Verdon Street Enterprises Limited (Company Ltd by Guarantee Number 03856245) (Reglstered Charlty No. 10842221 Financlal statements for the year ended 31 March 2025 Contents Page Legal Information Trustees, report Examiner's report Statement of Financial Activities Balance Sheet Notes lo the accounts
Verdon Street Enterprises Limited Legal Infonnation Trustees Mr l F Cloke Mrs L K Johnson MrRJCKeene Mr M Power Treasurer Company Secretary Mr l F Cloke Registered Charity number 1084222 Company Ltd by Guarantee number 03856245 Registered office 195a Verdon Street Sheffield South Yorkshire S3 9QQ Independent examiner Craig Williamson White Rose Accounting for Charities The Ghyll Threapland Aspatria CA7 2EL
Verdon Street Enterprises Limited Trustees. report The Truslees present their annual report and financial statements for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements compy with the Charilies Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities. structure, governance and management The charity is a company limited by guarantee. Trustees are recruited and appointed by the trustees in office at any time in line with the needs of the charity. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Verdon Street Enterprises is an independent charity, although it is closely associated with The Furnival with which it shares office and administrative facilities. The Furnival is registered with the Charity Commission (number 1154656) The directors are responsible for the overall management and control of the charity. All the current directors are also Truslees of The Furnival. Sheffield City Council holds a debenture for £84,517 secured on the general assets of the company, in connection with the granl received from the Single Regeneration Budget. Objectlves and actlvltles The charity is established for the promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation in Sheffield and in particular the ward of Burngreave. Under the general objectlV8 of urban or rural regeneration, th8 aims of the charity are to encourage and assist local community responsibility and participation in projects to improve the quality of life in Burngreave This ward ranks in the top 10 % as one of the most economically and socially deprived areas in the country, Projects are undertaken in response lo the wishes of local people by local people and establishing them depends both on success in bidding for available grants and collaborative inter-agency work. Verdon Street Enterprises is responsible for four former shop units on Verdon Street. These are occupied as follows.. 193 HSL Group 1 Ltd 195 The Furnival 195a The Furnival 197 Rite Turn The trustees have paid due regard to guidance issued by the Charily Commission in deciding what activities the charity should undertake.
Verdon Street Enterprises Limited Trustees. report Achlevements and performance The charitable company continued with ils normal activities this year, helping with the regeneration of urban and rural regeneration in areas of social and economic deprivation in Sheffield. The units continue to be fully let with communily based initiatives with income continuing at similar levels to the previous year. In 2024 Verdon Street Enterprises were successful in securing a grant which allowed for struclural improvements to the units rented out, lo aid with insulations and energy efficiency. These improvements included the fitting of new, double-glazed, industrial windows and doors, and efficient radiators to help the tenants reduce their energy usage. Flnanclal revlew Total funds received during the year amounted to £32,25712024 £14,130), £18,220 of which was restricted funding from the South Yorkshire's Community Foundalion Low Carbon Award. The entire grant was spent as outlined above on improvements to the buildings. At the end of the year the charity had unrestricted reserves to carry fOard of £18,722 (2024.. £19,163} , all of which are freely available. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at least at a level equivalent lo between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given to ways in which additional funds may be raised This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure lo Ihe major risks, Trustees responsibilities for the flnancial statements Company and charity law requires the trustees to prepare financial slalemenls for each financial period which show the state of affairs of the charity and of nel income or expenditure of the charity for that period. In preparing those financial statements, the Trustees are required lo,, select suitable accounting policies and apply them consistently., Cl make judgements and estimates that are reasonable and prudent. Q prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. tj slate whether applicable accounting standards of recommended practice have been followed subject to any departures disclosed and explained in the financial statements. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charity and enable the Trustees to prepare financial statements, The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities. This report has been prepared in accordance with the special provisions for small ompanies under Part 15 of the Companies Act 2006. This report was approved by the Trustees on g their behalf by: Mr l F Cloke Secretary
Vordon Street Enterprises Limited Independent Examlner's report on the Accounts of Verdon Street Enterprlses Llmlted for the year ended 31 March 2025 I report on the accounts of the company for the period ended 31 March 2025, which are set out on pages 6 to 9 Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: Q examine the accounts under section 145 of the 2011 Act., Ei to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 {5){b} of the 2011 Act., and El to state whether particular matters have come to my attention. Basls of Independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and comparison of the accounts presented wilh those records, It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent 8xamSnar'8 8tatamont In connection with my examination, no matter has come to my attention.. {11 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006, and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reportin9 by Charities have not been met., or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts be reached. Signed.. Craig Wil1am50n White Rose Accounting for Charities The Ghyll Threapland Aspatria CA7 2EL Date..
Verdon Street Enterprises Limited Statement of Financial Activities for the year ended 31 March 2025 Total funds Total funds 2025 2024 Noto8 Incoming resources Rental income Grants Other income Bank interest Total Incoming resources 11,676 18,220 2,000 361 32,257 13,782 348 14,130 Resources expended Charitable activities: Accommodation Heat and power Refurbishment Administration and management Depreciations Totsl resources expended 6,500 3,362 18,220 3,923 693 32,698 6,610 3,141 3,023 867 13,641 Net {outgoing)lincoming resources (441) 489 Brought forward 19,163 18,674 Fund balances carried forward 18,722 19,163
Vei don Street Enterprl808 Umlted Balanco Sh•ot as at 31 March 2025 2025 2024 Tanglble foxed assets 2,775 3.468 Current assets Debtors Bank balance and cash In hand Total current assets 16.167 16.167 15,895 15.895 Credllors Arnounis falling due within one year Total current Ilabllltles (220) (220) (200) (200) Net current asset5 15.947 15.695 Total assets 18,722 19.163 Represented by Designated lunds - Fixed assets Unrestricled funds Total 2,775 15.947 18.722 3.468 15.695 19,163 For Ihe year ending 31 March 2025 the company was enlitled to 8xemption from audit under section 477 01 Ihe Companies Acl 2006 relating to small companies. Direclor's responsibililies. The membefs have noi required the company to obtain an audii of lis accounts lof the year In question In accordance wlh seciion 476. of the Companies Act 2006 The direclors acknowledge their responsibilities for complying wilh the reqreMefits ol the Acl wilh respect to accounting records and the preparation of accounts This report has been prepared m accordance with Ihe special provigons lof small companies under Part 15 01 Ihe Cornpan Acl 2006. This report was approved by ihe Tru31ees on Its behall by 'and Is signed on Mf l F Cloke Direcior MrRJCKeene Director
Ver(lon Street Enterprlses Llmlted Notes to the A¢¢ounts for the yeare ended 31 March 2025 1 Accountlng Policles Basls of preparatlon The Financial Statements have been prepared in accordance with the Companies Act 2006, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS102), and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 (effective from January 2015 and updated with effect from January 20161- (the Charities SORP {FRS1021), as modified for smaller charities. The Charity meets the definition of a public benefit entity as defined under FRS102. Basis of accounting The financial statements are prepared in accordance with the historical cost convention. The financial statements are prepared on an aru31$ basis, Incoming resources Donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there Is enlitlemenl, certainty of receipt and the amount can be measured wSlh sufficient reliability. Accrued income represents income recognised for work performed that was unbilled al the year end. 11 is accounted for on the basis of work performed that remains unbilled, or in Ilne with contracted agreements with spe¢ifi¢ affiliates and similar organisations. Investment income is recognised on a receivable basis. Restrlcted Funds Restricted funds are used for specific purposès as laid down by the donor. Expenditure which meets the criteria is allocated to the fund together with a fair allocation of management and support costs. Unrestrlcted Funds Unrestricted Funds are other income received or generated for the objects of the charity without further specified purpose and are available as general funds. Resources expended Resour¢es expended are included in the Statement of Financial Activities on an accruals basis, inclusive of V.A.T. The company is not VAT registered. In the oplnion of the trtjslees all support costs relale lo charitable expenditure. Tanglble Flxed Assets and Depreclatlon The cost of fixed assets is their purchase cost together with any incidental costs of acquSsltlon. Any assets with a useful life of less than 5 years are not capitalised. Depreciation is provided on all tangible fixèd assets al rates calculated to write off the cost of each asset over its useful life. Fixtures -20/0 Reducing balanc method Fund Accountlng Funds held by the charity are either restricted funds or unreslricled general funds. Unrestricted funds Can be used in accordance with the charitable objects at the discretion of the trustees. Reslricled funds that rAn only be used for a particular restricted purposes within the objec15 of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. 2 Company status and capltal The Charity is a company limited by guarantee and consequently does not have share capital. Each trustee has undertaken lo contribute £1 to the assets of the company to meet ils liabilities if called lo do so. 3 Taxation HM Revenue and Customs in the UK has previously accepted charitable status of the company and have granted relief from corporation lax under Section 478 of the Corporation Taxes Act 2010.
Verdon Street Enterprises Llmited Notes to the accounts for the yeare ended 31 March 2025 4 Tanglble Flxed Assets Fixtures & Fittlngs Total Cost Brought Foard Revaluation 4,335 4,335 Disposals Carried Forward 3,468 4,335 Depreciation Charge for the year 693 693 Carried Forward 693 693 Net Book Value 31 March 2025 2.775 3,642 Net Book Value 31 March 2024 3,468 5 Debtors and prepayments 2025 2024 Debtors and prepayments 6 Credltors: amounts falllng due wlthln one year These are expenses that have been incurred but have not been billed or paid for during the accounting period. They are in respect of.. 2025 2024 Accruals 220 220 200 200