Victoria Community Enterprise (A company limited by guarantee) Financial Statements for the year ending 31 March 2024 Charity number: 1093224 Company number: 04189044 Voluntary Action Rotherham The Spectrum, Coke Hill. Rotherham, 560 2HX Tel.. 01709 829821 Fax-. 01709 829822 Email.. admin@arotherhaM.0rg.uk Web: www.varotherham.org.ulc
Victoria Community Enterprise Limited Contents of the financial statements for the year ended 31 March 2024 Page Legal and Administrative Inforrnation Directors (Trustees) Annual Report Independent Examiners Report statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 12-18
Victoria Community Enterprise Limited Admlnlstrative details for the year ended 31 March 2024 Registered Charity number 1093224 Registered company number Gompany Ilmlted by guarantee 4189044 Directors {Trustees): C Judson C Kimpindi - appointed November 2023 D Mathews (Treasurer) J Grundy (Chair) L Quarmby- resigned November 2023 M Harrison {Secretary} N Newman V Ambler J Gooch Reglstered office Victoria Methodist Church Stafford Road Sheffield S2 2SE Bankers Lloyds Bank High Street Sheffield S12GA Independent examlner Aayush Tekriwal an employe8 of Voluntary Action Roth8rham The Spectrum Coke Hill Rotherham S60 2HX Page 3
Victoria Community Enterprlse Llmited Directors" report (incorporating the Trustees. annual report) for the year ended 31 March 2024 The trustees, who are also directors of the charity, submit their annual report and financial statements for the vear endinq 31 March 2024. Structure, governance and management Vlclorla Community Enterprise Limited, was incorporated on 28 March 2001 and it's Memorandum and Articles of AssocÉation govem it. Its legal status is that of a company limited by guarantee and a registered charity. It has no share capital and the liability of each member in the event of windinq-up is limited to £1. Overall manag8ment of the Charity is the responsibility of the trustee directors who are 818Ct8d and co-opted under the terms of the Memorandum and Artides of Association. Day to day proiect activitv is carried out by paid staff and volunteers. Recruitment and appolntment of new trustees. VCE actively seeks to recruit through 3 particular ways, targeting the following groups.. Church congregation Community organisations that utilise the centre Wider community We have advertised for new trustees through the newsletter that we have produced prior to the pandemic and through VAS Volunteer Bureau. Charltable Aims and objectives Th8 objective of the Company is the promotion for the public benefit of urban regeneratioii in areas of social and economic deprivation and in particular the City of Sheffield by the following means., 1) The relief of poverly 2) The advancement of education, tralning and retraining, particularly among unemployed people, providing unemployed people with work experience. 3) The provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, poverty of social and economic circumstances, have need of such facilities. Mission To give and sustain hope in this area of Sheffield by creating a centre where all mernbers of the community feel they are welcome and valued and can have access to facilities which will enhance the quallty of their life through recreation, social and educational events, worship, friendship and fun. Page 4
Victorla Community Enterprise Limited Directors" report (Incorporatlng the Trustees" annual report) for the year ended 31 March 2024 Aims 1. To create a well-managed, warm and welcoming centre that is open to and fully used by the local community. 2. To promote qreater community cohesion by building bridges of understanding between Victoria Community Enterprise Limited, was incorporated on 28 March 2001 and it's 3. To have a particular concern for the needs of the most vulnerable, e.g. by encouraging the provision of suitable facilities and services for the elderly, children and youn seekers 5. To provide a base for organisations offering training and education 6 . To work with other orqanisations with similar aims to create partnerships that strengthen service delivery and complement each others, activities. 7. To provide the resources, through appropriate18ttings, fundraising etc. to manage the centre and secure its long tenn viability The charity provides provision of space to commercial, charitable, voluntary and local groups with subsidised rents available for certain criteria. Whllst plannlng thelr activities the trustees have had regard to the guidance issued by the Charity Commission on public benefit. Achievements and Performance Our loyal group of trustees continue to meet very regularly; indeed, our meetings have been held at least every two months during the past year, due to the issues presented lo the board. A local councillor Laura Moynahan, joined the board during the year, and brings a wealth of experience with her. Claude Kimpinde automatically joined the board due to his taking on the role of minister at the Victoria Methodist Church when Lisa left. As ever, we welcorne any interested people to get in touch if they wish to join the board and have a keen interest in SUDDOrtina the local communitv. The board endeavours always to keep the building a wam, welcoming and safe space for our users. A large part of ensuring this is done by our very loyal, local team of cleaners, Gina and Riaz, who keep us on our toes and well-informed when repairs are needed. As with last year, we have not had sufficient funds to do any significant upgrading work in the building apart frorn some much needed decoration in one of our larger rooms which is used by a range of groups throughout the week. Necessary maintenance continues to take first place, alongslde health and safety related needs and the board has a full and clear picture of the annual and rnonthly checks which must b8 done and recorded. In June Nadia became our new coordinator and she made a big impact with our users and local cornmunity. There seemed a lot to do post-pandemic and some gaps to fill. Having worked with us for just a year, Nadia left in the summer of 2024 to pursue new ¢hallenoes. Page 5
Victoria Community Enterprise Limlted Directors. report (incorporating the Trustees. annual report) for the year ended 31 March 2024 Plans for the Future Looking ahead we can see lurther challenges, most ot them concerning the tabric of the building. As it is a listed building, there are many considerations to be taken into account when making any repairs and changes, and these are not easily overcome and implemented. We look forward to hearing from the Methodist circuit in the very near future about their plans for their properties within Sheffield, as they are the owners of the building. Our utilities bills have increased beyond measure since November 2023, when our contracts came lo an end. To make the building more sustainable and energy efficient would be so worthwhile and sensible, but again this in not an issue the VCE bnard can taka on. Victoria Community Enterprise Limited, was incorporated on 28 Mai'ch 2001 and it's Memorandum and Articles of Association govern it. Its legal status is that of a company limited by guarantee and a registered charity. It has no share capital and the liability of each member in the event of windinq-up is limited to £1. The community centre has stayed strong and resilient over the past year, despite cost of living issues having an impact on our users and therefore on our local community. We have retained most of our tenants and weekly users and have welcomed a range of new users, such as a slnging group of dementia sufferers and their carers, and another anonymous group. The two groups who meet for social reasons continue to make the space feel warm and welcoming each week. Long may they flourish. Our income has not grown significantly, but our costs have risen a lot and we have had to make some difficult decisions, and I feel there will inevitably be more to come. Page 6
Vlctoria Community Enterprlse Llmlted Directors" report (incorporatlng the Trustees. annual report) for the year ended 31 March 2024 Flnanclal Revlew The financial statements are set out in pages 10 to 18. Income for the year has decreased by £5,378 in 2024. Total income in the year is £41,393 compared with £46,771 in 2023. Th8 trustees remain extremely grateful for the generosity of all our grant providers (detailed in note 12 to the accounts) and other supporters of the charity. Total expenditure during the year vtss £47,757 (2023: £46.718), resulting in a deficit of £6,364 (2023: surplus £53). The charity has funds carried forward at 31 March 2024 of £42,081 (2023: £48,441) of which £13,127 (2023: £11,482) are restricted funds, £15,901(2023: £23.906) are unrestricted funds and desiqnated funds of £13.053 (2023.. £13.053). Reserves pollcy Ih Victoria Community Enterprise agreed at the Board meeting 29 October 2024 the following reserves policy statement: The res&rv8s policy of VictOTia Community Enterprise is that the company will retain 3 months operational runnlng costs In order to facilitate Ihe winding up of the company In the event of the directors agreeing at a Board meeting that the organisation is no longer viable. The operational wind-up costs will ensure that any creditors will be paid and redundancy costs rnet. The sum needed to cover the wind-up costs to be held as unrestricted free reserves. 6t As of the 31 March 2024 the company had free reserves of £15,901 {£23,906 2023). In addition to the 3 months operational costs the Directors have designated reserves for the followinq use: 1. Communlty Fund of £3,053 to support new groups with their rent. 2. A fund to cover costs of dilapidation, health and safety maintenance and repairs and a fund to cover the winding up of the lease, should that occur in 2028. Pagè 7
Vlctorla Community Enterprise Limlted Dlrectors. report (incorporatlng the Trustees" annual report) for the year ended 31 March 2024 Exemptions The directors have taken advantage of the exemptions available to small companies including the audit exemption (see statement on balance sheet). Vlctorla Communtty Enterprise Llmlted, was Incorporated on 28 March 2001 and It's Company law requires the directors lo prepare financial statements for each financial year, which give true and fair view of the state of affairs of the company at the end of the year and of the surplus of deficiency for Ihe year then ended. In preparing those flnancial statements for each financial y8ar, the directors are requlred to: select suitable accounting policies and then apply thern on a consistent basis, making judgements and estimates that are prudent and reasonable. The directors must also prepare the financial statements on the going concern basis unless it is appropriate to presume that th8 charitv will continue in business. The directors are responsible for keeping proper accounting records which disclose, with reasonabla accuracy at any tlme, the financial posilion of the company, and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Small company provisions: This report has been prepared in accordance with the special provislons for small companies under part 15 of the Companies Act 2006. The directors declare they have approved the directors, annual report above. Signed: Date: 18 Nfvbo( 1¥ Print name: Director Page 8
Independent examlners report to the trustees of Victoria Communlty Enterprlse Llmlted for the yaar ended 31 March 2024 I report to th8 charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of 145 of the Charities Act 2011 Act ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlners statement I hav8 completed my examination. I confirm no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the accounling requirements of section 396 of the 2006 Act other than any requir8n18nl that th8 accounts five a Irue and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed: 2.4&/ts'LJ Aayush Tekriwal Community Accountancy Service Voluntary Action Rotherham Ltd The Spectrum Coke Hill Rolherham, S60 2HX Date: Page 9
Victoria Community Enterprise Limited Statement of Financial Activities for the year ended 31 March 2024 Unrestrlcted Restricted Funds Funds 2024 Total 2023 Total INCOMING RESOURCES Donations & Grants Charitable Activities Investment Income - Bank Interest 150 3 37,598 265 3,380 3,530 37,598 265 4,479 42,245 47 TOTAL INCOMING RESOURCES 38,013 3,380 41,393 46,771 RESOURCES EXPENDED Charitable Activities 4 46,021 1,736 47,757 46,718 TOTAL EXPENDED RESOURCES 46,021 1,736 47,757 46,718 Net Incomelexpendlture (8,008) 1,644 (6,364) 53 Transfer8 between funds Net movement in funds {8,008} 1,644 (6,364) 53 Total funds brought forward 36,959 11,482 48,441 48,388 Total funds carried forward 28,951 13,126 42.077 48,441 This Stalement of Financial Activities includes all gains and10sses recognlsed in the year. All the actlvlties of the charitable company are classed as continuing. Prlor year income includes reslricted income from donations and grants of £4,225. All other prlor year income is unrestricled. Prlor yaar expenditure includ8s expenditure on charitable activities from restricted funds of £3,678. All other prior year expenditure is unrestricted. Page 10
Victoria Community Enterprise Limited Balance Sheet at at 31 March 2024 2024 2023 Notes Fixed Assets Tangible fixed assets 4,217 4.961 Current Assets Debtors Cash at Bank and in hand Total Current Assets 3,060 35,594 38,654 1,836 43,229 45,065 Liabilities Creditors - due within one year Total Liabilities {790} (790) (1,585) (1,585) Net Current Assets 37,864 43,480 Net Assets 42,081 48,441 Represented by: General Funds Designated Funds Restricted Funds Totsl Charity Funds 15,901 13,053 13,127 42,081 23,906 13,053 11,482 48,441 11 12 The notes on the following pages form part of these financial statements. For the perlod ending 31 March 2024, Ihe company Is entitled lo th8 audlt exemption under 477 of the Companles Act 2006. The members have not requlred the company lo obtaln an audit In accordance wlth section 476 of the Companles Act 2006. The dlrectors 8cknowledge their responsibllities for comptying wlth the requiremenls of the Act with respecl to accounting records and the preparation of accounts, These accounts have been prepared In accordance wlth th8 provisions aprAicable to companies subject lo the Small companies regime. The directors declare that they have approved the accounts above. Signed on behalf of the company's dlrectors= Signed: Date: Print name: Director Page 11
Victoria Community Enterprise Llmlted Notes to the flnanclal statements for the year ended 31 March 2024 1 Accounting policies a) Basis of preparation The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS102)) and the Companies Act 2006. Vlctoria Cornmunity Enterprise meets the definition of a public benefit entity under FRS102. Assets and liabllitles are initially recognised at historical cost or Iransaction value, unless othenvise stated in the relevant accounting policy note(s). b) Going concern After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that th8 group has adequate resources to continue In operation for the foreseeabl8 future. The charity therefore continues to adopt th8 going concern basis in preparing its financial statements. c) Incomlng Resources All material incoming resources have been induded in the Statement of Financial Activities when the charity is entitled to the income, when any performance conditions attached are mel, when it is probable that the income will be received and when the amount can be measured reliably. Income from rents is accounted for during the period to which the room or office was hired. Grant income is deferred if the period the monies relate to is specified or indicated by the funder. No amount is includ8d in the financial statements for volunteer time in line with the SORP {FRS102). d) Resources Expended Expendlture is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can b8 measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurr8d. Page 12
Victoria Communlty Enterprlse Notes to the financial statements for the year ended 31 March 2024 e) Tanglble flxed assets All items of capital expenditure below £500 are written off as incurred. D8preciation has been calculated to write down Ihe cost of all langible fixed assets over their expected useful lives on the following basis: Kitchen equipment Electrical equipment Furniture 150/0 reducing balance 150/0 reducing balance 150/0 reducing balance Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid inveslments that are readily convertibl6 to a known amount of cash and are subiect to an insianificant amount of chanae in value. g) Trade Debtors Trade debtors are amounts du8 from customers for m8rchandise sold or services P8rfom6d In the ordinary course of business. h) Trade Credltors Trade creditors are obligalions to pay for goods or services that have been acquired In the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reportlng period, to defer settlement of the Greditor for at least twelve months after the reporting date, they are presented as non-current liabilities. l) Fund Accounting Unrestricted funds are donations and other Income recelvable or generated for the objects of the organisation without further specified purpose and are available as qeneral funds. Restricted funds are to be used for specific purposes as laid down by the donor. Designated funds are set aside by th8 charity's trustees for a specific purpose. J) Penslon cosls and other post-retlrement beneflts The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scherne are charged to the Statement of Financial Activities in tha period to which they r8lal8. Page 13
Vlctorla Communlty Enlerprlsa Notes to the financial statements for the y&ar ended 31 March 2024 2 Income from donatlons & grants Unrestricted Restricted Funds Funds Total Unrestrlcted Restrlcted 2024 Funds Funds Total 2023 Donations Grants MCDT- Dementia Café 150 150 254 254 3.380 3,380 3.380 3.530 4,225 4,225 4,225 4.479 150 254 3 Income from Charllable Actlvltlè8 Rent Olher Income 37.160 438 37,598 37.160 438 37,598 42.245 42,245 42,245 42,245 4 Expondlture on Charltablé ActSvltles Unrestrlcted Reslrlcted Funds Funds Tolal Unreslrlcled Restrlcted 2024 Funds Funds Total 2023 Salary Costs Utilities Bulldlng maintenance Tdephone and Internet Cleanlng Bookkeeplng servlces and tralnlng Insurance Olher expendlture D8preciallon Independent examlners fee Payroll cosls Prlnllng. slatlonery 8nd publlcattons Bad dabls Travel and transport Equlpment Volunteer Exp8nse8 19.440 12,335 6,049 1,525 1.287 1,144 1,003 785 744 715 602 272 116 1,736 21.176 12,335 6,049 1.525 1.287 1.144 1.003 785 744 715 602 272 116 20,155 7,542 2,907 714 539 848 7,196 2,545 22,700 7,542 2,907 714 539 848 7,196 629 875 750 427 218 531 21 811 10 46,718 221 875 750 427 218 531 21 774 10 43,040 37 46,021 1,736 47.757 3,678 Pa 14
Victoria Community Enterprlse Limited Notes to the financial statements for th8 year ended 31 March 2024 5 Tangible fixed assets Kitchen Electrical Furniture Total Cost at 1 April 2023 Additions At 31 March 2024 1,871 23,621 12,560 38,052 1,871 23,621 12,560 38,052 Depreciation at l April 2023 Charge this period Disposals at 31 March 2024 1,190 102 20,014 541 11,887 101 33,091 744 1.292 20,555 11,988 33,835 Net Book Value at 31 March 2024 579 3,066 572 4,217 at 31 March 2023 681 3,607 673 4,961 6 Debtors 2024 2023 Prepayments Trade debtors Less- Provision for Doublful Debts 492 2,672 (104> 3,060 438 1,398 1,836 7 Credltors 2024 2023 Accruals Creditors 715 75 715 870 1,585 790 8 Staff Costs 2024 2023 Wages and Salaries Employers Pension Costs 20,924 251 21,175 22,382 318 22,700 The average number of employees during the period was 4 (2023: 4) No employee received emolurnents of more than £60.000. (2023: none). Page 15
Victoria Community Enterprise Limited Notes to the financlal statements for the year ended 31 March 2024 9 Trustee and key management remuneration, benefits and expenses The Trustees received no remuneration, benefits or expenses in this period. (2023: none). 10 Related party transactlons V Ambler, a directorltrustee of the company is the MD of The Hive,a tenant of VCE and as such pays rent to VCE. D Mathews, a directorltrustee of the cornpany vS a key part of the management personnel of Manor and Castle Development Trust Ltd, until 3rd August 2023. MCDT have commissione( VCE to deliver the Dementia Café. There were no other related paty transactions during the year. 11 Movement In funds Openlng Incoming Resources Balance Resources Expended Transfers Closlng Balance Deslgnated funds Community fund MaintenancelLease fund 3,053 10,000 13,053 3,053 10,000 13,053 Communlty fund - the fund supports new groups with their rent. No discounted rents have been given this year. MaintenancelLease fund - this fund has been set aside to cover costs of dilapidation, health and safety maintenance and to cover the wlndlng up of the lease in 2028, should that OCGUr. Page 16
Vlctorla Communlty Enterprlse Llmlted Notes to the flnanclal statements for the year ended 31 March 2024 12 Restrlcted Funds Openlng Incoming Resources Transfers Balance Resources Expended Closing Balance Ward Pol - Exerclse sesslons Health & Wellbelng fund - Sewing Room Fixed Assets Dementia Caf Forgel Me Not- Singing Group 750 87 1.989 6,664 1,992 11,482 750 87 1,989 8,308 1.992 13,126 3,380 1,736 3.380 1.736 Ward Pot - Exerclse s6sslons - this was a small grant from the local authorities ward pot to provlde funds for g8ntle exercise for older adults Heath & Wellbelng fund: Sewlng - this was a small grant from The Sewing Room to provlde funds for sewing sessions to support local health and wellbeing. Dementla Café - This is a subcontract agreement. delivered on behalf of MDCT It funds th6 mamory café and 4 hours of coordinators time to support Forget Me Not- a singing group based In Vlctorla Centre that supports people with dernentia, carers, cancer survivors Page 17
Victoria Communlty Enterprise Limited Notes to the financial statements for the year ended 31 March 2024 13 Net assets by fund General Deslgnated Restrlcted funds funds funds Total 2024 Tangible assets Current assets Current liabilities 2,147 14,544 790 15,901 2,070 11,057 4,217 38,654 790 42,081 13,053 13,053 13,127 Prior year General Deslgnated Restrlcted funds funds funds Total 2023 Tangible assets Nat curr9nt 8ssets Current liabilities 2, 526 22,965 (1, 585) 23, 906 2,435 9,047 4,961 45,065 (1,585) 48,441 13,053 13,053 11,482 Page 18