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2021-03-31-accounts

Charity Registration No. 1123173

Company Registration No. 05558271 (England and Wales)

VALLEY CIDS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

VALLEY CIDS LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P R Whitaker B J Cupples D M Whitaker N J Hambley J F Turner R M A Marston J Brook Chief Executive D M Whitaker Charity number 1123173 Company number 05558271 Registered office 13 - 14 The Green Swanwick Alfreton Derbyshire DE55 1BL Auditor Azets Audit Services Ruthlyn House 90 Lincoln Road Peterborough United Kingdom PE1 2SP Bankers Yorkshire Bank 26 West Gate Mansfield Nottinghamshire NG18 1HS

VALLEY CIDS LIMITED

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12 - 13
Statement of cash flows 16
Notes to the financial statements 17 - 30

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The trustees of the charitable company (who for the purposes of the Companies Act are also the directors of the company) present their report with the audited consolidated financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The principal activity of the charity is to demonstrate the Christian faith by reaching out with God’s love through outreach work in schools and the wider community that supports children and young people to raise their aspirations and realise their full potential .

The Charity’s mission is to build and strengthen community through serving, inspiring and equipping children, young people, and families to develop their full potential in society today.

Following his appointment as Deputy CEO in September 2019, Ian Tannahill has continued to progress in this position, working closely with our CEO, Dorothy Whitaker, and the wider Senior Management Team in leading the charity through a particularly challenging year, in light of the ongoing impact of COVID. The senior management team comprises the Head of Retail Sales & Marketing, the Head of Retail Operations & Services, the Director of Children’s work, the Director of Young People’s Services and the Director of Ethos, Values and Mission. A planned transition is in place with an expected handover of the CEO role to Ian Tannahill anticipated in October 2021. Dorothy Whitaker will continue to play an active role as a Valley C I DS Trustee.

Our Children’s Workers continue to provide assistance in the primary and junior school sector delivering religious education, assemblies, lunchtime and after school clubs, and activities. The Quest Children’s Work Team of four Children’s Workers, led by Jenny Whittaker, has seen their work dramatically impacted by COVID in the past year, particularly with respect to delivering in-person work in schools. The team have been furloughed for a significant proportion of the year; however, upon their return to work, they have responded creatively and innovatively to the constraints of COVID, particularly with the production of new online materials to support schools with the enriching of their RE curriculum. Promises Nursery continued to operate until the point of its closure in June 2021. The Zest & Get Set Out of School Clubs Valley CIDS run enable parents to leave their children in a safe environment, to enjoy a healthy breakfast.

Valley CIDS Youth Work continues to provide enhanced opportunities for young people to access youth work support and activities and to engage in alternative education provision. The strategic oversight of young people’s services continues to be headed up by Ian Tannahill at present; however, in light of his upcoming appointment as CEO in October 2021, the management structure of the youth department is under review. Despite the ever-present impact and constraints of COVID, the majority of our youth team have continued to work throughout the year as a result of both their Key Worker status and the vulnerability of the young people the team supports. It has also been a year of continued sustained growth, particularly in terms of street-based youth provision, which is now covering an ever-widening geography due to growth in the number of external contracts and successful funding applications, such as the Youth Endowment Fund, which enabled the team to deliver a 12-month street-based programme in Ripley, Heanor & Chesterfield. The team were also able to play an active role as part of the COVID response in local communities, helping to deliver food packages to families in need and activity packs to young people. They have also responded creatively to the challenges of COVID through the expansion of digital youth work provision.

The Lighthouse Charity Shops provide opportunities for people to volunteer as shop assistants hence gaining valuable work experience and confidence. The shops also provide a valuable opportunity to recycle and reuse goods that would otherwise be thrown away. The Saltpot Community Café in Swanwick has in the past year undergone a change of management, internal / external refurbishment and now offers an updated menu. It continues to function as an important community asset, offers high quality snacks and meals at low prices to the local community. The Swanwick Men’s Shed project, located on Turner Farm has continued to grow in popularity with a steadily increasing membership base.

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

The Charity benefits greatly from a strong volunteer base of over 350 people who support the operation of the Lighthouse Charity shops, the Saltpot café, the Children’s Work and the Youth Work

Achievements and performance

General

We have continued to strengthen our ICT infrastructure and enhance our cyber security measures through the installation of PCI Compliant systems in all premises. Throughout COVID, we have made effective use of the UK government’s furlough scheme, thereby protecting the employment status of our workforce. We have also accessed the various government Coronavirus grant funding schemes, for which we have been eligible to ensure our financial stability and sustainability, and to support the retention of vital frontline services for vulnerable young people. Throughout the COVID pandemic we have committed to meeting more frequently as a Board of Directors and as a Senior Management Team to ensure a robust COVID recovery strategy was planned and implemented. As part of our financial resilience and recovery strategy, we also undertook negotiations with landlords to negotiate rent holidays and we now have a business plan in place that will ensure all back rent has been paid within the next financial year. In October 2020 we also carried out a restructure of our retail department with the dual purpose of increasing efficiency and enhancing shop performance.

Retail

The retail arm of our charity has seen some changes during the past year mainly in response to the recent pandemic that has challenged us in a number of ways. The sudden closure of shops meant that the management team had to react quickly and adapt to a whole new way of operating. Throughout the time of closure, they explored alternative revenue streams which relied heavily on expanding e-Commerce platforms including re-structuring the eBay department, introducing Click and Collect and trialling media selling platforms to maintain a small percentage of income generated through retail. On returning to the ‘new normal’ the management team focused on phased re-opening of shops. The wellbeing of staff entering back into the workplace after significant time off was a number one priority. The need for adequate PPE in line with government guidelines and ensuring working environments were safe for both staff and customers was also paramount to the effective re-opening. This meant additional resources were required along with different shop layouts and one-way systems in all stores. A further challenge for retail upon returning was the high volume of stock donated to our shops. Our teams had to manage high levels of stock safely and at a higher pace than usual which meant an increased effort from all staff and volunteers at a difficult time. Lighthouse shops showed a decline in footfall on the High Street throughout this period of time however the majority of stores have been performing far higher than previous years which is showing a positive impact on the overall profitability. This also shows that despite footfall being low, those that are choosing to shop in stores are spending more which is encouraging for charity retail and shows its resilience for the future. The management team are continuing to focus on the recovery strategy and consolidating the performance of our existing shop portfolio.

Children’s Team

Over this difficult year we have concentrated on 2 out of our 4 main areas: Enriching the RE curricular and Supporting Families.

Enriching the RE Curricular: The children’s team despite the restrictions of the Covid pandemic have had a very positive year. From March 2020 until August 2020 the team were completely furloughed due to the Covid restrictions implemented in churches and school where most of the work takes place. A new vision was formed to develop online school assemblies and RE lessons which schools could access. With this in mind in September 2020 the children’s team returned to work on a part time basis whilst being furloughed for the remaining time. As things began to improve regarding Covid restrictions the children’s team resumed full time working hours and in person visits began to resume in some schools.

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

In order to fulfil our aim of enriching the RE curricular the children’s team have developed new skills learning how to make and edit films, understand the technology of sound and lighting issues around filming, be creative with acting and online communications and be effective on social media platforms. The results have been excellent with even more engagement with schools than our usual 80 schools. As in person assemblies began to be re-introduced the children’s team have also been preparing and delivering RE themed days on the topic of prayer and facilitating themed RE lessons set out in Derbyshire County Councils agreed RE syllabus. All have been well received by pupils and staff. The Valley C I DS Children’s Team will also be facilitating the children’s and youth work at the ‘National Justice and Peace’ conference held in July 2021.

Supporting Families: Our Zest and Get Set out of school clubs remain an integral part of our services to local communities. The Toast Club introduced last year has continued to prove popular and is a welcome extension to the established Breakfast Club opening hours.

Young People’s Services

Throughout the past year we have continued to provide a range of activities, support services and alternative education provision for some of Nottinghamshire and Derbyshire's most vulnerable and at-risk young people.

Working across delivery sites, including local branches in Ripley, Heanor & Chesterfield, Turner Farm Project in Swanwick and The Enterprise Unit in Jacksdale, we have remained committed to supporting some of society’s most marginalized, at risk and forgotten young people by providing an integrated and needs-led offer of support and opportunity.

Despite the challenges and constraints of COVID, the past year has been one of continued expansion. Following our registration as a Pearson Functional Skills examination centre, we have now enhanced our alternative education offer further with the addition of a range of BTEC qualifications. We have also seen steady growth in our street-based youthwork delivery, which now covers a widening geography of areas surrounding our main youth hubs with substantial work in areas such as Belper, Barrow Hill, Netherthorpe and Grassmoor. Much of this growth has also been due to an increase in the number of external contracts / service level agreements and we anticipate a sustained level of expansion in the next year. The youth team have also continued to respond creatively to the impact of COVID, particularly with the use of digital youth work. This has been used effectively as a support and signposting tool for young people and as a medium through which trained staff have delivered 1:1 online mentoring support for young people in need. Members of the youth team have also been directly and proactively involved in localized COVID response initiatives, distributing food packages to families in need and activity packs / sports equipment to young people who were otherwise isolated due to lockdown measures. Throughout the year youth workers have been working with young people from the respective youth management teams on the production of a Hate Crime Awareness video as a peer education resource, which will have its official launch in July 2021. The team have also been acutely aware of the negative impact repeated COVID lockdowns have had on the mental health and wellbeing of young people. In response to this, they are planning to deliver a ‘Summer of Well-being ‘activity programme throughout summer 2021 with a range of activities, workshops and day trips designed to promote the well-being of young people, by creating opportunities for them to have fun, gain new skills, engage with new experiences, and develop new friendships.

Financial review

It is the aim of trustees that the charity should maintain unrestricted funds at a level which equates to three months expenditure. This would provide sufficient funds to cover management workers and administration and support costs. Based upon our Management Accounts to 30 th September 2021, our expenditure for the six months including finance costs are £1,715,261. Reserves to cover three months costs would therefore equate to £857,631.

Total funds of the group at the year-end amounted to £1,078,382, of which £795,895 relate to endowment funds, £200,000 relates to a fair value reserve on investment property, leaving a surplus on unrestricted general reserves of £ 82,487 . At the year end there was a deficit on free reserves including long term liabilities of £ 344,670 (20 20 : £ 667 , 86 4).

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

At present there are insufficient unrestricted funds available to accomplish this, but continual effort is being made to secure more charity shops, reduce our operating costs and raise the level of income accordingly in order to achieve this target. Further details of measures being undertaken following the outbreak of COVID-19 are detailed later in this report under Post Balance Sheet Events.

Going Concern

At 31 st March 2021 total reserves amounted to £1,078,382, of which £795,895 related to the endowment fund leaving unrestricted reserves of £282,487 an increase of £341,707 on the previous year. Of the general reserves there is a deficit of £ 344,670 on free reserves.

The trustees are in the process of adopting various measures to reduce costs and provide working capital to enable the charitable company to meet its obligations as they fall due. These measures include:

The trustees consider that such measures will improve the level of free reserves in line with its reserves policy. Consequently, the trustees consider that the financial statements of the charity should be prepared on a going concern basis.

Principal funding sources:

Principal funding sources are:

The most significant funding stream for the charity is the trading income from charity shops. The charity had 34 shops at the end of the current financial year. The income from the charity shops in 2020/21 decreased by 61.3% compared to the prior year, because of Covid-19.

However, the running costs of the charity shops decreased by 20.5% from £2,682,850 in 2019/20 to £2,132,927 in 2020/21, which was mainly because 90% of the staff were placed on furlough during Covid-19 lockdown.

Investment Policy

The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity, but as the charity has no funds available for investment at this point in time, nor is it envisaged that there will be in the foreseeable future, there is no defined investment policy in place and nor are there any investments currently held.

Principal Risks and Uncertainties

The charity is highly reliant on charity shop income, which is suffering due to the downturn in retail sales generally in the high street. However, over the year we have managed to stabilise our income so that to date we have not seen any material impact to the ability of the charity to fund activities at the current level. This will be closely monitored over the next year.

Salary costs, including social security and Pensions comprise more than 59% of total expenditure. The Government has pledged to increase the living wage to £9/hour by 2020. If the living wage increases in-line with the Government’s commitment, then the charity will incur high levels of wage inflation with associated higher levels of salary expenditure.

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The above risks and uncertainties have been further exacerbated by the outbreak of the COVID-19 virus, of which more details are included later in this report under Post Balance Sheet Events.

Having previously consulted with the staff at Promises Day Nursery with regards the challenging and increasingly untenable financial position of the nursery, it became clear in the past year that measures designed to improve its financial position were sadly ineffective in doing so. Therefore, in June 2020, the trustees made the difficult decision to permanently close Promises Day Nursery, which in turn resulted in the redundancies of the nursery staff.

Plans for Future Periods

As outlined above the charity is in the process of implementing a robust COVID recovery strategy. With respect to our charity shops, our focus is on consolidating and improving the performance of our existing retail portfolio. During the past year we also implemented a retail staffing restructure and have sought to strengthen our Lighthouse management structure with the appointment of two Area Managers. We are confident that such measures will enables us to sustain a higher level of retail revenue, which in turn will provide increased funds for Children’s and Youth outreach work.

The Development of Turner Charity Farm

We are encouraging strategic partnerships that will deliver complementary activities, that will together ensure an environmentally friendly site, financially viable for the long-term creating life-changing opportunities for young people and is of significant benefit to the local and wider community. We have continued to enhance the biodiversity of the site with further tree planting and the ongoing development of pond and wetland areas . The farm-based alternative education programme has continued to grow in popularity with young people and referring agencies and now, as previously mentioned, includes the opportunity for Key Stage 4 young people to undertake BTEC qualifications . Swanwick Men’s Shed has continued to increase its membership by offering a safe place for both men and women. This has been particularly significant in the past year in light of the loneliness and social isolation many members experienced during periods of closure due to COVID lockdowns. We have also become keenly aware of the need to revisit and upscale the infrastructure of the farm in order to adequately accommodate the sustained growth in our various projects and delivery streams, and we intend to make plans for this in the coming year(s).

Structure, governance and management

Valley CIDS is based at 13-14 The Green, Swanwick, Alfreton, Derbyshire, DE55 1BL which is also the registered office and principal address of the charity.

The organisation is a charitable company limited by guarantee (no. 05558271) originally incorporated on 8 September 2005 under the Memorandum and Articles of Association as amended by special resolution dated 4 March 2009 and 16 March 2009. The company registered as a charity on 12 March 2008 (no 1123173). In the event of the company being wound up all members are required to contribute an amount not exceeding £1.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

P R Whitaker

B J Cupples D M Whitaker N J Hambley J F Turner R M A Marston J Brook

An annual review of the Trustees training requirements is undertaken together with the training and information provided to any new Trustees.

VALLEY CIDS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Intsmal Control The pur¢hasSng process, whereby allematlve quotes are obtalned, Is Smw)rtant to the achievement of besl value for Valley CIDS and is ex￿cted for all items of expenditure above £500. Management A(xounls are distributed within 15 workin9 days of the month end to the Senior Managernent Team and Trustees. They in¢ludg an Income 8nd Expenditure Statement, Balance SheeL Cash Flow forecast and sales statisli¢x. Pa Polic for Ke Mana ement Personnel The tNstee5 base the pay of key management personnel on market rates for similar rdgs. Risk Mana em8nt The trustées actNely review the major risk which charity faces on a regular basis and their aim is lo focus on increasing reserves to fall in line with our rèserves policy. This combined with an annual review of the controls over key financial systems will provide sufficient r8SOLtrces in the event of adverso conditions. The Irustees have also examined other operational and business risks faced by the charity and confirm that they have eslabllshed systems to mil￿ale the signifi(8nt risks. Fundraisin Poli statement Our funding ￿ntInueS lo be predominantty through our Charrty shops, we also th) ￿¢81¥e some gtfts from lo¢al churches and individuals. We have been expanding ourArtemative Education Provision which also generates income for the charity. We contintse to dis(yJss alternative methods of funding our work in the future and, whilst we do not engago in any fomi of direct marketing, we have in the past ygar 8ngaged communications and fundraising consultancy support to help us tlevelop a mwe coherent communications and donorloumey strategy. Valley CIDS is a charitable company which owns two other companies. they are.. Valley CIOS Trading Company Llmiled which is used 8s an agent for charity shop donatoons with the net prLKeeds of th￿ donations belng donated lo the charity. Valley CIDS Trading Company Limilgd also tnanages and operates the charity shops. Family C8ntres Limited- this was stnjck off the Company Register on 23 March 2021. There is also a uniting direction in pSace beiw88n Valley CIDS and the Tumer Educational Charity. The two charrties are not fomally amalgarnated but Sha￿ common administration. See the related paty transaction nole for other related p8ty disdosures. Audlt¢r In accordance wSlh the compan15 ariicles, a resolution proposiTrJ thatAzets Audit Services be raappointed as auditor of the company will be put al a General M8frting. D16closure of Inf0M￿tIOn to audltor Each of the trustees has confimied thot there is no infoTm81ion of which they are aware which Is relevant to the audit. bul of which the auditor is unaware. They have further confimi8d that they have tsk8n appropriate steps lo identify such relevant information and lo establish that the auditor 15 aware of such infom)ation. The Irustee5' report was approved by the Boar(l of Tru5tee5. P R Whitaker Chair Dated..

VALLEY CIDS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

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

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

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

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

VALLEY CIDS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF VALLEY CIDS LIMITED

Opinion

We have audited the financial statements of Valley CIDS Limited (the ‘charitable company’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 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 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 relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable 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 issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees 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.

VALLEY CIDS LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALLEY CIDS LIMITED

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charitable company 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, 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.

VALLEY CIDS LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF VALLEY CIDS LIMITED In respons8 to the risk of iThegulaiilies and rrt)n-complian¢8 Wtth laws and regu18tions, induding fraud. we desoned procedures which included.. Enqulry of managemenl and those charged witr govemance around aclual and potential liligation and ¢laims as well as 8¢lual, suspected and alleged fraud.. Reviewtng minutes of meetings of those charged with govemance; Assessing the extent of compliance with the laws and regulations consrdered to hav& a direct material effect on the financial statements or the operations of the entity throLJgh enquiry and inspection., Reviewing financAal statement disclosures and lestsrKJ lo supporling documontation to assess compliance with applicable laws and regulations,. Perfoming audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale ol signffjeant transactions outside the normal course of business and reviewing accounting estimates for indicators of rthntial bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, Including those leading to 8 mat6rial misstalemenl in the finanual statements or nonpcompliance wth regulatK)rt. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reftectèd in the financial ststemanls, as we will be less likely lo become aware of instances of non- (￿mplIanCe. The risk of not detecting a material misstatgmenl resulllng from fraud is higher than for one resulting from error, a8 fraud may invdve collusiorb. forgery. intentional omissions. misrepresentatK)ns. or the ovgrride of inlemal control. Use of our report This report is made sol8￿ lo the Chari￿$ trustees. as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regvlalions 2008. Our audit work has b8en undertaken so that we might stat8 to the chariws trust¢es those matters w8 ar8 required to state lo them in an auditors. report and for no other purpose. To the fijllest exlenl pemiitted by law, we do not accept or assume r8SPDnsibilty to anyone other than the charlty and the charivs trusle6s as a body. for our audit work. for thls ￿ port. or for the opinions we have formed. Mr Mark Jackson FCA DChA IS8nior Statutory Auditor) for and on behalf ofAzets Audit Sgrvicos Chartered A¢¢ountants statutory Authtor Ruthlyn House Lincoln Road Pelethrough United Kingdom PE12SP Az8ts Audit Servi(xs is eligible for appointment as auditor of the charttabl8 company by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. io-

VALLEY CIDS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Endowment
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
2,134,397
-
Charitable activities
4
231,428
-
Other trading activities
5
1,009,834
-
Investments
6
253
-
Total income
3,375,912
-
Expenditure on:
Raising funds
7
2,132,927
-
Charitable activities
8
915,561
-
Total resources
expended
3,048,488
-
Net incoming/
(outgoing) resources
before transfers
327,424
-
Gross transfers
between funds
14,283
(14,283)
Net movement in funds
341,707
(14,283)
Fund balances at 1
April 2020
(59,220)
810,178
Fund balances at 31
March 2021
282,487
795,895		 TotalUnrestricted Endowment
funds
funds
2021
2020
2020
£
£
£
2,134,397
787,415
-
231,428
409,615
-
1,009,834
2,324,715
-
253
23
-
3,375,912
3,521,768
-
2,132,927
2,682,850
-
915,561
1,075,974
-
3,048,488
3,758,824
-
327,424
(237,056)
-
-
14,864
(14,864)
327,424
(222,192)
(14,864)
750,958
162,972
825,042
1,078,382
(59,220)
810,178		 Total
2020
£
787,415
409,615
2,324,715
23
3,521,768
2,682,850
1,075,974
3,758,824
(237,056)
-
(237,056)
988,014
750,958

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.

VALLEY CIDS LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
20
Net assets
Capital funds
Endowment funds - general
21
Income funds
Unrestricted funds		 2021
£
£
1,023,052
400,000
1,423,052
112,892
4,208
348,012
465,112
(466,498)
(1,386)
1,421,666
(343,284)
1,078,382
795,895
282,487
1,078,382		 2020
£
£
1,018,822
400,000
1,418,822
102,987
4,208
34,724
141,919
(492,844)
(350,925)
1,067,897
(316,939)
750,958
810,178
(59,220)
750,958

VALLEY CIDS LIMITED CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2021 Th8 company is ent￿8￿ to the exemption frorrt the audit requirement contained in section 477 of the Companies Act 2006, for thg year ended 31 March 2021. although an audrt has been carried out under section 144 of the Ch3rttiosAct 2011. Thè directors ad(nowledge their responsibSlltles for complying with Ihg requirèments of Ihe Companles Acl 2006 with respe¢t to accounting records and the p￿Para￿On of financial statements. The members have not ￿qUired the company to obtsin an audit of its financial 5tstemenls under the requiraments of thè Companios Act 2006. for the y8ar in quastion in accordance with s8ctTon 476. These financial statements have been prepared in accordance with the provisions applicable lo Companies subject lo the small companies r8gim&. The financial statements were approved by the Trust88s on .... P R Whitaker Trustee Company Registration No. 05558271 13-

VALLEY CIDS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Investments
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
20
Net assets
Capital funds
Endowment funds - general
21
Income funds
Unrestricted funds		 2021
£
£
1,013,315
400,000
1
1,413,316
100,203
4,208
332,399
436,810
(432,684)
4,126
1,417,442
(343,284)
1,074,158
795,895
278,263
1,074,158		 2020
£
£
1,014,551
400,000
2
1,414,553
97,119
4,208
14,866
116,193
(467,072)
(350,879)
1,063,674
(316,939)
746,735
810,178
(63,443)
746,735

VALLEY CIDS LIMITED BALANCE SHEET (CONTINUED) ASAT31 MARCH2021 Tho Company is entitled to the exemption from th8 audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021. athough an audit has been ¢8rried out under section 144 of the Charities Act 2011. The directors acknowledg8 their rnsponsibililies for ¢omplying with the requirements ol tha Companies Act 2006 with respect to aco)unting records and the preparation of fin8nci81 ststements. Thg members have not r8quir8d the company lo obtain an audit of Sts financial stslements under the requirements of the Companies Act 2006, for the y8ar in question in ac¢ordan¢e with section 476. These financi81 stslemenls have been prepared in ac￿rdan￿ with the provisions applicablg to 0¥)mp￿nIeS subject to the small companies regime. The financial statements were approved by th8 Trustees ......................... P R Whitsker Trustee Company Registratlon No. 05558271 15-

VALLEY CIDS LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of borrowings
Repayment of bank loans
Net cash generated from/(used in)
financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year		 2021
£
(37,220)
-
253
-
65,264		 £
342,845
(36,967)
65,264
371,142
(23,130)
348,012
348,012
-		 2020
£
(2,252)
17
23
7,498
(13,731)		 £
(8,818)
(2,212)
(6,233)
(17,263)
(5,867)
(23,130)
34,724
(57,854)

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Valley CIDS is a private company limited by guarantee and incorporated in England and Wales. The registered office is 13-14 The Green, Swanwick, Alfreton, Derbyshire, DE55 1BL. The members of the charity are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charitable company . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

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

In arriving at this conclusion the trustees acknowledge that the COVID-19 pandemic continues and that not all future events or conditions can be predicted. However, the trustees have implemented various measures during the year, including:

Reductions in the operating costs of its trading activities; Expansion of trading activities relating to charity shops through the opening of new shops; Negotiations with funders to extend facilities available;

Considering the options available to sell one of the properties should the need arise; Responding promptly to the challenges created by the COVID-19 pandemic.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees 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 charitable company.

1.4 Income

Income is recognised when the charitable company 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.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

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

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly allocated to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Governance costs are those incurred in connection with the charity’s compliance with constitutional and statutory requirements.

Irrecoverable VAT is allocated in the manner stated above for non-direct costs.

1.6 Tangible fixed assets

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

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

Freehold land and buildings 2% straight line. Freehold land is not depreciated. Fixtures and fittings 20% reducing balance. Shop and office equipment 20% reducing balance. Motor vehicles 25% reducing balance.

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 net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 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.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other 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 financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company ’s contractual obligations expire or are discharged or cancelled.

1.11 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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

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

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Critical accounting estimates and judgements

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

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

3 Donations and legacies

Donations and gifts
COVID funding
Gift aid		 2021
£
163,649
1,935,387
35,361
2,134,397		 2020
£
647,492
-
139,923
787,415

4 Charitable activities

Nursery fees
Breakfast clubs
Blend clubs
Other income
Analysis by fund
Unrestricted funds		 2021
£
21,170
8,905
194,027
7,326
231,428
231,428
231,428		 2020
£
166,661
40,920
174,067
27,967
409,615
409,615
409,615

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5 Other trading activities

6
7		 Saltpot sales
Charity shops & ebay sales
Rental income
Other income
Other trading activities
Investments
Interest receivable
Raising funds
Charity shops & café
Operating charity shops
Staff costs
Depreciation and impairment
Charity shops & café		 2021
£
2,381
988,533
18,358
562
1,009,834
2021
£
253
2021
£
966,395
1,154,610
11,922
2,132,927		 2020
£
15,497
2,278,964
28,424
1,830
2,324,715
2020
£
23
2020
£
1,218,963
1,433,842
30,045
2,682,850

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Charitable activities

Staff costs
Depreciation and impairment
Bank charges
Rent, rates and power
Insurance
Printing, postage and stationery
Recruitment and training
Repairs and computer costs
Equipment hire
Legal and professional
Sundry costs
Subscriptions
Travel/motor costs
Telephone
Goods and consumables
Advertising and PR
Activity and event costs
Share of support costs (see note 9)
Share of governance costs (see note 9)		 2021
£
517,405
20,104
347
54,163
542
1,276
1,471
9,173
3,600
7,774
6,141
3,313
1,469
9,931
1,959
-
11,301
649,969
244,269
21,323
915,561		 2020
£
664,455
11,135
393
75,023
650
2,823
4,455
17,604
3,494
6,661
10,233
2,973
8,822
10,176
16,489
1,051
26,355
862,792
195,547
17,635
1,075,974

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9 Support costs

Support
costs
Governance
costs
£
£
Staff costs
162,581
-
Depreciation
962
-
Insurance
32,733
-
Loan interest
15,307
-
Legal costs
11,792
-
Other costs
20,894
-
Audit fees
-
10,500
Accountancy
-
10,823
244,269
21,323
Analysed between
Charitable activities
244,269
21,323		 2021
£
162,581
962
32,733
15,307
11,792
20,894
10,500
10,823
265,592
265,592		 Support
costs
Governance
costs
£
£
127,370
-
900
-
28,058
-
19,345
-
23,541
-
(3,667)
-
-
10,500
-
7,135
195,547
17,635
195,547
17,635		 2020
£
127,370
900
28,058
19,345
23,541
(3,667)
10,500
7,135
213,182
213,182

Governance costs includes payments to the auditors of £ 10,500 (2020- £ 10,500 ) for audit fees.

10 Trustees

During the year J Brook, who was a trustee of the charity, received total remuneration of £7,721 (2020: £15,819) and pension contributions of £386 (2020: £747) as approved by the Charity Commission. No other trustees received any remuneration. None of the trustees were reimbursed for expenses. The number of directors to whom retirement benefits are accruing under money purchase schemes is 1 (2020: 1).

The key management personnel comprise the trustees the Chief Executive Officer and the Deputy Chief Executive Officer. The total employment benefits of the key management personnel were £60,182 (2020: £43,767).

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
12
Intangible fixed assets
Group
Cost
At 1 April 2020
Disposals
At 31 March 2021
Amortisation and impairment
At 1 April 2020
Eliminated on revaluation
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020		 2021
Number
141
2021
£
1,706,065
81,437
47,094
1,834,596		 2020
Number
151
2020
£
2,070,616
101,631
53,420
2,225,667
Goodwill
£
9,612
(9,612)
-
9,612
(9,612)
-
-
-

The goodwill related to the acquisition of Family Centres Ltd.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

13
Tangible fixed assets
Group
Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
Charity
Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020		 Freehold
land and
buildings
Fixtures
and fittings
Shop and
office
equipment
£
£
£
1,036,293
329,109
169,537
25,000
3,050
9,170
1,061,293
332,159
178,707
90,747
290,264
151,607
15,181
7,265
6,419
105,928
297,529
158,026
955,365
34,630
20,681
945,546
38,845
17,930
Freehold
land and
buildings
Fixtures
and fittings
Shop and
office
equipment
£
£
£
1,036,293
294,006
169,537
25,000
3,050
2,367
1,061,293
297,056
178,707
90,747
259,432
151,607
15,181
7,265
5,082
105,928
266,697
156,689
955,365
30,359
20,681
945,546
34,574
17,930		 Motor
vehicles
£
72,219
-
72,219
55,718
4,125
59,843
12,376
16,501
Motor
vehicles
£
72,219
-
72,219
55,718
4,125
59,843
12,376
16,501		 Total
£
1,607,158
37,220
1,644,378
588,336
32,990
621,326
1,023,052
1,018,822
Total
£
1,572,055
30,417
1,602,472
557,504
31,653
589,157
1,013,315
1,014,551

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

13 Tangible fixed assets

(Continued)

The Turner’s Farm at Swanwick was valued by Bagshaws Chartered Surveyors, in the amount of £800,000 at 10 March 2020, on an open market value basis in accordance with the RICS valuation Standards. Under the transitional exemptions available under FRS102, the charity has treated the previous GAAP valuation as deemed cost . The historic cost of the Turner’s Farm is estimated at £500 by the directors.

Included in freehold property is land estimated at £300,000 that is not depreciated.

In the year ended 31 March 2016 the company was gifted freehold properties at The Compass, 47 West Bars, Chesterfield. This was included at a cost of £165,000 based on an open market valuation at 1 December 2015 by Richard Savage in accordance with the RICS valuation Standards. The Compass was value by Bothams Chartered Surveyors, in the amount of £325,000 at 5 April 2019, on an open market value in accordance with the ROCIS valuation Standards.

All other assets are included at historic cost.

14 Investment property

Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021 400,000

In the year ended 31 March 2016 the company was also gifted Holmebrook Valley Family Centre and Church Hall, Wardgate Way, Holme Hall, Chesterfield. This was included at a cost of £200,000 based on an open market valuation at 1 December 2014 by Richard Savage in accordance with the RICS valuation Standards. This property has been treated as an investment property in accordance with SORP (FRS102) and measured at fair value. The directors re-evaluated the fair value of this property as at 31 March 2018 at a value of £400,000 based upon their knowledge of the property market in that area, and do not consider that there has been any material change as at 31 March 2021.

15
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
16
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
2,868
Other debtors
29,641
Prepayments and accrued income
80,383
112,892		 Group
2020
£
14,892
38,376
49,719
102,987		 2021
2020
£
£
4,208
4,208
Company
2021
2020
£
£
2,409
14,684
22,718
32,781
75,076
49,654
100,203
97,119

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

17
Current asset investments
Group and company
Unlisted investments
18
Loans and overdrafts
Group and company
Bank overdrafts
Bank loans
Other loans
Payable within one year
Payable after one year		 2021
£
4,208
2021
£
-
390,043
31,673
421,716
78,432
343,284		 2020
£
4,208
2020
£
57,854
324,779
31,673
414,306
97,367
316,939

Bank loans comprise a loan from Charity Bank Ltd totalling £340,042 (2020: £324,779) which is secured against certain of the charity’s properties and a joint and several guarantee as described in note 27. The bank loan is repayable by instalments over 20 years at 6.5% interest per annum. The total amount due by instalment after more than five years is £142,846 (2020: £246,340).

Other loans comprise a Big Issue loan totalling £31,673 (2020: £31,673). This loan is repayable at 8% interest per annum and is wholly repayable in two years. There is also a Yorkshire Bank Bounce Back loan totalling £50,000 which is wholly repayable in five years.

19 Creditors: amounts falling due within one year

Notes
Bank loans and overdrafts
18
Other borrowings
Other taxation and social
security
Trade creditors
Amounts owed to subsidiary
undertakings
Other creditors
Accruals and deferred income		 2021
£
53,327
25,105
14,730
227,625
-
7,482
138,229
466,498		 Group
2020
£
72,034
25,333
95,597
148,053
-
86,506
65,321
492,844		 Company
2021
2020
£
£
53,327
72,034
25,105
25,333
14,730
95,597
214,871
140,515
86,133
14,047
7,482
86,506
31,036
33,040
432,684
467,072

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

20
Creditors: amounts falling due after more than one year
Group and company
Notes
Bank loans
18
Other borrowings		 2021
£
336,716
6,568
343,284		 2020
£
310,599
6,340
316,939

21 Endowment funds

The endowment fund represents assets held by a linked charity, the Turner’s Educational Charity. It is currently understood that the land and buildings of the linked charity are an expendable endowment fund. These assets were originally entrusted to the Turner’s Educational Charity in the 1700’s and the trustees are currently investigating whether the original gift was in the nature of an endowment or not.

Balance at
1 April 2019
£
Permanent endowments
Turner's Educational Farm
825,042
825,042
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Tangible assets
227,157
795,895
Investment properties
400,000
-
Current assets/
(liabilities)
(1,386)
-
Long term liabilities
(343,284)
-
282,487
795,895		 Transfers
Balance at
1 April 2020
Transfers
31
£
£
£
(14,864)
810,178
(14,283)
(14,864)
810,178
(14,283)
TotalUnrestricted
funds
Endowment
funds
2021
2020
2020
£
£
£
1,023,052
208,644
810,178
400,000
400,000
-
(1,386)
(350,925)
-
(343,284)
(316,939)
-
1,078,382
(59,220)
810,178		 Balance at
March 2021
£
795,895
795,895
Total
2020
£
1,018,822
400,000
(350,925)
(316,939)
750,958

22 Analysis of net assets between funds

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

23 Operating lease commitments

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

Within one year
Between two and five years
In over five years		 2021
£
443,985
474,996
39,083
958,064		 2020
£
468,747
804,592
85,083
1,358,422

24 Related party transactions

During the year the group made purchases totaling £ 365 (20 20 : £ 1 , 571 ) from Andrews Builders Limited a company in which the P R Whitaker and D M Whitaker are director s . This had been approved by the trustees. Amounts due to Andrews Builders Limited at the year end totaled £ nil (20 20 : £nil).

Unconditional donations received from trustees during the year amounted to £ 4,400 (20 20 : £2, 787 ).

During the year trustees provided interest free loans totaling £ nil (20 20 : £nil) that are repayable on demand and interest free. Amounts repaid during the year amounted to £ 70,000 (20 20 : £ nil ). The total of such loans outstanding at the year end was £ nil (20 20 : £70,000).

There is a uniting direction in place between Valley CIDS and the Turner’s Educational Charity. The two charities are not formally amalgamated but share common administration. The accounts of the Turner’s Educational Charity have been aggregated into these financial statements.

P R Whitaker and D M Whitaker have a joint and several guarantee limited to £120,000 dated 20 June 2008 on The Charity Bank Limited loan.

During the year the group purchased a property from P R Whitaker and D M Whitaker for £25,000. The group is committed to purchasing a further property for £96,000.

25 Subsidiaries

Details of the charitable company's subsidiaries at 31 March 2021 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Valley CIDS Trading England Charity shops Ordinary 100.00
Company Limited shares

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

26 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) for the year 327,424 (237,056)
Adjustments for:
Investment income recognised in statement of financial activities (253) (23)
Amortisation and impairment of intangible assets 962 900
Depreciation and impairment of tangible fixed assets 32,026 41,180
Movements in working capital:
(Increase)/decrease in debtors (9,903) 88,291
(Decrease)/increase in creditors (7,411) 97,890
Cash generated from/(absorbed by) operations 342,845 (8,818)
27 Analysis of changes in net (debt)/funds
At 1 April 2020 Cash flows At 31 March 2021
£ £ £
Cash at bank and in hand 34,724 313,288 348,012
Bank overdrafts (57,854) 57,854 -
(23,130) 371,142 348,012
Loans falling due within one year (39,513) (38,919) (78,432)
Loans falling due after more than one year (316,939) (26,345) (343,284)
(379,582) 305,878 (73,704)