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← Vision 21 (Cyfle Cymru)

2023-03-31-accounts

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COMPANY NUMBER: 3045325 REGISTERED CHARITY NUMBER: 1046097

VISION 21 (CYFLE CYMRU) (A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

VISION 21 (CYFLE CYMRU)

REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Page
LEGALAND ADMINISTRATIVE INFORMATION 3
REPORT OF THE TRUSTEES AND DIRECTORS 4-12
INDEPENDENT AUDITORS REPORT 13 = 18
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING THEINCOMEAND EXPENDITURE ACCOUNT) 16
BALANCE SHEET 17
CASH FLOW STATEMENT 18
NOTESTOTHEFINANCIALSTATEMENTS =31

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VISION 21 (CYFLE CYMRU)

REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

VISION 21 (CYFLE CYMRU)

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2022

Directors and Trustees

Alan Pursell (Chair) Michael Clark (Vice Chair) Clare Cooze (Treasurer) Michael Winter Barry Shiers MBE John Grimes Robert Meier ( Joined 26/10/2022)

Secretary

Wayne Lewis

Chief Executive Officer

Wayne Lewis

Registered Office

Unit 12 Fieldway Maes-y-Coed Road Heath Cardiff CF14 4HY

Company Number

3045325

Registered Charity Number

1046097

Auditors

HSJ Audit Limited Severn House Hazell Drive ome Newport NP10 8FY

Bankers

Lloyds Bank City Branch 45 Newport Road Cardiff CF24 OTW

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

A message from the Chair and Chief Executive

Welcome to Vision 21's annual report for the year ended 31% March 2023, the report concentrates on Vision 21's performance in 2022/23.

The past few years have been undeniably strange and exceptional. From April 2022 to March 2023, we faced various challenges, including the persistent Covid pandemic, conflicts in Europe, and an escalating cost-of-living crisis, which resulted in soaring fuel and food prices seemingly overnight.

During 2022, the Covid pandemic significantly affected our organisation. Dealing with new virus strains and the constant fear of potential project closures due to staff sickness was a daily concern. Fortunately, we navigated through this period while prioritising everyone's safety.

As we entered 2023, the impact of the pandemic gradually diminished, allowing our projects to regain some normality. Trainee numbers increased steadily, and customer confidence grew as they returned to Vision 21. However, the ongoing conflict in Ukraine and the global energy crisis posed challenges, leading to higher buying prices, particularly in catering. Nevertheless, we implemented plans and changes to mitigate some of these substantial increases, and it is the staff's understanding of the situation we find ourselves in and their willingness to adapt quickly that allows us to deal with these uncertain times with confidence.

We would like to express a special thank you to the families of Jessica Powell and the late Mrs. Gill. Despite their passing, their legacies live on. Jessica, a former Vision 21 trainee, left cherished memories among the staff and trainees who knew her. In lieu of flowers, Jessica's family generously asked for donations to Vision 21 and raised an amazing £6,000. To make sure that the money goes towards doing some good within our community, it will be used to buy defibrillators for Sbectrwm, Fieldway and the V21 Garden Nursery. Additionally, a bench will be placed in the Garden at Sbectrwm in her honour. Mrs. Gill, whose daughter is also a Vision 21 trainee, left a generous legacy gift to V21, reflecting her longtime support and appreciation of the work we do. We will use part of her gift to commemorate Mrs. Gill and ensure it continues to support Vision 21's impactful work.

Our collaboration with dedicated local authorities has been instrumental in enabling us to support those who need it most. The support we received in 2022/23 from the Wolfson Foundation, Screwfix Foundation, and the Third Sector Capital Fund (GVS) has played a crucial role in helping people with learning disabilities thrive. The grant from the Wolfson Foundation will significantly contribute to our organisation's future by implementing energy-efficient measures at Sbectrwm, such as solar panel installations, reducing electricity costs, and contributing to a greener environment.

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

To all those who have contributed, whether through donations or volunteering their time, we extend our heartfelt thanks. Your support has made a meaningful difference in the lives of our trainees and their families.

A special appreciation goes out to our dedicated Trustees, whose unwavering commitment has helped shape Vision 21 into the exceptional oracmsation it is today. Both the Chair and CEO take immense pride in being part of this wonderful journey.

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Alan Pursell, Wayne Lewis Chair CEO

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

The Trustees present their report and audited financial statements for the year ended 31 March 2023.

Structure, Governance and Management

Vision 21 (Cyfle Cymru) is a charitable company limited by guarantee, established under a Memorandum of Association, which defines the objectives and powers of the company; it is governed under its Articles of Association. Vision 21 (Cyfle Cymru) is a registered charity. Reference and administrative information ‘ The company and charity numbers, the registered office and details of the Trustees and Chief Executive can be found on page 3 of these financial statements. - ne

Objectives and Activities

Vision 21 (Cyfle Cymru)'s charitable objectives and principal activity is to advance the education of disabled persons and those with learning disabilities in particular, by providing environments in which they may be trained in vocational skills with a view to finding employment, so that they may play a full part in the community. In order to fulfil the objectives Vision 21 provides vocational training in 12 different projects that operate as social enterprises and 2 teaching projects; vocational areas covered include catering, horticulture, woodwork, crafts and pottery, retail and office skills, with teaching in ICT.

Recruitment and Appointment of Board of Trustees

The Directors of the company are also charity Trustees for the purpose of charity law.

All Board of Trustee positions are subject to receipt of satisfactory references, DBS checks and compliance with our declaration of eligibility. New Trustees are required to apply in writing and attend an interview; successful candidates attend as observers for three consecutive Board meetings before being co-opted to the Board.

Trustees Induction and Training

Trustees receive induction training covering background information and the work of the Board. Informal meetings and attendance at committees are encouraged followed by a formal process of application and selection. Additional training is offered from time to time, which contributes to the effectiveness and skills of our Trustees.

Risk Management

-—...The-Trustees-and-senior-staff-identify-and-review-the:major-risks-to-which-they-believe-the-charity-is— exposed. These relate particularly to finance, health and safety, staffing and safeguarding. These risks are mitigated by having clear and robust policies, strong internal controls and by maintaining adequate reserves to provide sufficient resources in the event of adverse conditions.

Organisational Structure

Vision 21 (Cyfle Cymru) is governed by a Board of Trustees that takes overall responsibility for its work and delegates day to day management and medium-term development to the Senior

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Management Team led by the Chief Executive. The Trustees meet regularly to manage the charity's affairs, meetings will take place quarterly, with item specific meetings in between as needed.

Our Staff

We would be unable to deliver outstanding and innovative vocational training without the hard work, dedication loyalty and support of our staff. We currently employ around 47 members of staff (2022 -46) who represent the equivalent of 36.5 (2022 - 35) full time employees. We aim to encourage and support them to realise their full potential.

Their dedication, passion and commitment to Vision 21 and its trainees is exceptional.

Volunteers ~

Over the years Vision 21 has been fortunate to be supported by an army of regular volunteers, plus those who volunteer as part of their education and training, and corporate volunteers who help on our projects or at special events.

Throughout the year we helped support 37 work placements: 26 adult nursing undergrads; 6 social work undergrads from Cardiff Met; 3 Art Psychotherapy post grads from USW and 2 Welsh Baccalaureate Level 3 students. During their time with us, they learned so much from our trainees and staff and went away with a much better understanding of people with learning disabilities and what they are capable of. This is massively important for ALL future social workers and anyone working within the health and social care sector, and Vision 21 will continue to support this the best we can.

We now have 22 regular volunteers working weekly within our projects. They have been a great help to trainees and staff alike and brought with them a fresh perspective and an eagerness to not only learn but pass along their skills as well.

We would like to thank construction and engineering company ISG Ltd who continue to support us both physically and strategically with the development of our V21 Sbectrwm Community Garden. Not only have they regularly left their offices to get hands-on with the team on all manner of garden maintenance tasks, but they have also manned stalls at our Christmas Fayre, supplied skips free-ofcharge to help us with waste removal, and used their expertise and specialist equipment to complete a full site-survey and capture aerial drone photography of the garden.

We have been incredibly fortunate as an organisation over the years, to attract such brilliant people, who want to give up their time and use their skills and knowledge to benefit our trainees and our -projects.The.Board,.staff.team.and-trainees.are.extremely,grateful-to.all our_volunteers.and.can-t— wait to continue to build on the work we've done together.

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Achievements and Performance

For the financial year of 2022/23 we set the following priorities:

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Increase|trainee|numbers|as|close|as|||At the|start of 2022/23 we|had|a|capacity|of 320| |possible|pre|covid.|placements|per week,|over|12|different|projects,| |with|247|people|attending|projects|weekly.| |During|the|12|months|of|22/23,|we|have|managed| |to|open|two|new|projects|and|increase|our|overall| |capacity|to|450|placements|per week,|with|368| |people|attending|projects|per week.|We|plan|to| |increase|this|attendance|level|by|filling|the| |vacancies we|have|in|our|existing|projects,|whilst| |looking|to|open|new|projects|as|and|when| |feasible.| |Invest|in|our projects|to|give them|the|best|||This|financial|year we|invested|in|a|new|van, which| |chance|of success.|has|benefitted|all|projects|and|has|made|Vision|21| |look|more|professional|and|has|helped|generate| |income|for various|projects.| |We|replaced|the|old|poly|tunnel|at|Sbectrwm|with| |a|newer,|bigger|version.|This|will|increase|the| |amount|of|learning|opportunities|within|the| |garden|project,|whilst|allowing|the|growing| |projects|to|increase|the|amount|of|planters|and| |hanging|baskets|for|sale.| |Through|a|grant|from|GVS,|we were|able|to|buy| |and|renew|many|items|across|several|projects,| |including|new|chairs|in|ICT,|new|rise|and|fall|desks| |in|the|craft|project,|a|new|printer,|various|power| |tools|and|a|new|propagator|in|the|garden|project.| |_| Reduce“greener energyour|carbon when andfootprint where weby canusing and|| solar We have panels receivedto|Sbectrwm, a|grant|thathelpingwill|usallowreduce us|tofitour| |more energy efficient items where possible. | carbon|footprint|and|reducing|our energy usage.|

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

We set the following longer term strategic objectives:

These objectives underpin our strategic priorities with the aim of continuous improvement in our service to those with learning disabilities. The staff and volunteers share our values, ethos and a sense of pride in being able to empower trainees and make a positive difference to their lives. These are articulated in Vision 21's values which are:

Happy We put trainee’s happiness at the heart of everything we do. Together We work together to be the difference.

Quality We provide quality in everything we do.

We aim to be a leader in Wales for vocational training for those with learning disabilities and a model of best practice in social enterprise.

Financial Review

The net movement in funds for the year amounted to an increase of £318,309 compared to an increase of £257,723 in 2022. Overall incoming resources increased by £102,512 (2022 - decrease of £241,018) from £1,806,819 to £1,909,331. Much of this difference was due to returning to normal business after Covid and student fee’s increasing £120,000.

The proportion of income from sustainable sources (comprising student fees, primary purpose trading and rental income) was 88.5% in 2023 compared to 83% in 2022 (£1,691,202 in 2023 compared to £1,510,765 in 2022), this increase in sustainable income is due to students in supported accommodation returning to projects while the Local Authorities continued to support us by paying for some sessions unattended, rental income and sales from trading activities also increased by £8,643 and £53,112 respectively.

The: charity:continued-to-receive-support-fCardiff: Council-towa r ds.itsom: training-projects..Income— from a franchise agreement with Cardiff and the Vale College provided £117,031 (2022 - £117,031) of funding to support the education of students.

Expenditure during the period primarily supported the training of students and the trading activities of the social enterprises.

We plan to develop and invest in our current projects in 2023/24, three areas we will look to develop and improve are:

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Sbectrwm

The Sbectrwm building is the jewel in the crown of Vision 21. During Covid we lost the community aspect of the building, and we want to get that back. We will look to bring more people into the building by increasing the number of classes being run from the hall, increasing the number of tenants paying to rent office space and increase our footfall by running different events throughout the year, attracting people into this wonderful space.

Fieldway

Here we will build on our plan for solar panels at Sbectrwm and install them onto unit 12 as well. The fixed term contract for electricity comes to an end in August 2023, so this will help Vision 21 not only become greener but help with the rise in electricity costs as well.

EPOS

As we increase sales in more and more of our projects, it makes sense to link them all electronically. Therefore, we will look to standardise the sales system in all our selling projects, allowing more training opportunities for our trainees in customer service, giving us better data on the items sold and making it easier and more efficient for the finance team to access sales data quickly.

The charity strives to maintain unrestricted funds, which are free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure of £900,000 (2022 - £870,000). The charity maintains reserves to:

Free reserves are the unrestricted funds of the charity less any funds that could only be realised by disposing of fixed assets held for charity use. As of the 31 March 2023, free reserves of the charity were £1,810,000 (2022 - £1,440,000) this is above the level set out in our policy by £910,000 (2021 - above by £570,000) which gives us currently around 12 months running costs which is a great position to be in with large increases in general running costs expected especially in food, and utility costs due to increase significantly when the new contract for electricity starts midway through 23/24.

Investment Policy

"Vision 21’s investment policy is to place funds not requiredfor immediate useon short or[medium] —_ term deposit with UK institutions that provide security and flexibility at low risk.

Remuneration Policy

Our approach to remuneration is designed to ensure that we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation, including the Key Management personnel. We aim to pay within benchmarked ranges for the sector and within the context of affordability.

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Future Strategy

The strategy for the next twelve months will be to involve the staff and trainees as much as we can in the setting the direction of the organisation. We have great people within Vision 21, who have a great deal of experience and knowledge that can only benefit the organisation and the people we work with.

As always, we will work with the local authorities and respond to any needs identified by them and their citizens. We will continue to work with our trainees to make sure what we offer in terms of service is relevant, needed and of a quality that our trainees deserve. We will continue to be responsive and adaptable and support our people when they need.

The priorities we will set will be:

Public Benefit Statement

The charity's objective and principal activity is the education and training of adults with learning disabilities, by providing training in vocational skills in real work settings, that develop ability, confidence and social skills. In 2022/23 over 360 adults with learning disabilities have benefitted from our training in ten social enterprises and two teaching projects on a weekly basis. As well as learning vocational skills, trainees gain in confidence, improve their skills in reading, writing, ICT and learn social skills such as teamwork and customer care.

As a community and locally based charity there is a wider benefit in that the community embrace and support the work of Vision 21 (Cyfle Cymru). In return, the local communities benefit from our. training and our social ethos. In 2022/23 we provided work experience and training for students studying Social Work, Psychotherapy, Nursing, Teacher training, Health and Social Care and students from Cardiff University’s School of Social Science and school students on work experience. Due to the pandemic, this was put on hold. However, with projects reopening and trainees returning, we will once again looktohelp support and mentor the social care staff of the future. We are also ‘involvedwith the local business community,with organisations such asCompaniesHouseand United Welsh Housing, providing much welcomed volunteers to Vision 21 as part of their own staff development. The Sbectrwm Community Centre, as a community resource, attracted over 30,000 visitors in the year ended 31 March 2023. da ee ® £ € Aand keythe aimpublic. of the charityWe do isthis to promoteby making awarenesssure that andourcontacttrainees betweenare visible thoseand withactivelearningas partdisabilitiesof the .| community. Our trainees serve the publicin our admin project, garden nursery and catering projects and work on public facing projects such as Cardiff parks and gardens; trainees also staff our stalls in

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Christmas markets and help with the delivery of products and services. The more involvement our trainees have with a wide range of people and organisations the better the understanding and acceptance of those with learning disabilities. This is something we look to build on once the impact of the pandemic has diminished and it is safer to do so.

The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Responsibilities of the Board of Trustees

Company law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Board of Trustees should follow best practice and:

The Board of Trustees is responsible for maintaining 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. The Board of Trustees is 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.

Members of the Board of Trustees

In accordance with company law, as the company’s Directors, we certify that so far as we are aware, there is no relevant audit information of which the company’s auditors are unaware. We confirm that we have taken all the necessary steps in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and in accordance with the requirements of the Companies Act 2006.

Approved by the Board of Directors and Trustees on 25/10/2023 and signed on its behalf by:

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Alan Pursell - Chair Clare Cooze - Treasurer
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Date: Date:
o8/ It /2& 06/11ar (272
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VISION 21 (CYFLE CYMRU) TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

Independent Auditor’s Report to the Members of Vision 21 (Cyfle Cymru)

Opinion

We have audited the financial statements of Vision 21 (Cyfle Cymru) (the ‘charitable company’) for the year ended 31 March 2023 which comprise Statement of financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

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 Auditor’s 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 other information comprises the information included in the trustees annual report”, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report”. 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. 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 course of the audit or otherwise appears to

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VISION 21 (CYFLE CYMRU)

TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

—-—

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:

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 strategic report and the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement [set out on page 12], 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.

Auditor’s 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 dueto fraud or error, and to issue an auditor’s report 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

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VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2023

or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances ofnon-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www. frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditor’s 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.

Mr Andrew Hill FCCA ACA DChA BFP (Senior Severn House, Hazell Drive, Newport, Statutory Auditor) NP10 8FY For and on behalf of HSJ Audit Limited, Statutory Auditor ‘

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Signature:
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Date: |5/7 / 102.3
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VISION 21 — CYFLE CYMRU

INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
£ £ £ £
Notes
INCOME AND ENDOWMENT FROM
Donations and legacies:
Grants receivable 3 500 29,519 30,019 150,961
Donations 4 63,963 - 63,963 21,588
Investment income:
Bank interest 5 5,369 = 5,369 152
Charitable activities:
Grants receivable 3 117,031 - 117,031 117,031
Studenttraining fees 1,200,114 - 1,200,114 = 1,081,432
Primary purpose trading activities 409,923 “ 409,923 356,811
Rent and service charges 81,165 - 81,165 72,522
Other income 1,747 - 1,747 6,322
Total 1,879,812 29,519 1,909,331 1,806,819
EXPENDITURE ON
Raising funds
Costs ofgenerating voluntaryincome 7 9,047 . 9,047 bet]
Charitable activities 7 1,518,596 63,379 1,581,975 = 1,541,585
Total 1,527,643 63,379 1,591,022 1,549,096
Net income /(expenditure) 352,169 (33,860) 318,309 257,723
Transfers . . . -
Total funds brought forward 2,026,759 38,034 2,064,793 1,807,070
Totalfundscarriedforward 12. 2,378,928 4,174 2,383,102 2,064,793

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VISION 21 - CYFLE CYMRU

BALANCE SHEET

AS AT 31 MARCH 2023

Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 9 566,839 586,221
CURRENT ASSETS
Stock 16 25,764 19,777
Debtors 10 212,266 208,270
Cash at bank and in hand 1,713,259 =1,349,120
1,951,289 1,577,167
LIABILITIES
Creditors: Amounts falling duewithinoneyear rl 135,026 98,595
NETCURRENTASSETS 1,816,263 1,478,572
TOTAL ASSETS LESS CURRENT LIABILITIES 2,383,102 2,064,793
Creditors:Amounts falling due after morethan one year . .
NETASSETS 2,383,102 2,064,793
THE FUNDS OF THE CHARITY
Restricted incomefunds 12 4,174 38,034
Unrestricted incomefunds 12 2,310,982 1,912,056
Designated funds 12 67.964 114,703
TOTALFUNDS 2,383,102 2,064,793

Approved for issue by the Board of Directors and Trustees on 25/10/2023 and signed on its behalf.

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Harrod
Alan Pursell - Chair
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Lh Clare Cooze - Treasurer

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VISION 21 - CYFLE CYMRU

AS AT 31 MARCH 2023

AS AT 31 MARCH 2023
Notes 2023 2022
£ E
Cash Flows from Operating Activities 13 410,360 359,734
Cash Flows from Investing Activities 13 (46,222) (23,491)
Cash Flows from Financing Activities 13 - a
Increase / (Decrease) in Cash 364,138 336,243
Reconciliation
Increase /(decrease) in Cash 364,138 336,243
Cash flowfrom debt and lease financing - -
NET FUNDS at 1st April 1,349,121 1,012,878
NETFUNDSat31stMarch 1,713,259 1,349,121

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Page 18

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

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 2015)’, 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.

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

Income

i) Voluntary income

Voluntary income is received by way of grants and donations and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

ii) Investment income

Investment income is included when receivable.

iii) Charitable activities

Incoming resources from charitable trading activity are accounted for when earned. Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered.

Costs of generating voluntary income comprise the costs associated with attracting grant income.

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. The resources expended on each charitable activity are disclosed in the notes to the financial statements.

Page 19

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

Support costs

Support costs are those costs that, whilst necessary to deliver an activity, do not in themselves produce or constitute the output of the charitable activity. Support costs include central office functions such as general management, budgeting and accounting, information technology, human resources and financing.

Where possible support costs have been allocated directly to the activity cost category to which they relate. Staff support costs that cannot be directly attributed have been apportioned based on actual time spent. Staff support costs allocated to charitable activities have been further apportioned between charitable activities based on direct staff costs.

Other costs that cannot be directly attributed to an activity cost category have been allocated in proportion to staff direct costs and staff support costs.

Allocation of support costs includes an element of judgement and consideration has been given to the materiality of the amounts involved and the cost-benefit of the approach taken.

Stock

Stock is valued at the lower of cost and net realisable value.

Depreciation

Depreciation is provided in order to write off the cost of fixed assets over their estimated useful lives as follows:

Freehold building 50 years
Leasehold building 28 years (life of lease)
Motor vehicles 4 years
Equipment, fixtures,
Furniture and fittings 5 years or as agreed bythe board
Computers 3years

Tangible Fixed Assets

Fixed assets are stated in the balance sheet at cost less depreciation.

All assets with an initial cost over £2,000 are capitalised.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 20

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the lease term.

Donated Facilities & Services

Donated facilities and services are included in the accounts at an amount that is considered to be the value to the Charity. This is deemed to be the amount that the Charity would pay in the open market for an alternative provision equivalent to the donation.

Pensions

The company operates a defined contribution private pension scheme, with employer contributions made to individual employee policies at the rate of 6% of gross pay. The annual contributions payable are charged to the Statement of Financial Activities.

Page 21

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

2. NET INCOME / (EXPENDITURE)

The net income / (expenditure) for the year are stated after charging:

2023 2022
£ £
Depreciation oftangible fixed assets - owned 70,972 72,767
Depreciation oftangible fixed assets - held under finance lease - -
Operating leases - land and buildings 36,287 30,136
Auditors’ remuneration 3,450 3,450
Auditors’ remuneration in respect ofother services - -
3. GRANTS RECEIVABLE
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
£ _€ £ £
BBC Children in Need 500 14,519 15,019 28,684
Screwfix - 5,000 5,000 =
National LotteryCommunity Fund 7 = 2 8,465
VoG GVS Grant - 10,000 10,000 -
Furlough Scheme - - - 84,795
Wolfson Foundation - - - -
CaerphillyCBC < - = 8,820
CAVC - - - 20,196
500 29,519 30,019 150,961
Cardiff City Council - - - .
Cardiffand Vale College 117,031 = 117,031 117,031
117,031 ° 117,031 117,031
117,531 29,519 147,050 267,692

Page 22

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

4. DONATIONS AND FUNDRAISING

Unrestricted Restricted
Funds Funds 2023 2022
iE £ £
Barbara Gill - Legacy 30,000 - 30,000 =
Restorative Wales 2,000 - 2,000 2,000
J Powell - Legacy 6,044 - 6,044 -
CardiffCounty Council - AssetTransfer 15,000 - 15,000 15,000
Wates 6,000 6,000 -
Miscellaneous 4,919 4,919 4,588
63,963 - 63,963 21,588
Onlyindividualdonationsover£500areshownseparately.

5. INVESTMENT INCOME

Unrestricted Restricted
Funds Funds 2023 2022
£ £ £ E
Bank Interest 5,369 - 5,369 152
5,369 - 5,369 152

6. ALLOCATION OF SUPPORT COSTS

The charity allocates its support costs as shown in the table below in accordance with the bases of allocation set out in the accounting policies.

-’—oor —————er———wre——r[vrvr“mtal——SSS*ST tad

Support Support
Costs Costs
Staff costs Other costs 2023 2022
eis £=— £ £
Generating VoluntaryIncome 8,210 837 9,047 7,511
Charitable Activities 173,408 91,830 265,238 352,677
Governance Costs 11,899 5,780 17,679 13,986
193,517 98,477 291,964 374,164

Page 23

VISION 21 (CYFLE CYMRU)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7. ANALYSIS OF TOTAL EXPENDITURE

Direct Costs Direct Costs Support Costs Support Costs Total Total
Staff Other Staff Other 2023 2022
i £ £ £ £ £
Raising Funds - - 8,210 837 9,047 7,511
Charitable activities
Student Training 767,939 416,274 166,395 87,816 1,438,424 1,391,240
Community Centre 32,369 82,476 7,013 4,014 125,872 136,359
800,308 498,750 173,408 91,830 1,564,296 1,527,599
Governance costs - - 11,899 5,780 17,679 13,986
800,308 498,750 193,517 98,477 1,591,022 1,549,096

8. STAFF COSTS

8. STAFF COSTS 8. STAFF COSTS 8. STAFF COSTS
a,
ae TTY
es
Salaries and Remunerations 870,222 859,192
Social Security 63,942 61,557
Pension Contributions 49,378 49,346
983,542 970,095

The average number of staff employed during the year was:

2023 2022
Direct Charitable work 38 38
Administration 8 9
46 47

The trustees received no remuneration for their services in the year (2022 — NIL); expenditure incurred in relation to the trustees was also NIL (2022 - NIL)

During the year, Vision 21 (Cyfle Cymu) paid key management gross salaries totalling £180,478 (2022 - £159,542) including a 6% employers pension contribution. Key management is 6 individuals (2022 — 6) who directly impact upon the strategic direction of the Charity. There were no employees of Vision 21 paid over £60,000 (2022 — NIL)

Page 24

VISION 21 (CYFLE CYMRU)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. FIXED ASSETS

Freehold Leasehold Motor Equipment, Computer
Building Building Vehicles Fixtures& Equipment
Fittings Total
£ £ £ £ £ £
COST
As at 1 April 2022 215,616 1,120,944 28,078 277,138 95,896 1,737,722
Additions - 31,273 18,447 12,896 - 62,616
Disposals (15,514) - - - - (15,514)
As at 31 March 2023 200,102 1,152,267 46,525 290,034 95,896 1,784,824
DEPRECIATION
As at 1 April 2022 122,024 640,639 25,982 268,267 94,589 1,151,501
Charge foryear 4,696 56,542 4,400 4,288 1,046 70,972
Disposals (4,488) - - - : (4,488)
As at 31 March 2023 122,232 697,181 30,382 272,555 95,635 1,217,985
NET BOOKVALUE
As at 31 March 2023 77,870 455,086 16,143 17,479 261 566,839
Asat31March2022 93,592 480,355 2,096 8,871 1,307 586,221

10. DEBTORS

2023 2022
£ £
Trade debtors 122,805 140,400
Other debtors 48,763 48,763
Prepayments and accrued income 40,698 19,107
212,266 208,270
Includedintradedebtorsisabaddebtprovisionof£30,000(2022-£32,425).

Page 25

VISION 21 (CYFLE CYMRU)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. CREDITORS

a

2023 2022
£ £
Amounts falling due within one year:
Trade creditors 80,641 40,798
Taxation and Social Security 24,385 35,502
Deferred income - -
Accruals 24,393 15,870
Other creditors 5,643 6,425
135,062 98,595

Page 26

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS

Balance at Transfers Balance at
1st April Resources Resources To/ 31st March
2022 ~=Incoming Outgoing (From) 2023
£ £ £, £ £
UNRESTRICTED FUNDS
General reserve 1,912,056 1,879,812 (1,480,886) - 2,310,982
Designated Funds 114,703 - (46,757) - 67,946
Total unrestricted funds 2,026,759 1,879,812 (1,527,643) - 2,378,928
RESTRICTED FUNDS
BBC Children in Need 9,874 14,519 (24,393) - -
C3SC 3,524 - (3,524) - “
Millenium Stadium Charitable Trust 1,993 - (1,993) - -
CAVC 20,196 - (20,196) - -
Waterloo Foundation 2,447 - (2,447) - -
Screwfix 5,000 (2,700) - 2,300
VoG GVS 10,000 (8,126) - 1,874
Total restricted funds 38,034 29,519 (63,379) - 4,174
TOTAL 2,064,793 1,909,331 (1,591,022) - 2,383,102

Page 27

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS (CONT.)

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Name|of|Fund|Description,|nature and|purposes|of the fund| |Designated|Funds|The|board|of trustees|has designated|£114,703|from|general|reserves as|part| |of|a|3|year|plan|to|become|a|living|wage|employer|and|to|make|planned| |annual|increases|to|all|other members|of|staff to|stay competitive|with|others| |in|the|social|care|sector|to|aid|in|staff|retention.|£46,757|used|in|year|1.| |BBC|Children|in|Need|A|three|year|grant|provided|by|the|BBC|Children|in|Need|to|fund|school| |holiday|projects|run|by|Creative|Choices,|new|funding|secured|for|July|19|-| |June|22.|Application|for|another|3|years|of|funding|was|unfortunately| |unsuccessful.| |Millennium|Stadium|Funding|to|develop|textiles|within|our|crafts|project.| |Charitable|Trust| |Screwfix|Funding|for|Patio|and|paths|in|the|community|garden.| |C3SC|Funding|provided|to|encourage|people|with|learning|disabilities|to|exercise| |include|increasing|their|sense|of|control|and|promoting|positive|attitudes.| |Used|for|new|polytunnel|in|the|community|garden.| |CAVC|Funding|provided|to|repair|the|Oaks|roof.| |Waterloo|Foundation|Funding|provided|to|develop|and|implement|online|learning|and|social| |sessions|during|Covid|19.| |VoG GVS|Funding|for|general|cap|exp|and|equipment.|

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Page 28

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

13. ANALYSIS OF CASH FLOWS

nS nS nS
2023 2022
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net Movement in Funds 318,309 257,723
Depreciation charges 70,972 72,767
Profit on sale of assets - -
Finance costs - -
Finance income (5,369) (152)
Decrease / (increase) in stocks (5,987) 8,237
Decrease/ (increase) in debtors (3,996) 37,803
(Decrease) / increase in creditors 36,431 (16,644)
(Decrease) / increase in provisions - -
_
)
Net Cash Flow 410,360 359,734
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (62,616) (23,643)
Disposal of Fixed Assets 11,025 -
Interest received 5,369 152
NetCashFlow (46,222) (23,491)

There were no cash flows from financing activity

14. ANALYSIS OF NET ASSETS

sss nc nnn
Tangible Other Net
Fixed Assets Assets Total
£ £ £
Restricted funds - 4,174 4,174
Unrestricted funds 566,839 1,744,125 2,310,964
Designated funds” 67,964
—__67,964
566,839 1,816,263 2,383,102

Page 29

VISION 21 (CYFLE CYMRU)

FOR THE YEAR ENDED 31 MARCH 2023

15. FINANCIAL COMMITMENTS

The charity's commitments for operating lease payments all relate to land and buildings. The total future minimum lease commitments, analysed according to the lease expiry dates, are as follows:

2023 2022
£ E
- within oneyear 20,145 21,633
- between one and fiveyears 86,804 74,303
- afterfiveyears 69,010 74,708
175,959 170,644

During the year, £36,287 (2022 - £30,136) was recognised as an expense in the profit and loss account in respect of operating leases.

Cardiff Council have transferred use of The Lodge at The Oaks Garden Nursery on an asset transfer on a 50 year lease (43 years remaining). The Lodge is currently partly used as a base for the existing project and as office space for the project managers. Donated facilities and services are included in the accounts at an amount that is considered to be the value to the Charity. We have therefore included £15,000 as Income in Kind, along with a corresponding entry in Rent, which is based on what the office spaces would have cost the Charity on the open market.

16. STOCK

The company had a stock level of £25,764 as at the 31*t March 2023 (2022 - £19,777). This comprised of finished goods and materials within the projects that were unsold as at the year end.

17. PENSIONS COST

The company operates a defined contribution private pension scheme, with employer contributions made to individual employee policies at the rate of 6% of gross pay. The charge to the Statement of Financial Activities for the year is £49,378 (2022 - £49,346); £6,306 of outstanding pension contributions (2022 - £6,036) are included in other creditors.

18. TAXATION

The company has obtained charitable status under Section 505(1a) and (1c) Income and Corporation Taxes Act 1988 and has only undertaken primary purpose activities during the year and is, therefore exempt from Corporation Tax.

Page 30

VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. COMPARATIVE FOR THE STATEMENT OF FINANCIAL ACTIVITIES

~

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2022 2021
£ £ £ £
Notes
INCOME AND ENDOWMENT FROM
Donations and legacies:
Grants receivable 3 8,820 142,141 150,961 475,213
Donations 4 21,588 - 21,588 19,455
Investment income:
Bank interest 5 152 s 152 3,463
Charitable activities:
Grants receivable Ei 117,031 - 117,031 117,031
Student training fees 1,081,432 - 1,081,432 1,059,742
Primary purpose trading activities 356,811 - 356,811 313,222
Rent and service charges 72,522 - 72,522 57,710
Other income 6,322 - 6,322 2,001
Total 1,664,678 142,141 1,806,819 2,047,837
EXPENDITURE ON
Raising funds
Costs of generating voluntary income 7 7,511 - 7,511 4,537
Charitable activities 7 1,273,243 268,342 1,541,585 1,633,505
Total 1,280,754 268,342 1,549,096 1,638,042
Netincome / (expenditure) 383,924 (126,201) 257,723 409,795
Transfers . . . -
Netmovement infunds 383,924. (126,201) 257,723 409,795
Total funds broughtforward 1,642,835 164,235 1,807,070 1,397,275
Totalfundscarriedforward 12 2,026,759 38,034 2,064,793 1,807,070

Page 31