REGISTERED COMPANY NUMBER: 03593394 (England and Wales) REGISTERED CHARITY NUMBER: 1074539 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR VALLEY HOUSE Luckmans DuGkett Parker Llmited 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB
VALLEY HOUSE CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Page Report of the Trustees 1 to 12 Report of the Independent Auditors 13 to 16 Statement of Flnancial Activltles 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Cash Flow Statement 20 Notes to the Finan¢lal Statements 21 to 35
VALLEY HOUSE REPORT OF THE TRUSTEES for tho year ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present Iheir report with the financial statements of the charity forthe year ended 31 March 2025. The trustees have adopted th8 provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. 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 and Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland second edition published October 2019 Page 1
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 OBJECTIVES AND ACTIVITIES Objectives and aims The principle purposes and aims of the organisation are.. To offer support andlor accommodation appropriate to the needs of individuals within the city of Coventy and the surrounding area who are homeless, with the aim of enabling tt)em to move into and sustain their own accommodation: to support and motivate people to re-engage with educational opportunities. that will allow them to develop their potential and have more life choices and the advancements of education. training or retraining. including among unemployed people. and providing unemployed people with work experien. To provide qualty services for the advancements of the Itves ol children in partnership with parents, to enable children and young people to develop their physical and Mental capacities so that they may achieve their potential as individuals and members of society and their conditions of life may improve. - To promote. safeguard and protect the good health. both mental and physical. of adults, Ghildren and young people. The issues we seek to tackle are wide ranging and we evolve to meet those needs as those individuals and families approaching us for support continue lo grow in complexity of need. Whilst we continue to adhere to our purpose and aims the types of interventions and service delivery models we use continue to evolve The broad-brush changes we seek to make through our work are encapsulated by our Mission Statement 'To work alongside people to take control of their lives and create their own futures.. This can range from a survivor of domestic abuse taking control of their finances for the first time through to someone feeling able to attend an appointment by themselves. We $88k to bring publlc benefit most usually but not excluslvely to the more vulnerable. disadvantaged, and disengaged members of the Gommunity by enabling them through appropriate holistic professional support to develop their potential and take control of the quality and independence of their lives. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities Valley House should undertake. We deliver a wide range of services specifically designed to support us in achieving our aims and objectives.. Valley House is the domestic abuse safe and supported accommodation provider for Coventy City Council. We provide 54 units of accommodation. Our accommodation is made up of single flats, single family homes. shared houses and accommodation units where staff are on site. In additional we were commissioned to pilot a Complex Needs Domestic Abuse Service. provÈding 7 units of self-contained accommodation for survivors with mental health, drugs andlor alcohol issues. The emotional and practical support we offer across both these services includes 24 hour staff availabilty, structured support and safety plans, 1 to 1 work and group work. We have a dedicated maintenance team for our supported accommodation services. Our community wellbeing offer in 2024-2025 comprised of: REACH service." This is a partnership seNice delivered in conjunction with Rethink, Coventry and WarwiGkshire Partnership Trust Lived Experience Workforce Lead, Cultural Inclusion Network Services. Artyfolks and Coventry Citizens Advice. The service provides support for people aged 18 years and over who have common or severe mental illness. 11 provides 1 to 1 support to people signposted from the Partnership Trust who may benefit from support in the Community from the VCFSE (Voluntary Community Fatth and Social Enterprises). This rol8 of Peer Support Worker has baen developed specifically for people who have lived experience of mental distress and are able to use their peer experience to offer empathy and understanding to others. inspiring hope and recovery with others. Page 2
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 'Our Counselling Service" This has 2 strands. We provide counselling for any individual that is accessing any of our Valley House seNices. This is for up to 6 months. with Ihe counselling being undertaken by our volunteer counsellors. Additionally, we provide counselling for Kairos service users, a local organisation that provides support to women who have experienced or are at risk of sexual exploitation. Talking Therapies Community Engagement Service" This is a partnership service delivered in conjunction with Rethink Community REACH Service. Coventy and Warwickshire Partnership Trust Talking Therapies Service, Coventry Citizens Advice, Inini and Waickshire Pride. This Servi provide5 SUPPOrt for people aged 18 years and overwho are experiencing mild to moderate depression and anxiety including stress and adjustment to life events. It provides individual support to people who may benefil from support in the Community to support referrals, access and engagement with the Talking Therapies Service. Our Nursery provides a quality service. focused on enabling chlldr8n to develop their personal capabilities and achieve their potential, d8spite the barri8rs they may fa. We have both Government funded and fee- paying children attending the nursery. We have volunteers within our counselling service, domestic abuse service, and within our business support team. Additionally, all our Board of trustees are volunteers. During 2024-2025 they contributed a tolal of 1,334 volunteering hours Our current su¢¢ess measurements are funder driven and include both quantitstive and qualitstive data capture. The tool used for individual qualitative data capture. specrfically mapping a service userfsjoumey and outcomes achieved is the nationally recognised Outcomes Star. For our groupwork programmes we have developed internal qualitative data capture tools that we use including pre and post service user questionnaires. mapped to defined service user OLrtcomes. Quantitative success is measured though achieving the outputs as specified and agreed with the funder prior to commencement of delivery. Public benefit Much of the above shows the public benefit within individual services. Looking across Valley House services more generally, one can see a range of public benefits achieved for vulnerable and disadvantaged cilizens as well as the wider community including: Promoting H8alth & Wellbeing, including emotional and psychological wellb8ing Enabling marginalised individuals and family's access to trainlng, education and work readine5S Directly tackling violencelabuse effects on victims and children, promoting their confidence and independence and holding perpetrators to account Promoting individual'slfamilies, aspirations. self-confidence, and engag8ment Supporting parenting skills. child development and take up of children and family services Championing the confidence. aspirations and Conslructive engagement of young people. Page 3
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRATEGIC REPORT Achievement and performance Charitable activities Our 3 year Strategi¢ Plan set out our 5 areas of strategic focus whlch set our direction of Iravel for 2022-2025. Our annual Operational Plan, Environmental Sustainability Action Plan and Fundraising Action Plan tum our Strategic Plan into tangible actions and during 2024-2025 we worked hard to meet these targets. We understand the importance of being digitally connected and the negative impact of digital exclusion for our service users. Building on our successful partnership with Jangala (a UK based charity committed lo tackling digitsl exclusion by providing easy to use intemet access sy5tems} and Coventry City Council during 2023- 2024. we We able to provide free wifi in all our properties aGross the city through a donation of 50 Get Boxes from Jangala. In addition, Coventry City Council through their Covconnects scheme, donated 10 laptops and 9 phones during 2024-2025. This meant the children in our properties were able to compete homework and study from home, supporting them to achieve at school. They also had access to streaming services. trying to make the propety more like a hom&, after having to leave their own home. Listening to our service users we continued to increase our groupworl( offer. During 2024-2025 we delivered a range of groupwork interventions, ranging from understanding domestic abuse. parenting programmes. empowermenl and self esteem. arts and crafts, computer skills. employability. lifeskills, mindfulness and yoga. We also continued our quarterly service user involvement forum and 2 trips. These groupwork activities were delivered by Valley House siaff and partner agencies. Our partners included the Recovery and Wellbeing Academy, Mind, Groundworks, Adult Education and Coventry Job Centre. Whilst money is notthe driving motivation for people to work in organisations like Valley House, as an employer W8 recognise the impact the cost of living crisis has on our staff. We work8d hard this year to b8 able to give staff a one off payment to reflect this and to Introduce subsldised nursery places to our staff that have children. This runs alongside our commltment to support their h8alth and wellbeing which thSs year saw us subscribe to an enhanced Employee Assistance Programme which includes a¢¢ess lo a 24 hour helplin8 offeiing practical advice and support, free counselling and an online portal with a range of resources. Our Staff Heatth and Wellbeing Manager was successful in supporting Valley Hous8 to be awarded the Gold Level Thrive at Work accreditation. This is a workplace commitment with criteria and guidelines on creating a workplace that promoles employee health and wellbeing, focusing on key organisational enablers of health such as attendance management, policies and procedures in addition to health areas such as mental, musculoskeletal and physical health and promoting healthy lrfestyles. Additionally, we have achieved Silver Award from the Carers Trust recognising us as a carer friendly employer and CLAS accreditation from Coventry City Council which recognises the good standard of accommodation we provide. Our Ofsted registered nursery was inspected this year and we were pleased to receive a Good rating, acknowledging the hard work and dedication of our nursery staff. This year we continued our commitment to staff and volunteer Continued professional development. ring fencing £14,000. Staff accessed external training ranging from mental health first aid through to electrical maintenance and supporting children with special educational needs. Our annual staff survey results continue to confirm how much staff appreciate and benefit from this fund. In order to support us in striving to be more environmentally sustainable we undertook an internal audit of our current practice in relation to recyclng, printing. energy efficiency. our green spaGes and the circular economy approach in 2023-2024. It allowed us lo set ambitious targets for 2024-2025 in term in terms of energy efficiency within our office spaces and properties. waste management and further embedding the circular economy approach. We have worked hard to reach these targets. which have seen us reduce our paper usage by 16 /0 and our paper towel usage by 300/•. Page 4
VALLEY HOUSE REPORT OF THETRUSTEES for the year ended 31 March 2025 In terms of service sustainability and organisational growth we have seen confirmation that our Domestic Abuse Complex Needs Service pilot in partnership with Coventry City Council has had its funding extended to June 2026. This allows us to continue to develop the service in line with recommendations from the external evaluation und8rtaken by EAP Research Consultancy well known and respected in the field of domestic abuse evaluations. In addition, the REACH Service has also had its funding extended to March 2026, allowing us to continue building on learning from this peer support partnership model. To support us to generate additional income, we have recently opened our own Valley House charity shop and have been overwhelmed by generous donations. We are working hard to expand our opening times to further increase this As our current Strategic Plan ends in 2025. this yearwe spend lime developing our new Strategic Plan. This included input from staff, trustees. service users and partner agencies. It is an ambitious plan. building on all we have achieved so far, and continuing to push us to strive to be the best. During 2024-2025 Valley House SLJPPOrted a total of 430 people across all our services, with some individuals accessing more than one service Servlcè Domestic Abuse Complex Needs REACH Talking Therapies Nursery Counselling (Kairos) Counselling (Valley House} Supporting those more vulnerab18 members of our community to optimise their potential and take control of their lives Is achieved through providing the following services and aclivities.. Adults 108 13 11 Children 107 176 Supported Accommodation Within our domestic abuse supported accommodation service we supported 108 adults and 107 children. During the year of those that moved into their own accommodation, goo/0 were effectively managing their own tenancy, 1000/0 reported that they had been supported to ac$$ additional support where needed in relation to mental health, drugs and alcohol, 95 /0 reported feeling safer and 1000/0 ofservice users engaged in criminal or civil Court proceedings felt supported. 107 children were supported through 1 to 1 and groupwork by our specialist Family Support Workers. Of all the children who were with us during the year 950/0 were regularly attending school. A number of children living with us struggled to 58cure school places or had to wait long periods of time to secure a school place which impacted on our attendance figures. 94Yo reported that Ihe relationships with their non abusing parent had improved Domestic Abuse Complex Needs Service The Servi launched In November 2022. As a pilot, the service was externally 8valuated by EAP Research Consultancy well known and respected in the field of domestic abuse evaluations. Their final evaluation report highlighted areas of strength which included a holistic approach with personalised support. The staff created a supportive environment with immediate access to support for service users. Service user data showed positive out¢om8s in relation to empowemient and self esteem and managing their mental health. Community Wellbeing The REACH SeNi¢e. Our Peer Support Worker supported 11 individuals. walking alongside them to achieve their personal gaols that ranged from engaging in local activities to improve their mental health and wellbeing through to support in applying for benefits. Page 5
VALLEY HOUSE REPORT OF THE TRUSTEES for the yaar ended 31 March 2025 The Talking Therapies Community Lead Service. The Valley House Community Lead attended 36 events across Coventry, promoting the NHS Talking Therapies service to individuals. This included the Veterans Day at Coventry Football Club. World Mental Health Day events across the city and It takes Balls to Talk events. Counselllng Our Counselling Service sUPPOrted 3 Kairos service users and 9 Valley House service users. This service provided up to 6 months of 1 to 1 counsellin9 (face to face or virtual). It was a safe space for an individual to explore Ihe issue thal are impacting on them which can include depression. anxiety, anger. self*steem. bereavement, relationships. Unfortunately, due to financial constraints this service closed in 2024, Nursery Valley House has a self-funded nursery offering full day care to both funded and fee-paylng families. It offers a creative and fun experience to chlldren and seeks to optlmlse their readlness for school. During 20225 176 children accessed our nursery and holiday club provision. We hav8 a wide range of families from different cultural and ethnic backgrounds and good working relationships with statutory services. However, our families an have multiple disadvantages. During the last year we have supported 18 children who are Classified as having additional needs, utilising our purpose-built sensory space to help support them in their leaming and development. Training and Education Valley House offers student placements to Social Work and Counselling course students in partnership with local universities and Ghildcare placement opportunities in partnership with local Colleges. We offered 2 social work placements. 6 counselling placements and 10 nursery student placements. Fundraislng activities The charily did not carry out any significant extemal fundraising in the year. The charity is regISted with the fundraising regulator. There were no complaints in the year. Page 6
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRATEGIC REPORT Achievement and performance callenge8 The main challenge faced during this year has been recruitment, speclfically in terms of front line Domestic Abuse Praclitioner roles. Whilst we have low turnover of staff we have struggled to recruit into vacant roles when they arise. We have seen this trend rellected across the sector with partner organisations being in a similar position. This includes organisations that are offering higher salaries. Anecdotally, we sense that there has been a shift since the pandemic with people choosing job roles that are less emotionally challenging and potentially offer a perceived better work life balance. We have enhanced our benefits package with a strong focus on health and welSbeing to try and stand out from other organisations that are trying to recruit from the same small pool of people. The unexpeGted increase in employer National Insurance contributions impacted on our budget and meant us working hard to minimise expenditure to try and mitigate this. Wider funding constraints and funding cuts meant that our Talking Therapies Community Lead Service did nol secure continuation funding from Coventry and Warwickshire Partnership Trust despite positive feedback. The lack of affordable and appropriate move on accommodation conlinues to impact on our ability to support service users to Iransition into living independently when they are ready to. Opportunilles 2024-2025 presented a range of opportunities for us. both internally and @xternally. The Complex Needs Service external evaluation created an opportunity for us to reflect on strengths and areas of improvement identified to further refine and improve the service. The continuation fundlng for this seNice will allow us to embed Changes and further evaluate the impad. Continuing our active engagement in the Coventry and wal¢k$hIre Mental Health Alliance opened more doors to greater partnership working and raising our profile. Reconfiguring our Maintenance Team has allowed us to create a new Maintenance apprenticeship, providing an opportunity for a local young person to gain valuable skills and increasing their employability. Flnancial review Financial position We continue to seek to maximise spend on our charitsble aims while remaining financially sustainable. We have set our reserves at a prudent level, relative to our tumover, to allow us sufficient time to respond rf there were to be a significant drop in funding. Thus, in establishing contingency reserves of £457.642 against a turnover of approximately £1.96m, we are seeking to provide ourselves wilh the ability to cover our liabilities for approximately a quarter of a year. This will allow us to address any extreme financial situation that might arise and is in line with our Reserves Policy. We have committed resources via our Development Fund to allow Valley House to respond to ideas from both staff and service users on how we could improve what we do. Whilst we would always seek to source external nding for such ideas. there isn't always a 'good frt, externally. Having our own intarnally designated fund allows for additional flexibility and innovation. The financial statements for the year ended 31 March 2025 show net incoming resources of £11.405 (2024- £65,508) - While our major source offunding continues to be from the Local Authority, Valley House recognises that this provision is rapidly changing and slill seeks both to diversify funding and identify sources of income- generating work. Princlpal funding sources These are service contracts £822,066 (2024: £736.730) and tenant welfare services income £638,245 (2024: £624.031 >. Page 7
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRATEGIC REPORT Financial review Investment policy and obJe¢tlves Under the Articles of AsSOGiation, the charity has the power to invest in any way the trustees consider fit. The Board of Trustees has considered the most appropriate policy for investing funds and currentty any cash surplus to day to day requirements is invested in medium to long term funds. Reserves policy The Board of Trustees is responsible for establishing that the level of reserves (that is those funds that are freety available) is sufficient to be able to continue the cUenta¢tiV1tieS of the charity in the eventofa significant drop in funding, albeit for a limited time, to enable us to replace the funding or reduce seNices in a way not detrimental to our service users. This figure is reviewed annually and at 31 March 2025 the ideal minimum level Considered necessary was £400.000 to £500,000. Thefree reserves, identified as the General Fund at 31 March 2025, were £202,753 (2024." £202,206}. In order to enable our future strategic and development plans to move foNard. the Trustees have designated Contingency and Capilal Funds from free reserves. This allows us to make necessary infrastructure improvements as well as pilot developmental opportunities and invest in capital projects. The Capital Fund has been increas8d to £575,000 at 31 March 2025, utilising surpluses of £35,000 from the General Fund. The Funds resources will be used to: Finance Capital and infrastructure projects to ensure we have sufficient capacity going forward Estsblish additional aspects of service delivery to ensure the appropriate levels of support to our core areas of business activity Establish pilot projects to éevelop new ways of delivering our services and innovative Ideas for earning money The Contingency Fund has been set at £457.642 {2024: £457,642) at 31 March 2025 for the purpose of allowing us to address any extreme financial situation that might arise (see note 22)- The Contingency Fund is held with CCLA Investment Management Limited in a COIF Charities Ethical Investmenl Fund. The value of the fund has increased significantly from the initial investment of £300,000 in 2014, Any increase in value is reinvested in more units with the aim of providing long-tem protection from inflation with a good level of distributions and a wide range of ethical restrictions. Previously. restricted funds where Capital grants have been spent on the assets for which the donations were intended and there are no longer trust law restrictions in place have been reclassified as Endowment Funds. 1. Amount of reseeS £1,725,682 (2024: £1,714,277} 2. Amount of any restricted funds £83,691 (2024: £88,044) 3. Amount of reserves fund that can only be realised by disposing of tangible fixed assets £367,109 (2024. £377,399) 4. Amount of reserves after making allowance for 2) and 3) above £1,274,882 {2024: £1,248,834). Pag8 8
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRATEGIC REPORT Future plans This next year will see us working hard to meet the commitments we have made as part of the first year of our new Strategic Plan. Vve will be looking tofurther develop our service delivery model for working with domestic abuse survivors with immigration needs as well as learning and implementing recommendations from the extemal evaluation of our Domestic Abuse Complex Needs Service. We have commissioned EAP Research Consultancy lo support U5 on this journey. We will be working hard to improve our support to the children and young people who have experienced domestic abuse that are in ourvalley House seNi¢es and have seCud newfunding to increase ourgroupwork offer to them. We will continue lo increase our groupwork offer to our adult survivors of domestic abuse. with an additional focus on supporting them to gain employabillty skills and qualifications. We have recruited a Voluntegr Manager whlch will allow us to create volunteering opportunities across the organisation. Current and ex-service users have asked us for the opportunity to volunteer at Valley House. to build up their confidence and self-esteem as well as give something back. They are also keen to build up knowledge and skills to support Ihem to enter or re-enter employment. We are also approached by local people who would 81s0 like volunteering opportunities with us for similar reasons. This new role will allow us to do this. We will be focusing on supporting staff to access external accredited training specific to their role, to further increase their knowledge. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust. and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. The organi5ation is a charitable company limited by guarantee, incorporated on 6th July 1998 and registered as a charity on 5th March 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.00. Recruitment and appointment of new trustees The diredors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Trustee Board. Under the requirements of the Articles of As50¢iation Ihe members of the Trustee Board are elected to serve for a period of three years after which they must be re- elected at the next Annual General Meeting. Page 9
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsational structure Thare are currently 6 Trustee Board Members (see page 12 for details) The Board meets 6 times a year, with 2 of these being specifically focused on business and operational planning. The Audit and Risk Committee meets 4 times a year and consists of the Treasurer, Trustees, the Chief Executive, the Director of Finance and Resources and the Director of Operations. Sub-groups are established for individual projects as necessary. Additionally. the Treasurer, the Director of Finance and Resources and the Chief Executive meet in advance of the Audit and Risk Committee. Day-to-day operations are overseen by the Chief Executive. The organisation management structure is as follows- Senior Management Team consisting of the Chief Ex8cutive; the Director of Operations, the Director of Finance and Resources and the Business Support Manager. During 2024125 Valley House provlded the followlng servic8S; Domestic Abuse Safe and Supported Accommodalion Complex Needs Domestic Abuse Safe and Supported Accommodation REACH Service Talking Therapies Community Lead Service Counselling Nursery In recognition of the importance of safeguarding the Board has agreed to fund a Children's Safeguarding Lead who reports directly to the Chlef Executive. In relation to the vulnerability of the children we work with the Chlldren's Safeguarding Lead has cross organisation responsibility for proviéing expert advice and support to staff and volunteers in relalion to all levels of safeguarding. intemal safeguarding training for staff, volunteers and Board members and also acting as the link with Family Hubs. Business Development and associaled activities were the direcl responsibility of the Chief Executive, supported by the Senior Management Team Markeling & Communications were undertaken on a day-to-day basis by the Communications Officer. Training is a shared responsibility of the Management Team and overseen by the Director of Operations. The Board of Trustees delegates day to day management to the Chief Executive and the Senior Management Team. The trustees take advice from the Chief Executive and the Senior Management Team. the organisation's appointed auditors and any other relevanl professionals. Decision making The Board of Trustees d818gates day to day operational decision making to the Chief Executive and the Senior Management Team, who ar8 listed on the legal and administrative information page. Th8 Board retains decision making powers in relation to strategic matters and fors8tting the pay and remuneration ofthe charity's key management personnel. The Board delegates the benchmarking exercSse needed lo set th8se pay levels to the Chief Executiv8, or where it is in relation to the Chief Executive. an external Independent person. Benchmarking information is collaled from similar roles in similar charities in a similar geographical aa. Page 10
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees All trustee vacancies are widely advertised through existing local partnerships and the Reach Volunteering trustee recruitment sile. All interested individuals meet with the Chair of the Board and one other Trustee andlor member of the Senior Management Team as relevant to Iheir potential trustee role. Trustee induclion includes meeting with the Chair of the Board who explains the role and responsibilities of being a trustee at V-Sley House. They also meet with the Chief Executive and any other member of Ihe Senior Management Team that May be relevant to their trustee role. All trustees are encouraged to attend training specific to the trustee role. Appointment to the Board consists of attendance al a Board meeting and a vote by trustees. Additional training opportunities are available at the Board away day held each year. The Board lentifIeS their training needs and an internal or external trainer will be sourced to meet this need. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error, The Trustees have a risk management strategy which comprises: A risk register which identifies the risks the charity may face. Regular reviews of the risk register. The establishment of syslems and procedures to mitigate those risks identified in the plan. The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. This work ensures continuously improving contingency planning. Financial risk is mitigated by estsblishing a reserves policy, which is reviewed annually by trustees, logether with the diversification of the funding base. Rising inflation has increased costs across the organisation and spend on renewals, replacements and general office costs are being closely monitored with cheaper altematives being purchased where possible. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03593394 (England and Wales} Registered Charity number 1074539 Registered office 5&57 Bell Green Road Coventry West Midlands CV6 7GQ Trustees Ms E A Maffey R Smith B P Whittington DKBall Mrs J L Hill M S Pearce Company Se¢relary Ms L J Winlerburn Page11
VALLEY HOUSE REPORT OF THE TRUSTEES for the year ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Luckmans Duckett Parker Limited 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Vallay House for the purposes of company law) ar8 responsible for preparing the Report ofthe Trustees and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (Unlted Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then appty Ihem Consistently,, observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in business. The trust8es are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time Ihe financial position of the charitsble company and to enable them to ensure that the financial stalements complywith the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking reasonable steps for the prevention and detection offraud and other irregularities. In so far as Ihe Irustees are aware: there is no relevant audit information of which the charitable company's audilors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors. Luckmans Duckett Parker Limited. will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies. Report of the trustees, Incorporating a strategic report, approved by order of the board of twstees. as the company directors, on i.qfrf.thlurfm.&L..2%JW.. and signed on the board's behalf by.. B P Whittin rust88 Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VALLEY HOUSE Opinion We have audited the f:nancial statpmenls of Vail=y Youse (the '¢haritable Company.) for the year ended 31 March 2025 which comprise tlie Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and notes to the financial staiements, including a summary of signifi¢ant a¢countin9 policies. The financial reporting framework that has be8n applied in their pr8paration is applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice). In our opinion the financial State.ent8.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2025 and of its ncoming resources and application of resources, including its income and expenditure. for the year then have ben properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audli in accordance with International Standards on Auditing (UK) (ISAS {UKJ} and applicable law. Our responsibilities under those standards are further described In the Auditors, responslbilities for the audit of th.. financial statements section of our report. We are independent of the charitable company 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 relatlng to going concern In auditing the financial siatements, 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 'Nork have performod, we have not identified any material uncertainties relating to events or Conditions that, individually or Collectively, may cast significant doubt on the charitsble company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for iSSLIe. Our responsibilities and the responsibi,'ities of the trustees with respect to going concern are described in the relevant sections of this reoort. other Infomiation The trustees are responsibl8 for the other information. Th8 Other informatlon comprises the infomation included in the Annual Report, olher than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly staled in our report, we do nol express any fomi of assurance conclusion Ihereon. In Connection with our audit of the financial statements, our responsibility is to read Ihe other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledgo obtained in the audit or otherwis8 appears to be materially misststed. 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 voficlude that there is a material misststement of Ihis other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Rcr "rt of the Trustees for the financial year for which the financial statements are prepared is Consistenl wi+h the financial ststements. and the Report of the Trustees has baen prepared in accordance with applicable legal requirements. Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VALLEY HOUSE Matters on whiclk ive tara roqtsired to report by exception In the ligh* ofthe knowld2 and understanding of the charitable company and its environment obtained in the Course of the audit, we have not identified material misslatements in the Report of the Trustees. We have nothing to report in respect Oi the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate aGcounting recorG,s have not been kept or retums adequate for our audit have not been received from brarych?s not visited by us-, or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees, muneratIon specified by law are not made., or we have noi received all the information and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbl1ltiev• cf trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees {wha are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being sat15fied 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 ststements, the Irustees are responsible for assessing the charitable company's ability to Continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable Company or to cease operations, or have no realistic altemative but to do so. Page 14
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VALLEY HOUSE Our responslbllltles for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue a Report of the Independent Auditors 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 arSse from fraud or error and are considered material If. individually or in the aggregate, they could reasonably be expected to influenGe the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiring of management and employees. including obtaining and reviewing supporting documentation. concerning the charity's policies and procedures relating to:. Identifylng. evaluating, and complying with laws and regulatlons and whether they were aware of any instances of non-compliance. Detecting and respondlng to the risks of fraud and whether they were aware of any actual. suspected. or alleged fraud and. The internal controls established to mitigate risk relating to fraud or non-compliance with laws and regu;ations. We identified areas of law and regulation that could reasonably be expected to have a material effect on the financial statements from our general charitable sector experience, discussions with management (as required by auditing standards) and we discussed wilh management the policies and procedures regarding compliance with laws and regulations. All identified laws and regulaticns were communicated throughout the audit team. and they remained alert to any indications of non-compliance throughout the audit. The mosl significant considerations for the charitable company were as follows:. The Charity is subject to laws and regulations that affect the financial statements which include financial reporting legislation (namely The Companies Act 2006), taxation legislation and the Charities Act. We assessed the extent of compliance with these laws and regulations as part of our audit procedures conceming items recorded in the financial statements. The charity is also subject to O(her operational laws and regulations where the consequenc8s of non- ompliance Could have material effect on the amounts or disclosures in thg financial statement5 through imposing fincs or withdrawal of funding contracts. Areas where this would have an effect include health and safeti, Bribery Act 2010, employment law, data protections and child protection legislation {DBS checks for stsff and volunteers}. Auditing standards limit the audit procedures to idenlifying non-compliance of these laws and regulations to enquiry of management and inspection of regulalory and legal correspondence, if there is any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence. and audit will not detect the br8ach. To identify rlsk of material misstatement due to fraud, we carried out discussions amongst the audil team to ass8ss areas where and how fraud might occur in the financial statements and any potential indicators. The following areas were identified Management override of conlrols through the posting of inappropriate accounting entries orjournals Fraud risk relating the revenue recognition, although the recognition of revenue is straightforward as it relates in the main to grant sourced income, with limited opportunity for manipulation. We did not identify any additional fraud risks. We tested the appropriateness of accounting joumals and other adjustments made in the accounts preparation based on a risk criteria. Page 15
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VALLEY HOUSE Owing to the inherent limitation Oi the audit, there is an unavoidable risk that we may not have detected some material misstatew,ents, oven though we have properly planned and performed our audit in accordance with auditing standards. For example, the furlher removed non-compliance with laws and regulation is from the events and transaction reflected in the financial statement. the less likely in the inherently limited procedure required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-deteclion of fraud, as these may involve collusion. forgery, intentional omissions, misrepresentations. or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not iesponsible fo,- preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklaudilorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is mada solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extenl Perrned by law, we do not accept or assume responsibilily to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. Mark Spafford FCCA ACA (Senior Statutory Auditor) for and on behalf of Luckmans Duckett Parker Limited 1110 Elliott Court Coventry Business Park Herald Avenue Cov8ntry West Midlands CV5 6UB Page 16
VALLEY HOUSE STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025 2025 Unrestricted Designated Restricted Endowmen t Total fund funds funds ftjnds nds 2024 Total fijnds Notes INCOME FROM". Donations ar.d leoacies 15.411 15.411 14,877 C4iaritsble actlvltl8s Supported Housing Nursery Fees Supported accommodation Students Counselling Investment income 638.245 400.010 822,066 2,800 64.578 12.787 638,245 400,010 822,066 2,800 64,578 12.787 624,031 382,209 736,730 7,000 (4,869) 13,828 Total 1,955.897 1,955.897 1,773,806 EXPENDI I URE ON Raising funds 5,731 7,021 6.531 Charitsble actlvltles Supported Housing Nursery Fees Supported accommodation students Counselling Training Children's Centre Other 736,942 298,383 747,491 1,700 69,326 10,290 747,232 298.383 761,331 1,700 72,827 10,824 4,353 30,361 656,448 287,622 723,574 3.428 68.698 7,536 4,353 32,481 13.840 3,501 10,824 4,353 30.361 Total 1.889,934 29,455 4,353 10,290 1,934.032 1.790,671 Net gainsl(losses) on investm8nts (10.460) (10,460) 82,373 NET INCOi*1ElrXPENDITURE Transfers between funds 65,963 (39,9151 (4,353) (10.290) 11,405 65,508 19 (65,415} 65.415 rijet movemenl In funds 548 25.500 (4,353) (10,290) 11,405 65,508 RCCONCILIATION OF FUNDS Total funds brought forward 202,206 1,046,628 88.044 377,399 1,714,277 1,848,769 TOTAL FUNDS CARRIED FORWARD 202.754 1,072.128 83,691 367.109 1.725,682 1.714,277 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. I he noles form part of these financial ststement5 Page 17
VALLEY HOUSE BALANCE SHEET 31 March 2025 2025 Unrestricted Designated Restricted Endowment Total fund funds funds funds funds 2024 Tolal funds Nctes FIXED ASSE'I S Tangible ?ssels Inve.slments 12 13 2,640,918 83,691 367,109 3,091.718 3.094,859 699,555 710,015 699,555 2.640.918 699,555 83,691 377,109 3,791,273 3,804,874 CURREFIT ASSE I S Debtors Cash at bank 14 22,035 364.460 22,035 737.033 26.705 652,293 372,573 386.495 372,573 759,068 678.998 CREDrroRS Amounts falling due within one year 16 (278.030) {278,030) {222,966) NETCURRENT ASSETS 108,465 372,573 481,038 456,032 TOTAL ASSETS LESS CURRENT LIABILITIES 2,749.383 1.072.128 83,691 367,109 4.272.311 4.260.906 CREDITORS Amounts falling due afi8r more than one year 17 (2,546.629) {2,546,629} {2,546.629) NET ASSETS 202.754 1.072,128 83,691 367.109 1,725,682 1.714.277 FUNDS Unrestricted funds Designated funds Restricted ndS EndOlment funds 19 202,754 202.205 1,072,128 1,046,629 83,691 88.044 367,109 377,399 TOTAL FUNDS 1,725.682 1,714,277 These financial statements have P)een prepared in accordanc8 With the provisions applicable lo charitable companies subject to the small companies regime. The finan¢ial statements were approved by the Board of Trustees and authorised for issue on Iq7rf.fy¢.rfg•Aa..*eJ.....8nd were signed on its behalf by: BPWIii stee The notes form part of these financial statements Page 18
VALLEY HOUSE CASH FLOW STATEMENT for the year ended 31 March 2025 2025 2024 Notes Cash flows from operatlng activities Cash generated from operations Interest paid 285.576 184,553 310,545 169.593 Ne% cash provided by operating activities 101.023 140.952 abh flows from Investing a¢tlvities Purchase of tangible fixed assets Inierest received {29,070) 12,787 (18,602) 13,828 Net cash used in investing activities 16,283) Change In cash and cash equlvalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 84,740 136.178 652.293 516,115 Cash and cash equivalents at the end of the reporting period 737.Q33 652,293 Th8 notes form part of these financial stalements Page 19
VALLEY HOUSE NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTWITIE 2025 2024 Net Income for the reporting period (as per the Statement of Flnancial Activities) Adjustments for: Depreciation charges Lossesl{gain) on investments Interest received Interest paid Decrease in debtors Increase in creditors 11,405 32,211 10,460 (12,787) 184,553 4,670 55,064 29,283 {82,372; (13,828) 169,5a3 83.380 58.973 Net cash prcvided by operations 285.576 310,54? ANALYSIS OF CHANGES IN NET DEBT At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank 652,293 84,740 737.033 652,293 84.740 737.033 Debt Debts falling due after 1 year .546,629 2,546,629 2.546,6291 2,546,629 Total 1,894,336 84,740 1,80),596 The notes form part of these financial statements Page 20
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 ACCOUNTING POLICIES Basis of prèparing the flnanclal statements The financial statements of the charitable company, which is a public benefrt entity urxler FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effedive 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. with the exception of investments which are included at market value. Critical accounting judgements and key sources of estimation uncertainty In the application of the charilable companvs accounting policies. the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dcifer from these estimates. The estimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised whera the revision affects only that period, or in Ihe period of the revision and future periods where the revision affects both Current and future periods. Critical judgements Support cost allocation Support costs are allocated between the expenditure categories of the Statemenl of Financial Activities on a basis designed to reflect the use ofthe resources. Costs relating to a particular aGlivity are allocated directly. Incoming resources All income is reco9nised in the Stalement of Financial Activities once the charity has entillement to the funds, any performance Conditions attached to the item of income have been met or are fully within the control of the charity, it is probable that the income will be received and the ainount can be measured reliably. Investment income Investment income is included in the Financial Statements when receivable. Activities for generatlng funds Student placemenls and other income is included in the Financial Statements when receivable. Tenant welfare servlces Tenant welfare services is a¢¢ounl for on an accruals basis for all tenants in resid.jnce during thc financial year. Grants Revenue grants are included on a receivable basis. Caprtal grants in respect of building costs are lo be written off over the estimated useful life of the building from the dale of occupancy. Nursery income Nursery fees are included on a receivable basis. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Committing the charty to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amounl of the obligation can be measured reliably. Expendtture is accounted for on an accruals basis and has been Classified under headings that aggregate all cosi related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with Ihe use of resources. Page 21 ntinued...
VALLEY HOUSE NOTES TO THE FINANCIAL sTATEIENTs - contlnued for the year ended 31 March 202 ACCOUNTING POLICIES - Continued Expendlture Irrecoverable VAT is charged as a cost against the activity for which the expend,'ture '.V&S ip.curred. Allocation of support costs Support costs are those functions that assist the work of the.charity but do not. directly und?rtake charitable activities. oUPPOrt costs include back office costs. finance, personnel. payroll and gGvernan=e costs which support the charitable company's activities. Refer to note 10 for the analysis of SUFPOil Gnd governance costs. Support costs are generally allocated based on revenue. The charitable company initially identifies the costs of its suppctt functions. It then ideii tifies t:'.ose CGSts which relate to the governance function. Governance costs and other support COSiS are apportioi led separately. Costs of generating funds ComDrise the costs associated with attracting volunlary income. Charitable expenditure Comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It included Costs that can be allocated directly to such activities and those Costs of an indirect nature to support them. Governance Includes those costs associated with meeting the constitutional and slatutory requirements of th8 charitable company and in¢lude audit fees. Tanglble fixed assets Tangible fixed assets are initially measured at Cost and subsequently measured at cost. net of depreciation and any impairment losses. All additions greater than £1,000 are capitalised and brought into account in accordance with normal accounting practice. Depreciation is provided bas8d on the value of the fixed assets less its residual value (its scrap or realisable value at the end of its economic lrfe) at rates calculated to write-off Ihe cost of fixed assets over the expeded useful lives on the following basis: New fumiture & equipment Buildings Community Garden SASC properties 4 years (straight line) 50 years (straight lin-} from date of use or 10 years (UFL} 3 years (straight line) from date of first use 10 years (straight line) from date of first use Included in land and buildings and SASC properties is land at a cost of £748.000 that is not beino depreciated. The gain or loss arising on the disposal of an asset is detennined as the difference beeen the kle proceeds and the rryIng value of the asset, and is recognised in net incomel(expenditiJre) for the year. Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund aeeountlng Unrestricted funds can be used in accordance with the charitable objectives at the discrelion of the trustees. Page 22 continued...
VALLEYHOUSE NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued for the year ended 31 Mar¢h 2025 ACCOUNTING POLICIES - continued Fund accountlng Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds are restricted fvnds which either cannot be spent (permanent endowment) or where there is no actual requirement to spend or apply the Capital unless, or until. the trustees decide to spend it (expendable endowment). Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-ret5rement benefits The charitable company operates a defined contributions personal perision CheMe. The assets of the scheme are held separately from those of the company in an independently administered fund. The fund is managed by Scottish Widows Limited. Contributions payable for the year are charged to the Statement of Financial Activities as and when incurred. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other shortlerm liquid investments with original maturities of Ihree months or less. and bank ov@rdrafts ar8 shown in current liabilities. Financlal Snstruments The charitable Gompany has elected lo apply the provisions of Section 11 'Basic Financial Inslrum8nts' and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finan¢ial 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. Creditors and provisions are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognise(l at their settlement amount after allowing for any trade discounts due. Basic financial assets Basic financial assets, which include debtors and cash and bank balanceo a initially measured at transaction priGe including transaction cosls and are subsequently carried at amortised cost using the effective interest method unless the arrangement Gonstitutes a financing trans8CtIOil, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transc4Gtion price unless the arrangement constitutes a financing transaction, where the debt instrument is rneasured al the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised Gosl, using the 8ff8Ctive interest rate m8thod. Trade creditors are obligations to pay for goods or servic8S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified a5 current liebililies if paym8nt is due within one y9ar or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently m8asured at amortised nost using the effective interest method. Page 23 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEKIENTS - Contlnued for the lear en.ed 31 March 2025 ACCOUNTING POLICIES - continued Cash and cash equivalents Derecognition of financlal liab115tles Financial liabilities ar9 derecognieed when the charitsble companies contractual Gb'.igations expire or are discharged or cancelled. mployep bane'iits The cost of any unused holiday enlitlement is recognised in tho periad in which the employee's services are reGeived. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably COTii mitted to t8rminate the employment of an emplojee or to provide termination benefits. DONATIONS AND I EGACIES 2025 2024 Donations 15,411 14,877 INVESTMENT INCOME 2025 2024 Deposit account interest 12,787 13,828 INCOME FROM CHARITABLE ACTivrriES 2025 2024 Activity Supported Housing Nursery Fees Supported accommodation Students Counselling Counselling T8nant welfare services Nursery Fees Service Contracts Other income Grants Service Contracts 638,245 400,010 822,066 2,800 624,031 382.209 736.730 7,000 (13,439) 8.570 64,578 1.927,699 1.745.101 Grants received, included in the above, are as follows: 2025 2024 Pre-therapy counselling 13,439) Page 24 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEENTs - Continued for the year ended 31 March 2025 RAISING FUNDS Other trading actlvltles 2025 2024 Fundraising and publicity 7,021 CHARITABLE ACTIVITIES COSTS Support costs (see note 7) Direct Costs Totals Supported Housing Nursery Fees Supported accommodation Students Counselling Training Children's centre 701,185 268,152 899,089 1,700 67,398 10,824 46,047 30,231 62,242 747,232 298,383 761,331 1,700 72.827 10,824 4.353 5,429 1,752,701 143,949 1.896,650 SUPPORT COSTS Governance costs Management Totsls Other resources expended Supported Housing Nursery Fees Supported accommodation Counselling 30,361 30,361 46,047 30,231 62,242 5,429 46,047 30,231 62,242 5,429 143,949 30,361 174,310 Governance costs includes payments to the auditors of £6.600 (2024 - £6,972) for audit fees. NET INCOMEI(EXPENDI I UREI Net In¢omel{expenditure) is stated after chargingl{crediting): 2025 2024 Auditors. remuneration Depreciation - owned assets 6,600 32,211 6,972 29,283 Page 25 Continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued fvhe year ended 31 March 2025 TRUSTEES. REMUNERATION AND BENEFITS There were no trust8es' ", emuneration or other benefits for the year ended 31 March 2025 nor for the year end-d 31 March 202a Trustees. expenses There wer.ts no. trustees, expenses paid for the year ended 31 March 2025 nor for the ye2r ended 31 March 2024. 10. STAFF COSTS 2025 2024 Vilages and S - Social security costs Other pension costs 1.055.112 80,411 36,974 982,867 81,533 31,720 1,172,497 1,096,120 The average monthly number of employees iJuring the year was as follows: 2025 39 2024 39 Service providersladmin Maintenance 43 44 The number of employees whose employee benefits {excluding employer pension costs) exceeded £80,000 I'jas: 2025 2024 £70,001- £80.GOO Key manageiment have been identified as the Chief Executive. Director of Operations and Director of Finance & RasOurCs. Aggregate compensation was £181,85812024'. £181,807). CCMPARA I IvEr FOR, THE ST.4TEMENT OF FINANCIAL ACTIVITIES Unrestricted D8signated Restricted fund funds funds Endowment funds Total funds INCOME AN[) CNDOWMENTS FROM Donations and legacies 14.878 (1) 14,877 Charftable activltles Supported Housing Nursery Fees Supported accommodation Students Counselling 624,031 382,209 736.730 7.000 8,570 624,031 382.209 736.730 7.000 {4.869} (13,439) Investment income 13,827 13.828 Totsl 1,787,245 13.439) 1,773.806 EXPENDITURE ON Page 26 continued...
VALLEY HOUSE NOTES TO TrlE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 11. COMPARATIVE•o FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Continued Unrestricted Designated Restricted Endowment fund funds funds . funds Totsl funds Raising funds 6,531 Charitable activities Suppo,rted Housing Nursery Fees Supported accommodation Students Counselling Tralnlng Children's ¢8ntre 642.859 287,622 723,574 3,428 33,234 3,299 10,290 656.448 287,622 723,574 3,428 68,698 7,536 4,353 35,464 7,536 4,353 other 32,481 32,481 Total 1,729,729 46,299 4,353 10,290 1,790,671 Net gains on iyvestments 82,373 82.373 NET INCOMEI(EXPENDITURE) Tran5fer5 between funds 57,516 57,352) 36,074 43.913 (17.792) 13,439 {10.290) 65,508 Net movement in funds 164 79.987 (4.3531 {10.290) 65.508 RECONCILIATION OF FUNDS Total funds bi ought fOard 202.041 966.643 92,397 387,688 1,648,769 TOTAL FUNDS CARRIED FORWARD 202,205 1,046,630 88,044 377,398 1.714,277 12. TANGIBLE FIXED ASSET&1 Freehold buildings SASC properties Community gard8n COST At 1 April 2024 Additions 1,245,182 9,900 2,618,883 44,151 At 31 March 2025 1,255,082 2,618,883 44,151 DEPRECIATION At 1 April 2024 Charge for year 756,570 20,311 16,364 7,240 44,151 At 31 March 2025 776,881 23,604 44.151 NET BOOK VALUE At 31 March 2025 478,201 2,595,279 At 31 March 20?4 488,612 2,602,519 Page 27 continued,..
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 12. TAYGIBLE FIXED ASSETS - continued Fixtures and fittings Motor vehicles Totals COST At 1 *.pril £024 dditions 25,158 3,960 3,933,374 29,070 15,210 .4t 31 March ?025 29,118 15,210 3,a62,444 DEPRECIATION At 1 April 2024 Charge for yeoir 21,430 2,885 838.515 32,211 1,775 At 31 March 2025 24,315 1,775 870,726 NET BOOKVALUE At 31 March 2025 4,803 13,435 3,091,718 At 31 March 2024 3,728 3,094,859 Included in Gost or valuation of land and buildings is freehold land of £748,650 {2024 - £748.650) which is not depre¢i2c ted. At the end of the 10 yGJar term the properties will revert to SASC as repayment of the outstanding loan facility. This provides an effective residual value at the end of the 10 year period equivalent to cost and consequently the ijepreciation charge amounts to £nil. Valley House 2'.iO has the option to reacquire the properties at their fair value at any point after any loan facil. y has been discharged. 13. FIXED ASSET INVESTMENTS Unlisted investments MARKET .k_ At 1 April 2024 Impairmen:.s 710,015 10,460) At 31 March 2025 699,555 NET BOOK VALUE At 31 March 2025 699.555 At 31 March 2024 710,015 There were n9 investment assets outside the UK. Page 28 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors Prepaym8nts 7.750 2.922 11.363 1.252 15.587 9.866 22.035 26.705 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Social security and other taxes Other creditors Accruals and deferred income 38,115 32,879 207,036 38,582 31,777 152,627 278,030 222,966 Deferred income 2025 2024 Deferred income at 1st April 2024 Released from previous years Income deferred in th8 year 82.305 {82,305) 141,430 62,979 (49,077) 68,403 Deferred income at 31st March 2025 141,430 82,305 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Other loans {see note 17) 2,546,629 2,546.629 SASC started providing funds in 2020 of up to £2.55m for the purchase of up to 22 properties. These funds will be availab18 for 10 years and the prop8rties have a r8Strictive covenant preventing sale other than to SASG. The prop8rties will revert to SASC after 10 years if the funds remain unpaid at that time, with no further liabilities accruing. To date, the Ch8rty has utilised £2.546.629 of these funds and purchased 22 properties, The balance of £3,371 has been repaid to SASC. This loan is secured on a first legal charge over the land and buildings and a fixed charge over a new established Rent Account held by the Borrower. A debt servicing charge for the loan facility has been agreed which is linked lo the collection of rents from the underlying tenants oflhe properties, aftertaking into account management and service income retained by Valley House. The debt servicing charge for the period amounted to £184.553 (2024 £169,593). Page 29 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 17. LOANS An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due in more than five years.. Repayable otheIse than by instalments: Other loans nore 5yrs non-inst 2,546.629 2,546,629 18. LEASING AREEmENTs Minimum lease payments under non-cancellable operating leases fall due as follows.. 2025 2024 Within one year Beeen one and five years 7,541 30.163 9,096 25,014 37,704 34,110 Page 30 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 MarGh 2025 19. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.25 At 1.4.24 Unrestrlcled funds General fund 202,206 65,963 (65.415> 202,754 Deslgnat8d Funds Capital projects Contingency Funds Training Consultancy Complex Needs Service Manager Staff Health and Wellbeing Manager Intranet Shed Shop Maintenance apprentice 540,000 457,642 16,000 3,000 13,986 5,000 5,000 6,000 35,000 10,460 16,000 290 (146) 11,499) 15,000) 16,000) 16,310 575,000 457,642 21.176 2.000 (10,460) (10,824) (1,290) (13,840) {3,501) 16,310 1,248,834 26,048 1.274.882 Restricted funds Coventry Children's Centres 88,044 (4,353) 83,691 Endowment funds LSC regeneration budget Coventry childran's centres - Canopy Coventry Chlldren's cenlres - Conservatory Big lottery fund - Young peoples's fund General charities - Servers General charities - Capital Fund Counselling suite Nats'onal Lotteries Charity Board 25 Bell Green Road Counselling Suite 25 Bell Green Road ITI Iprovements to garden, Car park Navigation Centre exiension 4.779 971 {475) (93} 4,304 878 9.763 3.273 2,114 20.000 17,324 92,366 113,999 17,904 28,063 66,843 {282) 9,481 3,273 2.114 20,000 16.485 90,206 110.697 17,904 26,576 65,191 {839> (2.160> (3.3021 (1.487) 1,652) 377,399 10,290 367 109 TOTAL FUNDS 1,714,277 11,405 1,725,682 Page 31 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 MOVEMENT IN FUNDS - continued Net movement in funds, included In the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,955,897 (1,889.934) 65,963 Derign- ted Funds Contingency Funds Training Consultancy Complex Needs Service Manager staff Health and Wellbeing Manager 110,460) (10,460} (10,824) {1.290) (13,840) 3.501) (10,824) (1,290) (13,840) 3.501) 1,955,897 (1,919,389) (10,460> 26,047 Restrlcted funds Coventry Children's Centres (4.353} {4,353) Endowment funds LSC regeneration bud9et Coventry children's centres - Canopy Coventry Children's centres - Conservatory Counselling suite National Lotteries Charity Board 25 Bell Green Road Improvements to garden, car park Navigation Cenlre extension (475> (931 (475) (93) (282} (8391 (2,160) {3,302) {1,487) 1,652) (282) (839} (2,160) (3,302) (1,487) 10,290 10,2901 TOTAL FUNDS 1,955,897 1.934,032) 10,460) 11,405 Page 32 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 19. MOVEMENT IN FUNDS - continued Comparatives for movèment In funds Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricled funds General fund 202,041 57.516 {57,352) 202,205 Deslgnated Funds Capital projects Contingency Funds Traininq Redundancy Fund Fundraising strategy and action plan Complex Needs Service Manager Staff Health and Wellbeing Manager Intranet Shed Shop 485,000 457,643 14,000 55,000 (82,373) 9,536 3,000 (10,000) 32,837 21,613 8,300 6,000 540,000 457,643 16.000 3.000 82,373 {7.5361 10,000 (18,8511 (16,613) <3,300) 13.986 5,000 5,000 6,000 1,168,684 93,589 (13,439) 1,248.834 Restricted funds CDA Accelerate Coventry Children's Centres (13,439) 4,353) 13.439 92,397 88.044 92.397 (17,792) 13,439 88,044 Cndowment funds LSC reg8n8ration budget Coventry children's centres - Canopy Coventry Children's cenlres - Conservatory Big lottery fnd - Young peoples's fund General Charities - Servers General charities - Capital Fund Counselling suite Natio-,,al Lotteries Charity Board 25 Bell Green Road Counselling Suite 25 Bell Green Road Improvements to garden, car park Navigation Centre extension 5,254 1,064 (475) {931 4,779 971 10,045 3,273 2,114 20,000 18,163 94,525 117.301 17,904 29,550 68,495 (282) 9.763 3,273 2.114 20,000 17,324 92,366 113,999 17,904 28,063 66,843 1839) (2,159) (3,302) {1,487) 1,652) 387,688 10,289 377,399 TOTAL FUNDS 1.648.769 65.508 1,714,277 Page 33 Continued...
VALLEYHOUSE NOTES TO THE FINANCIAL STATEMENTS - Contlnued for the year ended 31 March 2025 19. MOVEMENT IN FUNDS - continued Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted fund5 General fund 1,787.245 {1,729.729) 57,516 Designated Funds Contingency Funds Training Complex Needs Service Manager staff Health and Wellbeing Manager Intranet 82,373 82,373 {7.536} (18.851} (16.613} 3.300) <7,536) (18,851) (16.613) 3.300) 1.787.245 (1.776.029} 82,373 93.589 Restrlcted funds CDA Accelerate Coventry Children's Centres <13.439) {13.439) 4,353) 4,353) (13,439) (4,353) (17,792) Endowment funds LSC regeneration budget Coventry children's centres - Canopy Coventry Children's centres - Conservatory Counselling suite National Lotteries Charity Board 25 Bell Green Road Improvements to garden, Car park Navigation Centre extension {475) {93) (475) (93) {282) (839) (2,159) (3,302) (1,487) 1,652) (282) (2,159) (3,302) (1,487) 10,289 10,289 TOTAL FUNDS 1.773,806 1,790,671) 82,373 65,508 Endowment Funds are made up of reclassified restricted expenditure where capital grants have beèn spent on the assets for which the donations were intended or reclassified designated funds for capital projects. Amortisation is shown at the same rate as the asset is depreciated. The income funds of the charity include restricted unexpended balances of donations and grants held on trust for specific purposes. Grants for capital purchases h8ve been spent on the assets for which the donations are intended. Amortisation is shown at the same rate as the assets is depreciated. Where there are no longer trust law restrictions in place the funds a reclassified as endowment funds. Coventry City Council provided funds in 2006 for an expansion of the Nursery and improvements to the Children's Centre with the reslriction that the properly is used as a Nursery for 25 years. A restriction is also placed on the registered title of the property that no disposition. sale or lease may take place unless accompanied by a certrficate of the Council of the Cty of Coventry stating there is no payment due under the grant agreement. Page 34 continued...
VALLEY HOUSE NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 19. MOVEMENT IN FUNDS - continued Designated fijnds are monies set aside by the Trustees to b8 spent on the projects specified and have no trust law restrictions. The Development fund is designated for revenue projects and the Capital projects funds is for capital projects. Capitsl expenditure incurred is re-designated to a nam8d fund and amortisation is stated at the time al the same rate as the asset depreciated. Contingency funds are monies related to investments which have been designated to cover large unforeseen expenditure. These funds include the Capital Fund. Contlngency Fund and indivldual items within the Development Fund. 20. EMPLOYEE BENEFIT OBLIGATIONS The Charity operates a defined contribution pension sGheme 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 £36.97412024 - £31,720>, 21. RELATED PARTY DISCLOSURES Th8r8 were no related party transactions for the year ended 31 March 2025. Page 35
VALLEY HOUSE