**Charity Registration number 1192172** ## **Valley Veterans** ## **Indepedent Examiners Report and Financial Statements** **for the year ended 31 December 2023** ## **Valley Veterans** ## **Contents** ||**Page**| |---|---| |Information|**1**| |Trustees' Report|**2**| |Independent Examiners' Report|**3**| |Statement of Financial Activities|**4**| |Balance Sheet|**5**| |Notes to the Financial Statements|**6 - 11**| ## **Valley Veterans** ## **Information** |Charity Number
1192172| |---| |The Trustees who served in office throughout the year were as follows -| ||Andrew Jones (Resigned March 2023)| |---|---| ||David Hammond| ||Nia Godsmark| ||Roy Clark| |Registered Office|Ton and Gelli Community Hub| ||Dinham Park| ||Ton Pentre| ||Pentre| ||CF41 7DX| |Principal Bankers|Barclays Bank Plc| ||100/101 Bute Street| ||Treorchy| ||Mid Glamorgan| ||CF42 6AN| |Auditors|R.H. Jeffs & Rowe Ltd| ||Chartered Accountants| ||27/28 Gelliwasted Road| ||Pontypridd| ||CF37 2BW| **Page 1** ## **Valley Veterans** ## **Trustees' Report** ## **for the year ended 31 December 2023** In this my third and final report as Chair of Trustees for Valley Veterans, I am delighted to be able to give a very positive account of the continued upwards trajectory of the charity. Continuing our work to provide mental health and wellbeing support to veterans, reservists and the wider Armed Forces family in some of South Wales' most deprived areas, Valley Veterans has established itself as a unique organisation in our region. The charity is something of a 'one-stop-shop', delivering a diverse range of physical and mental health support services, including equine therapy and horticultural activities, twice-weekly breakfast clubs providing hot food and drinks, housing support, benefits advocacy, mental health assistance, music therapy and physical health clinics. Over the past year we have created strong collaborations with MIND Mental Health Charity and NHS Veterans Wales Mental Health Services to provide the best possible support to veterans at the earliest possible intervention stage. MIND will be based with Valley Veterans at our Community Centre during our twice-weekly Support Groups to provide a front-line mental health support and benefits advocacy services for the next 3 years and we now have a Memorandum of Understanding establishing our working relationship and their commitment throughout that period. This most welcome development ensures that Valley Veterans is the only veterans' charity across the veteran network in Wales with a dedicated, fully qualified mental health counsellor embedded in their organisation. Our work with NHS Veterans Wales Mental Health Services is now very well-established and the NHS psychotherapist and peer mentors have visited Valley Veterans on many occasions. Such has been the success that the charity's work that it is now seen as being a fundamental element of the initial intervention stage. Indeed, the range and wealth of services that Valley Veterans provides has often had such a positive impact on vulnerable individuals that they may not require subsequent interaction with the psychotherapist at all. As a result, suitable veteran candidates continue to be referred to the charity prior to the commencement of specialist interventions. The charity has facilitated the close working relationship between MIND and NHS Veterans Wales to ensure veterans' mental health and support signposting is clearly defined for those requiring specialist help and crisis support. Four of our members very recently attended a peer mentor course facilitated by Adferiad, further enabling the charity to support and signpost vulnerable Veterans to MIND or NHS Veterans Wales at the earliest stages of intervention. Overall, we estimate that the past year has seen Valley Veterans conduct some 16,490 personal interactions with veterans and organisations. In the trustees' view this is a quite remarkable statistic that is enabled entirely by the selfless work and support of the hardworking team and volunteers. In sum, this has been another outstanding period of growth and attainment which sees the charity more than fulfilling its charitable purposes. David Hammond **Chair of Trustees** **Page 2** **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 2023 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 Ltd Chartered Accountants 27/28 Gelliwasted Road Pontypridd CF37 2BW** **Date: 28 October 2024** **Page 3** ## **Valley Veterans** ## **Statement of Financial Activities for the year ended 31 December 2023** |**Notes**
**Unrestricted**
**Restricted**
**£**
**£**
**Income & Endowments**
Donations, Grants, Credits
**2**
51,906
43,988
**Total Income & Endowments**
51,906
43,988
**Expenditure**
Charitable activities
**3**
9,480
33,957
Governance Costs
**3**
-
2,000
**Total Expenditure**
9,480
35,957
**Movement in total funds for the year:**
**Net Income/(Expenditure) for the Period**
**4**
42,426
8,031
**Fund Balances brought forward**
2,713
41,755
**Fund Balances carried forward**
45,139
49,786|**Total**
**Total**
**year to**
**year to**
**31/12/23**
**31/12/22**
**£**
£
95,894
84,320
95,894
84,320
43,437
66,487
2,000
1,200
45,437
67,687
50,457
16,633
44,468
27,835
94,925
44,468|**Total**
**Total**
**year to**
**year to**
**31/12/23**
**31/12/22**
**£**
£
95,894
84,320
95,894
84,320
43,437
66,487
2,000
1,200
45,437
67,687
50,457
16,633
44,468
27,835
94,925
44,468| |---|---|---| |||84,320| |||66,487
1,200| |||67,687| |||16,633
27,835| |||44,468| **Page 4** ## **Valley Veterans** ## **Balance Sheet as at 31 December 2023** |**Notes**
**Fixed Assets**
Tangible assets
**6**
**Current Assets**
Cash at bank and in hand
**Creditors: amounts falling**
**due within one year**
**7**
**Net Current assets**
**Total Assets Less Current**
**Liabilities**
**Funds**
Unrestricted Funds
Restricted Funds
**10**|**2023**
**£**
81,360
81,360
)
(6,375|**£**
19,940
74,985
94,925
45,139
49,786
94,925|**2022**
**£**
41,013
41,013
)
(3,300|**£**
6,755
37,713| |---|---|---|---|---| |||||44,468| |||||2,713
41,755| |||||44,468| The financial statements were approved by the Trustees on 28 October 2024 and signed on its behalf by David Hammond **Trustee** **Page 5** **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** ## **Statutory Information** Valley Veterans is a registered charity operating in Wales in the United Kingdom. The registered office is Ton and Gelli Community Hub, Dinham Park, Ton Pentre, Pentre, CF41 7DX. The nature ofthe charities operations and principal activities is disclosed wihin the Trustees Report. The financial statements are presented in Sterling (£), the charities functional currency, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **1. Accounting Policies** ## **1.1. Basis of preparation and assessment of going concern** The accounts (financial statements) have been prepared uner the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended 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, applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charities ability to continue as a going concern over the next year. The trustees confirm that as far as they are aware, there is no relevant audit information of which the charity's examiner is unaware; and that they have taken all the steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information. ## **1.2. Taxation** The charity is not liable for Tax on its charitable activities. **Page 6** **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** .................... continued ## **1.3. Income & Endowments** All Income & Endowments are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - a. 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. - b. Where income is dependent upon performance and specific deliverables, income is included in the Statement of Financial Activities as the charity earns the right to consideration by its performance. - c. Where relevant, donated services and assets are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts. - d. Investment income is included when receivable. ## **1.4. 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the 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 calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Fixtures, Fittings & Equipment - 20% straight line basis per annum. ## **1.6. Fund Accounting** The unrestricted funds of the charity comprise those monies which are available to be used towards the meeting of the charitable objectives of the charity at the discretion of the Management Committee. The restricted funds are monies raised or received for a specific purpose and accounted for in accordance with the donors imposed conditions. **Page 7** ## **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** .................... 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. ## **1.8. Creditors** Creditors are recognised where the charity has a present obligation resulting 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 reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. |**2.**|**Income & Endowments**
**Total**
**Total**
**Year to**
**Year to**
**31/12/23**
**31/12/22**
**£**
**£**
Included within Income & Endowments for the year are:
**Donations, Grants, Credits:**
Donations
15,293
5,920
Grants:
3RW Band & Drums
1,266
-
Adferiad
10,650
50,000
C F in Wales
-
1,000
Interlink RCT
2,540
1,500
National Grid
9,307
-
National Lottery Platinum Jubilee Fund
25,000
25,000
Transport for Wales
25,213
-
Veterans Award Grant
-
500
Veterans Foundation
6,125
-
Welsh Water
500
-
Wrexham County BC
-
400
95,894
84,320|**Income & Endowments**
**Total**
**Total**
**Year to**
**Year to**
**31/12/23**
**31/12/22**
**£**
**£**
Included within Income & Endowments for the year are:
**Donations, Grants, Credits:**
Donations
15,293
5,920
Grants:
3RW Band & Drums
1,266
-
Adferiad
10,650
50,000
C F in Wales
-
1,000
Interlink RCT
2,540
1,500
National Grid
9,307
-
National Lottery Platinum Jubilee Fund
25,000
25,000
Transport for Wales
25,213
-
Veterans Award Grant
-
500
Veterans Foundation
6,125
-
Welsh Water
500
-
Wrexham County BC
-
400
95,894
84,320| |---|---|---| |||84,320| **Page 8** ## **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** .................... continued ## **3. Total Expenditure** ## **4.** |**Total Expenditure**|||||||||| |---|---|---|---|---|---|---|---|---|---| ||**Basis of**|**Charitable**
**Governance**||||**Total**||**Total**|| ||**Allocation**|**Activities**||||**Year to**||**Year to**|| |||||||**31/12/23**||**31/12/22**|| |**Direct Costs Allocated to Activities**||**£**|||**£**|**£**||**£**|| |Materials|Direct||783||-|783||1,121|| |Food costs|Direct||5,256||-|5,256||6,057|| |Equine costs|Direct||7,162||-|7,162||7,868|| |Horticulture costs|Direct||8,084||-|8,084||1,326|| |Staff training|Direct||60||-|60||-|| |Wages|Direct||2,100||-|2,100||38,000|| ||||19,245||-|19,245||54,372|| |**Support Costs Allocated to Activities**|||||||||| |Rent payable|Direct||6,000||-|6,000||100|| |Insurance|Direct||1,379||-|1,379||1,443|| |Repairs and maintenance|Direct||407||-|407||881|| |Advertising|Direct||3,134||-|3,134||1,950|| |Telephone|Direct||135||-|135||259|| |Computer and Website costs|Direct||944||-|944||331|| |Motor expenses|Direct||6,663||-|6,663||5,364|| |Accountancy|Direct||-||2,000|2,000||1,200|| |Depreciation|Direct||5,530||-|5,530||1,787|| ||||43,437||2,000|45,437||67,687|| |**Net Incoming/(Outgoing) Resources**||||||**Total**||**Total**|| |||||||**Year to**||**Year to**|| |||||||**31/12/23**||**31/12/22**|| |This is stated after charging/(crediting):||||||**£**||£|| |Depreciation||||||5,530||1,787|| |Independent Examiners Fees||||||2,000||1,200|| ## **5. Staff Costs** The average number of employees during the year amounted to 0 (2022 : 0). No employee was paid £60,000 or more during the year (2022 : Nil). The trustees received no remuneration or benefits in connection with the performance 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 much appreciated. **Page 9** **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** .................... continued ## **6. Tangible Fixed Assets** ||||**Fixtures,**||||| |---|---|---|---|---|---|---|---| |||**Fittings and**|||||| ||||**Equipment**|**Total**|||| ||||**£**||**£**||| ||**Cost**||||||| ||At 1 January 2023||8,935|||8,935|| ||Additions||18,715||18,715||| ||At 31 December 2023||27,650||27,650||| ||**Depreciation**||||||| ||At 1 January 2023||2,180|||2,180|| ||Charge for the year||5,530|||5,530|| ||At 31 December 2023||7,710|||7,710|| ||**Net book values**||||||| ||At 31 December 2023||19,940||19,940||| ||At 31 December 2022||6,755|||6,755|| |**7.**|**Creditors: Amounts Falling Due**||**2023**|||**2022**|| ||**Within One Year**||**£**|||**£**|| ||Accruals and Deferred Income||6,375|||3,300|| |**8.**|**Analysis of Net Assets Between Funds**||||||| |||**Unrestricted **|**Restricted**|**Total**|||| |||**£**|**£**||**£**||| ||Tangible Fixed Assets|7,830|12,110|19,940|||| ||Net Current Assets|37,309|37,676|74,985|||| |||45,139|49,786|94,925|||| ## **9. Related Party Transactions** There were no related party transactions during the year. No Trustee received any reimbursement of expenses for their duties during the year (2022 : £Nil). **Page 10** ## **Valley Veterans Notes to the financial statements for the year ended 31 December 2023** .................... continued ## **10. Restricted Funds** |**Restricted Funds**|||||| |---|---|---|---|---|---| ||**At**|**Incoming**|**Outgoing**||**At**| ||**01/01/23**|**Resources**|**Resources**||**31/12/23**| ||**£**|**£**|**£**||**£**| |Equi-Grow Project|15,250|-|-||15,250| |Fencing|6,505|-|(2,688|)|3,817| |Adferiad|20,000|10,650|(20,246|)|10,404| |RCT|-|2,000|(2,000|)|-| |Transport for Wales|-|25,213|(4,898|)|20,315| |Veterans Foundation|-|6,125|(6,125|)|-| ||41,755|43,988|(35,957|)|49,786| **Page 11**