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2023-03-31-accounts

Charity registration number 1118403

Company registration number 06058360 (England and Wales)

VOLUNTARY ACTION MERTHYR TYDFIL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

VOLUNTARY ACTION MERTHYR TYDFIL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustee Ms N B Mahoney
Ms K A Nor-val
Dr H Jones OBE
Ms A Roberts
Mr M Ronan
Ms T P Edwards (Appointed 25 July 2022)
Ms S E Davies (Resigned 23 March 2023)
Secretary Ms S Richards
Charity number 1118403
Company number 06058360
Principal address 89 -90 High Street
Merthyr Tydfil
Mid Glamorgan
CF47 8UH
Auditor Mitchell Meredith Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN

VOLUNTARY ACTION MERTHYR TYDFIL

CONTENTS

Page
Trustee report 1 - 7
Statement of trustee responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 27

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, are pleased to present their annual report together with the financial statements of the charity for the year ended 31[st] March 2023.

The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Administrative Details

Charity & Company Name Voluntary Action Merthyr Tydfil
Charity Registration Number 1118403
Company Registration Number 6058360
Registered Office 89-90 Pontmorlais, High Street, Merthyr Tydfil CF47 8UH
Trustees Suzanne Davies, Chair (from 31.01.22 to 23.03.22)
Nicola Mahoney, Treasurer
Michael Ronan, Treasurer
Anne Roberts MBE
Kayleigh Nor-Val
Dr Hefin Jones OBE acting Chair, from 23.03.23
Tanya Edwards(from 29.09.22)
Chief Officer /
Company Secretary		 Sharon Richards
Banker HSBC, 127-128 High Street, Merthyr Tydfil CF47 8DN
Auditor Mitchell Meredith Limited, St David’s House, 48 Free Street, Brecon, Powys LD3
7BN

Accountability and Governance

Voluntary Action Merthyr Tydfil (VAMT) 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. Officers are elected by the Board. No outside party can nominate Trustees, however elected Trustees may appoint or 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:

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

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.

Public Benefit

The Trustees confirm they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives in planning future activities.

Achievements and Performance

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- 2022 2022- 2023
Total number of interactions (instances of advice / support) with organisations/stakeholders 1339 527
Number of volunteers placed / supported 151 116
Number of Third Sector organisations provided with direct advice/support 469 269
Amount of funding received by Third Sector organisations following support (from VAMT) £1,193,609 £1,500,176
Amount of funding provided through grants schemes administered by VAMT £376,595 £353,454
Number of attendees at forums and events organised by VAMT 524 414
Number of participants at training courses provided 17 25
Total membership 296 328

Volunteering

The Volunteer Centre provides information, advice and support for individuals wishing to volunteer; also provides information and advice to organisations on recruiting and onboarding volunteers, as well as advertise volunteer opportunities on their behalf. We routinely promote opportunities available via the Volunteering Wales website.

Over the course of the year the Volunteer Centre provided support to 75 individual volunteers and then brokered and supported a further 41 to undertake volunteer placements.

We convened and facilitated 3 Volunteer Managers’ Forum for our members for the purpose of promoting best practice, policy advice, sharing information and networking.

VAMT actively encourages participation in our Employee Volunteering Policy and all staff have volunteered to support member organisations including CancerAid Merthyr Tydfil; Merthyr & Cynon Foodbank and Hope Pantry during the year.

A major event in our calendar is the celebration of Volunteers’ Week, held each year during the first week of June. This year we organised a Volunteer Fair in Merthyr Tydfil Town Centre which was officially supported by the High Sheriff of Mid Glamorgan. The Fair provided opportunity for members to promote their services and volunteering opportunities. 12 members participated and all reported benefit in engagement with new potential volunteers and also service users.

We utilised our social media pages to highlight volunteering undertaken across member organisations and accepted ‘thank you’ film clips from newsreaders at ITV Wales who wanted to formally recognise and celebrate the volunteering efforts undertaken.

The VAMT website has a Volunteering page where more information, photos and links to the film clips can be found.

During the year, the Volunteering Officer role has expanded to incorporate a lead role for communications.

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

Good Governance

Our Lead on Community Development has worked with a range of our members throughout the year and has supported the establishment of a number of new groups. The standard offer of support for new groups includes the development of governing documents; advising on policy development, especially safeguarding; and ensuring financial procedures and bank accounts are in place. Training opportunities are routinely brokered or signposted.

We continue to disseminate information to members via a range of different communication channels, ie, via direct emails; blog and website. Also, we encourage and signpost organisations to use the Governance resources available via the TSSW Knowledge Hub.

VAMT website has a particular section dedicated to “Good Governance” and offers a range of information and tools to support Trustees in their roles.

As an organisation VAMT has a long history of administering grants and over time we have developed a very robust governance framework, ensuring transparency of process, exercising due diligence in terms of financial accountability; and in ensuring monitoring and reporting reflect original project intent.

In light of this we continue to secure a range of grant funding opportunities for member organisations and are pleased to report positive discussions with the Cwm Taf Morgannwg Dementia Steering Group. We have administered a Community Capacity Grant Scheme (Dementia) for a number of years across the Cwm Taf region, and have submitted a proposal to bring equity of opportunity across the entire Health Board footprint. The proposal has been agreed and will bring forward a grant scheme with increased funding of 33% for the 2023-24 period.

We have been administering a Befriending Grant on behalf of the CTM Regional Partnership Board for many years, and since funding and reporting requirements changed under the Regional Integration Fund, we have been facilitating a six-weekly meeting for the grant recipients to come together and be supported with grant/funding compliance around monitoring.

Sustainable Funding

£1,500,176 of funding was secured by 11 organisations following our support compared with the previous year (£1,193,609 for 36 organisations).

VAMT also administered a range of grant schemes across the local and regional area, allocating a total of £368,450 to 47 organisations.

As in previous years, the Volunteer Centre administered a Youth Led Grants programme, convening and supporting a panel who assessed grant applications and awarded a total of £5,000 to 6 organisations.

A funding event was held in June for members to engage with Funders including National Lottery Community Fund; Sport Wales and Coalfields Regeneration Trust. The event was attended by 20 individuals who were able to engage with Funders on a one-toone basis.

A further £10,000 acquired from Feeding Britain was distributed to 7 food pantries throughout the Borough to enable them to provide additional support during the cost of living crisis.

We continue to provide a range of one-to-one finance support to our members, including accounts checking service for two small community groups. In addition we have provided an accounts and payroll service for a member organisation throughout the year, and in Q4 transferred our own payroll and accounts system from SAGE to XERO.

Via a WCVA small grant we held two community-based engagement events to help inform the refreshed Child Poverty Strategy for Wales. Utilising a framework for discussion provided by Welsh Government, information gathered was fed into WCVA for collation as a TSSW response.

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Public Services Board approached VAMT, Interlink and BAVO with a request to develop an interactive mapping tool to visually present thematic activity and help assist and evidence delivery of the regional Wellbeing Plan and objectives. The PSB provided funding for a VAMT officer to undertake training on QGIS. Activity mapped related to warm hubs which had developed in response to the cost-of-living crisis.

Influence and Engagement

VAMT produced 3 editions of Inform Newsletter over the course of the year as well as introducing funding and general information bulletins which were disseminated to members more frequently.

An unidentified issue with our blog system meant that information was posted but not received by subscribers. Although the issue has been rectified, we have been unable to retrieve data for the report period.

However, there were 4,821 new users to our website and 14,207 page views. Our Facebook followers rose to 1267 and we achieved 517.5% increase in our reach of Facebook posts. Through Twitter we obtained almost 9k impressions on our activity, with most impact aligned with World Mental Health Day.

Outside of the TSSW structure VAMT routinely engages in over 30 partnerships and planning groups at a local/ regional level via the Chief Officer and Health & Wellbeing Manager.

VAMT facilitates a range of third sector networks/Fora which are highly valued. They provide opportunity for partners to engage with the third sector; networking amongst third sector organisations; information sharing and planning. Over the year we reintroduced face to face meetings, and participant feedback welcomed the ability to meet in person again.

We received similar feedback from the 414 people who attended workshops and one-off events we organised.

VAMT facilitates the following networks/Fora:

VAMT collaborated with Merthyr Tydfil County Borough Council on their Cost of Living Summit Event in November 2022 which was held in the Orbit Business Centre and attended my multi-agency professionals. The event outcomes led to four areas of concern which were: fuel poverty; food poverty; household bills; and health and wellbeing. VAMT agreed to utilise its existing Food Prosperity Network and Health & Wellbeing Forum and their respective membership to convey information, advice and support available to individuals, as well as gather intelligence around support being offered by member organisations.

Project Funded Staff

VAMT currently has staff delivering against particular project areas; some grant funded and some with Service Agreements. The outline of all projects align with our overarching core business. These projects contribute to our engagement with individuals in the community, our members and our partners. Their work this year includes:

Signposts to third sector support 191

Recruitment post-pandemic has proven difficult, and the post was vacant until the end of Q2.

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

The role aligns to the Public Services Board’ theme of tackling loneliness and isolation and a key feature of the role has been the collaboration with Public Service partners, eg, Fire Service, who identify lonely/isolated individuals and refer them to the TLIDO as a conduit to Community / Wellbeing Coordinators within CVCs.

Local Implementation Lead: via Lloyds Bank Foundation England & Wales:

VAMT has agreed to host a new full-time Local Implementation Lead role for 2023-24 to continue this collaboration.

VAMT’s 25[th] Anniversary

This year marked 25 years since the introduction of Voluntary Council’s across Wales. A low key celebration was held to coincide with the Annual General Meeting and we were pleased to have our former Chief Officer deliver a presentation of reflection of the achievements and challenges of the organisation throughout the years.

PLANS FOR FUTURE PERIODS

Our core priorities will include:

Governance:

Sustainable Funding:

Engagement and Influence:

Volunteering:

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Principal Funding Sources

The organisation derives its funding from a variety of sources. The principal sources being Welsh Government; Merthyr Tydfil County Borough Council; Cwm Taf Morgannwg University Health Board and Cwm Taf Morgannwg Regional Partnership Board.

In this report period additional funding has been received from Lloyds Bank Foundation (England & Wales).

Reserves Policy and Going Concern

The overall deficit for the year £24,856.

It is the Charity's policy that free reserves should be sufficient to allow the ongoing operation of the Charity in the event of an unexpected fall in funding. At 31 March 2023 free reserves amounted to £728,833 (2022 £671,458)

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 1[st] April 2021).

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and:

The Management Committee are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ascertain to ensure that the financial statements comply with the Companies Act 2006. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

VOLUNTARY ACTION MERTHYR TYDFIL

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

Statement as to disclosure to our auditors

In accordance with company law, as the company’s directors, we certify that:

Approved by the Board of Trustees on 28[th] September 2023 and signed on its behalf by:

Dr Hefin Jones Acting Chair

Michael Ronan Treasurer

VOLUNTARY ACTION MERTHYR TYDFIL

STATEMENT OF TRUSTEE RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustee, who are also the directors of Voluntary Action Merthyr Tydfil for the purpose of company law, are responsible for preparing the Trustee 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 trustee 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 trustee are required to:

The trustee 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.

VOLUNTARY ACTION MERTHYR TYDFIL

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEE 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 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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's 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 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 trustee 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 misstatement in the financial statements 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.

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:

VOLUNTARY ACTION MERTHYR TYDFIL

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEE OF VOLUNTARY ACTION MERTHYR TYDFIL

Responsibilities of trustee

As explained more fully in the statement of trustee responsibilities, the trustee, who are also the directors of the charity for the purpose of company law, 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 trustee 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 trustee 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 trustee either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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.

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:

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.

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.

VOLUNTARY ACTION MERTHYR TYDFIL

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEE OF VOLUNTARY ACTION MERTHYR TYDFIL

Use of our report

This report is made solely to the charity’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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

M L Barnes FCA FCCA (Senior Statutory Auditor) for and on behalf of Mitchell Meredith Ltd

28 September 2023

Chartered Accountants Statutory Auditor

St Davids House 48 Free Street Brecon Powys UK LD3 7BN

Mitchell Meredith Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

VOLUNTARY ACTION MERTHYR TYDFIL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Charitable activities
2
295,513
640,459
Other Activities
3
58,347
-
Investments
4
4,468
-
Total income
358,328
640,459
Expenditure on:
Charitable activities
5
384,954
635,416
Net gains/(losses) on investments
11
(3,273)
-
Net (outgoing)/incoming resources before transfers
(29,899)
5,043
Gross transfers between funds
86,257
(86,257)
Net movement in funds
56,358
(81,214)
Fund balances at 1 April 2022
751,493
209,570
Fund balances at 31 March 2023
807,851
128,356		 Total
2023
£
935,972
58,347
4,468
998,787
1,020,370
(3,273)
(24,856)
-
(24,856)
961,063
936,207		 Total
2022
£
971,538
42,631
2,435
1,016,604
867,874
6,886
155,616
-
155,616
805,447
961,063

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.

VOLUNTARY ACTION MERTHYR TYDFIL

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
19
Unrestricted funds		 2023
£
38,250
776,422
814,672
(42,633)		 £
80,148
84,020
164,168
772,039
936,207
128,356
807,851
936,207		 2022
£
164,965
668,755
833,720
(41,681)		 £
81,731
87,293
169,024
792,039
961,063
209,570
751,493
961,063

The financial statements were approved by the Trustee on 28 September 2023

Dr H Jones OBE Trustee

Company registration number 06058360

VOLUNTARY ACTION MERTHYR TYDFIL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(5,400)
4,468		 £
108,599
(932)
-
107,667
668,755
776,422		 2022
£
(6,708)
2,435		 £
107,193
(4,273)
-
102,920
565,835
668,755

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Voluntary Action Merthyr Tydfil is a private company limited by guarantee incorporated in England and Wales. The registered office is .

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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.

1.2 Going concern

At the time of approving the financial statements, the trustee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee 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 trustee in furtherance of their charitable objectives.

Restricted funds are subject 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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.

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.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation 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.

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.

1.6 Tangible fixed assets

Tangible fixed assets costing £500 or more 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, Land not depreciated Leasehold land and buildings Over the remaining term of the lease Computers 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

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.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

1.9 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 measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction.

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 at transaction.

1.10 Employee benefits

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.

1.11 Retirement benefits

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

2 Charitable activities

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Grants and contracts
295,513
640,459
Grants receivable for core activities
CwmTaf Local Health Board
80,132
103,317
Merthyr Tydfil CBC
26,655
57,911
WCVA
188,726
469,231
Interlink
-
-
Lloyds Bank Foundation
-
-
Tydfil Training Consortium
-
-
Feeding Britain
-
10,000
295,513
640,459		 Total
2023
£
935,972
183,449
84,566
657,957
-
-
-
10,000
935,972		 Total
2022
£
971,538
511,400
163,981
231,612
7,000
27,545
30,000
-
971,538

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

3 Other Activities

Other Other
Activities Activities
2023 2022
£ £
Miscellaneous Income 6,214 3,037
Rental Income 46,903 30,514
Other Activities 5,230 9,080
58,347 42,631
4 Investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 4,468 2,435
5 Charitable activities
Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 385,863 339,661
Grants payable 462,964 403,776
848,827 743,437
Share of support costs (see note 6) 151,308 104,621
Share of governance costs (see note 6) 20,235 19,816
1,020,370 867,874
Analysis by fund
Unrestricted funds 384,954 266,592
Restricted funds 635,416 601,282
1,020,370 867,874

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6
Support costs
Support costs
Governance
costs
£
£
Staff costs
-
13,500
Premises expenses
51,899
-
Advertising & publications
3,174
-
Insurance
4,689
-
Bank charges
1,229
-
Development costs
33,033
-
Office costs
29,704
-
Motor & Travel
980
-
Legal & professional
17,782
-
Other costs
1,835
-
Depreciation
6,983
-
Audit fees
-
5,000
Other governance costs
-
1,735
151,308
20,235
Analysed between
Charitable activities
151,308
20,235
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
Audit of the charity's annual accounts		 2023
£
13,500
51,899
3,174
4,689
1,229
33,033
29,704
980
17,782
1,835
6,983
5,000
1,735
171,543
171,543
2023
£
5,000		 2022
£
13,500
31,165
3,715
5,273
185
7,740
31,513
1,015
7,199
5,570
11,246
4,750
1,566
124,437
124,437
2022
£
4,750

8 Trustee

None of the trustee (or any persons connected with them) received any remuneration or benefits from the charity during the year.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2023 2022
Number Number
11 10
Employment costs 2023 2022
£ £
Wages and salaries 335,200 302,500
Social security costs 32,122 23,214
Other pension costs 32,041 27,447
399,363 353,161
There were no employees whose annual remuneration was more than £60,000.
10 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023 2022
£ £
Aggregate compensation 87,579 85,893
11 Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (3,273) 6,886

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

13 Tangible fixed assets
Freehold Land Leasehold land Computers Total
and Buildings and buildings
£ £ £ £
Cost
At 1 April 2022 87,979 427,433 115,866 631,278
Additions - - 5,400 5,400
At 31 March 2023 87,979 427,433 121,266 636,678
Depreciation and impairment
At 1 April 2022 17,634 427,433 104,479 549,546
Depreciation charged in the year 1,260 - 5,724 6,984
At 31 March 2023 18,894 427,433 110,203 556,530
Carrying amount
At 31 March 2023 69,085 - 11,063 80,148
At 31 March 2022 70,344 - 11,387 81,731
14 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 April 2022 87,293
Valuation changes (3,273)
At 31 March 2023 84,020
Carrying amount
At 31 March 2023 84,020
At 31 March 2022 87,293
15 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 2,072 5,793
Other debtors 30,131 157,544
Prepayments and accrued income 6,047 1,628
38,250 164,965

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
7,289
12,398
-
22,946
42,633		 2022
£
11,170
12,898
502
17,111
41,681

17 Operating lease commitments

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

Within one year
Between two and five years		 2023
£
2,104
2,744
4,848		 2022
£
887
3,328
4,215

18 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 £32,041 (2022 - £27,447).

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2021
£
Building stronger Bridges
-
Gwirvol user-led grants
-
World Mental Health Day
182
ICF Befriending Services
50,084
Community Capacity
21,340
ICF Dementia
41,472
Community Zone
3,636
ICF VAMT Staff Fund
-
WCVA Comic Relief
-
Lonliness and Isolation
-
ICF Capital Grants
8,781
Self Isolation
8,780
Interlink COVID
13,000
BAME
29,754
Emergency Fund
24,997
CRV Grant
2,609
Foundation
-
Recovery
-
Winter Pressure
-
Cwm Taf Mental Health
-
Feeding Britain
-
204,635		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 April 2022
£
£
£
£
38,578
(43,599)
5,021
-
6,650
(5,450)
(1,200)
-
-
-
-
182
150,000
(165,451)
-
34,633
60,000
(65,700)
(15,640)
-
45,000
(36,225)
(6,384)
43,863
26,254
(28,311)
(1,579)
-
66,501
(39,207)
(27,294)
-
2,826
-
(2,826)
-
73,587
(50,908)
(22,679)
-
-
(1,678)
(7,103)
-
-
(1,527)
(7,253)
-
7,000
(6,325)
(1,514)
12,161
8,000
(30,602)
(6,481)
671
-
(24,999)
2
-
-
(2,609)
-
-
27,545
(9,676)
(2,025)
15,844
90,000
(35,335)
(6,750)
47,915
63,245
(40,000)
(23,245)
-
70,907
(13,680)
(2,926)
54,301
-
-
-
-
736,093
(601,282)
(129,876)
209,570		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
-
6,650
(5,000)
-
(182)
150,000
(205,666)
-
-
90,000
(99,026)
35,184
(31,937)
66,501
(37,955)
96,667
(96,667)
73,587
(45,328)
-
-
-
-
-
-
-
(224)
-
-
-
-
-
(10,362)
-
(288)
-
-
111,870
(92,781)
10,000
(10,000)
640,459
(635,416)		 Transfers
Balance at
31 March 2023
£
£
-
-
(1,200)
450
-
-
21,033
-
-
-
(22,837)
12,000
(3,247)
-
(28,546)
-
-
-
(28,259)
-
-
-
-
-
-
12,161
-
447
-
-
-
-
(5,008)
474
-
47,627
-
-
(18,193)
55,197
-
-
(86,257)
128,356		 Transfers
Balance at
31 March 2023
£
£
-
-
(1,200)
450
-
-
21,033
-
-
-
(22,837)
12,000
(3,247)
-
(28,546)
-
-
-
(28,259)
-
-
-
-
-
-
12,161
-
447
-
-
-
-
(5,008)
474
-
47,627
-
-
(18,193)
55,197
-
-
(86,257)
128,356
128,356

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

19 Restricted funds

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 sponsorship 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 healthy 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.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

19 Restricted funds

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.

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 focused 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.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

19 Restricted funds

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 their needs and help maintain individual and community well being and resilience.

Cwm Taf mental Health - an agreement with Cwm Taf Morgannwg UHB to host two posts as part of their 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.

Feeding Britain - Funding towards food supplies and equipment for the pantries and food co-ops in Merthyr Tydfil.

VOLUNTARY ACTION MERTHYR TYDFIL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
79,018
1,130
Investments
84,020
-
Current assets/(liabilities)
644,813
127,226
807,851
128,356
21
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash generated from operations
22
Analysis of changes in net funds
The charity had no debt during the year.		 Total
2023
£
80,148
84,020
772,039
936,207
2023
£
(24,856)
(4,468)
3,273
6,983
126,715
952
108,599		 Total
2022
£
81,731
87,293
792,039
961,063
2022
£
155,616
(2,435)
(6,886)
11,246
(42,034)
(8,314)
107,193