REGISTERED COMPANY NUMBER: 01976639 (F4ngland and Wale5) REGISTERED CHARITY NUMBER: 517222 Report of the Trnstees and Unaudited Financial Statements for the Year Ended 31 December 2024 for Priory Project Limited Ashmole and Co. Williamst()n House 7 Goat Street Haverfordwest Pembrokeshire SA61 IPX A.hmole & Co.
Priory Project Limited Contents of the Fin2ntial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activitie5 Bydlance Sheet 5 to 6 Cash Flow Statement Nol¢s to the Cash Flow Ststement Notes to the Financi31 Statements 9 to 16 Detailed St¥dtement of Financial ActivllSes 17 to 18
Priory Project Limited Report of the Trustees for the Year Ended 31 December 2024 The trustees who ar¢ also directors of the charity for the purposes of the Companies Act 2006y present their report with the financial statements of the charity for the year ended 31 December 2024. The tru5te¢s have adopted the provisions of Accounting and Reporting by Charities.. Statement of R¢wmm¢nded 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 I January 2019), OBJECTIVES AND ACTtVITIES Objectives and aims To promote, empower and support, the well being of people with learning disabilities, within a home environmenl in county of Pembrokeshire. signifint aetlvities The principal activity of the company during the year was the operation of a regi5ter¢d horne for adults wilh learning disabilities. Priory Project provid¢s life skill training opportunities and support for a better quality of life for our residents. We work with our r¢sidents to ¢n¢ourage them to become as independent as possible according to th¢ir ability. Residents are supported by staff who offer the highest possible stsndard of care. Residents have choice and are encouraged to make decisions for themselves in all matters. It is considered that these activities further the charitys purposes for the public benefit. Public benefit We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aints and objectives and in planning out future activities. FINANCIAL REVIEW Finan¢ial position The charity has made a loss during the year, Throughout the year the charity has recruited one extra member of staff, whilst the resident numbers have lowered from 8 to 7 during 2024. Raserves policy The trustees have a policy to ensure that sutTicient reserves are mainlained al all times in order to ¢n5ure that the charity may continue operating during periods of reduced or uncertain fimding sources.The current level of free reserves amounts to £509,387 (2023 £583,673) which equates to approximately 10 months of nornial charitable expeT]diture.The Charity's reserves policy is to hold at least 6 months of annual expenditure which equates to £304,358. so the free reserves of £509,387 is in excess of this figure. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its governing documenL a deed of trust, and constithtes a limited company, limited by guarant¢¢, s defmed by the Companies Act 2006. Memorartdum and Articles of Association incorporated 13th January 1986 as amended by special resolution of 5th September 2007. Organisational structure The orgattisation is managed by the board of th¢eS who, along with th¢ nwiageress of the home hold regular meetings to review the charitys progr¢ss, Th¢ tntee$ are all unpaid from the charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Dumber 01976639 (England and Wales) Page I
Priory Project Limited Report of the Trustees ror the Year Ended 31 December 2024 Registered Charity number 517222 Reglstered office Priory House lwer Priory Milford Haven Pembrokeshire SA73 3UA Trustees P Carlquist Dr K R¢ad (resigned 15.5.24) Ms L Turner Ms K Gray Mrs P A Hany W Skeels I P Bernard (appointed 16.7.24) (resigned 6.9.24) Independent Examiner Ashmol¢ and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 IPX Approved by order of the board of trustees on 13 May 2025 and signed on its b¢half by: £fL. Ms L Turner- Trustee Page 2
Independent Examiner'5 Reporl to the Trustees of Priory Projeet Limited Independent examiner's report to the trustees of Priory Projeet Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibillties and basis of report As the charity's trustees of the Cornpany (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Yhe 2006 ACV). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under StIOn 145 of the Charities Act 2011 ('the 2011 Act?. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Ad. IDdependent ¢xamiD¢r'5 Statement sin your rharity'5 gros5 income exceeded £250,000 your examiner must be a member of 8 listed body. I can confinn that I am qualified to undertake the examination because l am a member of th¢ Association of Chartered Certified Accountants, which is one of the listed bodie5. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 ACL or the accounts do not accord with th05¢ r¢cords' or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statrrnent of Recommended Practice for accounting and reporting by charities (applicable lo charities preparing their accounts in accordancc with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this rcport in order to enable a proper understanding of the accounts to be reached. W G Hughes The Association of Chartered Certified Accounlants Ashmol¢ and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 IPX Page 3
Priory Project Limited Statement of Financial Activitfies for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted nd Notes INCOME AND ENDOWMENTS FROM Donations and l¢gaci¢s 19 19 Charilable aclivities Operation of Registered Home 570,162 570,162 647,261 Investment incom¢ Oth¢r income 14.606 596 I4,606 596 4,056 2,751 Total 585,383 585,383 654,068 EXPENDITURE ON Charitable actfivitles Operation of Registered Home 608,717 608,717 536,284 NET INCOMEI(EXPENDITURE) (23.334) (23,334) 117,784 RECONCILIATION OV FUNDS Total funds brought fotward 852,690 70,469 923,159 805,375 TOTAL FUNDS CARRIED FORWARD 829,356 70,469 899,825 923,159 The notes fonn part of these financial statements Page 4
Priory Project Limited Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 319,969 319,969 269,017 CURRENT ASSETS Debtors Cash at bank and in hand 12 34.209 489,037 34.209 559,506 94,379 572,503 70.469 523,246 70.469 593,715 666,882 CREDITORS Amounts falling due within one year 13 (13,859) (13.859) (12.740) NET CURRENT ASSETS 509,387 70,469 579,856 654,142 TOTAL ASSETS LESS CURRENT LIABILITIES 829,356 70,469 899,825 923,159 NET ASSETS 829,356 70,469 899,825 923,159 FUNDS Unrestricted fimds Restrict¢d funds 14 829,356 70,469 852,690 70,469 TOTAL FUNDS 899,825 923.159 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial Statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trnstees acknowledge their responsibilities for (a) ensuring that the charitabl¢ company k¢eps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing flnancial statements which give a true and fair view of the state of affair5 of the charitsble company as at the end of each flnancial year and of its sU]uS or defjcit for cach flnancial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Cornpanies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes forni part of these financial statements Page 5 continued...
Priory Project Limited Balance Sheet- contlnued 31 December 2024 These financial statements have been prepared in accordance with the provisions applicable lo charitable companies subject to the small companies regime. The financlal statements were approved by the Board of Trustees and authorised for issue on 13 May 2025 and were signed on its behalf by: d£ L Turner- Trustee The notes fomi part of these financial statements Page 6
Priory Project Limited Cash Flow Statement for the Year Ended 31 December 2024 31.12.24 31.12.23 Notes Cash flows from operating activitfies Cash generated from operations 41,908 55,326 Net cash provided by operating activities 41,908 55,326 Cash flows from investing activities Purchase of tangibl¢ fixed assets Sale of tangible fed assets Interest received (69,511) (58,937) 3,800 4,056 14.606 Net cash used in inv¢sting activities (54,905) (51,081) I Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at the beginning of the reporting period (12,997) 4,245 572,503 568258 Cash and eash equfvalents at the end of the reporting period 559,506 572,503 The notes form part of these financial statements Page 7
Priory Project Limited Notes to the Cash Flow Statement for the Year Ended 31 December 2024 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.24 31.12.23 Net (expenditure)lincome for the reporting period (as per the Statement of Financial Activfities) Adjustment5 for: Depreciation charges Profit on disposal of fixed assets Interest r¢ceived Decreas¢l(increase) in debtors Increase in creditors (23,334) 117,784 18,559 18,622 (1,589) (4.056} (77,412) 1.977 (14,606) 60,170 1.119 Net cash provided by operations 41.908 55.326 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At31.12.24 Net cash Cash at bank and in hand 572,503 (12,997) 559,506 572.503 (12,997) 559,506 Total 572,503 (12,997) 559.506 The notes fonn part of thes¢ financial statements Page 8
Priory Project Limited Notes to the Ffinane5al Ststements for the Year Ended 31 December 2024 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: Stat¢m¢nt of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectiv¢ l January 2019),, Financial Reporting Standard 102 The Finallcial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the rharity to that expenditure, it is probable that a transf¢r of economic b¢nefits will Tequir¢d in s¢ttl¢ment and the amount of the obligation can be measur¢d reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attrlbuted to particular headings they have been allocated to activities on a besis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold propety Building & structures Improvements to propety Plant and rnachin¢ry Fixtures and fittings Motor vehicles Computer equipment 20/0 straight line 20/0 on cost 20/0 on cost 150/0 on reducing balance 150/0 on reducing balance 250/0 on reducing balance 250/0 on cost Taxation The charity 15 exempt frorll corporation tax on its charitable activities. Fund accounting Unrestricted funds can b¢ used in accordance with the charitable objectives at the discretion of the tnlstees. Restricted ftds can only be used for particular restricted purposes within the objects of the charity. Restriction5 arise when specifjed by the donor or when funds are raised for particular restricted PUTposes. Further explanation of the nature and Purpose of each fund is included in the notes to the flllancial statements. Pensfion eosts and other post-retirement benefjts The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company'5 p¢nsion scheme are charged to the Staternent of Financial Activities in the period io which they relate. Page 9 continued...
Priory ProJeet Lfimited Notes to the Financial Statements - continued for the Year Ended 31 Deeember 2024 DONATIONS AND LEGACIES 31.12.24 31.12.23 Donations 19 INVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 14,606 4,056 INCOME FROM CHARITABLE AcfiviTIES 31.12.24 31.12.23 Activity Operation of Registered Home Resident fees 570,162 647.261 CHAIUTABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Op¢ration of R¢gist¢r¢d Home 570,530 38,187 608,717 SUPPORT COSTS Governance costs Management Totals Operation of Registered Home 34292 3.895 38.187 NET INCOMEI(EXPENDITURE) Net incomd(exp¢nditur¢) is stat¢d aftcr chargingl(CT¢diting): 31.12.24 31.12.23 Depreciation - owned assets Surplus on disposal of fixed assets 18.559 18.622 (1,589) Page 10 continued...
Priory ProJecl Limited Notes to the Financial Statements - continued for the Year Ended 31 December 2024 TRUSTEES, REMUIYERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses 31.12.24 31.12.23 Tnees, expenses 66 12 STAFF COSTS 31.12.24 31.12.23 Wages and salaTi¢S Other pension costs 419,789 12.418 379,412 10.093 432.207 389,505 The averdge monthly number of employees during the year was as follows: 31.J2.24 31.12.23 io Support staff Maintenanc¢ tnanager Deputy manager R¢gi5tcr¢d manager 14 13 No employees received emoluments in excess of £60,000. io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Charitable activities Operation of Registered Home 647,261 647,261 Investment income Other income 4,056 2,751 4,056 2,751 Total 654,068 654,068 EXPENDITURE ON Charitable activities Operation of Registered Home 536,284 536,284 NET INCOME Transfers between funds 117.784 (70,469) 117,784 70,469 Pagell continued...
Priory Project Limited Notes lo the Financial Statements - continued for the Year Ended 31 Deeember 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTJVITIES - continued Unrestricted Restricted fund fund Total fund5 Net movement in fund5 47,315 70,469 117,784 RECONCILIATION OF FUNDS Total fimds brought forward 805.375 805,375 TOTAL FUNDS CARIUED FORWARD 852,690 70,469 923,159 TANGIBLE FIXED ASSETS Improvements to prop¢rty Freehold property Building & structures Plant and machincry COST At l January 2024 Additions 236,673 6,790 23,180 12.129 52,542 At 31 D¢cember 2024 236.673 52.542 6.790 35.309 DEPRECIATION At l January 2024 Charge for year 30.768 2,233 364 136 16,599 2,807 1,051 At 31 December 2024 33,001 1.051 500 19,406 NET BOOK VALUE At 31 December 2024 203,672 51,491 6,290 15,903 At 31 December 2023 205,905 6,426 6,581 Page 12 continucd...
Priory Project Limited Notes to the FiDaneial Statements - continued for Ihe Year Ended 31 December 2024 ii. TANCIBLE FIXED ASSETS - eont5nued Fixtures and fittings Motor vehicles Computer equipment Totals COST At l January 2024 Additions 71.139 4.062 59.185 3,643 778 400,610 69.511 At 31 Dec¢mber 2024 75,201 59,185 4,421 470,121 DEPRECIATION At l January 2024 Charge for year 58,876 2,449 22,634 9,138 2,352 745 131,593 18,559 At 31 Dec¢mb¢r 2024 61.325 31,772 3,097 150.152 NET BOOK VALUE At 31 December 2024 13,876 27,413 1.324 319,969 At 31 Dernber 2023 12,263 36,551 1,291 269,017 12, DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors Prepayinents and accrued income 25,946 8,263 69,064 25,315 34,209 94,379 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditors Social security and other taxes Other creditors Accrued expenses 691 8,435 1,973 2,760 657 7,834 1,744 2,505 13,859 12,740 Page 13 continued..,
Priory Project Limited Notes to the Financial Statements - continued for the Year Ended 31 Deeember 2024 14. MOVEMENT JN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrutricted funds General fund 852,690 (23,334) 829.356 Restricted funds Residents mobility fees 70.469 70,469 TOTAL FUNDS 923,159 (23,334) 899,825 Net movernent in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 585,383 (608,717) (23.334) TOTAL FUNDS 585,383 (608,717) (23,334) Cornparatives for movement in fund5 Nel movement in funds Transfers betsveen funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 805.375 117,784 (70,469) 852,690 Restricted funds Residents mobility fees 70,469 70,469 TOTAL FUNDS 805,375 117,784 923,159 Page 14 continued...
Priory Project Llmlted Notes to the Flnancial Statements - continued for the Year Ended 31 December 2024 14. MOVEMENT IN FUNDS- continued Comparativ¢ net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement kn funds Unrestrieled funds General fund 654,068 (536,284) 117,784 TOTAL FUNDS 654,068 (536,284) 117,784 A current year 12 months and prior year 12 months combined position is as follows: Nel movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestrieted funds General fund 805,375 94,450 (70,469) 829,356 Restricted funds Residents mobility fees 70,469 70,469 TOTAL FUNDS 805.375 94,450 899.825 A Cllnt year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movem¢nt in funds Unrestricted funds G¢n¢ral fimd 1.239,451 (1,145,001) 94,450 TOTAL Fu[s 1.239,451 (1,145,001) 94,450 Pag¢ 15 continued...
Priory Project Limited Notes to the Financial Statements - continued for the Year Ended 31 December 2024 15. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Dernber 2024. Page 16
Prlory Project Limlted Detailed Ststelnent of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donation5 and legaeles Donations 19 Investrnent intome Deposit account interest 14,606 4,056 Charltable aetlvltles Resident fees 570,162 647,261 Other income Gain on sal¢ of tangibl¢ f]xed assets Other income 1,589 1,162 596 596 2,751 Total incoming resourees 585,383 654,068 EXPENDITURE Charitable activities Tntee$, expenses Wages Pensions Housekeeping Holidays for residents Personal allowance Light & heal Rates & wat¢r Insurance Repairs & renewals Agency staff Depn of freehold property Depn of building & structures property Depn of plant & machinery Depn of ftUre & fittings Depn of motor vehicles Depn of computer equipment 66 419,789 12,418 27,483 11,989 19,773 11,951 4,519 6202 37,781 12 379,412 10,093 25,402 9,141 12,564 11,667 3,295 6,963 18,560 4,340 2,233 2,233 1,051 136 2,807 2,449 9.138 745 136 1,161 2,164 12,184 744 570,530 500,071 Support costs Management Telephone Carried forward 4,352 4,352 4,012 4,012 This page does not forni part of the statutory financial statements Page 17
Priory Project Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Management Brought forward Staff training SundTies Motor expenses Printing & stationery 4,352 4,509 1,339 11,513 1.580 4,012 3,175 1,557 6,241 4,503 F ji Licences & subscriptions DBS Checks Bank charges Legal fees Professiohal fees 3,182 944 181 4,497 2,195 2,498 2,723 161 6,315 1,637 34,292 32,822 Governance costs Accountancy fees Pa>ToII fees 2,388 1,507 2,160 1.231 3.895 3.391 Total resources expended 608,717 536,284 Net (expenditure)fincome (23,334) 117,784 This page does not forni part of the statutory financial statements Page 18