**VOLUNTARY ORGANISATIONS’ NETWORK NORTH EAST REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
**Company Registration Number 04061592**
**Charity Number 1084083**
**VOLUNTARY ORGANISATIONS’ NETWORK NORTH EAST**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
||**Page**|
|---|---|
|**Trustees’ Annual Report**|1 to 24|
|**Report of the Independent Auditors**|25 to 27|
|**Statement of Financial Activities**|28|
|**Balance Sheet**|29|
|**Cash Flow Statement**|30|
|**Notes to the Financial Statements**|31 to 45|
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## **TRUSTEES’ ANNUAL REPORT**
2024 - 2025
**vonne.org.uk**
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## **Trustees’ Annual Report**
## **Year ended March 31[st] , 2025**
The Trustees, who are the directors of the organisation for the purpose of Company Law, present their annual director’s report together with the charity’s financial statements for the year ended March 31[st] 2025, which are also prepared to meet the requirements of a director’s report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice, which is applicable to charities preparing their accounts in accordance with the Financial Reporting Standard that applies in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
## **Reference and administrative details**
**Name:** Voluntary Organisations' Network North East (VONNE)
**Registered Office** : Hadrian House, Higham Place, Newcastle upon Tyne NE1 8AF (until 30[th] June 2025) 71 Howard Street, North Shields, Tyne and Wear, NE30 1AF (from 1[st] July 2025)
**Charity Registration Number** : 1084083 **Company Registration Number** : 04061592
Names of the charity trustees at the date this report was approved:
**Chair** : Alison Dunn
**Treasurer:** Craig Henderson
**Trustees:**
Vice Chair: Steven Duckworth*, Michael Fawole***
Angela Brudenell**, Jonathan Carling*, Steven Duckworth*, Alison Dunn, Michael Fawole, Carol Gaskarth**, Cheryl Gavin**, Craig Henderson, Colin Hewitt, Adam Hill, Emma Howitt**, Lawrence McAnelly**, Peter Neal**, Shaun Newton**, Catherine Parker, Kumareswaradas Ramanathas.
*retired 28 November 2024
** appointed 28 November 2024
*** appointed 6 March 2025
**Company secretary** : Martin Brookes
**Key management personnel:** Martin Brookes, Chief Executive and Menisha Gela, Deputy Chief Executive (left May 2025)
**Bankers** : Unity Trust Bank, Four Brindley Place, Birmingham B1 2JB
**Auditors** : BK Plus Audit Limited, Azzurri House, Walsall Road, Aldridge, Walsall, WS9 0RB
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## **Structure, governance and management**
## **Governing document**
The organisation, a registered charity, is controlled by its governing document, the Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
The VONNE board of trustees has between three and 15 members. Trustees are nominated and elected from the membership. Notice is sent to all members prior to the Annual General Meeting (AGM), with each member organisation entitled to vote. Up to six trustees may be appointed by serving trustees for their particular expertise, qualifications and knowledge.
## **Induction and training of new trustees**
New trustees have a full induction delivered by the chief executive and key team members prior to attending their first board meeting. They are provided with an induction pack containing all the key information about VONNE, Charity Commission guidance, role descriptions and other relevant materials.
## **Organisational structure**
VONNE is managed by a board of trustees elected from the membership and governed by the Memorandum and Articles of Association.
## **The board takes all strategic decisions relating to VONNE, including:**
- **receiving and reviewing reports from the chief executive and company secretary**
- **acting as the formal employer of VONNE's staff, ensuring activity and performance is regularly reviewed and evaluated**
- **monitoring and assessing VONNE’s financial position, including budget setting**
- **developing, reviewing and monitoring VONNE's strategic plan and annual work plan, to influence and direct VONNE's work**
- **agreeing and reviewing appropriate policies and ensuring VONNE meets its legal responsibilities**
- **communicating relevant information and views gathered outside VONNE to staff and trustees. There’s a finance sub-group that reports to the board on finance, internal policy and human resources issues.**
## **Risk management**
Trustees reviewed the risk register this year and monitor it regularly, with a full review carried out annually. Trustees are confident that risks have been identified, appropriate preventative measures are in place and remedial activities are available. VONNE's financial processes are regularly reviewed, both by the board and externally, to ensure they continue to be robust.
## **Indemnity insurance**
VONNE has professional indemnity insurance cover, in respect of the trustees and officers of the charity.
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## **VONNE’S Mission**
To support the **development** and **sustainability** of a **strong, effective** and **well governed Voluntary, Community and Social Enterprise (VCSE) sector,** and promote **engagement,** involvement and **collaboration** with the sector as a valued partner.
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## **VONNE's strategic aims**
- To be the expert source of knowledge and intelligence on the VCSE sector in the North East with a particular focus on the existing and emerging needs of the people and communities it serves.
- To be a source of information to the VCSE sector on issues that impact upon it.
- To raise the North East sector’s profile and be a leading voice for it.
- To support external stakeholders to effectively engage and collaborate with the VCSE community, through effective system change and new approaches.
- To support the North East VCSE sector to be effective, ambitious and enterprising.
- To be an effective and sustainable organisation.
## **VONNE's values**
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We strive for We value Inclusivity and We encourage
excellence Transparency fairness learning and
sharing
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## **Public benefit**
VONNE’s objectives provide benefit to the public in North East England (area of benefit) by promoting and supporting the effectiveness of voluntary and community organisations.
Trustees of VONNE confirm they’ve read and paid due regard to the Charity Commission's guidance on public benefit. Trustees confirm they’ve complied with their duties under Section 4 of the Charities Act 2011 with regard to public benefit. Having considered the guidance, trustees have concluded that VONNE’s work directly supports and strengthens the North East VCSE community with guidance and information and increases its ability to influence policy and practice in the region.
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## **Annual Review**
## **Membership and Core Services**
We support the North East VCSE sector to be effective, ambitious and enterprising. We aim to be an effective and sustainable organisation.
## **VONNE Membership**
Our nearly 1,500 members give VONNE a collective voice that enables us to support, promote and advocate for the North East VCSE sector, both regionally and nationally.
2024-25 saw us moving towards a strategy with a greater emphasis on policy, members and engagement. To understand what that would look like for members, we asked for feedback on our future engagement and members generously shared their views. This feedback will help guide future work.
Over the course of the year, we focussed on bringing member voices more fully into our work. Starting with our support for a regional response to the summer’s racist riots and spotlighting member experiences at our Annual Conference, and continuing with coordination of a regional ’ response to the NCVO s Civil Society Covenant consultations, we worked to put member voices front and centre. VONNE’s report on the impact of the increase to employer National Insurance Contributions on the North East VCSE sector connected member’s voices to our policy work. The report attracted the attention of BBC’s Politics North who included interviews with members about their experiences in their piece.
Through our FINE (Funding Information North East) project we continued to provide funding
_**“VONNE is about being part of something, working with people. It’s about getting in meetings with people…for me, it’s about being part of something bigger.”**_
information and intelligence to our members and networks. FINE’s specialist resources were accessed by unlimited users from almost 400 organisations, while intelligence from the project was shared with our wider networks and informed conversations with partners.
Core membership increased by nearly five per cent on the previous year. Membership+ numbers fell slightly. Membership+ gives members access to a range of additional benefits, and Bronze Membership+ is free to organisations with annual income under £50K. Income from fees help us deliver member services and keep access free to the smallest organisations.
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## **VONNE Job Finder**
The recruitment landscape remained challenging in 2024-25, including for our sector and region. Nonetheless Job Finder advertised more than 600 job and trustee vacancies for North East VCSE organisations across the year.
To help our networks manage job market uncertainty, we changed our Membership+ Salary Review Report into an annual publication, giving members access to recent, relevant intelligence. The report uses data from Job Finder adverts, so gives a unique perspective on salaries and employment trends specific to our sector and region. The insights shared help sector employers set salaries and benefits when recruiting.
We also worked with North East specialists from Nigel Wright Recruitment to host a session on recruitment and retention in a tricky market . Regional Director, Sue Ormerod shared insights on navigating the challenging market to find the best candidates.
We continued to use Job Finder’s platform to encourage good work in the sector, supporting key campaigns such as #WeShowTheSalary and #OpenToAll. As a National Living Wage employer, we also work to encourage sector support for the campaign.
## **Recruitment Support Service**
Our valued Recruitment Support service attracted new and repeat customers in 2024-25. Through the service we help VCSE organisations who lack in-house HR expertise find the right people for their team, taking the stress out of recruitment while making sure processes and paperwork follow HR best practice and comply with legislation.
One small charity said: ‘…it was important to get the whole process right and for it not to swamp us in terms of responding to queries and promoting the opportunity. Right from the start, it felt like the VONNE team were on top of it’.
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**1,500 members**
**Over 80 events held with over 1,100 registered attendees**
**Information and intelligence delivered to over 10,000 subscribers**
**2024 – 2025 Impact** - 8
**40% increase in social media followers**
## **Information and Intelligence**
We **raise the profile of the sector** and ensure it is valued as an **equal partner** . We’re an **expert source of intelligence** on the sector and provide information to the VCSE community on issues that affect it.
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## **Information and intelligence**
We raise the profile of the sector and ensure it is valued as an equal partner. We’re an expert source of intelligence on the sector and provide information to the VCSE community on issues that affect it.
## **Our communication channels**
We keep North East VCSE organisations informed about key information through our social media channels and a number of regular eBulletins, including VONNENews, VONNEJobs, FINE, Health & Wellbeing and a VONNE Members ebulletin.
In 2024/25 our communication developed a more holistic approach, responding to and advocating for the needs of the sector. With the North East Combined Authority (NECA) devolution deal coming to fruition and the inauguration of the North East Mayor, Kim McGuinness, VONNE have used our position within the NECA cabinet to disseminate
_**84% of members agree that VONNE effectively acts as an expert source of knowledge and intelligence.**_
information within the Combined Authority and to organisations in the VCSE sector.
VONNE created one of our largest communications campaigns in August 2024 when we coordinated a sector wide response to the racist summer riots. VONNE members and charity organisations across the region united in a joint statement published on the VONNE website. Our engagement with the sector around the riots helped to inform and develop our 25[th] Annual Conference where we focussed on devolution and community cohesion. The conference was the highest attended in-person conference we’ve held to date with 100% of attendees surveyed saying the event was interesting and insightful.
Later in the year, our campaign around Employer National Insurance Contribution increases gained media attention, with BBC Politics North covering the impact of NIC, interviewing our Chief Executive, Martin and some of our Membership+ members.
We continue to use our communication channels and networks to share information and insights with both our members and the wider sector. Our presence on LinkedIn continues to grow indicating this is an important and valued method of sharing information.
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## **EDI**
VONNE continues to develop our EDI (equity, diversity and inclusion) work. We welcomed Michael Fawole as our Board EDI lead, and we commissioned Ngozi Lyn Cole Consultancy to carry out a survey to inform the development of an authentic EDI strategy. VONNE is committed to its EDI work as a means of developing and supporting its workforce to reflect the characteristics and expectations of the community/stakeholders we serve and to be an organisation that is inclusive and empowers every person to contribute their best. Our aim is to be proactive as an organisation, embracing EDI from both a strategic, operational and human perspective.
To date, our EDI working group continues to meet monthly to drive work forward and explore how we can embed EDI into our daily working practices. The EDI Training sub-group have developed an action plan identifying training priorities for the next two years.
**“As a charity we benefit from all the information and knowledge that VONNE has…** _**we want the representation, networks and knowledge at a regional level that VONNE can provide so that there’s a wider impact for the sector.”**_
VONNE Membership+ member
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## **Partnership and collaboration**
We **facilitate networks** to **strengthen the VCSE sector** and act as a ‘connector’, **bringing people and organisations together** to make things happen.
We **support external stakeholders** to **effectively engage and collaborate** with the VCSE community, through **effective** and **new system change approaches.**
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## **Networks**
## **CEO Peer Support Network**
A renewed focus on our Gold & Silver CEO Peer Network brought opportunities to hear from members and help them connect. We hosted sessions on diverse topics including working with mayoral combined authorities, community cohesion and HR legal updates, and fed what we learned from sessions into our work supporting and advocating for the sector.
## **VCSE Skills, Inclusion and Employment Network (NECA area)**
The VCSE Skills, Inclusion and Employment Network, hosted by VONNE, has over 290 network members (25 new members in 2025). Network meetings discussed the VCSE sector’s role across the employment, skills and health system and how it can influence change. They also included updates and conversations with the North East Combined Authority and Department of Work and Pensions on Inclusive Growth, the Local Growth Plan and consultations on how the combined authority and other commissioners might better design and administer their investments.
## **North East Child Poverty Commission**
As members of the North East Child Poverty Commission, we have continued to work with other members, VCSE organisations and other regional bodies to demand urgent government action to address the levels of child poverty in the region.
## **LIO Network**
We support networks of Local Infrastructure Organisations (LIOs) across the region, bringing them together both to facilitate joint working, and to disseminate relevant policy information from VONNE to their grassroots member groups.
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## **Partnership Projects**
## **Continuing partnership projects include:**
## • **Local Access Redcar & Cleveland and Hartlepool (LARCH**
Building the social economy in these places through enterprise development activities and access to blended social investment.
In August 2024, the Programme Manager left to take up a new role and the first round of recruitment to fill this role was unsuccessful. The role was eventually filled by Nicola Wylde in January 2025. In the interim, delivery of the programme was dramatically reduced with a consultant, in a client facing capacity, on a one day a week contract.
Since January 2025 there have been changes made to the processes of LARCH (as a result of the Governance and Operational Review in 2024) to make the application process more efficient and to make decision making more transparent. We are currently conducting a skills audit of the LARCH management board to identify any skills gaps.
The new role of Social Enterprise Development Officer within the LARCH team was created in the spring of 2025 and Stephen Goodall was successfully appointed in June. He is making good progress in tidying up the LARCH pipeline, reconnecting with clients and supporting them in making applications to LARCH and signposting to KeyFund where appropriate.
As part of our monitoring, evaluation and learning we are building a collection of case studies to showcase how LARCH intervention has impacted organisations. We will be launching a client survey in September to gather quantitative data. Results of both will help us shape the future of the programme as well as provide us with stories for promotion. A LARCH celebration event is being planned for Spring 2026 at F.R.O.G (a LARCH client) where we will be bringing together clients, stakeholders and partners to showcase the support that LARCH has given so far, to grow the understanding of social enterprise/finance in the area and to develop the peerto-peer network. This will play a part in laying the foundations . for the legacy of LARCH. • **Going Green Together** Going Green Together supports VCSE organisations to become more environmentally sustainable and engage in climate action. Following the success of the pilot, further funding was secured from the National Lottery Community Funds – Reaching Communities North East and Cumbria, and Point North to deliver phase 2 of the programme from June 2024 through to June 2027. In September 2024, the project coordinator left to take up a new role and the first round of recruitment for the new project officer was also unsuccessful. A decision was therefore made to pause delivery of the project which was discussed and agreed with our funders. While outward
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facing delivery was paused, work continued on the redesign of the website and development of the new structured sustainability pathway, led by the DCEO and communications manager. The latter is a key element of the new support offer for members that sign-up to receive support, enabling them to self-guide their way through a series of steps, actions and activities to support them on their environmental sustainability journey.
Following several rounds of recruitment, the new project officer and project coordinator started in post in March and May respectively. Work has begun in earnest to relaunch the project with a series of in-person and online events scheduled for July, alongside the launch of the redeveloped website and new sustainability pathway. Direct support for VCSE organisations will begin in quarter 2 of 2025/26.
**“The training and guidance we have received so far has been invaluable…the Highlight copy here knowledge we have gained will vastly change the way we look at our impact,** Lorem ipsum dolor sit amet, consectetur adipiscing **and I can’t recommend the programme** elit. Pellentesque faucibus mi diam, quis volutpat **enough.”** massa dictum ut. In et laoreet orci. Etiam eu mi et sem viverra viverra. _Going Green Together phase 1 participant_
## **Health and Wellbeing**
## • **VCSE Partnership Programme**
The VCSE Partnership Programme is the VCSE alliance for the North East and North Cumbria Integrated Care System, bringing together the VCSE sector in a structured manner as an integral part of the health system. It hosts a growing Health and Wellbeing Network, sharing information via a 3-weekly Health and Wellbeing bulletin, with membership increasing from 847 to 960 from April 2024 to March 2025 (+13.3%). Partnership Forum meetings are held bi-monthly for senior VCSE managers responsible for organisational health policy and strategy. The forum hosts a variety of guest speakers including, Dan Jackson, Director of Policy, Public Affairs and Stakeholder Affairs, NENC ICB; Kerry McQuade, Director of Strategy, Planning and Transformation, North East Ambulance Service and Andrew Hodge, Director of Paramedicine and Allied Health Professionals, NEAS; Rachel Rooney, Deputy Director, Medical Directorate, NENC ICB and Siobhan Brown, Director of Transformation System Wide, NENC Integrated Care Board (ICB). The members act as a representative group with whom external stakeholders can engage. The Partnership Programme hosts 10 thematic networks to enable cross-ICS subject-specific working and collective VCSE input into NHS workstreams and clinical networks, supporting increased awareness of VCSE activity,
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increased opportunities for in- and cross-sector working, and greater VCSE influence within the health system.
We have seen increasing VCSE representation at a strategic level within the ICS, with new digital, carers, and workforce representatives supported through the VCSE Partnership Programme. This has been possible through supporting the development of coordinated relationships with NHS workstreams and continuing to work with the ICB to create links into the programme networks. We currently have 13 VCSE representatives’ spaces at different workstreams or NHS/ICB-specific meetings.
## • **Partnership Programme key events/work**
On Monday, February 5th, the VCSE Partnership Programme hosted an online 'Change NHS' Engagement Workshop on behalf of the North East and North Cumbria Integrated Care Board (ICB). Following the event, a report was produced and shared with the ICB, highlighting the key priorities and concerns raised by the VCSE sector. Read the full report here. Content from the report was also included in the ICB’s own submission to Change NHS.
Recommendations from our VCSE Temperature Check Survey have been adopted in the Integrated Care Board's 'VCSE Stocktake report', including a commitment to full cost recovery for services commissioned by health.
The Programme Director was a member of a national planning group to set up a new group of VCSE alliance leads, called ALLiance42, supported by NAVCA, to promote the inclusion of VCSE alliance input into national strategic health planning, and is now the North East, North Cumbria and Yorkshire regional lead with a one-year workplan including the ambition to directly influence government policy.
Influence at ICB board level has increased, with the Programme Director, who is the NENC ICB VCSE representative, actively contributing to board meetings and supporting the inclusion of the VCSE sector in strategic workplans, supporting the sector to be considered as an integral system partner.
## • **Assura**
We secured £75,000 through Assura plc and Cheshire Community Foundation, to co-design metrics for VCSE commissioning, helping to better evidence the impact of VCSE services in health and care pathways. This enabled us to recruit a new Coordinator from March 2025 to lead the work. The NENC ICB is our project partner and has committed to using the commissioning framework which will be co-created between the VCSE sector and the ICB as part of this work. A large portion of this funding will be funnelled out to the VCSE sector to pay for their contribution to this work. National interest has been expressed in this work from across the country, from both Integrated Care Systems and VCSE organisations.
## • **North East Ambulance Service (NEAS)**
NEAS partnered with VONNE to harness the strengths of the VCSE sector in engaging communities often overlooked by statutory services. Through dedicated funding and VONNE’s extensive regional networks - including the VCSE Partnership Programme - this collaboration enabled trusted VCSE organisations to gather valuable insights from communities of interest. A joint initiative with Healthwatch further expanded the reach, resulting in 2,378 public responses and 65 direct submissions from VCSE organisations. This extensive engagement is shaping NEAS’s new organisational strategy, ensuring community voices inform service delivery and strengthening
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future collaboration with the voluntary sector. NEAS have shared publicly their appreciation of the work VONNE has done to support the success of this project. Overall funding was £200,000, with £120,000 of this going to VCSE organisations (including VONNE’s project coordination).
## • **Research Partnerships**
The research partnerships aspect of Health and Wellbeing continues to grow, with interest in the Research Partnerships Coordinator role remaining high across both VCSE and research sectors, with several partnerships developed including with Durham University Medical Humanities Faculty, and the Mental Health Research Leadership Award.
## • **Research Engagement Network (REN)**
We have continued the Research Engagement Network project with health and research colleagues, with an additional £80,000 investment to support development of the Children and Young People’s Health Research Network, with a large portion allocated to VCSE organisations’ input into this work.
## • **Community Engagement Toolkit**
We received a £40,000 grant from the NIHR Centre for Engagement and Dissemination to co-produce resources to support meaningful research partnerships between VCSE organisations and researchers. 4 co-production workshops took place across the North East North Cumbria to develop three new resources to help apply the principles of the Community Engagement Toolkit in practice.
## • **NortHFutures**
We have developed a strong and positive partnership with the NortHFutures team, to ensure the needs of communities are at the heart of health-tech research and innovation. We have met with the team to advise on approaches to best reach the VCSE sector and attended workshops to bring the voice of the sector to these spaces, and sit on the project directorate to ensure the VCSE sector is embedded at the heart of their work.
## • **Research Partnerships**
We have continued to deliver our Research Partnerships support, which has included delivering 2 training sessions on ‘What is the VCSE sector?’ to research colleagues, providing one-to-one support to researchers looking to work with the VCSE sector, and supporting VCSE organisations to become more research ready. Our coordinator left in September and although we had hoped to recruit immediately, complexities within the funders’ organisations meant that we were not able to move ahead
with this until January, with the new coordinator due to start in post in April 2025. The Health and Wellbeing team flexed to ensure work continued within this area during the period where we did
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not have a coordinator, which strengthened relationships with the 8 different funding organisations.
## • **Healthy Communities and Social Prescribing**
VONNE also operates as the lead for health inequalities work as part of the ICB’s ‘Healthier & Fairer’ programme. Through our ‘Healthy Communities and Social Prescribing’ programme, we secured an ICB grant of £300,000 and this enabled us to invest in 13 infrastructure projects across our region, strengthening resilience and building capacity in social prescribing systems. We were also able to fund five partnership projects to support health champion schemes, delivering fantastic benefits to marginalised communities in key health priorities such as Cardio-Vascular Disease, Children’s oral health and mental health support.
Over the year, our Healthy Communities and Social Prescribing network has grown from 346 to 441, with members receiving regular updates, webinars and in-person workshops.
Working with senior partners from the ICB and Public Health teams, we contributed to a detailed prioritisation exercise to inform future funding for all Healthier & Fairer programmes.
**“Great to get so many perspectives and bring together so much knowledge.”**
_Social Prescribing event participant_
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## **FINANCIAL REVIEW**
The 2024/25 financial year for VONNE was challenging with a reduction (45%) on project income, and an increase (12%) on expenditure. This was in part due to our continuation of project development and funding for our work where we received funding in the previous financial year. Despite this, VONNE remains in a strong cash position, with cash balances increasing by 65% (from £674,108 to £1,114,896), driven by the timing of project expenditure versus cash receipts and settlement of prior-year debtor balances.
Debtors reduced significantly by 95% (from £1,256,707 to £57,001), primarily due to the collection of outstanding grant claims and contract income from 2023/24. VONNE reports net assets of £1,067,842, confirming the organisation’s continued financial sustainability. Better fund management and an increase in interest rates meant we earned 80% more interest on our cash balances than the previous year.
Multiple funders renewed their support for VONNE during the year including LARCH and Going Green Together, and VONNE secured new projects such as the North Futures Digital Health Hub and Assura, demonstrating continued trust in VONNE’s expertise. Unrestricted income remained stable with continuing support from key funders including the Millfield House Foundation and Sir James Knott Trust, supplemented by sales and membership income.
The year ended with Unrestricted reserves of £74,961 and Designated Funds of £90,392.
Restricted funds ended the year with a balance of £902,489 with projects spending a net total of £600,114. This included previous years funding on several projects and expenditure on continuation funded projects. As a result, the restricted funds balance reduced from £1,502,603 to £902,489.
We transferred some designated funds consistent with our objectives and against allocations made towards the end of the previous financial year. The trustees have prepared a forecast for 2025-26 to consider the potential impact on VONNE of possible scenarios on funding, alongside measures that can be taken to mitigate this. Based on these assessments and the current reserves position, the trustees have concluded they can continue to adopt the going concern basis in preparing the annual report and financial statements.
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## **Reserves policy**
VONNE believes it’s important to maintain a reserves policy to ensure effective resource management, and to enable financial viability and longer-term sustainability. Four key elements have been taken into consideration to assess a realistic reserve level. These are:
- The reliability of current income sources and new income opportunities
- Expenditure on planned activities
- Future needs, contingencies and risks
- Consequences of being unable to meet forecast needs.
VONNE has no endowment funding and has no significant capital assets it could earn from, or dispose of, to realise additional income. Significant levels of activity are funded through grants or contracts from the public and charitable sectors, but these resources are generally time-limited and usually restricted by the funder. Uncertainties are compounded by the ongoing economic impact of the cost-of-living crisis/high inflation levels on VCSE sector organisations and wider political instability. In addition, the board considers there to be a higher level of uncertainty around funding and income streams for infrastructure organisations. Consequently, a conservative reserves policy is considered the most appropriate.
The VONNE Board uses a continual process of careful financial management, and will aim to review, establish and maintain adequate reserves to enable the organisation to function effectively. A cautious approach to investment is adopted, maximising income by using interest-earning, short-term, accessible bank accounts.
Annually, the Board will review the amount of funds designated for specific purposes, such as maternity and sickness salary cover, redundancy liability, and organisational development funds (outlined in full below). In addition, the board agrees to hold general unrestricted reserves to cover organisational running costs for between 6 and 12 months, with a target of 9 months, to continue VONNE’s activities should anticipated income is not received.
## **Designated funds**
The current total amount of funds designated for specific purposes is £90,392 (see below for further detail). Over and above this, VONNE holds a total of £74,961 in general unrestricted reserves, which would be sufficient to continue VONNE’s core activities for 4 months should anticipated income is not received.
Since core costs change from year to year and have such an influence over the total level of reserves required, all elements of this policy will be reviewed bi-annually each June and December, or more frequently if requested by the board.
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**The trustees wish to allocate the unrestricted closing reserve level of £165,353 in the following manner:**
|**Project development and innovation fund**
A project development fund to support new initiatives and unforeseen project activities to strengthen
the VCSE sector in the North East or the sustainability of VONNE.|**£10,000**|
|---|---|
|**Repair and renewals fund**
To meet the ongoing costs of repairing and replacing capital equipment, and in particular, IT
equipment.|**£2,500**|
|**Staff contingencies and liabilities fund**
To meet unexpected staffing costs related to parental leave, sickness leave and other periods of
absence and to cover current redundancy liability for individuals whose posts may be lost during a
restructure, or as a result of funding streams coming to an end. Redundancy costs are calculated on
the basis of current weekly pay.|**£61,958**|
|**Website Development Fund**
To meet the costs of the new website build in 2022/23 to provide better content, useability and
customer service for our members and the wider VCSE sector. These costs will be amortised over the
following 3 years.|**£15,934**|
|**TOTAL DESIGNATED FUNDS**|**£90,392**|
|**Unrestricted (free) reserves**|**£74,961**|
## **Statement of trustees’ responsibilities**
The trustees (who are also the directors of VONNE for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
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**In preparing these statements, trustees are required to:**
- **select suitable accounting policies and apply them consistently**
- **observe the methods and principles in the charity Statement of Recommended Practice (SORP)**
- **make judgements and estimates that are reasonable and prudent**
- **prepare financial statements on an ongoing concern basis, unless it is inappropriate to presume that the charitable company will continue in business.**
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company, to enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
**In so far as the trustees are aware:**
- **there is no relevant audit information of which the charitable company's auditors are unaware;**
- **and the trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information, and to establish that the auditors are aware of that information.**
## **Auditors**
The auditors BK Plus Audit Limited will be proposed for re-appointment at the forthcoming Annual General Meeting.
**Approved by order of the board of trustees on 5 December 2025 and signed on its behalf by:**
Alison Dunn (Chair)
22
## **Thank you!**
Thank you to all of our funders, partners, collaborators, colleagues and most of all our members.
2024/2025 VONNE funders:
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23
**vonne.org.uk**
**71 Howard Street, North Shields, Tyne & Wear, NE30 1AF vonne@vonne.org.uk**
**0191 233 2000**
24
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **Opinion**
We have audited the financial statements of Voluntary Organisations' Network North East (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 25
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In this regard, our procedures include the following:
- enquiry of management around actual and potential litigation and claims;
- reviewing minutes of meetings of those charged with governance;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- challenging assumptions and judgements made by management in their significant accounting estimates.
Because of the field in which the Association operates, we have identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; Employment Law; and compliance with the Companies, Charities, Co-operative and Community Benefit Societies, and Health and Social Care Acts.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 26
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Colin Chater FCA (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited
Chartered Certified Accountants and Statutory Auditors Azzurri House Walsall Road Aldridge Walsall WS9 0RB
5 December 2025
Page 27
## **VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025**
|Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
**Charitable activities**
4
Policy & Consultancy Projects
Health & Wellbeing Projects
Climate Emergency Projects
Funding Inofrmation North East
North East Funders Network
Core
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Policy & Consultancy Projects
Health & Wellbeing Projects
Climate Emergency Projects
Funding Inofrmation North East
North East Funders Network
Core
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
17
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
funds
£
258
95,384
-
-
-
-
160,300
36,916
292,858
14,880
6,509
-
-
-
393,742
415,131
(122,273)
12,177
(110,096)
185,057
74,961|Designated
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,429
12,429
(12,429)
(704)
(13,133)
103,525
90,392|Restricted
funds
£
-
610,923
167,620
77,416
8,500
-
-
-
864,459
416,277
875,598
145,597
11,184
4,444
-
1,453,100
(588,641)
(11,473)
(600,114)
1,502,603
902,489|2025
Total
funds
£
258
706,307
167,620
77,416
8,500
-
160,300
36,916
1,157,317
431,157
882,107
145,597
11,184
4,444
406,171
1,880,660
(723,343)
-
(723,343)
1,791,185
1,067,842|2024
Total
funds
£
-
334,244
1,391,421
430,736
6,000
15,383
192,795
7,208
2,377,787
372,157
813,981
196,373
9,975
15,383
289,799
1,697,668
680,119
-
680,119
1,111,066
1,791,185|
|---|---|---|---|---|---|
The notes form part of these financial statements
Page 28
## **VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **BALANCE SHEET 31 MARCH 2025**
|Notes
**FIXED ASSETS**
Intangible assets
11
Tangible assets
12
**CURRENT ASSETS**
Debtors
13
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2025
£
15,934
3,638
19,572
57,001
1,114,896
1,171,897
(123,627)
1,048,270
1,067,842
1,067,842
165,353
902,489
1,067,842|2024
£
30,525
5,201
35,726
1,256,707
674,108
1,930,815
(175,356)
1,755,459
1,791,185
1,791,185
288,582
1,502,603
1,791,185|
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 5 December 2025 and were signed on its behalf by:
C Henderson - Trustee
The notes form part of these financial statements
Page 29
## **VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
19
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2025
£
406,492
406,492
-
(2,620)
36,916
34,296
440,788
674,108
1,114,896|2024
£
(232,785)
(232,785)
(21,000)
(1,434)
7,208
(15,226)
(248,011)
922,119
674,108|
|---|---|---|
The notes form part of these financial statements
Page 30
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## The presentation currency of the financial statements is the Pound Sterling (£).
## **Going Concern**
At the date of approval of these financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future and as such the financial statements are prepared on the going concern basis.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The income shown in the Statement of Financial Activities represents the value of all services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the charity has fulfilled its contractual obligations to the customer.
## **Grant income**
Revenue grants are credited to incoming resources on the earlier date of when they are received or receivable, unless they relate to a specific period, or alternatively, where there are conditions which must be fulfilled prior to entitlement or use of the grant, in which case they are deferred into subsequent accounting periods and are treated as grants or income in advance.
## **Resources expended and irrecoverable VAT**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Irrecoverable VAT is charged against the category of resources expenses for which it was incurred.
## **Support costs**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises’ overheads have been allocated on an apportionment basis and other overheads have been allocated on an apportionment basis.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
## **Intangible assets**
Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation is provided at the following rates in order to write off each asset over its estimated useful life.
Website development - 33% on cost
Page 31
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost Computer equipment - 33% on cost
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors and provisions**
Creditors and provisions 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 and provisions are normally recognised at their settlement after allowing for any trade discounts due.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Operating lease agreements**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
Page 32
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **1. ACCOUNTING POLICIES - continued**
## **Critical accounting estimates and areas of judgement**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
## **2. DONATIONS AND LEGACIES**
|Donations
**3.**
**INVESTMENT INCOME**
Interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Grants
Policy & Consultancy Projects
Sales and events
Policy & Consultancy Projects
Grants
Health & Wellbeing Projects
Sales and events
Health & Wellbeing Projects
Grants
Climate Emergency Projects
Grants
Funding Inofrmation North East
Grants
North East Funders Network
Grants
Core
Sales and events
Core
**5.**
**CHARITABLE ACTIVITIES COSTS**
Policy & Consultancy Projects
Health & Wellbeing Projects
Climate Emergency Projects
Funding Inofrmation North East
North East Funders Network
Core|Direct
Costs
£
412,953
853,989
125,615
10,522
3,945
289,463
1,696,487|2025
£
258
2025
£
36,916
2025
£
710,923
(4,616)
167,620
-
77,416
8,500
-
52,000
108,300
1,120,143
Support
costs (see
note 6)
£
18,204
28,118
19,982
662
499
116,708
184,173|2024
£
-
2024
£
7,208
2024
£
293,293
40,951
1,344,965
46,456
430,736
6,000
15,383
65,000
127,795|2024
£
-
2024
£
7,208|
|---|---|---|---|---|
||||2,370,579||
||||Totals
£
431,157
882,107
145,597
11,184
4,444
406,171||
||||1,880,660||
Page 33
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **6. SUPPORT COSTS**
|Depreciation
£
Policy & Consultancy
Projects
233
Health & Wellbeing Projects
519
Climate Emergency Projects
93
Funding Inofrmation North
East
13
North East Funders Network
12
Core
17,904
18,774|Events &
meetings
£
7,612
4,892
337
46
45
2,333
15,265|Support
Governance
costs
costs
£
£
10,118
241
22,164
543
19,455
97
589
14
429
13
93,013
3,458
145,768
4,366|Totals
£
18,204
28,118
19,982
662
499
116,708
184,173|
|---|---|---|---|
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Auditors’ remuneration
Depreciation - owned assets
Website development amortisation
Rent|2025
£
3,800
4,183
14,591
30,253|2024
£
2,324
4,847
13,637
20,191|
|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **9. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Chief Executive Officer
Staff|2025
£
643,208
57,617
22,835
723,660
2025
1
20
21|2024
£
689,172
59,119
37,088|2024
£
689,172
59,119
37,088|
|---|---|---|---|
|||785,379||
||||2024
1
22
23|
Page 34
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **9. STAFF COSTS - continued**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|£60,001 - £70,000|2025
-|2024
1|
|---|---|---|
The key management personnel are defined under Reference and Administrative Details. The total remuneration and benefits paid to key management amounted to £108,524 (2024: £121,366).
|**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Designated
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Policy & Consultancy Projects
40,951
-
Health & Wellbeing Projects
46,456
-
Climate Emergency Projects
-
-
Funding Inofrmation North East
-
-
North East Funders Network
-
-
Core
192,795
-
Investment income
7,208
-
**Total**
287,410
-
**EXPENDITURE ON**
**Charitable activities**
Policy & Consultancy Projects
40,951
-
Health & Wellbeing Projects
65,813
-
Climate Emergency Projects
-
-
Funding Inofrmation North East
-
-
North East Funders Network
-
-
Core
289,799
-
**Total**
396,563
-
**NET INCOME/(EXPENDITURE)**
(109,153)
-
**Transfers between funds**
180,885
(62,308)
**Net movement in funds**
71,732
(62,308)
**RECONCILIATION OF FUNDS**
Total funds brought forward
113,325
165,833
**TOTAL FUNDS CARRIED FORWARD**
185,057
103,525|Restricted
funds
£
293,293
1,344,965
430,736
6,000
15,383
-
-
2,090,377
331,206
748,168
196,373
9,975
15,383
-
1,301,105
789,272
(118,577)
670,695
831,908
1,502,603|Total
funds
£
334,244
1,391,421
430,736
6,000
15,383
192,795
7,208
2,377,787
372,157
813,981
196,373
9,975
15,383
289,799
1,697,668
680,119
-
680,119
1,111,066
1,791,185|
|---|---|---|
Page 35
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **11. INTANGIBLE FIXED ASSETS**
|**INTANGIBLE FIXED ASSETS**||
|---|---|
||Website|
||development|
||£|
|**COST**||
|At 1 April 2024 and 31 March 2025|46,575|
|**AMORTISATION**||
|At 1 April 2024|16,050|
|Charge for year|14,591|
|At 31 March 2025|30,641|
|**NET BOOK VALUE**||
|At 31 March 2025|15,934|
|At 31 March 2024|30,525|
## **12. TANGIBLE FIXED ASSETS**
|Fixtures
and
Computer
fittings
equipment
£
£
**COST**
At 1 April 2024
14,325
20,734
Additions
-
2,620
At 31 March 2025
14,325
23,354
**DEPRECIATION**
At 1 April 2024
12,481
17,377
Charge for year
962
3,221
At 31 March 2025
13,443
20,598
**NET BOOK VALUE**
At 31 March 2025
882
2,756
At 31 March 2024
1,844
3,357|Totals
£
35,059
2,620
37,679
29,858
4,183
34,041
3,638
5,201|
|---|---|
Page 36
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade debtors
Other debtors
Prepayments and accrued income
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income||2025
£
3,818
9,263
43,920
57,001
2025
£
52,062
15,778
1,311
54,476
123,627|2024
£
1,180,171
-
76,536
1,256,707
2024
£
119,935
10,529
9,244
35,648
175,356|
|---|---|---|---|
|||||
|||||
## **Deferred Income**
|Included within Accruals and Deferred Income are the following amounts comprising those grants, donations and|
|---|
|income specified as relating to a specific period and represent those parts of the grants, donations or income which|
|relate to periods subsequent to the accounting year end and are treated as grants or income in advance, or alternatively|
|where there are conditions which must be fulfilled prior to entitlement or use of the grant or donation by the charity.|
|£|
|Balance at 1 April 2024
23,543|
|Released to income from charitable activities
(23,543)|
|Income deferred in year
28,673|
|Balance at 31 March 2025
28,673|
## **15. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
|Within one year
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
funds
£
Fixed assets
3,638
Current assets
189,450
Current liabilities
(118,127)
74,961|
Designated
funds
£
15,934
74,458
-
90,392|Restricted
funds
£
-
907,989
(5,500)
902,489|2025
£
7,500
2025
Total
funds
£
19,572
1,171,897
(123,627)
1,067,842|2024
£
30,000
2024
Total
funds
£
35,726
1,930,815
(175,356)
1,791,185|
|---|---|---|---|---|
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Page 37
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Project development & innovation fund
Repair and replacement fund
Maternity, sickness and jury service fund
Website development fund
**Restricted funds**
Funding Information North East
Research Engagement Network (REN)
Local Access Programme – Access
Foundation
CVD Networks – VCS Engagement
Digital Pathfinders NTCA
Going green together
North East Funders Network - National
Lottery Community Fund
NENC ICB - Healthy Communities & Social
Prescribing
NENC ICB - Health Champions
NENC ICB - VCSE Sector Representative
fees
NIHR VCSE Research Partnerships
North East England Climate Coalition
Waiting Well Funding
Personalised Care - Social Prescribing
NENC Integrated Care System VCS
Partnership Programme
Enrich the earth
NoTCA Social Finance Fund Roundtables
NENC ICB VCSE Partnership Programme
NEAS Voluntary Sector Community
Engagement Support
NEAS Community First Responders / Defibs
NortHFutures Digital Health Hub
Assura
**TOTAL FUNDS**|At 1/4/24
£
185,057
10,000
2,500
62,662
28,363
288,582
-
66,556
(1,688)
9,660
-
91,292
4,444
565,195
100,739
6,342
50,546
3,053
4,775
84,097
-
306,667
5,925
5,000
200,000
-
-
-
1,502,603
1,791,185|Net
movement
in funds
£
(122,273)
-
-
-
(12,429)
(134,702)
(2,684)
481
367,491
-
(1,172)
(15,400)
(4,444)
(362,464)
(12,025)
(1,075)
42,256
-
(4,775)
-
(161,632)
(52,781)
(5,925)
-
(165,748)
(250,000)
5,200
36,056
(588,641)
(723,343)|Transfers
between
funds
£
12,177
-
-
(704)
-
11,473
2,684
-
-
-
1,172
(10,501)
-
(170,000)
-
(5,267)
-
(3,053)
-
-
180,267
(250,000)
-
(5,000)
(890)
250,000
-
(885)
(11,473)
-|At
31/3/25
£
74,961
10,000
2,500
61,958
15,934
165,353
-
67,037
365,803
9,660
-
65,391
-
32,731
88,714
-
92,802
-
-
84,097
18,635
3,886
-
-
33,362
-
5,200
35,171
902,489
1,067,842|
|---|---|---|---|---|
Page 38
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Website development fund
**Restricted funds**
Funding Information North East
Research Engagement Network (REN)
Local Access Programme – Access
Foundation
Digital Pathfinders NTCA
Going green together
North East Funders Network - National
Lottery Community Fund
NENC ICB - Healthy Communities & Social
Prescribing
NENC ICB - Health Champions
NENC ICB - VCSE Sector Representative
fees
NIHR VCSE Research Partnerships
Waiting Well Funding
NENC Integrated Care System VCS
Partnership Programme
Enrich the earth
NoTCA Social Finance Fund Roundtables
NEAS Voluntary Sector Community
Engagement Support
NEAS Community First Responders / Defibs
NortHFutures Digital Health Hub
Assura
**TOTAL FUNDS**|Incoming
resources
£
292,858
-
292,858
8,500
37,000
610,923
-
77,416
-
-
-
-
80,000
-
727
-
-
-
-
12,393
37,500
864,459
1,157,317|Resources
expended
£
(415,131)
(12,429)
(427,560)
(11,184)
(36,519)
(243,432)
(1,172)
(92,816)
(4,444)
(362,464)
(12,025)
(1,075)
(37,744)
(4,775)
(162,359)
(52,781)
(5,925)
(165,748)
(250,000)
(7,193)
(1,444)
(1,453,100)
(1,880,660)|Movement
in funds
£
(122,273)
(12,429)
(134,702)
(2,684)
481
367,491
(1,172)
(15,400)
(4,444)
(362,464)
(12,025)
(1,075)
42,256
(4,775)
(161,632)
(52,781)
(5,925)
(165,748)
(250,000)
5,200
36,056
(588,641)
(723,343)|
|---|---|---|---|
Page 39
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Project development & innovation fund
Repair and replacement fund
Maternity, sickness and jury service fund
Organisational development fund
Office reconfiguration fund
Website development fund
Organisational restructure fund
ERDF Innovation Clusters Match fund
National Academy for Social Prescribing
**Restricted funds**
Funding Information North East
Innovation Clusters
Research Engagement Network (REN)
Local Access Programme – Access
Foundation
CVD Networks – VCS Engagement
Digital Pathfinders NTCA
Going green together
North East Funders Network - National
Lottery Community Fund
NENC ICB - Healthy Communities & Social
Prescribing
NENC ICB - Health Champions
NENC ICB - VCSE Sector Representative
fees
NIHR VCSE Research Partnerships
North East England Climate Coalition
Waiting Well Funding
Personalised Care - Social Prescribing
NENC Integrated Care System VCS
Partnership Programme
VONNE Thrive Hub Development
VCSE Infrastructure Cost of Living Fund
Enrich the earth
NoTCA Social Finance Fund Roundtables
NENC ICB VCSE Partnership Programme
NEAS Voluntary Sector Community
Engagement Support
**TOTAL FUNDS**|At 1/4/23
£
87,459
10,000
2,500
51,367
10,000
2,800
42,000
43,000
4,166
25,866
279,158
-
-
-
222,574
9,660
12,128
160,209
4,444
316,242
-
6,692
19,649
6,440
-
-
73,870
-
-
-
-
-
-
831,908
1,111,066|Net
movement
in funds
£
(89,796)
-
-
-
-
-
-
-
-
(19,357)
(109,153)
(3,975)
(3,448)
66,556
(224,262)
-
(12,128)
(68,917)
-
248,953
100,739
(350)
30,897
(3,387)
4,775
84,097
56,130
(500)
(3,500)
306,667
5,925
5,000
200,000
789,272
680,119|Transfers
between
funds
£
180,885
-
-
11,295
(10,000)
(2,800)
(13,637)
(43,000)
(4,166)
-
118,577
3,975
3,448
-
-
-
-
-
-
-
-
-
-
-
-
-
(130,000)
500
3,500
-
-
-
-
(118,577)
-|At
31/3/24
£
178,548
10,000
2,500
62,662
-
-
28,363
-
-
6,509
288,582
-
-
66,556
(1,688)
9,660
-
91,292
4,444
565,195
100,739
6,342
50,546
3,053
4,775
84,097
-
-
-
306,667
5,925
5,000
200,000
1,502,603
1,791,185|
|---|---|---|---|---|
Page 40
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Millfield House Foundation
Northern Powergrid – Community
Engagement
Development & Co-ordination Support MEA
Trust
National Academy for Social Prescribing
**Restricted funds**
Funding Information North East
Innovation Clusters
Research Engagement Network (REN)
Local Access Programme – Access
Foundation
Digital Pathfinders NTCA
Going green together
NENC ICB - Healthy Communities & Social
Prescribing
NENC ICB - Health Champions
NENC ICB - VCSE Sector Representative
fees
NIHR VCSE Research Partnerships
North East England Climate Coalition
Waiting Well Funding
North East Funders Network
Personalised Care – Children & Young
People
Personalised Care - Social Prescribing
NENC Integrated Care System VCS
Partnership Programme
Investing for Social Impact
VCSE Policy Forum
VONNE Thrive Hub Development
VCSE Infrastructure Cost of Living Fund
Enrich the earth
NoTCA Social Finance Fund Roundtables
NENC ICB VCSE Partnership Programme
NEAS Voluntary Sector Community
Engagement Support
Northern Powergrid Event Co-ordination
**TOTAL FUNDS**|Incoming
resources
£
158,003
42,000
14,880
26,071
46,456
287,410
6,000
4,594
162,234
16,134
48,042
90,942
537,689
158,822
50
69,862
15,794
20,000
15,383
12,712
84,097
288,499
6,000
7,648
-
-
324,000
11,850
5,000
200,000
5,025
2,090,377
2,377,787|Resources
expended
£
(247,799)
(42,000)
(14,880)
(26,071)
(65,813)
(396,563)
(9,975)
(8,042)
(95,678)
(240,396)
(60,170)
(159,859)
(288,736)
(58,083)
(400)
(38,965)
(19,181)
(15,225)
(15,383)
(12,712)
-
(232,369)
(6,000)
(7,648)
(500)
(3,500)
(17,333)
(5,925)
-
-
(5,025)
(1,301,105)
(1,697,668)|Movement
in funds
£
(89,796)
-
-
-
(19,357)
(109,153)
(3,975)
(3,448)
66,556
(224,262)
(12,128)
(68,917)
248,953
100,739
(350)
30,897
(3,387)
4,775
-
-
84,097
56,130
-
-
(500)
(3,500)
306,667
5,925
5,000
200,000
-
789,272
680,119|
|---|---|---|---|
## **Designated Funds**
The designated funds were established in 2007/08 for the initial support or extensions to special projects and are reviewed annually by the trustees. They are as follows:
Page 41
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
## **Project Development & Innovation Fund**
A project development fund to aid project start up or set up funding constraints, support new initiatives and unforeseen project activities to strengthen the VCSE sector in the North East or the sustainability of VONNE
## **Maternity, Sickness, Redundancy and Jury Fund**
To meet unexpected staffing costs including additional/cover costs relating to parental leave, longer-term sickness or jury service and liabilities fund including redundancy liability for individuals whose posts may be lost during restructure or because of funding streams coming to an end.
The fund has been decreased slightly in the year, to reflect staff changes.
## **Repairs and Replacement Fund**
To meet the on-going costs of repairing and replacing capital equipment, and in particular IT equipment.
## **Website Development Fund**
To meet the costs of the new website build in 2022/23 to provide better content, useability and customer service for our members and the wider VCSE sector. These costs will be amortised over the following 3 years.
## **Unrestricted Funds**
Included within the general fund are the following:
## **Development & Coordination Support MEA Trust**
To deliver development and coordination support activities with tenants of MEA House and the wider VCSE sector.
## **Millfield House Foundation**
Strategic partner core funding to support the work of VONNE.
## **Sir James Knott Trust**
Strategic partner core funding to support the work of VONNE.
## **National Academy for Social Prescribing - Thriving Communities Programme**
Funding to deliver regional lead and coordination role for the North East, Yorkshire & Humber on behalf of the National Academy for Social Prescribing.
## **North East Local Enterprise Partnership Digital Inclusion Consultation**
Facilitation of consultation sessions with VCSE organisations on a regional Digital Inclusion strategy.
## **Northern Powergrid Community Engagement**
Partnership work with Northern Powergrid to support their engagement with the VCSE sector and services for vulnerable customers.
## **22 North**
Funding towards an information, data, and policy hub is needed so we can better support and advocate for the VCSE sector.
## **Restricted Funds**
They are as follows:
## **CVD Networks - VCS Engagement**
Funding to support VCSE engagement in Cardio-Vascular Disease prevention and treatment.
Page 42
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
## **Digital Pathfinders - North of Tyne Combined Authority**
Supporting the VCSE Sector across the North of Tyne area to adopt digital technologies though training, events and one to one support.
## **FINE - Funding Information North East**
To provide funding information to North East VCSE sector organisations through e-bulletin and an online, searchable directory.
## **Local Access Redcar, Cleveland and Hartlepool**
Funding from Access Foundation for the Local Access enterprise development & blended finance programme in Redcar & Cleveland and Hartlepool.
## **Going Green Together**
Supports VCSE organisations to become more environmentally sustainable and engage in climate action. Funding was secured from the National Lottery Community Funds - Reaching Communities North East and Cumbria, and Point North to deliver phase 2 of the programme from June 2024 through to June 2027.
## **Personalised Care - Carers - NHS England**
A research and development project on support for carers' experiences of hospital discharge in the North East & Yorkshire regions.
## **North East & North Cumbria (NENC) Core20Plus5 Health Champion Programme**
Funding from the North East and North Cumbria Integrated Care Board to manage the delivery and co-ordination of NENC Core20Plus5 Health Champion Programme to strengthen existing health champion activity, share models of best practice and support the development of Health Champions aligned to Core20Plus5 target groups and themes across each local authority area.
NENC Integrated Care System (ICS) Healthy Communities & Social Prescribing
Strategic oversight, development and delivery of a programme around Community Based Assets, supporting social prescribing, capacity (knowledge and skills) within the North East and North Cumbria VCSE to support the health inequalities & prevention agenda within the North East and North Cumbria (NENC) Integrated Care Board.
## **NENC ICS VCSE Sector Representative fees**
Funding to sit alongside the NENC ICS VCSE Partnership Programme to fund attendance fees and expenses for VCSE representatives engaging in Integrated Care System structures and meetings.
## **NENC Integrated Care System VCSE Partnership Programme**
Funding from the North East and North Cumbria Integrated Care System to support meaningful engagement of the VCSE sector in all levels of the Integrated Care System.
## **NENC Waiting Well VCSE Integration Programme - NENC Integrated Care Board**
To support improved VCSE integration into development and delivery of the NENC NHS Waiting Well Programme at a regional and place-based level.
## **NIHR/ARC VCSE Research Partnerships**
Funding from the National Institute of Health Research and the North East & North Cumbria Applied Research Collaborative to support a post to develop relationships between VCSE sector organisations and health researchers including funding the Health & Wellbeing Research Partnerships Coordinator role.
## **North East & Cumbria Funders Network - National Lottery Community Fund**
Funding from The National Lottery Community Fund for the facilitation and coordination of the North East & Cumbria Funders Network.
Page 43
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **17. MOVEMENT IN FUNDS - continued**
## **Enrich the Earth**
Enrich the Earth Community Partnership is a community-led campaign that will create a composting revolution - cutting carbon emissions and protecting nature by engaging and involving communities and people through a range of partners, campaigns and activities.
## **NEAS Strategy Engagement**
The North East Ambulance Service (NEAS) is creating its new organisational strategy, and it would like to use information gathered from members of the public and VCSE sector organisations to help ensure their services are the best they can be for the people and communities who use them.
## **NEAS Community First Responders/Defibs**
North East Ambulance Service (NEAS) to direct investment into community organisations for their first responder training and defibrillation equipment.
## **Research Engagement Network**
Funding from NENC Integrated Care Board as project partner to support Health & Wellbeing Research Partnerships Coordinator role, to sit as distinct budget attached to NIHR/ ARC VCSE Research Partnership.
## **North Futures**
Partnership with the NortHFutures team, to ensure the needs of communities are at the heart of health-tech research and innovation.
## **Assura**
Funding from Assura plc and Cheshire Community Foundation, to co-design metrics for VCSE commissioning, helping to better evidence the impact of VCSE services in health and care pathways.
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2025.
## **19. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|2025
£
**Net (expenditure)/income for the reporting period (as per the Statement**
**of Financial Activities)**
(723,343)
**Adjustments for:**
Depreciation charges
18,774
Interest received
(36,916)
Decrease/(increase) in debtors
1,199,706
Decrease in creditors
(51,729)
**Net cash provided by/(used in) operations**
406,492|2024
£
680,119
18,484
(7,208)
(764,310)
(159,870)
(232,785)|
|---|---|
## **20. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank and in hand
**Total**|At 1/4/24
£
674,108
674,108
674,108|Cash flow
£
440,788
440,788
440,788|At 31/3/25
£
1,114,896|
|---|---|---|---|
||||1,114,896|
||||1,114,896|
Page 44
continued...
**VOLUNTARY ORGANISATIONS' NETWORK NORTH EAST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025**
## **21. LEGAL STATUS**
Voluntary Organisations' Network North East is a private company limited by guarantee, incorporated in England and Wales. The company's registered number and registered office address can be found within Reference and Administrative Details.
The liability of the Members is limited. Every Member of VONNE undertakes to contribute such amount as may be required (not exceeding £1) to VONNE's assets if it should be wound up while they are a Member or within one year after they cease to be a Member for payment of VONNE's debts and liabilities contracted before they cased to be a Member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves.
Page 45