Victoria Community Enterprise (A company limited by guarantee) Financlal Statements for the year ending 31 March 2025 Charity number: 1093224 Company number: 04189044 Voluntary Action Rotherham The Spectrum, Coke Hlll, Rotherham, S60 2HX Tel. 01709 829821 Fax.. 01709 829822 Email.. adniin@varotherham.or9.uk Web.. www.varotherham.org.uk
Victoria Community Enterprlse Limited Contents of the financial statements for the year ended 31 March 2025 Page Legal and Administrative Infomiation Directors (Trustees) Annual Report Independent Examiners Report Slatement of Financial Activities 10 Balance Sheet 11 Notes to the Financial Statements 12-18
Victoria Community Enterprise Limited Administrative details for the year ended 31 March 2025 Registered charity number 1093224 Registered company number company limited by guarantee 4189044 Directors (Trustees): C Judson C Kimpindi D Mathews (Treasurer) J Grundy (Chair) M Harrison (Secretary) N Newman V Ambler J Gooch R8gisterèd offieo Victoria Methodist Church stafford Road Sheffield S2 2SE Bankers Lloyds Bank High Street Sheffield S12GA Independent examiner Prathibhani Herath an ernployee of Voluntary Action Rotherham The Spectrum Coke Hill Rotherham S60 2HX Page 3
Victoria Community Enterprise Llmited Directors- report (Incorporating the Trustees. annual report) for the year ended 31 March 2025 Structure, governancg and management Victoria Community Enterprise Limiled. incorporated on 28 March 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 winding-up is limited to £1. Overall management of the Charity is the responsibility of Ihe trust8e directors who are elected and co-opted under the terms of the Mernorandum and Articles of Association. Day to day project activity is carried out by paid staff and volunteers. Recruitment and appointment 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 lo the pandemic and through VAS Volunteer Bureau. Charltable Aims and objectives The objective of the Company is the prornotion for the publlc benefit of urban regenerallon in areas of social and economic deprivation and in particular the City of Sheffield by the following means.. 1) The r81ief of poverty 2) The advancement of educalion, training and retraining, particularly among unernployed 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 econornic circumstances, have need of such facilities. Mission To give and sustain hope in this area of Sheffield by creating a c8ntre wher8 all members of the community feel th8y are welGome and valued and can have access to facilities which will enhance the quality of Iheir life through recreation. social and educational events, worship, friendship and fun. Page 4
Victoria Communlty Enterprise Limited Directors" report (incorporating the Trustees annual report) for the year ended 31 March 2025 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 greater community cohesion by building bridges of understanding between different generations 3. To have a particular concern for the needs of the most vulnerable, e.g. by encouraging the provision of suitable facilities and serrfices for the elderly, children and young 4. To be a focal point for the community on issues such as the environment and asylum seekers 5. To provide a base for organisations offering training and education 6 . To work with other organisations with similar aims to create partnerships that strengthen service delivery and complement each others, activities. 7. To provide the resources, through appropriate lettings, fundraising elc. to manage the centre and secure its long term viability The charity provides provision of space to commercial, charitable, voluntary and local groups with subsidised rents available for certain criteria. Whilst planning their activities the trustees have had regard to the guidance issued by the Charity Commission on public benefit. Achievemonts and Performance The Centre continues to remain open, and in good heart, despite a difficult environment for cornmunity centres such as ours to flourish. Trustees have met Very regularly to ensure that tlmely decisions, especially those concerning finance. can be made and to agree future actions. At the time of writing the centre is able to stay open and to carry out all its usual functions for the coming year. We are discussing the future at each meeting of trustees, as the financial situation fluctuates. Debbie MatheV, our treasurer, has been assiduous in keeping finances under control and in reporting on them to the board. Natalie Newman has ensured that the centre is fully compliant with all the actions necessary for the health and safety of the building and all its users. There is a full and complete annual buildings checklist which ensures that all checks are done within the agreed time limits. Training has been provided for those people who carry out the checks. Laura Moynahan left us during the year, having provided valuable support and advice during her tenure. Trustees continue Io seek new members to join the board. I stood down as Chair in November and in the interim all trustees take on the role of chair on rotation at our rneetings. Rents were raised in June in order to enable us lo meet all our financial commitments. However, the ongoing rises in energy costs, insurance costs, and general maintenance has a huge impact on our ability to carry out any improvement works in the building, which was set up in its current configuration well over 20 years ago. We would love to be able re-evaluate some areas of the building as our needs have changed since the inception of VCE, but that is not feasible durinq the cominq year. Page 5
Victoria Community Enterprise Limited Directors" report (incorporatlng the Trustees" annual report) for the year ended 31 March 2025 An office became vacant when Penderels trust vacated. and for a few months that space was occupied by another user who improved the room and installed laminate flooring. Bookings on a one-off basis have been steady. Nadia Asghar, as coordinator, left the centre in June, and for several months the centre was run by a team from the board of trustees. This was an interim solution, and the board has now appointed a coordinator on reduced hours. to ensLJre continuity for all our users. Plans for the Future Looking ahead, we continue to face challenges and opportunities. Our lease will come to an end in 2028, and the board is in communication with both the Church council and the District, as we work in partnership to make plans for the future of Victoria Community Enterprise. Page 6
Victoria Community Enterprise Limlted Directors. report (incorporating the Trustees. annual report) for the year ended 31 March 2025 Financial Revlew The financial statements are set out in pages 10 to 18. Income for the year has increased by £12,101 in 2025. Total income in the year is £53,494 compared with £41,393 in 2024. The 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 was £58,695 (2024: £47,757), resulting in a deficit of £ 5,201 (2024.. deficit £6,364). The charity has funds carried forward at 31 March 2025 of £36,880 (2024: £42,081 > of which £1,358 (2024:£13,127) are restricted funds, £22,470 (2024: £15,901) are unrestricted funds and designated funds of £13,053 (2024: £13,053). Reserves policy Victoria Community Enterprise agreed at the Board meeting 29 October 2024 the following reserves policy statement: The reserves policy of Victoria Community Enterprise is that the company will retain 3 months operational running costs in order to facilitate the 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. $1 As of the 31 March 2025 the company had free reserves of £22,470(2024:£15,901). In addition to the 3 months operational Gosts the Directors have designated reserves for the followinq use: 1. Cornmunity 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. Page 7
Vlctorla Community Enterprlse Limited Directors" report (incorporating the Trustees- annual report) for the year ended 31 March 2025 The directors have taken advantage of the exemptions available to small companies including the audit exemption (see statement on balance sheet). Victoria Community Enterprise Limited. was incorporated on 28 March 2001 and it's Company law requires the directors to prepare financial statements for each financial year, which give true and fair view of the state of affairs of the company al the end of the year and of the surplus of deficiency for the year then ended. In preparing those financial statements for each financial year, the directors are required lo: select suitable accounting policies and then apply them on a consistent basis, making Judgernents and estimates that are prudent and reasonable. The directors must also prepare the financial statements on the going concern basis unless it is appropriale to presume that the charity will continue in business. The directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time. the financial position 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 Ihe 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 provisions for small companies under part 15 of the Companies Act 2006. The directors declare they have approved the directors, annual report above. Signed: Date: Print name: Director Page 8
Independent examiners report to tho trustees of Vlctoria Community Enterprise Limited for the year ended 31 March 2025 I report to the charity trustees on my examination of the accounts of the Company for the The financial slatements are set out in pages 10 to 18. Responsibilitles 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 AcV}. Having satisfied myself that the accounts of the Company are not required to b8 audited under Part 16 of the 2006 Act and ar8 eligible for independent examination, I report in respect of my examination of your charitys accounts as carried out under section 145 of 145 of the Charities Act 2011 Acl {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Chaiity Commission under section 145(5)(b) of the 2011 Act. Independent examiners statement I have completed my examination. I confirm no matters have come to my attention in connection with the examination giving me caus8 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 accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts five a 'true and fair view which 18 not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Praclice 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 connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date: g-lh DA)oLrfibi¥ 2o>F Prathibhani Herath ACMA, CGMA Community Accountancy Service Volu ntary Action Rotherham Ltd The Spectrum Coke Hill Rotherham, S60 2HX Page 9
Victorfa Community Enterprise Limlted statement of Financial Activities for the year ended 31 March 2025 Unrestricted Restricted Funds Funds 2025 Total 2024 Total INCOMING RESOURCES Donations & Grants Charitable Activities Investment Income - Bank Interest 3,682 3 48,136 268 3,682 49,544 268 3,530 37,598 265 1,408 TOTAL INCOMING RESOURCES 52,086 1,408 53,494 41,393 RESOURCES EXPENDED Charitable Activities 56,744 1,951 58,695 47,757 TOTAL EXPENDED RESOURCES 56,744 1,951 58.695 47,757 Net Incomelexpenditure (4,658> (543) (5,201) (6,364) Transfers between funds 11,226 (11,226) Net movement in funds 6,568 (11,769) (5,201) (6,364) Total funds brought forward 28,954 13,127 42,081 48,445 Total funds carried forward 35,522 1,358 36.880 42,081 This Statemeiit of Financial Activities includes all gains and losses recognised in th6 year. All the activities of the charitable cc*npany are dassed as continuing. Prior year income includes restricted income frorn donations and grants of £3,380. All other prior year income is unrestricted. Prior year expenditure includes expenditure on charilable activities from restricled funds of £1 ,736. All other prior year expenditure is unrestricted. Page 10
Victoria Community Enterprise Limited Balance Sheet at at 31 March 2025 2025 2024 Notes Fixed Assets Tangible fixed assets 3,585 4,217 Current Assets Debtors Cash at Bank and in hand Total Current Assets 2,215 31,993 34,208 3,060 35,594 38,654 Liabilities Creditors - due within one year Total Liabilities (913) (913) {790) {790) Net Current Assets 33.295 37,864 Net Assets 36,880 42,081 Represented by: General Funds Designated Funds Restricted Funds 22,470 13,053 1,358 36,880 15,901 13,053 13,127 42,081 11 12 Total Charity Funds The notes on the following pages form part of these financial statements. For Ihe period ending 31 March 2025, Ihe company is entitled to the audit exemptlon under 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with seclion 476 of the Companies Act 2006. The dlrectors acknovledge their responsibilities for complying with the requirements of the Act with respect to accountlng records and the preparatlon of accounts. Those accounts have been prepared in accordance With the provlsions applicable to companles subject to the small companies regime. The directors declare that they have approved the accounts above. Signed on behalf of the companvs directors: Signed: Date: zo25 Print name: Prel Isrj Director Page 11
Vlctorla Communlty Enlerprise Limited Notes to the financial statements for the year ended 31 March 2025 1 Accounting policles 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 Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS102)) and the Companies Act 2006. Victoria Community Enterprise meels the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise 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 the group has adequate resources to continue in operation for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial slatements. c) Incomlng Resources All material incoming resources have been included in th8 Statem8nt of Financlal Activities when the charity is entitled to the income, when any performance conditions attached are rnet, when it is probable that the income will b8 received and when th8 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 included in the financial statements for volunteer time in line with the SORP (FRS102). d) Resources Expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation Gan be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Page 12
Victoria Communlty Enterprlse Notes to the financial statements for the year ended 31 March 2025 e) Tangible fixed assets All iterns of capital expenditure below £500 are written off as incurred. Depreciation has been calculated to write down the Cost of all tangible fixed assets over their expected useful lives on the following basis: Kitchen equipment Electrical equipment Furniture 15 % reducing balance 15 % reducing balance 15 % reducing balance fj Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and oth8r short-term highly liquid inv8Stments Ihat are readily convertible to a known amount of cash and are subject to an insignificant amount of change in valu8. g) Trade Debtors Trade debtors are amounts due frorn customers for merchandise sold or services performed in the ordinary course of business. h) Trade Creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary Gourse 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 reporting period, lo defer settlement of the creditor for at least twelve months after th8 reporting date, they are presented as non-current liabiliti8S. l) Fund Accounting Unrestricted funds are donations and other income receivable or generated for the objects of the organisation without further specified purpose and are available as general funds. Restricted funds are to be used for specific purposes as laid down by the donor. Designated funds are set aside by the charitvs trustees for a specific purpose. J) Pension costs and other post-retirement beneflts The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financlal Activities in the period to which they relate. Page 13
Vlctoyla Communlty EnleTprlse Noles lo Ihe financial statement5 for tho year 8nded 31 Mar¢h 2025 2 Income Irom donallons & grants Unrèstrictèd R•strl¢ted Fund8 Funds Total 2025 Unro8trlct¢d Funds Re8tricted Funds Total 2024 Donallons Grants MCDT- Dgm8nlia Café 354 3,328 354 3,328 150 150 3,380 3,530 3.682 3.682 130 3,380 3 Incomg from Charltable Actlvftlo8 Rent Other Income 38,836 9,300 48,136 1.408 40.244 37.160 438 37.160 438 37,598 1,408 49,544 37,598 4 ExpendltuTe on Charltablé Actlvltl88 Unr•strlct•d R08tr1cted Funds Funds Total 2025 Unr68trlct8d Fund$ Re$trlct Funds Total 2024 Salary Costs Uttlllles BLtilding malnl8nanco Telephon& and Iniernel Cleanlng Bookkeeplng servlces and training Insurance Olhgr gxpgnditure Depreclallon Independenl examlneTS fe8 Payroll costs Prlnllng, slallonery and publlcallons B8(5 deb18 Travel and transport Equlpment Volunteer Exponsos 14.264 16,243 11.390 1,252 1.052 1.789 8.016 390 1.319 15,583 16,243 11.390 1.252 1.052 1,789 8,016 390 632 715 285 219 946 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 1,003 785 744 715 832 715 285 219 946 272 116 183 183 56,744 1,951 5B,695 46,021 1.736 47,757 P14
Vlctorla Community Enterprlse Llmlted Notes to the financial statements for the year ended 31 March 2025 5 Tangible fixed assets Kltchen Electrical Furniture Total Cost at 1 April 2024 Additions At 31 March 2025 1.871 23,621 12,560 38,052 1,871 23,621 12,560 38,052 Depreciatlon at 1 April 2024 Charge this period Disposals at 31 March 2025 1.292 87 20,555 460 11,988 86 33,835 632 1,379 21,015 12,074 34,467 Net Book Value at 31 March 2025 492 2,606 486 3,585 at 31 March 2024 579 3,066 572 4,217 6 Debtors 2025 2024 Prepayments Trade debtors Less- Provision for Doubtful Debts 492 2,672 (104) 3,060 3,265 (1,050) 2,215 7 Credltors 2025 2024 Accruals Creditors 913 715 75 913 790 8 Stsff Costs 2025 2024 Wages and Salaries Employers Pension Costs 15,455 128 15,583 20,924 251 21,175 The average number of employees during the period was 4 (2024: 4) No employee received emoluments of more than £60,000. (2024: none). Page 15
Victoria Community Enterprise Limited Notes to the financial statements for the year ended 31 March 2025 9 Trustee and key management remuneration, benefits and expenses The Trustees received no remuneration, benefits or expenses in this period. (2024: none). 10 Related party transactlons V Ambler. a directorl trustee of the company is the MD of The Hive,a tenant of VCE and as such pays rent to VCE. D Mathews, a directorl Irustee of the company is a key part of the rnanagernent personnel of VCE and a trustee of HOPE. C Judson, a directorltrustee of the Company is also an emplyee of MASKK. MASKK pays for meeting space bookings at VCE. There were no other related party transactions during the year. 11 Movemenl In funds Opening Incomlng Resources Balance Resources Expended Transfers Closlng Balance Designated 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. MalntenancelLease fund - this fund has been set aside to cover costs of dilapidation, health and safety maintenance and lo cover the winding up of the lease in 2028, should that occur. Page 16
Victoria Community Enterprlse Limited Notes to the financial statements for the year ended 31 March 2025 12 Restrlcted Funds Opening Incoming Resources Transfer6 Balance Resources Expended Closlng Balance Ward Pot- Exercise sesslons Health & Wellb8ing fund - Sewing Room Fix8d Assets Dementia Café Forgel M8 Not- Singing Group 750 87 1.990 8,308 1,992 13,127 {750) {87) 632 1,319 1.358 1.408 {8,397) {1,992) (11,226) 1,408 1,951 1,358 Ward Pot- Exerclse sesslons - this was a small grant from the local authorities ward pot to provide funds for g8ntl8 exercise for older adults Heath & Wellbeing fund: Sewing - this was a small grant from The Sewing Room to provide funds for sewing sessions to support local health and wellbeing. Dementla Café - This is a subcontract agr88ment, deliv8red on behalf of MDCT It funds the memory café and 4 hours of coordinators time to support Forget Me Not - a slnglng group based in Vicloria Centre that supports people with dementla, carers, cancer survlvors Page 17
Victoria Community Enterprise Limited Notes to the financial statements for the year ended 31 March 2025 13 Net assets by fund General Designated Restricted funds funds funds Total 2024 Tangible assets Current assets Current liabilities 2,227 21,155 {913) 22,470 1,358 3,585 34,208 913 36,880 13,053 13,053 1,358 Prior year General Designated Restricted funds funds funds Total 2023 Tangible assets Net 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 Page 18