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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 09473917 (England and Wales) REGISTERED CHARITY NUMBER: 1166003

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024

for

Valleys Steps Limited

Ralph Bettany Associates Ltd 1 Clare Street Manselton Swansea SA5 9PG

Valleys Steps Limited

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 11 to 17
Detailed Statement of Financial Activities 18 to 19

Valleys Steps Limited

Report of the Trustees for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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

Objectives and aims

The charity formally exists according to its Memorandum for promoting the advancement of mental health for the benefit of the communities in Rhondda Cynon Taf, Merthyr Tydfil and surrounding areas through the provision of therapeutic interventions.

Public benefit

The charity's purpose is to benefit the population in the area covered by the charity's activities. The trustees can confirm and evidence that the activities carried out by the charity throughout the last year have been for the benefit of those who required it.

The trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.

Use of Volunteers

Volunteers have played an invaluable role during this period as we reintroduced community provision. Volunteers also supported our online delivery during the period whilst also supporting community engagement events. We greatly value the contribution made by our volunteers and will seek to enhance opportunities over the course of 2024/25 as our service develops.

Page 1

Valleys Steps Limited

Report of the Trustees

for the Year Ended 31 March 2024

STRATEGIC REPORT Achievement and performance

Charitable activities

The year has seen Valleys Steps continue to extend its reach to residents of South Wales. We have witnessed continued growth in our offer, both in terms of beneficiaries accessing our service and the range of services we offer. The organisation has continued delivery of a hybrid service utilising a range of online platforms as well as delivering place-based support to some of the most isolated communities of South Wales.

During the period we delivered

Reach and Impact

Financial review

Financial position

Diversification of our income streams has remained a key aim during the period. This aim has been achieved through continued access to funds via Primary Care Clusters, the ongoing support of the local health board, new grant funding and a new service for those with ADHD. We anticipate continued growth in a number of these areas.

Principal funding sources

Our principal funding sources for the year comprised of –

Reserves policy

The Trustees have reviewed the reserves policy, in accordance with Charity Commission guidelines. The year has seen a continued improvement in the charity's reserves position, supporting the ongoing sustainability and financial viability of the organisation. The organization's position on reserves is the maintenance of 3 months operational costs in the event of needing to wind down the organisation with any remaining reserve set aside for organisational development of investment in new service delivery as a means to secure new income. Investment in organisational development or service delivery will be informed by full consultation with staff and stakeholders.

Page 2

Valleys Steps Limited

Report of the Trustees for the Year Ended 31 March 2024

STRATEGIC REPORT (contd.) Financial review

Financial and risk management objectives and policies

The trustees have considered the major risks to which the Charity is exposed, have reviewed these risks and have established systems and procedures to manage them. The key risks are delivering the terms of the SLA with the Cwm Taf Morgannwg Health Board, securing adequate funding to continue to provide the innovative service and promoting the service with potential service users.

Future Plans

Valleys Steps seeks the continued expansion of our service offer to include support to students and young people, our work supporting Primary Care Services as well as our work with employers promoting workplace wellbeing. The continued development of our service offer will form a key part of organisational strategy moving forward. This will include

Seeking longer term funding following successful piloting of our work with students and young people.

Seeking to expand funding to widen access to our ground-breaking ADHD programme # Seeking to broaden our geographical reach and access to new funding streams. This will include revision of our memorandum and articles of association to incorporate an all-Wales status.

Continuing to engage with key stakeholders in statutory and third sectors in identifying need and developing new services to further diversify our income streams and service offer.

Considering strategic investment in our staffing resources to facilitate growth.

Investment in marketing to raise awareness of our offer to a wider audience.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The governing document of the Charity is its Memorandum and Articles of Association - incorporated on the 17th December 2014.

The Charity is registered as a private company, limited by guarantee.

Recruitment and appointment of new trustees

New trustees are recruited by personal introduction, and appointed by a resolution of the existing trustees, in accordance with the Charity's constitution.

Induction and training of new trustees

Consideration of appropriate and relevant skills and experience is given when introducing new trustees to the charity. The Chair person is responsible for making new trustees aware of their responsibilities under Charities Act 2011, and arranging appropriate induction and training, to include safeguarding training. The Executive Director will ensure that Disclosure and Barring Checks are undertaken where required.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction value and subsequently at settlement.

The trustees have considered the major risks to which the charity is exposed, have reviewed these risks and have established internal systems and procedures to manage them.

The key risks are delivering the terms of the SLA with the Cwm Taf Morgannwg Health Board, securing adequate funding to continue to provide the innovative service and promoting the service with potential service users.

Page 3

Valleys Steps Limited

Report of the Trustees

for the Year Ended 31 March 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09473917 (England and Wales)

Registered Charity number 1166003

Registered office

Ty Antur (G7) Navigation Park ABERCYNON Rhondda Cynon Taff CF45 4SN

Trustees

Ms K Davies P Davies Ms L Evans Ms C Kermath Professor J P Richards

Company Secretary

Independent Examiner

R C Bettany FCA ICAEW Ralph Bettany Associates Ltd 1 Clare Street Manselton Swansea SA5 9PG

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 5[th] December 2024 and signed on the board's behalf by:

Professor J P Richards - Trustee

Page 4

Independent Examiner's Report to the Trustees of Valleys Steps Limited

Independent examiner's report to the trustees of Valleys Steps Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

R C Bettany FCA ICAEW Ralph Bettany Associates Ltd 1 Clare Street Manselton Swansea SA5 9PG

Date: 5[th] December 2024

Page 5

Valleys Steps Limited

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
916
Charitable activities
4
To promote the advancement of mental health
for the benefit of the communities in Rhondda
Cynon Taf, Merthyr Tydfil and surrounding
areas through the provision of therapeutic
interventions.
327,496
Investment income
3
553
Total
328,965
EXPENDITURE ON
Raising funds
5
1,694
Charitable activities
To promote the advancement of mental health
for the benefit of the communities in Rhondda
Cynon Taf, Merthyr Tydfil and surrounding
areas through the provision of therapeutic
interventions.
272,603
Other
13,746
Total
288,043
NET INCOME
40,922
RECONCILIATION OF FUNDS
Total funds brought forward
267,987
TOTAL FUNDS CARRIED FORWARD
308,909		 Restricted
funds
£
-
36,505
-
36,505
-
36,505
-
36,505
-
-
-		 31.3.24
Total
funds
£
916
364,001
553
365,470
1,694
309,108
13,746
324,548
40,922
267,987
308,909		 31.3.23
Total
funds
£
228
734,663
220
735,111
2,816
298,304
12,635
313,755
421,356
(153,369)
267,987

The notes form part of these financial statements

Page 6

Valleys Steps Limited

Balance Sheet 31 March 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
4,290
CURRENT ASSETS
Debtors
11
12,089
Cash at bank and in hand
400,104
412,193
CREDITORS
Amounts falling due within one year
12
(11,373)
NET CURRENT ASSETS
400,820
TOTAL ASSETS LESS CURRENT
LIABILITIES
405,110
ACCRUALS AND DEFERRED INCOME
14
(96,201)
NET ASSETS
308,909
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 31.3.24
Total
funds
£
4,290
12,089
400,104
412,193
(11,373)
400,820
405,110
(96,201)
308,909
308,909
308,909		 31.3.23
Total
funds
£
5,717
57,840
319,538
377,378
(10,972)
366,406
372,123
(104,136)
267,987
267,987
267,987

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on 5[th] December 2024 and were signed on its behalf by:

Professor J P Richards - Trustee

The notes form part of these financial statements

Page 7

Valleys Steps Limited

Cash Flow Statement
for the Year Ended 31 March 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.24
£
80,013
80,013
-
553
553
80,566
319,538
400,104		 31.3.23
£
309,830
309,830
(1,975)
220
(1,755)
308,075
411,463
319,538

The notes form part of these financial statements

Page 8

Valleys Steps Limited

Notes to the Cash Flow Statement for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by operations		 31.3.24
£
40,922
1,427
(553)
45,751
(7,534)
80,013		 31.3.23
£
421,356
1,913
(220)
(48,475)
(64,744)
309,830

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 319,538 80,566 400,104
Total 319,538 80,566 400,104

The notes form part of these financial statements

Page 9

Page 10 Intentionally Blank

Valleys Steps Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.24 31.3.23
£ £
Donations 916 228

continued...

Page 11

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Delivery of Wellbeing
Courses
To promote the advancement of mental
health for the benefit of the communities in
Rhondda Cynon Taf, Merthyr Tydfil and
surrounding areas through the provision of
therapeutic interventions.
Service Level Agreements
To promote the advancement of mental
health for the benefit of the communities in
Rhondda Cynon Taf, Merthyr Tydfil and
surrounding areas through the provision of
therapeutic interventions.
Grants
To promote the advancement of mental
health for the benefit of the communities in
Rhondda Cynon Taf, Merthyr Tydfil and
surrounding areas through the provision of
therapeutic interventions.
Grants received, included in the above, are as follows:
Shared Prosperity Fund (RCTCBC)
Loan written off
5.
RAISING FUNDS
Raising donations and legacies
Sessional Practitioners costs
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Hire of Venues
Other operating leases		 31.3.24
£
553
31.3.24
£
126,855
200,641
36,505
364,001
31.3.24
£
36,505
31.3.24
£
1,694
31.3.24
£
1,427
6,921
8,395		 31.3.23
£
220
31.3.23
£
100,958
253,705
380,000
734,663
31.3.23
£
380,000
31.3.23
£
2,816
31.3.23
£
1,913
5,029
8,627

continued...

Page 12

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.24
£
251,195
15,052
14,310
280,557		 31.3.23
£
243,454
13,662
12,688
269,804

The average monthly number of employees during the year was as follows:


Project Manager
Volunteers / Administrative Assistant
Lead Practitioner
Course Practitioner
Finance Assistant		 31.3.24

1
2
1
6
1
11		 31.3.23
1
1
2
7
1
12

No employees received emoluments in excess of £60,000.

9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
228
Charitable activities
To promote the advancement of mental health
for the benefit of the communities in Rhondda
Cynon Taf, Merthyr Tydfil and surrounding
areas through the provision of therapeutic
interventions.
734,663
Investment income
220
Total
735,111
EXPENDITURE ON
Raising funds
2,816		 Restricted
funds
£
-
-
-
-
-		 Total
funds
£
228
734,663
220
735,111
2,816

continued...

Page 13

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£ £ £
Charitable activities
To promote the advancement of mental health
for the benefit of the communities in Rhondda
Cynon Taf, Merthyr Tydfil and surrounding
areas through the provision of therapeutic
interventions. 298,304 - 298,304
Other 12,635 - 12,635
Total 313,755 - 313,755
NET INCOME 421,356 - 421,356
RECONCILIATION OF FUNDS
Total funds brought forward (153,369) - (153,369)
TOTAL FUNDS CARRIED FORWARD 267,987 - 267,987
10. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 April 2023 4,800 14,969 19,769
Disposals - (1,369) (1,369)
At 31 March 2024 4,800 13,600 18,400
DEPRECIATION
At 1 April 2023 3,965 10,087 14,052
Released on disposal - (1,369) (1,369)
Charge for year 209 1,218 1,427
At 31 March 2024 4,174 9,936 14,110
NET BOOK VALUE
At 31 March 2024 626 3,664 4,290
At 31 March 2023 835 4,882 5,717
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Trade debtors 11,268 57,019
Office Bonds 821 821
12,089 57,840

continued...

Page 14

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Payments on account 170 170
Trade creditors 686 300
Social security and other taxes 4,117 4,085
Pensions Creditor 1,849 1,841
Credit card 1,300 1,525
Accrued expenses 3,251 3,051
11,373 10,972

13. SECURED DEBTS

The charitable company previously entered into a Loan Facility Agreement with Wales Council for Voluntary Action (WCVA) through its Communities Investment Fund. The loan was secured via a Fixed and Floating charge over all the assets of the charitable company. This loan was written off by WCVA under an agreement dated 21 March 2023.

14. ACCRUALS AND DEFERRED INCOME

Accruals and deferred income
15.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
TOTAL FUNDS		 At 1.4.23
£
267,987
267,987
Incoming
resources
£
365,470		 31.3.24
31.3.23
£
£
96,201
104,136
Net
movement
At
in funds
31.3.24
£
£
40,922
308,909
40,922
308,909
Resources
Movement
expended
in funds
£
£
324,548
40,922

Page 15

continued...

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.22
£
(153,369)
(153,369)		 Net
movement
in funds
£
421,356
421,356		 At
31.3.23
£
267,987
267,987

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
735,111
735,111		 Resources
Movement
expended
in funds
£
£
(313,755)
421,356
(313,755)
421,356		 Resources
Movement
expended
in funds
£
£
(313,755)
421,356
(313,755)
421,356
421,356

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.22
£
(153,369)
(153,369)		 Net
movement
in funds
£
462,278
462,278		 At
31.3.24
£
308,909
308,909

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,064,076 (601,798) 462,278
Restricted funds 36,505 (36,505) -
TOTAL FUNDS 1,100,581 (638,303) 462,278

Page 16

continued...

Valleys Steps Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

16. CONTINGENT LIABILITIES

According to the terms of the release of the WCVA wellbeing bond dated 21 March 2023 the charity undertakes to reinstate payments if the relationship with the Cwm Taf Morgannwg University Health Board changes such that the cost savings arising from the social benefits delivered were to be identified as envisaged in the original agreement (savings share). In the opinion of the Trustees the chances of this happening are remote.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 17

Valleys Steps Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 916 228
Investment income
Deposit account interest 553 220
Charitable activities
Delivery of Wellbeing Courses 126,855 100,958
Service Level Agreements 200,641 253,705
Grants 36,505 380,000
364,001 734,663
Total incoming resources 365,470 735,111
EXPENDITURE
Raising donations and legacies
Sessional Practitioners costs 1,694 2,816
Charitable activities
Wages 251,195 243,454
Social security 15,052 13,662
Pensions 14,310 12,688
Hire of Venues 6,921 5,029
Rent 8,395 8,627
Telephone 1,160 1,209
Course Materials 993 232
Secondment Charges 695 1,198
298,721 286,099
Other
Travel costs 1,336 676
Payroll Processing 1,372 1,013
IT Costs 7,679 8,255
Repairs and renewals - 778
10,387 10,722
Support costs
Management
Insurance 1,352 2,327
Postage and stationery 1,412 1,453
Staff Training 2,125 1,240
4,889 5,020

This page does not form part of the statutory financial statements

Page 18

Valleys Steps Limited

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24 31.3.23
£ £
Management
Finance
Bank charges 188 195
Depreciation of tangible fixed assets 1,430 1,913
1,618 2,108
Human resources
Recruitment and DBS checks 416 1,094
Other
Promotional & Publicity costs 2,242 1,905
Governance costs
Accountancy and legal fees 4,581 3,991
Total resources expended 324,548 313,755
Net income 40,922 421,356

This page does not form part of the statutory financial statements

Page 19