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2023-03-31-accounts

Charity registration number 1123173

Company registration number 05558271 (England and Wales)

VALLEY CIDS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

VALLEY CIDS LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P R Whitaker
B J Cupples
D M Whitaker
N J Hambley
J Brook
J Potter (Appointed 20 September
2023)
D Howe (Appointed 31 October
2023)
Chief Executive I Tannahill
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
Cambridgeshire
United Kingdom
PE1 2SP
Bankers Virgin Bank
26 West Gate
Mansfield
Nottinghamshire
NG18 1HS

VALLEY CIDS LIMITED

CONTENTS

Page
Trustees' report 1 - 13
Statement of trustees' responsibilities 14
Independent auditor's report 15 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 22
Notes to the financial statements 23 - 37

VALLEY CIDS LIMITED

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

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 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 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.

In the past year the work of Valley CiDS has continued to grow, developing into an extended family of projects and initiatives, which together have enabled us to effectively achieve our mission. In this report, we want to give you an insight into the positive difference we have been making to the lives of children, young people and families. Our projects are located across Derbyshire and Nottinghamshire and we work in many different communities across both counties.

We are grateful for the energy, commitment and compassion demonstrated by our staff and volunteers. This is what brings our vision and values to life, transforming them from just words and ideas, into a relational reality that is experienced by those we support.

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.

Who we are

Valley CiDS is an independent Christian charity based throughout Derbyshire and Nottinghamshire. We are dedicated to supporting communities by investing in the next generation.

Our 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.”

For 23 years, our vision and impact has steadily grown and evolved. From modest, yet ambitious, beginnings in 2000, Valley CiDS has become a well-established and respected charity supporting children, young people and families.

We believe that by 'investing in the next generation' we can make a positive difference to the lives of children and young people and their families. An investment of time, energy and money sets in place strong foundations giving children the best possible chance in life. To support our work, we raise income through our retail portfolio of Lighthouse Charity Shops, which are located throughout Derbyshire and Nottinghamshire.

Ethos and values

As a Christian organisation, Valley CiDS believes that the successful delivery of its mission happens when people feel they belong and have a role, and where an inclusive community and family atmosphere are fostered. Our values of hope, belonging, compassion and inclusion embody our overall vision for the future and are what we aspire to in all aspects of our work.

Hope

We want to journey with people, providing opportunities that enable them to embrace new possibilities and realise a brighter future.

Compassion

We are actioned to be person-centred and holistic in our support, treating others with kindness, empathy and respect.

VALLEY CIDS LIMITED

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

Belonging

We want people to experience a sense of community and meaningful connection, through which they feel supported, valued and included.

I nclusion

We recognise that everyone has the right to be seen, to be heard and to belong, and we commit to fostering a culture where diversity is celebrated.

Achievements and performance

General

This year Valley CiDS were extremely fortunate to get national media coverage, by being chosen to appear on BBC Songs of Praise. Presenter JB Gill visited Turner Farm to meet some of the young people and one of our extraordinary farm workers, to find out more of the work of the charity. One of the young people featured on the programme was 15 year old Kai, who attends the Alternative Education programme and was very happy to show JB around the farm and explained what the farm meant to him.

“I don't really like school, so it's better being here learning more things than school.”

Kai, Alternative Education student

The programme also featured Ben, who was one of our volunteers and who now works for the charity. Ben, gave amazing insight into how the charity has been a great support to him. Ben's life was transformed, through the opportunity to volunteer at one of Valley CiDS Lighthouse Charity Shops and then gain employment at Turner Farm. This gave Ben confidence and helped to shape his future.

In line with last year’s plans we have employed the services of a Marketing and Communications Consultant who has developed the charity’s profile through developing our on-line presence as well as communicating our impact to internal and external stakeholders. We continue to be supported by the local Chaplains team that operate within our shops and local town centres.

As a board we have continued to commit to meeting regularly to ensure the close monitoring of the financial resilience of the charity to ensure that we have a solid and sustainable position to move forward from. We have also continued to carry out a robust review of our risk management, health and safety and safeguarding practices across the charity as part of our commitment to ensuring that we maintain a commitment to the due diligence required for these core areas that support our charity activity.

Retail

Our growing portfolio of 34 Lighthouse Charity Shops throughout Derbyshire and Nottinghamshire, along with 'Lighthouse Online', provides us with our main source of income to enable the delivery of our work. In the first quarter the overall targets for all shops were increased seeing our sales rise from an average of £68k to £83k per week.

In May we set our sights on a new development plot which we later signed for, securing a large format store at Teal Park near Nottingham city centre and shortly after we also secured a new store in South Normanton, Derbyshire. In line with previous plans we invested in modern new shop signage in seven of our stores and designed new and improved ‘A’ board signage which was rolled out in all stores focusing on donation, Gift Aid and volunteers. To provide support for this growth initiative we also strengthened our retail management structure with the appointment of a Retail Sales Manager, who was promoted from within our retail team, and a Retail People Manager. These roles are vital in both achieving our sales targets whilst ensuring that we support our staff & volunteers as much as possible in line with our People Strategy.

Further sales increases have been seen from our eCommerce department who are now achieving considerably increased sales with the help and support of a full-time Ecommerce manager overseeing the operation. Once again this position was filled via an internal promotion from within the retail team. Overall, our retail portfolio has developed month after month, achieving its success through the dedication and hard work from all staff and volunteers.

VALLEY CIDS LIMITED

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

Not only do our charity shops generate our core revenue, but their impact and influence is so much wider in terms of their inherent social value and the message of sustainability that they promote.

Lighthouse Charity Shops are places where friendships are formed between staff, volunteers, and customers, and where a sense of community and belonging is experienced. Volunteers find the shops a great way to give their time and support back to their local communities and are invaluable for learning new skills and building new connections within their communities. They have also provided a gateway for many volunteers to move into employment.

Here are two testimonials from existing staff members, who began their journeys as volunteers, that help to illustrate this impact:

“I started the Kickstart scheme, to gain work experience and to build my confidence to work with my work friends and the public. Sam came on board, she gave me lots of support with my communication skills, gave me responsibilities such as banking, working on the till, sorting and pricing…. I enjoy working at the Matlock shop because every day is different.”

Ashley, Lighthouse Charity Shop, Matlock

“Everyone was very patient with me while I learnt the ropes and my confidence grew; it really brought me out of my shell. I was quick to learn what working in a shop was like and started having more responsibility which eventually led to me having a job interview for joining the Lighthouse Online team. I was hired and it was a big change, but the staff were so lovely and welcoming.”

Lucy, Lighthouse Online

The latter part of the year, saw the installation of a new EPOS system into all our charity shops. This has helped us to quickly and easily sign-up new gift aid donors, to help increase our gift aid revenue by doubling our gift aid conversion in three months from 12% to 24%. As sustainability and environmental issues are important to us, our new system also enables us to provide updates on the CO2 emissions saved, and how much landfill has been avoided, by selling pre-loved goods, our average weekly CO2 saving is 222,683kg . We also promote the use of recycling those items that we are unable to sell, to ensure that nothing is wasted, whilst also raising vital funds to support our work.

We are grateful to our donors and customers who support our shops, as without them, we would not be able to make a positive difference in the lives of those people we encounter, by helping them build strong foundations to give them the best possible chance in life.

Our Lighthouse Charity Shops are excellent at engaging with their local communities, and the schools that work with the Children and Families Outreach team in the area. They will often display the fantastic creative work that the children have made in their shop windows, especially for their themed window displays.

Children & Families Outreach

We believe that it is important to give the opportunity for children and young people to explore and engage with the Christian faith in relevant and age-appropriate ways. This year we have invested in our team with two new Children’s Outreach and RE Workers together with appointing a new Head of Children’s & Families Outreach.

Our Quest team has an established and growing outreach work with children and young people and have connected with over 80 schools, as well as a number of churches from across Derbyshire and Nottinghamshire. Each half-term the team engages with approximately 7500 children, visit 44 schools and provide an additional 322 schools with online assemblies.

Our approach is focused on three key areas:

VALLEY CIDS LIMITED

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

Enriching RE

The Quest Team have worked closely with a number of schools to enrich the RE curriculum by providing stimulating and engaging ways to learn about faith. They have helped to enhance the existing work being led by school staff, by enabling them to experience ways of teaching and delivering RE, that move beyond traditional forms of education.

This year the team invested in improving their online assembly resources, by purchasing new equipment - a green screen, cameras, lights and editing software, to improve the content and quality. The online assemblies have been sent out to over 350 schools across Derbyshire and Nottinghamshire and have been well received by both children and staff, enhancing their RE experience. They are posted on the Quest YouTube channel, which has seen over 4,600 views.

The feedback from schools has been resoundingly positive as the testimonial below illustrates:

“It really is appreciated how much time and effort it takes to deliver both in person and virtual assemblies, and we think it brings a really important element of engagement for our children.”

Headteacher, Jacksdale Primary School

Exploring Faith

It has been important to provide a safe and inclusive environment at school lessons, workshops and clubs, where children can learn the importance of faith, explore their spirituality and experience God. This has provided opportunities for them to apply faith in practical and creative ways and helped them to see how the Christian faith is relevant to their daily lives.

The school lunch time clubs have been taking place outside, to give space for the children to explore and see the awe and wonder of the natural world through the environment around them.

Mission & Outreach

Throughout the year, the team have supported churches in Derbyshire and Nottinghamshire with their own vision for community and young people outreach. This has been achieved by leading evening sessions, helping the churches to grow in their ideas, enhance their training, equipping them with the tools they need and providing them with an effective sounding board for their children and youth work.

“The team have made a huge difference and I am impressed with the delivery of the activities/talk and discussion… This has led to some great discussions about faith and beliefs. Feedback from both the young people and their parents has been very positive. As a church we are delighted and looking forward to the group growing, as we continue to work with the Valley CiDS team. The team have made a huge difference and I am impressed with the delivery of the activities/talk and discussion. This has led to some great discussions about faith and beliefs. Feedback from both the young people and their parents has been very positive. As a church we are delighted and looking forward to the group growing, as we continue to work with the Valley CiDS team.”

Shelia Laming, Holy Trinity Church, Matlock Bath

Another way in which Quest have worked collaboratively is by providing help and support at the Busy Bees Toddler Group in Skegby. At Busy Bees the team have provided activities, such as bible stories, songs, craft and interactive prayers, along with games that stimulate child development and learning, also providing practical and spiritual support to parents and carers.

Out of School Clubs

Our Zest and Get Set out of school provision offers quality wraparound care before and after school. Children are made to feel welcome by qualified staff within a safe, caring and enriching environment

All our out-of-school clubs are OFSTED registered and provide stimulating activities including, games, creative play and crafts. During the past year 190 children have attended our out of school clubs, we have provided support to 160 families have served 14,820 meals.

VALLEY CIDS LIMITED

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

The out of school provision makes a huge difference not only to the children who attend the sessions but also to the school staff, who have seen the effect these sessions have on the children. It is also a great support to parents, who know that their children are being looked after and supported in such a caring environment.

“The Breakfast Club effectively promotes pupils' well-being and learning. They care for each other well, have great respect for each other and for the adults in the school. It is happy, friendly environment where the children get a great start to their school day.”

Headteacher, Ripley St. John's CofE Primary School

“The children that go to Breakfast Club always come into class happy and excited to share the things they have been doing, as well as the breakfast they have had. It has done wonders for the confidence of some of our younger children and improved their ability to make new friendships and develop relationships with staff.”

EYFS Leader

“They are lovely with the children and extremely helpful with everything we ask. We'd be lost without them.”

Y2 Parent

Youth & Community Work

Working across both Derbyshire and Nottinghamshire, we provide a range of youth work activities, support services and education provision for young people in their local communities, with the purpose of creating safe spaces for young people to build new friendships, gain new skills, and to access valuable signposting and support services.

As a charity, through the work of our Blend Youth Project team, we often support the most disadvantaged and marginalised. We believe passionately in positively affecting the life paths of these young people, promoting their well-being, and enhancing their life chances through the work of the Blend team.

Our approach is to provide holistic, person-centred, and needs-led support which focuses on a young person's strengths and potential, using that as the foundation and starting point to broaden their horizons and raise their aspirations. Throughout the past year we have engaged with 600 young people per week, delivery 21 weekly youth work sessions.

Working across 17 locations in Derbyshire and Nottinghamshire, we deliver community-based youth provision in areas of Amber Valley, Erewash, Chesterfield, Derbyshire Dales and North East Derbyshire, adopting a mixed delivery model of centre-based, street-based and project-based delivery. This includes the use of our own integrated youth hubs in Ripley, Heanor, and in Chesterfield town centre.

Our delivery approach is based around key thematic streams and over the past year we have engaged with young people in the following ways:

Keeping Active: - Encouraging young people to pursue physically active lifestyles and seek to provide physical and sporting opportunities.

Working collaboratively with the Belper Youth Sports Festival during the school holidays, we provided a team of Youth Workers to engage with the young people in the area, promoting their participation in a range of sports activities and providing support, encouragement, and a lot of fun.

“Put simply, my charity could not function without Blend Youth Workers. I am constantly amazed by their capabilities and connection with young people. They are magicians. We ask for Youth Workers but we get people who can treat physical and mental first aid, offering endless support and encouragement. “

Emma Monkman, Belper Youth Sports Festival Founder

VALLEY CIDS LIMITED

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

Health & Well-being:- Enabling young people to make informed and positive choices relating to their health through their participation in healthy lifestyle activities.

We are pleased to have been commissioned this year by Chesterfield Borough Council, on behalf of the Chesterfield Health and Well-Being Partnership Board, to use our youth work provision to promote the emotional well-being of young people. Adopting a place-based approach, we have delivered five sessions a week across Chesterfield, offering emotional well-being support and signposting to young people in the local communities through drop-ins and street-based engagement.

Creativity:- Encouraging and enabling young people to identify ways to express themselves through the provision of creative opportunities and challenges, including performing and creative arts.

There have been plenty of opportunities for the young people to experience this, including our sessions at Belper Park Estates, where the young people have been able to engage in a number of creative activities. In conjunction with our partnership with Blue Box Belper, our young people had fun making gifts to sell at the Belper Christmas light switch-on.

“We chose to work with Blend because they have a proven track record of providing high quality youth provision in the local area, running exactly the sort of activities we were keen to offer the young people of the Parks Estate.”

Tom Wyke, Blue Box Belper

C ommunity:- Creating opportunities for young people to demonstrate active citizenship through engaging in community projects focussed on responding to local issues and promoting social cohesion.

This year, there have been a number of occasions when the Blend Team has provided support for the young people, to help them become involved in their communities in different ways.

Members of the team accompanied a group of young people to attend the largest pride event in Derbyshire, Pride in Belper. This provided an opportunity for the young people to feel included and supported in their local community, with the ability to express themselves and celebrate diversity and inclusivity.

The young people also used their campaigning skills to improve facilities at Barrow Hill Park, so that they could continue to enjoy their sports and youth work sessions, which were being provided by a partnership between Blend and Chesterfield FC. This was to improve facilities during the darker winter months, as some young people felt unsafe and this would not just benefit them, but the rest of the local community. The young people recorded voice messages on what they liked and would improve in the park, which were then sent to local councillors and Chesterfield Borough Council. They responded immediately, with the opportunity to apply for funding for improved lighting and other much needed equipment.

Other Activities

Throughout the year the Blend team organise holiday activity programmes, and this past year as no exception, with trips organised to the Yorkshire Wildlife Park, a day out at the seaside in Scarborough, Drayton Manor and summer camps. Time was also spent out and about with trips to Turner Farm to learn about animal care and how the farm works, well-being walks to enjoy time outdoors together in the young people's local areas, with organised scavenger hunts. Weekly programmes are developed to ensure that there is something for everybody with various sports activities and creative workshops.

VALLEY CIDS LIMITED

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

Feedback from young people

Promoting the voice and participation of young people in both reviewing and shaping our service delivery is vital and during this year, 124 young people across our provisions took part in a consultation. This was designed to measure the engagement that Blend youth project had with young people. The results of this consultation told us that as a result of engaging in our provision:

Education and Enterprise

Blend Youth Project not only works with young people within their communities but is also an established Alternative Education provider, offering education and training opportunities from our integrated youth hubs and two vocational training sites for young people who may be disengaged with learning or struggling to access mainstream education. During the past year we have supported 56 students and worked with 30 referring schools from across Derbyshire and Nottinghamshire.

Our education staff work with the young person, parents, schools, and other agencies to ensure that each young person gets the required support they need to help them fulfil their potential, reach their goals, and move forward with hope into the future.

Students who are referred to us can attend for several years or for shorter periods to cover transitional periods between schools or to support their reintegration into mainstream education.

They are offered bespoke learning experiences with access to a range of accreditations and qualifications designed to promote their personal development and educational attainment.

There are a range of vocational learning programmes on offer, and these include animal care, horticulture, woodcraft, construction, and cycle maintenance. These are delivered from our two vocational training sites, one based at Turner Farm, which comprises a farmhouse, outbuildings, and 48 acres of agricultural land on the outskirts of Swanwick, and the WoodCraft Education and Enterprise Unit in Jacksdale.

“Jacksdale is a good environment to be around and the teachers don't stress you out or nag so that's amazing.”

Yr 9 Woodcraft Enterprise Student

The students who attend these alternative educational courses benefit from gaining new skills and experience, developing confidence and social skills, as well as achieving academic qualifications.

Here's Rob’s story....

“Rob was referred to us at the start of Y10, at which time he was experiencing social problems with local gangs, experimenting quite heavily with drugs and alcohol, and becoming involved in football hooliganism. Rob's behaviour was quite challenging initially and his engagement was very limited. Through the perseverance of staff and several timetable changes to ensure his peer group with us was as supportive as possible, Rob made it through Y10. Now, in Y11, he has developed into a mature and motivated young man with high aspirations. He has achieved his BTEC Certificate in Construction and gained qualifications in Maths and English. He is now supportive of other students who are struggling, is a pleasure to work with, and has secured a college place for next year.”

VALLEY CIDS LIMITED

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

Many parents talk about improved relationships at home as a direct result of their teenagers enhanced mental health and social well-being through attending Blend Alternative Education.

Blend at Turner Farm has been life-changing for our son 'Dave'. The staff have been amazing with him and given him the skills and confidence to move forward in his career. They have always gone above and beyond. They will always hold a place in our hearts!

Yvonne, Parent

Feedback from schools in the past year has been very positive too.

“Previously unmotivated students with a history of persistent absenteeism, and a high number of fixedterm exclusions or at risk of permanent exclusion have shown improved motivation, increased self-esteem, and self-concept……. They have increased their attendance levels, and this has had an impact on their academic studies, their well-being, and also that of their families.”

SENDCo, Anthony Gell School

Community Projects

Saltpot Community Café

Based in Swanwick, the Saltpot Community Café offers a warm welcome and a delicious menu of hot & cold food to customers old and new. It has become a valuable place of friendship for both volunteers and customers, where people can socialise. The welcoming staff and volunteers, make the customers feel well looked after and cared for, spending time chatting and supporting those from the local community.

“I go to the Saltpot cafe for the great food, the wonderful staff and the lovely people who go in there. Whenever you go in, there are plenty of nice people to meet and speak to. The Saltpot is a real social hub for the village, the work they do improves the lives of many.”

Saltpot Community Café customer.

This year the café opened its doors as a 'Warm Space' from mid-January until the end of March every Tuesday afternoon from 3-5pm. It provided somewhere for local people to gather which was warm and friendly, for a hot drink, a piece of cake and time to chat, read a book, craft or play games. It was particularly helpful for two of the café's regular customers, who unfortunately had a problem with their heating at home.

“Everyone was welcome at The Salt Pot's Warm Space last winter! Bella made everyone feel very welcome, as she always does in the cafe. Warm Space gave me and my daughter the chance to meet and chat to new people, have bingo fun and most importantly to keep warm for a few hours, especially as my heating at home wasn't doing its job as it should! “

Hilary, Saltpot Community Café customer.

It is also an opportunity for volunteers to feel part of a community, make friends, feel supported, learn new skills and a place to meet others and share. The café has several regular customers with varying dementia-related issues and it has been a safe place for them to come and meet.

“I have become more confident since I began working at the Saltpot. I really enjoy helping others.”

Leanne, Saltpot volunteer.

Pete, Saltpot volunteer & customer.

Swanwick Men’s Shed

Our wonderful Turner Farm facility, is not only home to our Alternative Education programme, it is also home to the Swanwick Men's Shed project, which is affiliated to the UK Men's Shed Association (UKMSA).

VALLEY CIDS LIMITED

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

With over 70 members, Swanwick Men's Shed is aimed at building community and camaraderie for both men and women who want to put their handy skills to use or gain new skills. The group has helped Valley CiDS rejuvenate parts of the farm and recycle old materials, whilst also working with other community groups in the area.

It has fast become a safe place to be for those with spare time on their hands, who want to be part of a community group, whilst having a purpose and aim to help others, and in the process to improve their own health and wellbeing.

Swanwick Men's Shed is a place of enriching friendship, meaningful activity, and mutual support. Members support each other through bereavement, illness, mental health challenges, and social isolation.

“My wife died suddenly, and I was devastated and lost. It was just what I needed, a friendly group of likeminded people, so warm and friendly and welcoming. No awkward questions or embarrassment, just a will to help anybody with a problem in the local community. It saved my life. “

Stan, Shed Member

In the past year the shedders have been commissioned by many local organisations to craft bespoke items, including the Neurological Occupational Therapists from Amber Valley Neurology Outpatient Service. They made equipment that would help “neuro patients”, where hand function is compromised, and for rehabilitation following brain tumour or spinal tumour surgery.

A hugely worthwhile project that will benefit many patients at several hospitals across Derbyshire.

“The benefits of the group are that it provides people with the chance to learn new practical skills, and for those that have these skills already they get the chance to share their experience and craft with others. It gives people a safe space to meet and a supportive environment to create friendships; thus, reducing social isolation. The benefits to this are huge in terms of promoting positive mental wellbeing for the group's users. “

Senior Neurological Occupational Therapist, Ripley Hospital

One of Men’s Shed’s biggest projects has been for a local primary school, who asked the shedders to make benches to include planters for the school playground, for the children to use.

Not only have the shed members produced products for various organisations, but it is also a place where the NHS, local authority, local organisations and agencies can refer people to, for support in the area.

“The Men's Shed is much needed. It allows for social interaction, but it is purposeful to our community. Giving one's self esteem a boost by feeling valued and useful.”

Stakeholder – Adult Social Care & Health NHS

Financial Review

Reserves Policy

It is the aim of trustees that the charity should maintain unrestricted funds at a level which equates to six weeks expenditure, with a view to increasing this as and when this is financially appropriate. This would provide sufficient funds to cover management workers and administration and support costs. Based upon our Management Accounts to 30 September 2023, our expenditure for the six months including finance costs is £2,320,938. Reserves to cover one month's costs would therefore equate to £386,823, and 6 weeks would be £535,601.

Total funds of the group at the year-end amounted to £1,491,923, of which £768,629 relate to endowment funds, leaving a surplus on unrestricted general reserves of £723,294. At the year end there was a surplus on free reserves including long term liabilities of £162,311 (2022: (£209,890).

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.

VALLEY CIDS LIMITED

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

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 March 2022 total reserves amounted to £1,304,723, of which £782,076 related to the endowment fund leaving unrestricted reserves of £522,647 an increase of £240,160 on the previous year. Of the general reserves there is a surplus of £209,890 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 2022/23 increased by 17.5% compared to the prior year, because of Covid-19 closures in the prior year.

The running costs of the charity decreased by 5.8% from £2,749,616 in 2021/22 to £2,589,781 in 2022/23.

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 reliant on charity shop income but nevertheless we have been able to sustain a high level of sales over this period even though retail sales in the high street have generally suffered. 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 65% of total expenditure and the Government has pledged to increase the living wage to £10.42/hour from April 2023.

VALLEY CIDS LIMITED

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

Plans for Future Periods

As we look towards our 24th year as a charity, we do so with a renewed commitment to our vision, mission and values, and with the aspiration to see our projects and services both sustained and enhanced. To support this growth we are intending to strengthen our central services provision by appointing a Head of Finance. This role will develop the finance function, work with departmental leads to develop more robust budget and spending plans and to identify areas of cost savings through more rigorous financial control. The Trustees also recognise that within the next year they need to actively seek new Trustees to the Board. To support this a Trustees recruitment pack has been developed and over the first quarter of the financial year we are aiming to contact three possible Trustees that have been identified.

Here is a glimpse into how we intend to grow and develop our work in each of our key areas, as we move forward into the coming year.

Retail

Over the next year we will be looking to expand our portfolio of Lighthouse Charity Shops to help generate additional income, to continue to fund the work of our projects and support their growth. We will be building closer links between our shops and projects, through joint ventures, such as providing a retail outlet for our young people's Woodcraft Enterprise within our charity shops. To enhance our donor experience, we will be launching the 'My Charity Shop' app, to provide a platform for supporters to keep up to date with what is happening at our stores and make the gift aid process even easier, so watch out for this.

Children and Family Outreach

Over the next year we will be expanding our provision, exploring new ventures, and making new connections, particularly in the areas of our new charity shop locations. We will be exploring new ways to connect with and serve the communities around us, that will demonstrate the love and compassion of God in practical ways, such as setting up book donation schemes with schools and running local holiday clubs to support busy families.

Youth and Community

We will be developing partnership connections with new agencies to enhance our delivery of holistic support to young people, with a particular focus on health and well-being and expanding the development of well-being projects in local secondary schools. We will also be seeking to extend our provision into new geographical areas where there is a clear need for youth services, such as the High Peak, which will in turn enable us to connect more closely with our charity shops in those locations.

Education and Enterprise

There will be expansion of our Woodcraft vocational provision to include comprehensive delivery of a BTEC Construction Skills learning pathway, following a year of very successful trial projects. We will also be collaborating with partners to develop a post-16 offer for students who would benefit from a little more time to build on their social skills and self-confidence, before entering a college or work environment.

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.

VALLEY CIDS LIMITED

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

Board of Trustees

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 (Resigned 31 October 2023) J Brook J Potter (Appointed 20 September 2023) D Howe (Appointed 31 October 2023)

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

Senior Management Team

The senior management team is led by the Chief Executive and currently comprises of the Director of Retail, the Head of Retail Operations & Services, the Head of Children & Families Outreach, and the Director of Ethos, Values and Mission. In the coming year we are seeking to strengthen our senior management team through the appointment of a Head of Finance and recruiting for the vacant Director of Young People’s Services post.

Internal Control

The purchasing process, whereby alternative quotes are obtained, is important to the achievement of best value for Valley CIDS and is expected for all items of expenditure above £500.

Management Accounts are distributed within 15 working days of the month end to the Senior Management Team and Trustees. They include an Income and Expenditure Statement, Balance Sheet, Cash Flow forecast and sales statistics.

Pay Policy for Key Management Personnel

The trustees base the pay of key management personnel on market rates for similar roles.

Risk Management

The trustees actively review the major risk which the charity faces on a regular basis and their aim is to focus on increasing reserves to fall in line with our reserves policy. This combined with an annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

Fundraising Policy Statement

Our funding continues to be predominantly through our Charity shops, but we also do receive some gifts from local churches and individuals. We have been expanding our Alternative Education provision which also generates income for the charity. We continue to discuss alternative methods of funding our work in the future and, whilst we do not engage in any form of direct marketing, we have in the past year engaged communications and fundraising consultancy support to help us develop a more coherent communications and donor journey strategy.

Related Parties

Valley CIDS is a charitable company which owns Valley CIDS Trading Company Limited, which is used as an agent for charity shop donations with the net proceeds of these donations being donated to the charity. Valley CIDS Trading Company Limited also manages and operates the charity shops.

There is also a uniting direction in place between Valley CIDS and the Turner Educational Charity. The two charities are not formally amalgamated but share common administration.

See the related party transaction note for other related party disclosures.

VALLEY CIDS LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

..............................

P R Whitaker

Chair Dated: .........................

VALLEY CIDS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

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 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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.

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:

VALLEY CIDS LIMITED

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

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, 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: https:// 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.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

VALLEY CIDS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF VALLEY CIDS LIMITED Use of our report This report is made solely to the ¢harity's Irustses, as a body, In a¢¢ordan¢e with part 4 of the Ch8rille8 {AC￿jnI8 and Reports) Regulations 2008. Our audit work has been undertaken so that ￿ might state lo the charitys tru81ee$ those matters we are require¢J lo $tate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢cepl or assume re8ponsiblllty lo anyone other than the charity and the charity's trustees as a tody, for our audit work. for this report, or for the opinlon$ we have formed. P Mark J•¢kson FCA DChA (Seftlor St•lutory Audltorl for ond on behalf of Az•ts Audlt Servlce• ..XL...11...&.Z.3 c￿rtor0d Accountants stolutory Audllor RLrthlyn Hou8e 90 Lincoln Road Peterborou9h Cambrldgeshire United Kingdom PE1 2SP Azels Aud51 Servi¢e$ 1$ eligible for appointment as auditor of the Charitable company by virtue of Its eligibility fc appointment as auditor of a company under sectlon 1212 of the Companies Act 2006. 17-

VALLEY CIDS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and
legacies
3
901,228
-
Charitable activities
4
405,694
-
Other trading
activities
5
2,998,513
-
Investments
7
2,281
-
Other income
6
4,039
-
Total income
4,311,755
-
Expenditure on:
Raising funds
8
2,729,041
-
Charitable activities
9
1,395,514
-
Total expenditure
4,124,555
-
Net incoming resources
before transfers
187,200
-
Gross transfers
between funds
13,447
(13,447)
Net movement in funds
200,647
(13,447)
Fund balances at 1 April
2022
522,647
782,076
Fund balances at 31
March 2023
723,294
768,629		 Total
Unrestricted Endowment
funds
funds
2023
2022
2022
£
£
£
901,228
833,660
-
405,694
328,948
-
2,998,513
2,710,958
-
2,281
84
-
4,039
106,257
-
4,311,755
3,979,907
-
2,729,041
2,749,616
-
1,395,514
1,003,950
-
4,124,555
3,753,566
-
187,200
226,341
-
-
13,819
(13,819)
187,200
240,160
(13,819)
1,304,723
282,487
795,895
1,491,923
522,647
782,076		 Total
2022
£
833,660
328,948
2,710,958
84
106,257
Donations and
legacies
3
Charitable activities
4
Other trading
activities
5
Investments
7
Other income
6
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net incoming resources
before transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1 April
2022
Fund balances at 31
March 2023
3,979,907
2,749,616
1,003,950
3,753,566
226,341
-
226,341
1,078,382
1,304,723

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 CONSOUDATED BALANCE SHEEr ASAf31 MARCH 2023 2023 2022 Flxed assets Tangl￿e assets Currènt as8•ts Debtors Investmonts Cash at bank 8fKI In hand 14 1,329.612 1.094,833 15 16 284,485 4.208 371.249 273,148 281,783 659.942 559.139 Crodltor8: amount• falllng du• wllhln one year 1350.0471 312.5821 Ngt currelll assets 309,895 246,557 Tot•1 a•Mts l••s curr•nt Il•bllltl 1.639.507 1,341,3 Cr•dltorn: •mount• f•lllng du• aft•r mor• th•n on• y•ar 19 1147,5841 {36,6671 N•t •M•ts 1,491,923 1,304,723 Capltal fundB Enllowment funds- general Income lund$ Unrestricted lund8 21 768,629 782.076 723,294 522,647 1.491,923 1.304.723 The company is ants1￿d lo the exemption fr(￿ the 8ud6t requiremeni coniained In section 477 of the Companies Act 2c￿, for the year ended 31 March 2023. altlKxxJh on aLhJié has beèn camed wl under section 144 of thg Charities Act2011. The directors 8cknovWe their resrK)nsibi1￿eS lor ts)mptying with th8 requirements of th8 Companies Act 2006 vAth respect lo accounting Tecords and the prepara￿n of financkql stalements. The mernb8rs have rK*t r￿VITed the to an of ts fknancial statsments undor th8 requirements of Ihe Compan￿$ Aca 2￿6. for the year in Q[￿St•￿ in vAth seCt￿3n 476. These finanthl statements have wepared in actOTdance with the applublè lo companlo$ subjèct to the small companiès wme. The flnancial ststements were approved by the Trustees On. ... ................. P R Whitaker Company Registratlon No. 05558271 19-

VALLEY CIDS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
14
Investments
Current assets
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Capital funds
Endowment funds - general
21
Income funds
Unrestricted funds		 2023
£
£
1,182,647
1
1,182,648
341,867
4,208
353,291
699,366
(261,702)
437,664
1,620,312
(132,614)
1,487,698
768,629
719,069
1,487,698		 2022
£
£
1,084,172
1
1,084,173
261,143
4,208
272,587
537,938
(284,945)
252,993
1,337,166
(36,667)
1,300,499
782,076
518,423
1,300,499

VALLEY CIDS LIMITED BALANCE SHEET (CONTINUEO) ASAT31 MARCH 2023 The company is ent￿ed to the exemption frcxn the aL*Jit rewirernent wi 477 of the Companies Act 2(X)6. for the year erKlgd 31 March 2023. altlwh an a￿lIt has been carried under sectKJn 144 of the Charities Act2011. The directors ackno￿ed9e Iheir reSpOn￿b￿lI￿ for ￿M&￿"ng with thè requ￿￿nts of the Companies Act 2006 with respect to accountiThJ recA)rds arvj the preparatK>n of financial statemenls The rnomber5 have not requir8d the company to obtain an audit of 115 ffinanckgt ststsmgnts under tha requifoments of tho CompaniesAct 2006, for th8 year in questk)n in accordance with Section 476. These flnandal statements havo been prepargd kn acwdan¢8 with the pYovi5ion5 app￿cable to companlgs subjgd to the small comp8ni8s regime. The finon¢Sal ststemenls were approved by thg T￿le9$ Ixk... . P R Whltak8r Tru•la• Comp•ny R•gl•tratlon No. 05558271 21

VALLEY CIDS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) 26
operations 240,659 (103,608)
Investing activities
Purchase of tangible fixed assets (310,496) (104,417)
Proceeds from disposal of tangible fixed
assets 10,146 108,001
Proceeds from disposal of investment
property - 400,000
Investment income received 2,281 84
Net cash (used in)/generated from
investing activities (298,069) 403,668
Financing activities
Repayment of borrowings - (31,673)
Repayment of bank loans (18,760) (334,616)
Payment of obligations under finance leases 165,636 -
Net cash generated from/(used in)
financing activities 146,876 (366,289)
Net increase/(decrease) in cash and cash
equivalents 89,466 (66,229)
Cash and cash equivalents at beginning of year 281,783 348,012
Cash and cash equivalents at end of year 371,249 281,783

VALLEY CIDS LIMITED

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

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 amounts in these financial statements are rounded to the nearest £.

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

1.2 Going concern

At the time of approving the financial statements, the 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.

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.

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.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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. Leasehold improvements 10 years straight line. 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 the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible 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).

1.8 Cash and cash equivalents

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

1.9 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.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.10 Employee benefits

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

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

1.11 Retirement benefits

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

1.12 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and legacies

Donations and gifts
COVID funding
Gift aid
4
Charitable activities
Breakfast clubs
Blend projects
Other income
Men's Shed
Analysis by fund
Unrestricted funds
5
Other trading activities
Saltpot sales
Charity shops & ebay sales
Rental income
Other income
Other trading activities		 2023
£
705,139
24,587
171,502
901,228
2022
£
48,258
336,927
11,697
8,812
405,694
405,694
405,694
2023
£
21,987
2,947,787
28,275
464
2,998,513		 2022
£
473,260
244,581
115,819
833,660
2021
£
30,581
266,982
8,374
23,011
328,948
328,948
328,948
2022
£
18,998
2,665,630
23,849
2,481
2,710,958

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Net gain on disposal of tangible fixed assets 4,039 106,257
7 Investments
2023 2022
£ £
Interest receivable 2,281 84
8 Raising funds
2023 2022
£ £
Charity shops & café
Operating charity shops 1,060,300 1,292,826
Staff costs 1,651,641 1,446,114
Depreciation and impairment 17,100 10,676
Charity shops & café 2,729,041 2,749,616

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

9 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
Men's Shed costs
Share of support costs (see note 10)
Share of governance costs (see note 10)		 2023
£
864,402
51,444
1,496
95,644
11,110
4,311
3,442
23,090
2,308
6,314
12,926
2,344
10,767
13,405
2,585
-
28,991
-
1,134,579
243,485
17,450
1,395,514		 2022
£
478,219
19,143
6
78,425
589
764
2,005
29,870
2,262
13,505
12,296
1,249
4,515
15,464
2,766
450
17,472
9,472
688,472
293,130
22,348
1,003,950

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

10 Support costs

Staff costs
Depreciation
Insurance
Loan interest
Legal costs
Other costs
Audit fees
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
176,762
-
1,065
-
17,310
-
1,132
-
15,662
-
31,554
-
-
11,650
-
5,800
243,485
17,450
243,485
17,450		 2023
£
176,762
1,065
17,310
1,132
15,662
31,554
11,650
5,800
260,935
260,935		 Support
costs
Governance
costs
£
£
183,080
-
1,072
-
32,575
-
10,731
-
20,405
-
45,267
-
-
11,025
-
11,323
293,130
22,348
293,130
22,348		 2022
£
183,080
1,072
32,575
10,731
20,405
45,267
11,025
11,323
315,478
315,478

Governance costs includes payments to the auditors of £11,650 (2022- £11,025) for audit fees.

11 Trustees

During the year J Brook, who was a trustee of the charity, received total remuneration of £10,774 (2022: £9,430) and pension contributions of £539 (2022: £462) 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 (2022: 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 £77,774 (2022: £68,597).

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
163
2023
£
2,508,770
131,700
52,335
2,692,805		 2022
Number
144
2022
£
1,946,589
111,163
49,661
2,107,413

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

12 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

13 Taxation

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

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Tangible fixed assets Group

Group
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Freehold
land and
buildings
Leasehold
improvemen
ts
Fixtures and
fittings
Shop and
office
equipment
£
£
£
£
1,157,293
-
319,892
182,845
-
35,023
-
113,039
-
-
-
(2,362)
1,157,293
35,023
319,892
293,522
122,402
-
294,374
157,703
17,435
876
4,670
13,121
-
-
-
(2,234)
139,837
876
299,044
168,590
1,017,456
34,147
20,848
124,932
1,034,891
-
25,518
25,142		 Motor
vehicles
£
72,219
162,434
(52,675)
181,978
62,937
33,508
(46,696)
49,749
132,229
9,282		 Total
£
1,732,249
310,496
(55,037)
1,987,708
637,416
69,610
(48,930)
658,096
1,329,612
1,094,833

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Tangible fixed assets

Tangible fixed assets
Charity
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Freehold
land and
buildings
Leasehold
improvemen
ts
Fixtures and
fittings
Shop and
office
equipment
£
£
£
£
1,157,293
-
319,892
166,847
-
-
-
1,253
-
-
-
(2,362)
1,157,293
-
319,892
165,738
122,402
-
294,374
152,366
17,435
-
4,670
3,492
-
-
-
(2,234)
139,837
-
299,044
153,624
1,017,456
-
20,848
12,114
1,034,891
-
25,518
14,481		 (Continued)
Motor
vehicles
Total
£
£
72,219
1,716,251
162,434
163,687
(52,675)
(55,037)
181,978
1,824,901
62,937
632,079
33,508
59,105
(46,696)
(48,930)
49,749
642,254
132,229
1,182,647
9,282
1,084,172

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 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.

15 Debtors

2023
Amounts falling due within one year:
£
Trade debtors
33,610
Amounts owed by subsidiary undertakings
-
Other debtors
139,355
Prepayments and accrued income
111,520
284,485
16
Current asset investments
Group and company
Unlisted investments
17
Finance lease commitments
Future minimum lease payments due under finance leases:
Within one year
Within two and five years		 Group
2022
£
46,419
-
112,311
114,418
273,148		 Company
2023
2022
£
£
33,610
42,607
62,920
-
133,817
106,349
111,520
112,187
341,867
261,143
2023
2022
£
£
4,208
4,208
2023
2022
£
£
44,719
-
120,917
-
165,636
-		 Company
2023
2022
£
£
33,610
42,607
62,920
-
133,817
106,349
111,520
112,187
341,867
261,143
2023
2022
£
£
4,208
4,208
2023
2022
£
£
44,719
-
120,917
-
165,636
-
261,143
2022
£
4,208
2022
£
-
-
-

It is the charitable company's policy to lease certain equipment under finance leases. Interest rates are fixed at the contract date. All leases are on a fixed repayment basis.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one
year
2023
Notes
£
Bank loans
20
10,000
Obligations under finance leases
17
44,719
Other taxation and social security
27,112
Trade creditors
180,950
Amounts owed to subsidiary
undertakings
-
Other creditors
8,786
Accruals and deferred income
78,480
350,047
Creditors: amounts falling due after more than one year
2023
Notes
£
Bank loans
20
26,667
Obligations under finance
leases
17
120,917
147,584
Loans and overdrafts
Group and company
Bank loans
Payable within one year
Payable after one year		 Group
2022
£
18,760
-
26,695
149,305
-
8,850
108,972
312,582
Group
2022
£
36,667
-
36,667		 Company
2023
2022
£
£
10,000
18,760
24,759
-
26,600
26,695
158,596
141,940
-
56,043
8,786
8,850
32,961
32,657
261,702
284,945
Company
2023
2022
£
£
26,667
36,667
105,947
-
132,614
36,667
2023
2022
£
£
36,667
55,427
10,000
18,760
26,667
36,667
36,667
2022
£
55,427
18,760
36,667

19 Creditors: amounts falling due after more than one year

20 Loans and overdrafts Group and company

Other loans comprise a Big Issue loan totalling £nil (2022: £8,760). 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 £36,667 (2022 : £46,667) which is wholly repayable in five years.

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 2021
£
Permanent endowments
Turner's Educational Farm
795,895
795,895
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
560,983
768,629
Current assets/(liabilities)
309,895
-
Long term liabilities
(147,584)
-
723,294
768,629		 Transfers
Balance at
1 April 2022
Transfers
31
£
£
£
(13,819)
782,076
(13,447)
(13,819)
782,076
(13,447)
Total Unrestricted
funds
Endowment
funds
2023
2022
2022
£
£
£
1,329,612
312,757
782,076
309,895
246,557
-
(147,584)
(36,667)
-
1,491,923
522,647
782,076		 Balance at
March 2023
£
768,629
768,629
Total
2022
£
1,094,833
246,557
(36,667)
1,304,723

22 Analysis of net assets between funds

VALLEY CIDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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		 2023
£
184,338
126,083
-
310,421		 2022
£
369,130
271,896
13,250
654,276

24 Related party transactions

During the year the group made purchases totaling £6,150 (2022: £6,693) from Andrews Builders Limited a company in which the P R Whitaker and D M Whitaker are directors. This had been approved by the trustees. Amounts due to Andrews Builders Limited at the year end totaled £nil (2022: £nil).

Unconditional donations received from trustees during the year amounted to £2,471 (2022: £4,400).

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.

During the year the group purchased a property from P R Whitaker and D M Whitaker for £nil (2022: £96,000).

25 Subsidiaries

Details of the charitable company's subsidiaries at 31 March 2023 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 2023

26 Cash generated from operations 2023 2022
£ £
Surplus for the year 187,200 226,341
Adjustments for:
Investment income recognised in statement of financial activities (2,281) (84)
Gain on disposal of tangible fixed assets (4,039) (106,257)
Amortisation and impairment of intangible assets 1,065 1,072
Depreciation and impairment of tangible fixed assets 68,545 29,818
Movements in working capital:
(Increase) in debtors (11,337) (160,254)
Increase/(decrease) in creditors 1,506 (94,244)
Cash generated from/(absorbed by) operations 240,659 (103,608)
27 Analysis of changes in net funds
At 1 April 2022 Cash flows At 31 March 2023
£ £ £
Cash at bank and in hand 281,783 89,466 371,249
Loans falling due within one year (18,760) 8,760 (10,000)
Loans falling due after more than one year (36,667) 10,000 (26,667)
Obligations under finance leases - (165,636) (165,636)
226,356 (57,410) 168,946