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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 04184061 (England and Wales) REGISTERED CHARITY NUMBER: 1087513

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Statement of Financial Position 12 to 13
Statement of Cash Flows 14
Notes to the Statement of Cash Flows 15
Notes to the Financial Statements 16 to 28
Detailed Statement of Financial Activities 29 to 30

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES Objectives and aims Values:

As an organisation we passionately value the diversity of the communities we work with.

As a Trusted Partner we act with integrity and honesty.

We act professionally in all aspects of our operation and in achieving our objectives.

To achieve its Mission:

Volunteering is key to both VIN's own projects and the support and work within the VCSE sector as a whole. In the VIN Car Scheme all passenger journeys are provided by volunteer drivers, and for Happy at Home and i-CAN befriending, all befriending hours are provided by volunteers. Additionally, all trustees volunteer their time in VIN's own governance. The contribution of volunteers to the life of VIN is outlined more specifically in Achievements for the year.

Public benefit

The Trustees have had regard to the guidance issued by the Charity Commission and believe all the charity's activities are for public benefit.

Page 1

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

In order to meet its charitable objectives VIN:

Achievements for the Year:

COVID has been an ever-present factor for the organisation, and this has caused some disruption to our services. Despite this however, some of our achievements are provided below:

48 new volunteers were recruited into our Happy at Home service to support vulnerable and isolated elderly people.

109 Happy at Home Referrals received a volunteer/beneficiary match.

9,056 Single Passenger Journeys conducted through our Volunteer Car Scheme.

15,195 Single Passenger Journeys conducted through our Door-to-Door Transport Scheme. 298 Volunteer request facilitated.

743 Volunteers engaged and communicated with.

102 1-1 Advice Surgeries for VCSE organisations conducted.

15,414 Volunteer hours delivered through our Car Scheme.

31 Strategic Partnerships attended.

Our influence:

Organisation as a whole:

The year has presented several challenges to an organisation like VIN, not least the comparative lack of funding from Statutory Partners and the need to diversify to supplement these with external sources and different income streams. As always, we continue to review our efficiency and sense-check our role in an evolving marketplace.

Page 2

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

Strategic Direction for VIN:

Our strategic direction has been set by our medium-term strategy entitled Connecting People to Places. In this document we set out some aspirational targets:

COVID 19

COVID19 affected VIN in the financial year in question as we shut our office to the public and cancelled our volunteering surgeries. Our NDDS (Community Transport Service) also witnessed a reduction in passengers and passenger journeys during the period, although we did obtain extra work from the Local Authorities around the delivery of urgent medical or shopping supplies to the most vulnerable. All staff continued working throughout but were largely stationed and supported from home. Looking to the future, our Community Transport passenger numbers are increasing but are still short of Pre COVID levels. We expect to see this increase as confidence returns amongst our communities in Northampton.

Page 3

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW Financial position

VIN is pleased to be helping the VCSE sector navigate the significant changes in Northamptonshire, by building on existing good relationships with the Unitary authorities and the local Health Authority, and ensuring the VCSE sector is strongly represented during the changes taking place in both.

VIN is pleased to be helping the VCSE sector navigate the significant changes in Northamptonshire, by building on existing good relationships with the Unitary authorities and the local Health Authority, and ensuring the VCSE sector is strongly represented during the changes taking place in both.

VIN's main funders are West Northamptonshire Council, NHFT and the wider NHS, and the Big Lottery for special projects, which reflects its charitable activities as described above.

During the year the charity's income decreased from £882,875 in 20/21 to £808,888 in 21/22. At the same time VIN's expenditure decreased from £944,127 in 20/21 to £829,628 in 21/22. This is in large part due to staff in Commsortia, a charity connected to VIN, set up to manage two sector-wide contracts in 2017, being TUPE'd over to Commsortia in July 2021, rather than being seconded to Commsortia from VIN. Whilst the Commsortia event is significant it has also resulted in a corresponding decrease in expenditure for VIN who are no longer responsible for Commsortia staff payroll liabilities.

Over the past two years the work undertaken under the NHFT volunteering contract, originally set up as a volunteer brokerage contract to help NHFT find volunteers to support its activities across Kettering and Northamptonshire, had expanded significantly to include management of volunteers within the two hospices within the County and a new project called Volunteer 2 Career to help NHFT with a pathway for recruiting Healthcare Assistants. Over the financial year NHFT decided that staff on these projects were best treated as NHFT employees and consequently the NHFT contract was terminated at its agreed end date of 31/3/22, and all staff working on NHFT contracts were TUPE'd. This is a loss in Management Charge to VIN, but is significant evidence of the benefit of a structured approach to volunteering within an organisation and the workplace. Similarly to Commsortia the event will reduce VIN Income, but also VIN Expenditure for 22/23.

In 21/22 the charity's expenditure, £829,628 is greater than its income, £808,888 (a deficit), as VIN works to streamline itself to meet the current demands on the organisation and with the loss in revenue and passengers in Community Transport due to the pandemic, with many passengers being in vulnerable categories. Understanding that VIN has returned a deficit the trustees have been working with operational staff to keep this under review, and during the year VIN has undertaken a number of things to prepare for the future:

In 2019 VIN's then accountants advised that its building, on which VIN has a 99 year lease, should be reflected in the accounts as an Unrestricted Fund. A review of that decision, with reference to the original 99 year lease, has suggested the Building should be a Restricted Fund as it can only be used for the purpose of VIN offices, and cannot be sold, nor be used as collateral for any borrowing or charge.

Total Funds at the Financial Year end amounted to £836,787 and of this £62,051 are free general reserves.

Page 4

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The Trustees have changed the Designation of some items in the General Fund to reflect the redevelopment of the website during this Financial Year, and the fact that the pandemic has been an Emergency, therefore the Website Designation and the Emergency Fund Designation will be removed. Total Designated Funds at the Year End amounted to £172,244. The details of these and when they are anticipated to be spent are detailed in the notes to the financial statements.

All Restricted Funds, held at the end of the 21/22 Financial Year amounting to £62,559, are for use in projects which will continue in the 22/23 Financial Year. It is anticipated that these funds will be used in the 22/23 Financial Year. Total Restricted Funds at the Financial Year end amounted to £602,492.

At the end of the Financial Year there were two funds in overdraft: - G4S - a contract for supplying a Resident Engagement and Wellbeing Officer to HMP 5 Wells. This was due to amounts being invoiced not having been received by 31/3/22. This was resolved shortly after the Year End. - VIN BBO - a project supporting those furthest from employment back towards being economically active. This project finished in January 2022 and a final payment was expected and received at the end of the BBO quarter in May 2022.

Investment policy and objectives

VIN holds no investments other than cash at bank and in hand. As interest rates were so low this has not been managed, however, as interest rates change VIN Trustees will be looking at whether there are other interest bearing accounts VIN could open.

There are no restrictions on where the Trustees can invest however in relation to risk, they will seek to disperse the money such that as much of it is protected by the FSCS as possible, and it is available for expenditure when the charity needs it.

Reserves policy

The Trustees have reviewed the amount of Reserves they think is necessary for VIN and decided that three months of running costs is appropriate. At the end of the Financial Year VIN held more than three months running costs in reserve. This is held as cash.

Going concern

The Financial Statements have been prepared on the Going Concern basis as VIN trustees have review budgets and forecasts which, together with the Unrestricted Reserves held in cash, will see VIN through to the end of the calendar year.

There is a second year for the Happy at Home befriending project, the i-CAN befriending project and the G4S HMP 5 Wells project which will see these through the current Financial Year.

Community Transport has sufficient reserves to see it through a period of review and hopefully into surplus. At the time of writing the report VIN has been awarded a 3 year contract to manage the embedding of the VCSE sector into the new ICS constituted in July 2022, which is funded by the Lottery.

The Trustees have considered VIN's current contracts and income and believe that the need for VIN's expertise is still there in the county and there is still funding available for incorporating the VCSE sector into the structural changes within the county and in new projects therefore they believe that VIN remains a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 5

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

Trustees are recruited to ensure that the Board benefits from a wide range of identified skills and knowledge that will strengthen our capacity and governing abilities and also reflect VIN's diversity policy. Trustees serve for three years, after which they are eligible to stand for a further three-year term which may be extended by a further year in exceptional circumstances. Formal board meetings are held four times a year to coincide with the financial cycle. New Trustees are expected to undertake an induction programme, and to take part in occasional training sessions.

Organisational structure

The day to day running of VIN and the execution of the organisational objectives is delegated to the Chief Executive, who is also the Company Secretary. The Chief Executive is responsible for ensuring that services are delivered within the framework of the plans and policies established by the Trustees.

Key management remuneration

Senior management remuneration is reviewed annually using the appraisal process and recommendations are made by the CEO or Chair to the Board of Trustees who approve all salary and contract changes. Nonsalary terms and conditions for all employees are standard. Salary levels are reviewed with regard to market rates, inflation and affordability.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees review risks identified to them using a RAG risk register every trustee meeting and also review policies and systems in place to reduce risk.

In 22/23 Community Transport is undergoing a major change in operations to make it more effective, and income diversity is always being sought.

The charity has insurance cover for its property and legal liabilities normally associated with its operations.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

04184061 (England and Wales)

Registered Charity number

1087513

Registered office

15 St Giles Street Northampton Northamptonshire NN1 1JA

Trustees

R Ashraf S J Barter T J Birch Ms C A Maryon (Chair) Mrs C Neilson C Whyld C D Williams (Treasurer) G Beckett

During the year the following Trustees resigned: A Murray - 29 May 2021 D Mayhew - 23 September 2021

Page 6

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

DNG Dove Naish LLP, Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Company Secretary and CEO

R K Rolph

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Voluntary Impact Northamptonshire Ltd 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 which 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. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that 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:

AUDITORS

The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 27 October 2022 and signed on its behalf by:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

Opinion

We have audited the financial statements of Voluntary Impact Northamptonshire Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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:

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.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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. The extent to which our procedures are capable of detecting irregularities , including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Company's key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of commercial revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

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 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of DNG Dove Naish LLP, Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ

Date: 28 October 2022

Page 10

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
41,344
Charitable activities
Projects and services
94,567
Direct Services
196,441
Contract work
-
Investment income
3
44
Total
332,396
EXPENDITURE ON
Charitable activities
5
Projects and services
137,669
Direct Services
212,545
Contract work
-
Total
350,214
NET INCOME/(EXPENDITURE)
(17,818)
Transfers between funds
17
78,127
Net movement in funds
60,309
RECONCILIATION OF FUNDS
Total funds brought forward
173,986
TOTAL FUNDS CARRIED FORWARD
234,295		 Restricted
funds
£
12,186
247,874
37,050
179,382
-
476,492
252,586
50,576
176,252
479,414
(2,922)
(78,127)
(81,049)
683,541
602,492		 2022
2021
Total
Total
funds
funds
as restated
£
£
53,530
64,466
342,441
246,307
233,491
239,714
179,382
332,062
44
326
808,888
882,875
390,255
338,534
263,121
275,697
176,252
329,896
829,628
944,127
(20,740)
(61,252)
-
-
(20,740)
(61,252)
857,527
918,779
836,787
857,527

The notes form part of these financial statements

Page 11

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

STATEMENT OF FINANCIAL POSITION 31 MARCH 2022

Notes
FIXED ASSETS
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		 Unrestricted
funds
£
6,777
33,747
280,929
314,676
(87,158)
227,518
234,295
234,295		 Restricted
funds
£
543,565
103,922
145,743
249,665
(190,738)
58,927
602,492
602,492		 2022
Total
funds
£
550,342
137,669
426,672
564,341
(277,896)
286,445
836,787
836,787
234,295
602,492
836,787		 2021
Total
funds
as restated
£
548,829
76,688
528,492
605,180
(296,482)
308,698
857,527
857,527
173,986
683,541
857,527

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

Page 12

continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2022

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 27 October 2022 and were signed on its behalf by:

The notes form part of these financial statements

Page 13

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash 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
2
Cash and cash equivalents at the end
of the reporting period
2		 2022
2021
as restated
£
£
(119,166)
98,371
(119,166)
98,371
(12,914)
(1,014)
44
326
(12,870)
(688)
(132,036)
97,683
528,492
430,809
396,456
528,492

The notes form part of these financial statements

Page 14

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations
2.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one
year
Total cash and cash equivalents
3.
ANALYSIS OF CHANGES IN NET FUNDS		 2022
2021
as restated
£
£
(20,740)
(61,252)
11,402
19,159
(44)
(326)
(60,981)
32,264
(48,803)
108,526
(119,166)
98,371
2022
2021
as restated
£
£
89
80
426,583
528,412
(30,216)
-
396,456
528,492
At 1/4/21 Cash flow At 31/3/22
£ £ £
Net cash
Cash at bank and in hand 528,492 (101,820) 426,672
Bank overdrafts - (30,216) (30,216)
528,492 (132,036) 396,456
Total 528,492 (132,036) 396,456

The notes form part of these financial statements

Page 15

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

Voluntary Impact Northamptonshire Ltd is an incorporated charity governed by a constitution in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered address is given in the charity information of these financial statements. The nature of the charity's operations and principal activities are as detailed in the Report of the Trustees in these financial statements.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - Straight line over 99 years Fixtures and fittings - 50% on cost Motor vehicles - 33% on cost

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

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.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

2. DONATIONS AND LEGACIES

Donations 2022
2021
as restated
£
£
53,530
64,466

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continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

3. INVESTMENT INCOME

Interest receivable - trading
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Projects and services
Contract work
Projects and services
Other income
Projects and services
Grants
Direct Services
Other income
Direct Services
Car scheme and NDDS
income
Direct Services
Grants
Contract work
Contract work
Contract work
Other income
Contract work
Grants received, included in the above, are as follows:
Big Lottery Countywide Support and Development
NHS Nene CCG
West Northants Council (formerly Northants CC)
West Northants Council (formally NBC) Countywide Support and
Development
Other Grant Income
ESF - NEP (delivery)
NCF - Good Neighbours
Big Lottery - Happy at Home
Big Lottery - Covid Grant
Big Lottery VCSE
TA (ESF)
NAVCA
West Northants Council (formerly Northampton Borough Council)
Big Lottery Healthy Communities
West Northants Council (formally NBC) NDDS
NCF - Queen's Fund
NHS - ICS		 2022
2021
as restated
£
£
44
326
2022
2021
as restated
£
£
277,065
241,464
62,999
4,843
2,377
-
95,300
108,662
1,226
-
136,965
131,052
33,000
30,000
145,920
302,062
462
-
755,314
818,083
2022
2021
as restated
£
£
2,517
42,958
44,300
-
59,224
85,788
33,000
30,000
76,717
7,905
22,629
27,427
-
9,763
48,191
116,199
-
2,000
14,261
20,526
-
1,734
-
20,857
33,750
-
20,000
-
18,339
-
7,437
14,969
25,000
-
405,365
380,126

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VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. CHARITABLE ACTIVITIES COSTS

Projects and services
Direct Services
Contract work
6.
SUPPORT COSTS		 Direct
Costs
£
381,225
262,356
176,026
819,607		 Support
costs (see
note 6)
£
9,030
765
226
10,021		 Totals
£
390,255
263,121
176,252
829,628
Projects and services
Direct Services
Contract work		 Governance
Finance
costs
£
£
530
8,500
410
355
-
226
940
9,081		 Totals
£
9,030
765
226
10,021

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets		 2022
2021
as restated
£
£
4,800
4,750
11,401
19,159

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

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VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
2021
as restated
£
£
511,468
574,732
40,683
40,476
15,319
16,781
567,470
631,989

The average monthly number of employees during the year was as follows:

Full Time
Part-time
Agency Staff and Consultants		 2022
2021
as restated
9
12
18
16
1
1
28
29

No employees received emoluments in excess of £60,000.

The total employee benefits of key management personnel for the charity were £97,016 (2021: £70,446). Key management includes the CEO and Development Manager.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
44,570
Charitable activities
Projects and services
27,700
Direct Services
101,884
Contract work
-
Investment income
326
Total
174,480
EXPENDITURE ON
Charitable activities
Projects and services
180,992
Direct Services
106,601
Contract work
2,300
Total
289,893
NET INCOME/(EXPENDITURE)
(115,413)		 Restricted
Total
funds
funds
as restated
£
£
19,896
64,466
218,607
246,307
137,830
239,714
332,062
332,062
-
326
708,395
882,875
157,542
338,534
169,096
275,697
327,596
329,896
654,234
944,127
54,161
(61,252)

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continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
£
Transfers between funds
47,183
Net movement in funds
(68,230)
RECONCILIATION OF FUNDS
Total funds brought forward
242,216
TOTAL FUNDS CARRIED FORWARD
173,986		 Restricted
Total
funds
funds
as restated
£
£
(47,183)
-
6,978
(61,252)
676,563
918,779
683,541
857,527

11. PRIOR YEAR ADJUSTMENT

The opening reserves have been restated to reflect the correction of the property building fund being incorrectly classed as designated in the financial statements dated 31 March 2021. This has been corrected by restating the amounts brought forwards within both unrestricted and restricted funds by reallocating £546,793 between the funds. No overall change to reserves has occurred.

12. TANGIBLE FIXED ASSETS

Leasehold
improvements
£
COST
At 1 April 2021
679,140
Additions
-
At 31 March 2022
679,140
DEPRECIATION
At 1 April 2021
132,347
Charge for year
6,860
At 31 March 2022
139,207
NET BOOK VALUE
At 31 March 2022
539,933
At 31 March 2021
546,793		 Fixtures
and
fittings
£
63,697
12,914
76,611
63,003
3,199
66,202
10,409
694		 Motor
vehicles
£
4,600
-
4,600
3,258
1,342
4,600
-
1,342		 Totals
£
747,437
12,914
760,351
198,608
11,401
210,009
550,342
548,829

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VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 15)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts		 2022
2021
as restated
£
£
90,502
39,320
6,336
5,131
40,831
32,237
137,669
76,688
2022
2021
as restated
£
£
30,216
-
22,116
9,925
9,160
11,234
26,293
56,015
2,351
2,554
187,760
216,754
277,896
296,482
2022
2021
as restated
£
£
30,216
-

The bank overdrafts are not actual bank overdrafts but computed balances within the funds, due to unrestricted cash funds being used to support restricted funds waiting on debtor balances to be paid. 16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
2021
as restated
£
£
50,760
48,832
44,326
89,965
95,086
138,797

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VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
NDDS
Emergency Reserves
Designated Reserves - Building
Designated Reserves - Development
Designated Reserves - IT & Website
Restricted funds
Countywide Support & Development
VCSE Assembly
Car Scheme
Commsortia (Core)
NHFT - Volunteering
SEMLEP
NEP (Delivery)
Social Prescription Dev Work
Happy at Home
iCAN Befriending
Poverty Truth Commission
Healthy Communities
G4S
Awards4All
Property fund
TOTAL FUNDS		 At 1/4/21
£
(102,590)
175,747
82,000
10,000
5,000
3,829
173,986
20,707
28,704
6,553
17,784
-
-
3,186
30,000
29,814
-
-
-
-
-
546,793
683,541
857,527		 Net
movement
in funds
£
(19,479)
1,661
-
-
-
-
(17,818)
(13,502)
5,687
(2,173)
(41)
17,156
811
3,108
-
(24,479)
6,754
6,184
860
2,340
1,233
(6,860)
(2,922)
(20,740)		 Transfers
between
funds
£
184,120
(20,164)
(82,000)
-
-
(3,829)
78,127
(5,916)
(4,089)
(3,141)
-
(17,156)
(811)
(3,108)
(30,000)
(2,845)
(6,417)
(600)
(860)
(1,951)
(1,233)
-
(78,127)
-		 At
31/3/22
£
62,051
157,244
-
10,000
5,000
-
234,295
1,289
30,302
1,239
17,743
-
-
3,186
-
2,490
337
5,584
-
389
-
539,933
602,492
836,787

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VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
NDDS
Restricted funds
Countywide Support & Development
VCSE Assembly
Car Scheme
Commsortia (Core)
NHFT - Volunteering
SEMLEP
NEP (Commsortia - Working Progress)
NEP (Delivery)
Happy at Home
iCAN Befriending
Poverty Truth Commission
Healthy Communities
G4S
Awards4All
Property fund
TOTAL FUNDS		 Incoming
resources
£
118,190
214,206
332,396
59,597
44,536
48,404
15,215
109,270
5,250
26,172
22,786
48,296
32,878
29,476
20,000
13,379
1,233
-
476,492
808,888		 Resources
Movement
expended
in funds
£
£
(137,669)
(19,479)
(212,545)
1,661
(350,214)
(17,818)
(73,099)
(13,502)
(38,849)
5,687
(50,577)
(2,173)
(15,256)
(41)
(92,114)
17,156
(4,439)
811
(26,172)
-
(19,678)
3,108
(72,775)
(24,479)
(26,124)
6,754
(23,292)
6,184
(19,140)
860
(11,039)
2,340
-
1,233
(6,860)
(6,860)
(479,414)
(2,922)
(829,628)
(20,740)

Page 24

continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
NDDS
Emergency Reserves
Designated Reserves - Building
Designated Reserves - Development
Designated Reserves - IT & Website
Restricted funds
Countywide Support & Development
VCSE Assembly
Car Scheme
Commsortia (Core)
University - Volunteering
NHFT - Volunteering
SEMLEP
TA
NEP (Delivery)
FfWB Team
Social Prescription Dev Work
Happy at Home
Rutland
Property fund
TOTAL FUNDS		 At 1/4/20
£
(49,821)
191,208
82,000
10,000
5,000
3,829
242,216
16,371
28,720
-
13,820
501
-
-
1,601
-
2,474
30,000
27,264
2,159
553,653
676,563
918,779		 Net
movement
in funds
£
(120,211)
4,798
-
-
-
-
(115,413)
12,453
2,761
11,212
3,964
3,757
14,941
174
(1,375)
3,288
(2,474)
7,062
7,417
(2,159)
(6,860)
54,161
(61,252)		 Transfers
between
funds
£
67,442
(20,259)
-
-
-
-
47,183
(8,117)
(2,777)
(4,659)
-
(4,258)
(14,941)
(174)
(226)
(102)
-
(7,062)
(4,867)
-
-
(47,183)
-		 At
31/3/21
£
(102,590)
175,747
82,000
10,000
5,000
3,829
173,986
20,707
28,704
6,553
17,784
-
-
-
-
3,186
-
30,000
29,814
-
546,793
683,541
857,527

Page 25

continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
NDDS
Restricted funds
Countywide Support & Development
VCSE Assembly
Car Scheme
Commsortia (Core)
University - Volunteering
NHFT - Volunteering
SEMLEP
NEP (Commsortia - Working Progress)
TA
NEP (Delivery)
FfWB Team
Social Prescription Dev Work
Happy at Home
Rutland
NDDS
Property fund
TOTAL FUNDS		 Incoming
resources
£
63,081
111,399
174,480
106,908
20,525
46,819
160,571
14,467
75,988
7,875
44
1,764
27,425
-
30,000
116,202
-
99,807
-
708,395
882,875		 Resources
Movement
expended
in funds
£
£
(183,292)
(120,211)
(106,601)
4,798
(289,893)
(115,413)
(94,455)
12,453
(17,764)
2,761
(35,607)
11,212
(156,607)
3,964
(10,710)
3,757
(61,047)
14,941
(7,701)
174
(44)
-
(3,139)
(1,375)
(24,137)
3,288
(2,474)
(2,474)
(22,938)
7,062
(108,785)
7,417
(2,159)
(2,159)
(99,807)
-
(6,860)
(6,860)
(654,234)
54,161
(944,127)
(61,252)

Unrestricted and designated funds:

Unrestricted General - covered by direct income for infrastructure, and by the monthly Management Charge which comes from other projects and departments. £20,000 from the Garfield Weston foundation was received in October 2021.

NDDS- on 1 November 2019 Northampton Door to Door Service (NDDS) merged with VIN, and all assets, liabilities, and employees of NDDS were transferred to VIN. VIN is carrying on the NDDS service together with its car scheme as Northampton Community Transport.

Development Fund - will be used in 22-23 for developing the Training Room.

IT and website fund - this was used in the year for IT and website related expenditure and for the website to be updated.

Building Fund - to be used for building repairs in the future.

Emergency fund - funds held in the event that funding streams were not available to fund required core costs, available to be used for any costs as agreed by the trustees. This designation has been released during the year.

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continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS - continued

Restricted funds

Property fund - the property fund is made up of the leasehold property's net book value held in the balance sheet as a restricted fund, as it can only be used for the purpose of VIN offices, and cannot be sold, nor be used as collateral for any borrowing or charge.

Car Scheme - Funded by NBC, NHS, registration fees and fundraising from trusts - Volunteer Drivers provide transport for elderly and disabled people to and from medically related appointments.

Countywide Support and Development - VIN holds the Voluntary Sector Support and Development contract for Northamptonshire.

The University of Northampton - A project in conjunction with the University of Northampton to encourage volunteering among their students.

Commsortia - Commsortia has been set up to enable a consortium of voluntary sector organisations bid for large public sector contracts they would not otherwise have access to. VIN is a member of Commsortia and hosts the Project Manager and gives administration support

Northamptonshire Health Foundation Trust - VIN has a Volunteering development worker based at the hospital, helping to manage the recruitment and retention of volunteers.

NEP (Northamptonshire Enterprise Partnership) - VIN is a partner in the Big Lottery building better opportunities fund which is aimed at preparing organisations to access European Funding

TA - This is an ESF funded project to help voluntary groups to prepare for the accessing of ESF money and to work in partnership.

Big Lottery - Happy at Home - this is an extension of the successful project started in Daventry, which matches up volunteer befrienders with older people who would enjoy the company to help relieve feelings of loneliness.

Happy at Home - this is a Lottery funded project together with Daventry Volunteer Centre that matches isolated or lonely citizens with a befriender to visit them in their home. It supports a worker based from the VIN office, and Management time from Becky Thornton. Phase 1 officially ended in Sept 21 after an extension. Phase 2 started in Nov 2021.

i-CAN Countywide Befriending - funded through the Integrated Care Across Northamptonshire this matches isolated or lonely citizens with a befriender.

Poverty Truth Commission - Funded initially through NAVCA this project arose from the COVID mutual aid work and is intended to capture the lived experience of poverty and feed this experience through to decision makers within the new Integrated Care System.

Healthy Communities - this is a Lottery Funded project in order to do preparatory work around embedding the VCSE sector in the Integrated Care System being legally constituted in Northamptonshire from 1/7/22.

G4S HMP 5 Wells - this is a contract with G4S at the newly opened HMP 5 Wells prison in Wellingborough to provide a Community Link Worker for the development of activities and links with the community between residents and staff at the prison and local VCSE organisations.

Awards 4 All - this is a Lottery award to be used in 22/23 to support People and Places Community Development.

VCSE Assembly - this is a Lottery funded project based on a similar project in Shropshire. It's purpose is to be a "collective voice" bringing together the diverse parts of the VCSE sector within the county of Northamptonshire.

Page 27

continued...

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. MOVEMENT IN FUNDS - continued

NEP (Delivery) - This project is associated with the Commsortia BBO project. The project itself supports those furthest from the workplace to make steps towards becoming more economically active.

18. RELATED PARTY DISCLOSURES

During the year the following transactions occurred with charity's in which VIN Trustee's are also Trustee's.

Sales of £25 and purchases of £562 were made with Community Space Northampton for event space for meetings held. T J Birch was a trustee for both charities during the year.

Sales of £6,010 was invoiced to Connected Together CIC for support in a tender process during the year. C M A Maryon was a trustee for both charities during the year, and the CEO R Rolph is also a director of this charity also.

Page 28

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Interest receivable - trading
Charitable activities
Grants
Contract work
Other income
Car scheme and NDDS income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Computer Expenses
Repairs and Renewals
Publications & Subscriptions
Motor Expenses
Health & Safety
Other project costs
Volunteer Expenses
Staff Recruitment
Non-reclaimed VAT
Consultancy
Car park passes
Staff training
Staff expenses
Events and meetings
Depreciation		 2022
2021
as restated
£
£
53,530
64,466
44
326
405,365
380,126
208,919
306,905
4,065
-
136,965
131,052
755,314
818,083
808,888
882,875
511,468
574,732
40,683
40,476
15,319
16,781
3,065
4,092
4,953
4,323
3,198
1,890
8,264
6,699
7,629
6,953
9,214
4,341
19,140
11,512
5,647
846
1,754
1,654
67,620
51,207
284
3,098
65,326
121,157
1,132
541
2,103
425
2,713
31,227
12,659
18,815
2,466
975
2,343
194
13,832
5,874
7,393
-
11,402
19,159
819,607
926,971

This page does not form part of the statutory financial statements

Page 29

VOLUNTARY IMPACT NORTHAMPTONSHIRE LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net expenditure		 2022
2021
as restated
£
£
940
900
4,800
4,750
4,281
11,506
9,081
16,256
829,628
944,127
(20,740)
(61,252)

This page does not form part of the statutory financial statements

Page 30