VISION 21 (CYFLE CYMRU) REPORT OF THE TRUSTEES AND DIRECTORS TO THE MEMBERS OF VISION 21 (CYFLE CYMRU) YEAR ENDED 31 MARCH 2025
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 2025
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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 2025
| Page | |
|---|---|
| LEGAL AND ADMINISTRATIVE INFORMATION | 3 |
| REPORT OF THE TRUSTEES AND DIRECTORS | 4 - 13 |
| INDEPENDENT AUDITORS REPORT | 14 - 17 |
| STATEMENT OF FINANCIAL ACTIVITIES | |
| (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) | 18 |
| BALANCE SHEET | 19 |
| CASH FLOW STATEMENT | 20 |
| NOTES TO THE FINANCIAL STATEMENTS | 21 - 32 |
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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 2025
LEGAL AND ADMINISTRATIVE INFORMATION
Directors and Trustees
Michael Winter (Chair) Robert Meier (Vice Chair) Clare Cooze (Treasurer) Michael Clark Barry Shiers MBE John Grimes Dr Edward Oloidi
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 Newport NP10 8FY Bankers Lloyds Bank City Branch 45 Newport Road Cardiff
CF24 0TW
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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 2025
A message from the Trustees and Chief Executive
Welcome to Vision 21’s annual report for the year ended 31[st] March 2025. The report concentrates on Vision 21’s performance in 2024/25.
A Message from the Chair and CEO
In May 2024, I was honoured to be elected as the new Chair of the Board of Trustees for Vision 21. This followed the very sad and unexpected news of the passing of Alan Pursell, our long-standing Chair of the Board of Trustees.
It was clear that the year ahead would bring some important decisions to be made and changes to be implemented to maintain the continued success of Vision 21.
One key priority was to recruit new Trustees to the Board of Trustees. In January 2025, we were delighted to welcome two outstanding new Trustees to the Board. They are Christobel Tweedie and Sian Wilkins. Together, they have brought invaluable financial expertise and extensive experience of governance and administration.
Both spent the early part of 2025 getting to know our projects, people, and most importantly, our Trainees. In April 2025, their appointments were confirmed, and we are confident that their influence will be felt for many years to come.
We also faced significant external pressures, including the increased National Insurance contributions and other financial challenges introduced by the new Government. The Senior Management Team and the Trustees are working hard together to ensure we adapt, respond, and continue to thrive in changing times.
Since it was founded by Barry Shiers in 1986, Vision 21 continues to be a unique and extraordinary organisation. The vision then was the simple but powerful conviction that everyone deserves the opportunity to experience meaningful work and to be treated with kindness and respect. We have stayed true to that vision. What grew from that original vision was an organisation that welcomes, values, and supports individuals to pursue meaningful, fulfilled lives and to offer life changing opportunities.
In the past year alone, we have delivered over 20,000 sessions across sixteen projects based in four local authorities. These opportunities not only change the lives for our Trainees, but they transform the lives of everyone involved. This includes staff, volunteers, families, and the wider community. What makes Vision 21 truly special is the sense of belonging that it fosters. The feeling of being seen, heard, and valued runs through everything we do. This is tangible in every project, in every conversation with a Trainee, and in every story shared about the difference Vision 21 has made in people's lives.
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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 2025
We would like to thank our committed, creative, and deeply caring staff. We would like to thank our Trustees, whose experience and dedication have guided us so effectively. And we would like to thank every person who has supported us in so many different ways, either through donations or giving of their time and energy. All of your efforts have touched the lives of our Trainees and their families in profound ways.
There will always be challenges, but with unity, vision, and heart, we will face them together, just as we always have, with gratitude and optimism for the future.
Michael Winter Vision 21 Chair/Trustee
Wayne Lewis CEO
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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 2025
The Trustees present their report and audited financial statements for the year ended 31 March 2025.
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.
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, 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. To achieve 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 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 at least two Board meetings, before their trustee membership is taken forward for consideration.
Trustees receive induction training covering background information and the work of the Board. 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 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.
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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 2025
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 49 members of staff (2024 - 48) who represent the equivalent of 36.8 (2024 – 37.2) 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, we've been fortunate to have such a dedicated and generous group of volunteers supporting Vision 21. From our regular weekly volunteers to those who join us through education, training placements, or as part of corporate teams, every single person has made a real difference.
This year alone, we hosted a variety of student placements: 6 college work experience students from local colleges, 4 social work undergraduates from Cardiff Met, and 4 Art Psychotherapy postgraduates from USW. While they were with us, they had the chance to learn from our trainees and staff and left with a much stronger understanding of what people with learning disabilities can achieve. That experience is so valuable for anyone going into social care or health-related roles, and it is something we are proud to support.
Currently, we have 34 regular volunteers giving up their time every week across our projects. Their support means so much to both the staff and our trainees. They bring fresh energy, a willingness to learn, and often share their own experiences and skills which adds so much to what we do.
We also want to say a big thank you to the corporate volunteers from Admiral Group and BT Group, who’ve been amazing in helping us look after and improve the Vision 21 Sbectrwm Community Garden. They've taken time away from their desks to get stuck into all sorts of garden tasks!
We feel so fortunate to be surrounded by such kind and committed people. On behalf of the Board, staff, and trainees, thank you! We’re looking forward to continuing all the brilliant work we have started together.
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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 2025
Achievements and Performance
| Priority | Outcome |
|---|---|
| Create an investment strategy that helps to create a more varied income stream. |
An investment group was set up to develop a forward-looking investment strategy. However, its work has been paused for now, as we consider future capital expenditure requirements which could impact the policy. |
| Identify areas around the organisation that need strengthening and investment. |
Sbectrwm has begun its makeover. The hall has been freshly repainted, with new radiators installed and modern blinds fitted. The Woodwork at Barry project also received a complete refit, with upgraded equipment and a layout that’s now much more user-friendly. Solar panels have been installed on Unit 12 at Fieldway – a step that not only helps lower our electricity costs but also supports the move towards a greener future. |
| Improve the trustee recruitment process and make it more trustee led. |
Julie Pike, HR Manager, has worked closely with the trustees to encourage greater involvement in the trustee recruitment process. They now take part in interviews, help with inductions, and provide support for any questions new trustees may have. This approach has worked well so far and is expected to create a more positive and supportive experience for new trustees from the outset. |
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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 2025
Strategic Aims
For the financial year of 2024/25 we continued to follow the long-term strategic aims set in 2023/24:
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Provide high quality support and training opportunities for people with Additional Learning Needs and to put their needs and aspirations at the heart of everything we do.
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Ensure current and future income streams meet their full potential and are used efficiently to maintain the financial resilience of Vision 21
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Ensure that the work we do stays relevant to the people and partners we work with and explore new opportunities as they arise
Progress towards achieving our strategic aims is going well. Incorporating them into our appraisal and supervision process worked well with very few teething problems. The current strategic plan expires in 2026/27 and the Senior Management Team and Trustees will start work on assessing the progress of the existing aims and look to set new strategic aims in the near future. Once the new aims have been set, then a staff working group will be setup to create the objectives to achieve those aims. The working group will be made up of staff from all areas of Vision 21.
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.
Change We embrace change to be the best.
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.
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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 2025
Financial Review
The net movement in funds for the year amounted to an increase of £389,962, compared to an increase of £262,139 in 2024.
Overall incoming resources increased by £331,821 (2024 – increase of £78,009) from £1,986,236 to £2,318,057. Much of this increase was due to student income up £95,308, grants related to charitable activities, up £67,168, investment income, up £21,031, along with trading activities and rental income, which rose by £73,940 and £31,998 respectively compared with 2024.
The proportion of income from sustainable sources (comprising student fees, primary purpose trading, and rental income) was 83.1% in 2025, compared to 86.8% in 2024. This decrease in sustainable income % was due to a larger proportion of grant income this year against last year.
The charity continued to receive support from Cardiff Council towards its training projects. Income from a franchise agreement with Cardiff and Vale College increased this year and provided £185,300 (2024 – £117,031) to support the education of students.
Expenditure during the period continued to primarily support the training of students and the trading activities of the social enterprises.
In 2025/26, we will continue to develop and invest in our current projects, with a strong focus on improving our buildings and equipment to ensure our trainees have access to modern, suitable facilities and the right tools to support their learning. This investment extends beyond physical assets to include our trainees and staff, supporting their growth and development. We will also encourage projects to propose and develop new ideas, providing them with the necessary resources to bring these ideas to life. Additionally, there will be a focus on upgrading computer equipment and systems across Vision 21 to keep pace with technological advancements and enhance cyber security. Other areas of focus are:
In house transition open days
Over the years, we have taken part in hundreds of college and school transition events. While valuable, they can never quite capture the true spirit of a Vision 21 project. That’s why, throughout the year, we’ll be hosting a series of open days across various projects. These events will not only help us fill any gaps in our projects but also tell more people about the work Vision 21 does as an organisation.
Making our projects the best they can be
This remains a core priority for Vision 21 and requires significant time and commitment from everyone involved. We will continue to listen to both staff and trainees, ensuring they play an active role in shaping the future of Vision 21. As the trainee forum group has grown in confidence, we aim to involve them even more, making them a central hub for gathering and sharing trainee feedback.
Work towards increasing donations through fundraising
As a charity, fundraising has not typically been a primary focus for us. However, this year we will be forming a dedicated working group to plan and coordinate fundraising events across the
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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 2025
organisation. The group will include staff, trainees, and (hopefully) parents, carers, and partner organisations who wish to support our work.
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 currently sits at around £1,100,000 (2024 - £900,000).
The charity maintains reserves to:
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Retain sufficient cash to enable the charity to pay all its liabilities.
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Provide a financial cushion against risk and future uncertainties.
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To maintain the organisation’s assets in a good state of repair.
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To allow the charity to respond to any opportunities that arise.
As of 31 March 2025, the charity’s free reserves stood at £1,194,523 (2024 – £1,639,607). Free reserves represent the unrestricted funds of the charity, excluding any amounts that could only be realised through the disposal of fixed assets used for charitable purposes.
Despite the financial challenges currently facing much of the third sector, the charity continues to maintain a strong financial position. This stability enables us to further develop our existing charitable programmes and invest in future initiatives, while remaining mindful of potential economic pressures — particularly the well-documented financial constraints affecting local authorities, which may result in reduced funding opportunities.
Investment Policy
Vision 21’s investment policy is to place funds not required for immediate use in short or medium term deposit with UK institutions that provide security and flexibility at low risk.
A review of the policy has begun with a working group made up of trustees and members of Senior Management Team, and we will continue to refine this in 2025/26 to ensure any new policy is fit for purpose and right for Vision 21 into the future, as interest rates continue to fall it is important to ensure we maximise any free reserves or reserves that are available for longer term investment.
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 offer fair and competitive pay that reflects the responsibilities of each role and aligns with our overall financial capacity.
Future Strategy
Over the next twelve months, we will focus on strengthening key areas of the organisation including enhancing our presence in our communities. We aim to diversify our income streams
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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 2025
while continuing to actively engage staff and trainees in shaping our future direction. Above all, we will ensure that the services we provide across Southeast Wales remain aligned with the needs of our trainees.
The priorities we will set will be:
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Increase awareness of what Vision 21 does as an organisation by bringing more people into our projects and buildings
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Work together to increase donations into the organisation
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Work with the trainee forum to start reporting back to the board of trustees
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 2024/25 over 280 adults with learning disabilities have benefitted from around 18,750 sessions in ten social enterprises, two commercial catering contracts and four teaching projects on a weekly basis. On top of learning vocational skills, trainees gain in confidence, improve their skills in reading, writing, ICT and learn social skills such as teamwork, effective communication 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. In return, the local communities benefit from our training and our social ethos. In 2024/25 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 Sbectrwm Community Centre, as a community resource, attracted over 45,000 visitors in the year ended 31 March 2025.
A key aim of the charity is to promote awareness and contact between those with learning 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 project, garden nursery, woodwork and catering projects and work on public facing projects such as refurbishing benches for Cardiff parks and gardens. Trainees also staff our stalls in 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.
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.
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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 2025
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:
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Select suitable accounting policies and then apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue that basis.
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 as 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 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 22/10/2025 and signed on its behalf by:
Micheal Winter – Chair
Clare Cooze - Treasurer
Date:
Date:
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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 2025
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 'charity') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances 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 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 charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s
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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 2025
report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and Trustees' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 misstatements 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 9 and 10), the trustees 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.
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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 2025
In preparing the financial statements, the trustees are responsible for assessing the charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtain and update our understanding of the entity, its activities, 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 throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.
As required by the auditing standards, we identify 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 laws and regulations, including fraud.
In response to the risk of material misstatement and non-compliance with laws and regulations, including fraud, we designed procedures which included;
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Reviewing minutes of meetings of those charged with governance;
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Assessing 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;
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Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations;
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Identifying journal 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
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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 2025
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 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 noncompliance 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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. Our audit work has been undertaken so that we might state to the charity's trustees 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 its trustees 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 Statutory Auditor) For and on behalf of HSJ Audit Limited, Statutory Auditor
Severn House Hazell Drive Newport South Wales NP10 8FY
Date:.............................
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VISION 21 – CYFLE CYMRU
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
| All income and expenditure derive from continuing activities. | |||
|---|---|---|---|
| Total | Total | ||
| Unrestricted | Restricted | Funds | Funds |
| Funds | Funds | 2025 | 2024 |
| £ | £ | £ | £ |
| Notes INCOME AND ENDOWMENT FROM Donations and legacies: Grants receivable 3 - Donations 4 24,644 Investment income: Bank interest 5 67,160 Charitable activities: Grants receivable 3 254,068 Student training fees 1,269,042 Primary purpose trading activities 531,354 Rent and service charges 126,105 Other income 1,684 |
44,000 - - - - - - - |
44,000 24,644 67,160 254,068 1,269,042 531,354 126,105 1,684 |
- 24,907 46,129 186,900 1,173,734 457,411 94,107 3,048 |
| Total 2,274,057 |
44,000 | 2,318,057 | 1,986,236 |
| EXPENDITURE ON Raising funds Costs of generating voluntary income 7 13,830 Charitable activities 7 1,870,265 |
- 44,000 |
13,830 1,914,265 |
13,153 1,710,944 |
| Total 1,884,095 |
44,000 | 1,928,095 | 1,724,097 |
| Net income / (expenditure) 389,962 Transfers Net movement in funds 389,962 Total funds brought forward 2,645,241 - |
- - - - |
389,962 - 389,962 2,645,241 |
262,139 - 262,139 2,383,102 |
| Total funds carried forward 12 3,035,203 |
- | 3,035,203 | 2,645,241 |
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VISION 21 – CYFLE CYMRU
BALANCE SHEET
AS AT 31 MARCH 2025
| BALANCE SHEET AS AT 31 MARCH 2025 |
||
|---|---|---|
| Notes | 2025 | 2024 |
| £ | £ | |
| FIXED ASSETS Tangible assets 9 CURRENT ASSETS Stock 16 Debtors 10 Cash at bank and in hand |
490,680 27,205 248,196 2,444,524 |
532,811 25,845 291,701 2,023,837 |
| 2,719,925 | 2,341,383 | |
| LIABILITIES 11 Creditors: Amounts falling due within one year |
175,402 | 228,953 |
| NET CURRENT ASSETS | 2,544,523 | 2,112,430 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 3,035,203 | 2,645,241 |
| Creditors: Amounts falling due after more than one year | - | - |
| NET ASSETS | 3,035,203 | 2,645,241 |
| THE FUNDS OF THE CHARITY Restricted income funds 12 Unrestricted income funds 12 Designated funds 12 |
- 1,685,203 1,350,000 |
- 2,361,011 284,230 |
| TOTAL FUNDS | 3,035,203 | 2,645,241 |
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VISION 21 – CYFLE CYMRU
CASH FLOW STATEMENT AS AT 31 MARCH 2025
| CASH FLOW STATEMENT AS AT 31 MARCH 2025 |
||
|---|---|---|
| Notes | 2025 | 2024 |
| £ | £ | |
| Cash Flows from Operating Activities 13 Cash Flows from Investing Activities 13 Cash Flows from Financing Activities 13 |
394,424 26,263 - |
306,987 3,591 - |
| Increase / (Decrease) in Cash | 420,687 | 310,578 |
| Reconciliation Increase / (decrease) in Cash Cash flow from debt and lease financing NET FUNDS at 1st April |
420,687 - 2,023,837 |
310,578 - 1,713,259 |
| NET FUNDS at 31st March | 2,444,524 | 2,023,837 |
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VISION 21 (CYFLE CYMRU)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 a particular purpose.
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.
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 to write off the cost of fixed assets over their estimated useful lives as follows:
Freehold building Realistic useful life. Leasehold building Realistic useful life. Motor vehicles 4 years Equipment, fixtures, Furniture and fittings 5 years or as agreed by the board Computers 3 years
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.
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. NET INCOME / (EXPENDITURE)
The net income / (expenditure) for the year are stated after charging:
| 2. NET INCOME / (EXPENDITURE) The net income / (expenditure) for the year are stated after charging:penditure) for the year are stated after charging:enditure) for the year are stated after charging:year are stated after charging:ear are stated after charging:ging:ing:g:: |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Depreciation of tangible fixed assets - owned | 83,028 | 76,567 |
| Depreciation of tangible fixed assets - held under finance lease | - | - |
| Operating leases - land and buildings | 37,408 | 37,015 |
| Auditors' remuneration | 3,625 | 3,450 |
| Auditors' remuneration in respect of other services | - | - |
3. GRANTS RECEIVABLE
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Wolfson | - | 44,000 | 44,000 | - |
| - | - | - | - | |
| - | - | - | - |
| - | 44,000 | 44,000 | - | |
|---|---|---|---|---|
| Cardiff CC | 68,765 | - | 68,765 | 68,765 |
| Cardiff and Vale College | 185,303 | - | 185,303 | 118,135 |
| 254,068 | - | 254,068 | 186,900 | |
| 254,068 | 44,000 | 298,068 | 186,900 |
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VISION 21 (CYFLE CYMRU)
FOR THE YEAR ENDED 31 MARCH 2025
NOTES TO THE FINANCIAL STATEMENTS
4. DONATIONS AND FUNDRAISING
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----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|
|Funds|Funds|2025|2024|
|£|£|£|£|
|Cardiff County Council - Asset Transfer|15,000|-|15,000|15,000|
|-|-|-|2,000|
|Freemasons|
|-|9,644|7,907|
|Miscellaneous|9,644|
----- End of picture text -----
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----- Start of picture text -----
||||
|---|---|---|
|-|
|24,644|24,644|24,907|
----- End of picture text -----
Only individual donations over £500 are shown separately.
5. INVESTMENT INCOME
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----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|
|Funds|Funds|2025|2024|
|£|£|£|£|
|Bank Interest|67,160|-|67,160|46,129|
|-|
|67,160|67,160|46,129|
----- End of picture text -----
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.
==> picture [458 x 130] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Total|Total|
|Support|Support|
|Costs|Costs|
|Staff costs|Other costs|2025|2024|
|£|£|£|£|
|Generating Voluntary Income|12,471|1,359|13,830|13,153|
|Charitable Activities|213,305|112,135|283,658|283,658|
|Governance Costs|20,208|7,033|25,120|25,120|
|245,984|120,527|366,511|321,931|
----- End of picture text -----
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VISION 21 (CYFLE CYMRU)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
7. ANALYSIS OF TOTAL EXPENDITURE
| Direct Costs | Direct Costs | Support Costs | Support Costs | Total | Total |
|---|---|---|---|---|---|
| Staff | Other | Staff | Other | 2025 | 2024 |
| £ | £ | £ | £ | £ | £ |
| Raising Funds - Charitable activities Student Training 928,824 Community Centre 39,730 |
- 467,642 125,388 |
12,471 204,377 8,928 |
1,359 107,804 4,331 |
13,830 1,708,647 178,377 |
13,153 1,533,409 152,415 |
| 968,554 | 593,030 | 213,305 | 112,135 | 1,887,024 | 1,685,284 |
| Governance costs - |
- | 20,208 | 7,033 | 27,241 | 25,120 |
| 968,554 | 593,030 | 245,984 | 120,527 | 1,928,095 | 1,710,944 |
8. STAFF COSTS
| 8. STAFF COSTS | |
|---|---|
| 2025 | 2024 |
| £ | £ |
| Salaries and Remunerations 1,055,465 Social Security 75,788 Pension Contributions 54,625 |
936,447 66,735 50,930 |
| 1,185,878 | 1,054,112 |
| The average number of staff employed during the year was: 2025 |
2024 |
| Direct Charitable work 40 Administration 9 |
39 9 |
| 49 | 48 |
The trustees received no remuneration for their services in the year (2024 – NIL); expenditure incurred in relation to the trustees was also NIL (2024 - NIL)
During the year, Vision 21 (Cyfle Cymu) paid key management gross salaries totalling £230,785 (2024 - £216,691) including a 6% employers pension contribution. Key management is 6 individuals (2024 – 6) who directly impact upon the strategic direction of the Charity. There were no employees of Vision 21 paid over £60,000 (2024 – NIL)
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. FIXED ASSETS
| Freehold | Leasehold | Motor | Equipment, | Computer |
|---|---|---|---|---|
| Building | Building | Vehicles | Fixtures & | Equipment |
| Fittings | Total | |||
| £ | £ | £ | £ | £ £ |
| COST As at 1 April 2024 213,712 Additions 9,636 Disposals - |
1,165,913 31,261 - |
46,525 - - |
305,316 - - |
95,896 1,827,362 - 40,897 - - |
| As at 31 March 2025 223,347 |
1,197,174 | 46,525 | 305,316 | 95,896 1,868,259 |
| DEPRECIATION As at 1 April 2024 127,717 Charge for year 6,733 Disposals - |
755,868 64,078 - |
34,993 4,611 - |
280,077 7,606 - |
95,896 1,294,551 - 83,028 - - |
| As at 31 March 2025 134,450 |
819,946 | 39,604 | 287,683 | 95,896 1,377,579 |
| NET BOOK VALUE | ||||
| As at 31 March 2025 88,897 |
377,228 | 6,921 | 17,633 | - 490,680 |
| As at 31 March 2024 85,995 |
410,045 | 11,532 | 25,239 | - 532,811 |
10. DEBTORS
| 10. DEBTORS | |
|---|---|
| 2025 | 2024 |
| £ | £ |
| Trade debtors 142,366 Other debtors 76,997 Prepayments and accrued income 28,833 |
136,564 78,021 77,116 |
| 248,196 | 291,701 |
Included in trade debtors is a bad debt provision of £30,000 (2024 - £30,000).
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VISION 21 (CYFLE CYMRU)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11. CREDITORS
| 11. CREDITORS | |
|---|---|
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: Trade creditors 47,312 Taxation and Social Security 43,068 Deferred income 48,941 Accruals 25,658 Other creditors 10,423 |
105,240 33,984 49,867 25,335 14,527 |
| 175,402 | 228,953 |
12. MOVEMENT IN FUNDS
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31st | ||||
| 1st April | Resources | Resources | Transfers | March | |
| 2024 | Incoming | Outgoing | To / (From) | 2025 | |
| £ | £ | £ | £ | £ | |
| UNRESTRICTED FUNDS | |||||
| General reserve | 2,361,011 | 2,274,057 | (1,849,865) | (1,100,000) | 1,685,203 |
| Designated Funds – Wages | 34,230 | - | (34,230) | - | - |
| Designated Funds – Building Maint | 250,000 | - | - | - | 250,000 |
| Designated Funds – 6 Months Costs | - | - | - | 1,100,000 | 1,100,000 |
| Total unrestricted funds | 2,645,241 | 2,274,057 | (1,884,095) | - | 3,035,203 |
| RESTRICTED FUNDS | |||||
| Wolfson | - | 44,000 | (44,000) | - | - |
| Total restricted funds | - | 44,000 | (44,000) | - | - |
| TOTAL | 2,645,241 | 2,318,057 | (1,928,095) | - | 3,035,203 |
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. MOVEMENT IN FUNDS (CONT.)
Name of Fund Description, nature and purposes of the fund Designated Funds - Wages
The board of trustees 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. This has now all been used.
Designated Funds - Maint
The board of trustees has designated £250,000 from general reserves as part of the ongoing maintenance plan for the Sbectrwm site. This ties in with the new lease requirements relating to general maintenance and over the new 25-year lease equates to £10,000 per year.
Designated Funds – 6 Months Running Costs
This will be reviewed and adjusted each year in line with the reserves policy. The Board of Trustees has designated £1,100,000 from general reserves to ensure the organisation maintains six months of running costs.
Grant received for energy saving improvements – Used to fund solar panels, upgrading lighting systems to LEDs and new radiators @ Sbectrwm.
Wolfson
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. ANALYSIS OF CASH FLOWS
| 2025 2024 |
|---|
| £ £ |
| CASH FLOWS FROM OPERATING ACTIVITIES Net Movement in Funds 389,962 262,139 Depreciation charges 83,028 76,566 Profit on sale of assets - - Finance costs - - Finance income (67,160) (46,129) Decrease / (increase) in stocks (1,360) (81) Decrease / (increase) in debtors 43,505 (30,495) (Decrease) / increase in creditors (53,551) 44,987 (Decrease) / increase in provisions - - |
| Net Cash Flow 394,424 306,987 |
| CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Fixed Assets (40,897) (42,538) Disposal of Fixed Assets - - Interest received 67,160 46,129 |
| Net Cash Flow 26,263 3,591 |
There were no cash flows from financing activity
14. ANALYSIS OF NET ASSETS
| Tangible | Other Net | |
|---|---|---|
| Fixed Assets | Assets | Total |
| £ | £ | £ |
| Restricted funds - Unrestricted funds 490,680 Designated funds |
- 1,194,523 1,350,000 |
- 1,685,203 1,350,000 |
| 490,680 | 2,544,523 | 3,035,203 |
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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:
| minimum lease commitments, analysed according to the lease expiry dates, are as follows: | |
|---|---|
| 2025 | 2024 |
| £ | £ |
| - within one year 24,005 - between one and five years 72,000 - after five years 43,142 |
23,972 71,899 51,061 |
| 139,147 | 146,932 |
During the year, £37,408 (2024 - £37,105) 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 (41 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 £27,205 as at the 31[st] March 2025 (2024 - £25,845). 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 £54,625 (2024 - £50,930); £7,856 of outstanding pension contributions (2024 - £6,479) 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.
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VISION 21 (CYFLE CYMRU) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. COMPARATIVE FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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