VISION 21 (CYFLE CYMRU} REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 COMPANY NUMBER: 3045325 REGISTERED CHARrrY NUMBEIL. 1046097 VISION 211 CHANGING LIVES VISION 21 (CYFLE CYMRU) (A COMPANY UMtTED BY GUARANTEE) ANNUAL REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I | P(IgYC
v0 21 {CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 Page LEGAL AND ADMIN]STRAllVE INFORMATION REPORT OF THE TRUSTEES AND DIRECTORS 4-13 INDEPENDENT AUDITORS REPORT 14-17 STATEMENT OF FINANCIAL ACllVmES UNCLUDING THE INCOME AND EXPENDrruRE ACCOUNT) 18 BAL4NCE SHEET 19 CASH FLOW STATEMENT 20 NOTES TO THE FINANCIAL STATEMENTS 2 | P(Igye
VISION 21 ICYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors and Truslees Alan Pursell (Chair) - Deceased 14/04/24 Michael Clark Clare C¢)oze [Treasur) Michael Winter (Chair) - Apwnted25/05/24 Barry Shiers MBE John Grimes Robert Meier Nice Chair) Dr Ethvard Oloidi - Joined 08/71/23 Secretary Wayne Lewis Chief Executive Officer Wayne Lewi5 Reglstered Office Unit 12 Fieldway Maes-y-coed Road Heath Cardiff CF14 4HY Company Number Registered Charity Number 3045325 1046097 Audltor5 HSJ Audit Limited Severn House Hazell Drsve Newport NP10 8FY Bankers Lloyds Bank City Branch 45 Newport Road Cardiff CF24 OTW
VISION 21 {CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 A m•ssag• from th• Trust••s and Chièf Ex•cuti Welcome to Vision 21,5 annual report for the year ended 31 March 2024. The report concentrates on Vision 21,5 performance in 2023124. In Memory We can't stsrt this report without acknowledging the fact that V21 lost an important member of our family in April 2024. On the 14 ofApril Alan Pursell. our Chair, passed away. Alan had been involved with V21 for many years and was part of our fabric and history. He had a deep love of the work V21 does and was so proud of all our trainees and staff and what they have achieved together throughout the year& Alan is greauy missed by all of us at V21. We know that going forward, we will continue to make him proud of what we do. and we will honor all his hard work. dedication and love of the organisation by continuing to make it the best place for those with learning disabilities to learn, thrive and more importantly. be themselves. Thank you Alan. Due to Alan's passin9, V21 had to look for a new Chair to take i)ver the reins of this imF)Ortant role and found that person within our existing Trustees. Michael Winter became V21 Chair in May 2024 and we wish him all the best and fulty support him in his new role. A Message from the CEO This year felt like the start of something new at V21. with a fresh energy revitalising the entire organisation. After a challenging few years, everyone was excited to be back in action and moving forward without fear of lockdown or covid. A rerth¥ed sense of unty was evident as both staff and trainees worked towards a shared goal.. to be happy. supported, and together. In the last few months. I've come to realise that sometimes we et that the day-to-day work carried out within our projects and across the organisation. by both stsff and trainees, is far from "ordinary.. Yet, at V21, it is. It's "ordinary" for us to see people with disabilities achieving thin95 others assume they can't We see them breaking down barriers and defying stereotypes daily simply by being themselves. Of everything we do as an organisation, this is what we should be most proud: supporting our people to be themselves. We are immensely proud of what we've accomplished during this period and together. the future is bright Our collaboration with dedicated local authorities has been crucial in enabling us to support those who need it most. To everyone who has contributed, whether through donations or by volunteering their time. we extend our deepest gratitude. Your support has made a meaningful difference in the lives of our trainees and their familie
VISK)N 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 A special thanks goes to our dedicated Trustees, whose unwavering commitment has shaped Vision 21 into the outstanding organisation it is today. l am very proud to work for Vision 21, and know that along with our new Chair, we will continue to grow and thrive together. M5chael Winter V21 Chalrrfrustee Wayne Lewi5 CEO 51PabiL
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 The Trustees present their report and audited financial statements for the year ended 31 March 2024. Structure. Governance and Management Vision 21 (Cyfle Cymru) 15 a charitable company limited by guarantee. established under a Memorandum of Association. which defines the objertives and powers of the company.. it 15 governed under its Articles of Association. W15ion 21 (Cyfie Cymru) is a registered charity. Reference and •dmln15trJtive informath)n The company and charity numbers, the registered office and detsils of the Trustees and Chief Executive can be found on page 3 of these financial statements. Objectlves and ActivDti Vision 21 (Cyfie Cymru)'s charitsble objectives and principal activity is to advance the education of disabled persons and those with learning disabilities. by prowding environments in which they may be trained in vocational skills Wlth a wew to firKling employment so that they may play a full part in the community- To fulfil the objectives Vision 21 provides vocational training in 10 different projects that operate as social enterprises. 2 commercial catering contracts and 4 teaching projects; vocational areas covered include caterirKJ, horticulture, woodworl crafts and pottery. retail and office skills with teaching in ICT. Recrnltment and Appolnlm•nt of Boanl of Tn•st••s The Directors of the company are also charity Twstees for the purpose of charty law. All Board of Trustee positions are subject to receipt of satisfactory references, DBS check5 and compliance with ¢)ur declaration of eligibilty. New Trustees are required to apply in writing and attend an interview; successful candidates attend as obSerVS for two consecutive Board meetings, before their trustee membership is taken forward for consideration. Truste•5 Inductlon and Training Trustee5 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, stsffing arKI safeguarding. These risks are mitigated by hawng dear arKI robust policies. strong internal controls and by maintsining adequate reserves to provide sufficient resources in the event of adverse conditions. Ory•niMtional Strncture Vision 21 Icyfle Cymru) is govemed by a Board of Trustee5 that tskes overall responsibility for its work and delegates day to day management and medium-term development to the Senior 61PagTe
VISION 21 {CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 Management Team led by the Chief Executive. The Trustees meet regularly to manage the charity's affairs. meelings will take place quarterty. with item specific meetings in between as needed. Staff We would be unable to deliver outstsnding and innovative v¢xational training without the hard dedication loyalty and support of our stsff. We currently employ around 48 members of staff {2023 471 who represent the equivalent of 37.2 {2023 - 36.5) fvll time employees. We aim to encourage and support them to realise their full potential. Their dedication, passion and commitrnent to ViSn 21 and its trainees is exceptional. Volunteers Over the years Wision 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 29 work plaMen. 22 adult nursing undergrads: 6 social work undergrads from Cardiff Met 1 Art Psythotherapy post grad from USW. During their time with us, they leamed so much from our trainees arml staff and went away with a much better understanding of people with learning disabilities and vthat 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 32 regular volunteers working weekly within our piojects. They have been a great help to trainees and stsff alike and brought with them a fresh perspective and an eagerness to not only learn but pass alon9 their skills as well. We would like to thank construction and engineering company ISG Ltd who continue to support US both physicalty and strategically with the development of our V21 Sbectrwm Community Garden. Not only have they regularfy left their offices to get hands-on with the team on all manner of garden mainlenance tasks, but they have also manned stslls at our Christmas Fayre. supplied skips free-of- charge to help us with waste removal. 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. 71Pa&>L
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 Achlevemeiits and Perfomiance Priorlty Setup the trainee forum proper. with it reporting back to the board with any ideas and concerns. Outcomè Th• trainee forum Is stlll In Its Infancy ljut is up and running and worklng towards feedlng Intr• the oryan5sation at a board level. It currently has three members, all of whom acc$ multiple projects within the organisatK>n. So far. we have met twlce. at the first meetlng thry set the -rules- about when and where the forum will meet, what behavlours are expect at the meetings. ¥that wlll be expected of people when attendlng the meetlngs. Th• second meeting TMa5 a di5CUssSon about who else we wanted to recruit into the 9roup. To begin with. the forum wlll discuss -smaller" areas of the organisation. this will help bulld confidence to move on to areas that wlll go to the SMT/Board for discussion. Work Vth the trustees and staff to set new strategic aims and objectives for the organisation. New strategic aim and objectives were creat•d, with input from trustees and staff. These will help shape th• way forward for the organisation and make sure we ¢>ntinue to grow, dev•lop and support eVeryOr at V21 the best we can. Continue to reduce our carbon footprint by using greener energy when and where we can and more energy efficient items where possible. Solar panels were fitted on both Sbectrwm and Fieldway. ThEs has helped us reducè our carbon emissions by 16 tons so far and reduce electricity costs considerabty. 8 | P agic
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 {CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 Slrateglc Alms For the financial year of 2023/24 we set the following priorities: We set the following longer term Strategic aims: To ensure the financial stabilty of Vision 21 by maximisin9 our income from all sources and seeking maximum diversity in income sources. To ensure that Vision 21 complies with all the applicable parts of the Social Services and Wellbeing Act To adopt best practice in the way that the tharty is govemed and managed. Any organisations strategic aims are only as good as the buy in from its staff. This year we will look to incorporate the objectives set out in the new strategic aims into staff supervisions and project plans. These will then help shape the direction of the organisation and help support us achieve our overarching aims set by the Trustees. Previously. strategic aims would be communicated through the organisation on a top down basis however they are now communicated directly with all stsff through the supervision pro5 lo ensure they are aware of the organisations aims and objectives and how they can influence the outcome& The Senior Management Team will review the process to ensure it is achieving the desired outcome& These objectives underpin our strategic priorities wtth the aim of continuous improvement in our seNice to those with leaming disabilities. The stsff 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. Change We embrace change to be the be5L Quallty We provide quality in everything we do. We aim to be a leader in Wales for Nttational training for those with leaming disabilities and a rn¢e1 of best prartice in social enterprise. Financial Review The net movement in funds for the year arnlnted to an increa* of £262,139 compared to an increase of £318,309 in 2023. Overall incoming resources increased by £78.(h (2023 - increase of £102,512) from £1,909,331 to £1.987,340. Much of this increase were due to investing income of £46,129 up £40,760 vs 2023, trading activities and rÈntal income up £47.488 & £12,942 respectivety vs 2023. The proportion of income from sustsinable sources (comprising student fees, primary purpose trading and rentsl income) was 86.8% in 2023 compared to 88.5% in 2023 1£1.725.252 in 2024
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 compared to £1.691.202 in 2023), this increase in sustainable income is down to rentsl and trading actiwties, student income was slighty down vs 2023 (£1,173,734 in 2024 vs £1.200.114). The charity continued to receive support from Cardiff Council towards its training projects. Income from a franchise agreement with Cardiff and the Vale College pro¥ided £117.031 {2023 - £117,031) of funding to 5UPPOrt the education of studen Expenditure during the period primarily supported the training of students and the trading activities of the social enterprises. We will continue to develop and invest in our current projects in 2024125, there will also be a focus on our l.T. infrastructure and equipment as we look to mdernise the way Vision 21 uses technology to improve access, mobility and enhance collaboration and communication. This should improve productivity and efficiency when using our l.T. systems. Other areas of f(uS are as follows: Markéting There will be a new focus for the marketlng tearn, with our project worf( being front and centre of the marketing we send OUL The Technology project will support with this by going out and about to create videos of our wort tske pictures and make the projects come alive for those outside V21. Inv•stlng In proJ•cts We will continue to invest in our projects and areas of the organisation that need it. This isn't just an investment in buildings and items, but an investment in our trainees and staff as well. We will continue to encourage projects to propose and develop new ideas and give them the tools to carry out these ideas. There will also be a focus on improving computer equipment and systems across V21 to ensure that we remain on top of new technology and increase cyber security. 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 which remains around £9(KI,OC(I {2023 - £900,000). The charity maintsins reserves to.. Retain sufficient cash to enable the tharity to pay all its liabilities. Provide a financial cushion against risk and future uncertainties. To maintsin the organisations assets in a good state of repair. To allow the charty to respond to any opportunities that arise. Free reseNes 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 2024. free reserves of the charity 101 I'abie
VISION 21 ICYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 were £1,639,607 (2023 - £1,810.000) this is above the level set out in our policy by £739,607 {2023 - above by £910.0(Kl) which gives us currenty around 11 months running costs which is a great position to be in as we aim to continue developing our current charitable offering and invest forthe future, while still remaining aware of a potential economic issues. Investment Pollcy Vision 21's investment policy is to place fiJrKls not required for immediate use on short or medium - temi deposit with UK institutions that provide security and flexibility at low risk. We will review this in 2024125. as interest rates stsrt te fall to ensure we make the most of our free reserve& 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 objectives. 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. Future Strategy Over the next twelve months. our focus will be on further improving key areas of the organisation. including our buildings and equipment We will look to diversify our income Streams and continue to actively involve staff and trainees in shaping the direction of the organisation and we must ensure that the services we deliver across Southeast Wales are aligned with the needs of our trainee The priorities we will set will be: Create an investment strategy that helps to create a more varied income stream. Identify areas around the organisation that need strengthening and investment. Improve the trustee recruitment process and make it more trustee led. Public Benefit staternt The charity's objective and principal attivity is the education and training of adult5 With learning disabilities, by providing training in vocational skills in real work settings that develop ability, confidence and social skills. In 2023124 over 280 adults wilh leaming disabilities have benefitted from around 18,750 sessions in ten social enterprises. two commercial catering contracts and four teaching projects on a weekly basis. As well as leaming catIOnal skills. trainees gain in confidence, improve their skills in reading, writing. ICT and leam social skills such as tearnVrk and customer care. As a community and locally based tharity there is a wider benefit in that the community embrace and support the woth of Vision 21 (Cyfie Cymru). In retum, the local communities benefit from our
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 {CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 training and our social etho& In 2023r24 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. The 5bectrn Community Centre. as a communty resour. attrarted over 37,0 visitors in the year ended 31 March 2024. A key aim of the chafity is to promote awareness and contact between thi)se with leaming disabilities and the public. We do this by making sure that our trainees are visible and active as part of the community. Our trainees serve the public in our office skills projec( garden nursery, woodwork and catering projects and work on public facing projects such as refurbishing benches for Cardiff parks and gardens; trainees a150 stsff our stalls in Christmas mafkets 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 acceptsnce of those with learning disabilities. The Trustees refer to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Re5ponsibillties of the Board of Trustee5 Company law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of the affairs of the charitsble 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 ststements, the Board of Trustees should follow best practice and: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent Prepare the financial ststements on the goiry corKem basis unless it is inappropriate to assume that the company will continue that ba515. The Board of Trustees is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe charitsble company and to enable them to ensure that the financial statements comply with the Companies Act 2C(6. The Board of Trustees is also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Memb•r5 of the Board of Trustees In accordance with company law. as the companls Directors. we certtfy that as far as we are aware, there is no relevant audit inforrnation of which the company's auditors are unaware. We confirm that we have taken all the necessary steps to make ourselves aware of any relevant audit information and to estsblish that the charitys auditor5 are aware of that inft)rmation. 1211'ablC
VISION 21 ICYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 This report has been prepared in accordance with the Stalement of Recommended Practice: Accounting and Reporting by Charities IFRS102) and in accordance with the requirements of the Companies Act 2006. Approved by the Board of Directors and Trustees on 0611112024 and signed on its behalf by: Micheal Winter- Trustee (New Chair 2024) Clare Cooze - Treasurer Date: 13 | Pabl¢
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 Indèpendent Auditor's Rwrt lo the Members of wlOn 21 (Cyfle Cymru) Opinion We have audited the financial statements of Vision 21 Icyfie Cymru) (the 'charity) for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet and Notes to the Financial Ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prÈparation is United Kingdom Accounting Stsndards, comprising Charities SORP - FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {United Kingdom Generally Accepted Accounting Practice}. tn our opinion the financial ststements: give a true and fair wew of the state of the charitys affairs as at 31 March 2024 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended,. have been prowly prepared in accordan with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance th the requirements of the Companies Act 2006. is for opinion We conducted our audit in accordance with International Standards on Auditing {UK) OSAS {UK)) and applicable law. Our responsibilities under those stsndards are further described in the auditor responsibilities for the audit of the financial statements section of our report We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstance5 set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have rK>t identified any material uncertainties relating to events or conditions tha( individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve Months from when the original financbal statements were auth0ri5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this reporL Other Infornutk The trustees are responsible for the other information. The other information comprises the information included in the annual repor( other than the financial statements and our auditorfs
VISION 21 ICYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 report thereon. Our opinion on the financial ststements does not cover the other information and except to the extent otherwise explicity ststed 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 infomation is materially intonsistent with the financial stalements or our knowledge obtsined in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misststement of the other information. If. based on the work we have performed, we condude that there is a material misststement of this other information, we are required to report that facL We have nothing to report in this regard. Opinion on other mjtters prescril>ed by the Companles Aci 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Strategic Report and Trustees. Report for the financial year for which the financial statements are prepared 15 consistent with the financial ststements: and the Strategic Report and Trustees. Report have been pPared in accordance with applicable legal requiremen1& Matt•rs on which w• ar• r•quired to roport by eXCW5on In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit we have not identified material misststements in the Strategic Report and the Trustees. Report 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 kepL or retums 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. Responslbllltles of trustees As explained more fully in the Statement of Trustees. Responsibilitie5 (set out on page 9 and 10), the trustees are responsible for the preparation of the financial statements and for being satisfied that thty give a true and fair wew, 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 eOr. 1SIPa&e
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 In preparing the financial ststements, the trustees a responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to goin9 corern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. Auditor responslbilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error, and to issue an a(tditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerial misstaternent when it exists. Misststements 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 tsken on the basis of these financial ststements. The extent to which our procedures are capable of detecting irregularities. including fraud is detsiled belovr. We obtain and update our understanding of the entity. its actiwties. its control environment and likely future developments. including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. We communicated identified fraud risks through¢)ut the engagement team and remained alert throughout the engagement process for any indications of fraud. As required by the auditing stsndards, we identfy and assess the risk of material misstatement of financial statements. whether due to fraud or error. in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable lav and regulations. includingfraud. In response to the risk of material misstatement and non<ornpliance viith lav and regulations, including fraud. we designed procedures vthich included: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged with govemance: . A55essing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection.. Reviewing financial statement disclosures and testing sUPPOrting documentation to assess compliance with applicable laws and re9ulations,' • Identifying joumal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual account 1611'abJ¢
VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2024 combinations; . Assessing whether revenue has been accounted for in the correct period and the existence of revenue at the cut off date based on the adopted accounting policy for revenue. Because of the inherent limitstions of an audit there is a risk that we will not detect all irregularities. including those leading to a material misststement in the financial statements or non- compliance with regulation. This risk IncaseS the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial ststements, 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: W41AY.frcorg.uklauditorsrespon5ibilitie5. This dexription forms part of our auditorf5 report Use of our report This report is made solely to the charitable company's trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. audit work has been undertaken so that we might stste to the charity's trustees those matters we are required to stste 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 responsibilty to anyone other than the charitsble company and its trustees as a body, for our audit work for this repor( or for the opinions we have formed. Mr Andrew Hill FCCA ACA OChA BFP (Senior Statutory Auditor) For and on behalf of HSJ Audit knmited. Statutory Auditor Sevem House Hazell Drive Newport South Wales NP10 8FY
VISION 21- CYFLE CYMRU STATEMENT OF FINANCIAL ACTivrrIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 The statement of finanaal actNlties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Notes INCOMEAND ENDOWMENT FROM Donations and le9aci&' Grants receivable Donations Investment Incom Bank interest Charitable artivitie* Grants receivable Student training fee5 Primary purpose trading artNities Rent and seThice charges Other income 30.019 63,963 24.7 24,907 46,129 4fi129 5.369 185,796 1.173.734 457.411 94,107 1,104 186.900 1.173.734 457,411 94,107 117,031 1,2(X).114 409.923 81,165 1.747 Total 1.985.132 1.104 1.986 236 1909 331 EXpENDvRE ON Raising funds Costs of generatirrfj voluntary income Charitable activities 13.153 1.705,666 13.153 1.710.944 9,047 1.581.975 5.278 Total Net income / {expenditure) 1.718.819 266313 5.278 14.1741 1,724,097 1.591.022 262,139 318.309 Transfers Net movement in funds 266,313 (4,174) 262.139 318.309 Totsl funds brought forward 2.378,928 4,174 2,383,102 2,064,793 Total funds carried forward 12 2.645.241 2,645.241 2.383.102
VISION 21- CYFLE CYMRU BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible assets 532.811 566,839 CURRENT ASSETS Stock 16 25.845 25,764 Debtors 10 291,701 212,266 Cash at bank arKI in hand 1023.837 1,713,259 2,341,383 1.951.289 UABIUTIES Creditors: Amounts fallir¥J due within one year 228.953 135.026 NET CURRENT ASSETS 2.112.430 1.816.263 TOTAL ASSETS LESS CURRENT UABILrriES 2 645 241 2 383 102 Creditors.. Amounts falling due after more than one year NET ASSETS 2.645.241 2 383 102 THE FUNDS OF THE CHARrrY Restricted income funds 12 4.174 Unrestricted income funds 12 2.361.011 2,310.982 Designated lunds 12 284.230 67.964 TOTAL FUNDS 2.645.241 2.383.102 Approved for issue by the Board of Direct5 and Trstee$ on 0611112024 aThJ signed on its behalf. Michael Winter - Chair Clare Cooze - Treasurer 191Pagic
VISION 21- CYFLE CYMRU CASH FLOW STATEMENT AS AT 31 MARCH 2024 Notes 2024 2023 Cash Flows from Operatiry Activities 13 306.987 410.360 Cash Flow5 from Investing Activities 13 3.591 146,222) Cash Flows from Financing Activities 13 Increase / (Decrease) in Cash 310.578 364 138 Recon¢iliation Increase / (decrease) in Cash 310.578 364,138 Cash flow from debt and lease firkincing NET FUNDS at 1st April 1.713259 1,349.121 NET FUNDS at 31st March 2,023.837 1,713.259 201 I'agiL'
VISION 21 ICYFLE CYMRUI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING pouaES Basls of preparin9 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 IFRS 1021 'A(countiry and Reporting by Charities.. Statement of Recommended Practice applicable to charities pweparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 leffectrve 1 January 2015)., Financial Reporting Standard 102 The Financial ReportirMJ 5tarKJaTd applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial atemertts have been prepared utsjer the historical cost convention. Fund Accountlng Unrestricled funds are available for use at the discretK)n of Trustees iThfvrtherance ol the general objectives of the charity- Designated fvnds are unrestrirted fvn(ts eamiarked by the Tntstees for particular purposes. Restricted funds are subjected to restrKtions on their expenditure imposed by the donor. Income J Voluntary income Voluntary income is received bywayof grants arrfj donations and is included infull in the Ststement of Financial Activilies when receivable. Grants, where entlement is not corKlitional on the delivery of a specific performance by the charity, afe recognised %then the charity bec(Mnes unconditnallY entitled to the grant. ii) Investment income Investment income is included when iecepiable. iii) Charitable aCtive5 tncoming res¢)urces from charitabk trading artivty ale acc¢nted for when eamed. Incoming resources from grants, where related to perfomance and spec.tfic delNerables. are accounted for as the charity earns the right to consideration by its perfonarKe. Expenditure Expenditure is recognised on an accrual basis as a liabilty is incurred. Expenditure includes any VAT which cannot be recovered. Costs ol generating voluntsry income comprise the costs associated with attracting grant income. Charitsble activities comprise those costs incurred by the charty in the delivery of its activities and seNices for its benefKiaries. The resources expended on each charitable actNity are disclosed in ihe rw)tes to the finanaal statemenis. 21 |P<lbiC
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Governance costs indude those costs associated with meeting the constitutional ststutory requirements of the chJrty and include the audit fees and costs linked to ihe Strategic management ol 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 artivity. Support costs include central offKe functions such as general management. bletIng and accountiro. infonnatn teChIlogY. human resources and financirg. Where possible support costs have been allocated directty to the actiwty cost category to which they relate. Staff support costs that cannot be directly attributed have been apportioned based on actual time spent. Staff supwrt costs allocated to charitable attwities have been further apwrtioned between charitable artivities based on dirert staff costs. Other costs that cannot be directly attributed to an actNty cost calegory have been allocaled in proportion to staff direct costs and stsff supwrt cost& Allocation of support cosls includes an element of judgement and consideration has been given to the materiality of the amounts involved and the cost-benefit ol the approath iaken. Stock Stock is valued at the lower of cost and net realisable value. Depreclatlon Depreciation is provided in order to write off the cost of fixed assets over their estirnated useful lives as follows.. Freehold building 50 years Leasehold buildij 28 years Orfe of lease) Motor vehicles 4 years Equipment fixtures, Furniture and rIng$ Computers 5 years or as ogreed by fv board 3 years Tangible Fixed Assets Fixed assets are stated in the balance sheet at cost less depreciathJn. All assets with an initial cost over £2,Cm are capitalised. Trade debtors Trade debtors are amounts due from customers for goods sold or savices perfofmed in the ordinary course of business. Trade debtors are recognised initialty at ihe transaction price. They are subsequently measured at amortised cost using the effective interest method, less provi5N)n lor impairment. A provision for the impairment of trade debtors is established when there is objective evidence thai the Charrty will not be able to collect all amounts due according to the original teTms of the receivable& 22 | PI1&lL
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Cash and cash equivalents Cash arKI cash equivalents comprise cash at bank arKI in hand. Trade creditors Trade creditors are obligations to pay for g(M)ds or see$ that have been acquired in the ordinary course of business from suppliers. Accounts payable are da55ified as current liabilities if the Charity does not have an unconditional right at the end of the reporting period. io defer settlement of the creditor for at least Imelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reportirvj date. they are presented as non-cvrrent liabilities. Trade creditors are recognised initially at the transaction price arKI subsequenty measured at amortised cost using the effective interest method. Leases Leases in which substsntially all the risks and re4vards of Ovmership are retsined by the lessor are classified as operating leases. Rentsls payable under operatir¥J leases are dMrged in the Ststement of Financial Activities on a straight-line basis over the lease term. Donated Fadlities & 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 altemative provision equivalent to the donation. Pensions The company operates a defined contribution prrvate pension stheme. with employer contributions made to individual employee policies at the rate of 6% of gross pay. annual contributions payable are charged to the Siatemeni of Financial Activit$. 231PubDe
VISION 21 ICYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2. NET INCOME / (EXPENDrruRE) T net income I (expenditure) for the year are stated after charging= 2024 2023 Depreciation of tangible fixed assets- owned Depreciation of tangible fixed assets - held urKlew fironce lease Operating leases- land arnl buildings Auditor5. remuneration Auditors. remuneration in respect of other seNices 76.567 70.972 37,015 3,450 36,287 3,450 3. GRANTS RECEniABLE Unrestricted Funds Restiicted Fun(ts Total Funds 2024 Total Funds 2023 BBC CPAldren in Need Screwfix VOG GVS Grant 15,019 10.CI)O 30.019 Cardiff CC Cardiff and Vale College 6&765 117.031 68.765 118,135 117,031 185.796 186,900 117.031 185.796 186,900 147.050 2411'(IbJC
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4. DONATIONS AND FUNDRAISING Unrestricted Restricted Funds Funds 2024 2023 Barbara Gill Legacy Restorative Wale5 30,OXJ J Powell - Legacy Cardifl Covnty Council - Asset Transfer Wates 15.(KX) 15.000 15,( Freemasons Miscellaneous 7,g)7 7.907 4.919 24.907 63.963 Only indwidual donations over £5CKI are slM)wn separately. 5. INVESTMENT INCOME Unrestiicted Funds Restricted Funds 2024 2023 Bank Interest 46,129 46.129 5.369 44129 46.129 5,369 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. Totsl Support Total Support Costs 2023 Staff costs Other costs 2024 Generating Voluntary Income Charitsble Activities Governance Costs 11,882 187,780 18.554 218.216 1,271 95,878 6.566 103.715 13.153 283.658 25.120 321.931 9,047 265,238 17,679 291.964 251PxbL
VNON 21 ICYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 7. ANALYSIS OF TOTAL EXPENDrruRE Direct Costs stsff Other Support Costs Staff Other Total 2024 Total 2023 Ralslng Funds 11,882 1.271 13.153 9.047 Charitable activities Student Training Commun Centre 819,578 439.816 1.533,409 1,438,424 24,162 119,714 1S2.415 125,872 843,740 $59,530 187.780 94.774 1.685.824 1,564.296 182.402 5,378 91,613 3,161 Governance costs 18,554 6.566 25.120 17,679 843.740 559.530 206 334 101340 1.710 944 1.591.022 8. STAFF COSTS 2024 2023 Salaries and Remunerations Social Securty Pension ContritIonS 936.447 66.735 50,93Q 1.054.112 870,222 63.942 49,378 983.542 The average number ol staff empw duriry the year w 2024 2023 Dirert Charitable work Administration 39 38 The trustees received no remuneratK)n for their seNices in the year 12023 - NIL),. expenditure incurred in rdation to the trustees was also NIL {2023 - NIL) During the year, W15K•n 21 (Cyne Cymu) paid kw management 9ross salarie5 totalling £216,691 12023 - £180.478) includirrfj a 6% employers pension contribLrtn. Key management is 6 individuals (2023- 61 who directly impact upon the strategic direction of the Charity. There were no employees ol Wision 21 paid over £60.¢XIO12023- NIL) 261Pd&Jc
VISION 21 ICYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 9. FIXED ASSETS Freehold Building Leasehold Building Molor Vehides EquipmenL Computer Fixtures & Equipment Fittings Total COST As at 1 April 2023 Additions Dis osals As at 31 March 2024 2(,702 13.610 1.152,267 13.646 46,525 290,034 15,282 95.896 1.784.824 42.538 213,712 1.165.913 46.525 305.316 95.896 1.827.362 DEPRECIATION As at 1 April 2023 Charge for year Dis sals As at 31 March 2024 122232 5.485 697.181 687 30.382 4.611 272,555 7,522 95.635 261 1.217.985 76.566 127.717 755.868 34.993 280.077 95.896 1.294.551 NET BOOK VALUE As at 31 Mar¢h 2024 85.995 410.045 11.S32 25.239 532.811 As at 31 March 2023 77.870 455.086 1Q143 17.479 261 566.839 10. DEBTORS 2024 2023 Trade debtor5 Other debtors Prepayments and xcrued income 136.564 78,021 77.116 122.805 48.763 40,698 291.701 212.266 Included in trade debtors is a bad debt provision of £30,(MX) (2023 - £30,(). 271Pabpe
VISION 21 ICYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED Y1 MARCH 2024 11. CREDrroRS 2024 2023 Amounts falling due within ¢)ne year. Trade creditors Taxation and Social Security Deferred income Accruals Other creditors 105.240 33.984 49.867 25.33$ 14.527 80,641 24.385 24,393 5,643 228.953 135.062 12. MOVEMENT IN FUNDS Balance at 1st April Rescwrces 2023 Incoming Transfers Balance at To 1 31st March IFroml 2024 Resources Outgoi VNREsriucrED FUNDS General reserve Designated Funds- Wage5 Designated Funds- Building Maint 2.310,982 67.946 1.986236 (1.685.103) P50.0) 3,7161 2.361.011 34.230 250,000 250,OLKI Total unre5trirtod fvnd5 2.37 928 1986 236 1718819 2.645.241 RESTIUCTED FUNDS CAVC S<rewfix VOG GVS 1.104 (1.1041 {2,3001 {1,874) 2.3(M) 1.874 Totsl restricted funds 4.174 5.27 TOTAL 2 383 102 1987 340 1.724,09 2.645,241 281P41LFL'
VISION 21 ICYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. MOVEMENT IN FUNDS (CONT.) Name of Fund Descriplion. nature and purposes of the fund Deslgnatsd Funds- Wages The board of tnjstees has designated £114,703 from general ieserves as part of a 3-year plan to become a Itving 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 Ltsed in year 1. The board of twstees has designated £2SO.000 from generol reserves as part ol the ongolng maintenance plan for the SbertThvm site. thi5 t$ in with the rfftv lease requirements relating to general maintenance and over the new 25.year lease works out £10.) per year. Fundir¥J for Palio and paths in the communty garde DeSIgnat Funds . Malnt CAVC FUndIr provided to repair the Oaks roof. VOG GVS FundiThJ for general cap exp and equipment 2911'abpe
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. ANALYSIS OF CASH FLOWS 2024 2023 CASH FLOWS FROM OPERATING AcnvrnES Nei Movement in Funds Depreciation charges Profit on sale of assets Finance costs Finance income Decrease I (increase) in Stocks Decrease / lincreasel in debtors (Decrease) / increase in credilors (Decrease) l increase in provisions 262.139 76.566 318.309 70,972 (46.129) (5,369) (5.987)) ,9961 36,431 (30.495) 44.987 Net Cash Flow 306.987 410.360 CASH FLOWS FROM INVESTING AcfivTllES Purchase of Fixed Assets Disposal of Fixed Assets Interest received (42.538) {62.616) 11.025 5,369 46.129 Net Cash Flow 3,591 146.2221 There were no cash flows from fInaIng actmty 14. ANALYSIS OF NET ASSETS Tangible Other Net Fixed A55ets Assets Total Restricted funds Unresiricted funds Designated funds 532.811 1,828.200 2.361.011 284.230 284.230 532.811 2.112.430 2,645.241 30IPagiL
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. FINANCIAL COMMrrMENTS The charitys commitments for operating lease payments all relate to land ar buildings. The total future minimum lease commitments. analysed accordirvJ to the lease expiry dates, are as follows: 2024 2023 within one year - betrleen ¢)ne five years after five years 23.972 71.899 51.061 20,145 86,804 69.010 146,932 175,959 During the year, £37,015 12023 - £36,287) was recognised as an eXpere in the profit and loss account in respect of operating leases. Cardiff Council have transferred use of The Lodge The Oaks Garden Nursery on an asset transfer on a SO year lease 142 years remaining). The Lodge 15 currentty partly used as a base for the existing project and as offKe space forthe project managers. Donated faciltknes arKJ services are included in the accounts at an amount that is considered to be the value to the Charty. We have therefo included £1 S,IXIO as IOme in Kind, alorrfJ with a corresponding entry in Ren( which is based on what the offbce spaces would have cost the Charty on the open market. 16. STOCK The company had a stock level of £25,845 as at the 31" March 202312023- £25,764). Thiscomprised of finished goods and materials within the propcts that were unsold as at the year end. 17. PENSIONS COST The company operates a defined contribution prNate pension scheme, with employer contributions made to individual employee polbcies at the rate of 6% of gross pay. The charge to the Statement of Financial Artivities for the year is £50,930 12023 - £49,378),- £6,479 of outstsnding pension contributions {2023 - £6,306) are inclLKled in other creditor& 18. TAXATION The company has obtsined tharitable staws urkjer Section 50511al and11¢1 Income and Corporalion Taxe5 Act 1988 and has only undertaken primary purpose activrties during ihe year and is. therefore exempt from Corporation Ta 31 IPJbic
VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. COMPARATIVE FOR THE STATEMENT OF FINANCIAL ACTivrrIES Total Funds 2023 Total Funds 2022 Unrestricted Restricted Funds Funds Notes INCOME AND ENDOWMENT FROM Donations and legacie Grants receivable Donations Imiestment incomv. Bank interest Charitabh activitie* Grants receivable Student training fees Primary purpose trading artivities Rent arKI service charges Other income 29,519 30.019 63,963 150,961 21.588 63,963 5369 5.369 152 117.031 1.2(Kl,l 14 409,923 81.165 1.747 117.031 1.200.114 409,923 81.165 .747 117,031 1,081.432 356.811 72,522 6,322 Total 1,879.812 29.519 1.909 331 1 806 819 EXPENDrruRE ON Ralslng funds Costs of generating voluntsry income Charitable activities 9,047 1.518.S% 9.047 1.581.975 7.511 1.541,585 63379 Total Net income / (expenditure) 1.527.643 352.169 63.379 1.591.022 1.549.096 133.8601 31Q309 257.723 Transfers Net movement in funds 352.169 3.860) 318.309 257.723 Total funds brought forward 2,026,759 38,034 2.064,793 1,807,070 Total funds carried forward 12 2.378.928 4,174 2.383.102 2.064.793 321Pabie