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2022-03-31-accounts

Company registration number: 06058360 Charity registration number: 1118403

Voluntary Action Merthyr Tydfil

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2022

Mitchell Meredith Limited St Davids House 48 Free Street Brecon Powys LD3 7BN

Voluntary Action Merthyr Tydfil

Contents

1 to 8 Trustees' Report 9 to 11 Independent Auditors' Report 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 to 29 Notes to the Financial Statements

Voluntary Action Merthyr Tydfil

Trustees' Report

ACCOUNTABILITY AND GOVERNANCE

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 31 March 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, 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 2015).

Voluntary Action Merthyr Tydfil is an incorporated association and a registered charity. The current company / charity became operational on 1 October 2007 with assets and liabilities transferred from the old charity with the same name (registered number 1060242).

Directors/Trustees are recruited and appointed in accordance with the articles and memorandum of association. Nominations are invited from the members of the company/charity and are elected at the AGM. The Officers are elected by the Board.

No outside party can nominate trustees but the elected trustees may co-opt members in accordance with the constitution.

VAMT has adopted the Charity Commission’s Hallmarks of an Effective Charity and its Board of Trustees adhere to the Nolan Seven Principles of Public Life.

OBJECTIVES

The Objects of the Charity are to promote any charitable purposes for the benefit of the community in the County Borough of Merthyr Tydfil and surrounding area (‘the area of benefit’) and in particular, but not limited to, the advancement of education, the furtherance of health and the relief of poverty, distress and sickness.

The principal aims of the charity are to:

VAMT is a member of Third Sector Support Wales(TSSW); a collaboration of the 19 County Voluntary Councils in Wales together with Wales Council for Voluntary Action. TSSW provide a universal offer to the third sector based on four pillars of activity: volunteering; good governance; sustainable funding and engagement and influencing which align with the overall objectives of VAMT.

Page 1

Voluntary Action Merthyr Tydfil

Trustees' Report

PUBLIC BENEFIT

The trustees consider the charitable activities of the organisation to ensure that they provide benefit to the public. In shaping our objectives for the year and planning our activities the trustees always ensure that the programmes we undertake are in line with our main objective which is to promote all or any purposes for the benefit of the community deemed by law to be charitable and in particular the advancement of education, the furtherance of health and the relief of poverty, distress and sickness.

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the aims and objectives as they have overall responsibility for implementation of the Strategic Plan and monitor and scrutinise the Operational Plan.

ACHIEVEMENTS AND PERFORMANCE

Key Performance Indicators

TSSW organisations utilise an integrated Customer Relationship Management (CRM) system which provides functionality to record and monitor activity. The table below captures VAMT data across the previous two reporting periods:

Key Performance Indicators 2021/22 2020/21
Total
number
of
interactions
(instances
organisations/stakeholders		 of advice / support) with 1,339 1,415
Number of volunteers placed / supported 151 212
Number of Third Sector organisations provided with direct advice/support 469 202
Amount of funding received by Third Sector organisations following support £1,193,609 £620,551
Amount of funding provided through grants schemes administered by VAMT £403,776 £494,449
Number of attendees at forums and events organised by VAMT 524 851
Number of participants at training courses provided 17 70
Total membership 296 281

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Voluntary Action Merthyr Tydfil

Trustees' Report

Volunteering

The Volunteer Centre provided 98 volunteers with information, advice and support around volunteering and 53 people were supported into opportunities. The ongoing promotion of the Volunteering Wales website resulted in 38 local people registering for opportunities.

For the purpose of promoting best practice, policy advice, sharing information and networking, the Volunteer Centre facilitates a Volunteer Managers’ Forum. 3 meetings have been held with 34 members attending.

Coordinated the development of a film to highlight community response to Covid and demonstrate how volunteers, groups and schools benefitted from additional grants/funding sourced and awarded via VAMT. This was showcased at the VAMT AGM, and commended by members and partners.

Welsh Government funding secured towards the end of the calendar year allowed a 20% increase in volunteer centre capacity throughout Quarter 4. The additional resource was used to focus on raising awareness and providing support around corporate volunteering. Enquiries from a number of organisations resulted in staff groups from EE, People Plus and Cwm Taf Morgannwg UHB being brokered by the Volunteer Centre into volunteering opportunities across the Borough, all reporting positive experiences. Further, all VAMT staff took opportunity to volunteer with member organisations as part of our Employee Volunteering Policy.

Annual Volunteers’ Week celebrations were impacted by the restrictions around community gatherings. The Volunteer Centre arranged for filming of three local organisations, the collec-tion of local volunteers’ stories and a series of photographs of local volunteers. These were shared via Facebook and VAMT website and within a volunteer-specific edition of VAMT’s newsletter as a means of recognising and celebrating volunteering activity within the local area.

Good Governance

Information is disseminated via all VAMT communication channels, via direct emails to members and since the onset of the pandemic increasingly via the blog and website. Organisations are also encouraged to use the resources available via the TSSW Knowledge Hub.

A range of support has been provided around governance: one group assisted in their dissolution and transfer of assets; 3 organisations advised on setting up formally and adopting a constitution; another given information on incorporation. Support to a group on a recovery/development plan and one group supported to access missing legal documents.

VAMT continued its collaboration with Lloyds Bank Foundation (England & Wales) and brokered a series of workshops for the sector aimed at building relationships between small organisations and businesses as a non-transactional relationship. VAMT brokered introduction between a local supermarket and 3 local organisations who progressed to become identified as community partners and receive non-financial support and assistance. One of the workshops focussed on using LinkedIn and resulted in a Charity having its Amazon wishlist fulfilled by a local philanthropist, with a monetary value of around £2.4k. An agreement was made for the supermarket to transfer their waste cardboard to a local organisation who then make eco animal bedding. This helps the supermarket reduce their carbon footprint by approximately 10 tonnes of CO2 per annum in waste cardboard alone.

A section of the VAMT website is dedicated to “Good Governance” and offers supportive information and tools to support Trustees in their roles.

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Voluntary Action Merthyr Tydfil

Trustees' Report

Sustainable Funding

We are proud to report £1,193,609 of funding was secured by 36 organisations following our support - previous year £620,551 for 58 organisations.

In addition, VAMT administered the following grant schemes, making 87 awards totalling £403,776

• Loneliness & Isolation Grant - in collaboration with MTCBC this grant will be available annually for 3 years

• Wellbeing for Staff, Trustees and Volunteers Grant Scheme - in collaboration with MTCBC and via Recovery Funding

• Dementia Care Grant Scheme - via ICF to support people living with Dementia and their Carers.

• Community Capacity Grant Scheme - via ICF to support priority groups including children and young people / disabilities

• Coronavirus Recovery Grant for Volunteering - via Welsh Government to enhance volunteering in the recovery phase of the pandemic

• Mental Health Grant Scheme - supporting positive mental health within the community

• Befriending Services - ICF funding secured to retain services across Cwm Taf

• Third Sector Winter Pressures Fund - via WCVA. Opportunity to increase capacity / services across third sector and/CVCs.

VAMT Volunteer Centre administered a Youth Led Grants programme, supporting a panel of four young people who assessed grant applications and awarded £5,450 to 5 organisations.

From funding received via Public Health Wales, we hosted a full-time Black Asian Minority Ethnic (BAME) Engagement Officer from June 2021 and for the remainder of the financial year. The purpose of the role was to influence Covid-19 safe behaviours in local BAME communities.

In Quarter 3 we signed a new Agreement with Cwm Taf Morgannwg UHB to support the implementation of a new regional service model supporting mental health development and service user involvement. The Agreement funds two full time posts who took up post in January and will collaborate with counterparts in BAVO and Interlink as part of the regional delivery. Additional funding was secured by a separate, but related, Agreement to implement the recommendations of research into Service User and Carer experiences commissioned by the UHB in 2020.

In Quarter 3 we also appointed a Local Implementation Lead Officer via a new 12 month fixed term funding opportunity with Lloyds Bank Foundation (LBF). This post is part of their People & Communities Programme, which is delivered in 6 areas of the UK, with Merthyr Tydfil being the only Welsh area. The incumbent is seconded to the role by agreement of MS Society Cymru on a part-time contract to support the LBF development team and local programme of work around systems change relating to children and young people’s mental health.

VAMT worked with a number of young people and local partners to develop an application to the National Lottery Community Fund “Mind Our Future” funding aimed at supporting mental health of Children and Young People. The local application, project name Snakes & Ladders, was successful and will be led by third sector organisations, commencing in 2022-23.

Merthyr Tydfil County Borough Council was successful in achieving Community Renewal Funding from the UK Government and as part of the application VAMT secured funding to support local social enterprises. VAMT sub-contracted to Cwmpas (formerly Wales Co-op) to conduct the work. This included the mapping of all social enterprises in the area and re-introducing a social enterprise/economy network, plus supporting 5 social enterprises within the Borough to develop their plans. The contract is due to complete June 2022.

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Voluntary Action Merthyr Tydfil

Trustees' Report

A collaborative bid to Welsh Government, co-written by VAMT, MTCBC and Merthyr Valleys Homes was successful. It benefits a wide range of organisations including members of the Food Prosperity Network, pre-schools and other third sector groups with financial support and will fund wider research into further sustainability for food provision. £100k secured and research will be completed in the year ahead.

Quarterly Funders’ Forum meetings are held with local and national funding bodies. Support also provided for the annual funding surgery of local MP and Senedd Member, with 40 people attending.

We have provided a range of one-to-one finance support to our members, including accounts overview service for 4 members. We also provided an accounts and payroll service for another organisation and agreed a new contract with them for 2022-23.

Influence and Engagement

VAMT are engaged in over 35 partnerships and planning groups at a local/ regional level. Some were paused during the pandemic; some met virtually and now some are returning to face to face meetings.

At VAMT we facilitated a number of third sector forums/networks throughout the year themed around:

Overall we arranged 53 networks/forums/learning events locally which 546 individuals attended. Whilst most of our meetings have been held remotely, we are aiming to progress to face to face meetings in due course. They are recognised and valued as a platform for engagement with our members.

We convened meetings around Food Prosperity and refreshed the network membership. VAMT connected the Feeding Britain coalition and agreed to develop the Food Prosperity Network into a wider “Feeding Merthyr Tydfil” network with the emphasis on ensuring that by working together nobody has to go hungry or without basic essentials during the recovery from the pandemic. The Feeding Merthyr Tydfil network is the first of “Feeding Britain” developments in Wales. Subsequent developments have included Feeding Britain providing funding for Citizens Advice to run a fuel bank; and for another organisation to develop a food pantry.

VAMT leads on the Cwm Taf Morgannwg Social Value Forum together with BAVO and Interlink. The 3 CVCs, in collaboration with the Regional Commissioning Unit, commissioned the Social Effectiveness Research Centre to undertake research into social value and measuring social value impact. The research findings will then be used to inform the Regional Partnership Board. The first network (since the pandemic) of the Social Value Forum was held in the spring and gave opportunity to gather information to inform the research.

Our project funded staff have a significant role in our engagement with individuals in the community, our members and our partners and their work this year has included:

• Community Coordinator: supporting people aged 50+ to access services and activities in the community to benefit their health and wellbeing. Referrals received 266 Referrals made 230 Signposts to third sector support 293

• BAME Engagement Officer: community mapping and engagement, resulting in the development of ‘drop-in’ advice and support sessions at VAMT, in conjunction with our Community Coordinator.

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Voluntary Action Merthyr Tydfil

Trustees' Report

• Tackling Loneliness & Isolation Development Officer: reconvened befriending network; develop and strengthen links with PSB; exploring shared resources, eg training and peer support. Introducing and supporting ‘Loneliness Champions’ across public service organisations by creating pathways of support to Community / Wellbeing Coordinators within CVCs.

• Calon Las Community Hub: Regular community consultation which informs local planning and future funding bids. Supporting 2 local groups to secure £1,070 funding. Supporting Calon Las partners with seasonal community initiatives plus a holiday hunger (Fit & Fed) event.

• Local Implementation Lead: Developing local links to the work of LBF. Supporting VAMT Children, Young People and Families’ Network, plus active engagement in the Mind our Future Partnership.

• Mental Health: (appointed in Q4) connecting with VAMT networks, developing connections and raising awareness of these new roles.

PLANS FOR FUTURE PERIODS

Priorities include;

• Providing information, advice and support to people wishing to volunteer

• Ongoing facilitation of third sector networks to provide engagement opportunities for members and our partners

• Continuing to represent the sector at all levels of public partnerships

• Continued collaboration with Interlink RCT and BAVO concerning regional partnerships and joint service delivery on the new Cwm Taf Morgannwg regional footprint

• Fully engaging in Integrated Care Fund projects including the Community Coordinators, third sector grants schemes and others, and in any reviews which relate to the funding of these projects

• Supporting the Calon Las Community Hub (Gurnos)

• Continue to collaborate with MTCBC colleagues on a range of projects including revising the local Compact Agreement

FINANCIAL REVIEW

Principal Funding Sources

The organisation derives its funding from a variety of sources. The principal sources are derived from the Welsh Government, Merthyr Tydfil County Borough Council and Cwm Taf University Morgannwg Health Board.

In this report period additional funding has been received from Lloyds Bank Foundation (England & Wales) and Cwm Taf Morgannwg Public Health Team.

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Voluntary Action Merthyr Tydfil

Trustees' Report

Reserves Policy and Going Concern

The overall surplus for the year amounts to £155,616.

It is the Charity's policy that free reserves should be sufficient to allow the ongong operation of the Charity in the event of an unexpected fall in funding. At 31 March 2022 free reserves amounted to £671,458 (2021 £514,543)

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. The trustees of the charity regularly review and update the charities Risk Register which has a specific section on financial risk.

Pay Policy for Senior Staff

VAMT has an organisational policy which relates job roles to job groupings and an associated pay scale. Senior staff are incorporated in that policy. The spinal column points on the pay scales relate to the nationally agreed local government NJC scales (based on the rates as of 1st April 2017).

Reference and Administrative Details

Trustees: S E Davies

E J Dawson (resigned 20/5/2021) P Gray (resigned 31/01/2022) Dr H Jones OBE (appointed 23/11/2021) M J A Jones (resigned 23/11/2021) B Lewis (resigned 23/11/2021) N B Mahoney K A Nor-Val A Roberts MBE M Ronan M Ward (resigned 23/11/2021)

Secretary: Mrs S Richards, Chief Officer, Principal Office: 89 -90 High Street Merthyr Tydfil Mid Glamorgan CF47 8UH

Company Registration Number: 06058360 Charity Registration Number: 1118403 Bankers: HSBC Bank Plc

Merthyr Tydfil Branch 127/128 High Street Merthyr Tydfil Mid Glamorgan CF47 8DN Auditor: Mitchell Meredith Limited St Davids House 48 Free Street Brecon Powys LD3 7BN

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Voluntary Action Merthyr Tydfil

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Voluntary Action Merthyr Tydfil for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the Management Committee to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The Management Committee are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 25 July 2022 and signed on its behalf by:

S E Davies Trustee

Page 8

Voluntary Action Merthyr Tydfil

Independent Auditor's Report to the Members of Voluntary Action Merthyr Tydfil

Opinion

We have audited the financial statements of Voluntary Action Merthyr Tydfil (the 'charity') for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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:

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 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 this gives rise to a material mistatement in the financial statemenst themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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Voluntary Action Merthyr Tydfil

Independent Auditor's Report to the Members of Voluntary Action Merthyr Tydfil

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 8), 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.

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

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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Voluntary Action Merthyr Tydfil

Independent Auditor's Report to the Members of Voluntary Action Merthyr Tydfil

There are inherent limitations in our audit procedures as described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

M L Barnes FCCA ACA (Senior Statutory Auditor) For and on behalf of Mitchell Meredith Limited, Statutory Auditor

St Davids House 48 Free Street Brecon Powys LD3 7BN

Date: 25 July 2022

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Voluntary Action Merthyr Tydfil

Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Charitable activities
4
Other activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Gains/losses on investment
assets
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
£
235,445
39,594
2,435
3,037
280,511
(266,592)
(266,592)
6,886
20,805
129,876
150,681
600,812
751,493		 Restricted
£
736,093
-
-
-
736,093
(601,282)
(601,282)
-
134,811
(129,876)
4,935
204,635
209,570		 Total
2022
£
971,538
39,594
2,435
3,037
1,016,604
(867,874)
(867,874)
6,886
155,616
-
155,616
805,447
961,063		 Total
2021
£
1,132,647
49,096
2,484
2,661
1,186,888
(928,708)
(928,708)
13,780
271,960
-
271,960
533,487
805,447

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 15 to 29 form an integral part of these financial statements. Page 12

Voluntary Action Merthyr Tydfil

(Registration number: 06058360) Balance Sheet as at 31 March 2022

Fixed assets
Note
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: Amounts falling due within one year
17
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted
20
Unrestricted income funds
Unrestricted
Total funds
20		 2022
£
81,731
87,293
169,024
164,965
668,755
833,720
(41,681)
792,039
961,063
209,570
751,493
961,063		 2021
£
86,269
80,407
166,676
122,931
565,835
688,766
(49,995)
638,771
805,447
204,635
600,812
805,447

The financial statements on pages 12 to 29 were approved by the trustees, and authorised for issue on 25 July 2022 and signed on their behalf by:

M Ronan Trustee

The notes on pages 15 to 29 form an integral part of these financial statements. Page 13

Voluntary Action Merthyr Tydfil

Statement of Cash Flows for the Year Ended 31 March 2022

Cash flows from operating activities
Note
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
Investment income
6
Revaluation of investments
Working capital adjustments
(Increase)/decrease in debtors
16
Decrease in creditors
17
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
14
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2022
£
155,616
11,246
(2,435)
(6,886)
157,541
(42,034)
(8,314)
107,193
2,435
(6,708)
(4,273)
102,920
565,835
668,755		 2021
£
271,960
37,569
(2,484)
(13,780)
293,265
69,754
(138,812)
224,207
2,484
-
2,484
226,691
339,144
565,835

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 15 to 29 form an integral part of these financial statements. Page 14

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 89 -90 High Street Merthyr Tydfil Mid Glamorgan CF47 8UH

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Voluntary Action Merthyr Tydfil meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

Investment income

Dividends are recognised once the dividend has been paid.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

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Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Charitable activities

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 necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold property 2% straight line Land Not depreciated Leasehold property Over the remaining term of the lease Office equipment 25% straight line

Page 16

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Trade debtors

Trade debtors are amounts due from customers for merchandise 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

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

Page 17

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Grants

WAG CFAP Grant
Cwm Taf Local Health Board
Merthyr Tydfil CBC
WCVA
Interlink
Lloyds Bank Foundation
Tydfil Training Consortium		 Unrestricted
Funds
£
21,554
25,000
158,891
-
-
30,000
235,445		 Restricted
Funds
£
-
489,846
138,981
72,721
7,000
27,545
-
736,093		 Total Funds
2022
£
511,400
163,981
231,612
7,000
27,545
30,000
971,538		 TotalFunds
2021
£
126,093
570,069
79,759
343,363
13,363
-
-
1,132,647

4 Income from charitable activities

Grants and contracts Unrestricted
General
£
235,445		 Restricted
£
736,093		 Total
2022
£
971,538		 Total
2021
£
1,132,647

Page 18

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

5 Income from other activities

Other activities
Property rental income		 Unrestricted
General
£
9,080
30,514
39,594		 Total
2022
£
9,080
30,514
39,594		 Total
2021
£
22,167
26,929
49,096

6 Investment income

Interest receivable on bank deposits
7 Other income
Miscellaneous Income		 Unrestricted
General
£
2,435
Unrestricted
General
£
3,037		 Total
2022
£
2,435
Total
2022
£
3,037		 Total
2021
£
2,484
Total
2021
£
2,661

8 Expenditure on charitable activities

Unrestricted

Note
Grants payable
Staff costs
Allocated support
costs
9
Governance costs
9		 General
£
-
175,742
73,739
17,111
266,592		 Restricted
£
403,776
163,919
30,882
2,705
601,282		 Total
2022
£
403,776
339,661
104,621
19,816
867,874		 Total
2021
£
494,449
291,127
122,982
20,150
928,708

Page 19

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

9 Analysis of governance and support costs

Support costs allocated to charitable activities

Basis of
allocation
Premises expenses
Direct
Cleaning and repairs
Direct
Subscriptions
Direct
Advertising and
publications
Direct
Insurance
Direct
Bank Charges
Direct
Development costs
Direct
Office costs
Direct
Computer expenses
Direct
Motor and travel
Direct
Recruitment & training Direct
Legal and professional Direct
Other costs
Direct
Depreciation
Direct
Bad debt provision		 Unrestricted
funds
£
545
18,713
405
1,085
5,273
185
5,862
4,816
13,693
380
185
6,346
2,180
10,681
3,390
73,739		 Restricted
funds
£
11,907
-
-
943
-
-
1,878
3,548
9,051
635
1,502
853
-
565
-
30,882		 Total
2022
£
12,452
18,713
405
2,028
5,273
185
7,740
8,364
22,744
1,015
1,687
7,199
2,180
11,246
3,390
104,621		 Total
2021
£
14,403
21,821
373
1,825
4,625
120
3,216
9,552
19,459
1,635
798
4,772
2,810
37,573
-
122,982

Page 20

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Governance costs

Staff costs
Wages and salaries
Audit fees
Audit of the financial statements
Other governance costs		 Unrestricted
General
£
13,500
3,611
-
17,111		 Restricted
£
-
1,139
1,566
2,705		 Total
2022
£
13,500
4,750
1,566
19,816		 Total
2021
£
13,500
4,750
1,900
20,150

10 Net incoming/outgoing resources

Net incoming resources for the year include:
Audit fees
Depreciation of fixed assets		 2022
£
4,750
11,246		 2021
£
4,750
37,573

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Page 21

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

12 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2022
£
302,590
23,124
27,447
353,161		 2021
£
259,126
21,293
24,208
304,627

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Total employees 2022
No
10		 2021
No
9

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £85,893 (2021 - £87,384).

13 Auditors' remuneration
2022 2021
£ £
Audit of the financial statements 4,750 4,750

Page 22

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

14 Tangible fixed assets
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Landand
buildings
£
515,412
-
515,412
441,366
3,702
445,068
70,344
74,046		 Furnitureand
equipment
£
109,158
6,708
115,866
96,935
7,544
104,479
11,387
12,223		 Total
£
624,570
6,708
631,278
538,301
11,246
549,547
81,731
86,269

Included within the net book value of land and buildings above is £70,344 (2021 - £71,604) in respect of freehold land and buildings and £Nil (2021 - £2,442) in respect of leaseholds.

15 Fixed asset investments

Cost or Valuation
At 1 April 2021
Revaluation
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Listed
investments
£
80,407
6,886
87,293
87,293
80,407		 Total
£
80,407
6,886
87,293
87,293
80,407

Page 23

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

16 Debtors

Trade debtors
Prepayments
Other taxes and social security
Other debtors		 2022
£
5,793
1,628
-
157,544
164,965		 2021
£
25,798
6,706
1,974
88,453
122,931

17 Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals		 2022
£
12,898
11,170
1,795
15,818
41,681		 2021
£
10,208
-
24,840
14,947
49,995

18 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £27,447 (2021 - £24,208).

19 Commitments

Other financial commitments

During the year the Charity renewwd an equipment lease fro a five year term with an annual rental of £887 The total amount of other financial commitments not provided in the financial statements was £4,215 (2021 - £350).

Page 24

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

20 Funds
Unrestricted funds
General
General
Restricted funds
Building Strong Bridges
Gwirvol user-led grants
World Mental Health Day
ICF Befriending Services
Community Capacity
ICF - Dementia
Community Zone
ICF - VAMT Staff Fund
WCVA Comic Relief
Loneliness and Isolation
ICF - Capital Grants
Self Isolation
Interlink COVID
BAME
Emergency Fund
CRV Grant
Foundation
Recovery
Winter Pressure
Cwm Taf Mental Health
Total restricted funds
Total funds		 Balance
at 1April
2021
£
600,812
-
-
182
50,084
21,340
41,472
3,636
-
-
-
8,781
8,780
13,000
29,754
24,997
2,609
-
-
-
-
204,635
805,447		 Incoming
resources
£
280,511
38,578
6,650
-
150,000
60,000
45,000
26,254
66,501
2,826
73,587
-
-
7,000
8,000
-
-
27,545
90,000
63,245
70,907
736,093
1,016,604		 Resources
expended
£
(266,592)
(43,599)
(5,450)
-
(165,451)
(65,700)
(36,225)
(28,311)
(39,207)
-
(50,908)
(1,678)
(1,527)
(6,325)
(30,602)
(24,999)
(2,609)
(9,676)
(35,335)
(40,000)
(13,680)
(601,282)
(867,874)		 Transfers
£
Other
recognised
gains/(losses)
£
129,876
6,886
5,021
-
(1,200)
-
-
-
-
-
(15,640)
-
(6,384)
-
(1,579)
-
(27,294)
-
(2,826)
-
(22,679)
-
(7,103)
-
(7,253)
-
(1,514)
-
(6,481)
-
2
-
-
-
(2,025)
-
(6,750)
-
(23,245)
-
(2,926)
-
(129,876)
-
-
6,886		 Balance
at31
March
2022
£
751,493
-
-
182
34,633
-
43,863
-
-
-
-
-
-
12,161
671
-
-
15,844
47,915
-
54,301
209,570
961,063

Page 25

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Unrestricted funds
General
General
Restricted
Building Strong Bridges
Gwirvol user-led grants
World Mental Health Day
ICF Befriending Services
Community Capacity
ICF - Dementia
Community Zone
ICF - VAMT Staff Fund
WCVA Comic Relief
Loneliness and Isolation
ICF - Capital Grants
Friend In Need
Self Isolation
Interlink COVID
Cwm Taf Self Isolation
BAME
Winter Slippage
COVID 19 Transformation
Emergency Fund
CRV Grant
Total restricted funds
Total funds		 Balance
at 1April
2020
£
446,512
-
-
182
33,544
8,340
24,134
3,431
-
-
-
17,344
-
-
-
-
-
-
-
-
-
86,975
533,487		 Incoming
resources
£
396,357
41,720
6,650
-
150,000
60,000
45,000
31,959
66,864
26,591
51,110
-
13,000
10,000
13,000
36,000
30,000
57,755
15,000
49,997
111,843
816,489
1,212,846		 Resources
expended
£
(325,424)
(38,681)
(5,450)
-
(130,740)
(38,443)
(27,662)
(28,975)
(54,940)
(26,591)
(30,335)
(8,563)
(10,071)
(1,220)
-
(32,400)
(246)
(57,339)
(13,520)
(25,000)
(99,066)
(629,242)
(954,666)		 Transfers
£
Other
recognised
gains/(losses)
£
Balance
at31
March
2021
£
69,587
13,780
600,812
(3,039)
-
-
(1,200)
-
-
-
-
182
(2,720)
-
50,084
(8,557)
-
21,340
-
-
41,472
(2,779)
-
3,636
(11,924)
-
-
-
-
-
(20,775)
-
-
-
-
8,781
(2,929)
-
-
-
-
8,780
-
-
13,000
(3,600)
-
-
-
-
29,754
(416)
-
-
(1,480)
-
-
-
-
24,997
(10,168)
-
2,609
(69,587)
-
204,635
-
13,780
805,447

Page 26

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

The specific purposes for which the funds are to be applied are as follows:

Building Strong Bridges - Part of a national project to improve the relationship between the voluntary sector and the NHS.

Gwirvol User-Led Grants - Grants given to all CVC's to encourage youth led projects.

World Mental Health Day - The fund is made up of income from sponsership and fundraising events which will fund the World Mental Health Day events. VAMT is in receipt of the fund which is managed by the World Mental Health Steering Group.

ICF Befriending Services - Funding is provided to improve loneliness and isolation in the 50+ population by providing befriending services via one to one and group sessions.

Community Capacity Grant Scheme - Funded by the Integrated Care Fund, VAMT administered a £60,000 Community Capacity Grant Scheme which funded 15 projects who demonstrated significant impact in reducing isolation and loneliness, promoting helathy lifestyles and wellbeing, preventing unneccessary hospital admissions and supporting hospital discharges.

ICF Dementia - Grant funding for third sector organisations providing dementia care in the Cwm Taf Region. This includes an element to host a Dementia conference and produce a film demonstrating third sector delivery in supporting people living with dementia and their carers. This element has been delayed by Covid.

Community Zone - For provision of Community Development and Information, Advice and Assistance support to the Community Zone within the Gurnos.

ICF - VAMT Staff Fund represents funding towards staff and core costs

WCVA Comic Relief Emergency Fund - is to enable those providing vital support to groups affected by Covid-19, such as: people in isolation, the elderly, carers, people struggling to access food etc. so that they can be supported during this time. Applications could also address one of Comic Relief’s four strategic themes: Children Survive and Thrive; Mental Health Matters; Gender Equality; A Safe Place to Be. Grant Funding could be used for smaller capital or revenue expenditure including consumables. However, the request must fit in with the grant aims of maintaining or increasing voluntary services for vulnerable individuals and communities affected by the Coronavirus (Covid-19) pandemic.

Loneliness and Isolation represents funding to host a staff member to work collaboratively with third sector organisations and partners, to tackle loneliness and isolation in Merthyr Tydfil and Rhondda Cynon Taf. along with a grant scheme that will be used to build the capability and sustainability of front-line grass roots voluntary and community organisations that bring people of all ages together and help them build social connections.

ICF Capital Grants represents funding towards the ICF Grant scheme for third sector small capital items.

Friend In Need Grant - The aim of the funding was to support the third sector to continue to offer befriending services to those who would benefit from them, increase befriending capacity and recruit and train befriending volunteers.

Self isolation grants - a small grants scheme in order for third-sector organisations to provide support to those people identified as requiring to self-isolate, across Merthyr Tydfil.

Interlink Covid - Support, administration and evaluation relating to Mental Health Covid-19 grants.

Page 27

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

Cwm Taf Self-Isolation - As part of the Protect element of TTP (Track, Trace, Protect) to encourage safe behaviours around self-isolating, this funding was made available to cover the cost of food parcels with up to 10 days’ worth of food. This funding was specifically for people who had been advised to self-isolate by track and trace due to either a positive Covid-19 test result or as a contact of a positive case.

BAME - Public Health provided funding to employ a Black Asian Minority Ethnic (BAME) Engagement Officer. The key aim of the project was to influence Covid-19 safe behaviours in local BAME communities by ensuring the messaging is appropriate and culturally sensitive, encouraging adherence to guidance and encouraging uptake of testing and vaccinations.

Winter slippage - Funding allocation via the Cwm Taf Morgannwg Winter Planning Programme to help alleviate pressure points within the voluntary sector during the winter period.

Covid 19 Transformation Funding - This funding is made available via the Transformation Programme Governance Framework. It is focussed on supporting vulnerable individuals and communities affected by the Covid-19 pandemic and covers small capital or revenue expenditure. Carol see TP56 email attached and you’ll have the email trail which increased this to £15k

Emergency Fund - 2 tranches of money from Welsh Government, received in April 2020 and March 2021. The purpose of the Voluntary Services Emergency Fund (VSEF) is to enable those providing vital support to groups affected by Covid-19, such as: people in isolation, the elderly, carers, people struggling to access food etc. so that they can be supported during this time. Grant Funding can be used for smaller capital or revenue expenditure including consumables (for example PPE, food items toiletries etc). However, the request must fit in with the grant aims of maintaining or increasing voluntary services for vulnerable individuals and communities affected by the Coronavirus (Covid-19) pandemic.

CRV Grant, Coronavirus Recovery Grant for Volunteering - Funding via Welsh Government for a collaborative programme of support across Merthyr Tydfil which focusses on sustainability, standardisation and safeguarding.

Foundation - a grant to host a Local Implementation Lead officer, to support their people and places programme of work in Merthyr Tydfil.

Recovery - a grant scheme to assist with post covid recovery and promote well-being.

Winter Pressure - a grant scheme to enable VAMT members to continue to support their beneficiaries throughout the winter period in a variety of ways to meet need and help maintain individual and community wellbeing and resilience.

Cwm Taf Mental Health - an agreement with Cwm Taf Morgannwg UHB to host two posts as part of their new model of service delivery for mental health, along with funding to take forward recommendations of a report to review of service user and carer representation, engagement and involvement: Cwm Taf Morgannwg Together for Mental Health Partnership Board.

Page 28

Voluntary Action Merthyr Tydfil

Notes to the Financial Statements for the Year Ended 31 March 2022

21 Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
79,945
87,293
625,846
(41,681)
751,403		 Restricted
funds
£
1,696
-
207,874
-
209,570		 Total fundsat
31March
2022
£
81,641
87,293
833,720
(41,681)
960,973

Page 29