**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 - 53 Community based six-week courses - 342 Online workshops - School resilience programmes including our six-week programme and individual workshops - Programmes in local Further Educational Establishments - An enhanced programme to reach out to vulnerable groups in Rhondda Cynon Taf - Delivery of two six-week psycho-educational programmes on behalf of Primary Care Mental Health Support Services in Rhondda Cynon Taf - Development and delivery of a new six-week programme for those with ADHD in collaboration with Taff Ely Primary Care Cluster and Professionals in Cwm Taf Morgannwg University Health Board - Workplace wellbeing initiatives ## **Reach and Impact** - 4064 people attended our courses - 73.3% of people rated our courses as good or excellent - 80% of people rated the accessibility of our service as high - 65% of people reported high levels of confidence that they would make use of the knowledge and skills gained from our courses - Our web resources saw 14,341 users - The Warwick Edinburgh Mental Wellbeing evaluation tool showed people reporting improved wellbeing ## **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 – - Our SLA with Cwm Taf Morgannwg University Health Board - Shared Prosperity Grant funding via RCT Council - Funding from 4 Primary Care Clusters in support of our work in Schools - Funding from Aneurin Bevan University Health Board - Funding from local Further Educational Establishments - Earned income delivering sessions to local employers ## **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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 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