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Independent Examiner's Report to the Trustees of Friends of the Vale I report on the accounts of the charity for the year ended 31st March 2023 which are set out on pages 8 to 17. Respective responsibilities of trustees and examiner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 145 of the 2011 Act; to follow the procedure laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act,. and to state whether particular matters have come to my attention. Basis of independent examlner's report My examination was carried out in accordance wlth general Dlrections glven by the Charlty Commission. An examination include5 a review of the accounting records kept by the charity and a comparison of the account5 presented with those records. It a150 includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report Is limited to those matters set out in the statement below. Independent examlner's statement In the course of my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requirements: • to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn In order to enable a proper understanding of the accounts to be reached. Paul Cowham FCA DChA Green Fish Resource Cent 46 - 50 Oldham Street Manchester M4 ILE 30 Nov2023 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Statement of Financial Attivities (including Income and Expenditure account) for the year ended 31 March 2023 Unrestricted funds Restricted funds Total funds 2023 Total fund5 2022 Note Income Donations and legacies 5,322 5,322 Charitable activities 46,106 14,809 60,915 106 Fees and other income Investments Total income 51,428 14,809 66,237 106 Expenditure Charitable actlvltles 5,340 12,251 17,591 Total expendlture 5,340 12,251 17,591 Net Income/(expendlture) for the year 46,088 2,558 48,646 104 Transfer between funds Net movement In funds for the year 46,088 2,558 48,646 104 Reconciliation of funds Total funds brought forward 104 104 Total funds carrled forward 46,192 2,558 48,750 104 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Balance sheet as at 31 March 2023 Note 2023 2022 Current assets Debtors Cash at bank and in hand 12 49,629 104 Total Current assets 49,629 104 Liabilities Creditors.. amounts falling due in less than one year 13 (879) Net current assets/(liabilities) 48,750 104 Total assets less current liabilities 48,750 104 Net assets 48,750 104 Funds of the charity Restricted income funds Unrestricted income funds General funds Designated funds 2,558 15 1,500 104 46,192 104 Total charlty funds 48,750 104 The notes on pages 10 to 17 form part of these accounts. Approved by the trustees on 291.11123 Leon Patel and signed on their behalf by: dL Name Signed Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 Accounting policies The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a Basis of preparation The financial statements have been prepared in accordance with 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 l January 2015) (Charities SORP {FRS 102)), the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 section IA. Friends of the Vale meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. b Reconclllatlon wlth prevlous Generally Accepted Accountlng Practlce In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such restatement was required. c Preparation of the accounts on a going concern basis The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no key judgments which the trustees have made which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period. io Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) d Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met. it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants. whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provlslon of a specified servlce is deferred until the crlteria for income recognition are met. e Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economlc benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees, annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; corresponding amount Is then recognlsed In expenditure In the perlod of recelpt. f Interest recelvable Interest on funds held on deposit Is Included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank, g Fund accounting Unrestricted funds are available to spend on activities that fvrther any of the purposes of charitv. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a sDecific DufDOSe. Restricted funds a donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. li Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) h Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred, i Tangible fixed assets Fixed assets are stated at cost less accumulated depreciation. Individual items Costing less than £500 are not capitalised. There are currently no fixed assets. J Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. k Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or slmllar account. I Credltors and provlslons Credltors and provlslons are recognised where the charity has a present obllgatlon resultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated rellably. Credltors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. m Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially cOgnised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 12 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) Legal status of the charity The charity is a Charitable Incorporated Organisation (ao), registration number 1190598. Income from donations and legacies Unrestricted Restricted Total 2023 Unrestricted Restricted Total 2022 other donations 5,322 5,322 Total 5,322 5,322 Income from charltable actlvltles Unrestricted Restricted Total 2023 Unrestrirted Restricted Total 2022 Grants Peoples Health Trust The Vale 14,809 14,809 38,326 38,326 Fees from Admission fees Supply of costumes, other props and performers Other feeslincome 106 106 6,780 1,000 6,780 I,ooo Total 46,106 14,809 60,915 106 106 13 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) Investment income Unrestricted Restricted 2023 Unrestricted Restricted 2022 Income from bank deposits All of the charity's investment income arise5 from money held in interest bearing deposit accounts. All investment income is unrestricted. Analysls of expendlture on charltable artlvltles Total 2023 Total 2022 Accountancy Freelance artists Management fee Donations Materials Repairs and maintenance Travel and Subsistance Bank charges other costs Qther governance costs Independent examination & accountancy 320 9,116 4,285 250 2,428 397 88 700 17,591 2023 2022 Restricted expenditure Unrestricted expenditure 12,251 5,340 17,591 14 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) Net income/{expenditure) for the year This is stated after charging/{crediting): 2023 2022 Amortisation of intangible assets Independent examiner's remuneration accountancy independent examination 350 350 Staff costs The charity had noi employees during the year. Management was provided on a freelance basis. No employee has employee benefits in excess of £60,000 (2022: Nil). The average number of staff employed during the period was nil (2022: nil). The key management personnel of the charity comprise the trustees and two freelance Indlviduals who are not employed by the charity. The total benefits of the key management personnel of the charity were £4,285 (2022: £nil). Trustee remuneration and expenses, and related party transactions One trustee recelved remuneration for services to the charlty of £525 {2022'. £nll) In the year. Thls was approved by the trustees. Neither the trustees nor any persons connected with them received any reimbursed expenses during the year (2022: Nil). Aggregate donatlons from related parties were £nil (2022: £nil). There are no donations from related parties which are outside the normal course of buslness and no restricted donations from related parties. No trustee or other person related to the charity had any personal interest in any contract or transactlon entered Into by the charity, including guarantees, durlng the year (2022: nll). 10 Government grants No government grants were received during the year or during the previous year. 11 Corporation tax The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. 15 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) 12 Debtors 2023 2022 Trade debtors Other debtors 13 Creditors: amounts falllng due within one year 2023 2022 Accruals Trade creditors 700 179 879 14 Analysls of movement In restrlcted funds Balance at l April 2022 Llalance at 31 March 2023 Income Expenditure Transfers People's Health Trust 14,809 (12,251) 2,558 14,809 (12,251) 2,558 Previous reporting period - there were no restricted funds in the previous year The balances on restricted funds are all unexpended grants for the charity's projects. Transfers from restricted funds occur when capital items are purchased and this satisfies the restriction on the funding, 16 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846
Friends of the Vale Notes to the accounts for the year ended 31 March 2023 (continued) 15 Analysis of movement in unrestrirted funds Balance at l April 2022 Asat31 Expenditure Transfers March 2023 Income General fund Funds earmarked for future project delivery 104 51,428 {5,340) {44,692) 1,500 44,692 44,692 104 51,428 (5,340) 46,192 Previous reportlng perlod Balance at l Aprll 2021 Balance as at 31 March 2022 Income Expenditure Transfers General fund 106 (2) 104 106 (2) 104 16 Analysls of net assets between funds General fund Designated Restricted funds funds Total Tangible fixed assets Net current assetsl(liabilities) 1,500 44,692 2,558 48,750 Total 1,500 44,692 48,750 17 Doc ID.. a11cd02cc4b78c9d33c6156b6c0125b28d374846