|5.2%|5.4%| |Muti|asset|credit|0.5%|2.3%| |Other|8.3%|0.6%| |Total|100.0%|100.0%|

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Page 39 of 41

Notes to the Financial Statements for the year ended 31st March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |RECONCILIATION|OF|FUNDED|STATUS|TO|Value|at 31|Value|at 31| |BALANCE|SHEET|March 2025|March 2024| |£M's|£M's| |Fair|value|of|assets|5.83|5.93| |Present|value|of funded|liabilities|3.60|4.49| |Pension|asset?|[liability)|2.23|1.44| |Unrecognised asset due|to|limit|(2.23)|(1.44)| |Pension|asset?|(liability)|recognised on the Balance Sheet|-|-| |4NALYSIS|OF|THE PROFIT|4ND LOSS CHARGE|endingPeriod 31|endingPeriod 31| |March 2025|March 2024| |£M's|£M's| |Current service|cost|0.05|0.04| |Past|service|cost|0.00|0.00| |Interest|cost|-|-| |Expected|return on assets| |Curtailment|cost|0.00|0.00| |Settlement cost|0.00|0.00| |Expense recognised|0.05|0.04| |CHANGES TO THE PRESENT VALUE OF|Paes|sues| |LIABILITIES DURING THE ACCOUNTING PERIOD|March 2025|March 2024| |£M's|£M's| |Opening present|value of|liabilities|4.49|4.90| |Current|service|cost|0.05|0.04| |Interest|cost|0.21|0.22| |Contributions|to participants|0.02|0.02| |Actuarial (gains)|t losses due to changes in financial|(0.72)|(0.17)| |assumptions| |Actuarial (gains)|t losses due to changes in demograohuc|(0.04)|(0.06)| |assumptions| |Actuarial (gains)|! losses due|to|liability experience|0.01|0.03| |Net benefits|paid out|(0.42)|(0.55)| |Past service|cost|0.00|0.00| |Net increase|in|liabilities|from disposals and acquisitions|0.00|0.00| |Curtailments|0.00|0.00| |Settlements|0.00|0.00| |Closing present|value|of|liabilities|3.60|4.49| |CHANGES TO THE FAIR VALUE OF ASSETS|Peis|eae| |DURING|THE ACCOUNTING PERIOD|March 2025|March 2024| |£M's|£M's| |Opening|fair value of assets|5.93|5.7?| |Expected|return on|assets|0.28|0.26| |Actuarial gains?|(losses) on assets|(0.07)|0.36| |Contributions by the employer|0.09|0.07| |Contributions by participants|0.02|0.02| |Net benefits paid out|(0.42)|(0.55)| |Net|increase|in assets|from|disposals and|acquisitions|0.00|0.00| |Settlements|0.00|0.00| |Closing|fair value|of assets|5.83|5.93|

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Page 40 of 41

Notes to the Financial Statements for the year ended 31st March 2025

i8)
eeee		 Period ending
31 March2025		 Period ending
31 March2024
£if's £M's
Expected return on assets 0.28 0.26
Actuarial gains/ (losses) on assets (0.07) 0.36
Actual return on assets 0.21 0.62
ANALYSISOFAMOUNTS RECOGNISEDINSTRGL Periodending
31 March2025		 Period ending
31 March2024
£M's £M's
Totalasset gains/ (losses) arising during the period (0.07) 0.36
Actuarial (gains) /lossesduetochanges in financial
assumptions		 072 0.17
Actuarial (gains)/lossesduetochanges indemographic
assumptions		 0.04 0.06
Total liability gains/ (losses) arisingduring the period (0.01) (0.09)
Adjustment (0.72) (0.53)
Total gains/ (losses) in STRGL (0.04) (0.03)
HISTORYOFASSETVALUES, PRESENTVALUEOF Period ending Period ending
LIABILITIESAND SURPLUS/DEFICIT 31 March 2025 31 March 2024
Ents £M's
Fairvalue ofassets 5.83 5.93
Present valueof liabilities 3.60 4.49
Surplus/(deficit) 2.23 4.44

Page 41 of 41