Merthyr Valleys Homes People Fund Annual Report and Financial Statements Year ended 31 March 2024 Charity no: 1158328
Foreword As Chair of the Merthyr Valleys Homes People Fund, it has been another busy year of providing support to tenants of Merthyr Valleys Homes. The charity continues to support tenants through difficult times. As a Board of Trustees, we have continued to worf< with officers at Merthyr Valleys Homes to receive and consider various claims from tenants who have faced issues providing for themselves and family following tragic accidents and events. It is great to know that officers at Merthyr Valleys Homes are committed to supporting tenants. We have also been discussing new ways in which we can support tenants with an additional focus on prevention. The Board has worked with officers during 2023 to identify prevention methods and provided £3,000 in funding for a chip pan amnesty. The initial take up from residents to swap their chip pans to electric air fryers was overrfrfhelming and has now seen phase two of this prevention work taking place in 2024, with further funding from Merthyr Valleys Homes People Fund. The charity has continued to support tenants in a traditional way and throughout the course of the year we have seen an increase in support to those who have experienced mental health issues, supported families through domestic violence and other tenants who have been unlucky with flooding and fires. All this contributing to the positive well-being of the tenants that needed support. I would like to take this opportunity to give my thanks to 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 charity in such a professional and efficient manner. The Board of Trustees look forward to the year ahead and understand that tenants will once again face further adversity with everyone still battling the cost-of-living crisis. The focus for the Board of Trustees moving into 2024125 will be to continue to deliver the much-needed avenues of support to provide a safer home environment. l am proud to share, on behalf of the Board of Trustees, our Annual Report and Financial Statements for 2023124. We look forward to the year ahead. Deborah Ryan-Newton Chair
Contents Reference and Administrative Information Report of the Trustees for the year ended 31 March 2024 Independent Examinerfs Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-15
Merthyr Valleys Homes People Fund Reference aiid Adiiiiiistrative Informatioii Charity name: Merthyr Valleys Homes People Fund Charity no: 1158328 Trustees: Sharon Northall Jamie Scriven Jill Jones Deborah Ryan-Newton (Chair) Joan Marshall Dawn Jones Charity's principal address: Ty Brychan 22 Lansbury Road Merthyr Tydfil CF48 1HA Independent Examiner. Joanna Roderick Bsc ACA WJJames&Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG
Merthyr Valleys Homes People Fund Report vf tlie Trustees tLlf the year elided 31 March 2024 The Trustees present their annual report and financial statements of Merthyr Valleys Homes People Fund {'the Charity,) for the year ended 31 March 2024. Structure, governance and management Merthyrvalleys Homes People Fund is a Charitable 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 Terms of Reference Expenses Policy Merthyr Valleys Homes Limited provides governance and administrative support to Merthyr Valleys Homes People Fund. This support is provided free of charge. Recruitment and appointment of new trustees The charity trustees may appoint between three and twelve 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 charity. Objectives and activities The objects of the charity are to relieve poverty 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 othepNise. 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. Achievements and perfomiance Charitable expenditure during 202312024 was £1,184. 5 individual claims were supported during the year. Tenants were provided with funding to purchase new flooring, white goods and other essential items. The Charity also contributed £3,300 to Merthyr Valleys Homes to support an Air Fryers Project, enabling tenants to replace chip pans with an air fryer.
Merthyr Valleys Hornes People Fund Rcport of the Trustees for the year endcd 31 March 2024 (cont'd) The Charity spent £706 during the year on govemance costs, mainly audit fees and professional fees on translation of the accounts. A further £159 was spent on other costs, mainly website costs and bank charges. Financlal review The charity is funded solely by Merthyr Valleys Homes Limited through a donation. The donation for 202312024 was £10,000. During the year ended 31 March 2024, the charity generated a surplus of £4,651 and consequently carried forward, into the new financial year, unrestricted funds of £42,772. Reserves policy Any cash reserves at year end will be retained and carried forward into the following year. Going Concern Our assessment of going concem has been based on events or conditions 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 2024125. Our net assets position is strong at £42,772, with liquidity of £43,455 in cash balances. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going COnM basis in preparing the financial statements. Trustees The trustees that seNed during the year were: Sharon Northall Jamie Scriven Jill Jones Deborah Ryan-Newton Joan Marshall Dawn Jones 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 Practi). 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 stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. 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 concern 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 Charities 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 2 September 2024 and signed on their behalf by: Trustee (Deborah Ryan-Newton) Trustee (Dawn Jones) Date: 2 September 2024 Date: 2 September 2024
Independent Examiner's Report to the Trustees of Merthyr Valleys hL)iiieb reupl¢ l iiilLi Independent examiner's report to the trustees 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 2024. 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 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material rnatters 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 concerning 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 concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Omedt Joanna Roderick Bsc ACA W J James & Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG Date: Q21oq120L4
Merthyr Valleys Homes People Fund Stateineiit of Financial Activities Year ended 31 March 2024 Unrestricted Unrestricted funds for funds for the the year ended year ended 31 March 31 March 2024 2023 Note Income and endowments from: Donations and legacies 10,000 10,000 Total income and endowments 10,000 10,000 Expenditure on: Charitable activities Distress payments Other costs (5,190) (159) (6,151) (159) Total expenditure (5.349) (6.310) Net incomel(expenditure) 4,651 3.690 Net Movement in funds 11 4,651 3,690 Reconciliation of Funds Total funds brought forward Total funds carried forward 38,121 42,772 34,431 38,121
Merthyr Valleys Homes People Fund Year ended 31 March 2024 31 March 2024 31 March 2023 Note Current Assets Debtors Cash at bank and in hand Total current assets 43,455 43,455 41,011 41,011 Creditors: amounts falling due within one year Net current assets Total Assets less Current liabilities Net Assets 683 42,772 42,772 42,772 2,890 38.121 38.121 38,121 Funds of the charity Unrestricted funds Total funds 10 42,772 42,772 38,121 38,121 The financial statements on pages 8 to 15 were approved and authorised by the trustees on 2 September 2024 and were signed on its behalf by: Trustee (Deborah Ryan-Newton) Trustee (Dawn Jones)
Merthyr Valleys Homes People Fund Year elided 31 March 2024 1) Basis of preparing the financial statements The financial statements of the Charity, which is a public benefit entity under FRS102, have been prepared in accordance 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 Standard applicable in the UK and Republic of Ireland (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 pemiitted by FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Legal fonn The Charity is a charitable incorporated organisation. 2) Accounting Policies a) Income and endowments These are included in the Statement of Financial Activities when: the charity becomes entitled to the resources the trustees are virtually certain they will receive the resources. and the monetary value can be measured with sufficient reliability Gifts in kind are included in the income and expenditure account where they are applied in carrying out charitable activities. where the company would otheNiise have t.o purchase the donated facility and the benefit is both quantifiable and material. The quantifiable benefit is shown as both incoming and expended resources wtthin 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 received 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. 10
Merthyr Valleys Homes People Fund Notes to the Financial Statenieiits Year ended 31 March 2024 b) Expenditure Liabilities are recognised as soon as there is a legal or constructive 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 the 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, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitLrtional 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 charity. e) Charitable expenditure 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 concem basis as the trustees believe that no material uncertainties exist. h) Taxation The charity is exempt from tax on its charitable activities. i) Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Merthyr Valleys Homes People Fund Noles to tlie Fiiiaiicial Stateii)ent5 Year ended 31 March 2024 3) Analysis of income and endowments Year Year ended ended 31 March 31 March 2024 2023 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 2024 2023 Charitable Costs Air Fryers Project Replacement carpets and furniture (flooding and fire) Donations Support costs 3,300 1,184 5,511 706 5,190 640 6,151 Year Year ended ended 31 March 31 March 2024 2023 Support Costs Support Costs being: Governance costs (Note 7) 706 706 640 640 Year Year ended ended 31 March 31 March 2024 2023 Other costs Charity website costs Bank charges 97 62 159 97 62 159 12
Merthyr Valleys Homes People Fund Year ended 31 March 2024 S) Trustees, remuneration and benefits There was no trustees, remuneration or other benefits either during the year ended 31 March 2024, or during the year ended 31 March 2023. The trustees did not receive reimbursement for any expenses during the year ended 31 March 2024 (2023: £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 2024 2023 Independent examiners fees Translation Costs 384 322 706 360 280 640 8) Debtors: amounts falling due within one year Year ended 31 March 2024 Year ended 31 March 2023 Other debtors 13
Merthyr Valleys Homes People Fund Yeai ended 31 March 2024 9) Creditors: amounts falling due within one year Year Year ended ended 31 March 31 March 2024 2023 Independent examiners fees Replacement furniturelwhite goodslcarpets Other Creditors 372 360 2,230 300 2,890 311 683 10) Analysis of net assets between funds Year Year ended ended 31 March 31 March 2023 2024 Unrestricted funds Net current assets 42,772 38,121 11) Movement in funds Year Year ended ended 31 March 31 March 2024 2023 Unrestricted funds At beginning of year Income Expenditure Transfers between funds 38,121 10.000 (5,349) 34,431 10,000 (6,310) 42,772 12) Transactions with related parties The charity is funded solely by Merthyr Valleys Homes Limited through a donation. The donation for 202312024 was £10,000 (2023: £10,000). Merthyr Valleys Homes Limited also provides governance and administrative support to Merthyr Valleys Homes People Fund. This support is provided free of charge. 14
Merthyr Valleys Homes People Fund Year ended 31 fdarch 2024 13) Ultimate controlling party The charity is controlled by its Board of Trustees. 15