Charity reoistralion numbgr 293983 THE VALLEY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE VALLEY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Richard Femie, FRSA- Chair Peter Slansfield, BA Ben Eer, LLB Amanda Kirl(patrick BA, Msc Anjula Sharma-smith Gavin Browning (appointed 13 January 2024., resvJned 31 Juty 20241 Carol Hortock (aprK)inled 1 May 2024) Shaun Macdon8ld (appointed 19 February 2025) Alan Thorpe, Bcom, FCA {resigned 15 September 2023) Charity number 293983 Principal addre$$ 2 Norfolk Fatrn Close Woking Surrey GU22 8LL Independent examiner Gavin Browning Ashursl House, Cedar Road k)king Surrey GU22 OJJ
THE VALLEY TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent Examiner's report Slatement of financial actimttes Balance Sheet Notes to the financial statements 8-15
THE VALLEY TRUST TRUSTEES, REPORT FOR THEYEAR ENDED 31 JULY 2024 The Irustees present their report and finan¢tal slalements for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financi81 statements and comply with the charrty's trust deed, the Charities Act 2011 and "Accounting and ReFK)rting by Charities.. Statement of Recommended Pra(Aice applicable to chariiies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Objectives The Trust provides professional independent counselling to chikjren in the school environment. Aclivities Counselling is undertaken by self-employed accredtted counsellors with experience of working wrth children, between 5 & 18 years of age. It operates wrthin the Surrey and SUTTounding counlies. Schools advise the Trust of the houts required per week and are invoiced either monthly or temly in advance. As the seThice is prowded through the school, and paid for by them. no pupils 8re excluded for personal finanaal reasons. The trustees have reganl to the gumlance issued by the Chartiy Commission and in their view the Trusts, activities fully comply with these requirements. Risk assessment The council of management conducts an annual risk assessment to identrfy 8ny risks to which the chartty m8y be exposed and to establish procedures and systems on an ongoing basis lo mitigate these risks in line wrth Charity Commission guvJelines. Achievernems and perfornian¢e The Trust has provided counselling seNices between 45 and 50 schools during the year, mostly forthe complete 3 tems and utilised the servi$ of bthveen 25 and 30 counsellofs. As seen by the financial income the Trust has been successfully growing ri's seThices and the total number of hours counselling in the year was circa 12,000. Eviden shows that on-site independent counselling has seen a reduclion in psychologic81 St$$ in pupils who have acce$5 to it, as well as improvement in beh8v¢our and edu¢alional achtevements. A survey by the 8rilish A550ciation of Counselling & Psychotherapy {BACP) showed Ih81'. 86% of $V)nderS believed that counselling improved school attendance. 73% believed that it helped improve behawour. 73% believed il improved academic achievements. The Tftjsl continues to improve communications with schools and our counsellors, and to build on the hKJh standard of service ala{lY offered. As a 5elf-funding Charity it has no fvndfaising activities.
THE VALLEY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 (continued) Financial review Revenue for the year ended 31 July 2024 was £459.975 {2023'. £418,380). In 2023-24 we made grant5 totalling £6,111 compared with £17,262 in 2022-23. Reserves policy The Trustees, policy is lo maintain unrestricted reserves at a level at le8St equivalent to total costs for the next three months, which woukj amount to approximalely £113,154. At 31 July 2024 the Trust had unrestricted funds tolalling £175.141. Investment policy The TNslees' policy is lo hokl sufficient funds to meet day-1041ay operating requirements on demand, with any sluS funds invested on deposit for one year or less. During the year ended 31 Juty 2024 the surplus cash funds of the Gharty were heky in on-demand And fixed term depostt accounts wtih various banks and in a Fund & Share Account wf(h an investment managerlsee note 13 to the Accounts)- The investment was sold during the year due lo increasing market it)stAbility and falling unit value. All the financial oruanisations with whom funds are invested are authorised and regulated by the FSA. The deposit accounts were selected lo provide security for the funds. The Fund and Share Account selected was not based on ethical considerations bul was selected in order lo achieve higher umS than are currently available through fixed-interesl investments with an acceptable level of risk. Structure, goveinance and management The Valley Tmsl is govemed by its trust deed. The OTiJinal trust deed was dated 18 Mah 1986 and was amended on 7April 2005. The tnjstees who seNed during the Period and up lo Ihe date of signature of the financial statements were.. Richard Femie, FRSA- Chair Peter Slansfiehl, BA Ben Elger, LLB Amanda Kirtpatrick BA, Msc Anjula Shamia-smith Gavin Browning (apFK)inled 13 January 2024,. $*gned 31 July 2024) Carol Hodock (appointed 1 May 2024} Shaun Macdonald {appointed 19 February 2025) Alan Thorpe, Bcom, FCA (15 September 2023) The Trust Deed specifies thal there shoukl not be less than four trustees and not more than eight,. that the trustees can appoint new trustees and that any trustees so appointed musl stand for election at the next Annual General Meeting. Every trustee is elected to office at an AGM for a period of three years unless he or she dies, resigns or is cert¢fied as unsound in mind. A retiring tmstee can sland for re- election at the Annual General Meeting al the end of their three-year leffli in office.
TRUSTEES, REPORT F(kg THE YEAR ENDED 31 JULY 2024
THE VALLEY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The Iru5tees are responsible for preparing the Truslees, Report and the financi81 statements in accoidance with applicable law and United KingdomAccounting Standards (United Kingdom Generally Accepted Accounting Practice). The 18w applicable to charities in England and Wales requires the trustees to ppare fin8n¢ial statements for each financial year which give a Ifue and fair Mew of the state of affaits ofthe ¢harity and of the incoming resources and application of sOurceS of Ihe charity forthal Period. In preparing these finana81 statements, Ihe tfustees are requi to.. selecl suitable accounting policies and then apply them nsIStentIy'. - obsetve the Metc$ and principles in the Charities SORP" make judgements and e5tiin8tes that are reasonable and prudent., state whether applTrcab accx)unting standartls have been followed, subject lo any material departures di%closed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume Ih8t the chariiy will continue in operation. The Ifuslees are responsible for keeping sufficient accounting records th8t disclose with reasonable 8ccuiaGy at any lime the financial wsf(ion of the charity and enable them to ensure thal the finanual statements comply with the Charities Act 2011, the Charity (Accounts and Reports) RegiJlalion$ 2008 and the provisions of the Iw5t deed. They a also reswnsible for safeguarding the assets of the chartty and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities.
THE VALLEY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VALLEY TRUST I report to the trustees or7 my examination of the financial statements of The Valley Trust {the chartyl for the year ended 31 July 2024. Responsibilities and basis of report As the trustees of the charrty you are responsible for the preparation of the financial statements in accordance with the requiremen15 of the Charities Acl 2011 {the 2011 Act). l pOrt in respecl of my examination of the charity's financial statements C8rried out under sedion 145 of the 2011 Act. In carrying oui my examination I have followed all the applicable Directions given by the Chanty Commission under section 14515){b) of the 2011 Act. Independent Examiner's statement Since the charily's gross income exceeded £250,000 your examiner must be 8 member of a body listed in section 145 of the 2011 Act. I confim that l am qualified lo undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirn that no matters have come to my attention in connection with the examination ging me cause lo believe that in any materi81 respect.. accounting records were not kept in resttct ofthe charity as required by section 130 of the 2011 Act., or 2. the finan81 statements do not accord with those records.. or 3. the financial statements do not comply with the applicable requirements conceming the form and content of accounts set oul in the Charittes {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a tnJe and fair view which 15 t70t a matter conswjered as part of an independenl examination. I h8ve no concerns and have come across no other matters in connection wrth the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be aChed. Gavin Browning ACA Ashursl House. Cedar Road Woking Surrey GU22 OJJ Dated.. Z4 Ai zos
THE VALLEY TRUST STATEMENT OF FINANCIAL ACTIVITES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds for 12 months 2024 Unrestricted fund5 for 12 rnonths 2023 Notes Charitable a¢tiviies Investments 459,975 3,286 418,380 721 Total income 463,261 419,101 ndttitrÈ ¢n: Raising fjjnds Charitable activities 734 451,881 643 420,204 Total exF*ndityrè 452.615 420,847 Net Ilossesllgains on investments io (2,142) 195 Net movement in funds 8.504 (1.5511 Fund balan at 1 August 2023 166.637 168,188 Fund balances at 31 July 2024 175,141 166,637 The statement of financial activtlies indudes all gains and losses recognised in the PeTiOd. All income and expenditure derive from continuing actiwbes.
13 15 16 11517 15 21 134269 17&141 175 141 186.637 175 141 186.637 174141 166ffi7
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2024 Accounting policies Charity infomialion The charity is govemed by ils Iru5t deed. The charitvs business address is 2 Norfolk Fa Close, lth)king, SuTTey GU22 8LL. Accounting ¢onvention The financial statements have been prepared in accordance wilh the charily's memorandum and artKle5 of a$s08110, Ihe Charities Act 2011 and 'Accounting and Rewrting by Charities.. Statement of Recommended Practice applicable lo 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)". The charity 15 a Public Benefrt Entity a5 defined by FRS 102. The financial slalements have departed from the Charriies {Accounts and Reports) Regulations 2008 only to the extent required lo provKle a tfue and fair wew. This departure has involved following the Statement of Recommended Practice for charities alyIng FRS 102 ralbef than the version of the statement of Recommended Pradice which is refefred to in the Regulations but which has since been wf(hdrawn. The financial stalemenls are prepared in sterling, which is the functional cuffency of the charity. Monetary 8mounls in these financial statemerrts are rounded to the nearest £. The financial slatements have t)een prepared under the historical cost convention. modified to include certain financial instruments at fair value. The principal accounting policies adopted are set oth below. Going Concern At the time of approwng the financial statements, the trustees have 8 reasonable expectation that the Chartiy has adequate resoijrces to continue in operation81 existence for the foreseeable future. Thus the trustees continue to adopt the goiro concem basis of accounting in preparing the financial slatemenls. Charitable funds Unrestricled fund5 are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are sijbject to specffic condition5 by donots as to how they may be used. The PUTP05es and uses of the restTiCted funds are set out in the notes lo Ihe financial statements. There were no restricted funds during the year. Income Income is recognised when the charity is legally entr(led to it after any perfomiance conditions have been mel, the amounts can be measured reliabty, and li is probable that income will be received. Income from charitable activrties is recognised when the counselling activities at each school have been performed, reflecting the hours of counselling carried out. If the number of houfs of counselling pertormed at a school i5 less than the hours paKI for, the shortfall is Iated as defeffed income, and is treated as an incoming resource when the counselling is pertormed. Investment income is recognised in the period in which the charity is entltled to Ceipt.
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) Expenditure Expenditure is recognised once there is a legal or con5truclive obligalion lo transfer economi¢ beneffit to third paty, it is probable that a transfer of economic benefits will be required in setuement, and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The costs of each aclivtty are made up of the total of direct costs and shared costs, induding sUPPOrt costs involved in undertaking each activty. Direct costs atbibutable to a single 8cb.vity are allocated threc11y to that activity. Sha¥ed costs vthich ¢onthbute to more than one activity and support costs which are not attributsble to a single activity are apporb.oned betsyeen those ath"vities on a basis consislenl the use of resourcès. Central staff Costs are allocated on the basis of time spent, and depreciation Charges are allocated on the portion of the asset's use. All expenditure is accounted for on an acciuals basis and is inclusive of irrecoverable VAT. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parb"es. it is probable that the setuement will be required and the obligation Can be measured reliably. Costs of raising fvnds comprise of investment manager costs, trading costs and the costs incurred by the charity in inducing third parties to make volLTrntary conlributions lo r(, as well as the cost of any aclivities w7th a fiJndraising purpose. Expenditure on charitable aclivibes includes the cc6ts of delivering seNices and other acivities undertaken to fiJrtheT the purposes of the chartty and their associated sUPPOrt costs. Grants are charged in the year that they are approved for payment. No grants are deferred. Fixed asset investments Fixed asset investments are initially measured at transaclion price exduding transaction costs, and are subsequenly measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. Impainnent of fixed assels At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whethef there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Cash and cash oquival¢nts Cash and cash equivalents include cash in hand, deposits held at call wth banks, other short-term liquid investments with ori&inal malurities of three months ot le&s.
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2024 {continuedl Financial instruments The charity has elected to appty the prowsions of Seclion 11 '8asic Financial Instruments. and Section 12 '0ther Financial Instfuments Issues, of FRS 102 to 811 of its financial inslTumenls. Financial instruments are recognised in the chafity's balan sheet when the charity bMeS party lo the contractual prowsions of the instnjment. Basic financial assets Bas financi81 assets, which include debtors and cash and bank b81ances. a initially measured al transaction price including transaction costs. Financi81 assets classified as receivable wrthin one year are not amortised. Basic flnanclal liabililiÈs Basic fir¢an¢ial liabililies, including creditors and bank loans, are initially reccwjnised al Iransaction price. Financial liabilities classified as payable wrthin one year are not amortised. Tra(le creditors 8re 0JationS to pay for goods Of seThtces that have been ao]uired in the or(linary course of operations from suppliers. Amounts payable are classified as current liabiliiies if payment is due within one year or less. If not, they are presented as non-cuTrerrt Itabiliiies. Trade Credito are recconised at transaction price. Derecognlllon of financial Ilal)ilftles Financial liabilrties are dereccgnised when the chartty's contractual oblKJatiOns expire or are discha(ged or cancelled. 1.10 Employee benerrts The cost of any unused holiday entitlement is CogniSed in the period in which the employee's serwces are received. Temiination benefrts are recognised immediately as an extknse when the charily is demonstrably committed to terTninale the employment of an employee or lo provKle leiallOn benefrts. 1.11 Retirement benefils Payments to defined contribution retirement tenefrt sthemes a charged as an expense as they fall due. Critical accounling estimatgs and judgements In Ihe application of the charity's accounting p)licies, the trustees are required to make judgement5, estimates and assumptions about the carrying amount of assets and liabilities that are not feadily apparent from other sources. The estimates and associated assumptions are based on historirAI experience and other factors that are consKlered to be relevant. Adu81 SultS may drffer from these estimates. The estimates and undetying assumFrtions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the peric¥J in which the estimate is revised where Ihe revtsion affects only that period, or in the peri¢JJ of the revision and fuiure periods where the remsion affecls both current and future periods. 10
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) Charitable activities Year end 2024 Year end 2023 Schools counselllng 459,975 418,380 Raising funds Yearend 2024 Year end 2023 Fundraisin and ublicit Finders, fees Invrent management costs 500 234 250 393 734 643 Charitable activities Year end 2024 Year end 2023 Staff costs Schools counselling Self-employed supemsors Counsellors training 26,474 389,831 21.140 2,355 24,611 345,611 19,538 2,888 439,800 392,648 Grant funding of activities (see note 6) 6,111 17,262 Support costs {see note 7) Govemance costs (see note 7> 3,257 2,713 4,585 5,709 451,881 420,204 11
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 20241continued) Grants payable Year end 2024 Year end 2023 Grants to inslttutions.. Hook Junior School Metslham Park School Roseberry School ToVorth Girls, School Godalming College Christ's College SLrttors Grammar School Heston Primary School Cleves Jun¢or School LEO Academy Trust Long Close School (400) 3,500 2,800 1,540 3,730 150 2,000 2.375 1,167 (170) 1,680 2.333 400 2,000 268 17.262 The negative amounts for Hook Junior School and ToOrth Girls. School relate to adjustmen151o grants given in advance but the total hours expected were not able lo be prov¥Jed in full for the prior year. Support costs Support Governance costs costs Support Governance costs costs 2024 2023 Insurance Advertising. travel and barring semces Office expenses. phone & intemet Accounts preparation & examination fees Legal & professional Web5rte re-deson & other governance 542 542 598 598 1,227 1,227 768 768 1,488 1,488 3,219 3,219 560 35 560 35 3.000 3.000 1.544 2,118 2.118 1.165 1,165 3,257 2,713 5.970 4,585 5,709 10,294 All supwrt costs relate to Charitable aclimties. Trustees None of the trustees (or any persons connected with them) received any remuneration duriro the year and none of the trustees We reimbursed for any travelling expenses (2023: £nil). The charily has indemnified the trustees against any liability by taking out insurance costing £542 for the year (2023.. £5981. 12
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 20241continued) Employees Year end 2024 Number Year end 2023 Number The average monthly number of employee5 during the year was= Em lo ment costs Wages & salaries Pension costs 25,844 630 24,046 565 26,474 24,611 The were no emptoyees whose annual remuneration exceeded £60,000. 10 Net (lossesllgains on investments Year end 2024 Year end 2023 Revaluation of investments 2.142 195 11 Taxation The charity is exemKrt from lax on income and gains falling Within section 505 of the Taxes Acl 1988 or section 252 of the Taxational Chargeable Gains Act 1992 to the extent that these awe applied to its ¢haril8ble objectives. 12 Tangible fixed assets Listed instments Cost At 1 August 2023 Wrttten off 568 568 At 31 July 2024 Depreciation and impalm)ent Al 1 August 2023 Written off 568 568 At 31 July 2024 Carrying amount At 31 July 2024 Al 31 July 2023 13
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) 13 Fixed a$$et investment$ Llsted inve$tmenis Cost or valualion Al 1 August 2023 Valuation changes DisFX)sals 103,538 (2,142) 101,396 At 31 July 2024 Carying amount At 31 July 2024 At 31 July 2023 103.538 The investment at 31 July 2023 comprised $8,453,287 uniis in HaffJave$ L8nsdowne mU1-Manager Equ¢ty & Bond Trust. The decisiors was taken to sell these units in November 2023 in order to place funds into interest bearing accounts. 14 Financial instruments 2024 2023 Carrying amount of financial assets Equity instruments measured al current market value Instruments measured al cost 103,538 58,357 15 Debtors 2024 2023 Amounts falling due within one year: Trade deblors Schools counselling charges receivable (acced income) Prepayments 3,620 7,420 1.477 8,147 4.720 2,690 12,517 15,557 16 Current asset investments 2024 2023 Unlisled investments 58,357 14
THE VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (continued) 17 Creditors: amounts falling due within one year 2024 2023 Other taxatbons & social security Deferred income (see note 18) Trade creditops Other creditors Accnjals 179 23,931 27,921 620 211 202 48,041 17,728 2,699 2,500 71.170 18 Deferred income 2024 2023 Arising from Schools counselling services 23,931 48,041 Deferred income is included within current liabilities. Movement in deferred income Al 1 August 2023 Resources deferred during the penod Amounts released to income from premous periods 48.041 23,931 48,041 28,099 48,041 28,099 Al 31 July 2024 23,931 48,041 Deferred income is made up of Future Services £nil12023.' £21,140) and Hours Owed £23,931 {2023.' £26,901). FLEture Services afe amounts invoÈced priof to 31 July 2024 for services to be provwjed after that date. Hours Owed are amounts invoiced prior to 31 July 2024 for seTrices expected to be provKled prior to that date, bul the number of hours provjed has fallen short of the invoiced hour5. 19 Retirement benefit $¢heme Defined contribution scheme The charlty operates a defined corrtribulion scheme for all qualtying employees. The assets of the scheme are hekl separately from those of the charity in an independently administered fund. The charge to the ststement of financial activriies in respect of defined contribution schemes was £630 12023.. £565). 20 Related party transactions There were no disclosable related party transactions during the year (2023: none). 15