T H E V A L E S C O F O U N D AT I O N
THE VALESCO FOUNDATION
Annual Report and Financial Statements Year ended: 31 December 2024
Charity no: 1194039
The Valesco Foundation
Reports & Financial Statements 31 December 2024
C O N T E N T S
| Charity Information | 3 |
|---|---|
| Report of the Trustees | 4-12 |
| Report of the Independent Examiner | 13-14 |
| Statement of Financial Activities | 16 |
| Statement of Financial Position | 17 |
| Notes to the Financial Statements | 18-22 |
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The Valesco Foundation
Reports & Financial Statements 31 December 2024
C H A R I T Y I N F O R M AT I O N
TRUSTEES:
Shiraz Jiwa – Chair of Trustees Philip Manning Caroline Rees Williams
PRINCIPAL OFFICE:
25 Berkeley Square London W1J 6HN
CHARITY NUMBER: 1194039
INDEPENDENT EXAMINER:
Mr Chetan Parmar Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB
BANKERS: The Co-Operative Bank Plc PO Box 250 Skelmersdale WN8 6WT
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The Valesco Foundation
Reports & Financial Statements 31 December 2024
R E P O R T O F T H E T R U S T E E S
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R E P O R T O F T H E T R U S T E E S
The Valesco Group Limited
REPORT OF THE TRUSTEES
For the year ended 31 December 2024
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and the Financial Reporting Standard FRS 102.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Valesco Foundation ("TVF" or "the Foundation") is the independent corporate charitable foundation of The Valesco Group ("Valesco"). The purposes and objects of the Foundation are to advance for public benefit such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time.
GRANT MAKING POLICY
Grant making is the main way that TVF carries out its purposes. The Trustees expect grants will achieve public benefit by making grants to charities who themselves will also be subject to the public benefit requirement. In the rare event grants are made to bodies which are not registered as charities, the Foundation will expect the funded work to be for public benefit and not for private profit.
The Foundation therefore considers grants for public benefit to charities registered in the UK and for other charitable purposes in the UK and in other countries that meet these purposes.
The four charitable purposes of focus for the year ended 31 December 2024 were:
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1
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The advancement of education
2 The prevention or relief of poverty
3
The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity
The advancement of health or 4 the saving of lives
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
ACTIVITIES FOR THE PUBLIC BENEFIT
In 2024, TVF continued to advance its mission of supporting underserved communities, promoting social mobility, and backing grassroots organisations effecting long-term change. Our grant-making, fundraising and volunteering efforts were directed at charities aligned with these aims, delivering tangible public benefit across the UK. Across all our partnerships, The Valesco Foundation continues to prioritise collaboration, long-term impact and active engagement. We are proud that our support goes beyond financial contributions – we invest our time, skills and network to help our grantees grow sustainably.
Hand on Heart Charitable Trust
Hand on Heart was established in 2007 to serve rough sleepers, vulnerable groups and the disadvantaged by providing them with essential items and vital services. They now serve 30+ locations across the UK and have 500+ volunteers. Hand on Heart have several annual campaigns through which they distribute essential items, including the twice-yearly Winter Warmer Campaign, where their volunteers assemble and distribute much-needed packs (including items such as hoodies, thermals, gloves, deodorant, toothpaste and first aid items) to those without homes across London and other locations such as Birmingham, Manchester, Luton and Brighton.
This grant enabled Hand on Heart to purchase their first vehicle – the HOPE (Help One Person Everyday) van. In its first year, the van travelled over 30,000 miles, delivering more than 8,400 essential care packs to rough sleepers and vulnerable individuals across 30+ UK locations.
Described as a “game-changer” by the charity, the van has significantly expanded their reach, particularly in Northern England where previously multiple weekends or volunteer teams were required, the van now allows for multiple distributions over a single weekend.
The Valesco team further contributed time and energy by assembling care packs and participating in several distribution events in 2024, including during The Big Help Out.
On behalf of Hand on Heart Charitable Trust, we extend our deepest gratitude for your generous grant allocation. Your support is truly transformative and will enable us to further our mission, ensuring that we continue to make a meaningful impact in the lives of those we serve. At HoH Charitable Trust, our vision is for a fairer society – one where the vulnerable find stability, rough sleepers maintain their dignity, the most excluded feel included, and homelessness is eradicated. We also want to express our appreciation for the handson involvement of your team. Seeing you join us for the Charing Cross distributions at each campaign, actively serving those in need, is both refreshing and inspiring. Your willingness to engage directly with our outreach efforts speaks volumes about your dedication to making a real difference.”
– Co-Founder, Hand on Heart Charitable Trust
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
Activities for the Public Benefit – continued
Patchwork Foundation
Patchwork Foundation is a UK-based charity committed to strengthening democracy. Founded in 2012, they encourage the positive integration of underrepresented, disadvantaged and minority communities into British political society. One of the ways they achieve this integration is their Masterclass Programme, which is a yearly programme aimed at young adults, involving a series of Masterclass sessions and events with influential political figures, mentorship and training courses, culminating in a graduation ceremony at Downing Street.
In its third year of partnership with Patchwork Foundation, TVF co-sponsored the 2024 Masterclass Programme, supporting 100 young adults from underrepresented communities. The programme delivered training, mentoring and political education sessions, with 86% of participants reporting increased confidence in securing employment in their chosen fields.
TVF’s involvement extended beyond funding. TVF’s Chairman Shiraz Jiwa delivered the keynote at the induction event, two team members served as mentors, and our staff collectively attended 10 Patchwork events throughout the year.
Valesco has been one of our most inspiring partners. Beyond their generous financial support, they have demonstrated a genuine commitment to empowering young people through hands-on involvement – providing mentoring, masterclasses, and skills sessions directly to our Patchworkers. Their support extends to our executive team, offering invaluable guidance and expertise whenever needed. Valesco exemplifies what true partnership looks like: engaged, collaborative, and unwavering cheerleaders for our mission to develop the next generation of leaders.”
– CEO, The Patchwork Foundation
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
Activities for the Public Benefit – continued
The 93% Club
The 93% Club is the largest network of stateschool-educated people in the United Kingdom. Founded in 2016, they exist to dismantle the class inequality that exists in Britain today through the power of community. By bringing together thousands of like-minded individuals across the country through their 50+ university clubs, regular events, university clearing support, social media campaigns and professionals’ network, they are breaking down the structural barriers to social mobility and building a future that’s fairer for the next generation.
In 2024, the charity reported a 98% increase in income, growing from 0.5 to 7 full-time staff, and attributed this momentum in part to TVF’s backing. Our grant funded the appointment of a Head of Community, who oversaw delivery of 520 campus events, support for nearly 17,000 students, and the expansion of the alumni network, now generating a consistent five-figure monthly stream of unrestricted funding.
TVF was proud to be the first corporate donor to The 93% Club, a decision that not only provided crucial early-stage funding but also unlocked additional support from funders who may have otherwise hesitated.
I want to say a huge thank you for being one of the first corporate donors to support the Club. Your funding helped us to hire a Head of Community into the team and I cannot express how much of a game-changer it has been to have her leading our communities. Thanks to her, we have been able to upskill our student leaders on the ground, enabling them to deliver 520 events on campus last year (up from 385 in 2023, and totalling more than 1 a day!). Your funding also provided credibility to the charity, enabling us to attract those funders who are not comfortable with being first movers. Thank you for believing in us before others could, we will always be grateful for that.”
– Founder, The 93% Club
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
Activities for the Public Benefit – continued
OTHER CHARITABLE INITIATIVES AND FUNDRAISING EFFORTS THAT TVF SUPPORTED IN 2024:
Carers Network
Four Valesco employees participated in the Royal Parks Half Marathon, raising funds for Carers Network, with TVF match-funding contributions. Carers Network were one of TVF’s first grantees back in 2022, and they support 7,000+ unpaid carers lead healthy fulfilling lives, with a range of practical, personal and financial support, suited to their needs. The funds raised were used to recruit a part-time Volunteer Co-ordinator, enhancing the charity’s ability to support carers across London.
Lupus UK
In a team-led initiative, Valesco staff organised a pizza sale at our offices, raising money for Lupus UK, a charity especially close to the heart of one of the employees. With TVF’s match-funding, the money raised has been used to support individuals living with lupus across the UK.
What sets Valesco apart is how seamlessly the Group and Foundation work together to drive real social impact. Through inspiring partnerships with charities like Hand on Heart and the Patchwork Foundation, I’ve seen first-hand how our team – from junior members to board members – actively supports social mobility through mentoring, masterclasses and volunteering. It’s rare to feel this connected to purpose in a corporate setting, and it’s something I truly value."
– Luke Hamilton-Jones, VP at Valesco
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
INDUSTRY RECOGNITION
While recognition is never our goal, The Valesco Foundation is honoured to have been acknowledged for its charitable initiatives and positive social impact across the property and wider business sectors.
GRI Awards 2025
WINNER: Social Impact Project of the Year
Recognising outstanding collaboration between organisations and communities to deliver measurable, sustainable social outcomes that strengthen local engagement and inclusion.
Property Week Awards 2025
FINALIST: Social Impact Initiative of the Year
Recognising organisations or individuals who have delivered or committed to transformative social impact projects with real, measurable benefits for local communities.
Inspiring Women in Property Awards 2025
WINNER: Social Mobility Initiative of the Year
This award celebrates the UK real estate organisation that has most successfully championed equality, diversity, and inclusion in social mobility – ensuring individuals from all backgrounds can thrive, free from social barriers
Judges commented: “Great initiatives that are diverse and supportive, providing truly inclusive and accessible ways of making a difference.”
ESG Edge Awards 2025
FINALIST: Charitable Initiative of the Year
Honouring exceptional charitable efforts within the property sector that enhance both social and environmental well-being, demonstrating meaningful and lasting positive impact.
Asian Business Awards 2024
FINALIST: Philanthropy Award
Awarded to an outstanding philanthropist or charitable foundation whose work has made a profound and enduring contribution to the public good.
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
FINANCIAL REVIEW
The Foundation is currently funded solely by The Valesco Group who donate a percentage of its profits. The donation received by The Valesco Foundation of £100,000 was pledged in October 2023 to be distributed in the year ending 31 December 2024.
As at 31 December 2024, TVF had £5,632 remaining in its reserves in addition to further funding committed by Valesco, to be distributed in the year ending 31 December 2025.
All reserves are held in TVF’s bank account.
TVF had the following policies and procedures in place throughout the year ended 31 December 2024:
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Conflicts of Interest
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Equal Opportunities
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Expenses
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Financial Controls
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Grant-Making
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Health and Safety
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Data Protection
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Reserves
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Risk Management
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Safeguarding
STRUCTURE, GOVERNANCE AND MANAGEMENT
In its first formal year (2021), the Foundation focused initially on implementing best practice across its operations by establishing its strategy, processes, and policies. This involved several strategy sessions, as well as the Trustees undergoing trustee training to ensure their responsibilities were fully understood.
As stated in the Foundation’s Constitution:
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Following the appointment of the Foundation’s first trustees, every trustee will be appointed for a term of two years by a resolution passed at a properly convened meeting of the charity trustees.
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In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
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Every charity trustee must be a natural person.
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No individual may be appointed as a charity trustee of the CIO:
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if he or she is under the age of 16 years; or
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if he or she would automatically cease to hold office under the provisions of clauses 13(1)(e) or 13(1)(f).
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No one is entitled to act as a charity trustee whether on appointment or on any re-appointment until he or she has expressly acknowledged, in whatever way the charity trustees decide, his or her acceptance of the office of charity trustee.
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At least one of the trustees of the CIO must be 18 years of age or over. If there is no trustee aged at least 18 years, the remaining trustees may only act to call a meeting of the charity trustees, or appoint a new charity trustee.
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Trustee Code of Conduct
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Volunteer
There were no incidents to report during the year ended 31 December 2024.
KEY MANAGEMENT PERSONNEL REMUNERATION
All Trustees give their time freely and no Trustee remuneration is paid. Details of any Trustee expenses and related party transactions are disclosed in note 11 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chairman, and in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.
TRUSTEES
Shiraz Jiwa – Chair of Trustees Philip Manning Caroline Rees Williams
PRINCIPAL OFFICE
25 Berkeley Square, London W1J 6HN
CHARITY NUMBER
1194039
INDEPENDENT EXAMINER
Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB
BANKERS
The Co-Operative Bank PO Box 250 Skelmersdale WN8 6WT
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R E P O R T O F T H E T R U S T E E S
The Valesco Foundation
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing the financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Foundation and financial information included on the Foundation’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
The Trustees' report was approved by the Board of Trustees and signed on its behalf by:
SHIRAZ JIWA Chair of Trustees
Date: 30 October 2025
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The Valesco Foundation
Reports & Financial Statements 31 December 2024
R E P O R T O F T H E I N D E P E N D E N T E X A M I N E R
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R E P O R T O F T H E I N D E P E N D E N T E X A M I N E R
The Valesco Foundation
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE VALESCO FOUNDATION
I report to the Trustees on my examination of the accounts of The Valesco Foundation (the Foundation) for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity Trustees of the Foundation, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 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.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
CHETAN PARMAR FCCA
Date: 30 October 2025
Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB
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The Valesco Foundation
Reports & Financial Statements 31 December 2024
F I N A N C I A L S TAT E M E N T S
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 December 2024
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2024 2023
Unrestricted Unrestricted
funds funds
Notes £ £
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| INCOME AND ENDOWMENTS FROM: Charitable activities: Donations EXPENDITURE ON: Charitable activities: 3 Donations Travel and subsistence Computer expenses Independent Examiner fees Printing and postage Sundry expenses NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9 |
70,320 (66,585) (414) (209) (2,100) (12) (295) (69,615) 705 705 4,927 5,632 |
- (15,850) (75) (318) (1,920) - - (18,163) (18,163) (18,163) 23,090 4,927 |
|---|---|---|
The notes on pages 18 to 22 form part of these financial statements.
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2024
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2024 2023
Unrestricted Total
funds funds
Notes £ £
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| CURRENT ASSETS Debtors 7 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 8 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds TOTAL FUNDS 9 |
7,000 1,462 8,462 (2,830) 5,632 5,632 5,632 5,632 5,632 |
- 7,042 7,042 (2,115) 4,927 4,927 4,927 4,927 4,927 |
|---|---|---|
On behalf of the Board
SHIRAZ JIWA Chair of Trustees
Date: 30 October 2025
The notes on pages 18 to 22 form part of these financial statements.
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
1. GENERAL INFORMATION
The Valesco Foundation is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1194039. The principal address is 25 Berkeley Square , London , W1J 6HN.
2. ACCOUNTING POLICIES
2.1. Basis of Preparation of Financial Statements
The financial statements 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 Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Going Concern Disclosure
Going Concern
The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern.
2.3. Significant judgements and estimations Change of accounting policy
The accounts present a true and fair view and no changes have been made to the accounting policies adopted.
Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
Material prior year errors
No material prior year errors have been identified in the reporting period.
2.4. Fund Accounting Funds structure
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.
2.5. Incoming Resources Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations, are recognised when the Foundation has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
2.6. Resources Expended Support costs
The charity has incurred expenditure on support costs.
Expenditure recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other shortterm highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP.
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
Notes to the Financial Statements – continued
3. ANALYSIS OF EXPENDITURE
| Activities undertaken directly £ |
Support costs (see note 4) £ |
2024 Total £ |
|
|---|---|---|---|
| Donations Travel and subsistence Computer expenses Independent Examiner fees Printing and postage Sundry expenses |
66,585 - - - - - 66,585 |
- 414 209 2,100 12 295 3,030 |
66,585 414 209 2,100 12 295 69,615 |
| Activities undertaken directly £ |
Support costs (see note 4) £ |
2023 Total £ |
|
| Donations Travel and subsistence Computer expenses Independent Examiner fees |
15,850 - - - 15,850 |
- 75 318 1,920 2,313 |
15,850 75 318 1,920 18,163 |
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
Notes to the Financial Statements – continued
4. SUPPORT COSTS
| Travel and subsistence £ |
Computer expenses £ |
Computer expenses £ |
Independent Examiner fees £ |
Independent Examiner fees £ |
Printing and postage £ |
Printing and postage £ |
Sundry expenses £ |
2024 Total £ |
|
|---|---|---|---|---|---|---|---|---|---|
| Employee costs General administration Employee costs General administration |
414 - 414 |
- 209 209 |
- 2,100 2,100 |
- 12 12 |
- 295 295 |
414 2,616 3,030 |
|||
| Travel and subsistence £ |
Computer expenses £ |
Independent Examiner fees £ |
2023 Total £ |
||||||
| 75 - 75 |
- 318 318 |
- 1,920 1,920 |
75 2,238 2,313 |
||||||
5. INDEPENDENT EXAMINER'S REMUNERATION
| 2024 £ |
2023 £ |
|
|---|---|---|
| Independent examination of the fnancial statements | 2,100 2,100 |
1,920 1,920 |
6. AVERAGE NUMBER OF EMPLOYEES
Average number of employees during the year was: NIL (2023: NIL)
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
Notes to the Financial Statements – continued
7. DEBTORS
| 2024 £ |
2023 £ |
|
|---|---|---|
| Due within one year Other debtors |
7,000 | - |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 £ |
2023 £ |
|
|---|---|---|
| Other creditors Accruals and deferred income All creditors relate to unrestricted funds and are due under 1 year. |
730 2,100 2,830 |
195 1,920 2,115 |
9. MOVEMENT IN FUNDS
| As at 1 January 2024 £ |
As at 1 January 2024 £ |
Income £ |
Expenditure £ |
As at 31 December 2024 £ |
||
|---|---|---|---|---|---|---|
| Unrestricted funds General: General unrestricted fund Total funds |
4,927 4,927 |
70,320 | (69,615) (69,615) |
5,632 5,632 |
||
| 70,320 | ||||||
| As at 1 January 2023 £ |
Expenditure £ |
As at 31 December 2023 £ |
||||
| Unrestricted funds General: General unrestricted fund Total funds |
23,090 23,090 |
(18,163) (18,163) |
4,927 4,927 |
|||
10. POST BALANCE SHEET EVENTS
There are no subsequent events to note.
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F I N A N C I A L S TAT E M E N T S
The Valesco Foundation
Notes to the Financial Statements – continued
11. TRANSACTIONS WITH TRUSTEES
During the year, the expenses reimbursed to the Trustees or paid directly to third parties were as follows:
| 2024 £ |
2023 £ |
|
|---|---|---|
| Travel Other expenses |
414 308 722 |
75 - 75 |
Number of Trustees reimbursed for expenses during the year was 3 (2023: 3)
12. RELATED PARTY DISCLOSURES
The charity was controlled throughout the current and prior period by its trustees.
As at the year end, the charity was owed by The Valesco Group Limited £6,270 net (the charity owed £195 in 2023). This company is a related entity by the virtue of the fact that the Chair of Trustees, Shiraz Jiwa, is also the majority shareholder and a Director of The Valesco Group Limited.
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T H E V A L E S C O F O U N D AT I O N
T H E V A L E S C O G R O U P
www.valescofoundation.org www.valesco.com
Charity number: 1194039