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REGISTERED COMPANY NUMBER: 05282554 (England and Wales)

REGISTERED CHARITY NUMBER: 1110078














FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023

FOR


TAI PAWB



TAI PAWB








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






Page




Reference and Administrative Details  

1




Report of the Trustees  

2


to


8



Report of the Independent Auditors  

9


to


11



Statement of Financial Activities  

12




Statement of Financial Position  

13




Statement of Cash Flows  

14




Notes to the Statement of Cash Flows  

15




Notes to the Financial Statements  

16


to


28



TAI PAWB



REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2023





TRUSTEES

Mr R Staines (resigned 28.11.22)


Mr J Conway


Mr M Kennedy (resigned 28.6.22)


Ms S Prescott (Vice Chair)


Mr C Stephenson OBE (Chair)


Dr L Cordery-Bruce


Mr W H D Rowlands (resigned 20.1.23)


Mrs E S Gilbert


Mr G Findlay


Mrs N Azad-Warren (resigned 14.7.23)


Mr O A T Idris (resigned 8.10.22)


Ms C Clark (appointed 28.11.22)


Mrs N T Jones (appointed 28.11.22)




REGISTERED OFFICE

Mariners House


East Moors Road


Cardiff


CF24 5TD




REGISTERED COMPANY NUMBER

05282554 (England and Wales)




REGISTERED CHARITY NUMBER

1110078




INDEPENDENT AUDITORS

Bevan Buckland LLP


Chartered Accountants


And Statutory Auditors


Ground Floor Cardigan House


Castle Court


Swansea Enterprise Park


Swansea


SA7 9LA



TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).


OBJECTIVES AND ACTIVITIES

Objectives and aims

Tai Pawb's objectives are contained in its Constitution. Its key objective is

"..to promote equality and diversity in the provision of housing in Wales, in particular social housing, for the benefit of the public in Wales by the elimination of discrimination on the grounds of race, age, disability, gender, transgender, sexual orientation or religion or belief."

The organisation's Strategic Plan 2021-2026 contains the following:

Vision
-A Wales where everyone has the right to a good home.

What we do
-We advance equality, diversity social justice in housing in Wales

Strategic Objectives and Priorities
Tai Pawb works to 3 strategic objectives and relevant corresponding priorities:

Shape the change
-Campaign for a legal right to housing in Wales
-Help build an anti-racist Wales
-Champion disabled people's housing rights
-Promote LGBTQ+ rights
-Champion equal rights for homeless and vulnerably housed people
-Advocate an equitable response to the climate emergency

Make the change
-Broaden the reach and impact of our transformational QED Award
-Focus on cultural change
-Amplify our message
-Increase connection with members
-Embed lived experience in our work

Be the change
-Lead by example
-Become more agile and reflective
-Nurture new and existing partnerships
-Grow our capacity to deliver



TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



OBJECTIVES AND ACTIVITIES

Key Achievements

Shape the change
Campaigning for a legal right to housing in Wales
-Publication Cost-benefit analysis of the right to housing leading to a Senedd Inquiry into the Right to Adequate
Housing
-Significant Input into Welsh Government Legislative Options Working Group developing proposals for a Wales
Human Rights Bill

Champion disabled people's housing rights
-Partnership work with TPAS Cymru and disabled tenants on feeding into Welsh Government decarbonisation
agenda with relation to accessible housing
-Presentation to Cross Party Group on Muscular Dystrophy on Right to Housing and Disability

Help build an anti-racist Wales
-Successfully securing funding and recruitment of Anti-racism Manager to help Welsh Government and sector
implement Anti-racist Wales Action Plan
-Continuation of engagement, support and good practice exchange for organisations who pledged to end racial
inequality in housing under our Deeds not Words Pledge
-Launch of Deeds not Words Sector Survey with over 800 responses from sector employees
-Successful Deeds not Words Day of Action on social media
-Deeds not Words panel contributions to sector events providing leadership and challenge on Anti-racism

Promote LGBTQ+ rights
-Successful sector survey on LGBTQ older people inclusion with findings launched and further partnership work with
EROSH
-Significant awareness raising activity via social media, resource newsletters and bespoke member sessions
-Launched research of LGBTQ+ people's homelessness experiences in Gwent which won Wales Online Diversity
and Inclusion Award

Champion equal rights for homeless and vulnerably housed people
-First refugees housed in accommodation supported through our Building a Nation of
-Significant increase in capacity of partner refugee organisations supported through Tai Pawb coaching
-Launched PRS Champions Project as part of Gwent Boost Consortium
-Establishment of Race Stakeholder Group under Ending Homelessness National Advisory Board
-Advice, feedback and scrutiny through Welsh Government Ending Homelessness National Advisory Board focusing
on embedding EDI into ending homelessness plans and frameworks
-Significant contribution to the Expert Homelessness Review Legislation Panel
-Research report into the Experiences of Homelessness of People with Protected Characteristics feeding into the
review of legislation

Advocate equitable response to climate emergency
-Successful survey of good practice in organisations implementing recommendations of Tai Pawb and TPAS Cymru
FLOORED report.
-Significant contribution to development of research into equitable response to climate emergency in the housing
sector in Wales
-Contribution to the work of Net Zero working group with Welsh Government, with input from disabled tenants

Make the change
Broaden the reach and impact of our transformational QED Award
-Development of draft QED Leaders Framework and pilot commenced with Melin Homes
-RHA Wales and First Choice achieved QED Award following substantial work on accreditation with Tai Pawb
-Continual improvements to QED process following annual reviews and feedback


TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



OBJECTIVES AND ACTIVITIES

Focus on cultural change
-Development of thematic member resource mailers linked to significant dates in EDI calendar
-Focused on organisational culture in our Deeds Not Words survey questions and report, including significant good
practice and guidance in the report

Amplify our message
-Increased mailing list subscription by 250 subscribers
-Sent out 6 newsletters, 5 thematic briefings and 47 bulk mailers on EDI to the sector
-234 inputs into Welsh Government Policy, 38 into Senedd work
-34 changes adopted in Welsh Government Policy as a result of our work

Increase connection with members
-Answered 207 helpline inquiries, completed 47 training sessions and 17 consultancy pieces, delivered 10 events
-Significant training impact with 60% increase in confidence post training
-547 people attended our training, 364 people attended events
-Increased membership to 77 members and engaged with 97% of our membership

Embed lived experience in our work
-Engaged 154 people with lived experience of inequality in our work via training, focus groups, sessions and as
speakers
-Started developing Tai Pawb principles on lived experience

Be the change
Lead by example
-Conducted ESG review resulting in an action plan
-Developed new Welsh Language Scheme
-Reviewed wellbeing offer in Tai Pawb and piloted wellbeing days
-Carried out Lumina Spark psychometric testing and team sessions to build connections
-Completed Breathworks Mindfulness for Stress programme with the team

Become more agile and reflective
-Reviewed wellbeing offer in Tai Pawb and piloted wellbeing days
-Carried out Lumina Spark psychometric testing and team sessions to build connections
-Completed Breathworks Mindfulness for Stress programme with the team

Nurture new and existing partnerships
-Continued working together with our highly effective Back the Bill coalition alongside CIH Cymru and Shelter Cymru
-Developed new partnerships and joint programmes of work with Open University, TPAS Cymru and Victim Support

Grow our capacity to deliver
-Secured funding for Anti-racist Wales Project (WG), PRS Champions Project (National Lottery) and Experts by
Experience Homelessness Research (WG), Hate Crime e-learning (RSW)
-Welcomed 2 new colleagues to the team to help us further our objectives more effectively and increase capacity
-Developed e-learning course for Rent Smart Wales in partnership with Victim Support
-Continued work on developing an e-learning offer
-Developed new membership benefits and fees structure in readiness for 2023 with all online events free

STRATEGIC REPORT

Financial position

Total income for the year to 31 March 2023 was £555,209 (2022: £439,314). The expenditure for the year totalled £484,703 (2022: £398,629), leaving a net surplus for the year of £70,506 before the movement on the defined benefit pension scheme. Actuarial losses on the defined benefit pension scheme provision of £26,000 (2022: £112,000 gains) has been reported.  




TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



STRATEGIC REPORT

Financial review

Principal funding sources

Tai Pawb continues to supplement core funding with income from membership fees, training, consultancy and Tai Pawb events.

This year saw significant actions towards greater financial sustainability including securing further funding from Welsh Government (see above) and National Lottery, further development of e-learning offer and review of membership benefits and fees.

Despite reduction in income from some services following Covid-19 pandemic, Tai Pawb had a fantastic financial result owing to: increasing membership income and securing partnership grant funding and commissions.

Investment policy

Investments are ruled by policies contained in Tai Pawb finance handbook and the Memorandum and Articles of Association.

Reserves policy

Tai Pawb continues to have a reserves policy and to hold reserves. The organisation's reserves policy aims to mitigate against closure and invests in strategic development costs. The amount of reserves should cover 5 months net operating costs plus closure costs.

Organisation's balance sheet also reflects its liabilities in terms of participation in Social Housing Pension Scheme. The organisation had a sufficient level of designated reserves in accordance with the policy at the end of March 2023. Trustees are closely monitoring the ongoing effect of Social Housing Pension Scheme liabilities and its impact on reserves. Tai Pawb sets aside a designated reserve to reflect the long term, not immediately payable effects of the Social Housing Pension Scheme liability. On a day to day basis it ensures that contributions required to the fund are included within budgets and factored within medium term plans. Likewise it considers the associated risks as part of its ongoing risk management, and receives periodic review by the Board as a specific topic.


Reserves policy is shared and reviewed by the trustees each year ahead of year end to ensure sufficient level and appropriate use of reserves. The policy was last reviewed in February 2021 with a new provision that additional funds may also be designated for setting off actuarial gains against possible future losses on the Social Housing Pension Scheme.

Social Housing Pension Scheme

Following the actuarial valuation which lead to a significant increase in Tai Pawb's share of liabilities as well as past deficit contributions the board continued to oversee work aimed at offsetting and/or reducing liabilities.

This can be summarised as follows:
-Financial advice from Quantum and support with providing information to former employees eligible for cash benefits
-Close monitoring of financial plans and reporting
-Review of membership benefits and fees with a view towards more sustainable income source
-Development of plans for new income source: e-learning

Social housing pension scheme continues to be monitored by the board as a standalone risk (see below) with pension update being a standing agenda item in senior management team's board report at each board meeting.

Plans for Future Periods

These plans are outlined in our new Strategy 2021-2026 and Business plan. Internally this is supplemented by Work Plan which is developed on an annual basis.




TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance Structure

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


The charity's governance structure is supported by its constitution document, the Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


The charity has a membership structure consisting of categories of membership, with these being Supporters, Affiliates, Commercial, Full Members.


The charity's board of trustees can have at least nine and no more than eighteen members, all of whom must be over the age of eighteen.


Each category of membership has been allocated a specific number of seats on the Board. Where a specific expertise gap is identified, further trustees can be appointed as co-optees, where members have full voting rights.


The number of places allocated to each category of membership is detailed below:



Number of Seats



Category of Membership


Available




Supporters


3



Affiliate (Third Sector)


4



Full Member (Local Authorities)


2



Full Member (Registered Social Landlords)


2



Affiliate (Other Housing Interests)


1



Co-optees (Recruited for specific skills etc.)


6



TOTAL NUMBER OF SEATS


18




Annual General Meeting

Tai Pawb held its Annual General Meeting on 28 November 2022. The audited accounts were presented to the Board by the independent auditors at the Board meeting.


The Chair and CEO went through their respective reports with regards to Tai Pawb's activities in the preceding year.


Trustee Induction and Training

The trustees attend a number of Board meetings on a regular basis. Tai Pawb holds events and seminars across Wales and some of Tai Pawb's Board members attend these events to increase their knowledge and experience around equality and diversity issues. All new trustees are inducted and encouraged to attend WCVA trustee and other courses.



TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The board continued to review risk on a quarterly basis with reports on progress and changes to risk register from senior management team who are responsible for the day to day risk management. Risks are split into corporate and practice related risks.

At the end of the financial year Tai Pawb had 17 risks noted in the register. Residual risk for 5 risks is low, for 12 risks is medium with no risks rated as high

In March 2023 the board considered and developed a new framework which describes the organisations approach to risk appetite. This will enable the board and stuff to better consider key risks and control measures relating to different areas of operation and governance.

Tai Pawb's Risk Management Policy and Procedure has also been reviewed this year, improving and clarifying some of the processes used by the organisation

The board has also introduced a new policy monitoring process, whereby progress on policy reviews is tracked and reported on at each board meeting.

This year the organisations has also commissioned a new rolling Health and Safety Audit and Support service from Worknest.


Management
The Board of Trustees managed members of staff comprising Chief Executive Officer, Head of Business, Head of Policies and Public Affairs, Policy Manager, Membership Manager, Membership Officer, Funding and Partnerships Manager, Housing Development manager, PRS Champions Manager, Communications and Marketing Officer, Finance and Administration Officer. CEO and Senior Management Team work with the oversight from the board of trustees to support them in the fulfilment of their obligations, in determining and reviewing the organisation's strategic direction and providing assurance on Tai Pawb's activities, governance and risk. Regular contact is maintained with the chair who holds 121 meetings with the CEO between board meetings.

This is also done in consultation with staff, where the CEO has responsibility for overseeing the operational management of aspects of Tai Pawb together with the Senior Management Team comprising of Head of Business and Head of Policy and Public Affairs.

Throughout 2022-2023 all staff were working via a hybrid model with access to part time office and working from home.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Tai Pawb for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



TAI PAWB (REGISTERED NUMBER: 05282554)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023



STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

Bevan Buckland LLP were appointed as the charitable company's auditors.


Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 25 July 2023 and signed on the board's behalf by:






Mr C Stephenson OBE - Trustee


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TAI PAWB


Opinion

We have audited the financial statements of Tai Pawb (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting 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 agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TAI PAWB



Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.


Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:



Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.


We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.


Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-


enquiring of management, including obtaining and reviewing supporting documentation, concerning the Charity's policies and procedures relating to:



-


identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;



-


detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;



-


the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;


-


discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.


-


obtaining an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Charity, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.



Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-


reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;


-


enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;


-


reading minutes of meetings of those charged with governance;


-


in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;


-


assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and


-


evaluating the operational rationale of any significant transactions that are unusual or outside the normal course of operations.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TAI PAWB



We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.


Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Michael Jones (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA


26 July 2023



TAI PAWB



STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Charitable activities

5

Membership Fees

72,409


-


72,409


68,062


Charitable Activities

375,344


93,482


468,826


350,614



Investment income

4

503


-


503


640


Other income

13,471


-


13,471


19,998


Total

461,727


93,482


555,209


439,314



EXPENDITURE ON

Charitable activities

6

Charitable Activities

381,312


103,391


484,703


398,629



NET INCOME/(EXPENDITURE)

80,415


(9,909

)

70,506


40,685


Other recognised gains/(losses)

Actuarial gains/(losses) on defined benefit

schemes

(26,000

)

-


(26,000

)

112,000


Net movement in funds

54,415


(9,909

)

44,506


152,685



RECONCILIATION OF FUNDS

Total funds brought forward

249,894


34,059


283,953


131,268



TOTAL FUNDS CARRIED FORWARD

304,309


24,150


328,459


283,953




TAI PAWB (REGISTERED NUMBER: 05282554)



STATEMENT OF FINANCIAL POSITION

31 MARCH 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Intangible assets

12

975


-


975


2,276


Tangible assets

13

4,952


-


4,952


264


5,927


-


5,927


2,540



CURRENT ASSETS


Debtors

14

99,099


-


99,099


71,618


Cash at bank and in hand

282,364


24,150


306,514


285,576


381,463


24,150


405,613


357,194



CREDITORS


Amounts falling due within one year

15

(27,081

)

-


(27,081

)

(29,781

)


NET CURRENT ASSETS

354,382


24,150


378,532


327,413



TOTAL ASSETS LESS CURRENT LIABILITIES

360,309


24,150


384,459


329,953



PENSION LIABILITY

18

(56,000

)

-


(56,000

)

(46,000

)


NET ASSETS

304,309


24,150


328,459


283,953


FUNDS

17

Unrestricted funds

304,309


249,894


Restricted funds

24,150


34,059


TOTAL FUNDS

328,459


283,953




The financial statements were approved by the Board of Trustees and authorised for issue on 25 July 2023 and were signed on its behalf by:






Mr C Stephenson OBE - Trustee






Ms S Prescott - Trustee



TAI PAWB



STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023



2023


2022


Notes

£   

£   



Cash flows from operating activities

Cash generated from operations

1

25,859


19,652



Net cash provided by operating activities

25,859


19,652




Cash flows from investing activities

Purchase of tangible fixed assets

(5,424

)

-



Interest received

503


640



Net cash (used in)/provided by investing activities

(4,921

)

640




Change in cash and cash equivalents in

the reporting period

20,938


20,292



Cash and cash equivalents at the

beginning of the reporting period

285,576


265,284



Cash and cash equivalents at the end of

the reporting period

306,514


285,576





TAI PAWB



NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023


1.

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES


2023


2022

£   

£   



Net income for the reporting period (as per the Statement of Financial

Activities)

70,506


40,685




Adjustments for:


Depreciation charges

2,038


2,069




Interest received

(503

)

(640

)



Increase in debtors

(27,482

)

(21,594

)



(Decrease)/increase in creditors

(2,700

)

6,132




Difference between pension charge and cash contributions

(16,000

)

(7,000

)



Net cash provided by operations

25,859


19,652





2.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.4.22

Cash flow

At 31.3.23

£   

£   

£   



Net cash



Cash at bank and in hand

285,576


20,938


306,514



285,576


20,938


306,514




Total

285,576


20,938


306,514





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


1.

STATUTORY INFORMATION



Tai Pawb is a charitable company, limited by guarantee, registered in England and Wales. The charity's registered number and registered office address can be found on the Reference and Administrative Details page.



The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements and going concern


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.



The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.



Income recognition


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.



Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.



Membership income is recognised when invoices for membership fees are invoiced to the members. For existing members this would be the 1 April, and for new members this would be the date of application.



Training income is recognised when the Charity has entitlement to it which would generally be when the training course has been performed.



Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.



Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.



Expenditure


Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over its estimated useful life of 4 years. Computer software is being amortised evenly over its estimated useful life of 5 years.


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Computer equipment

-

33% on cost



TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


2.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.



A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.



Impairment of fixed assets


The charity performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.



Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.



Corporation taxation

The charity is exempt from corporation tax on its charitable activities.

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees.for particular purposes falling in future time periods.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


Pension costs and other post-retirement benefits


The charity has obligations to pay pension benefits to certain employees. The pension accounting disclosure for this scheme has changed from a Present Value Approach to a Defined Benefit Approach in this financial year.  This is due to sufficient information now available for an employer in SHPS to account for its obligation on a Defined Benefit basis (i.e. stating assets and obligations).



For defined benefit schemes the amounts charged to the Statement of Financial Activities are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in the Statement of Financial Activities.




TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits


Defined benefit schemes are funded, with the assets of the scheme held separately from those of the charity, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.



Operating leases

Rentals paid under operating leases are charged to the SOFA on a straight line basis over the period of the lease.

3.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the balance sheet.

Estimation Uncertainty
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Management consider their to be no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.

INVESTMENT INCOME


2023


2022

£   

£   



Bank account interest

503


640






TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


5.

INCOME FROM CHARITABLE ACTIVITIES


2023


2022


Activity

£   

£   



Membership fees

Membership Fees

72,409


68,062




Membership fees

Charitable Activities

296


1,924




Conference and other events

Charitable Activities

11,225


4,810




Grants

Charitable Activities

408,600


309,011




Consultancy fees

Charitable Activities

14,000


2,750




Training

Charitable Activities

34,705


32,119



541,235


418,676





Grants received, included in the above, are as follows:


2023


2022

£   

£   



Welsh Government Grant

208,075


193,340




Rayne Foundation

-


400




Oak Foundation

107,043


64,000




WCVA

9,624


28,871




Comic Relief

48,495


21,600




The Wallich

35,363


-



408,600


308,211




6.

CHARITABLE ACTIVITIES COSTS


Support



Direct

costs (see



Costs

note 7)

Totals

£   

£   

£   



Charitable Activities

424,757


59,946


484,703




7.

SUPPORT COSTS


Support



Finance


costs


Totals

£   

£   

£   



Charitable Activities

281


59,665


59,946




8.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




2023


2022

£   

£   



Auditors' remuneration

5,874


5,197




Auditors' remuneration for non audit work

1,429


1,228




Depreciation - owned assets

736


768




Computer software amortisation

1,301


1,301






TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


9.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.



Trustees' expenses



One trustee received a reimbursement of travel and subsistence expenses totalling £159 (2022: £Nil)


10.

STAFF COSTS


2023


2022

£   

£   



Wages and salaries

333,953


267,078




Other pension costs

2,000


2,000



335,953


269,078





The average monthly number of employees during the year was as follows:



2023


2022


Senior management team

3


3




Office staff

7


6



10


9





No employees received emoluments in excess of £60,000.



During the year salaries of £116,844 (2022: £107,132) were paid to key management.


11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Charitable activities


Membership Fees

68,062


-


68,062



Charitable Activities

300,143


50,471


350,614




Investment income

640


-


640



Other income

19,998


-


19,998



Total

388,843


50,471


439,314




EXPENDITURE ON


Charitable activities


Charitable Activities

380,274


18,355


398,629




NET INCOME

8,569


32,116


40,685



Transfers between funds

(1,943

)

1,943


-



Other recognised gains/(losses)


Actuarial gains on defined benefit schemes

112,000


-


112,000



Net movement in funds

118,626


34,059


152,685




RECONCILIATION OF FUNDS


Total funds brought forward

131,268


-


131,268





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



TOTAL FUNDS CARRIED FORWARD

249,894


34,059


283,953



12.

INTANGIBLE FIXED ASSETS


Website



development


Computer



costs


software


Totals

£   

£   

£   



COST


At 1 April 2022 and 31 March 2023

9,990


6,504


16,494




AMORTISATION


At 1 April 2022

9,990


4,228


14,218




Charge for year

-


1,301


1,301




At 31 March 2023

9,990


5,529


15,519




NET BOOK VALUE


At 31 March 2023

-


975


975




At 31 March 2022

-


2,276


2,276




13.

TANGIBLE FIXED ASSETS


Computer


equipment

£   



COST


At 1 April 2022

4,911




Additions

5,424




At 31 March 2023

10,335




DEPRECIATION


At 1 April 2022

4,647




Charge for year

736




At 31 March 2023

5,383




NET BOOK VALUE


At 31 March 2023

4,952




At 31 March 2022

264






TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Trade debtors

20,405


12,266




Other debtors

70,512


54,455




Prepayments

8,182


4,897



99,099


71,618




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Trade creditors

3,866


2,169




Social security and other taxes

8,440


6,394




Other creditors

2,163


1,803




Accruals and deferred income

12,612


19,415



27,081


29,781




16.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:


2023

2022


£   

£   



Within one year

5,130


5,130




Between one and five years

6,132


3,066



11,262


8,196




17.

MOVEMENT IN FUNDS


Net


Transfers




movement


between


At



At 1.4.22


in funds


funds


31.3.23


£   

£   

£   

£   



Unrestricted funds


General funds

6,853


54,415


(37,875

)

23,393




Designated Funds

240,500


-


34,489


274,989




Designated Capital Assets

2,541


-


3,386


5,927



249,894


54,415


-


304,309




Restricted funds


Comic Relief - Housing Justice Wales

3,245


2,177


-


5,422




Public Health Wales

1,943


(1,943

)

-


-




WCVA Third Sector Resilience

28,871


(28,871

)

-


-




Help End Homelessness

-


18,728


-


18,728



34,059


(9,909

)

-


24,150




TOTAL FUNDS

283,953


44,506


-


328,459





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


17.

MOVEMENT IN FUNDS - continued



Net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General funds

461,727


(381,312

)

(26,000

)

54,415





Restricted funds


Comic Relief - Housing Justice Wales

48,495


(46,318

)

-


2,177




Public Health Wales

-


(1,943

)

-


(1,943

)



WCVA Third Sector Resilience

9,624


(38,495

)

-


(28,871

)



Help End Homelessness

35,363


(16,635

)

-


18,728



93,482


(103,391

)

-


(9,909

)



TOTAL FUNDS

555,209


(484,703

)

(26,000

)

44,506






Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.4.21


in funds


funds


31.3.22


£   

£   

£   

£   



Unrestricted funds


General funds

8,144


122,638


(123,928

)

6,854




Designated Funds

118,515


-


121,985


240,500




Designated Capital Assets

4,609


(2,069

)

-


2,540



131,268


120,569


(1,943

)

249,894




Restricted funds


Comic Relief - Housing Justice Wales

-


3,245


-


3,245




Public Health Wales

-


-


1,943


1,943




WCVA Third Sector Resilience

-


28,871


-


28,871



-


32,116


1,943


34,059




TOTAL FUNDS

131,268


152,685


-


283,953





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General funds

388,843


(378,205

)

112,000


122,638




Designated Capital Assets

-


(2,069

)

-


(2,069

)


388,843


(380,274

)

112,000


120,569




Restricted funds


Comic Relief - Housing Justice Wales

21,600


(18,355

)

-


3,245




WCVA Third Sector Resilience

28,871


-


-


28,871



50,471


(18,355

)

-


32,116




TOTAL FUNDS

439,314


(398,629

)

112,000


152,685





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


17.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined position is as follows:



Net


Transfers




movement


between


At



At 1.4.21


in funds


funds


31.3.23


£   

£   

£   

£   



Unrestricted funds


General funds

8,144


177,053


(161,803

)

23,394




Designated Funds

118,515


-


156,474


274,989




Designated Capital Assets

4,609


(2,069

)

3,386


5,926



131,268


174,984


(1,943

)

304,309




Restricted funds


Comic Relief - Housing Justice Wales

-


5,422


-


5,422




Public Health Wales

-


(1,943

)

1,943


-




Help End Homelessness

-


18,728


-


18,728



-


22,207


1,943


24,150




TOTAL FUNDS

131,268


197,191


-


328,459





A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General funds

850,570


(759,517

)

86,000


177,053




Designated Capital Assets

-


(2,069

)

-


(2,069

)


850,570


(761,586

)

86,000


174,984




Restricted funds


Comic Relief - Housing Justice Wales

70,095


(64,673

)

-


5,422




Public Health Wales

-


(1,943

)

-


(1,943

)



WCVA Third Sector Resilience

38,495


(38,495

)

-


-




Help End Homelessness

35,363


(16,635

)

-


18,728



143,953


(121,746

)

-


22,207




TOTAL FUNDS

994,523


(883,332

)

86,000


197,191







Designated Funds


The designated funds are made up as follows:


2023


2022



£   


£   



Net Running Costs


72,046


94,135


Closure Costs


37,363


37,365


Strategic Development Costs


20,000


13,000


Pension Scheme Costs


145,580


96,000



274,989


240,500



The net running costs represent over five months of the charity's expenditure, less membership fees.




TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


17.

MOVEMENT IN FUNDS - continued



Closure costs represent the total expenditure that would be incurred in the event of the charity ceasing to operate. The trustees have no current issues with the going concern of the charity but believe it is prudent to set aside this amount.



Strategic development costs represents the funds set aside to help meet the charity's medium term strategic plan.



Pension scheme costs represents funds set aside to help the charity meet the anticipated future losses in the pension scheme.


18.

EMPLOYEE BENEFIT OBLIGATIONS


The Pensions Trust - Social Housing Pension Scheme (SHPS)

SHPS is a multi employer pension schemes which provides benefits to non- associated participating employers. The scheme is classed as a defined benefit scheme in the UK. The scheme is classified as 'last man standing' arrangement. Therefore each employer is liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

FRS 102 requires that an employer participating in a Defined Benefit scheme should recognise:
- a liability for its obligations under the scheme net of scheme assets and
- the net change in that liability during the accounting period as the cost of the Defined Benefit scheme during the period


The amounts recognised in the Statement of Financial Activities are as follows:



Defined benefit



pension plans


2023

2022


£   

£   



Current service cost

-


-




Net interest from net defined benefit

asset/liability  

2,000


2,000




Past service cost

-


-




Expenses  

1,000


4,000



3,000


6,000





Actual return on plan assets

(431,000

)

95,000





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


18.

EMPLOYEE BENEFIT OBLIGATIONS - continued



Changes in the present value of the defined benefit obligation are as follows:



Defined benefit



pension plans


2023

2022


£   

£   



Opening defined benefit obligation

558,000


573,000




Interest cost

15,000


13,000




Expenses

2,000


2,000




Actuarial (gains)/losses from scheme

experience

8,000


42,000




Benefits paid

(4,000

)

(4,000

)



Remeasurements:


Actuarial (gains)/losses from changes in

demographic assumptions

(1,000

)

(8,000

)



Actuarial (gains)/losses from changes in

financial assumptions

(232,000

)

(60,000

)


346,000


558,000





Changes in the fair value of scheme assets are as follows:



Defined benefit



pension plans


2023

2022


£   

£   



Opening fair value of scheme assets

512,000


408,000




Contributions by employer

19,000


13,000




Interest income

14,000


9,000




Benefits paid

(4,000

)

(4,000

)



Return on plan assets (excluding interest

income)

(251,000

)

86,000



290,000


512,000





The amounts recognised in other recognised gains and losses are as follows:



Defined benefit



pension plans


2023

2022


£   

£   



Actuarial (gains)/losses from changes in

demographic assumptions

1,000


8,000




Actuarial (gains)/losses from changes in

financial assumptions

232,000


60,000




Return on plan assets (excluding interest

income)

(251,000

)

86,000




Actuarial gains/(losses) from scheme

experience  

(8,000

)

(42,000

)


(26,000

)

112,000





TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


18.

EMPLOYEE BENEFIT OBLIGATIONS - continued



The major categories of scheme assets as amounts of total scheme assets are as follows:



Defined benefit



pension plans


2023

2022


£   

£   



Global Equity

5,000


98,000




Absolute Return

3,000


21,000




Credit Relative Value

11,000


17,000




Emerging Markets Debt

2,000


15,000




Risk Sharing

21,000


17,000




Insurance-Linked Securities

7,000


12,000




Property

12,000


14,000




Infrastructure

33,000


37,000




Corporate Bond Fund

-


34,000




Secured Income

13,000


19,000




Liability Driven Investment

134,000


143,000




Other

49,000


85,000



290,000


512,000





Included in Other are the following types of assets: Distressed Opportunities, Alternative Risk Premia, Private Debt, Opportunistic Illiquid credit, High Yield, Opportunistic Credit, Cash, Liquid Credit, Long Lease Property, Currency Hedging and Net Current Assets.



None of the fair value of the assets shown include any direct investments in the employer's own financial instruments or any property occupied by, or other assets used by, the employer.



Principal actuarial assumptions at the Statement of Financial Position date (expressed as weighted averages):


2023

2022



Discount rate

4.81%

2.77%



Salary growth

3.83%

4.11%



RPI Inflation

3.14%

3.39%



CPI Inflation

2.83%

3.11%



The morality assumptions adopted at 31 March 2023 imply the following life expectancies:
Life expectancy at age 65 (years)
Male retiring in 202321.0
Female retiring in 202323.4
Male retiring in 204322.2
Female retiring in 204324.9


The charity has been notified by the Trustee of the Scheme that it has performed a review of the changes made to the Scheme's benefits over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This process is ongoing and the matter is unlikely to be resolved before the end of 2024 at the earliest. It is recognised that this could potentially impact the value of Scheme liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue.




TAI PAWB



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


19.

RELATED PARTY DISCLOSURES


During the year £56,932 was received from 9 organisations where Tai Pawb trustees are either trustees at these other organisations or hold positions of significant influence (2022 £42,656 was received from 12 organisations) . These fees were for membership subscriptions, training, consultancy and fees to attend seminars. All transactions were conducted at an arms length basis.

20.

SHARE CAPITAL



The charitable company is limited by guarantee and as such has no share capital.  In the event of the charitable company being wound up, the liability of each member is limited to £1.