Charlty reglslratlon number 703002 Company registration number 2506147 (England and Wales) DRIVE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
DRIVE CONTENTS Page Trustees report 1-20 Slalemenl of trustees responsibililies 21 Independenl auditorfs repotl 22-24 Slalemenl of financial activilies 25 Balance sheet 26 Statement ofcash flows 27 Notes to the financial statements 28-51
DRIVE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 •1., df ive 1;°,° YOUR WAY Performance Report 202312024 i)11111)I Iiiily Irisi.)Ii"ii Icj values motivated impactful development proud visible support teamwork I I iJiJy Positive approachable safe sharing l (..111 lili progression well-trained quality growing What our staff say aboLIt Drive
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial slalements for the year ended 31 March 2024. The financial statements have been prepared in accordance wilh Ihe accounting policies set out in nole 1 to the financial slalements and comply with the charity's governing document and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effeclive 1 January 2019)" Objectives and activities Introduction CEO'S summary l am delighted lo introduce our 2023 -24 Performance Report. which reflecls the achievements and impact of our SeIceS for individuals thal we support. The aims and objectives of our Business Plarb reflect our Vision and Mission, and describe whal people we support have told us matters to them. This includes the opportunily to be able to do more aclivilies in local, accessible facilities, the desire lo meet old friends and develop new relationships, and the creation of more opportunities to work or volunteer. Our Wision and Mission Statement.. Our Vision For people needing support to live their best lives. Vision and Mission Our Mission To be at the forefront of delivering high quality, innovative support that empowers choice, belonging, and independent living in local communities. Our 2023124 Performance Report feflecls a high level of innovation, community development and partnership work. so that opportunities for people we support have increased and improved. The second year of the People and Plac0.% Rig I nllp.ry flind has enablp.d ijs lo expand our My Life. My Way leam lo include aclivily support workers, who facililale community hubs and signpost information lo other communily groups and opportunities. Financial pressures have conlinued lo be challenging for the organisation, however, we have managed to maintain wages above Ihe Real Living wage for frontline staff. Recruilment for the 5eclor continues to be difficult, however, we have responded with improvements lo our recruilmenl slralegy through allending job fairs, creating fun family days lo help advertise our work, and an increased presen on social media.
DRIVE TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Despite challenges we have supported new initialives and mainlained a high quality of support, as evidenced by our latest exceptional inspection reports. All 3 Regions were described as providing excellent levels of care and support, with staff feeling happy al work and valued and supported by Ihe management leam. We really appreciate and are extreme proud of your remarkable work this year. the opportunities and achievements for people that we support have exlled and have been an inspiration lo us all. Thank you to all staff. trustees and the people we support for making Drive such a unique and special place to work. DrLJmming Performance al the AGM 2023 li Co-production- My Life, My Way Drive's uniqueness lies in our collaborative culture. We believe that the full involvement of the people we support and our staff in Ihe management of the organisalion is crucial to the effectiveness and value of our work. The My Life, My Way team have expanded and supported communily developments to co-produced alternatives lo day service provision in all local aulhorilies. They have organised smaller, local conferences at the request of people we support and implemented new initialives through year 2 of the People and Places Big Lottery award. We have used some the funding to appoint 3 aclivily support workers lo run community activities in each Region, including developing Ihe community hubs lo provide more activities and signposl what olhei gfOUPS and opportunities are available in each area. During the yeai we had a lot of feedback that there were ml enough opporlunilies for people with more sensory needs and specialist support. As a resull. we opened a new hub in Merthyr with funding from the Local Authority and ian laslei sessions for people living in specialist services in Nealh Port Talbol through a £5k grant from the Council's Prosperity Fun(l. Merthyr Hub
DRIVE TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 We have attended conferences and working groups to support the work of the Learning Disability Community. Including.. A Presentation at Learning Disability Wales Annual Conference on research into the effectiveness of Annual Health Assessments. Running workshops and presenting an award al Ad fest (People Fiersl Annual Conference). Joining the Cardiff Piide Procession and running a stall to raise awareness of our work. i. dfive StrategiG report The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report. We review our aims and objectives annually Ihrouqh the Trustees sell-assessmenl of skills and Governance. and a Performance Report celebrating achievements and reviewing information for best practice. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
DRIVE TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfom)ance Achievements with Business Plan Aims People we Support Lead the Way We have.... Presented al the Learning Disabilily Wales Conference on Annual Health Checks Presented workshops al Ad fest (People First Annual Conference) on Reducing Restriclive Practice Managed a Stall and joined the procession at Cafdiff Pride Reviewed Social Media Consenl Collaborated to run Beller Together events in RCT and Nealh Port Talbot Expanded the My Life, My Way Team with 3 aclivity Support Workers Started a Community Hub in Merthyr Crealed Taster sessions for people in Nealh Port Talbol with Grant funding Held 2 Local Conferences for People that we supporl Long Term Financial Stsbility and Resilience is sustained We have... Successfully re-tendered for Ihe contract in Rhondda Cynon Taf Had Merthyr County Borough Council contract extended lo January 2026 Improved our budget position Negotiated positive uplifts with most Local Authorities Conlinued lo pay up lo and above the Real Living Wage Supported fundraising and project management for a sensory garden for Ihe Short-Term Care Service Improved management accounls reports Conliniied lo fundraise lo improve opportunities for the people Ihal we support
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Staff Deliver a Quality Service We have Delivered new people management training to all managers Improved Sickness and Absence Management prosseS Introduced new bespoke training Improved our online training offer Increased the speed of our onboarding process Mainlained our Gold Investors in People Award Improved our online staff Health and Wellbeing Hub The Organisation is well led and governed We have... Recruited 5 new Truslees Joined Tai Pawb (Equality and Social Juslice) Maintained advanced Accreditation with the National Aulislic Society Increased our presence in external forums Reviewed our Digital Strategy and developed Catisla Reviewed the Reserves Policy to support innovalion and Business Development Developed GDPR Reports for Board We Innovate to enable inclusive, sustainable communities. We have... Reviewed Business Conlinuily Plans for a major regional disaster Developed commuiiity hubs across all Regions Increased opportunitie5 for people lo develop new skills. join community groups, volunteer work Expanded the choir with other providers Worked in partneiship to run Beller Toqelher events in Rhondda Cynon Taf and Neath Port Talbol Joined a Carbon footprinl action learning group Delivered conferences for people we supporl on wellbeing and ideas for Eco initiatives Our Support Services Drive provides support in 5 Local Authorities, who we have long slanding. posilive relationships with. l. Swansco bay Neath Port ialbot 5 Services 2. Cwm Taff Brldgénd 17 Services 3. CwmT81f RCT 28 Services 4. Cwm Taff Merthyr Tydlll l O Seréice5 .GwentMonmouth • 1 Servlce
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 We continue lo offer a wide range of services. including supported living in shared accommodation and individual flats, homecare support, and activities during the day. evenings and weekends. We are contracted to support 329 people in total as of 31 March 2024. Individuals Supported per Region Number of individuals supported per sel¢e. 31 73 I lome Care Suppofted Limng Sk>rt Breaks Healih and Well bein8 ECO Achievements for People we Support L wanled lo learii to roller skate afler atlending a roller skaling show. She has been attending lessons. (has leariied how to fall and get upl), and is thoioughly enjoying a new experience.
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024 r.iyi S has been extremely active in her efforts lo eat healthily. lose some weight. and try Out new community activities. DLie lo improvp.mp.nl8 tn rp.r.niilmp.nl. people supported in Monmouth have been able lo go on day trips together and have individual holidays. They also had a Christmas meal wilh their families and staff duiing the festive season. (tr ELITE P has been volunteering for Elite Paper solutions. He is very proud of this achievement and enjoys the work. which includes shredding paper and flallening boxes lo be recycled into bedding for pets.
DRIVE TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 People we support have held some afternoon lea events for their families. This has broughl some relalives back together after limited conlact with each other, and has been a great success. wilh beautiful food and decoralions being prepared. Eco and Autism Project We have increased the capacity for referrals in our Eco and Aulism Specialist Projecl with the addition of a new summer house. Following the sad passing of our former Chief Executive. we had a donation from the Barry Gallagher fund, and from the Moondance Foundation. We now have a lovely new space lo develop new activities and increase the number of people attending the project. The team held a vole and decided lo name il 'Barry's Cwlch.. We now support 5 young autistic adults wilh very specialist support needs. Having a beauliful, calm environment has supported people's wellbeing, and provided enjoyable. valued aclivilies such as growing vegetables and plants, collecting food waste from the local café for the composter, and making seasonal crafts and gifts. x-
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Brynsadler Short Temi Care Our Short-Term Care seNice continues Io Provide holidays for 31 families and has also facililaled successful transitions for people moving from family homes lo flats or supported living. We have also provided homecare support lo help families and people supporled gel lo know staff before trying the service. During the year a local pub has supported fundraising lo transform the projects garden into an acSSible, sensory space for guests to enjoy. It is a huge success and has been a great example of positive community action. Before and after Positive Inspection Report: Supported Llving We had an exlreinely positive inspection reports fof all 3 Regions for supported living services in MarchlApril, with our support described as excellent. wilh no improvemenl or priority action recorded. Findings included.. People receive an exGellent level of per30n - Gentred care and support Risk assessments use a strenEths-b89ed approach, enabling people to take positive f18kwhile remaining safe Governance and quality assuranc8 measures are very strong and help drive improvement within the service We reGeived excellent feedbacklrom people'8 relatives ' the stgff are brilliant, couldn't bg better. Care staff are happy and feel 8UPPOrted by management The service works cIo8elywith other arg8nlsations to provide opportunitie8 Customer Satisfaction Compliments and Complaints There have been 21 complaints during the reporting period. compared to 18 the year before. 32 compliments have been recorded ffom professionals and families. All Complaints and the details of investigations and Olilcomes are subn)illed lo the Qualily Assurance Sul>Commillee for discussion and lessons learned on a qiiarlerly basls. 10-
DRIVE TRUSTEES REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Compliments have included.. It is truly heart- Warmingto see how much the staff genuinely care for K in such a wonderfulway - Mum Ifone of youi goals as a company is trying to give your residents the normalityof a lovingfamily home, yourworkers are smashing It - Neighbour Since my Daughter is attending ECO she has transformed. She can'twait for Mondayto go to the service- Mum Well done to the team for allyour hard work and commitmentthroughoutthe year- inspirational- Social Worker Family Survey Every Year we collate feedback from families by conducting lelephone SeyS. The Responsible individuals (Rhian Jongs and Karen Grsgoryl also conlacl families throughout the year. The resulls are recorded and analysed for each of our support areas, and the full reporl and recommendations are submilled lo the Quality Assurance sub-commillee. including themes of concern and an aclion plan. % olfamlllos 2022 u•¥tfons of lamllles 2023 Overall service Environment 99 95 Families responding to indicate that they are satisfied or above with the overall service 99 92 Aids and adaptations Support staff Team Manager Respecteij Confidentiality Activities New Skills Health & Wellbeing Finances Safety Communication 83 53 96 95 95 81 99 96 84 96 81 96 95 99 77 99 86 88 11
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Good Service Report The My Life, My Way team conduct a survey with people that we support every year, either during conferences. or in people's homes. 98 people completed the survey, and 90 said they were happy with their support. Any concerns were relayed to Team Managers for furiher action. Happy with Not so happy with Not going out enough . When staff are moved or leave Being short staffed . Some activities are ditticult to get to Feedback themes . Support from staff . Who I live with Drive activities Seeing family and friends Going out and about Goingto places in my Gommunity Fundraising and Business Development Drive's fundraising activity has increased over the lasl 2 years. and full reports on granls are submitted to the Audit and Businoss Dovelopmenl Committee every quarter. We had 10 live grant projects during 2024 contributing £335,586. The majority of Ihis is the People and Places Lollery fund for Digital Inclusion and Participation after Covid. The grants have contributed lo the developmenl of community hub activities, monlhly discos, sensory equipment and training, digital training, summerhouses and garden improvements. Total Grant Received to Date Amounts Received during 2023124 Grant Awarding Body People and Places - Nalional Lottery Moondance Foundation Ford of Britain Trust Nealh Port Talbol Third Secloi Granl Millenium Sladium Charitable Trust RCT Council Micro Grant- Short Term Care Flrst Choice Housing Grant- Neath Hub Nealh Port Talbol Shared Prosperily Fund Pontyclun Town Council Tesco Community grant £278,502 £14,000 £2,994 £5,000 £2,440 £1,000 £700 £29,950 £500 £500 £97,389 £5,000 £2,440 £1,000 £14,975 12
DRIVE TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Brynsadler Garden fundraisers There have been several fundraising events lo develop a sensory garden in Brynsadler Shorl Term Care House. Several activities were organised by the local pub landlady al the Ivor Arms. including a sponsored walk and an afternoon lea. These funds were all received during 2023124. Local community sponsored walks. quttzes. arternoon leas £8,488 NISA, Making a Difference Locally £1,834 Christmas jumper event £1.500 ICT Achievements The ICT department has successfully delivered on ils strategic objeclives and operational goals as laid out in the ICT Strategy 2022-2025 and the Digital Strategy 2022_25. The team has achieved everything il planned lo, and more, during the financial year 2023-24. Some of the key achievements are: ctoudTt8n8formall Prole¢ltomcNO 811 ervelg Iromlho Head Olllce8nd ho811nClaLbJ SE¢£3. Compleiedyear1 olthtr &ye8rWlndows11 L4set Refrgshpro*om. &CessIu[1Ychoell tl&portym8llBgqd &prtPIo¥kIer. Deployed W(ndow8265 Cloud Pc'sio IheFinanc('. Dep8rlmenl m8lnt8lned8rfle ourCW)Fr Essenik41s Bnd CyberE89entlBl$ Plu8 CeitificElion IB%YallandO)ftrNeiYw nowbeknghuBtedlnthe CIr14)rtJvr TraJnithgportBI addedloshorellryi conloinlng$Llde8.TRlnlDe eosfoistafl. Recwlted &Dl&t4lONlcer to help8UPPOrtstef18nd pl0deTr&In1n$ vsino5s Continuiry14aThs. Recrulted onTTV¢Jlunteer from ourSupportedLhA L8unchEdanBW E. Le8rnlngH8lfoFm lo delfvercontoni8ndthcn suprted 8 m8jorHR stvl Lesrnlng8y8tem chkngts. Rollcdoul newcyber leHfnlngTr8iningio811 8181f. Released nowlTS¢cufity 8ndArtificial lnte1bgeP. Poudes. Investors in People Investors in People is a standard awarded to employers. measured on their management and leadership. An inlerim review of our Gold Investors in People Standard was conducted during February and March 2024. Having held the Silver standard previously. we were delighted to have received Gold in 2023. The inlerim review considers oiir conliniious improvement and sets out our goals for near future. 13-
DRIVE TRUSTEES REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 What the assessment found We have a culture of support Tliere are pioBiession opporlunities for those who'd like them We provide good learnin8 experiences Drive should be proud Ckn people are Ir¥tEd by t work they do and can PrOde lots oE4nspJrln8 examples Our people truly believe Drive is a great place to workl Mana8ers and senior managers are more visible and accessible Our values are modelled by people working across the organisation at all levels Health and Safety Drive's Health and Safely Committee oversees the health and safely activity of the Organisation and meel on a quarterly basis to monitor reports and discuss any issues that staff raise. During the year the cominiltee has increased in size and diversity. and overseen.. 3 Legionella RiskAssessments conducted, and recommendations aclioned. H & S Policies reviewed in line with calendar. Improved analysis of sickness data and medication incidents. H & S Audit recommendations completed. Drive's comprehensive Health and Safety policies, procedures and training er)sure as fai as is reasonably practicable the safety and welfare of all employees. supporled people visitors. elc. Drive actively promotes a positive culture of healthy and safety working and this is effectively balanced with positive risk-laking stralegies that enables Ihe people Drive supporls lo live full and valued lives. All staff receive health and safely training. Internal qualified Irainers deliver the following courses.. Fire Safety FirstArd Posilis8eha%iour Managent Posili%8èha%iour SupportTh *bVinO a1 HdlIn0 ation AWAneSS Health and SalLty Risk A5se5sment Vlheelchair Safety FibDd Hygie Epilepsy Drive's annual Health and Safely Report ensured the Management Board receive a full accounl of Health and Scil¥ly ciLlivily 11)Ivuyliuul Ilie ye(11. Drive's Wellbeing Group offer a range of supporl, training as Mental Health First Aiders, and giving regular up- dales on nienlal health inilialives. The group includes staff froni all areas of the oiganisation and has been extremely successful in discussing and promoting heallh and wellbeing. 14
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Training and Development This year has seen several improvements to our induction programme. The Training Team conducted a review of the courses delivered, which identified opportunities for condensing some content whilst maintaining Ihe high quality of oiir provision. We have been able lo introduce digital and systems training. The induclim programme coiiliniies lo be an excellent resource for assisting new staff with their initial registration with Social Care Wales. In addition, new, bespoke training courses have been Cfeated lo ensure Drive slaff remain amongst the most skilled in our sector, for example Reducing Restriciive Praciice. The new iralnlng delivery method5 have fesulled in more learning opportunities with le5S time needed to attend courses. Governance The Management Board is atlended by skilled and experienced Trustees who meet every two months to oversee the strategic direction and legislative compliance of the organisalion. We have 5 sUCOmmItteeS that meet three times a year.. Health and Safety Audit and Business Development Quality Assurance Digilalisation Advisory Group of People that we suppott. Five new Trustees were recrLlited this year with skills and experience in HIAman Rp.sttiJrcp.8. Housing. and Finance. Financial review Results The nel incoming unrestricled surplus for the year ended 31 March 2024 amounted to £439,397 (2023.. £690,764). This surplus increased the cumulative unrestricted funds to £5.305,944. The movements in the individual designated funds are shown in the notes lo the financial statements. The net incoming unrestricted surplus includes an acluarial loss on our defined benefit pension schemes of £71,00012023'. gain of £485,000}. Excluding this, our operating unrestricted surplus equates lo £510,397 for the year. The unreslricled surplus includes income of £158,800 from Ihe sale of the bungalow generously donaed to Drive in 2023. The Trustees have created a Designated Reserve for these funds lo be usea lo enhance the support Ihal Drive offers. Excluding this. our unrestricted surplus would have been £280,597. The restricted funds include the monies received for the provision of care in the local authority areas in which the charity works. The total incotning resources from these sources amounled lo £19,507.931 (2023.. £18,281,5061- Expenditure from restricted reserves of £19.486.359 (2023.. £18,262.539) resulted in nel inflow of resources of £21.572 (2023.. £18,967). All of the incoming resources have been applied to further the principal objecls of the charity. The funding for the year continued lo be received from those local aulhorilies wilh whom the chaiity has a service level agreement. In addilion, the charity received Housing Related Supporl Grant from Ihose saine local authofities as well as contributions fiom the service users in Ihe form of housing benefit and other conlribulions. The principal cost for the year was staff salaries and related costs. The slaff provide the level of care and support required to meet the charity's obligations under the service level agreemenls. In addition, Ihe charity meets Ihe cosl of 2ccommodalion on behalf of ils people supported by Drive. including Tent. hoiising 2ssoeialionq n.h2rgg..8 and other housekeeping costs. 15-
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reserves The level of unreslficled feserves at the balance sheel dale was £5,305,944 {2023- £4,866,547). The level of available funds Ifree reserves) al the balance sheet date excluding Ihe investment made in fixed assels. defined benefit pension scheme and the amounts set aside into designated reserves, amounted lo £3,321.089 {2023'. £2,901,089). General (free) reserves are the reserves remaining when restricted and designated reserves. Ihe fixed assets and pension surplusldeficil are excluded from total reseTves. The Trustees of Drive recognise the need to hold reserves so that the charity can conlinue ils operations and lo safeguard charity assels. The Trustees have recognised the need lo maintain a level of free reserves on a risk- based approach. Drive's services are funded through commissioned conlracls. The reserves are held lo either enable Drive to continue to provide support services in the event of an unforeseen reduclion in income fiom commissioneis, or lo fund redundancy and other cost reduction programmes in the event of the loss of a significant contract. All charities are required lo considef how much money they need to hold in reserves. The exlenl varies depenijlng on the scale and nalure of the charity s activities. The Trustees regularly review Drive's Reserves policy to make sure it is in in with Regulatory and contractual requirements. The Trustees calculate Ihe amount required to be held in target reserves based on the assessment of the risks affecting the income and expenditure of the charily on an annual basis. In assessing Ihe amount of largel reserves required, Trustees review the principal iisks, unforeseen emergencies, future operating expenditure, uncertainly over future income. the business plan, and wider economic faclois lo estimate the required reserves. Based on these calculalions, the Trustees set a free reserves target for the year lo 31 March 2024 of £2,807,115 {2023'. £2.720,000). The actual free reserves of £3.321.089 has exceeded this target. The trustees use designated reseNes lo sel funds aside for a specific purpose or project., the details of which are shown in the notes lo the financial statemenls. Investment powers Under the Memorandum and Articles of Associalion the charily has the power to invest for the furtherance of the charity s principal activity. All investments comply with the Charity Commissioii guidelines. The Iruslees, having regard lo Ihe liquidily requirements of the charity have operaled a policy of keeping surplus cash balances as liquid as possible and any surplus balanS will be invested in fixed lerm deposil accounts. Financial controls The Manageinenl Board is responsible for the organisations, strategy and policy framework. 11 delegates the day to day management and iniplemenlalion of that framework to Ihe Chief Executive Officer, Rhian Jones, and other senior managers (the Senioi Management Team). There have beer) no material changes in policy during the year. 16-
DRIVE TRUSTEES REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Risks The approach lo risk management. set out in policy and guidelines, has been approved by the Board. The approach allocates responsibility for fisk management and established a framework in which risks are identified and evaluated so that an appropriate response can be delerniined and affected. To co-ordinale this process, the appr02th combines oversight by Ihe Audil and Business Development Committee. The Senior Managemenl Team are responsible for prepanng a regisier for Ihe specific risks and controls relating lo organisalion functions. The register will form the basis for action plans desKJned lo address weaknesses in conlro15 identified and miligale risks where this is considered to be desirable. The Chief Executive and D1ClorS are expected to- Establish clear objectives for their area of operalion and identify and evaluate the key risks to achieving those objectives., Incorporate risk responses into a system of internal control which is designed to address opportunilies, facililale effective and efficient operations. protecl Drive's interests and ensure compliance with applicable law and guidance; Follow Drive's guidelines and standaids relating to particular types of risk and ensure that emerging risks are identified, and an appropriate respor)se is effected- Monitor the effectiveness of the systems for risk and inlernal control and report significant weaknesses or non-conipliance to the senior management team (SMT)., Ensure that the risk management sysleni is communicated lo staff and embedded in operational processes., and Assign responsibility for managing risks wtthin boundaries agreed by the SMT and the audil committee. In 115 broadest sense, responsibility for the ongoing management of risk rests with all staff in Iheir respeclive area of operation. Specific risks faced by the charity are- Financial instability caused by either Drive being subjected lo prolonged periods of emergency {COVID-191, competitive tendering for commissioned conlracts. legislation around the Real Living Wage, and Government laxalion policies. Balancing conlinuily. innovation and change Ihat requires new models of service for Ihe benefit of the people we support. F<isKs relating lo compliance for Health and Saleiy and Governan. Dilution of Drive's valueslprinciples due to pressures in the external environmenl that are not aligned with Drive's mission. Cyber security and Data Protection - the risks lor cyber continued lo increase during 2024. Drive has an internal control system which incorporates risk management and is designed lo provide assurance Ihal the overall mission and objectives are regularly and robustly monilored. Drive has a risk management framework which includes the Risk Assurance Framework and the Risk Register which are monitored by Ihe Audit and Business Development Commillee. Disabled employees The charity operates a policy of equal opporlunilies for employment which includes disabled employees. This policy gives full and fair consideration lo applicalions for employment by the charity made by disabled persons, having regard to their particular aplilude and abilities. for continuing the employment of, and for arranging appropriate training for. employees of Ihe charity who have become disabled persons during the perilxls when they were employed by Ihe charily and olhefwise, for the Iraining. career development and promotion of disabled persons employed by the charity. 17-
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Legal status The organisation is a company limited by guarantee, registration number 2506147. and is governed by its Articles of Association. Drive is also registered with the Charily Commission. number 703002. The trustees are also directors of the charitable company. Organisation The organisalion is managed by a voluntary Managemenl Board whose role is to set the oveiall objeclives for Drive and lo ensure Ihal the organisalion is keeping within ils legal and moral obligations. The Management Board holds the ultimate power and responsibility for Drive. Appointment, induction and training of new trustees Board members are drawn from a wide background. bringing together professional, commercial, parenucarer and local experience. The Board are elected by the members al the annual general meeting. New Board members are given training by the Company Secretary. The Board meets on a regular basis through the year and establishes ad hoc Task and Finish Groups to look inlo specific areas. as required. Key management personnel The Management Board sets the remuneration of key managemenl personnel. as described in Ihe notes lo the financial slalemenls. Key management personnel are defined as Ihe charity's Jcnior managcmcnl Icam, which comprises of the Chief Executive. Director of Finance and Corporale Setvices and Director of Operations, People and Learning, togethei with its Trustees. Drive has a Total Reward Strategy and the remuneration of key management personnel 15 part of Ihal process. No formal benchmarks, parameters or criteria are used lo generale automatic pay increases. and decisions for all staff are made to reflect the financial position of the organisalion within the current economic climate. Truslees do not re1ve any remuneration for their role, although they are entitled to claim expenses. 18-
DRIVE TRUSTEES REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name Drive Charity Number 703002 Company Number 2506147 Registered Office Unil 8 Cefn Coed Parc Nanlgarw Treforest RCT CF15 7QQ Company Secretary Rhian Jones Trustees Geoff Lake Jean Gregson Janet Sheldon Hugh Irwin - resigned 28109123 Karen Cherrett Karmeno Gauci Anlhony Isingrini Kalrina Kurow3ki Richard TfOOte Beth Mahoney Alysha Martin - appointed 28111 r23 Joanne Jones - appointed 28111123 Kaly Penny- appoinled 28111123 Rhian Robinson- appointed 28111123 Paul Wyall- appointed 2811123 Solicitors Geldards 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ Independent Auditors Azels Audil Setvices Ty Detw Lime Tiee Court Cardiff Gale Business PaTk Cardiff CF23 8A8 Bankers Barclays PO Box 52 Cardiff CF14XR 19-
DRIVE TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Funds held as custodian trustee The charily manages money on behalf of the people it supports. This se1 includes paying expervjiture on their behalf.. detailed records are kept to ensure Ihat the charity is able lo identify amounts owed tolby each individual. Disclosure of information to auditor Each of the Iruslees has confirmed that there is no information of which they are aware which is relevant lo the audit, bul of which Ihe auditor is unaware. They have further confirmed that they have taken appropriate sleps to identify such relevant information and lo establish Ihal the audilor is aware of such infofmalion. The Irustees report, including the strategic report. was approved by the Board of Trustees. R Jones - Secretary Dated. ..l_S :.io....Alk -20-
DRIVE STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also Ihe directors ol Drive for the purpose of company law, are responsible for preparing the Trustees Report and Ihe financial slatemer)Is in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accour)ting Piactice). Company Law requires the Irustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of Ihe chafily and of the incoming resources and application of resources, including the income and expenditure, of Ihe charilable company for that year. In preparing these financial statements. the trustees are required lo.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgements and eslimates that are reasonable and prudent", and prepare the financial slalenienls on the going concern basis unless il is inappropriate to presume Ihat Ihe charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records thal disclose wilh ieasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safequardinq the assels of the charity and hence for lakinq reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdiclions. 21
DRIVE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DRIVE Opinion We have audited the financial statements of Drive {Ihe 'charity') for the year ended 31 March 2024 which comprise the slalement of financial activities. Ihe balance sheet, the slatement of cash flows and notes lo the financial slalements, including significant accounting policies. The financial repotting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandaids. induding Financial Repofting Standard 102 The Finaiicial Repoiting Staipdard applicable in the UK aiid Republic of Irelaiid (United Kingdom Geneially Accepted Accounting Practice). In our opinion, the financial slalemenls.. give a true and fair view of the state of the charitable company's affairs as al 31 March 2024 and of ils incoming resources and applicalion of resources. including ils income and expendilure, fof the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practi., and have been prepared in accordance with the requiremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordan wilh Inleinational Standards on Auditing (UK) {ISAs (UK)} and applicable law. Our responsibilities under those standards are further described in the Aiiditoffs respoilsibililies for Ilie aiidil ol Ilie finanGial staleiiienls section of our report. We are independent of the charity in accordance with the ethical roquiramants that are relevant to our audil of the financial statements in the UK. incliiding th?. FRf.'8 FlhinAI Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropfiate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls. we have concluded Ihal Ihe trustees use of the going concern basis of accounting in the preparation of the financial stalemenls is appiopriale. Based on the work we have performed, we have nol identified any material Ljncerlainlies relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least Iwelve months fiom when the financial slatemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevanl sections of this report. Other inforn)ation The other information comprises Ihe infornialion included in the annual report other than the financial slalenients and our audilorfs report thereon. The trustees are Tesponsible for the other inforniation contained within the annual report. Our opinion on the financial statements does not cover the other information and. except lo the exlent olheNiise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the olher infornialion and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in Ihe course of the audit, or otherwise appears to be materially misslaled. If we identify such malerial inconsislencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstalenient in the financial statements themselves. If, based on Ihe work we have performed, we condude Ihal there is a material misslalemenl of this other informalion, we are required to reporl thal fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit-. Ihe infornialion given in the tfuslees report for the financial year for which the financial slalemenls afe prepared, which includes Ihe direclors, report and the 51rategic report prepared for the Pufposes of company law, is consistent with the financial slatemenls.. and the strategic report and the directors. report included within the trustees report have been prepared in accofaance with applicable legal requlremenls. -22-
DRIVE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DRIVE Matters on which we are required to report by exception In the light of the knowledge and undeislanding of the charity and its environmenl oblained in Ihe course of the audit, we have not identified maleiial misslatements in Ihe stralegic report or the directors, report included within the trustees report. We have nothing to reporl in respect ol the following matters in relation lo which Ihe Companies Act 2006 requires us to report to you if. in our opinion- adequale accounling 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 agreemenl wilh Ihe accounting records and relurns., or certain disclosures of Iruslees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the slalemenl of Iruslees responsibilities. Ihe trustees. who are also the directors of the charity for the purpose 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 Ifustees determine is necessary to enable the preparation of financial slalemenls that are free from material misslatement, whether due lo fraud or error. In preparing the financial slalements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going oiioerii basis of aGGouiiliiig uiiless Ilie Icuslees eillier iiileiid to liquidate (lie Gliaiilable conipaiiy or to Gea6e operations, or have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of Ihe financial statements Our objectives are lo obtain reasonable assurance about whelher the financial slatemenls as a whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee that an audit conducted in accordance with IbAs {UIR) will always delect a material misslalemenl when It exisls. Misslalemenls can arise from fiaud or error and are considered material if, individually or in Ihe aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of Ihese financial slalements. A further description of our responsibilities is available on Ihe Financial Reporting Council's website al.. hllps'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditorfs report. -23-
DRIVE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DRIVE Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with OLFr responsibilities. outlined above and on the Financial Repotting Council's website, to delecl material misslalements in respecl of irregularities. including fraud. We obtain and update our understanding of the enlity. its activities. ils control environment. and likely fulure developments. including in relation lo the legal and regulatory framework applicable and how the enlily is complying willi Ilial li ailiework. Based oli Iliis uridei slaiidiiig, we ideiilify aiid assess Ilie risks of i?ialerial mibstalemenl of the financial s121emenls. whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain aLJdil evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response lo the risk of irregularities and non-compliance with laws and fegulalions. including fraud, we designed procedures which included-. Enquiry of n)anagement and those charged with governance around actual and potential liligalion and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged wilh governance- Assessing Ihe exlenl of compliance with the laws and regulations considered to have a direct malerial effect on the financial slalen)ents or Ihe operations of the enlily through enquiry and inspection.. Reviewing financial slalemenl disclosures and lesling lo supporting documenlalion lo assess compliance with applicable laws and regulations.. Performing audit work over the risk of management bias and override of controls, including lesling of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant Iraiisaclions oulside Ihe normal course of business and reviewing accounling eslimales for indicators of polential bias. Because of the inherent limitations of an audil, Ihere is a tisk Ihat we will not delecl all irregularities. including those leading to a material misslatement in the financial statemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulalion is removed frorn the evenls and transactions reflected in the financial slatemenls, as we will be less likely to become aware of instances of norFcompliance. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve wllusion. forgery, intentional omissions. misrepresentations, or the override of internal control. Use of our report This report is made solely lo Ihe charitable company's members, as a body, in accordance with Chapler 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so Ihal we might state lo the charitalle company's members those mallers we are fequired lo slate to them in an audilor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo 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. Arov hthF Katherine Parkin {Senior Statutory Auditor) for and on behalf of Azets Audit Services 23 October 2024 Chartered Accountants statutory Auditor Ty De. Lime Tree Court Cardiff Gate Business Park Cardiff Uiiited Kingdom CF23 8AB 24-
DRIVE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes and endowments from: Charilable activities Inveslmenls Other income 4,364,565 19.507.931 23.872,496 144,196 144.196 158,800 158.800 3,743,373 18.281,506 22,024,879 57,389 57,389 Total income 4,667,561 19.507.931 24.175.492 3.800.762 18,281,506 22,082,268 en ChaTltable activities 4.108.859 19,486,359 23.595.218 3.594,998 18,262,539 21,857,537 Other 48.305 48.305 Total expenditure 4.157.164 19.486.359 23.643,523 3,594.998 18,262,539 21.857,537 Net income for the yearl Net incoming resources 510,397 21.572 531.969 205.764 18.967 224,731 Other recognised gains and losses Actuarial (loss)loain on defined benefil pension schemes (71.000) (71.000) 485,000 485,000 Net movement in funds 439,397 21.572 460.969 690.764 18,967 709,731 Fund balances at 1 April 2023 4,866.547 81.521 4,948,068 4,175,783 62,554 4.238,337 Fund balances at 31 March 2024 5.305.944 103.093 5.409.037 4,866,547 81,521 4,948.068 The stalement of financial aclivilies includes all gains and losses recognised in Ihe year. All income and expenditure derive from continuing activities. The slalemenl of financial activities also complies with the requirements for an income and expenditure accounl under the Companies Act 2006. -25-
DRIVE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets Investments 14 15 16 61,020 1.049,601 1.032,373 1,032,374 1,110,622 Current assets Debtors Cash al bank and in hand 18 2,547,783 3,372,631 2,125,266 3,317,329 5,920,414 5.442.595 Creditors: amounts falling due within one year 20 (1,668.368) {1,799,744) Nel current assets 4.252.046 3,642,851 Total assets less current liabilities 5.284.420 4,753,473 Creditors: amounts falling due after more than one year 22 (75,383) (88,405) Net aqqets @xclijding ponsion qiirplijs 4 ?no.n27 4.66.fj.068 Defined benefit pension surplus 23 200.000 283,000 Net assets 5.409.037 4,948,068 Income funds Reslricled funds ricted funds Designated funds General unreslricled funds Pension reseive 24 103,093 81,521 nres 2S 780,228 4,325,716 200.000 601,657 3,981,890 283,000 5,305,944 4,866,547 5,409,037 4,948,068 The financi Is"tr-tvbfX 2olY lemenls were approved by the Truslees on .-....................... K Cherrett - Trustee Company registration number 2506147 26-
DRIVE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed byllgeneraled from operations 30 (212.190) 228,946 Investing activities Piirchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Inteiesl received {23,088) (13,483) 158.800 144.196 57,389 Net cash generated from investing activities 279.908 43.906 Financing activities Repayment of bank loans {12.416) {11.225) Net cash iis¢d in finan¢ing a¢tivitics (12.416) {11,225) Net increase in cash and cash equivalents 55,302 261,627 Cash and cash equivalents al beginning of year 3.317.329 3,055,702 Cash and cash equivalents at end of year 3.372.631 3,317,329 27-
DRIVE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Drive is a private company limiled by guarantee incorporated in England and Wales. The regislered office is Unil 8, Cefn Coed, Parc Nanlgarw. Nanlgary4, CF15 7Qa, UK. 1.1 Ac¢ounting convontion The financial slalements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Chaiilies.. Slalemenl 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 l January 20191" The charity is a Public Benefit Enlily as defined by FRS 102. The financial slatemenls are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cosl convention. The principal accounting policies adopted are set out below. Financial statements As the chaiity's trading subsidiary Drive Enlerprises {Mentrau Drive) Ltd is dormanl the financial statements report on Ihe chanty results only. 1.2 Going concern Al the lime of approving the financial slalemenls. the Iruslees have a reasonable expeclalion that the charity has adequale resources to continue in operational exisleiice for the foreseeable future. Thus the truslees continue lo adopt the going concern basis of accounting in preparing the financial stalemenls. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the Iwstees in furtherance of their charitable objectives. Designated funds comprise funds which have been sel aside at the discretion of the Irustees for ScIfiC purposes. The purposes and uses of the designated funds are sel out in the notes lo the financial statements. Reslricled funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the reslricled funds are sel oul in the notes lo the financial slalen)eiits. Further details of each fund are disclosed in the notes. 1.4 Incoming resources Income is recognised when the charity is legally enlilled lo it afler any performan condilions have been mel, the amounts can be measured reliably, and il is probable that income will be reIved. Doiialions are recognised where there is enlitlemenl, certainly of receipt and the amount can be measufed with sufficient ieliabilily. Inveslnienl income is recognised on a receivable basis. All inconiing resources are included in the slalemenl of financial aclivilies when the charity is entitled lo the inconie and Ihe amount cali be quai)lified with reasonable accuracy. The following specific policies are applied to particular categoiies ol income.. Housing benefil claimed on behalf of all service users is accounted for on a receivable basis. -28-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Grants of a revenue nature are credited direct lo the revenue account in Ihe period to which they relate. A provision for eslimaled grant clawback has been made in Ihe financial slalemenls where there is an indication a clawback will be made. Capital grants received lo fund the purchase of fixed assels are brought into the restricted funds via the slalement of financial aclivilies and reduced annually by Ihe charge for deprecialion. 1.5 Resources expended Liabilities are recognised as soon as there is a legal or constructive obligalion commilling the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relaled to the category. Charitable expenditure comprises these costs incurred by the charity in the delivery of ils aclivilies and services for ils beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Governan costs ir)clude costs of the preparation and examinalion of Ihe stalulory accounls, the costs of trustees meetings and the cost of any legal advice to trustees on governan or conslitutional mallers. Support costs include central functions and have been allocated to aclivily cost calegofies on a ljasis .nn8iqle.nl with Ihp. Ll8P. af rp.8oiirr.p..g. fnr px2mplp. allnr.aling propp.rty co%ts by floor areas. or per capi12. slaff cosls by the time spent and other costs by their usage. 1.6 Intangible fixed assets olher than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured al cost less accumulated amortisation and accumulaled impairment losses. Intangible a" -cls acquircd on bUInes. combination- arc recognic scparatcly from goodwill al the acquisition dale where il is probable thal Ihe expected fulure economic benefils Ihal are attributable lo the asset will flow lo the entity and the fair value of the asset can be measured reliably., Ihe intangible assel arises from contractual or other legal rights., and the intangible asset is separable from the entity. Intangible assets comprise primarily licence fees paid in advance for the use of software. Such assels are defined as having finite useful lives and the costs are amortised on a slraighl line basis over their eslimaled useful lives of S years. Intangible assels are staled at cost loss amortisalion and arc rcvicwcd for impairmcnt whenever there is an indication that the carrying value may be impaired. Amortisalion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on Ihe followir)g bases.. Software 150A on cost 1.7 Tangible fixed assets Individual fixed assets cosling £1,000 or more are inilially recorded al cost. All tangible fixed assets {olher than the horticultural building which is held al valuation are included al cost. open n78rket value) Deprecialioii is recognised so as lo wrile off the cost or valualion of assets less their residual values over their useful lives on Ihe following bases.. Freehold interest in land and buildings FixlLires, fillings and equipment Motor vehicles Horticultural building 20kn on cost 150/0 on cosl 25 /0 on cosl -29-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Gonlinued) 1.8 Fixed asset investments A subsidiary is an enlily conlrolled by the charity. Conlrol is the power lo govern the financial and operating policies of the enlily so as lo obtain benefils from its aclivilies. 1.9 Impaimiont of fixod assots Recoverable amount is the higher of fair value less costs lo sell and value in use. In assessing value in use, the estimated future cash flows are discounted lo their present value using a pre-tax discounl rale that reflects current markel assessments ol the time value of money and the risks specific to Ihe asset for wliich the estimates of future cash flows have not been adjusted. If the recoverable amounl of an asset is eslimaled lo be less than ils cafrying amount. the carrying amount of the asset is reduced lo ils recoverable amounl. An impairment loss is recognised immediately in incomel (expenditure) for the year, unless the relevant assel is carried at a revalued amounl, in which case the impairmenl loss is trealed as a revalualion decrease. Recognised impairment losses are reversed if. and only if. the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses. the carrying amounl of the asset is increased lo the revised eslimale of its recoverable amount, bul so that the increased cafrying amount does not exceed the carryinq amount that would have been detenined had no impairment loss been recognised for the asset in prior years. A ieversal of an impairment loss is recognised immediately. unless the relevant asset is carried in al a revalued amounl. in which case the reversal of the impairment loss is treated as a revalualK)n increase. 1.10 Cash and cash equivalents Casl) and cash equiv21enls include cash in hand. deposits held at call with banks. other short-lerm liquid invp.qlmp.nl8 wilh nrigin21 maliiiili9.8 nf thrg.p mnnlh8 or Ip%s. xnd bank overdrafts_ Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The charity has elected lo apply Ihe provisions of Section 11 'Basic Financial Instiumenls, and Section 12 'Olher Financial Instrumenls Issues, of FRS 102 to all of its financial instrumenls. Financial instruments are recognised in the charity's balance shget when the charity becomes party lo the conlraclual provisions of the instrumenl. Financial assels and liabilities are offsel, with the nel amounts presented in Ihe financial slalemenls, when Ihere is a legally enforceable right to sel off the recognised amounts and Ihere is an intention to setlle on a nel basis or lo realise the asset and settle the liabilily simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the ariangeinenl constilules a financing transaclion, where the Iransaclioii is measured al Ihe present value of Ihe future receipts discounled al a market rale of interest. Financial assets classified as receivable within one year are not amortised. -30-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Impairment of linancial assets Financial assets, other than those held at fail value through income and expenditure. are assessed for indicators of impairnient at each reporling dale. Financial assets ale impaired where there is objective evidence that. as a result of one or more events Ihal occurred after the initial recognilioii of the financial asset. the estimated future cash flows have been affected. If an asset is impaired, the impairmenl loss is Ihe difference between Ihe carrying amounl and the present value of the estimated cash flows discounled al Ihe asset's original effective interest rate. The impairment loss is recognised in net incomel(expendilure) for the year. If there is a decrease in Ihe impairmenl loss arising from an evenl occuriing after the impairment was recognised. Ihe impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairmenl not previously been fecognised. The impairment reversal is recognised in nel incomel{expenditure) for the year. Derecognition of financial assets Financial assets are derecognised only when the conliactual rights lo the cash flows from the asset expire or are sellled. or when the charity transfers the financial asset and sub51anlially all the risks and rewards of ownership to another entity. or if some significant risks and rewards of ownership are retained but control of the asset has Ifansferred to another party that is able lo sell the asset in ils entirety lo an unrelated third pariy. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initially recognised al Iransaclion price unless the arrangement constilules a financing Iransaclion, where the debt instrument is measured al Ihe present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within nng. ypar arp. nnl amctrrtiqg.d. np.ht in.qlriim9.nlg arg. 8iihspqLlP.nlly rArrip.d al amnrti8p.d r.081. iJ8ing Ihp. effective interesl rate method. Trade creditors are obligations to pay for goods or services Ihal have been acquired in the ordinary course of operations from supplieis. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, Ihey are presented as non-CUTrenl liabilities. Trade cieditors are recognised initially al transaction price and subsequently measuied at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when Ihe charity s contraclual obligations expire or are discharged or cancelled. 31
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.12 Retirement benefits The charity operates three lypes of pension schemes being defined conlribulion. auto enrolment pension and defined benefit, depending on Terms and Condilions ol employees. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The defined contribution scheme is a stakeholder pension. For employees that Started before July 2014 employer conlribulions are made on behalf of employees al a late of 6% of employee's basic salary. The amount paid and accrued relating to employees basic pay during the fir)ancial year are charged lo the Statement of Financial Aclivilies. These contributions are invested separately from the assels of Ihe charity. From July 2014 the charity operated an auto enrolment pension scheme for new employees and to supplement the defined contribution scheme to comply wilh the PensionAct 2014. The charity has also entered into a defined benefit pension scheme in respect of 6 employees thal Iransferred under TUPE from Monmoulhshire County Borough Council in 2008. The charily has paid amounls as defined under Ihe admission agreement beeen Torfaen County Borough Council and Monmoulhshire County Borough Council under The Local Government Pension Scheme {Benefil, Membership and Conlribulions) Regulations 2007. and The Local Government Pension Scheme (Administration) Regulations 2008. Followiiig iiegolialioiis, the diarity lias agreed and sigiied an adinission agreement with Rhondda Cynon Taff Council pension fund following a TUPE transfer of staff in January 2016 frorn Merthyr Counly Borough Council. In 2022 the charity were advised by Rhondda Cynon Taff Pension Fund that under FRS 102 it was now able lo value the scheme's assets and liabilities relating to the charity. The relevant disclosures have been provided in the notes lo these Financial Stalemenls. The cost of providing benefits under defined benefil plans is determined separately for each plan using the projected unit ciedil trielliud, 14ri(J is b<ised uri dLIuclllcil cirJviLV. The change in the nel defined benefit liability arising from employee service duiing the year is recognised as an employee cost. The cost of plan introductions. benefit changes. settlements and curtailments are recognised as incurred. The nel interest elemenl is determined by multiplying the net defir)ed benefit liability by the discount rate, taking irilo aLGouril lany Glidrigeb iri Ilie Iiel defiwivd berivlil li<ibilily duiiiiy Iliv pvi iud (IS (I f¥buII ol tyoiili-ibulioii and benefit paymenls. The nel interest is recognised in incomel{expendilure) for the year. Remeasureinenl changes comprise actuarial gains and losses. Ihe effect of the assel ceiling and the relurn on the net defined benefit liability excluding amounls included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are nol reclassified lo incomel(expendilure) in subsequent periods. The nel defined benefit pension asset or liability in Ihe balance sheet comprises Ihe total for each plan of the present value of the defined benefit obligation (using a discount rale based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be sellled directly. Fair value is based on market price information. and in the case of quoled securities is the published bid price. The value of a nel pension benefit asset is limited lo the amount that may be recovered either Ihrough redUd contributions or agreed refunds from the stheme. 1.13 Leases Rentals payable under operating leases. including any lease incenlives received. are charged to income on a sliaighl line basis over Ihe lerm ol Ihe relevanl lease. -32-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies. the tiuslees are required to make judgements, estimates and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other sources. The eslimales and associaled assumptions are based on historical experien and other faGlors Ihal are considered to be ielevant. Actual results may diffei from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects bolh current and future periods. The present value of the defined benefit obligation is less than the fair value of plan assets as at 31 March 2024 and therefore the defined benefit plan is in a surplus position. An enlily can only recognise a plan surplus to the extent that it is able to recover the surplus eilher through reduced contributions in the future or throiigh refunds from the plan. In line wilh Ihis, the scheme surplus as al 31 March 2024 and as at 31 March 2023 has been restricted as seen in the Retirement benefit scheme note. Donations and legacies 2024 2023 Donations and gifts During ihe prior perio(J Ihe chariiy were donated a Property lo further its charitable aclivities. A valuatlon of Ihe property was undertaken on 10 March 2023 byAndrew Forbes Chartered Surveyors. an independent qualified Sutveyor. The property valualion was deemed lo be £nil due to some restriclions at Ihe property. Prior to ils disposal, the property was recognised within the financial slalemenls al £nil cosl. -33-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 ILF and largeled support income Housing Related Support Grant Health and Local Aulhofily Income Rent and service charges Social care financial recognition scheme Other income 1,278,008 1,082,074 127,712 168.187 19,380,219 16.921,251 2,839,532 2,468,002 1,104,595 279,870 249,025 23.872,496 22,024,879 Analysis by fund Unreslricled funds Restricted funds 4,364.565 3,743,373 19,507.931 18,281.506 23,872,496 22.024,879 Included within olher income is £97,389 (2023.. £101,950} received from the Big Lollery Community Fund. Iiivestments 2024 2023 Interest receivable 144,196 57,389 Other income 2024 2023 Nel gain on disposal of tangible fixed assets 158,800 Incliided in the other income is a gain of £158.800 from the sale of a bLingalow which was donated lo Orive in 2023124. The funds have been included in a designaled reserve to be used to fund service improvements in the future as shown in Note 25.
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff costs Depreciation and impairmenl Recruilmenl Food. cleaning, health and safety Legal and professional costs Office expenses Participation Rent and utilities Repairs, maintenance and renewals Travel and vehicle costs Eslablishmenl costs Project expenditure 19,745,019 18,447,758 2,452 5,017 29,830 16,874 32,156 23.358 265,598 240,512 131.840 148,490 43.193 13,745 1.951,220 1,668,972 16,910 107,513 143,606 153.211 87,528 132,890 94,320 108,295 22,543,672 21,066,635 Share of support costs (see note 8) Share of governance costs (see note 8) 954.889 96,657 708,617 82,285 23,505,218 21.857.537 Analysis by fund Unrestricted funds Restricted funds 4,108,859 3,594,998 19.486.359 18,262,539 23,595,218 21,857.537 -35-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Staff costs Depreciation Bank charges Eslablishment costs Recruilmenl Food. cleaning, health and safely Office expenses Rent & utilities Repairs & maintenance Travel & vehicle costs 375,488 50.579 19,384 4,969 13,390 68,457 443,945 50.579 19,384 4.969 13.3 336,038 46,483 5,829 18,980 67,585 403,623 46.483 5.829 18.980 47,026 171 ,891 171,150 86,986 14,026 47.026 171,891 171,150 86,986 14,026 32,935 122.618 119.397 15,827 10,510 32,935 122,618 119,397 15,827 10,510 Audit fees Accounlancy 26.200 2,000 26,200 2,000 13.200 1.500 13,200 1,500 954.889 96,657 1,051,546 708,617 82.285 790.902 Analysed between Charitable aclivilies 954.889 96.657 1.051.546 708,617 82,285 790,902 Governance costs includes payments lo Ihe auditors of £26,200 {2023. £11.700) for audit and £2,000 {2023-. £1.500} for accountancy fees for preparation of the financial stalemenls. Other 2024 2023 Nel loss on disposal of intangible fixed assels 48,305 During the year, Drive ended ils contract for the People and Learnin9 syslem, i-Trenl which was purchased in March 2021. This was following a review of the costs and benefits. The implemenlalion costs of the system had been capilalised and the loss on disposal was the result of writing these off in one yeai, there was no additional cost lo Drive of disposing of the syslem. -36-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net movement in funds 2024 2023 Net movement in funds is staled after chargingl(crediling) Fees payable to the company's auditor for the audit of the company's financial slalemenls Depreciation of owned tangible fixed assets Profit on disposal of tangible fixed assets Amortisalion of intangible assets Loss on disposal of in12ngible assels 26,200 40.316 (158,8001 12,715 48,305 13,200 38.785 12,715 11 Trustees No Iruslees (or any persons connected with them) received any remuneration or benefits from the charity during the year {2023. £nill. 12 Employees The average monthly number of employees during the year was-. 2024 Number 2023 Number Care and administralion staff 701 676 Employment costs 2024 2023 Wages and salaries Agency staff Social security cosls Other pension costs 17,178,647 989,468 1,483,604 537,245 16,239,193 477,082 1,566,351 568,755 20.188,964 18,851.381 The average number of employees during Ihe year. calculated on the basis of fulklime equivalenls was 583 {2023. 5381. No redundancy payments were made during Ihe current or prior year. The number of employees whose annual remuneralion was more than £60.000 Is as Tollows.. 2024 Number 2023 Number £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 -37-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Employees Icontinuedl Senior management remuneration The key management personnel of the charity are as detailed in Ihe Trustees report. The lotal employee benefits (including salary, employer's national insuiance. pensiow) and benefits in kind) of the key management personnel of the charity were £273,828 {2023. £260.862). 13 Taxation As a registered charity, Drive is entitled lo the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxalion of Chargeable Gains Act 1992 to the exlent that these afe applied to ils charitable objects purpose only. 14 Intangible fixed assets Software Cost At 1 April 2023 Disposals 80,837 {80,837) At 31 March 2024 Amortisation and impairment Al 1 April 2023 Amorlisalion charged for the year L)Isposals 19,817 12,715 {32,532) At 31 March 2024 Carrying amount Al 31 March 2024 Al 31 March 2023 61,020 During the year, Drive ended its contract for the People and Learning system, i-Trent which was purchased in March 2021. This was following a review of the costs and benefits. The implementation costs of the system had been capilalised and the loss on disposal was the result of wilting Ihese off in one year, there was no additional cost lo Drive of disposing of the system. -38-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets Freehold Interest in land and bulldlngs Plant and machinery Includln9 motor vehicles Flxtures, flttings and equipment Total Cost Al 1 Aprll 2023 Additions 1.441,307 58.537 482,494 23,088 1.982,338 23,088 At 31 March 2024 1.441.307 58,537 505.582 2,005.426 Depreciation and impairment Al 1 April 2023 Depreciation charged in the year 442,328 24.768 58,254 283 432.155 15,265 932,737 40,316 At 31 March 2024 467.096 58.537 447,420 973.053 Carrying amount At 31 March 2024 974.211 58.162 1,032,373 Al 31 March 2023 998,979 283 50.339 1.049,601 The carrying value of land included in land and buildings is £197.988 (2023.. £197,988). During the prior perio¢J the charily were donaied a propeny io fvriher lis chariiable activities. A valuaiion of the property W3s undertaken on 10 March 2023 by Andrew Forbes Chartered Surveyors. an independent qualified surveyor. The property valuation was deemed lo be £nil due to some restrictions on the property. Prior lo ils disposal the property was recognised within the financial statemenls at £nil cost. 16 Fixed asset investments Other investments Cost or valuation Al 1 April 2023 & 31 March 2024 Carrying amount Al 31 March 2024 Al 31 March 2023 2024 2023 Other inveslmenls comprise.. Notes Ii)veslmenls in subsidiaries 17 39-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Subsidiaries Details of the charity's subsidiaries at 31 March 2024 are as follows= Name of undertaking Registered office Nature of business Class of shares held /r• Held Direct Indirect Drive Enterpfises (Menlrau Unil 8. Cefn Drive) Ltd Coed, Pafc NanIga, Nanlgam, CF15 7QQ Dormant Ordinary Shares 100.00 The aggregate capital and reserves and the results for the year of Ihe subsidiary wa5 as follows.. Name of undertaking ProfiU{Lossl Capital and Reserves Drive Enterprises (Menlrau Drive) Ltd 564 564 18 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepaymenls and accrued income 2,454.057 27.078 66,648 2,081,725 43,541 2,547,783 2.125.266 19 Loans and overdrafts 2024 2023 Bank loans 90,448 102,864 Payable within one year Payable aftei one year 15,065 75,383 14,459 88,405 The loan relates lo a mortgage covering the offi5 al Paic Nanlgatw. Ihe term of wl)ILlI luldls 25 yvai b. Tlie loan is secured on the property lo which il relates. Mortgage interest is charged al 1°A above the prevailing bank's base rale. -40-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Other taxation and social security Deferred income Trade Creditors Olher creditors Accruals 19 15,065 198 137.702 465,427 459,475 590,501 14,459 305,421 33,423 308,356 689,698 448,387 21 1.668,368 1,799,744 21 Deferred Income 2024 2023 Balance as al 1 April Income received in the year Released lo income 33,423 137,702 (33.423) 168,187 (134,7641 Balance as at 31 March 137,702 33,423 Deferfed income related lo performan related grant funding received in advance and which relates lo future financial periods (2023.. performance related grant funding reiVed in advance and which related to future financial periods). 22 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 19 75.383 88.405 23 Retirement benefit schemes Defined contribution schemes The charity s staff are members of defined conlfibulion pension schemes, with the exception of 13 staff which have TUPE rights to a defined benefit pension scheme. The assets of bolh the scheines are held separately from those of the charity in independently adminislered funds. The pension cost charge represents contributions payable by the charily and amounted lo £537.24512023-. £494,755). Al the year end £615 {2023'. £6,587) is held in creditors pending debil by the pension companies. The charge lo profil or loss in respect of defined contribution schemes was £525,245 {2023- £494,755). Defined benefit schemes The company parlicipales in the Rhondda Cynon Taff County Borough Council Pension Fund. a Local Government Pension Scheme which is a defiiied benefil scheme based on final pensionable salary. -41
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Retirement benefit schemes Icontlnuedl Valiiatioi? Movements in the fair value of plan assets-. Key assuinplions 2024 2023 Discount rate Expecled rale of increase of pensions in payment Expected rale of salary increases CPI Inflation Penson accounts revalualion rate 3.85 3.95 Mortalily asstimptions The assumed life expectations on relifement at age 65 are.. 2024 Years 2023 Years Retiring today Males Females 21.0 23.8 21.6 24.2 Retiring in 20 years Males Females 22.3 25.2 22.9 25.7 Amounts recognised in the profit and loss account". 2024 2023 Current Servi Cost Net inlefest on defined benefit liabilityllassel) 31,000 {19,000) 70,000 4,000 Total costs 12.000 74,000 Amounts taken to olher comprehensive income.. 2024 2023 Aclual return on scheme assets Les-: calclilalcd inlcrcst clcmcnt 1196,000) 82,000 107,000 50,000 Rellirn on scheme assels excluding interest income Actuarial changes related lo obligations Effects of changes in the amount of surplus Ihal is not recoverable 1114,0001 (47,000) 232,000 157,000 (766,000) 124,000 Total coslsllincomej 71,000 1485,000} -42-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 23 Retirement benefit schemes {Continuedl The amounts included in the balance sheet arising from the charilS obligations in respect of defined benefit plans are as follows.. 2024 2023 Present value of defined benefit obligations Fair value of plan assets 1.378,000 1.348,000 (1.934.000) {1.755,000) Surplus in scheme (556.000) (407,000) Re51riclion on scheme assets 356,000 124,000 Total asset recognised {200,000) {283,000) Movements in the present value of defined benefit obligations= 2024 Liabilities al 1 April 2023 Current service cost Benelils paid Contributions from scheme members Actuarial gains and loS¢S Interest cosl 1.348.000 31,000 (24,000> 7,000 {47,000) 63,000 Al 31 March 2024 1,378.000 The defined benefit obligations arise from plans which are wholly or partly funded. Movements in the fair value of plan assets- 2024 Fair valiie of assets at 1 April 2023 Interest income Return on plan assets (excluding amounts included in nel inleresl) Benefits paid Conlribulions by scheme menibers 1,755,000 82,000 114,000 124,0001 7.000 Al 31 March 2024 1,934,000 -43-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Retirement benefit s¢hemes (Continued) The fair value of plan assets al the reporting period end was as follows= 2024 2023 Equity instruments Debt instrumenls Property Cash Other 1,237.000 538.000 126,000 8,000 25,000 1,195,000 402,000 137,000 12,000 9,000 1,934,000 1,755,000 -44-
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DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Members Llablllty The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable lo contribute an amounl not exedIng £nil towards the assets of the charity i n the evenl of liquidalion. 28 Related party transactions Rhian Jones, who ig the Chief Execulive Officer and Company Secretary of the charity. was also a director of Cefii Coed Management Limiled until 19 January 2024. On 19 January 2024 Joanne Way. Director of Finance and Corpoiate Services of the charily was appointed as a director of Cefn Coed Management Limited. thjring the year Drive paid Cefn Coed Management Limited management fees totalling £985 (2023.. £1,665). Al the year end the charity owed the company £nil (2023.. £nill. Drive Enlerprises (Menlrau Drive) Lld is a Irading subsidiary of Drive - refer lo Subsidiaries note. Drive owns one, £1 ordinary share in the company. As al 31 March 2024 Drive Enterprises (Mentrau Drive) Ltd owed Ihe charity £nil (2023.. £nil). As al 31 March 2024 the charity owed Drive Enterprises {Menlrau Drive) Lld £1 12023.. £1). 29 Operating lease commitments Al the reporting end date the charity had oulstanding commitments for future minimum lease paymen& under non-cancellable operaling leases, which fall due as follows- 2024 2023 Wilhin one year Between two and five years In over five years 30,699 32.136 25,412 37.501 790 62,835 63,703 -50-
DRIVE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 30 Cash generated from operotions 2024 2023 Surplus for the year 531,969 224,731 Adjuslmenls for.. Inveslmenl income recognised in slalemenl of financial 2clivilies Gain on disposal of tangible fixed assels Loss on disposal of intangible assets Amortisalion and in)pairmenl of intangible assets Depreciation and impairment of tangible fixed assets Defined benefit pension charge 1144.196} (158,800> 48,305 12.715 40,316 12.000 157,3891 12.715 38,785 72,000 Movements in working capital: Ilncrease} in deblois (Decreasellincrease in creditors Increase in deferred income {422,517) {236,261) 104,279 (123,623) 28,304 33,423 Cash (absorbed byllgenerated from operations 1212,190) 228,946 31 Analysis of Changes in net funds At 1 April 2023 ash fltsw5 At 31 March 2024 Cash al bank and in hand 3.317.329 55.302 3,372,631 Loans falling due within one year Loans falling due after more than one year 114,459) 188,405) 1606) 13,022 115,0651 175,3831 3,214,465 67,718 3.282,183 51