Merthyr Valleys Homes People Fund Annual Report and Financial Statements Year ended 31 March 2023 Charity no: 1158328
Foreword It has been another busy year for the Board of Trustees of Merthyr Valleys Homes People Fund, providing continuous support to local residents, via Merthyr Valleys Homes to those most in need and for those who have fallen on difficult times. We have continued to recelve various claims from tenants who have faced issues providing for themselves and family following tragic accidents and events. It's great to know that staff at Merthyr Valleys Homes are committed and dedicated to identifying support for tenants when there a no altemative solutions. The Board of Truslees have continued grow and we have been lucky to secure new Trustees. So, a note of welcome to Dawn Jones who joined us during the year. Also. a thank you to Tina Ryan-Newton who has been a trustee for many years, who retired this year and stepped down as a Trustee. A big thank you for your time and support given and a thank you to those who have lolned us this year,. I look forward to working with you 811. The charity has continued to support tenants in a broader way and throughout the course of the year we have seen an increase of suppx)rt to those who have experienced mental health issues, supported families through domestic violence and many other tenants who have been unlucky with flooding and fires. All this contributing to the positive well-being of the tenants Ihat needed support. It would be remiss of me not to thank the staff at Merthyr Valleys Homes for their continued and dedicated support in providing the funding for this charity. Thank you as well, to the staff who assist in the running of the charity, as without this support. it just would not be possible to run this charitable cause in the professional and efficient manner. The Board of Trustees look forward to the year ahead and understand that tenants will face further adversity with the cost-of-living crisis. It's inevitable that these will be challenging times, but l am sure that the People Fund will continue to deliver needed avenues of support as we move through 2023124. We will be discussing ways of supporting tenants in alternative ways which will support a safer home environment, meaning that the Board will consider preventative measures in a different way. It is hoped that we will be able to report on the progress made in next year's report. l am proud to share. on behalf of the Board of Trustees. our Annual Report and Financlal Statements for 2022123. We look forward to Ihe year ahead and strive to exp8nd our Board as we continue to support tenants and communities. Deborah Ryan-Newton Chair
Contents Pa Referen and Administrative Information Report of the Trustees for the year ended 31 March 2023 4-6 Independent Examinerfs Report lo the Trustees Statement of Financial Activities Balan Sheet Notes to the Financial Statements 10-15
Merthyr Valleys Homes People Fund Reference and Administrative Information Charity name: Merthyr Valleys Homes People Fund Charity no: 1158328 Trustees., Sharon Northall Tina RYan-Neon (resigned 14.09.2022) Jamie Scriven Jill Jones Deborah Ryan-Newton (Chair) Joan Marshall Dawn Jones (appointed 09.05.2022} Charity's principal address: Ty Brychan 22 Lansbury Road Merthyr Tydfil CF48 1 HA Independent Examiner: Joanna Roderick Bsc ACA WJJames&Co Chartered Accountanls Bishop House 10 Wheat Street Brecon Powys LD3 7DG
Merthyr Valleys Homes People Fund Report of the Trustees for the year ended 31 March 2023 The Trustees present thelr annual report and financial ststements of Merthyr Valleys Homes People Fund ('the Charf(y') for the year ended 31 March 2023. Structure, governanco and management Merthyr Valleys Homes People Fund Is a Charitsble Incorporated Organisation Limited by Guarantee. The charity was registered with the Charity Commission, in England and Wales. on 22 August 2014 and renamed 'Merthyr Valleys Homes People Fund. on 27 November 2017 following a constitutional Change. The charity is governed by its constitution. The following policies have been adopted by the Charity: Trustees Code of Conduct Tenns of Reference Expenses Policy Merthyr Valleys Homes Limited provides govemance and administrative support to Merthyr Valleys Homes People Fund. This support is provided free of charge. Recruitment and appolntment of n•w trustees The charity twstees may appoint between three and e1ve charity trustees in total. Any appointment must be made by the charity trustees at a validly held meeting held according to the ordinary practice of the charity trustees. In selecting individuals for appointment as appointed charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charty. Objectives and activltles The objects of the charity are to relleve povety or financial hardship in Merthyr Tydfil. South Wales. In particular without limitation by assisting tenants of Merthyr Valleys Homes Limited with losses following a major disaster or incident (for example without limitation flooding, fire, theft, domestic violence. mental illness or homelessness) where the tenant, through lack of finance or otherwise. would find it difficult to pay, as the charity trustees shall in their absolute discretion decide from time to time. All trustees have due regard to the Charity Commission's Public Benefit Guidance when reviewing the charity's aims and objectives and setting the framework for awarding financial support. Achlevements and perforniance Charitable expenditure during 202212023 was £5,511. 10 individual clalms were supported during the year. Tenants were provided with funding to purchase new flooring, white goods and other essential items. The Charity spent £640 during the year on govemance costs, mainly audit fees and professional fees on printing and translation ofthe accounts. Afurther£159 was spenl on other costs. mainly website costs and bank charges.
Merthyr Valleys Homes People Fund Report of the Trustees for the year ended 31 March 2023 (cont'd} Financial review The charity is funded solely by Merthyr Valleys Homes Limtted through a donation. The donation for 202212023 was £10,000. During the year ended 31 March 2023, the charity generated a surplus of £3,690 and consequently carried fomard, into the new financial year, unrestricted funds of £38,121. Reserves policy Any cash reserves at year end will be retained and carried fomard inlo the following year. Going Concern Our assessment of going cOnM has b88n based on events or condlllons that could cast significant doubt on our ability to Continue in operational existence. Our income stream is unaffected as Merthyr Valleys Homes has committed to provide funding of £10.000 for 2022123. Our net assets position is strong at £38,121, with liquidity of £41.011 in cash balances. The Trustees have a reasonable expectation that the charity has adequate resoUS to continue in operational existence for the foreseeable ftjture. For this reason they continue lo adopt the going concern basis in preparing the financial statements. Trustees The trustees that served durirMJ the year were: Sharon Northall Tina Ryan-Newton (resigned 14.09.2022) Jamie Scriven Jill Jones Deborah Ryan-Newton Joan Marshall Dawn Jones {apFx)inted 09.05.2022) Trustees, responsibilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial ststements. the truslees are required to- select suitable accounting policies and then apply them consistenlly. observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charltles Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 4 September 2023 and signed on their behalf by: //.g Trustee (Deborah Ryan-Newion) Trustee (Jill Jones) Date: 4 September 2023 Date: 4 September 2023
Independent Examiner's Report to the Trustees of Merthyr Valleys Homes People Fund Independent examiner's report to the trustses of Merthyr Valleys Homes People Fund I report to the charity trustees on my examination of the accounts of Merthyr Valleys Homes People Fund for the year ended 31 March 2023. Responsibilities and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acr). I report in respect of my examination of the charty's accounts carried out under section 145 of the Act and in carying out my examination I have followed all applicable Dlrections given by the Charity Commission under section 145(5){b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. 1. Accounting records were not kept in respect of the charity as required by section 130 of the Act. or 2. The accounts do not accord with those records,. or 3. The accounts do not comply with the applicable requirements conMIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection 1h the examination to which attention should be drawn in this report in order to enable proper understanding of the accounts to be reached. Joanna Roderick Bsc ACA W J James & Co Chartered Acwuntanls Bishop House 10 Wheat Street Brecon Powys LD3 7DG Date: 0410q123
Merthyr Valleys Homes People Fund Statement of FinanGial Activities Year ended 31 March 2023 Unrestricted Unrestricted funds for funds for the th• year ended year ended 31 March 31 March 2023 2022 Note Income and endowments from: Donations and legacies 10,000 10,000 Total Income and endowments 10.000 10,000 Expenditure on: Charitable activitios Distress payments Other cosls (6,151) (159) 14,085) (159) Total expendlture (6,310) (4,244) Net incomel(expenditure) 3,690 5,756 Net Movement in funds 11 3,690 5,756 Reconciliation of Funds Total funds brought fOard Totsl funds carried forward 28,675 34,431
Merthyr Valleys Homes People Fund Balance Sheet Year ended 31 March 2023 31 March 2023 31 March 2022 Note Current Assets Debtors Cash at bank and In hand Total current assets 170 35,712 35,882 41,011 41,011 Creditors.. amounts falling due within one year Net current assets Total Asts less Current liabilities Net Assets 2,890 38,121 38,121 1,451 34,431 34,431 34,431 Funds of the charlty Unrestricted funds Total funds 10 38,121 34,431 The financial statements on pages 8 to 15 were approved and authorised by the trustees on 4 September 2023 and were signed on its behalf by.. //.g Trustee (Deborah Ryan-Newton) Trustee (Jill Jones)
Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2023 1) Basis of preparing the financial statements The financial statements of the Charity. which is a public benefft entity under FRS102. have been prepared in accordan with the Charities SORP {FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iland (FRS102) (effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Financial Reporting Stsndard 102- reduced disclosure exemptions The Charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.: the requirements of Section 7 Statement of Cash Flows. Legal form The Charity is a charitable incorporated organisation. 2) Accountlng Policies a) Income and endowments These are included in the Statement of Financial Activities when: the charty becomes entitled to the resources the trustees are virtually certain they will receive the resources; and the monetary value can be measured with SLrfficient reliability Gifts In kind are included in the income and expenditure account where they are applied in carying out charitable activities. where the company would otherwise have to purchase the donated facility and the benefit is both quantifiable and material. The quantifiable benefit is shown as both incoming and expended resources within the appropriate funds. Where the gift is an asset it is treated as income and taken to stock or fixed assets as appropriate. The value of services provided by volunteers is not quantified. Merthyr Valleys Homes Limited provides govemance and administrative support to Merthyr Valleys Homes People Fund. This support is provided free of charge. Voluntary income reiVed by way of grants, gifts or donations is included in full on receipt unless it is subject to a condition when it is treated as deferred income. io
Merthyr Valleys Homes People Fund Notes to the Flnancial Statements Year ended 31 March 2023 b> Expenditure Liabilities are recognised as soon as there is a legal or constwctive obligation committing the charity to pay out the resources. All expenditure is accounted for on an accruals basis. Grants payable are payments made to third parties in furtherance of Ihe charitable objects of the Fund. These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. c) Governance costs These include costs of the preparation and examination of statutory accounts, Ihe costs of trustee meetings and cost of any legal advice lo trustees on govemance or constitutional matters. d) Support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs can include back office costs, finance, personnel. payroll and governance costs which support the activities of the tharity. e) Charitable expendlture Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes the costs that can be attributed directly to those activities and those costs of an indirect nature necessary to support them. fj Debtors and creditors receivablelpayable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. g) Going concern The financial statements have been prepared on a going conrn basis as the truslees believe that no material uncertainties exist. h) Taxation The charity is exempt from tax on its charitable activities. l) Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at Ihe discretion of the trustees.
Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2023 3) Analysis of income and endowments Year Year ended ended 31 March 31 March 2023 2022 Donations and legacies Donation from Merthyr Valleys Homes Limited Total 10.000 10,000 10.000 10,000 4) Analysis of expenditure Year Year ended ended 31 March 31 March 2023 2022 Charitable Costs Replacement carpets and fumiture (flooding and fire) Donations Support costs 5,511 2.g24 164 997 4,085 640 6.151 Year Year endod ended 31 March 31 March 2023 2022 Support Costs Support Costs being: Governan costs (Note 7) 640 640 997 997 Year Year ended ended 31 March 31 March 2023 2022 Othèr costs Charity website costs Bank charges 97 62 159 97 62 159 12
Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2023 S) Trustees, remuneration and benefits There was no trustees, remuneration or other benefrts either during the year ended 31 March 2023, or during the year ended 31 March 2022. The trustees did not receive reimbursement for any expenses during the year ended 31 March 2023 (2022: £nil). 6) Staff costs No staff are employed by the charity, so consequently. no staff costs are incurred. 7) Fees for examination or audit of the accounts Year Year ended ended 31 March 31 March 2023 2022 Independent examiners fees Translatron Costs 360 637 997 280 640 8) Debtors: amounts falllng due within one year Year ended 31 March 2023 Year ended 31 March 2022 Other debtors 170 13
Merthyr Valleys Hornes People Fund Notes to the Financial Statements Year ended 31 March 2023 g) Creditors: amounts falling due within one year Year Year ended ended 31 March 31 March 2023 2022 Independenl examiners fees Replacement fumiturelwhite goodslcarpets Other Creditors 360 2,230 300 360 771 320 l 0) Analysis of net assets between funds Year Year ended ended 31 March 31 March 2023 2022 Unrestrlcted funds Net current assets 38,121 34,431 11) Movement in funds Year Year ended ended 31 March 31 March 2023 2022 Unrestricted funds At beginning of year Incorne Expenditure Transfers between funds 34.431 10,000 (6.310) 28,675 10,000 (4,244) 38,121 34.431 12) Transactions with related partles The charity is funded solely by Merthyr Valleys Homes Limiled through a donaiion. The donation for 202212023 was £10.CQO (2022.. £10.000). Merthyr Valleys Hornes Limited also provides govemance and administrative support to Mgrthyr Valleys Homes People Fund. This support is provbded free of charge. 14
Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2023 13) Ultimate controlling party The charity is controlled by its Board of Truslees. 15