## **Valley Veterans – Trustees’ Report** This initial Trustees’ report spans the period Nov 2022-Feb 2022, which has been one of transition from a previously non-incorporated voluntary organization with some eight years history, into a registered charity. The Trustees are delighted to report that the transition has been seamless and despite the complications of COVID 19 lockdowns and the tragic loss of a significant number of members, the leadership team has achieved an extraordinary level of support to the charity’s beneficiaries in the Rhondda Valley. Under the leadership of the founder, and ably supported by the secretary and key committee members, an impressive scheme of work has been undertaken to set the conditions for the forthcoming leasing of a suitable dedicated site on which to further develop and expand the equine and horticultural elements of the Valley Veteran’s offering. Successful grant applications have been at the heart of unlocking the charity’s potential. Alongside this funding source the extraordinary generosity of the Local Authority, driven by its Armed Forces Champion Councillor Maureen Webber, as well as a number of local businesses which have donated time, labour equipment and funding, an exponential level of change and capacity building has been achieved. Indeed the transformation has been nothing short of remarkable. Engagement with local, Welsh and UK national organizations and volunteer groups has been at the heart of the charity’s operations. As a result the sharing of best practice and promotion of inclusivity has delivered a vibrant and welcoming environment that directly improves the wellbeing of the beneficiaries. Valley Veterans is now set to enter its next period of development which will see it established firmly in a suitable location with ‘fit for purpose’ facilities that will allow easy access to a wider range of beneficiaries from the local community. The Trustees consider it a signal honour to be associated with Valley Veterans and look forward to charting the achievements that will result from the next phase of expansion and operations. ## **David Hammond** Chairman of Trustees Charity Registration number 1192172 Valley Vetsrans Indepedent Examiners Report and Financlal Statements for the year ended 31 December 2021 Valley Veterans Colltsllts Page Inforniation Independent Examiners, Report Statemellt of Financial Activities Balance Sheet Notes to the Financial Statements 5-10 Valley Veterans Inforniation Charity Number 1192172 The Truste¢s who served in office throughout the year were as follows - Andrew Jones David Hammond Roy Clark Registered Office Ton and Gelli Community Hub Dinham Park Ton Pentre Pentre CF417DX Prin¢ipal Bankers Barclays Bank PIC 100110 l Bute Street Treorchy Mid Glamorgan CF42 6AN Auditors R.H. Jeffs & Rowe Chartered Accountants 27128 0elliw8Sted Road Pontypridd CF37 2BW Page I Viilley Veterans INDEPENDENT EXAMINER'S UNQUALIFIED REPORT UNINCORPORATED CHARITY I report to the trustees on my examination of the financial statements of Valley Veterans ('the charity,) for the year ended 31 December 2021 whi¢h comprise the Statement of Financial Activities, the Balanc¢ Sheet and related notes. This report is made solely to the charity's twstees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent pennitted by law, I do not a¢¢ept or assume responsibility to anyon¢ other than the charity and the charity's trnstees as a body, for my work, for this repor¢ or for the opinions I have fomied. Respollsibilities and basis of report As the trustees of the charity you are responsible for th¢ preparation of the financial statements in a¢¢ordanc¢ with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's finan¢ial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of th¢ Act. An independent cxamiJ)alion does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the finan¢ial statements. The planning and ¢onduct of an audit goes beyond the limited assuran¢e that 8n independent examination can provide. Consequently l express no opinion as to whether th¢ finan¢ial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's Statement. IndepeDdeDt examiner's Statement I have COTnpleted my examination. l eonfmn Ihat no material matters hav¢ Come to my attention in connection with the examination giving me caus¢ lo believe that in any material respect.. a) accounting records were not kept in respect of the charity as required by section 130 of the Act- or b) the financial statements do not &ccord with those records. or c) the financial statements do not comply with the applicable requirements concerning the fomj and content of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that th¢ accounts give a Irue and fair view which is not a matter considered as part of an independent examination. I have no concerns and have cotne 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 financial statements to be reached. Mr. Robert Thomas BS¢ FCA R.H. Jeffs & Rowe Cbartered Accountants 27128 Gelliwasted Road Pontypridd CF37 2BW Date: 27 September 2022 Page 2 Valley Veter#lls Siatement of Finaneial Aetivities for the year ended 31 December 2021 Notes Unrntiicted Totsl Totsl year to 31112121 year to 31112120 Income & Endowments Donations, Grants, Credits 5,075 60,440 65,515 3,814 Tot#l In¢ome & Endowments 5,075 60,440 65,515 3,814 Expenditure Charitable activities Gov¢mance Costs 8,945 1,200 28,924 37,869 1,200 2,306 120 Total Expenditure 10,145 28,924 39,069 2,426 Movetnent in total funds for the year: Net Incomel{Expenditure) for tbe Period (5,070) 31,516 26,446 1,388 Fund Bal#n¢es brought fonyard 1,388 1,388 Fund Balances carried forward (3,682) 31,516 27,834 1.388 Page 3 Valley Veterans Ilalance Sheet as at 31 Delember 2021 2021 2020 Notes Fixed Assets Tdngible CurreDt Assets Cash at hank and in hand I,-f08 ?7.4()2 1.508 Creditors: gmollnts falllng due v'ithin one year 11 ?ou) (1201 Net Current as5eLs 26,262 1,388 Total Assets I.ess Current Liahilitieg 27.834 1.388 Funds Unre%rricted Fuiids ResiriLred Funds 13.682) 1,388 27,834 1.388 The financial 8tatement% were apprnved by the Trn8iees (>t) dnd 8igned oft its behalf by 261o?I zuei 14 22. Page 4 Valley Veterans Notes to the financial statetnents for the year ended 31 December 2021 Statutory Information Valley Veterans is a registered charity operating in Wales in th¢ United Kingdom. The registered office is Ton and Gelli Community Hub, Dinham ParL Ton Pentre, Pentre, CF41 7DX. The nature ofthe charities operations and principal activities is disclosed wihin the Trustees Report. The financial statements ar¢ presented in Sterling {£), the charities functional curren¢y, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policie5 have been consistently applied lo all years presented unless otherwise stated. Accollnting Policies Basis of preparation And assessment of going concern The accounts (financial statements) have been prepared un¢r the historical cost convention with items reco￿]sed at eost or transaction value unless oth¢n¥ise stated in the relevant note(s) to these accounts. The financial statements have been prepared in a¢cordance with the Statement of Re¢ommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard, applicabl¢ in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as def]ned by FRS 102. The trustees consider that there are no material uncertainties about the charities ability to continue as a going con¢ern over the next year. The trustees ¢onfinn that as far as th¢y are aware, there is no relevant audit inforniation of which the cbarity's examiner is unaware; and that they have taken all the steps that they ought to have taken to make themselves aware of any r¢l¢vant inforniation and lo establish that the examiner is aware of that inforniation. 1.2. Taxatio The charity is not liable for Tax on its charitable activities. Page 5 Valley Veterans Notes to the financial statements for the year ended 31 December 2021 ¢ontinued Ineome & Endowments All Income & Endowmcnts are included in th¢ Statement of Financial Activities when the charity is entitled lo the income and the amount ¢an be quantified with reasonabl¢ accuracy. The following specific policies are applied to particular categori¢s of income.. Voluntary income is received by way of donations, gifts and unconditional grants and are included in full in the Statement of Financial Activities when receivable. Where income is dependent upon perfomiance and specific deliverables, ineome is included in the Statemcnt of Financial Activities as the ¢harity earns the right to ¢onsideralion by its perfortnance. Where relevant, donated services and assets ar¢ included &t the value to th¢ ¢h9rity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. tnv¢stment in¢ome is in¢luded when receivable. 1.4. Expenditure Liabilities ar¢ recognised as expenditure as soon as there is a legal or constructivc obligation committing the ¢harity to that expenditure, it is probable that settlement will be required and the amount of the obligation ¢an be measured reliably. All expenditure is a¢counted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. Ch8ritable ¢xpenditur¢ compris¢s those ¢osls incurred by the ¢harity in the delivery of its a¢tivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature n¢c¢ssary to support them. Governance costs include those eosts associated with meeting the ¢onstitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategi¢ management of th¢ charity. All costs are allocated between the exp¢nditure Categories of the Statement of Financial Activities on a basis desiw)ed to reflect the use of thc resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. 1.5. Tangible fixed assets and depreciation Depreciation is provided at rates ¢alculated to write off the cost less residual value of each asset over its expe¢ted usefiil life, as follows.. Fixtures, Fittings & Equipment 200/0 Straight line basis per annum. 1.6. Fund Aecounting The unrestricted funds of the charity comprise those tnonies which are available to be used towards the meeting of the charitable objectives of the charity at the dis¢retion of the Management Committee. The restricted funds ar¢ monies raised or received for a specific purpose and accounted for in accordance with the donors imposed conditions. P#ge 6 Valley Veterans Notes to the finaneial statements for the year ended 31 December 2021 continued 1.7. Debtors Trade debtors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any discounts due. Creditors Creditors are recognised where the charity h&s a presenl obligation resulting froTll a Past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors are nornially reco￿1]Sed at their s¢ttlement amount after allowing for any trade discounts due. Income & Endowments Total Year to 31112121 Total Yegr to 31112120 In¢luded within Incom¢ & Endowments for the year are= Donations, Grants, Credits: Donations Grants.. Adferiad Age UK Arnold Clark C F in Wales Cais Limited Cronfa Gymunedol Interlink RCT Postcod¢ ComTnunity Wrexham County BC 3,075 3,814 17,500 2,250 1,000 5,000 8,750 4,940 2,000 20,000 1,000 65,515 3,814 Page 7 -0 oo*• 4 mm- ac QO m aooaaooaoaoa o) Valley Veteran5 Notes to the fiDan¢i21 statements for the year ended 31 Decetnber 2021 continued Lyet Incoming (Outgoing)/Resources Total Total Year to Year to 31112121 31112120 This is stated after chargingl{¢rediting)'. Depreciation Independent Examiners Fees 393 1,200 120 Staff Costs The average number of employees during the year amounted to O {2020 ..0). No eTnploy¢¢ was paid £60,000 or more during the year.(2020 :nil) The trnstees received no remuneration or benefits in Connection with the perforniance of their duties No trustees received any expenses in connection with their duties during the year. The Charity is run by volunteers and their contribution is exceptional and tnuch appreciated. Tangible fIxed assets Fixtures, rittxngs and equipment Total Cost Additions 1,965 1.965 At 31 December 2021 I,965 1,965 Depreciation Charge for the year 393 393 At 31 December 2021 393 393 Net book values At 31 December 2021 1,572 1,572 Creditors: amounts falling due within one year 2021 2020 Ac¢ruals and deferred income 1,200 120 Page 9 Valley Veterans Note5 to the finaneial statements for the year ended 31 Deeember 2021 continued Analysis of Net Assets between Funds Unrestricted Restricted Designated Total Tangible Fixed Assets Net Current Assets 1,572 (5,254) 1,572 26,262 31,516 (3,682) 31,516 27,834 Related party transactiolls There were no related party transactions during the year. No Ttustee received any reimbuTsement of expenses for their duties during the year (LY .. £0). io. Restrieted Funds At oiioilli Incoming Resources Outgoing Resources At 31112121 Equi-Grow Proj¢¢t Fencing Food provisions during pandemic Harnpers Horse materials Website 26,250 25,000 2,250 1,500 4,940 500 (11,000) (10,200) (1,750) (1,500) (3,974) (500) 15,250 14,800 500 966 21,200 31,516 Page 10 V&ll¢y VeteraDS P4otes to the financial statements for tbe year ended 31 December 2021 continued Analysis of Net Assels betweeD Fund5 Unreslrieted Restricted Designated Totsl Tangible Fixed Assets Net Current Assets 1,572 (5,254) 1,572 26,262 31,516 {3,682) 31,516 27,834 Related party transactions There were no related party transactions during the year. No Trustee re¢eived any reimbursement of expenses for their duties during th¢ year (LY . £O)- io. Restricted Funds At oiioini Incomlng Resources Outgoing Resources At 31112121 Equi-Grow Project Fencing Food provisions during pandemic Hampers Horse materials W¢bsite 26,250 25,000 2,250 1,500 4,940 500 (11,000) (10,200) (1,750) (I,500) (3,974) (500) 15,250 14,800 500 966 21,200 31,516 Page 10 **Valley Veterans** ## **INDEPENDENT EXAMINER'S UNQUALIFIED REPORT UNINCORPORATED CHARITY** I report to the trustees on my examination of the financial statements of Valley Veterans ('the charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement. ## **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: a) accounting records were not kept in respect of the charity as required by section 130 of the Act; or b) the financial statements do not accord with those records; or c) the financial statements 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 financial statements to be reached. **Mr. Robert Thomas BSc FCA R.H. Jeffs & Rowe Chartered Accountants 27/28 Gelliwasted Road Pontypridd CF37 2BW** **Date: 27 September 2022** **Page 1**