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2023-04-30-accounts

Charity registration number 1099224

Company registration number 04421847 (England and Wales)

VALEPLUS (CYMRU) & VALEPLUS EXTRA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

VALEPLUS (CYMRU) & VALEPLUS EXTRA

CONTENTS

Page
Chairman's statement 1-2
Trustees’ report 3-7
Statement oftrustees’ responsibilities 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11
Notestothefinancialstatements 12-27

VALEPLUS (CYMRU) & VALEPLUS EXTRA

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 APRIL 2023

Chairmans Report

Over the last year Vale Plus has done exceptionally well as the annual report shows the charity is no longer running at a loss. The charity is attracting more clients than pre Covid, we are providing an amazing service at great value for money. This is especially important in the current cost of living crisis. We have made some real improvements to the facilities within the organisation, with things like, the new workshop and the pop-up shop.

We have attracted some great new members of staff at the same time as retaining our existing staff. We now have a very professional, positive and diligent team that provides the service user with both excellent educational experiences along with improving their social and life skills.

The charity has some more plans for the coming year and | am excited to see these develop, with more community led activities and programs to promote progression of our clients into the work place. Kimberley and her team need to be congratulated on the progress that has been achieved this year, and we as trustees are immensely appreciative.

Mark Andrews - Chair of TrusteesSS es Dated 2%. Med 2023,

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 APRIL 2023

Chief Executive Report

After a disruptive year last year, | am pleased to say ValePlus has had a much more positive and exciting year.

Student numbers have been fully restored to the pre-Covid levels and more. The significant increase in the number of referrals we receive through social services, current students wanting to increase their days, and self-funders have made such a positive impact. This has predominantly been down to the relationships built with each entity and showcasing all of the fantastic things we do through our website and social media.

Café No 5 has built a fantastic reputation within the local community since fully opening in June 2022. Rhian has been terrific at introducing new and exciting additions to the menu and increasing the cafe's social media presence. Llantwit has continued its incredible work in the community dedicating a lot of time and effort to a garden project at Crawshay Court Residentiat Home. The Chapel and R2L have been fortunate enough to participate in many new and exciting activities and projects throughout the year. We held our first certificate presentation since Covid and also hosted our 20th Anniversary fete which had a fantastic turnout and was enjoyed by everyone! The Pop-Up Shop has been an excellent addition with support from Moondance and National Lottery, we have held several events promoting the arts and crafts created by our students.

We have been awarded some incredible grants which have really supported the future vision of the charity. We have been fortunate to receive funding from John Andrews Charitable Trust to install solar panels, and from Cardiff & Vale Healthy Charity to make the garden fully accessible to those students in wheelchairs or who use walkers. We have started the next steps to convert the upstairs at the Chapel into an additional learning space thanks to the Third Sector Capital Grant 2022. This additional space will enable us to take on more students after completion.

The focus for this financial year was to increase fundraising which has certainly taken priority from 23-mile waiks, 10k runs, and the biggest and best Christmas raffle ValePlus has ever had. | don’t believe the financial report fully reflects all the hard work that everyone has put into the year but hope the next report will showcase the hard work and dedication provided by the staff team.

Kimberley Mckay - Chief Executive

VALEPLUS (CYMRU) & VALEPLUS EXTRA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2023

The trustees present their annual report and financial statements for the year ended 30 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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

Charitable Purposes

For the purpose of Section 3 (1) of the Charities Act 2011, ValePlus’s charitable purposes are:

3(1)(b) the advancement of education

3(1)(c) the advancement of citizenship or community development 3(1) (j) the relief of those in need because of youth, old age, ill health, disability, financial hardship or other disadvantage.

Aims of ValePlus

The main aim of ValePlus is to provide opportunities for people with additional learning needs who live in the Vale of Glamorgan and Cardiff. ValiePtus is a training centre, work experience provider and education establishment, and a provider of structured meaningful leisure activities. It's an independent charity, working alongside social services but not governed by them. It employs qualified teachers who promote lifelong learning opportunities. There are 13 support staff, 3 centre managers and 3 teachers who support 65 clients across four main training venues.

Public Benefit

Being based within local communities alt of our projects benefit the public by highlighting the diversity and achievements of our additional learning needs students and changing public attitudes about what people with a disability can achieve.

Our Llantwit Major Outreach Centre has played a huge part in the community engagement garden project at Crawshay Court residential home. Our students worked together with the local PCSO Rhiannon and OG] to create an improved garden for the residents, they also built a greenhouse made entirely of plastic bottles. It helped our students learn new skills, mix with other members of the community, and support their mental health and well-being.

The newest addition to the ValePlus portfolio is our community pop-up shop at our 118a High Street site. ValePlus has always understood how important practical hands-on experience and training is for our students, they handmake all the items and run the shop with the support of the ValePlus staff team. This has given the students an opportunity to connect with the local community in Barry. Our service continues to provide excellent value for money. A whole day at ValePlus compares very favourably with the cost of a paid support worker and allows greater opportunity for interaction with peers, mental stimulation, and a sense of achievement. Nearly all our learners completed accredited courses throughout the year.

Achievements and performance

Lifelong Learning

ValePlus has four day service centres, three based on High Street in Barry and one in Llantwit Major.

We ran ASDAN courses Towards Independence programmes which included ‘Practical Workshop,’ ‘Sound, Rhythm & Music’ ‘Recognising Signs’ and ‘The Wider World’ and a Focus Module ‘Numeracy Progression’. More recently they have been studying ASDAN courses including ‘Communication,’ ‘Sports Studies’ and courses running at the café were ‘Meal Preparation and Cooking; Introduction’

VALEPLUS (CYMRU) & VALEPLUS EXTRA TRUSTEES’ REPORT (INCLUDING DIRECTORS‘ REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

As well as ASDAN and ALW courses there have been practical sessions run including life skills where students have participated in everyday cleaning tasks such as ironing, and learnt about personal hygiene with a kind donation from the Hygiene Bank.

Employment Training

ValePlus is always seeking to develop the potential of its students, and work-based training is a progression from our day centres or an option for college leavers. We have a fully functional café called Café No 5 on High Street, Barry. Since reopening fully in June 2022, the café has gone from strength to strength. The manager, support staff, and students have built up fantastic relationships with local retailers, the local community, and those visiting the area. The students play a fundamental part in preparing and cooking the food, delivering high levels of customer service, and completing the end-of-day checks.

Since the last report one of the charity’s main aims was to create new opportunities to develop the employability skills of our current students and explore new opportunities to encourage others to consider ValePlus in the next step of their education or training. A lot of discussions have been had and our next project will be to create an additional learning space upstairs at the Chapel. This space will be dedicated to students learning life skills and supporting them in the next steps towards employment.

Financial review

ValePlus financial management during this reporting period has been effective in delivering the charitable objectives of lifelong learning and employment training. We have continued our credit control and invoices are being paid within 30 days of issue.

Reserves Policy

ValePlus has established a reserves policy whereby a sum equivalent to six months outgoings is held in the reserves at any one time. The reserves are needed to meet working capital requirements. ValePlus is confident that, at this level, it would be able to sustain its current activities and honour commitments to funders and beneficiaries for the short term in the event of a significant drop in income. At the year-end, the Balance Sheet shows General Unrestricted Funds of £108,887 (compared with £129,251 the previous year). The decreased level equates to just over four months of free reserves cover of expenditure. Whilst this is a decrease we are working on rectifying this in the coming financial year.

Grant Funding

This year we have been extremely fortunate to receive huge support from some fantastic organisations to help us build back up from a difficult financial year in 2021/2022. The main focus has been creating our pop-up shop, which was funded by the Moondance Foundation and the National Lottery. The new space has allowed the students to continue their customer service skills following the closure of Nova in August 2022. The funding from John Andrews Charitable Trust to allow us to install solar panels has already had a positive impact on our utilities and will do long into the future, ValePlus will forever be grateful for the support. GVS has continued supporting us in our ideas and projects to grow our organisations which has been pivotal in creating our future vision for ValePlus. All of the funding received has had a positive impact on the organisation particularly with its staff and the students.

Risks

The major identified risk to the charity is the financial position of both the Vale of Glamorgan and Cardiff Councils. There is continuing pressure on local authorities’ budgets and we are conscious that local authorities’ financial position remains very tight.

We are encouraging self-funders and direct payment funding to help diversify our funding and aligned all our session costs. Though this remains a smaller portion of our current income.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

We maintain a strong working relationship with the Vale councils’ operational managers; invoices are generally paid in full and on time with no major issues with debtors.

The other risks identified are the continued increases in the National Living Wage and the rising running costs.

Going Concern

The general economic climate, together with a reduction in donations and grants could all have a significant impact on ValePlus. However, we are hoping to increase our provision levels if we are successful in securing funds to support our additional learning space at 118a High Street. We will continue working closely with the local authorities and organisations and are optimistic about the future.

Plans for the future

The next project will be to find suitable funding to create an additional learning space at the Chapel. This project will enable us to open our service to more people in the Vale of Glamorgan and Cardiff. We have identified a lack of provisions offering the same service or similar as ValePlus. Opening up our resources to students looking for support in employment straight from school or college and furthering the development of our current students is our future vision.

Structure, governance and management

ValePlus is a Registered Charity and a Company Limited by Guarantee. The governing document is the Memorandum and Articles of Association, and the date of incorporation was 22nd April 2002. The board meets at least quarterly to discuss business and finances and any urgent matters arising.

The Board of Trustees at the date of the report's approval consists of:

ChairMr Markof Andrews Trustees

Vice Chair of Trustees Mrs Isabel Graham

Trustees

Mrs Jen Morgan

Mrs Victoria Andrews Mrs Wanda Jeanes Mrs Jane Musson Mr Keith Williams

Mr David Stevens Mrs Bethan Owens

Trustees and their selection

The trustees represent areas important in the work of ValePlus. These trustees were selected according to the following criteria:

  1. An interest or experience in the field of learning/and or other disabilities

  2. An interest or experience in the local communities of Cardiff and the Vale of Glamorgan

  3. Awillingness to participate in all aspects of the trustee's role

  4. Professional knowledge and networks that can assist with the running of ValePlus 5. Commitment and enthusiasm to be involved and do a good job

  5. Willingness to positively promote the organisation in the community

  6. An ability to help fundraise

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

All prospective trustees are invited to observe a board meeting prior to them being formally invited to join the board. Trustees are entitled to make a claim for traveling and other relevant expenses. There were no claims made in this financial year.

Governance and Staffing

Trustees keep the governance and operations of ValePlus under review and promote a climate of continual improvement.

During the reporting year the day to day running of the charity was the responsibility of the Chief Operations Officer, Hooda Griffiths with the support of the Chief Managing Officer Kimberley McKay. In August 2022 Kimberley McKay was appointed the Chief Executive Officer with overall responsibility of running the charity. Ela Denley was appointed as the Head of Learning and Client Liaison Manager. The three centre managers at Café No 5, Rhian Jones, Llantwit Major, Angharad Pritchard and R2L, Mair Venables have played a valuable role in ensuring we have continued to maintain a high-quality provision. At the year-end ValePlus employed 23 staff.

ValePlus is very fortunate to have a strong staff team who continue to be committed to the organisation.

We retain the services of Peninsula to ensure we are fully compliant with the law as it relates to HR, employment and health and safety.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

Reference and administrative details Charity name ValePlus (Cymru) & ValePlus Extra Charity number 1099224 Company number 04421847 Registered office 118a High Street Barry Vale of Glamorgan CF62 7DT

Trustees Mark Andrews Victoria Andrews isabel Graham Wanda Jeanes Jennifer Morgan Jane Musson David Stevens - appointed 3/1/23 John Williams lain Forsyth - resigned 22/11/22 Robert Gant - resigned 25/7/22 Kimberley Vidal- resigned 18/10/22 Bethan Owens - appointed 3/1/23

Company Secretary

Kimberley McKay

Chief Executive Officer

Kimberley McKay

Independent examiners Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

Bankers

Santander 140 Holton Road Barry

The trustees’ report was approved by the Board of Trustees.

Mark Andrews - Chair Dated 2B foe. J 00 3

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 30 APRIL 2023

The trustees, who are also the directors of ValePlus (Cymru) & ValePius Extra for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VALEPLUS (CYMRU) & VALEPLUS EXTRA

I report to the trustees on my examination of the financial statements of ValePlus (Cymru) & ValePlus Extra (the charity) for the year ended 30 April 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed ail the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| 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 financial statements to be reached.

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Claire Thompson FCCA DChA

Azets Audit Services

Ty Derw, Lime Tree Court

Cardiff Gate Business Park

Cardiff CF23 8AB

United Kingdom Dated: br(l-er

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ ra £ = £
Income from:
Donations and
legacies 3 8,845 - 8,845 2,984 - 2,984
Charitable activities 4 363,357 78,708 442,065 340,645 40,754 381,399
Other trading
activities		 5 33,590 - 33,590 1,720 - 1,720
Investments 6 2,603 - 2,603 - - -
Total income 408,395 78,708 487,103 345,349 40,754 386,103
Expenditure
on:
Raising funds 7 27,106 - 27,106 19,553 - 19,553
Charitable activities 8 407,519 30,871 438,390 374,611 35,256 409,867
Total expenditure 434,625 30,871 465,496 394,164 35,256 429,420
Net (outgoing)/incoming
resources before
transfers (26,230) 47,837 21,607 (48,815) 5,498 (43,317)
Gross transfers
between funds 30,191 (30,191) - ~ - -
Net income/(expenditure)
forthe year/
Netmovement in funds 3,961 17,646 21,607 (48,815) 5,498 (43,317)
Fund balances at 1 May
2022 304,610 5,498 310,108 353,425 - 353,425
Fund balances at 30April
2023 308,571 23,144 331,715 304,610 5,498 310,108

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

BALANCE SHEET

AS AT 30 APRIL 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 149,684 125,359
Current assets
Debtors 13 29,844 35,676
Cash atbankand in hand 184,703 163,632
214,547 199,308
Creditors: amounts falling due within
one year 14 (32,516) (14,559)
Net current assets 182,031 184,749
Total assets less current liabilities 331,715 310,108
Income funds
Restricted funds 16 23,144 5,498
Unrestricted funds
Designated funds 17 199,684 175,359
General unrestricted funds 108,887 429,251
308,571 304,610
331,715 310,108

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 April 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on a)A2-9082

Mark Andrews- Chair

Company Registration No. 04421847

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VALEPLUS (CYMRU) & VALEPLUS EXTRA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

Charity information

The charity is a private company limited by guarantee incorporated in England and Wales. The registered office is 118a High Street, Barry, Vale of Glamorgan, CF62 7DT.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subjeci to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

(Continued)

Client and contract income is invoiced and is recognised in the period to which it relates with any amounts received in advance being deferred.

Shop sales and café sales are recognised at the date of sale.

Income from fundraising is recognised when the income is received.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the norma! course of business, net of discounts, VAT and other sales related taxes.

Costs where possible are attributed directly to the activity in which they relate, Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Leasehold improvements 20% straight line Plant and equipment 20% straight line Motor vehicles 10% straight line

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

1 Accounting policies

(Continued)

1.8 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but conirol of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method,

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

1 Accounting policies

(Continued)

1.12 Taxation

As a registered charity, the charity is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 8,845 2,984
Donations and gifts
Donations 7,628 2,449
Gift aid 1,217 535
8,845 2,984

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

4 Charitable activities

2023 2022
£ £
Clientand contract income 360,853 334,823
Sundry income 2,504 5,822
Grants 78,708 40,754
442,065 381,399
Analysis by fund
Unrestricted funds 363,357 340,645
Restricted funds 78,708 40,754
442,065 381,399
Grants
Vale ofGlamorgan 3,208 4,240
Glamorgan Voluntary Services (GVS) 13,266 6,120
HMRC Coronavirus Job Rentention Scheme - 1,939
BarryTown Council - 985
NHS Recognition Scheme - 13,590
Welsh Government * 5,000
Vale Redesign Grant - 8,880
Moondance Foundation 30,000 ~
Eat Well Move More 2,115 =
National LotteryAwards for AllWales 10,000 -
Monmouthshire Charitable 864 -
John Andrews Charitable Trust 14,786 -
ValePlus Service User Engagement Programme Improvement 3,970 -
ValePlus Food 500 -
78,708 40,754

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

5 Other trading activities

Unrestricted Unrestricted
funds funds
2023 2022
, £
Shop sales 697 100
Café sales 15,678 321
Fundraising 15,504 1,299
Workshop 1,711 -
Other trading activities 33,590 1,720
6 Investments
Unrestricted Total
funds
2023 2022
£ £
Interest receivable 2,603 -
7 Raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising 3,627 460
Café expenditure 18,617 8,275
Shop expenditure 4,862 10,818
27,106 19,553

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

8 Charitable activities

2023 2022
£ £
Staff costs 321,253 308,554
Depreciation and impairment 6,189 4,973
Minibus costs 1,739 1,096
Workshop costs 749 -
General running costs 24,476 22,154
Llantwit costs 13,840 13,384
Project costs 16,004 10,258
Travel and subsistence 1,604 -
Training 1,017 -
386,871 360,419
Share ofsupport costs (see note 9) 39,914 38,656
Share ofgovernance costs (see note 9) 11,605 10,792
438,390 409,867
Analysis by fund
Unrestricted funds 407,519 374,611
Restricted funds 30,871 35,256
438,390 409,867
Support costs
Support Governance 2023 Support Governance 2022
costs costs costs costs
£ € £ £ £ £
Staff costs 35,695 - 35,695 34,284 - 34,284
Depreciation 688 - 688 553 - 553
Sundry 811 - 811 1,357 - 1,357
General running costs 2,720 - 2,720 2,462 - 2,462
Legal and professional - 11,605 11,605 - 10,792 10,792
39,914 11,605 51,519 38,656 10,792 49,448
Analysed between
Charitableactivities 39,914 11,605 51,519 38,656 10,792 49,448

9 Support costs

Governance costs includes payments to the independent examiners of £2,035 (2022: £1,850) for the independent examination and £1,100 (2022: £1,000) for accountancy services.

-18-

VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

10 Trustees

No trustees were remunerated during the current or prior year.

No trustees were reimbursed for expenses in the current or prior year.

-19-

VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

11. Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
23 20
Employment costs 2023 2022
£ £
Wages and salaries 335,020 319,902
Social security costs 17,820 20,268
Other pension costs 4,108 2,668
356,948 342,838

Key management personnel

The key management personnel received benefits (including gross salary, employers national insurance contributions and employers pension contributions) totaling £54,024 (2022: £85,402)

Employers earning > £60k

No employees received remuneration > £60,000 in the current and prior year.

Redundancy, settlement and termination payments

Contained in wages and salary costs are settlement payments totalling £5,031 (2022: £nil). There were no amounts outstanding at the current or prior year end.

12 Tangible fixed assets

Tangible fixed assets
Freehold land Leasehold Plantand Motor vehicles Total
and buildings improvements equipment
£ £ £ £ £
Cost
At 1 May 2022 131,008 4,550 5,409 23,973 164,940
Additions 29,567 - 4,634 - 31,201
At 30April 2023 160,575 4,550 7,043 23,973 196,141
Depreciation and impairment
At1May2022 15,315 4,470 5,409 14,386 39,580
Depreciation charged in the year 4,373 80 Ze 2,397 6,877
At 30 April 2023 19,688 4,550 5,436 16,783 46,457
Carrying amount
At30 April 2023 140,887 - 1,607 7,190 149,684
At30April2022 115,692 80 - 9,587 425,359

-20-

VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

12 Tangible fixed assets

(Continued)

The vatue of the land included in the above is £89,000.

13 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 29,024 35,252
Other debtors 385 -
Prepayments and accrued income 435 424
29,844 35,676
14 Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security 14,168 10,927
Trade creditors 12,452 -
Other creditors 793 -
Accruals 5,103 3,632
32,516 14,559

15 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £4,108 (2022 - £2,668).

Amounts outstanding at the year end totalled £793 (2022: Enil).

-271-

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds
Balance at Resources Balance at Incoming Resources Balance at
1 May 2021 expended 1 May 2022 resources expended 30April2023
£ £ re £ £ £
Fixed asset fund 130,885 (5,526) 125,359 31,202 (6,877) 149,684
Expansion project 50,000 - 50,000 - - 50,000
180,885 (5,526) 175,359 31,202 (6,877) 199,684

Fixed asset fund

The fund represents the functional fixed assets used to further the charity's aims. Movement relates to additions in the year and depreciation.

Expansion project

The fund represents funds to attract match funding for new premises in Barry.

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VALEPLUS (CYMRU) & VALEPLUS EXTRA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £
Within one year 1,500 5,896
Between two and five years 5,625 -
7,125 5,896

20 ~—~Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

~ 27 -