REGISTERED COMPANY NUMBER: 05105604 (England and Wales) I GISTERED CIIAIUTY NUMBER: 1105259 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 FOR VOLUNTARY SECTOR CENTRES
VOLUNTARY SECTOR CENTRES CONTENTS OF THE CONSOLIDATED FINANCIAL KfATEMENTS FOR THE YEAR ENDED 30 APIUL 2024 Page Report of the Trustee$ I to 3 R¢port of Ibe Independ¢Dt Auditors 4 to 7 Consolldated Statement of Financhal Activities Consolidated Balance Sheet ChArity Balance Sheet io Consolidated Cash Flow Statement Not¢$ to the Consolid4ted Cjsh Flow Statement 12 Note$ to the Con$olÈdated Fln4nclal Statements 13 to 25 DeÉail¢d Consolidated Statement of binADcial Activities 26 to 27
VOLiINTARY SECTOR CENTRES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APIUL 2024 The trustces who are also directors of the charity for the putposes of the Companies Act 2006, present their Teport with the flnancial statements of the charity alld thc group for the year ended 30 April 2024. The trustees have adopt¢d the provisions of Aw)unting and Reporting by Charities.. Statement of Rocomn)ended Practice applicable to charities preparing their ac(x)unts in accordance with the FinaDcial RcpoTting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Grantmaklng The Charity does not make any fornjal grants. The company is registered as a ¢lwilable company. limitsd by guarantee and was Set up by M¢morandum of Association on 19 April 2004 and commenced activities on that day. The principle object of the company is to :_ l} To improvc Ihc effectiveness, efficiency aud ewnomy of the administration of charities and in particular but without prejudicing the generality of the foregoing to Provide officc space with integraled services to such charities. 2) To support su¢h charity or charities or such charitsble purposes as th¢ trustees in their absolute discretion think fit. STRATEGIC REPORT AchievemeDt gnd pcrformlnce Review ofa¢tivities VSC. has been running Charity Ccnlrcs since 2004 as their primary vehicle for delivering the principle objective of the Charity set out above. Readers of this report can do so in ¢onjun¢tion with the VSC web site at www.v$cuk.or8 (In the company web sitc readers of this report will s¢c VSC is operating two charity centre.i. A Media Charlty Centre at 226 Church Road, Willesden. London NWI 0 9NR and the l.ife Campus Charity Centr¢ at Whltfield, DoveT. ( There is also il Prcvious Prop¢rtie5 section on the web sil¢ where VSC used to operate charity centres prior to the freehold owners redeveloping their buildings ). A cor¢ a¢livily for VSC is provision of capital for the development of new I,re¢hold Charity Centres. The Media Charity Centre is leased and operated on behalf of the freehold owner, amd not for profit wrporation, known as Trinity BroadLasting Network based in the USA. Th¢ centre is a 32,000 sq ft programme production studios, broAdcasting centr¢, and church Complex incorporating sub l¢ases to Iwo charities, and also providing opportunity for a number of charities to hir¢ the studios for days al a tim¢ to makc programme5 in the biiilding. VSC works closely with each tenant and each short hire Ghdrity to improve their effectiveness, efficiency and economyg while providing them with the resources ofthe Media Charity Centre building. The Life Campus Charity C¢Dtre, is part leased from freehold owner, Dovcr Port Authority and part leased from freehold owner Mansion Garden Eslales Limil¢d. The combin¢d aT¢a extends to nearly Six aGres in total. In addition VSC owns 37.130/0 of the Mansion Garden Estates Ltmited (increased to 45.710/0 after the year end) and has a seat on the Board. Full planning pemiission has been granted by Dover District Council for the development of this Freehold Sitc. VSC Trustees have a long temi vision to acquire the fr¢¢hold of Life Carnpus through purchase of a controlling shareholding in Mansion Garden Estates Ltd. Th¢ Trustees see Life Campus as an innovative and ¢r¢ative charity ¢entr¢ of the futsre and expect it to drive long tenn ncome streams and asset growth for VSC. VSC are committed to support those who have viablc busin&gs or social enterprise idcas to bring their economic activity to fiwition- through Integrat training, mentr)ring. netsvorking, financing alld the provision of low cost office sp. VSC are actively looking for new buildings and facilities to own. lease and manag¢ in line with the current strategy of working in partn¢Tship with Long Terjn Landlords to house particular charities that provid¢ opportunity to VSC working alongside th¢m to improve effeotiveness, effIciency and economy of the administration of those ¢hariti¢s. Page I
VOLUWfARY SECTOR CENniES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 STIL4TEGIC REPORT Financial review Reserves policy Voluntsry Sector Centres will use funds as they become available to further the charity's objectives. The Trustees hav¢ agreed a reseFves policy that requires reserves to be maintained at a level that will allow the charity to continue to fund ongoing activities should there be a significant drop in rental inwme. This will be review¢d on an annual basis to ensure the level of reserves remains appropriats. Trustee's liability The TTUStec's of the company guarantee to contribute an amount not exceeding £10 to thc assets of the charity in thc event of winding up. STRUCTURE, GOVERNANCE ALID MANAGEMEP4T Method of appolntment or election of Trustees The management of the company is the responsibility of th¢ TNst¢es who are elected and co-opted under the ternis of the Articles of Association. Risk ManAgement 'llie Trustees have assessed the major risks to which the charity is exposed. in particular Ihos¢ related to the operations and finances of Ihe charity, and are satlsficd that 5y5tems are in place to mitigate our exposure lo the njajvr iisk's., REFERENCE AND ADMINISTK4TIVF DETAILS Registered Company number 05105604 (England and Walcs) Registered ChAri¢y number 1105259 Registerèd office 226 Church Road Willesden London NWIO 9NR Trnstees N Marsh (T¢signed 10.8.23) S D Mallison-Jones K TTIPP (resigned 23.7.24) G Onniston (appointed 23.7.24) Company Seeret#ry N Marsh (resigned 10.8.23) Auditors Mccabe Ford William8 Chartered Accountants and Statutory Auditors Charlton House Dour Street Dover K¢nt CT16 IBL Page 2
VOLUNTARY SEcfoR CENlliES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 REFERENCE AI¥D ADMINISTrATIVE DETAILS Bankers HSBC Medway Street Chatbam Kent ME4 4DN STATEMENf OF TRUSTEES, RESPONSIBILrriES The trnstees (who are also the directors of Voluntsry Sector CentTes for the purposes of company law) are responsTble for preparing the Report of the Trustees and the fmancial ststements in accordance with applicable law and United Kingdom Accounting Standards (Unifrd Kingdom Generally Accepted Accounting Practice). Company law requires the tStreS to prepare fmancial ststements for each financial year which give a true And fair view of the state of affairs of tbe charitable company and the group and of the incoming resources application of resources, including the income and expendityTe, of the charitable Gompany and the group for that perlod. In prcparing those fmancial statements, the trustees are required to select suitable a¢counting wlicies and then apply them consistently. observe th¢ methods and principle.8 in the Charity SORP,. make judgcm¢nts and estimates that are reasonable and prudent,. prepare th¢ financial statements on the going concern basis unless it is inappropriate to presume thal the tharitable Company and the group will continue in business. 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 the group and to enable them to ensure that the fman¢ial statemcnts comply with thc Companiel Act 2006. They are also responsible for safeguarding the assets of the charitable comp and th¢ group and hence for14king reasonablc stcps for the prevention and detection of fraud and other irregularities. Io so far as thc trustees are aware: there is no relevant audit infonnalion of which the charitsble company's auditors are unaware. and the trusiees havc taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the audilors are aware of that infomiation. AUDJTORS The audilors, Mccabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic repor4 approved by order of the board of trustees, as thc company direclor5, on 23rd December 2024 and signed on the board's behalf by.. S D Mallison-Jones - Trustee Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLuNfARY SEcfoR CENTRES FOR THE YEAR ENDED 30 APRIL 2024 Opinion We have audited the financial statements of Voluntary Sector Centres (the 'charitable company? and its subsidiary (the "group") for the year ended 30 April 2024 which comprise the Consolidated StatemeDI of Financial A¢tivities. the Consolidated Balance Sheet, the Consolidated Cash Flow Statement alld consolidated notes to th¢ fmallGial ststements. including a summary of significant accounting policies. Thc financial reporting framewoTk that has been applied in ihelr preparation is applicable law and United KiDgdom Accountillg Standards (United Kingdom Generally Accepted Accoullting Pradic¢). Jn our opinion th¢ finan¢ial statements.. give a twe and fair view of th¢ state of the group's and th¢ ¢haTitabl¢ company's affairs as at 30 April 2024 and of its inwming resourccs and appliG&tion of resources, includin¥ its income and expenditure, for the year then ended. have been properly prepared in a¢¢ordan¢e with United Kingdom Generally Accepted Accounting Practice. and hav¢ been prepared in accordan¢e with the requirements of the Companies Act 2006. BASIS for oplnflon We conducted our &udit in accordance with International Standards on Auditing (UK) (TSAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in th¢ Auditors, iesponsxbilities for the audit of the fmanoiai statements section of our report. We are independent of the charitablc Company and the group in accordan¢e with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these Tequirements. We believe that the audit evidenc¢ wc 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 trusts¢s' use of th¢ 80ing concern basis of a¢countin8 in thc preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions Ihat, individually or collectively, may cast significant doubt on ihe charitable company's ability to continue a going concern for a period of at least twelve rnonths from when the financial statcmcnls are authorised for issue. Our responsibilities and the responsibilities of the trustees with resp¢¢t to going concern are described in the relevant scctions of thi5 report. Otb¢r finformation The iste¢S are responsible for the other infornjation. The other information wmprises the inforn)atiOn included in the group Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinAon on the fman¢ial statements does not ¢over the other infonnation and, except to the extent othenvise explicitly stated in our report. we do not express any forni of assurance conclusion th¢reon. In connection with OUT audit of the financial statements, Ollr responsibility is to read the other inforniation and, in doing so, consid¢r wheth¢r th¢ other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvi5e appears to be materially misstated. If we identify such material inconsistencics or apparent malerxal misststements, w¢ arc requiTed to delernjine whether this gives rise to a materia] misstatement in the rinancial slatemLnts themselves. If. based on the work we have perfotmed, we Gonclude that there is a material misstatcmeTht of this other inforn)ation, we are required to report that fact. We hav¢ nothing to report in this regard. Opinions on other m9tters prescribed by the Cojnpanies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the inforniation given in the Report of the Trnstees for the fmancial year for which th¢ financithl statements are prepared is Gon51Stcnt with thc fmancial statements" and th¢ R¢port of the Trustees ha5 been prepared in accordan¢¢ with appli¢abl¢ legal requir¢ments. Page 4
REPORT OF THE tNDEPENDENT AUDITORS TO THE MEMBERS OF VOLiwfARY SECTOR CENTRES FOR THE YEAR ENDED 30 APRIL 2024 Matters on which we are required to report by exception In the light of tbe knowledge and understanding of the charitsble rompany aud its environjnent obtained in the Course of the audil we have not identified material misstateftnents in the R¢port of th¢ Trustees. We have nothing to report in respect of the following matters where the Comp8nie5 Act 2006 requires us to report to you if, ill our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or th¢ financial statements are not in agreement with the accounting records and retums. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inf0mtion and explanations we require for our audit. Responsibilitie8 of trustees As explained more fully io the Slal¢m¢nt 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 financlal statements and for being satisfied that they give a true fair view, and for such internal ntrol as thc Irustees determine is ne¢ess8ry lo cnable the preparation of fman¢ial statements that are free from material misstalemenL whether due to fraud or eOr. n preparing the financial statements. the trustees are responsible for assessing thc group's and the clwitable company's ability to continue as a going concern, dis¢losing, as applicable. matters related io going concern using the going concern basis of acwunting unless the trustees either intend to liquidate the tharitable company or to cease op¢rations, or bave no realisti¢ all¢rnative but to do 80. Page 5
REPORT OF THE INDEPENDENT AUDiTORS TO THE MEMBERS OF VOLUNTARY SECTOR CKNfRES FOR THE YEAJi ENDED 30 APRIL 2024 Our responsibllities for the audit of the fanCIal statements Our objectives are to obtain reasonabl¢ assurdnce about whether the finanGiaJ statements &% a whole ar¢ free from material misstatcment. whethcr due to fraud or eOr, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable &8surance is a high level of assurance, but is not a guarantee that an audit conducted in accoTdan¢e with ISAS (UK) will always detKt a matctial misstatement when it exists. Misstatements can arise from fraud or error and are considered rnateTiai if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statsrnents. The extent to Nvhich our prodUreS aTe Capable of deteGling itregulatiti¢s. including fraud is detailed below: Our approach to identifying and Issessing th¢ risks of mateiial misstatsment in respect of iegUlaTItie$, including fraud and non-¢ompliance with laws and r¢gulation4 was as follows-. the engagement partner ensured that the engagement team collectively had the appropriate competenc¢. capabilities and ski115 to identify or recognise non-compli3nce wiib applicable laws regulations; we identified the laws and rcgulations applicable to the Charity t1Ollgh discussions with trnstees, and from our commercial knowledge and experience of the charity sector. we developed and maintained our understanding of these laws and regulations through mandatory professional education. foeussing on specific laws and regulations which we Considered may have a direct material eff¢¢t on the fjnancial statements or operations of the Charity, including the Companies A¢t 2006. the Charities Ad 2011, SORP (FRS102), the Common Reporting Standard. and identifi¢d laws and regulations were communicatsd within the audit tsam re8ularly and th¢ team remained alert to instances of non-¢ompliano¢ throughout the audit. We assesscd the susccptibilty of the group's and the Charity's financial statements to material misststem¢nt, including obtaining an understanding of how fraud might occur, by: making ¢nquiri¢s of management as to whcre they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud" and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and re8ulations. We reviewed the Charlty's procedures not only for ensuring it remains within the law, but also how it seeks to prevent becoming a victim of intcrn&l and external irregularities including fraud. To address the risk of fraud through managemeni bias and override of controls, we.. performed analylical pro¢edur¢s to idcntify any unusual or un¢xp¢¢led r¢lalion5hips' and investigatcd the rationale behind significant or unusual transactions. In response to the risk of irregularities and non•compliance with laws and regulations, we desi8n¢d procedures which included, but w¢r¢ not limii¢d to.. agre¢ing financial Statement disclosures to underlying supporting do¢um¢ntation- - reading the minutes of meetings of thos¢ charg¢d with governance. and - enquiring of management as to actual and pot¢ntial litigatioi) &nd claims. Because of the inher¢nl limitations of an audit, there is a risk that we will not dctecl all irregularities, including those Icadlng to a material misstatement ID th¢ financial statementg or non-compliance with regulation. This risk increascs the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to berome aware of instances of non-compliance. The risk is also greater regarding irregularilles occurring due to fraud rath¢r than crror, as fraud involves inlentional concealment, forgery. collusion, omission or misrepTesenlatioD. A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's websits al www.frc.org.uk/auditorsresponsibilitie.s. Thi5 de5GTiption forms part of our Report of the Independent AudAtors. Page 6
REPORT OF THE lDEPENDENT Al}DoRs TO THE MEMBERS OF VOLUNTARY SECTOR CENTRES FOR THE YEAR EM)ED 30 APRIL 2024 Use ofour report This report is made solely to the charitable company's mernE, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work bas been undertaken so that we might state to the charitable company's members those matters we are required to stste to them in aD'auditors' report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone otber thall 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 fornied. John Sheather Bsc FCA (Senior Statutory Auditor) for and on beIlf of Mccabe Ford Williams Chartered AccountBnts and Statutory Auditors Charlton House Dour Street Dover Kent CT16 IBL z3.IZ.Z Page 7
VOLIINTARY SECTOR CENfRES CONSOLIDATED STATEMENT OF F¥AlYcIAL ACTivrrtEs FOR THE YEAR ENDED 30 APRIL 2024 2024 Unrestricted fuad 2023 Total funds Notes INCOME AND EM)OWMENTS FROM ChAritAble a¢tivities Charity Centre - Life Camp Charity Centre- Media tnvesthient income 63.871 2.402.050 47,670 62.996 2,762.148 4,998 Totsl 2 513 591 2 830 142 EXPENDITURE ON Share of as8OClated tompllny net loss 17.235 14.194 Charitable gclivitie$ Support costs for grants & activities Donation Charity Centr¢- Life Campus Charity Cenlre- Media Charity Centre- Derby 10.380 151,811 268.(105 2,367,275 33,332 460.094 1,983,341 Tolal 2 501057 2 811665 NET INCOM 12,534 18,477 RFCONCILIATION OF FUNDS Total funds brought forward 2,292,814 2,274,337 TOTAL FUNDS CARRIED iiORWARD 2 305 348 2 292 814 The notes forn] part of these fancIal statements Page 8
VOLUNTARY SEcfoR CENTRES CONSOLIDATED BALANCE SHEET 30 APRIL 2024 2024 Unrestricted fijnd 2023 Total fiu]ds Notes FIXED ASSETS Tangible ass¢ts Investments li 12 76,720 801654 87,741 818 889 878.374 906.630 CURRENT ASSETS DebtopJ Cash at bank 13 440,195 1572450 887.113 l 311584 2,012.645 2.198,6Y7 CREDITORS Amounls falling due within one year 14 (420.248) (487,167) NET CURREIYT ASSETS 1711530 TOTAL ASSETS LESS CUiUiENT LIABII.ITIES 2,470,771 2.618,160 CREDITORS Amounts falling due after more ihan onc year 15 (165,423) (325,346) NET ASSETS 2 305,348 2 292 814 FUNDS UnrestriLted funds 18 2,305.348 2,292,814 TOTAL FUNDS 2 305 348 2 292 814 The financial statements were approved by the Board of Tnjstees and authoris¢d for issue 23rd December 2024 and were signed on its behalf by.. S D Mallison-Jones - Trustee The notes forn] part of these fmancial statements Page 9
VOLUNTARY SEcfoR CENfRES BALANCE SHEET 30 APRIL 2024 2024 Unr¢striGted fund 2023 Total funds CHARtTY ONLY Notes FIKED ASSETS Tangible assets Investments li 12 76,720 848 005 87.741 848 000 924,725 935,741 CURRENT ASSETS Debtors Cash at bank 13 440,120 1567 872 886,878 1306 490 2,007,992 2,193.368 CREDITORS Amounts faIling due within one year 14 (419,588) (486,582) NET CURRENT ASSETS 1588 404 1706 786 TOTAL ASSETS LESS CURRENT LIABILITIES 2,513,129 2,642,527 CREDITORS Amounts falling due after more than onc ycar 15 (165,423) (325,346) NET ASSETS 2 347 706 2317 181 FUNDS Unrestricted funds 18 2 347 706 2317 181 TOTAL FUIYDS 2 347 706 2.117 181 The fancial statements were approved by the Board of TDJstees and authorised for issue on 23rd December 2024 and were signed on its behalf by.. S D Mallison-Jones- TNqtse The notes forni part of these fmancial statements Page 10
VOLIJNTARY SECTOR CENTRLS CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Notes Cash Ilows from operating aetivities Cash generated from operation5 Interest paid 405,350 (40,957) 74 676) Net ¢ath provided byl(used in) operating activities 354 358 115 633) Cash flows from investing activities Purchase of tangible fjxed assets Interest received {200} N¢t Gath provided by investing activities C45h flows from financing 2etlvltle$ Ixjan repayments in year 141162) 1133 492 Net Cash used in financing activities 141162) 133 492) Change in cash and cg$b equivaleDts ID the reporting period Ca$h and Cash equlvalentq at the beginnfing of the reportfing period 260,866 (244,327) 1311584 1555 911 Cash and cash equivalents At the end of the reporting period 1572 450 1311584 The notes forn] part of these financial statements Page 11
VOLUNTARY SECTOR CENniES NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR ThE YEAR ENDED 30 APRIL 2024 RKCONCILYATION OF IYET INCOME TO NET CASH FLOW FROM OPERATING 2024 2023 Net Ancom¢ for tbe reporting period (as per the StAtement of FinaDd41 Activities) Adjustments for: Share of associated company loss Depreciation charges Interest received Interest paid Decreasd{InGrease) in debtors (Decrease)thicreasc in creditors 11534 18,477 17235 11,021 (47,670) 50,992 446,918 14,194 12,405 (4,998) 74,676 (212,404) 56.693 Net cash (used in}Ipr¢)vided by operations 405 350 40 957) ANALYSIS OF CHANGES IY4 NET FitNDS At 1.5.23 Cash flow At 30.4.24 Net Cash Cash at bank 1311584 260 866 1572,450 1311584 260,866 1572 450 Debt Debts falling due wilhin l year Debts falling due after l year (141,162) 325 3461 (18,761) 159 923 (159,923) 165 423) 466 508) 141 162 325 346) Total 845 076 402 028 1247 104 The notes forn part of these finan¢ial stat¢ments Page 12
VOLUNTARY SECTOR CENTRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUTr4TING POLICIES Basis of prtpAring the financial statements The financial ststern¢nts of the charitable company, which is a public benefIl entity under FRS 102, have been prepared accordance with the Charities SORP (FRS 102} 'Accounting and Reporting by Charities: Statement of Recomrnended Practirx applicable to charities preparing th¢iT account5 in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffe¢tive l Jalluary 2019),, Financial Reporting StandaTd 102 'The Financial Reporting Standard applicable in the UK and R¢publiG of Ireland, and the Comp8ni¢s Act 2006. The fancIal statements have been prepared under the historical cost convention, with the exception of invesln)ents which are included at mthet value. The tnte¢S ¢onsidu that theTe are no material un¢ertaintie5 about the group's and the charitsble company, ability to continue as a going concern. Basis of eonsolldatlon The group financial statements consolidate the financial ststements of the charity and its subsidiarles on a line by line basis. Uniforni accounting policies are adopted across thc group and inter group transactions are eliminated on CODsolidation. No individual profit and loss account is included for Voluntary Sector Centres as provided for by Section 408 of the Companies Act 2006. Income All income is recognised in the Statemeni of Financial Activities once the charity has entitlement to the funds, it is probabl¢ that the income will be received and the amount can be measurcd reliably, This is classified AS unrestricted funds unless there is a contractua] rcquircment foT it to be spent on a particular purpose and returned if UDspent, in which casc it will be regarded as restricted. Expenditure Liabilities are i'ecogniscd as expenditure as soon as there 18 a legal or constructive obligation committing the charity lo that expenditure, it is probable Ihat a transf¢r ol e¢onomi¢ benefits will be required in settlement and th¢ amount of the obligation can be measured rcliably. Expendilure is a¢¢ounted for on an accruajs basis and has been clasqified under headings that aggregate all cost related to the category. Wherc costs catmot be directly attributed to parti¢ular 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 commilment but not accTued &8 expGndithre. Alloeation and Apportionment of eosts Costs have been allocated as deemed appropriate by the TNstee' Tangible fixed 4ss¢ts Depreciation is provided at the following annual rates in order to write off each asset over its e5timatsd useful life. Improvements to property Plant and machinery Fixtures and fittings Computer equipment Over the duration of the lease 250/0 on reducing balance 15 % on reduclng balance 33 /0 on reducing balance Fixed A58et Investrnents Fixed Asset Investments are initia]Iy T¢¢orded at cost and subsequently measured at fair value. If fair value cannot be Teliably measured, assets art measured at cost less impaimient. TaxatlOD The Gharity is exempt from coOration tax on its charitsbl¢ a¢tiviti¢s. continued...
VOLUNTARY SECTOR CEiYfRES NOTES TO THE CONSOLIDATED FINANCiAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Fund at¢oMnting Unrestricted funds Can be used in accordance with the charitable objectives at the discretion of the trustee8. Restricted ndS ¢an only be used for particular r¢strictcd pUrySeS within the objects of the charity. Restrictions arise when specifled by the donor or when fimds are raised for particular restricted pUoSe8. Further eXplation of the nature and purpose of ¢a¢h fjjud És included in the notes to the financial statements. Pension eo8ts and other postrretirement benefjts The tharitablg company operates a defined contribution peasion scheme. Contribution5 payable to the charitsble company's pension scheme are charged to the Statement of Finanoial Activities in the period to which tbey relats. Page 14
VOLUNTARY sEcfoR CENTRES NOTES TO ThE CONSOLIDATED FINANCIAL STATEmEIs- continued FOR YEAR ENDED 30 APIUL 2024 INVESTMENT INCOME 2024 2023 Deposit acc4unt interest INCOME FROM CHARITABI,E AcfMTIES 2024 2023 Activity Charty Centre- Life Campus ChaTity Centre- Life Campus ChaTty Centr¢- Media Charity Centre- Media Charity Centre- Media Charity Centre- Media Income as landlord Recharges Income &s IHndlord Managed services income Programm¢ incomc ReChge5 25,000 38.871 120.500 659,535 1,270,212 351803 25,000 37,996 120,500 379,050 2,032,485 230113 2 465 921 2 825 144 CHARITABLE ACTIVITIES COSTS Grant nding of activities (sec not¢ Support costs (see note 6) Direct Costs 5) Totals Donation Charity Centre - Derby Charity Centre - Life Campus Charity Centre - Media 33,332 33,332 7,055 460.094 1983 341 7,055 392,948 1928 502 67,146 2 328 505 121985 2 483 822 GRANTS PAYABLE 2024 2023 Donation 151811 The total grants paid to institutions during th¢ Yet was as follows- 2024 2023 Living Seeds Kingdom For¢st School 33,332 140,002 151811 Pag¢ 15 continu¢d...
VOLifNTARY SECTOR NOTES TO THE COIWISOLIDATED FINANCiAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 Si]PPORT COSTS Governance Management Totsls Charity Centre- Life Campus Charity Centre- Media 16,154 50,992 67,146 54.839 121985 IYET INCOMEI(EXPENDITURE) Net incomel(expenditure) is Stated after chargingl(crediting)'. 2024 2023 Auditors, remuneration Accountancy Deprcriation - owned ass¢ts 11.000 5,220 8,000 1,570 TRUSTEES, REMifNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 AprAI 2023. Trustees, expenses There were tNstee's travel expenses of £nil (2023 - £nil) reimburscd during the year ended 30 April 2024. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 1,052,096 19,297 1,154,498 24,593 1071393 1 179 091 The average monthly number of employees during the year was as follows: 2024 2023 Administration Charity Centre Operation Studio 17 25 23 31 No employees received emoluments in excess of £60,000. Page 16 continued...
VOLUNTARY SECTOR CENlllES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENIS- continued FOR THE YEAR ENDED 30 APRIL 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr¢stri¢t¢d fund IF4COME AM) ENDOWMENTS FROM Charitable Activities Charity Centre - Life Campus Charity Centre - Media 62,996 2,762,148 Illvestment income Tolal 2 830 142 EXPENDITURE ON Sbare of associated compAny net loss 14,194 ChArltable 2Ctlvltle8 Support costs for 8r&nts & activities Donation Charity Centre - Life Campus Charity Centre - Media 10,380 151,811 268.005 2 367 275 TotAI 2 811665 NET TNCOME 18,477 RECONCtLIATION OF FUNDS Total lld$ brought forward 2.274.337 TOTAL FUNDS CARRIED FORWARD 2 292,814 TAIYGIBLE FIXED ASSETS- GROUP AND CHARITY Trnprov¢ments Fixtures Plant and machinery C.omputei equipment property fittings Totals COST At l May 2023 193 508 At 30 April 2024 193 508 DEPRECIATION At l May 2023 Charge for year 38,970 I,oio .433 49.105 16,682 1.231 105,767 11,021 At 30 April 2024 116788 NET BOOK VALUE At 30 April 2024 997 2.497 At 30 April 2023 57,470 25,213 3.728 87,741 Page 17 continued...
VOLUNTARY SEcfoR CENfRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- eontinued FOR THE YEAR EM)ED JO APRIL 2024 12. FIXED ASSET INVESTIIIINTS 2024 2023 GROUP Shares 801654 818.889 801.654 818,889 UnListed investments MARKET VALUE At l May 2023 Share of associated company net loss in y¢ar 818,889 (17,235) At 30 April 2024 801654 NET BOOK VALUE At 30 April 2024 801654 At 30 April 2023 818 889 There were no investsnent assets outside the UK. The groups investments at the balance sheet date in the share capital of companies include the following: Mansion Garden Estates Limited 684 Ordinary £1 shares (37.13Yo) cost £842,000. The share of the asso¢ial¢ Company (Mansion G&rden Estates Ltd) nct loss is brought into th¢ con501idatcd a¢counts using the equity accounting treatmenl and is included in the above fi8ure.s- (£17,235), (2023 - (£14,194)). Urban Develop Limited - 75 Ordinary £1 shares (75 /0) at PAr - removed on consolidation - Company is non trading. Page 18 continued...
VOLUNTARY sEcfoR CENTRES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS- CODtinued FOR THE YEAR EIWED 30 APiUL 2024 12. FIXED A&SET INVESTMENTS 2024 2023 Shares Loans 175 847.830 175 847 825 848 005 848 000 Unliste41 inveslments MARKET VALUE At l May 2023 175 At 30 April 2024 175 NET BOOK VALUE At 30 April 2024 175 At 30 April 2023 175 Loans to group und¢rtakings At l May 2023 847,825 Movements in year At 30 April 2024 847 830 There were no investtnent assets outside the UK. The company's investments at the balance sheet datc in the shar¢ capital of companies include the following: Voluntary Sector Centres l Limited - 100 Ordinary £1 shares (IOIP/o) Urban D¢v¢lop Limited - 75 Ordinary £1 shares {75Vo) During the year to 30 April 2022, the original investment in Mansion Garden Estates Limited was hived off into a wholly owned subsidiary, Voluntary Sector Centres l Ltd and a further loan was made to the subsidiary in the ycaJ for the puOSe of the acquisition of furlher shar¢s in Mansion Garden Estates Ltd (MGE)(totsi share 37.13Q/o), with th¢ totsl loan balat]ce at tbe year ended 30 April 2022 of £842,500. In the year ended 30 April 2023, this loan amount was reclassified as a Fixed Asset IDv¢skn¢nt. The Trustees believe this loan is fulty stred and will ¢ontiuue towards their objectives of ultlmate control over MGE and therefore the freehold of the educational charity centre. Page 19 ntinu¢d...
VOLUNTARY SECTOR CENTRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 30 APRIL 2024 13. DEBTORS: AMOUNTS FALLING DUE WNIUN ONE YEAR 2024 2023 GROUP Tenant & trade debtors Other debtors Prepayments 338,097 16.016 472,189 38.797 376 127 440 195 887113 2024 2023 T¢ngnt & trDd¢ debtors Amounts owed by Urban D¢v¢lop Ltd Other dcbtors Prepayments 338,097 2.265 13,676 472,189 38,562 376 127 440 120 886 878 Development exp¢DSe5 for thc Lifc Campus PTOjCCt prcviously ¢WTicd forWd in prepayments PTior to the year ended 30 April 2n22 are reviewed for impairment each year and these were initially to be written d(ywn over a period of four yeapJ straight line, resulting in a chargc of £119250 bcing put through thc incomc and cxpenditurc account in the year ended 30 April 2022. Subs¢qu¢ntly, in the year ended 30 April 2023, the r¢maiiiing balance was thought appropriatc to bc written down over a fithcr pcriod of five years resultin8 in a charge of £71.550 being put through th¢ incom¢ and pendire account in this year. Finally. in the year ended 30 April 2024, il was deemed ihat no further econornic benefLt would arise from this exp¢nsc 50 It was written down to nil in the ycar resulting in a charge of £286,200 bcing Cxpcnscd in thc inc4)mc and expendilure accounL 14. CREDITORS: AMoifNTS FALLING DUE WITHIN ONE YEAR 2024 2023 GROUP Bank loans rjnd overdratls (see nole 16) Tradc crcditors Social securiry and other laxes 159,923 93,215 13.005 59.432 23 63,200 141.162 93.923 19,076 53,114 22 139,604 VAT Other creditors Delerred incL)me Accrued expenses 420 248 487 167 2024 2023 Bank loan8 and overdrafts (see note 16) Trade creditors Amounts owed to group undertakings Social security and other tax VAT Other cr&litors Def¢ed income Acled expenses 159,923 93.215 141,162 93.923 75 19,076 53.114 22 139.604 39.606 13,005 59,432 23 63,200 30.790 419 588 486 582 Page 20 continued...
VOLUNTARY SECTOR CENfRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 APRIL 2024 15. CREDITORS: AMOUNTS FALLING DUE AwfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note l6) 165,423 325 346 16. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 159 923 141162 Amounts falling between on¢ and two years: Bank loans- 1-2 years 165 423 159 923 Amounts falling due between two and five years: Bank loans- 2-5 years 165 423 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable opcrating leases fall due as follows: 2024 2023 Within one year Between one and five years Grcater than fjve ycars 122,127 394,068 137 160 42,980 121,920 167 640 653 355 332 540 18. MOVEMENT IN FUNDS Net movement itt fund8 At 30.4.24 GROUP At 1.5.23 Unrestricted funds Goneral fund 2,292.814 12.534 2,305,348 TOTAL FUNDS 2 292 814 12,534 2,305.348 Net movernent in funds, included in the above are as follows: Incoming resour¢¢s Resources expended Movement in Sjnds Unrestricted funds G¢neral nd 2.513.591 (2.501,057) 12,534 TOTAL FUNDS 2 513 591 2.501,057) 12,534 Pag¢ 21 ontinued...
VOLUNTARY SECTOR CENTRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 18. MOVEMENT IN FUNDS- continued Net movement in funds At 30.4.24 At E.5.23 Unrestricted funds General fund 2,317,181 30,525 2,347,706 TOTAL FUNDS 2317 181 2 347 706 Net movement in funds. included in the above are as follows: Incoming resources Resour¢es expended Movement in fimds UnrtrICted lld$ General fund 2,513,591 {2,483,066) 30,525 TOTAL FUNDS 2513 591 2 483 066) Comparatives for n)ovement fin funds N¢t movement in funds At 30.4.23 GROUP At 1,5,22 Unreytricted funds General fund 2,274,337 18,477 2,292,814 TOTAL FUNDS 2 274 337 2 292 814 Compwative ne¢ movement in funds, iThGluded in the above are as follows,. Incoming resources R¢sour¢es expended Movemenl in fijnds Unrestricted fund$ tieneral fund 2,830.142 (2,811.665) 18,477 TOTAL FUNDS 2.830,142 2.811.665 18.477 Page 22 ¢ontinued...
VOLUNTARY SECTOR CENfRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 30 APRIL 2024 Comparatives for movement in funds Net movement in funds At 30.4.23 At 1.5.22 Unrestricted funds General fund 2,283,824 33,357 2,317,181 TOTAL FUNDS 2 283 824 2317 181 Comparative net movement in fvnds, included in the above are as follows: InGomin8 resources Resources expended Movement in funds Unrestrieted funds Cieneral fund 2,830,142 (2,796,785) 33.357 TOTAL FUNDS 2 830 I42 2 796 785) A curr¢nt year12 months and prior year 12 months combined position is as follows: Net movement in funds At 30,4.24 GROUP At 1.5.22 iiDrestrict¢d funds Generdl fund 2,274,337 31,011 2,305,348 I'OTAL FUNDS 2 274 337 2,305 348 A current year 12 month8 and prior year 12 months combined net movement in funds, included in the above are &8 follows.. Incoming resource5 Resources exp¢nded Movement in funds iinrestricted funds General fund 5,343.733 (5,312,722) 31,011 TOTAL FUNDS 5,343,733 15,312,722) 31,011 Page 23 continued...
VOLUNTARY SECTOR CENTRES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 30 APRIL 2024 A curr¢nt y¢ar 12 months and prior year 12 months combined positlOD is &8 follows: Net movement in fvnds At 30.4.24 CHARITY At 1.5.22 Unrestricted funds Gcncral fund 2,283,824 63,882 2.347,706 TOTAL FUNDS 2 283 824 2 347 706 A ¢urrent year 12 months and PriOT year 12 months combined net movement in fund5, included in the above are as follows- In¢omin8 resources Resources expended Movement in funds Unrestricted funds General fund 5.343,733 (5,279,851) 63,882 TOTAL FUNDS 5 343 733 5 279 851) Page 24 continu¢d...
VOLUNTARY SECTOR CENfRES NOTES TO THE CONSOLIDATED FINAl¥4CtAL STATEMENTS- ¢ontiDued FOR THE YEAR ENDED 30 APRIL 2024 19. RELATED PARTY DISCLOSURES The Charity is landlord to Governance Ministries Charity (1051780) - a Chwity that has Trustees in common - at the London Studios. Transactions are conducted at mark¢t valuc. The loan made by the Charity to Voluntary Sector Centres l Ltd (a wholly owned subsidiary) is disclosed in not¢s 13 and 14 to the accounts. The Charity , via its wholly owned subsidiary. Voluntary Se¢tor Centre8 l Ltd, has a 37.130/0 in Mansion Garden Estates Ltd. During the year, services and recharges lotslling £156,742 net (2023 - £150,567) were supplied by Mansion Garden Estates Ltd. £42,972 (gross) (2023 - £16,342) was outstanding An this regard at the year end. Page 25
VOLUNTARY SECTOR CENIRES DETAILED CONSOLIDATED STATEMEIYT OF FINANCtAL ACTIVITIES FOR THE YEAR KNDED 30 APRIL 2024 2024 2023 NCOME AND ENDOWMENTS Investment income Ikposit account interest 47,670 4,998 Cbarit&ble activities Income landlord Managed services income Programme inwme Recharges 145.500 659.535 1.270.212 390.674 145,500 379.050 2.032.485 268,109 2 465 921 2 825 144 Totsl iDcoming resourc 2,513,591 2,830,142 EXPENDITURE Chgrltsble aetlvltlts Wages Pensions Rates Rent & service ¢harge - Advertising RepaiTS & renewals IT & telephone costs Light and heat Production costs Consultancy Life C,ampus project ¢osts Donations 1,052,096 19,297 48,601 102,196 39,594 133,436 33,679 137,327 411,214 60.000 291,065 1.154,498 24,593 33,396 94,209 7.883 75,175 22,897 167,968 795,512 60.000 80.634 151811 2,361,837 2,668,576 Support costs MAllAgemenl Administration L¢gal fccs Improvements to propcrty Plant and machinery bIreS and filtings Compuler equipment .073 15,412 5,675 333 3,782 8.132 1,088 5,676 443 4,449 34,506 21,625 Governance costs AccountantslAuditors ren]vn¢Tation Administration Bank ¢harg¢s Bank loan interest 16,220 19,792 475 9,570 22,630 394 87.479 107,270 This page do¢s not fonn part of the statutory fillancial staieffj¢nts Page 26
VOLUNTARY SECTOR CENTrES DETAILED CONSOLIDATED STATEMENT OF FINANCIAL AciivfriES FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 2,483,822 17,235 2,797.471 14,194 Share of associated company net loss Total resouTce5 expended 2 501057 2811665 Net ineome This page does not fonn part of the statutory fanCiaL Statements Page 27