REGISTERED COMPANY NUMBER: 4603713 (England and Wales) REGISTERED CHARITY NUMBER: 1097079
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
TORFAEN VOLUNTARY ALLIANCE
MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
TORFAEN VOLUNTARY ALLIANCE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
TORFAEN VOLUNTARY ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
A summary of the objects of the charity as set out in its governing document.
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To promote all or any purpose for the benefit of the community in the County Borough of Torfaen as defined in the Local Government (Wales) Act 1994, and surrounding areas (hereinafter called 'the area of benefit'), which are or hereafter may be deemed by law to be charitable and in particular (but not limited to) the advancement of education, the furtherance of health and the relief of poverty, distress and sickness.
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To promote and organise co-operation in the achievement of the above purposes, and to that end bring together in council, national and local representatives of voluntary agencies and statutory authorities engaged in the furtherance of the above purpose or any of them.
As the County Voluntary Council (CVC) for the local area, TVA is a member of Wales Council for Voluntary Action (WCVA) which, together with the other 18 CVC's across Wales, are now known collectively as Third Sector Support Wales - https://thirdsectorsupport.wales/
This report highlights the activities, achievements, and challenges faced by the Torfaen Voluntary Alliance (TVA) during the fiscal year ending 31 March 2024. It reflects our continued commitment to supporting the community and voluntary sector in Torfaen and outlines our strategic priorities and accomplishments. Despite facing external challenges, TVA remains resilient, adaptable, and focused on creating positive change for the communities we serve.
TVA Governance
In 2024, TVA continued to operate under robust governance practices, ensuring transparency and accountability in all our activities. Our Board of Trustees meets bi-monthly to review progress, provide strategic guidance, and make informed decisions to support the organisation's mission. Additionally, TVA reviewed the function of the Executive Resource Committee, dividing it into two key sub-groups: the Finance & Premises Committee and the Staffing & HR Committee. These sub-groups provide focused oversight and in-depth discussions on critical areas.
The Trustee composition was also reviewed, and we welcomed new Trustees who brought fresh perspectives and valuable expertise to our Board. In March 2024, we launched the TVA Strategy 2024-2029, providing a clear roadmap for our future direction and goals.
Membership
Maintaining an active and engaged membership remains a key focus for TVA. As of 31 March 2024, TVA recorded 413 members, slightly below last year's total of 418. Despite this small decrease, this stable membership base highlights the ongoing value TVA provides in strengthening the community and voluntary sector in Torfaen. Additionally, TVA recorded 1,135 interactions throughout the year (compared to 1,391 in 2022), reflecting growing demand for our support, even as membership numbers remain stable. We continue to assess and enhance our engagement efforts to better serve our members.
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TORFAEN VOLUNTARY ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES Strategic Priorities and Achievements
1. Volunteering
TVA has continued to enhance volunteer engagement and support across Torfaen. Key achievements include:
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Volunteer Recruitment: 147 volunteer registrations, with 47 successful placements, demonstrating our success in reaching diverse community members.
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Volunteer Partnerships: We have strengthened our relationships with members and partners, promoting and supporting positive volunteer journeys. For example, one local project saw 10 volunteers support a new community garden, creating a space that has since become a hub for local activities.
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Support for Volunteer-led Initiatives: We provided grants and support for volunteer-led projects, fostering local leadership and building stronger community cohesion.
2. Funding
TVA continued to play a vital role in helping organisations access financial resources. Significant achievements include:
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Grant Awards: Over £153k in grants were distributed to community groups, enabling impactful projects across Torfaen.
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Grants Supported: We assisted groups with funding applications, resulting in over £699k being awarded, which has helped these organisations continue to support their communities.
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Capacity Building: We delivered workshops on grant writing and organisational sustainability, providing tailored support to help groups strengthen their funding applications and ensure long-term viability.
3. Governance
Governance improvements have been central to the development of TVA's strategy, ensuring that we remain transparent, accountable, and aligned with best practices. Notable actions include:
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Membership Review and Trends: A comprehensive membership review was conducted, revealing a slight reduction in overall membership. This decrease can largely be attributed to the closure of several groups within our network. Despite this, TVA remains committed to engaging and supporting the community sector across Torfaen.
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Support for Organisations: TVA has continued to provide governance health checks, resulting in a significant increase in the number of organisations meeting best practice standards. This has strengthened the overall resilience and effectiveness of the community and voluntary sector in Torfaen.
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Policy Development: We undertook a thorough review and update of key governance policies, ensuring they align with the latest best practices and evolving legislative requirements. This ongoing policy development helps ensure that TVA remains compliant and responsive to the needs of the sector.
4. Engagement
TVA has actively worked to foster community collaboration and involvement, strengthening connections across the sector. Key highlights include:
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Community Events: We successfully organised a range of community events, including networking sessions, forums, and volunteer fairs. These events have played a vital role in bringing together community groups, volunteers, and partners, helping to build stronger networks and facilitate knowledge-sharing.
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Influencing: TVA enhanced its communication strategies to raise awareness of our role and the broader impact of the voluntary sector in Torfaen. Through strategic outreach and targeted messaging, we have worked to influence local policy and decision-making, advocating for the value and importance of the community sector in shaping Torfaen's development.
5. Project Development
TVA has supported key projects to build capacity and strengthen community infrastructure, including:
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Building Strong Bridges: Encouraging collaborative working between health, the sector and key partners. Funded through Aneurin Bevan Health Board.
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Opening Doors: Expanding access to community spaces and opportunities for service delivery through establishing 34 hubs, spaces and places across Torfaen. Funded through Aneurin Bevan Health Board: IWN Partnership.
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Connect Torfaen: Strengthening digital connectivity to enhance access to services and resources. Funded through Torfaen Voluntary Alliance in partnership with Torfaen County Borough Council, and Aneurin Bevan Health Board.
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Torfaen Community & Volunteer Awards (TCVA): This event is fast becoming the annual celebration of community and volunteering achievements. Funded through sponsorship from local businesses and partners.
Challenges and Next Steps
While TVA has made significant progress, challenges remain:
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Sustaining Funding: Securing long-term funding to maintain and expand services remains critical.
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Capacity Building: Supporting community organisations to build resilience and adapt to changing demands as crisis continues to develop.
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Engagement: Increasing outreach to underrepresented groups and communities remains a priority.
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TORFAEN VOLUNTARY ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
- Partnerships: Strengthening collaborative partnerships to ensure the sector has a unified and impactful voice.
Public benefit
The organisation's trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
FINANCIAL REVIEW
Financial position
The financial results for the year ended 31 March 2024 are shown in the attached financial statements.
Total income reported £541,922 (2023: £448,845).
Total expenditure reported £566,866 (2023: £435,745).
Overall, the charity generated net expenditure of £24,944 This is split as net income on unrestricted funds of £39,616 and net expenditure on restricted funds of £64,560 due to the timing of restricted project expenditure, The charity started the financial year with restricted fund balances of £95,148.
Reserves policy
The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. They have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of expenditure. This would be within the range £141,000 and £283,000.
At 31 March 2024, free reserves reported are £294,751.
The Board continue to review the charity's Reserves Policy and position, alongside monitoring the approved annual budgets and Strategic plan. At this time, the Board are satisfied with the current level of free reserves held.
LOOKING AHEAD: 2024-25
As we look towards the 2024-2025 period, TVA is committed to building on our successes and addressing challenges to effectively deliver on the 2024-2029 strategy. Our key priorities include:
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Expanding Volunteer Support Services: We will focus on ensuring that all individuals have the opportunity to contribute to and benefit from community volunteering, increasing access and inclusivity across Torfaen.
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Increasing Funding Opportunities: TVA will continue to develop sustainable funding approaches that support long-term growth and help organisations thrive, particularly in the face of shifting financial landscapes.
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Strengthening Governance: We will uphold the best governance practices both internally and across the sector. Additionally, TVA will explore the opportunity to obtain a quality charter mark, further enhancing our credibility and standing.
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Expanding Community Engagement: Our efforts to deepen relationships with community groups and voluntary organisations will strengthen the community-led approach, ensuring that local voices continue to drive change.
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- Strengthening Partnerships: TVA will work closely with key partners, including those involved in the Torfaen Community Wellbeing Strategy, to strengthen collaborative efforts and enhance the impact of the community-led approach.
TVA remains steadfast in its mission to support the community and voluntary sector in Torfaen. Through the dedication of our Trustees and staff we are confident in our ability to navigate challenges and embrace opportunities in the year ahead.
Acknowledgements
We extend our heartfelt gratitude to our Trustees, staff, members, partners and funders for their unwavering commitment and support throughout the year. Their contributions have been instrumental in TVA's achievements and in making a meaningful difference across Torfaen.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and constitution of the charity
TVA is a company limited by guarantee and a registered charity. The charity is controlled by its Memorandum and Articles of Association, adopted in November 2002.
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TORFAEN VOLUNTARY ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Methods adopted for the recruitment and appointment of new trustees
In line with the procedures outlined in the Articles of Association nominations for membership of the Board of Directors are requested each year prior to the AGM and appointments are made from within the membership of TVA following the AGM.
TVA's governing Document allows for a representative of Torfaen County Borough Council to be an elected member of the Board.
Organisational structure of the charity and how decisions are made
TVA has a multi-skilled Board of Directors which meets bi-monthly, with an Executive Resource Committee meeting to discuss finance and staffing related issues that can make recommendations to the board. Day-to-day management of the organisation lies with the Senior Management Team whilst the governance and major decisions regarding policy and strategy are taken at Board level.
Employment of disabled persons
TVA is an equal opportunities employer. The recruitment procedure currently in place is totally inclusive and any suitable person for an advertised post would not be excluded because of having a disability.
Policies and procedures adopted for the induction and training of new trustees
After appointment, new members of the Board are given an induction pack which contains;
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A copy of the Memorandum and Articles of Association
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A Staff Manual, including Policies
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A copy of the latest Annual Report
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Dates of Scheduled Board meetings
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Details of the Roles and Responsibilities of Trustees
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Organisational Structure
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
4603713 (England and Wales)
Registered Charity number 1097079
Registered office
Portland Buildings Commercial Street PONTYPOOL Torfaen NP4 6JS
Trustees
D H Williams Chair (previously Vice Chair) D Henson Treasurer B Holroyd Cllr R Clark P Kennedy J Killick A S Brunt Appointed 10.05.23 E S Davies-Mcintosh Appointed 13.06.23 S J O'Dwyer Appointed 07.02.24 N W Gregory Appointed 22.05.24 The following Trustees resigned from the Board: Cllr F Cross Chair until resignation Resigned 14.05.24 J L Morgan Resigned 15.07.24 Key Management A M Evans Strategic Executive Officer Until 30.11.24 A Morris Operational Executive Officer
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TORFAEN VOLUNTARY ALLIANCE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary
R Clark
Independent Examiner
MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
Bankers
LLoyds TSB 1 Gwent Square CWMBRAN
Solicitors
Messrs Everett Tomlin Lloyd and Pratt Solicitors Clarence Chambers Clarence Street PONTYPOOL NP4 6XP
Name, registered office and constitution of the charity
The full name of the charity is Torfaen Voluntary Alliance. The charity is also known by the name TVA.
Date of incorporation 28 November 2002 Company registration number 4603713 The registered office is Portland Buildings, Commercial Street, Pontypool, Torfaen, NP4 6JS Charity registration number 109709 The telephone number is 01495 365610
Approved by order of the Board of Trustees on .....30th January 2025....................... and signed on its behalf by:
...................................................................... D H Williams - Chair
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TORFAEN VOLUNTARY ALLIANCE
Independent examiner's report to the trustees of Torfaen Voluntary Alliance ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julia Mortimer FCCA MHA (trading name of MacIntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
Date: .............................................
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TORFAEN VOLUNTARY ALLIANCE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 231,472 Charitable activities 6 General support services 13,844 Projects - Other trading activities 4 12,895 Investment income 5 510 Other income 7 4,687 Total 263,408 EXPENDITURE ON Charitable activities 8 General support services 181,752 Volunteering 26,905 Projects 1,121 Partnership development 14,014 Total 223,792 NET INCOME/(EXPENDITURE) 39,616 RECONCILIATION OF FUNDS Total funds brought forward 255,135 TOTAL FUNDS CARRIED FORWARD 294,751 |
Restricted funds £ 259,725 - - 18,789 - - 278,514 - 57,650 245,324 40,100 343,074 (64,560) 95,148 30,588 |
2024 Total funds £ 491,197 13,844 - 31,684 510 4,687 541,922 181,752 84,555 246,445 54,114 566,866 (24,944) 350,283 325,339 |
2023 Total funds £ 405,196 14,214 7,074 22,216 145 - 448,845 216,449 32,720 132,573 54,003 435,745 13,100 337,183 350,283 |
|---|---|---|---|
The notes form part of these financial statements
Page 7
TORFAEN VOLUNTARY ALLIANCE (REGISTERED NUMBER: 4603713)
BALANCE SHEET 31 MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 15 | 11,634 | 16,962 | 28,596 | 50,847 |
| Cash at bank | 325,344 | 13,626 | 338,970 | 324,706 | |
| 336,978 | 30,588 | 367,566 | 375,553 | ||
| CREDITORS | |||||
| Amounts falling due within one year | Amounts falling due within one year 16 |
(42,227) | (42,227) | (25,270) | |
| NET CURRENT ASSETS | 294,751 | 30,588 | 325,339 | 350,283 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES | 294,751 | 30,588 | 325,339 | 350,283 |
| NET ASSETS | 294,751 | 30,588 | 325,339 | 350,283 | |
| FUNDS | 18 | ||||
| Unrestricted funds | 294,751 | 255,135 | |||
| Restricted funds | 30,588 | 95,148 | |||
| TOTAL FUNDS | 325,339 | 350,283 |
The charitable company is entitled to exemption from audit under Section 4 77 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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([a] ) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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([b] ) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ....30th January 2025.................................. and were signed on its behalf by:
The notes form part of these financial statements
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TORFAEN VOLUNTARY ALLIANCE
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 13,754 13,754 510 510 14,264 324,706 338,970 |
2023 £ (92,282) (92,282) 145 145 (92,137) 416,843 324,706 |
|---|---|---|
The notes form part of these financial statements
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operations |
2024 £ (24,944) (510) 22,251 16,957 13,754 |
2023 £ 13,100 (145) (49,884) (55,353) (92,282) |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1/4/23 | Cash flow | At 31/3/24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 324,706 | 14,264 | 338,970 |
| 324,706 | 14,264 | 338,970 | |
| Total | 324,706 | 14,264 | 338,970 |
The notes form part of these financial statements
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. STATUTORY INFORMATION
Torfaen Voluntary Alliance is a registered charity and private company limited by guarantee and has no share capital. The liability of each member is limited to £10. The company is incorporated in Wales in the United Kingdom. The registered office is Portland Buildings, Commercial Street, Pontypool, NP4 6JS.
The nature of the charity's operations and principal activities are disclosed in the Report of the Trustees.
The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
There have been no material departures from Financial Reporting Standard 102.
There financial statements have been prepared in compliance with SORP (FRS 102).
Going concern
The board have approved budgets for the financial year to 31 March 2025, indicating a potential core deficit for that year of around £50,000 and drafted initial budgets for financial year 31 March 2026. Given the free reserves position of the charity, the trustees are satisfied that it is appropriate for the charity's financial statements to be prepared on a going concern basis. The trustees will continue to take steps to minimise the effect on the charity. In the circumstances they have concluded that no adjustments or additional disclosures are required to the financial statements at this time.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. This includes capital grants.
Donations and legacies are accounted as incoming resources on upon receipt or when receipt is probable and amount receivable can be estimated with sufficient accuracy.
Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised where there is entitlement, when the receipt is probable and the amount can be measured reliably. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.
Investment income is recognised on a receivable basis.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Expenditure
Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity.
Expenditure includes VAT as the charity is not VAT registered.
Redundancy or termination payments
Redundancy costs arising from periodic reviews of staff levels are charged against profit in the year in which employees leave the charity.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Operating lease commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of the ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
The benefits of lease incentives are recognised in the profit and loss account over the lease period.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their resources as appropriate.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Basis of recognition of liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation which commits the charity to the expenditure.
Fund accounting
Unrestricted funds are available for use at the trustees' discretion for any purpose within the objects of the charity.
Restricted funds have been received with stipulation from the donor as to the purpose for which they may be used.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Transfers from restricted to unrestricted funds are made when the expending of the funds has fulfilled the terms of the restriction.
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme and makes payments to individuals own pension schemes. Contributions payable are charged to the Statement of Financial Activities in the period to which they relate.
3. DONATIONS AND LEGACIES
| Grants Grants received, included in the above, are as follows: Wales Council for Voluntary Action Third Sector Major Grants - Core funding Youth Led grant scheme Comic Relief Community Fund Torfaen County Borough Council Core funding Connecting Torfaen: Opening Doors Shared Prosperity Fund - Volunteering Youth Work Apprenticeship Partnership Programme Connecting Torfaen: Engagement Aneurin Bevan Health Board BSB - Building Strong Bridges Gwent Regional Partnership Board Integrated Care Fund - Small grants Fund Integrated Care Fund - Winter Pressures Regional Integrated Fund - Small grants fund 4. OTHER TRADING ACTIVITIES Event support income Rental income 5. INVESTMENT INCOME Deposit account interest |
2024 £ 491,197 2024 £ 215,719 6,650 1,500 15,753 22,727 51,000 20,786 16,962 40,100 - - 100,000 491,197 2024 £ 18,789 12,895 31,684 2024 £ 510 |
2023 £ 405,196 2023 £ 202,467 6,650 30,000 15,752 22,727 - - 40,100 40,000 47,500 - 405,196 2023 £ 9,988 12,228 22,216 2023 £ 145 |
||
|---|---|---|---|---|
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. INCOME FROM CHARITABLE ACTIVITIES
| Activity Member services General support services Project administration fees Projects Local projects Projects 7. OTHER INCOME Other income |
2024 £ 13,844 - - 13,844 2024 £ 4,687 |
2023 £ 14,214 2,080 4,994 21,288 2023 £ - |
|---|---|---|
8. CHARITABLE ACTIVITIES COSTS
| General support services Volunteering Projects Partnership development 9. GRANTS PAYABLE Volunteering Projects |
Direct Costs £ 167,739 51,550 98,012 40,100 357,401 |
Grant funding of activities (see note 9) £ - 6,100 147,312 - 153,412 |
Support costs (see note 10) £ 14,013 26,905 1,121 14,014 56,053 2024 £ 6,100 147,312 153,412 |
Totals £ 181,752 84,555 246,445 54,114 566,866 2023 £ 5,027 76,765 81,792 |
|---|---|---|---|---|
The volunteering grants were paid out to 4 (2023: 3) different youth groups based within the Torfaen area. The grants ranged between £840 to £2,560.
The project grants were paid out across a number of projects as follows:
| 2024 | |
|---|---|
| £ | |
| Regional Integration Fund projects | |
| Hope GB | 17,822 |
| Age Connects Torfaen | 12,190 |
| Able Radio | 17,100 |
| Stori | 16,939 |
| The HwB Torfaen | 8,750 |
| Action for Elders | 7,100 |
| The Family & Community Group | 6,924 |
| Two Locks Church | 3,000 |
| Pontnewynydd Methodist Church | 3,000 |
| Richmond Road Baptist Church | 3,000 |
| Griffithstown Baptist Church | 3,000 |
| Pontnewydd Community Centre | 3,000 |
| Cold Barn Farm | 3,000 |
| Bethlehem Congregational Chapel | 1,500 |
| Ponthir village hall | 3,000 |
| Sporting Memories | 3,000 |
| Croesyceiliog Friends for Life Community Club | 3,000 |
| Fairhill Methodist Church | 1,500 |
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. GRANTS PAYABLE - continued
| Cwmbran Centre for Young People Trac 2 The Family Support Group Total number of institutions 21 (2023: 4 institutions - £37,985) Connecting Torfaen: Opening Doors Able Radio Forgeside Community Gardens Cold Barn Farm Two Locks Church The Family & Community Group Thornhill 4 You Too Bethlehem Congregational Chapel Noddfa Church Ponthir village hall Fairhill Methodist Church Torfaen Mind Sharon Full Gospel Church Cwmbran Centre for Young People Total number of institutions 13 (2023: 5 institutions - £11,315) Comic Relief Community Fund Torfaen County Borough Council - Building Resilient Communities Team Total number of institutions 1 (2023: 3 institutions - £27,465) |
1,500 2,500 6,000 |
|---|---|
| 126,825 | |
| 3,248 2,492 2,500 3,248 750 750 750 750 750 500 750 750 750 |
|
| 17,988 | |
| 2,500 | |
| 2,500 |
10. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| General support services Volunteering Projects Partnership development |
Other costs £ 676 1,298 54 676 2,704 |
Staff Governance costs costs £ £ 8,273 5,064 15,884 9,723 662 405 8,274 5,064 33,093 20,256 |
Totals £ 14,013 26,905 1,121 14,014 |
| 56,053 |
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Independent Examiners fees
| 2024 | 2023 |
|---|---|
| £ | £ |
| 3,516 | 3,516 |
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses for the year ended 31 March 2024 (2023: £Nil).
13. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 252,014 18,762 19,866 290,642 |
2023 £ 239,508 19,328 18,140 |
|---|---|---|
| 276,976 |
The average monthly number of employees during the year was as follows:
| 2024 | 2023 |
|---|---|
| 10 | 8 |
No employees received emoluments in excess of £60,000.
14.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 218,219 Charitable activities General support services 14,214 Projects 2,080 Other trading activities 13,316 Investment income 145 Total 247,974 EXPENDITURE ON Charitable activities General support services 216,449 Volunteering 26,693 Projects 1,112 Partnership development 13,903 Total 258,157 NET INCOME/(EXPENDITURE) (10,183) RECONCILIATION OF FUNDS Total funds brought forward 265,318 TOTAL FUNDS CARRIED FORWARD 255,135 |
Restricted funds £ 186,977 - 4,994 8,900 - 200,871 - 6,027 131,461 40,100 177,588 23,283 71,865 95,148 |
Total funds £ 405,196 14,214 7,074 22,216 145 448,845 216,449 32,720 132,573 54,003 435,745 13,100 337,183 350,283 |
|---|---|---|
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
2024 £ 10,566 18,030 28,596 2024 £ 2,398 - 36,313 3,516 42,227 |
2023 £ 2,358 48,489 |
|---|---|---|
| 50,847 | ||
| 2023 £ 975 285 18,624 5,386 |
||
| 25,270 |
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
17. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years |
2024 £ 16,000 - 16,000 |
2023 £ 16,300 16,300 |
|---|---|---|
| 32,600 |
The total lease payments recognised as an expense throughout the year amounted to £16,000 (2023: £16,300).
18. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Youth Grant Scheme Integrated Care Fund - small grants fund TCV Awards Connecting Torfaen: Opening Doors Comic Relief Community Fund Youth Work Apprenticeship Partnership TOTAL FUNDS |
At 1/4/23 £ 255,135 623 40,011 1,343 50,636 2,535 - 95,148 350,283 |
Net movement in funds £ 39,616 - (39,325) 4,923 (41,282) (2,535) 13,659 (64,560) (24,944) |
At 31/3/24 £ 294,751 623 686 6,266 9,354 - 13,659 30,588 325,339 |
|---|---|---|---|
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Youth Grant Scheme Building Strong Bridges Integrated Care Fund - small grants fund TCV Awards Connecting Torfaen: Opening Doors Comic Relief Community Fund Shared Prosperity Fund - Volunteering Opportunities Youth Work Apprenticeship Partnership Connecting Torfaen: Engagement TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Youth Grant Scheme Integrated Care Fund - small grants fund TCV Awards Connecting Torfaen: Opening Doors Comic Relief Community Fund TOTAL FUNDS |
Incoming resources £ 263,408 6,650 40,100 100,000 18,789 22,727 1,500 51,000 20,786 16,962 278,514 541,922 At 1/4/22 £ 265,318 - 396 2,267 69,202 - 71,865 337,183 |
Resources Movement expended in funds £ £ (223,792) 39,616 (6,650) - (40,100) - (139,325) (39,325) (13,866) 4,923 (64,009) (41,282) (4,035) (2,535) (51,000) - (7,127) 13,659 (16,962) - (343,074) (64,560) (566,866) (24,944) Net movement At in funds 31/3/23 £ £ (10,183) 255,135 623 623 39,615 40,011 (924) 1,343 (18,566) 50,636 2,535 2,535 23,283 95,148 13,100 350,283 |
|---|---|---|
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Youth Grant Scheme Building Strong Bridges Integrated Care Fund - small grants fund TCV Awards Connecting Torfaen: Opening Doors Comic Relief Community Fund TOTAL FUNDS |
Incoming resources £ 247,974 6,650 40,100 87,500 8,900 27,721 30,000 200,871 448,845 |
Resources Movement expended in funds £ £ (258,157) (10,183) (6,027) 623 (40,100) - (47,885) 39,615 (9,824) (924) (46,287) (18,566) (27,465) 2,535 (177,588) 23,283 (435,745) 13,100 |
|---|---|---|
Restricted funds
The Youth Grant Scheme provides grants to youth projects with the assessments being made by a youth panel. The scheme is funded through the WCVA.
Building Strong Bridges is funded by the Aneurin Bevan University Health Board in order to continue the Welsh Government initiative to strengthen partnership working between the sector and the NHS.
Regional Integrated Fund / Integrated Care fund - Small grants is funded by the Gwent Regional Partnership Board.
Connecting Torfaen - Opening Doors - funding from ABuHB to host an Opening Doors Officer that will support community-led venues and hubs across the borough that offer opportunities for people to connect with each other and with services. In doing so, the post will contribute to Torfaen's strategy to tackle loneliness and isolation by supporting organisations that enable people to access activities and services that support their social, health and wellbeing needs with further funding from TCBC through the W.Gov Connected Communities Grant.
TCV Awards fund - a partnership recognition scheme to highlight the contribution that volunteers, and community organisations provide within Torfaen. Hosted by TVA with representation from public, private and within Torfaen.
Comic Relief Community Fund - supporting community led organisations to deliver projects within strategic themes.
Shared Prosperity Fund - Volunteering Opportunities - received via Torfaen County Borough Council, allocated UK Shared Prosperity Fund in respect of projects to be undertaken within the geographical area to support volunteering opportunities, The funding covers the employment of a Third Sector Development Officer and associated outcomes and outputs.
Youth Work Apprenticeship Partnership - received via Torfaen County Borough Council for Torfaen Youth Service (TYS) and Torfaen Voluntary Alliance (tva) to embark on the delivery of a youth work apprenticeship programme funded by TYS and hosted by TVA. The apprenticeship programme will offer successful applicants the opportunity to experience both youth work and community-based provision.
Connecting Torfaen Engagement - funding via Torfaen County Borough Council to Champion Connect Torfaen as the central platform for the communities of Torfaen, ensuring it is maintained and widely promoted, in partnership with Torfaen Employability Team and Adult Community Learning Team developing digital workshops that will improve the knowledge and skills in navigating the platform. This is developed through providing face to face support to communities to increase their digital skills.
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TORFAEN VOLUNTARY ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
19. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution pension scheme and makes payments to individuals pension schemes. The assets of the all schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions paid by the charity to the funds and amounted to £19,866 (2023: £18,140). Contributions outstanding at the year end amounted to £3,287 (2023: £1,346).
20. RELATED PARTY DISCLOSURES
The total key management personnel remuneration benefits paid during the year was £110,309 (2023: £110,411).
During the year the charity shared office premises with another charitable organisation, with a common trustee. Rental income of £12,895 was received from this organisation along with associated utility contributions of £8,179. At 31 March 2024 a trade debtor balance of £6,706 was due to the charity.
There were no other related party transactions for the year ended 31 March 2024 or the year ended 31 March 2023 which required disclosure.
Page 20
TORFAEN VOLUNTARY ALLIANCE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Grants Other trading activities Event support income Rental income Investment income Deposit account interest Charitable activities Member services Project administration fees Local projects Other income Other income Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Insurance Telephone Postage and stationery Information and publications Sundries Other employment costs Photocopying costs Building and services costs Meeting costs Computer costs Training and welfare Repairs and maintenance Travel and subsistence Project costs Professional fees Grants to institutions Support costs Other costs Insurance Carried forward |
2024 £ 491,197 18,789 12,895 31,684 510 13,844 - - 13,844 4,687 541,922 202,181 18,762 19,866 3,700 1,510 898 10,493 20 2,670 1,466 32,865 776 21,501 1,255 3,449 2,093 21,448 12,448 153,412 510,813 76 76 |
2023 £ 405,196 9,988 12,228 22,216 145 14,214 2,080 4,994 21,288 - 448,845 189,613 19,328 18,140 3,230 3,010 603 2,662 70 3,388 - 26,971 860 12,832 66 807 1,265 13,698 1,799 81,792 380,134 66 66 |
|---|---|---|
This page does not form part of the statutory financial statements
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TORFAEN VOLUNTARY ALLIANCE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Other costs Brought forward Telephone Postage and stationery Building and services costs Meeting costs Computer costs Travel and subsistence Bank charges Staff costs Wages Governance costs Wages Independent Examiners fee Total resources expended Net (expenditure)/income |
2024 £ 76 79 47 1,016 68 896 110 412 2,704 33,093 16,740 3,516 20,256 566,866 (24,944) |
2023 £ 66 158 32 834 75 535 67 433 2,200 33,123 16,772 3,516 20,288 435,745 13,100 |
|---|---|---|
This page does not form part of the statutory financial statements
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