Merthyr Valleys Homes People Fund
Annual Report and Financial Statements
Year ended 31 March 2025 Charity no: 1158328
Foreword
As Chair of the Merthyr Valleys Homes People Fund, it has been a very rewarding year with the charity focussing on the prevention of house fires. The charity donated £3,000 in 2024/25 to Merthyr Valleys Homes who, alongside South Wales Fire and Rescue Services, delivered a chip pan amnesty as well as a series of talks on fire safety in the home. This is the second year that the charity has provided financial support to this popular initiative and 59 chip pans were exchanged for air fryers.
The charity continues to support tenants through difficult times however only one tenant was supported directly by the charity in the year. We know that this is because there are other funds available and because tenants do have home contents insurance, which is very reassuring.
As a Board of Trustees, we are keen to work 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.
The charity’s objectives also include supporting tenants who are fleeing domestic abuse and tenants who are struggling with their mental well-being. We are committed to working more towards the prevention of these issues over the next year.
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 will continue to deliver the much-needed avenues of support to provide a safer home environment.
I am proud to share, on behalf of the Board of Trustees, our Annual Report and Financial Statements for 2024/25.
Deborah Ryan-Newton Chair
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Contents
| Reference and Administrative Information Report of the Trustees for the year ended 31 March 2025 Independent Examiner’s Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements |
Page 3 4-6 7 8 9 10-15 |
|---|---|
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Merthyr Valleys Homes People Fund Reference and Administrative Information
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 W J James & Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG
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Merthyr Valleys Homes People Fund Report of the Trustees for the year ended 31 March 2025
The Trustees present their annual report and financial statements of Merthyr Valleys Homes People Fund (‘the Charity’) for the year ended 31 March 2025.
Structure, governance and management
Merthyr Valleys 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:
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Trustees Code of Conduct
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Terms of Reference
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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 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.
Achievements and performance
Charitable expenditure during 2024/25 was £1,674. 2 individual claims were supported during the year. Tenants were provided with funding to purchase new flooring and other essential items. The Charity also contributed £3,000 to Merthyr Valleys Homes to support an Air Fryers Project, enabling tenants to replace chip pans with an air fryer.
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Merthyr Valleys Homes People Fund
Report of the Trustees for the year ended 31 March 2025 (cont’d) The Charity spent £697 during the year on governance 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.
Financial review
The charity is funded solely by Merthyr Valleys Homes Limited through a donation. The donation for 2024/2025 was £10,000. During the year ended 31 March 2025, the charity generated a surplus of £4,470 and consequently carried forward, into the new financial year, unrestricted funds of £47,242.
Reserves policy
Any cash reserves at year end will be retained and carried forward into the following year.
Going Concern
Our assessment of going concern 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 2025/26. Our net assets position is strong at £47,242, with liquidity of £49,155 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 concern basis in preparing the financial statements.
Trustees
The trustees that served 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 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 statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 1 December 2025 and signed on their behalf by:
Trustee (Deborah Ryan-Newton) Trustee (Dawn Jones) Date: 1 December 2025 Date: 1 December 2025
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Independent Examiner’s Report to the Trustees of Merthyr Valleys Homes People Fund
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 2025.
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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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The accounts do not accord with those records; or
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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 connection 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.
Joanna Roderick BSc ACA W J James & Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG
Date:
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Merthyr Valleys Homes People Fund Statement of Financial Activities Year ended 31 March 2025
| Note Income and endowments from: Donations and legacies 3 Total income and endowments Expenditure on: 4 Charitable activities Distress payments Other costs Total expenditure Net income/(expenditure) Net Movement in funds 11 Reconciliation of Funds Total funds brought forward Total funds carried forward |
Unrestricted funds for the year ended 31 March 2025 Unrestricted funds for the year ended 31 March 2024 £ £ 10,000 10,000 |
|---|---|
| 10,000 10,000 (5,371) (5,190) (159) (159) |
|
| (5,530) (5,349) 4,470 4,651 |
|
| 4,470 4,651 |
|
| 42,772 38,121 |
|
| 47,242 42,772 |
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Merthyr Valleys Homes People Fund Balance Sheet Year ended 31 March 2025
| 31 | 31 | ||
|---|---|---|---|
| March | March | ||
| 2025 | 2024 | ||
| Note | £ | £ | |
| Current Assets | |||
| Debtors | 8 | - | - |
| Cash at bank and in hand | 49,155 | 43,455 | |
| Total current assets | 49,155 | 43,455 | |
| Creditors: amounts falling due within one | |||
| year | 9 | (1,913) | (683) |
| Net current assets | 47,242 | 42,772 | |
| Total Assets less Current liabilities | 47,242 | 42,772 | |
| Net Assets | 47,242 | 42,772 | |
| Funds of the charity | |||
| Unrestricted funds | 10 | 47,242 | 42,772 |
| Total funds | 47,242 | 42,772 |
The financial statements on pages 8 to 15 were approved and authorised by the trustees on 1 December 2025 and were signed on its behalf by:
Trustee (Deborah Ryan-Newton)
Trustee (Dawn Jones)
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
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 Standard 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) Accounting Policies
a) Income and endowments
These are included in the Statement of Financial Activities when:
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the charity becomes entitled to the resources
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the trustees are virtually certain they will receive the resources; and
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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 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 governance 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.
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
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 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 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.
f) Debtors and creditors receivable/payable 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 concern 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.
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
3) Analysis of income and endowments
| 3) Analysis of income and endowments | ||
|---|---|---|
| Year | Year | |
| ended | ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
| Donations and legacies | £ | £ |
| Donation from Merthyr Valleys Homes Limited | 10,000 | 10,000 |
| Total | 10,000 | 10,000 |
| 4) Analysis of expenditure |
| Donations and legacies Donation from Merthyr Valleys Homes Limited Total 4) Analysis of expenditure |
Year ended 31 March 2025 Year ended 31 March 2024 £ £ 10,000 10,000 |
|---|---|
| 10,000 10,000 |
|
| Charitable Costs Air Fryers Project Replacement carpets and furniture (flooding and fire) Donations Support costs Support Costs Support Costs being: Governance costs (Note 7) Other costs Charity website costs Bank charges |
Year ended 31 March 2025 Year ended 31 March 2024 £ £ 3,000 3,300 1,674 1,184 - - 697 706 |
| 5,371 5,190 |
|
| Year ended 31 March 2025 Year ended 31 March 2024 £ £ 697 706 |
|
| 697 706 |
|
| Year ended 31 March 2025 Year ended 31 March 2024 £ £ 97 97 62 62 |
|
| 159 159 |
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
5) Trustees’ remuneration and benefits
There was no trustees’ remuneration or other benefits either during the year ended 31 March 2025, or during the year ended 31 March 2024.
The trustees did not receive reimbursement for any expenses during the year ended 31 March 2025 (2024: £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
| 7) Fees for examination or audit of the accounts | |
|---|---|
| Independent examiners fees Translation Costs |
Year ended 31 March 2025 Year ended 31 March 2024 £ £ 396 384 301 322 |
| 697 706 |
8) Debtors: amounts falling due within one year
| Year | Year | |
|---|---|---|
| ended 31 | ended 31 | |
| March | March | |
| 2025 | 2024 | |
| £ | £ | |
| Other debtors | - | - |
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
9) Creditors: amounts falling due within one year
| Independent examiners fees Replacement furniture/white goods/carpets Other Creditors 10) Analysis of net assets between funds Unrestricted funds Net current assets 11) Movement in funds Unrestricted funds At beginning of year Income Expenditure Transfers between funds |
Year ended 31 March 2025 Year ended 31 March 2024 £ £ 384 372 820 - 709 311 |
|---|---|
| 1,913 683 |
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| Year ended 31 March 2025 Year ended 31 March 2024 £ £ 47,242 42,772 |
|
| Year ended 31 March 2025 Year ended 31 March 2024 £ £ 42,772 38,121 10,000 10,000 (5,530) (5,349) - - |
|
| 47,242 42,772 |
12) Transactions with related parties
The charity is funded solely by Merthyr Valleys Homes Limited through a donation. The donation for 2024/2025 was £10,000 (2024: £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.
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Merthyr Valleys Homes People Fund Notes to the Financial Statements Year ended 31 March 2025
13) Ultimate controlling party
The charity is controlled by its Board of Trustees.
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