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 Se￿IceS 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 ex￿lled 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 pro￿sseS 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 se￿l¢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 ac￿SSible, 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 S￿￿eyS. 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[1Ycho￿ell ￿t￿l&portym8llBgqd &￿p￿rtPIo¥kIer. Deployed W(ndow8265 Cloud Pc'sio IheFinanc('. Dep8rlmenl m8lnt8lned8r￿fle￿ ourCW)Fr Essenik41s Bnd CyberE89entlBl$ Plu8 CeitificElion IB%YallandO)ftrNeiYw nowbeknghuBtedlnthe CIr￿1￿4)r￿￿tJvr TraJnithgportBI addedloshorel￿lryi conloinlng$Llde8.TRlnlDe eosfoistafl. Recwlted &Dl&t4lONlcer to help8UPPOrtstef18nd pl0￿deTr&In1n$ vsino5s Continuiry14aThs. Recrulted onTTV¢Jlunteer from ourSupportedLhA L8unchEdanBW E. Le8rnlngH8lfoFm lo delfvercontoni8ndthcn sup￿rted 8 m8jorHR stvl Lesrnlng8y8tem chkngts. Rollcdoul newcyber leHfnlngTr8iningio811 8181f. Released nowlTS¢cufity 8ndArtificial lnte1bge￿P. 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 PrO￿de 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 Posilis*8eha%iour Managen￿t Posili%*8èha%iour SupportTh *bVinO a￿1 H￿dlIn0 ation AWA￿neSS 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 sU￿COmmItteeS 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 balan￿S 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 D1￿ClorS 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 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 be￿een 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 FOR THE YEAR ENDED 31 MARCH 2024 23 Retirement benefit schemes {Continuedl The amounts included in the balance sheet arising from the charil￿S 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- o) o) o - ¥DO ino 00 rDOO rDO a) (*) o o) ¢5) o ¢£1 000 000 ON ab c ¢oooo 00 roNoo) r)0 o)00 rr) o LLD C r)ots)ool￿Q)o￿o )O*y)00 0￿)￿O0￿)00¢Y)o ¢D ti) CTi (O O f LDooryoJO￿a) moortrON( OOCTJOOO)C ooINo)orDfO OOOvrON* o)oo¢J)oo¢J)n riOrCTiir?r In o r Ct) oI(£iciS￿￿cL 00 (0*0 S ¢7) VKJ 7) (*) 7JthnC ai TJ C OOrVlnO No) aloo co (o mrr£)mo OCY)O LN Ln O ) rs 0 73 &fj zjry 7Jth* 41f - ts) O *mo i Lfi O i7)￿0 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 ex￿edIng £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