2023-03-31-accounts - Drive

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		Page
Trustees report		1 -24
Statement of trustees	responsibilities	25
Independent auditor's	report	26- 28
Statement of financial	activities	29
Balance sheet		30-31
Statement ofcash flows		32
Notes to the financial	statements	33-56

Charity	Name	Name	Name	Drive
Charity	Number			703002
Company		Number		2506147
Registered			Office	Unit 8
				Cefn Coed
				Pare Nantgarw
				Treforest
				RCT
				CF157QQ
Company		Secretary		Rhian Jones
Trustees				Geoff Lake
				Jean Gregson
				Janet Sheldon
				Phillip Carroll - resigned		17/10/22
				Hugh Irwin
				Karen Cherrett
				Karmeno Gauci
				Anthony Isingrini
				Katrina Kurowski
				Chris Kitching -	resigned	21/10/22
				Richard Troote
				Beth Mahoney	- appointed		14/03/23
Solicitors				Geldards
				4 Capital Quarter
				Tyndall Street
				Cardiff
				CF104BZ
Independent			Auditors	Azets Audit Services
				Ty Derw
				Lime Tree Court
				Cardiff Gate Business Park
				Cardiff
				CF23 8AB
Bankers				Barclays
				PO Box52
				Cardiff
				CF1 4XR

		Unrestricted	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
		Notes	2023 f	2023f	2023f	2022	2022f	2022f
Ittgggtaf Dtm; Charitable activities		4	3,743,373	18,281,506	22,024,879	3,480,374	16,160,958	19,641,332
Investments		5	57,389		57,389	1,783		1,783
Total income			3,800,762	18,281,506	22,082,268	3,482,157	16,160,958	19,643,115
EttggndIItttg3tg; Charitable activities		6	3,594,998	18,262,539	21,857,537	3,443,985	16,187,904	19,631,889
Net income for	the year)
Net incoming resources			205,764	18,967	224,731	38,172	(26,946)	11,226
Other recognised		gains and	losses
Actuarial gain on
defined benefit
pension schemes			485,000		485,000	112,000		112,000
Net movement	in funds		690,764	18,967	709,731	150,172	(26,946)	123,226
Fund balances 2022	at 1 April		4,175,783	62,554	4,238,337	4,025,611	89,500	4,115,111
Fund balances	at	31
March 2023			4,866,547	81,521	4,948,068	4,175,783	62,554	4,238,337

							2023		2022
						Notes	6
Fixed assets
Intangible	assets					12		61,020		73,735
Tangible assets						13		1,049,601		1,074,903
Investments						14		1		1
								1,110,622		1,148,639
Current assets
Debtors						16	2,125,266		2,001,643
Cash at bank and		in	hand				3,317,329		3,055,702
							5,442,595		5,057,345
Creditors:	amounts			falling due		within
one year						17	(1,799,744)		(1,736,318)
Net current	assets							3,642,851		3,321,027
Total assets less		current			liabilities			4,753,473		4,469,666
Creditors:	amounts			falling due		after
more than	one year					19		(88,405)		(101,329)
Net assets	excluding			pension		surplus/(deficit)		4,665,068		4,368,337
Defined benefit pension					surplus/
(deficit)						21		283,000		(130,000)
Net assets								4,948,068		4,238,337
Income funds
Restricted	funds					22		81,521		62,554
Unrestricted	funds
Designated	funds					23	601,657		496,042
General unrestricted			funds				3,981,890		3,809,741
Pension reserve							283,000		(130,000)
								4,866,547		4,175,783
								4,948,068		4,238,337

					2023		2022
				Notes	f		f
Cash flows from operating		activities
Cash generated from operations				28		228,946		338,540
Investing	activities
Purchase	of intangible assets						(80,837)
Purchase	oftangible fixed assets				(13,483)		(14,790)
Investment	income received				57,389		1,783
Net cash	generated from/(used		in)
investing	activities					43,906		(93,844)
Financing	activities
Repayment	of bank loans				(11,225)		(9,979)
Net cash	used in financing	activities				(11,225)		(9,979)
Net increase in cash and cash			equivalents			261,627		234,717
Cash and	cash equivalents	at beginning		ofyear		3,055,702		2,820,985
Cash and	cash equivalents	at end of		year		3,317,329		3,055,702

Total	Total
2023f	2022 k

				2023f	2022 f
ILF and targeted	support	income		1,082,974	976,890
Housing Related	Support	Grant		168,187	662,500
Job Retention Scheme					5,921
Health and Local	Authority			16,921,251	14,931,794
Rent and service	charges			2,468,002	2,347,883
Social care financial recognition			scheme	1,104,595	560,743
Other income				279,870	155,601
				22,024,879	19,641,332
Analysis by fund
Unrestricted funds				3,743,373	3,480,374
Restricted funds				18,281,506	16,160,958
				22,024,879	19,641,332

		Unrestricted	Unrestricted
		funds	funds
		2023	2022f
Interest	receivable	57,389	1,783

		2023 f	2022f
Staff costs		18,447,758	16,395,996
Depreciation and impairment		5,017	12,201
Recruitment		16,874	17,682
Food, cleaning, health	and safety	23,358	31,039
Legal and professional	costs	240,512	188,251
Office expenses		148,490	197,939
Participation		13,745	8,460
Rent and utilities		1,668,972	1,610,987
Repairs, maintenance	and renewals	107,513	89,111
Travel and vehicle costs		153,211	140,339
Establishment costs		132,890	108,189
Project expenditure		108,295	83,266
		21,066,635	18,883,460
Share of support costs (see note 7)		708,617	650,165
Share ofgovernance	costs (see note 7)	82,285	98,264
		21,857,537	19,631,889
Analysis by fund
Unrestricted funds		3,594,998	3,443,985
Restricted funds		18,262,539	16,187,904
		21,857,537	19,631,889

Support costs
			Support	Governance	2023	Support	Governance	2022
			costs	costs		costs	costs
				8		6	8
Staff costs			336,038	67,585	403,623	335,567	89,564	425,131
Depreciation			46,483		46,483	36,406		36,406
Bank charges			5,829		5,829	3,880		3,880
Establishment	costs		18,980		18,980	5,163		5,163
Food, cleaning,		health
and safety			32,935		32,935	45,081		45,081
Office expenses			122,618		122,618	73,707		73,707
Rent & utilities			119,397		119,397	102,633		102,633
Repairs &maintenance			15,827		15,827	42,436		42,436
Travel & vehicle		costs	10,510		10,510	5,292		5,292
Audit fees				13,200	13,200		7,300	7,300
Accountancy				1,500	1,500		1,400	1,400
			708,617	82,285	790,902	650,165	98,264	748,429
Analysed between
Charitable activities			708,617	82,285	790,902	650,165	98,264	748,429

Net movement in funds	Net movement in funds				2023	2022
					8
Net movement	in funds	is stated	after charging/(crediting)
Fees payable	to the company's		auditor for the audit ofthe company's	financial
statements					13,200	7,300
Depreciation	of owned tangible		fixed assets		38,785	41,505
Amortisation	of intangible	assets			12,715	7,102

Employees			(Continued)
Employment	costs	2023	2022
			6
Wages and	salaries	16,239,193	14,826,127
Agency staff		477,082	136,430
Social security costs		1,566,351	1,286,004
Other pension costs		568,755	572,566
		18,851,381	16,821,127

2023	2022
Number	Number

12	Intangible fixed assets	Intangible fixed assets
			Software
			8
	Cost
	At 1 April 2022 and 31 March 2023		80,837
	Amortisation and impairment
	At 1 April 2022 Amortisation charged	for the year	7,102 12,715
	At 31 March 2023		19,817
	Carrying amount At 31 March 2023		61,020
	At 31 March 2022		73,735
13	Tangible fixed assets

Tangible fix	ed assets
			Freehold	Plant and	Fixtur'es,	Total
			Interest In land	machinery	fittings and
			and buildings	Including	equipment
			motor vehicles
			8	8
Cost
At 1 April 2022			1,441,307	58,537	469,011	1,968,855
Additions					13,483	13,483
At 31 March	2023		1,441,307	58,537	482,494	1,982,338
Depreciation	and impairment
At 1 April 2022			417,560	56,958	419,434	893,952
Depreciation	charged	in the year	24,768	1,296	12,721	38,785
At 31 March	2023		442,328	58,254	432,155	932,737
Carrying amount At 31 March 2023			998,979	283	50,339	1,049,601
At 31 March	2022		1,023,747	1,579	49,577	1,074,903

14	Fixed asset investments
	Cost or valuation
	At 1 April 2022 531 March 2023
	Carrying amount
	At 31 March 2023
	At 31 March 2022

16	Debtors
	Amounts falling due within one year:		2023 f.	2022f
	Trade debtors		2,081,725	1,841,535
	Prepayments and accrued income		43,541	160,108
			2,125,266	2,001,643
17	Creditors: amounts falling due within one year
		Notes	2023f	2022 f
	Bankloans	20	14,459	12,760
	Other taxation and social security		305,421	317,077
	Deferred income	18	33,423
	Trade creditors		308,356	453,716
	Other creditors		689,698	533,391
	Accruals		448,387	419,374
			1,799,744	1,736,318
18	Deferred Income
			2023	2022f
	Balance as at 1st April			115,060
	Income received in the year		168,187	662,500
	Released to income		(134,764)	(777,560)
	Balance as at 31st March		33,423

Credi	tors: amounts falling due after	more than one year
		Notes	2023 f	2022f
Bank	loans	20	88,405	101,329

		2023	2022
		f
Bank loans		102,864	114,089
Payable	within one year	14,459	12,760
Payable	after one year	88,405	101,329

Key assumptions
				2023	2022
				0/	~/
Discount rate				4.7	2.7
Expected rate of	increase of	pensions	in payment	2.7	3
Expected rate of	salary increases			3.95	4.25
CPI Inflation				2.7	3
Penson accounts	revaluation	rate		2.7	3

Mortality assumptions	Mortality assumptions
The assumed life expectations				on retirement			at age 65are:
								2023	2022
								Years	Years
Retiring today
- Males								21.6	21.6
- Females								24.2	23.9
Retiring in 20 years
- Males								22.9	22.6
- Females								25.7	254
Amounts recognised		in	the profit and		loss account:
								2023 f.	2022f
Current service cost								70,000	74,000
Net interest on defined			benefit	liability/(asset)				4,000	4,000
Total costs								74,000	78,000
Amounts taken to other			comprehensive			income:
								2023f	2022f
Actual return on scheme assets								107,000	(3,000)
Less: calculated interest element								50,000	39,000
Return on scheme	assets excluding				interest		income	157,000	36,000
Actuarial changes	related to obligations							(766,000)	(148,000)
Effects ofchanges	in	the amount of			surplus		that is not recoverable	124,000
Total costs/(income)								(485,000)	(112,000)

The amounts	included	in	the	balance	sheet	arising	from
obligations in	respect of defined			benefit plans are		as follows:
								2023	2022
								f	f
Present value	of defined benefit			obligations				1,348,000	2,004,000
Fair value of plan assets								(1,755,000)	(1,874,000)
(Surplus)/deficit	in scheme							(407,000)	130,000
Restriction on	scheme assets							124,000
Total (asset)/liability recognised								(283,000)	130,000
Movements in	the present	value		of defined	benefit	obligations:
									2023
									f
Liabilities at 1	April 2022								2,004,000
Current service cost									70,000
Benefits paid									(23,000)
Contributions	from scheme	members							9,000
Actuarial gains and losses									(766,000)
Interest cost									54,000
At 31 March 2023									1,348,000
The defined benefit obligations			arise from		plans funded as		follows:
									2023
									f
Wholly unfunded obligations									1,348,000
Wholly or partly funded obligations
									1,348,000

Retirement benefit schemes				(Continued)
Movements in the fair value of plan assets:
				2023
Fair value ofassets at 1 April 2022				1,874,000
Interest income				50,000
Return on plan assets (excluding	amounts	included	in net interest)	(157,000)
Benefits paid				(23,000)
Contributions by the employer				2,000
Contributions by scheme members				9,000
At 31 March 2023				1,755,000

The fair value of plan assets at the reporting period	end was as follows:
	2023	2022
		8
Equity instruments	1,195,000	1,265,000
Debt instruments	402,000	455,000
Property	137,000	137,000
Cash	12,000	11,000
Other	9,000	6,000
	1,755,000	1,874,000

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			Balance at	Transfers	Balance at	Transfers	Balance at
			1 April 2021 f	f	1 April 2022 f	f	31 March 2e23 f
Tenant	Welfare and	Move On	46,033		46,033		46,033
House	Reserves		208,352	(54,546)	153,806	13,732	167,538
Redundancy Reserve			100,000		100,000		100,000
Health	&Wellbeing	Reserve	11,000		11,000		11,000
Planned	Maintenance		39,912		39,912		39,912
Merthyr	Connect Reserve		5,019		5,019		5,019
Garden	Maintenance	STC	1,000		1,000		1,000
AFC Reserve			926		926		926
Progress and innovation			204,026	(65,680)	138,346	91,883	230,229
			616,268	(120,226)	496,042	105,615	601,657

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non-cancellable operating leases, which fall due as follow	s;
	2023f	2022 f
Within one year Between two and five years	25,412 37,501	6,570 714
In over five years	790
	63,703	7,284


28	Cash generated from	operatio	ns					2023 f	2022f
	Surplus for the year							224,731	11,226
	Adjustments for:
	Investment income recognised		in statement		offinancial	activities		(57,389)	(1,783)
	Amortisation and impairment of		intangible		assets			12,715	7,102
	Depreciation and impairment of		tangible	fixed assets				38,785	41,505
	Difference between pension charge and			cash contributions				72,000	67,000
	Movements in working	capital:
	(Increase) in debtors							(123,623)	(159,810)
	Increase in creditors							28,304	488,360
	Increase/(decrease) in	deferred	income					33,423	(115,060)
	Cash generated from	operations						228,946	338,540
29	Analysis ofchanges	in net funds
							At 1 April 2022	Cash/iowa At 31 March 2023
							f	f	f
	Cash at bank and in hand						3,055,702	261,627	3,317,329
	Loans falling due within	one year					(12,760)	(1,699)	(14,459)
	Loans falling due after	more than one year					(101,329)	12,924	(88,405)
							2,941,613	272,852	3,214,465