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2022-04-30-accounts

REGISTERED COMPANY NUMBER: 05105604 REGISTERED CHARITY NUMBER: 1105259

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

VOLUNTARY SECTOR CENTRES

VOLUNTARY SECTOR CENTRES

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

Page
Report of the Trustees 1 to 3
Report of the Independent Auditors 4 to 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 11 to 17
Detailed Statement of Financial Activities 18 to 19

VOLUNTARY SECTOR CENTRES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 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 30 April 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

Grantmaking

The Charity does not make any formal grants.

The company is registered as a charitable company, limited by guarantee and was set up by Memorandum of Association on 19 April 2004 and commenced activities on that day.

The principle object of the company is to :-

1) To improve the effectiveness, efficiency and economy of the administration of charities and in particular but without prejudicing the generality of the foregoing to provide office space with integrated services to such charities. 2) To support such charity or charities or such charitable purposes as the trustees in their absolute discretion think fit.

STRATEGIC REPORT Achievement and performance Review of activities

VSC has been running Charity Centres since 2004 as their primary vehicle for delivering the principle objective of the Charity set out above. Readers of this report can do so in conjunction with the VSCUK web site at www.vscuk.org

On the company web site readers of this report will see VSC is operating two charity centres. A Media Charity Centre at 226 Church Road, Willesden, London NW10 9NR and the Life Campus Charity Centre at Whitfield, Dover. ( There is also a Previous Properties section on the web site where VSC used to operate charity centres prior to the freehold owners redeveloping their buildings ).

The Media Charity Centre is leased and operated on behalf of the freehold owner, and not for profit corporation, known as Trinity Broadcasting Network based in the USA. The centre is a 32,000 sq ft programme production studios, broadcasting centre, and church complex incorporating sub leases to two charities, and also providing opportunity for a number of charities to hire the studios for days at a time to make programmes in the building. VSC works closely with each tenant and each short hire charity to improve their effectiveness, efficiency and economy, while providing them with the resources of the Media Charity Centre building.

The Life Campus Charity Centre , is part leased from freehold owner, Dover Port Authority and part leased from freehold owner Mansion Garden Estates. The combined area extends to nearly six acres in total. In addition VSC owns 37.13% of the Mansion Garden Estates. Full planning permission has been granted by Dover District Council for the development of this Freehold Site. The VSC Trustees have a long term vision to acquire the freehold interests of Dover Port Authority and Mansion Garden Estates. Both Freeholders are open to that event happening.

The Trustees see Life Campus as an innovative and creative charity centre of the future and expect it to drive long term income streams and asset growth for VSC.

VSC UK are committed to support those who have viable business or social enterprise ideas to bring their economic activity to fruition - through integrated training, mentoring, networking, financing and the provision of low cost office space.

VSC UK are actively looking for new buildings and facilities to own, lease and manage in line with the current strategy of working in partnership with Long Term Landlords to house particular charities that provide opportunity to VSC working alongside them to improve effectiveness, efficiency and economy of the administration of those charities.

Page 1

VOLUNTARY SECTOR CENTRES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

STRATEGIC REPORT Financial review Reserves policy

Voluntary Sector Centres will use funds as they become available to further the charity's objectives. Balances of unrestricted funds held in reserve will not exceed the equivalent of one quarters income. This will allow the charity to continue to fund ongoing activities should there be a significant drop in rental income. This will be reviewed on an annual basis to ensure the level of reserves remains appropriate.

Trustee's liability

The Trustee's of the company guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.

STRUCTURE, GOVERNANCE AND MANAGEMENT Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05105604 (Not specified/Other)

Registered Charity number 1105259

Registered office

226 Church Road Willesden London NW10 9NR

Trustees

N Marsh S D Mallison-Jones K Tripp

Company Secretary

N Marsh

Accountants

Higson APS Ltd

Bankers

HSBC Medway Street Chatham Kent ME4 4DN

Page 2

VOLUNTARY SECTOR CENTRES

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Voluntary Sector Centres 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, Higson APS Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 10 March 2023 and signed on the board's behalf by:

N Marsh - Trustee

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY SECTOR CENTRES

Opinion

We have audited the financial statements of Voluntary Sector Centres (the 'charitable company') for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY SECTOR CENTRES

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Higson APS Ltd 10 March 2023

Page 5

VOLUNTARY SECTOR CENTRES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Charity Centre - Life Campus
Charity Centre - Media
Investment income
3
Total
EXPENDITURE ON
Charitable activities
5
Donation
Charity Centre - Life Campus
Charity Centre - Media
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
fund
£
-
59,676
2,423,887
102
2,483,665
110,000
267,691
1,972,535
2,350,226
133,439
2,150,385
2,283,824		 2021
Total
funds
£
30,827
43,956
2,178,824
101
2,253,708
-
154,497
1,724,478
1,878,975
374,733
1,775,652
2,150,385

The notes form part of these financial statements

Page 6

VOLUNTARY SECTOR CENTRES

BALANCE SHEET 30 APRIL 2022

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds
TOTAL FUNDS		 2022
Unrestricted
fund
£
99,946
100
100,046
1,516,939
1,555,911
3,072,850
(412,020)
2,660,830
2,760,876
(477,052)
2,283,824
2,283,824
2,283,824		 2021
Total
funds
£
113,482
172,600
286,082
846,876
1,845,717
2,692,593
(237,841)
2,454,752
2,740,834
(590,449)
2,150,385
2,150,385
2,150,385

The financial statements were approved by the Board of Trustees and authorised for issue on 10 March 2023 and were signed on its behalf by:

N Marsh - Trustee

K Tripp - Trustee

The notes form part of these financial statements

Page 7

VOLUNTARY SECTOR CENTRES

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2022
2022
Notes
£
Cash flows from operating activities
Cash generated from operations
1
380,720
Net cash provided by operating activities
380,720
Cash flows from investing activities
Purchase of tangible fixed assets
(628)
Purchase of fixed asset investments
-
Sale of fixed asset investments
172,500
Interest received
102
Net cash provided by/(used in) investing activities
171,974
Cash flows from financing activities
New loans in year
(842,500)
Net cash (used in)/provided by financing activities
(842,500)
Change in cash and cash equivalents in
the reporting period
(289,806)
Cash and cash equivalents at the
beginning of the reporting period
1,845,717
Cash and cash equivalents at the end of
the reporting period
1,555,911		 2021
£
379,330
379,330
(11,721)
(100)
-
101
(11,720)
600,000
600,000
967,610
878,108
1,845,717

The notes form part of these financial statements

Page 8

VOLUNTARY SECTOR CENTRES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2022

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

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations		 2022
£
133,439
14,164
(102)
172,437
60,782
380,720		 2021
£
374,733
14,931
(101)
(11,977)
1,744
379,330

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.5.21
£
1,845,717
1,845,717
(9,551)
(590,449)
(600,000)
1,245,717		 Cash flow
£
(289,806)
(289,806)
(113,397)
113,397
-
(289,806)		 At 30.4.22
£
1,555,911
1,555,911
(122,948)
(477,052)
(600,000)
955,911

The notes form part of these financial statements

Page 9

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 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, with the exception of investments which are included at market value.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Costs have been allocated as deemed appropriate by the Trustee's.

Tangible fixed assets

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

Improvements to property - Over the duration of the lease - Plant and machinery 25% on reducing balance - Fixtures and fittings 15% on reducing balance - Computer equipment 33% on reducing balance

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 10

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

2.
DONATIONS AND LEGACIES
Grants
Grants received, included in the above, are as follows:
Job Retention Scheme
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Income as landlord
Charity Centre - Life Campus
Recharges
Charity Centre - Life Campus
Income as landlord
Charity Centre - Media
Managed services income
Charity Centre - Media
Programme income
Charity Centre - Media
Commission
Charity Centre - Media
Recharges
Charity Centre - Media
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Donation
-
Charity Centre - Life Campus
249,020
Charity Centre - Media
1,945,845
2,194,865		 Grant
funding of
activities
(see note
6)
£
110,000
-
-
110,000		 2022
£
-
2022
£
-
2022
£
102
2022
£
25,000
34,676
120,833
283,800
1,790,021
-
229,233
2,483,563
Support
costs (see
note 7)
£
-
18,671
26,690
45,361		 2021
£
30,827
2021
£
30,827
2021
£
101
2021
£
14,583
29,373
120,500
294,915
1,544,058
1
219,350
2,222,780
Totals
£
110,000
267,691
1,972,535
2,350,226

continued...

Page 11

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

6. GRANTS PAYABLE

Donation
The total grants paid to institutions during the year was as follows:
Living Seeds
Grace Enterprises		 2022
£
110,000
2022
£
90,000
20,000
110,000		 2021
£
-
2021
£
-
-
-

7. SUPPORT COSTS

Governance
Management
costs
£
£
Charity Centre - Life Campus
18,671
-
Charity Centre - Media
6,058
20,632
24,729
20,632		 Totals
£
18,671
26,690
45,361

8. NET INCOME/(EXPENDITURE)

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

Auditors remuneration
Depreciation - owned assets		 2022
£
5,540
14,164		 2021
£
8,990
14,930

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.

Trustees' expenses

There were trustee's travel expenses of £nil (2021 - £nil) reimbursed during the year ended 30 April 2022.

10. STAFF COSTS

STAFF COSTS
Wages and salaries 2022
£
1,086,321
1,086,321		 2021
£
967,007
967,007

continued...

Page 12

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

10. STAFF COSTS - continued

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

Administration
Charity Centre Operation
Studio
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charity Centre - Life Campus
Charity Centre - Media
Investment income
Total
EXPENDITURE ON
Charitable activities
Charity Centre - Life Campus
Charity Centre - Media
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
1
6
24
31		 2021
4
7
19
30
Unrestricted
fund
£
30,827
43,956
2,178,824
101
2,253,708
154,497
1,724,478
1,878,975
374,733
1,775,652
2,150,385

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

Page 13

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

12. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Improvements
to
property
£
COST
At 1 May 2021
96,440
Additions
-
At 30 April 2022
96,440
DEPRECIATION
At 1 May 2021
27,619
Charge for year
5,675
At 30 April 2022
33,294
NET BOOK VALUE
At 30 April 2022
63,146
At 30 April 2021
68,821		 Plant and
machinery
£
2,140
-
2,140
42
525
567
1,573
2,098		 Fixtures
and
fittings
£
74,318
-
74,318
39,421
5,235
44,656
29,662
34,897		 Computer
equipment
£
19,782
628
20,410
12,116
2,729
14,845
5,565
7,666		 Totals
£
192,680
628
193,308
79,198
14,164
93,362
99,946
113,482

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Unlisted
investments
£
MARKET VALUE
At 1 May 2021 172,600
Disposals (172,500)
At 30 April 2022 100
NET BOOK VALUE
At 30 April 2022 100
At 30 April 2021 172,600

There were no investment assets outside the UK.

During the year to 30 April 2022, the original investment was hived off into a wholly owned subsidiary, Voluntary Sector Centres 1 Ltd and a further loan was made to the subsidiary in the year for the purpose of the acquisition of further shares in Mansion Garden Estates Ltd (MGE)(total share 37.13%), with the total loan balance at the year end of £842,500. The Trustees believe this loan is fully secured and will continue towards their objectives of ultimate control over MGE and therefore the freehold of the educational charity centre.

continued...

Page 14

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Tenant & trade debtors
239,474
Amounts owed by group undertakings
842,500
Other debtors
25,581
Prepayments
409,384
1,516,939		 2021
£
302,047
-
17,037
527,792
846,876

Development expenses for the Life Campus project previously carried forward in prepayments were reviewed for impairment at the year end and a write down of £119,250 was put through the income and expenditure account in this regard.

The intercompany loan balance is in respect of a loan to the wholly owned subsidiary, Voluntary Sector Centres 1 Limited to facilitate the purchase of shares in Mansion Garden Estates Ltd, the freeholder of the "Life Campus" site.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 17)
Trade creditors
Social security and other taxes
VAT
Other creditors
Deferred income
Accrued expenses		 2022
£
122,948
101,536
20,356
75,923
-
62,617
28,640
412,020		 2021
£
9,551
63,420
14,543
67,678
505
51,600
30,544
237,841

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 17)
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years		 2022
£
477,052
2022
£
122,948
151,706
325,346		 2021
£
590,449
2021
£
9,551
113,401
477,048

17. LOANS

continued...

Page 15

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are a
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.5.21
£
2,150,385
2,150,385
Incoming
resources
£
2,483,665
2,483,665
At 1.5.20
£
1,775,652
1,775,652
s follows:
Incoming
resources
£
2,253,708
2,253,708		 Net
movement
in funds
£
133,439
133,439
Resources
expended
£
(2,350,226)
(2,350,226)
Net
movement
in funds
£
374,733
374,733
Resources
expended
£
(1,878,975)
(1,878,975)		 At
30.4.22
£
2,283,824
2,283,824
Movement
in funds
£
133,439
133,439
At
30.4.21
£
2,150,385
2,150,385
Movement
in funds
£
374,733
374,733

continued...

Page 16

VOLUNTARY SECTOR CENTRES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.5.20
£
1,775,652
1,775,652		 Net
movement
in funds
£
508,172
508,172		 At
30.4.22
£
2,283,824
2,283,824

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
4,737,373
4,737,373		 Resources
expended
£
(4,229,201)
(4,229,201)		 Movement
in funds
£
508,172
508,172

19. RELATED PARTY DISCLOSURES

The Charity is landlord to Governance Ministries Charity (1051780) - a Charity that has Trustees in common - at the London Studios. Transactions are conducted at market value.

The loan made by the Charity to Voluntary Sector Centres 1 Ltd (a wholly owned subsidiary) is disclosed in notes 13 and 14 to the accounts.

Page 17

VOLUNTARY SECTOR CENTRES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022

INCOME AND ENDOWMENTS
Donations and legacies
Grants
Investment income
Deposit account interest
Charitable activities
Income as landlord
Managed services income
Programme income
Commission
Recharges
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Rates
Rent & service charge -
Advertising
Repairs & renewals
IT & telephone costs
Light and heat
Production costs
Consultancy
Life Campus project costs
Donations
Support costs
Management
Administration
Legal fees
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Governance costs
Accountants remuneration
Carried forward		 2022
£
-
102
145,833
283,800
1,790,021
-
263,909
2,483,563
2,483,665
1,086,321
41,756
93,285
3,954
49,269
21,393
104,118
579,239
60,000
155,530
110,000
2,304,865
6,519
4,046
5,675
525
5,234
2,730
24,729
5,540
5,540		 2021
£
30,827
101
135,083
294,915
1,544,058
1
248,723
2,222,780
2,253,708
967,007
40,294
94,036
4,116
55,077
26,914
80,627
442,666
60,000
60,718
-
1,831,455
3,165
3,687
5,675
42
5,437
3,777
21,783
8,990
8,990

This page does not form part of the statutory financial statements

Page 18

VOLUNTARY SECTOR CENTRES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022

Governance costs
Brought forward
Administration
Bank charges
Total resources expended
Net income		 2022
£
5,540
14,916
176
20,632
2,350,226
133,439		 2021
£
8,990
16,554
193
25,737
1,878,975
374,733

This page does not form part of the statutory financial statements

Page 19