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|CONTENTS|Page|
|Trustees Report||
|Independent
report ofthe Auditors|17|
|Statement
offinancial activities|21|
|Profit and loss account|22|
|Balance sheet|23|
|Statement ofCash Flows|24|
|Notes to the financial statements|25|
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||||Unrestricted|Unrestricted|Restricted|2023|2022|
|---|---|---|---|---|---|---|---|
||||Note|Funds|Funds|Total Funds|Total Funds|
|||||8|8|8|8|
|Income and endowments||from:||||||
|Donations
and legacies|||3|245||245|38|
|Charitable
activities|||4|1,999,010|16,902|2,015,912|1,797,386|
|Investments|||5|25,802||25,802|20,251|
|Total income and|endowments|||2,025,057|16,902|2,041,959|1,817,675|
|Expenditure
on:||||||||
|Charitable
activities|||6|2,038,238|169902|2,055,140|1,837,992|
|Total expenditure||||2,038,238|16,902|2,055,140|1,837,992|
|Net gains/(losses)|on investments||13|(843)||(843)|1,770|
|Net income/(expenditure)|||8|(14,024)||(14,024)|(18,547)|
|Transfers
between|funds||18|41,963|(41,963)|||
|Net movementin|funds|||27,939|(41,963)|(14,024)|(18,547)|
|Reconciliation
of|Funds|||||||
|Total Funds brought
forward|||18,19|2,061,734|922,340|2,984,074|3,002,621|
|Total funds carried forward|||18,19
&20|2,089,673|880,377|2,970,050|2,984,074|
|||||||Notes|2023|2022|
|---|---|---|---|---|---|---|---|---|
|Turnover|||||||983,611|851,657|
|Raw materials
and change
in stocks|||||||(439,595)|(389,606)|
|Trading
Profit|||||||544,016|462,051|
|Other operating
income|||||||49,003|73,856|
|Other operating
charges|||||||(303,821)|(243,202)|
|Other staff costs|||||||(595,796)|(523,318)|
||||||||(306,598)|(230,613)|
|Wage cost of disabled|Supported||Business employees||||(571,972)|(430,677)|
|Grant income related to||disabled|Supported||Business||||
|employees|||||||244,989|276,426|
|Employment
&Training||Programmes||staff costs|||(91,958)|(202,850)|
|Employment
&Training||Programmes||income|||737,908|541,758|
|Operating
profit|||||||12,369|(45,956)|
|Interest payable and similar charges|||||||(34)|(201)|
|Interest receivable
and||similar|income||||25,155|19,639|
|Retained
profit on ordinary activities||||||19|37,490|(26,518)|
|for the financial
year|||||||||
||||Note|2023|2022|
|---|---|---|---|---|---|
|||||2|2|
|Net cash provided
by (used in) operating|activities||24|192,594|~55,295|
|Cash flows from investing
activities:||||||
|Interest income||||25,802|20,251|
|Purchase oftangible fixed assets||||(82,282)|(132,611)|
|Prior Year adjustment
to fixed assets||||||
|Proceeds from the disposal offixed assets|||||1,017|
|Proceeds from investments||||(843)|1,770|
|Net cash provided
by (used in) investing|activities|||(57,323)|(109,573)|
|Cash flows from financing
activities:||||||
|Net cash provided
by (used in) financing|activities|||||
|Change
in cash and cash equivalents
in the|reporting|period||125,211|~197,592|
|Cash and cash equivalents
at the beginning|ofthe year|||1,501,260|1,699,063|
|Total cash and cash equivalents
at the end ofthe||year||1,636,471|1,501,260|
|Analysis ofCash and Cash Equivalents||||||
|Cash at bank||||312,428|160,778|
|Short Term Investments||||1,324,043|1,340,482|
|Total cash and cash equivalents||||1,636,471|1,501,260|
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|3
income from|Donations|an|d Legacies|||||
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|||||Unrestricted|Restricted|funds|funds|
|||||funds|funds|2023|2022|
|||||a|6|6|6|
|Donations|||||||38|
|||||246||245|38|
|4
income from|Charitable|Activities||||||
|||||||2023|2022|
|Sales, contracts, grants and fundraising||||Unrestricted|Restricted|Total|Total|
|||||Funds|Funds|Funds|Funds|
|||||2|2|2|6|
|Sales||||983,611||983,611|851,657|
|Fundraising||||400||400|0|
|Supported
Business and Placement|||Scheme|||||
|Access to Work TESG|Grant|||199,989||199,989|233,089|
|Merthyr
Tydfil CBCSLAs||||45,000||45,000|45,000|
|WG Economic Resilience Grant|||||||9,303|
|Coronavirus
Job Retention Scheme|||||16,902|16,902|31,938|
|WCVA Active Inclusion|contract|||237,488||237,488|236,700|
|RESTART contract||||213,357||213,357|177,017|
|JOBSENSE contract||||268,932||268,932|87,648|
|Specialist Employment|Support contract|||||||
|Employment
Support Programme||Contract||18,132||18,132|38730|
|||||982,897|16,902|999,799|859,425|
|Other grant||||||||
|Third Sector Resilience|Fund Capital Grant||||||5,000|
|Third Sector Resilience|Fund Revenue||Grant||||9,500|
|Social Business Growth|Fund Capital||Grant||||40,389|
|VAMT Staff Welfare Revenue
Grant|||||||1,500|
|DWP Access to Work Grant|||||||8,299|
|DWP Access to Work Income||||32,101||32,101|21,616|
|||||32,101||32,101|86,304|
|Total||||1,999,010|16,902|2,015,912|1,797,386|
##
|6|Inc|ome|from Investments|||||
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|||||Unrestricted|Restricted|funds|funds|
|||||funds|funds|2023|2022|
|||||2||2|2|
|Interest|and|rental|income|25,802||25,802|20,251|
|||||25,802||25,802|20,251|
##
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|Manufacturing,
contracts,|grants snd|fundrsising|fundrsising|||||
|---|---|---|---|---|---|---|---|
||Fundraising|Supported
Employment||Blueprint|Governance|2023|2022|
|||Business|&Training|Pro)act||Total|Total|
|||2|2|2|2|2|2|
|Costs directly allocated to activities||||||||
|Staff Costs||571,972|434,394|||1,006,366|932,696|
|Travel &Subsistence||698|1,879|||2,577|1,307|
|Vehicle running costs||37,677|7,564|||45,241|18,417|
|Materials||439,595||||439,595|389,606|
|Manufacturing
costs||140,745||||140,745|136,567|
|Fundraising
events|||||||0|
|Donations
and beneficiary costs||5,000|5,000|||10,000|0|
|Administrative
costs||1,962||||1,962|14,263|
|Legal &Professional||(0)|||7,475|Trt75|6,000|
|Depreciation||47,873|8,419|32,371||88,663|79,281|
|Promotion
&Advertising||846||||846|64|
|||1,246,368|457,256|32,371|7,475|1,743,470|1,578,401|
|Support costs allocated to activities||||||||
|(Overhead
apportionment)||||||||
|Staff Costs||126,680|126,680|||253,360|223,949|
|Premises||14,196|14,197|||28,393|10,551|
|Administrative
costs||13,525|13,525|||27,050|22,035|
|Legal &Professional||1,433|1,434|||2,867|3,056|
|||155,834|155,836|||311,670|259,592|
|Total||1,402,202|613,092|32,371|7,475|2,055,140|1,637,992|
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||2023|2022|
|---|---|---|
||Number|Number|
|Byactivity|||
|Production|37|41|
|Selling and distribution|2|2|
|Administration|16|16|
|Placement Scheme|4|3|
||59|62|
|Staff costs (for the above persons)|2||
|Wages and salaries|1,102,080|1,032,030|
|Social security costs|91,551|75,357|
|Other pension costs (see note 17)|66,096|49,458|
||1,259,727|1,156,845|
|10
Tangible|fixed asse|ts|||||
|---|---|---|---|---|---|---|
|||Freehold|Plant and|Motor|Fixtures|Total|
|||land and|machinery|vehicles|and fittings||
|||buildings|||||
|||F|||||
|Cost|||||||
|At 1st April 2022||1,693,209|661,546|69,387|138,458|2,562,600|
|Additions||4,245|61,850|10,995|5,192|82,282|
|Disposals|||103,711||5,290|109,001|
|At 31st Nlarch|2023|1,697,454|619,685|80,382|138,360|2,535,881|
|Depreciation|||||||
|At 1st April 2022||570,264|513,390|42,762|128,090|1,254,506|
|Charge for the|year|33,900|42,519|9,753|2,491|88,663|
|Disposals|||103,711||5,290|109,001|
|At 31st March|2023|604,164|452,198|52,515|125,291|1,234,168|
|Net book value|||||||
|At 31st March|2023|1,093,290|167,487|27,867|13,069|1,301,713|
|At 31st March|2022|1,122,945|148,156|26,825|10,368|1,308,094|
|11
Stocks|||||||
||||||2023|2022|
||||||8||
|Raw materials|and consumables||||117,473|120,814|
|Work in progress|||||2,274|2,274|
|Finished goods|||||5,739|5,739|
||||||125,486|128,827|
|12
Debtors|||||||
||||||2023|2022|
||||||8||
|Amounts
falling due within one year:|||||||
|Trade debtors|||||189,453|170,148|
|Other debtors|||||732|1,952|
|Prepayments|and accrued income||||68&509|138,499|
||||||258,694|310,599|
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
||||||||2|
|Charities
Official||Investment||Fund (historical cost 21,144)||21,435|22,278|
|Fixed|Rate Deposits|||||1,302,608|1,318,204|
|||||||1,324,043|1,340,482|
|14|Cash at Bank and in|||Hand||||
|||||||2023|2022|
|||||||F||
|Cash|at bank and in hand|||||312,428|160,778|
|||||||312,428|160,778|
|15|Creditors:|amounts||falling due within one year||||
|||||||2023|2022|
|||||||2||
|Trade|creditors|||||142,417|82,204|
|Other|taxation
and social security costs|||||39,415|54,583|
|Other|creditors|||||9,637|7,483|
|Accruals and deferred|||income|||160,845|120,436|
|||||||352,314|264,706|
|16|Financial|Instruments||||||
|||||||2023|2022|
|||||||F||
|Carrying
amount offinancial|||||assets|||
|Investments
measured|||at fair value|||1,324,043|1,340,482|
|Debt|instruments|measured||at amortised cost||467,163|332,878|
|||||||1,791,206|1,673,360|
|Carrying
amount offinancial|||||liabilities|||
|Measured
at amortised|||cost|||118,146|89,686|
##
##
##
||||||Transfers to||
|---|---|---|---|---|---|---|
|||At 1st April|Receipts|in|Profit and loss|At 31stMarch|
|||2022|year||in year|2023|
|||||2|F|2|
|Job Retention|Scheme||16,902||(16,902)||
|Other revenue|grants||||||
|Other capital|grants|59,828|||(16,244)|43,584|
|Blueprint project||862,512|||~26,719|836,793|
|||922,340|16,902||58,865|880,377|
##
|Previous year||||||
|---|---|---|---|---|---|
|||||Transfers to||
|||At 1stApril|Receipts in|Profit and loss|At 31st March|
|||2021|year|in year
2|2022
f|
|Job Retention|Scheme||31,937|(31,937)||
|Other revenue|grants||11,000|(11,000)||
|Other capital|grants|28,539|53,689|(22,400)|59,828|
|Blueprint project||888,251||(25,739)|862,512|
|||916,799|96,626|91,076|922,340|
|20
Analysis
of|net assets b|etween funds||||
|---|---|---|---|---|---|
|||Restricted|Unrestricted|Funds||
|||Fund||||
|||Capital|Capital &|Profit|Total|
|||Grant|Charitable|and loss||
|||reserve|reserve|account||
|Tangible fixed assets||880,377|58,0IO|363,326|1,301,713|
|Stocks|||67,187|58,299|125,486|
|Debtors|||376,473|(187,137)|189,336|
|Investments|||21,433|1,302,610|1,324,043|
|Cash at bank and|in hand||116,545|195,883|312,428|
|Creditors|||(169,847)|(113,109)|(282,956)|
|At 31st March 2023||880,377|469,801|1,619,872|2,970,050|
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|24
Reconciliation
activities|of net|m|ovement|in funds to net ca|sh flow from operating||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||2||
|Net movement
in funds|||||(14,024)|(18,547)|
|Add back depreciation|charge||||88,663|79,281|
|Deduct profit on disposal of fixed|||assets|||(1,017)|
|Deduct interest income|shown|in investing||activities|(25,802)|(20,251)|
|Deduct gains/ add back losses||on investments|||843|(1,770)|
|Decrease (increase)
in|stock||||3,341|(39,992)|
|Decrease (incrsase)
in|debtors||||51,905|(107,963)|
|Increase (decreass)
in|creditors||||87,608|22,028|
|Net cash provided
by|operating||activities||192,534|(88,230)|
##
|25
Comparative
Statemen|t of Fi|nancial
Activities|||
|---|---|---|---|---|
|||||Total|
|||Unrestricted|Restricted|funds|
|||funds|funds|2022|
|||||P|
|Income and endowments|from:||||
|Donations
and legacies||38||38|
|Charitable
activities||1,700,760|96,626|1,797,386|
|Investments||20,251||20,251|
|Total income and endowments||1,721,049|96,626|1,817,675|
|Expenditure
on:|||||
|Charitable
activities||1,795,055|42,937|1,837,992|
|Total expenditure||1,795,055|42,937|1,837,992|
|Net gains/(losses)
on investments||1,770||1,770|
|Net income/(expenditure)||(72,236)|53,689|(18,547)|
|Transfer between
funds||48,139|(48,139)||
|Net movement
in funds||(24,097)|5,550|(18,547)|
|Reconciliation
of Funds|||||
|Total funds brought
forward||2,085,831|916,790|3,002,621|
|Total funds carried forward||2,061,734|922,340|2&984&074|