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← Voluntary Action Rutland

2022-03-31-accounts

Charity registration number 1123653

Company registration number 06454172 (England and Wales)

VOLUNTARY ACTION RUTLAND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

VOLUNTARY ACTION RUTLAND

LEGAL AND ADMINISTRATIVE INFORMATION

Mr C Pigott Mr A Sains Mr A Rumble Mr J Millar Mrs D Thatcher Mrs U Ozga

Trustees

Secretary

Secretary Mrs L Henshaw-Dann Charity number 1123653 Company number 06454172 Registered office Rutland Community Hub and principal address Lands' End Way Oakham Rutland LE15 6RB Independent examiner Philip John Dymond FCCA Cheyettes Ltd 167 London Road Leicester LE2 1EG

(Appointed 27 January 2022)

Chief Executive Officer

VOLUNTARY ACTION RUTLAND

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 24

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report and financial statements of Voluntary Action Rutland (also known as VAR) for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 and “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)” (published in October 2019).

Objectives and activities

The objects of the charity, as stated in the Memorandum & Articles, are:

It aims principally to do this by:

Ensuring our work delivers our aims

VAR reviews its aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous twelve months. It looks at the success of each key activity and the benefits brought to those groups of people we aim to help. The review also helps to ensure that our aims, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained within the Charity Commission’s general information on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the set aims and objectives.

How our activities deliver public benefit

Our main activities, and whom we try to help, are described below. All our charitable activities focus on the provision of accommodation for accessible health and social care activities and services based in the heart of the community; an integrated transport scheme; the provision of information for individuals and community organisations based in Rutland; and on securing and providing resources for the purposes of public benefit.

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

The challenges of these unprecedented times continued, together with complying with government directives for health and safety. Public confidence in returning to meetings, activities and socialising was slow to build. Many service users had not been out for more than eighteen months and were desperate to have social contact. Limitations on the number of people gathering remained in place throughout the year. Nevertheless, the number of occasional room bookings and transport requests grew throughout the year buoyed up by the high level of hygiene and safety controls in place.

VAR’s main activities and achievements undertaken to further the charity’s purposes for public benefit were:

The service provision expanded into Stamford town centre following the closure of Stamford’s small transport scheme operated by the local church. A number of their volunteer drivers transferred to VAR’s Scheme, thus retaining some service and reducing costs in the neighbouring locality. After 40+ years of operation, VAR’s Transport Scheme now comprises more than 60 volunteer drivers – the highest number in its history. Not only do service users benefit but also the increased numbers volunteering derive intrinsic satisfaction from being able to help their community. All good for their own mental health and wellbeing.

The trustees are grateful for the financial support of Rutland County Council, and the NHS.

Financial review

Investment Policy

The charity currently does not have sufficient funds for long term investment and all funds are kept in current accounts with immediate access, or in savings accounts at between 30 and 120 days’ notice.

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Statement of Impact on Reserves

Statement of Impact on Reserves
Free Reserves at 31/3/ 22 at 31/3/ 21 % Increase
(Decrease)
General Reserve £2 08 , 546 £2 49,735 (8%)
Designated Funds (included in above):
- Building Fund £ 31,573 £ 38,518 (18%)
- Vehicle Replacement Fund £ 30 , 267 £3 0 ,2 6 7 0%
Ratio of Reserves to Annual Operating
Expenditure		 77 % 93 %

In addition to the above, at 31st March 20 22 the charity held designated capital funds of £ 874,565 (20 21 - £ 895 , 425 ) and restricted funds of £ 1 , 956 (20 21 - £ 1,756 ). Total charity funds were therefore £1, 085 , 069 (20 21 - £1,1 46 , 916 ).

The VAR General Reserve is that part of the charity’s unrestricted income funds that is freely available to the Board, referred to as the "Free Reserve", exclusive of Restricted Funds and Tangible Fixed Assets.

The reserves are set aside to provide financial stability, the repair and replacement of the charity's tangible assets, and the means for the development of our principal activities.

It is intended that the reserves are to be held or used in the following manner:

a. To protect the charity from the risk of insolvency or serious disruption of its charitable functions, to sustain the operating cash-flow and to cover winding up costs should the need arise;

b. To provide specifically for building refurbishment and unbudgeted expenditure on urgent repairs and vehicle replacement.

The Board reviews the reserves required regularly in order to achieve the above, consistent with the perceived level and stability of its income and without placing unnecessary restrictions on operations. The Board's longterm aim has been to maintain the charity's reserves at between 5 0 % and 7 5% of o perating e xpenditure, consistent with the necessary expenditure and perceived requirements.

However, in the current economic climate it is deemed prudent to maintain a higher level of reserves in the short term. This is to allow for increased uncertainty over the funding of VAR and its client charities, the possibility that urgent building maintenance may be required, and the need to maintain an adequate reserve for vehicle replacement and the impact of COVID-19 pandemic on VAR's operations and finances .

The charity participates in a multi-employer defined benefit pension scheme, closed to new members, to which it makes contributions under the deficit recovery plan. At 31st March 20 22 , the net present value of the future contributions was £ 877 (20 21 - £ 5 , 175 ) and this liability is reflected in the financial statements.

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Future Developments:

The outcome of the pandemic has resulted in the Trustees reaching the difficult decision to realise the charity’s assets and to sell the Rutland Community Hub premises . The government’s encouragement of staff to work from home has resulted in many of the offices at the Hub becoming vacant. Consequently, the charity is no longer sustainable in its current guise.

It is the intention to relocate the charity and refocus its activities whilst meeting its charitable objectives. The Transport Scheme will continue with its successful service delivery, having proven its financial viability over the years.

The aspirations of the Trustees are to map the provision and needs of the voluntary sector following the long periods of lockdown. Several years ago, this exercise was completed and it will be the intention to update its findings to monitor changes. Many of the activists who originally set up community groups were from an ageing population and there is already demand for support to engage others to continue offering such solutions to social isolation and wellbeing.

Any gaps in community support and service delivery will provide the evidence of need for future funding applications, which will be served best by partnership bids.

In a post - pandemic rural environment, knowledge of the community, its services and activities is more important than ever. VAR will seek to improve its ability to signpost individuals and groups to meet their needs.

In the process of refocusing the charity’s activities, it is recognised that methods of communication will need to be substantially improved. This will include digital reach and promotion as well as the time needed to help and support older people and those with additional needs to access information online .

The rate of volunteering in Rutland is high in proportion to the population. VAR wishes to harness this ‘good will’ and philanthropy not only to benefit the community as a whole, but also for the proven health and wellbeing benefits for those who volunteer. There is much evidence that working with volunteers to provide community information can also provide work experience for unemployed people. These opportunities/ experience can help build CVs and improve the chances of achieving employment interviews.

The population of Rutland is growing significantly and the need to develop community cohesion and encourage activism is greater than ever. Social isolation occurs not only in the older population but also in young families and individuals. Supporting and enabling the development of groups and networks will be a primary focus.

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

Governing Document

The organisation is a charitable company limited by guarantee, which was established under a Memorandum of Association, updated September 2019 . This recognises the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1.

Trustees

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mr C Pigott Mr A Sains Mr A Rumble Mr J Millar Mr C Goodchild (Resigned 1 August 2021) Mrs D Thatcher Mrs U Ozga (Appointed 27 January 2022)

Recruitment and Appointment of the Board of Directors

The Directors of the company are also charity trustees for the purposes of charit y law and, under the company’s Articles, are known as members of the Board of Directors. One third of the Board members is subject to retirement at every Annual General Meeting.

Organisational Structure

The CEO of VAR is empowered by the Board of Directors to undertake responsibilities and duties in line with agreed VAR policies and is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The CEO also has responsibility for the day-to-day operational management of the Centres; individual supervision of the staff team; and ensuring that the team continue to develop their skills, knowledge and abilities in line with good practice and operational need.

Health & Safety

The trustees understand their duties to their employees, volunteers and Centre users and are committed to ensuring that the Community Hub, including the Volunteer and Gover Centres, provide a place to work with safe access and proper supervision for employees and volunteers. The trustees have contracted an independent company to provide Health & Safety services. An appointed member of staff has responsibility to deal with all Health & Safety matters. The member of staff reports to the Trustees, through the CEO.

Information on Health & Safety matters is readily available to all staff and users and training in Health & Safety is provided where required.

VOLUNTARY ACTION RUTLAND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Risk Management

VAR’s Trustees acknowledge and understand their responsibility to identify, assess and manage risks. A risk is any event that, if it were to occur, could limit or prevent VAR from achieving its key objectives.

VAR’s key objectives are: the need to comply with its objects, to maintain its reputation and to keep close financial control; to meet its legal and moral responsibilities towards the community, its beneficiaries and its staff and volunteers; to apply funding and donations efficiently and effectively so that the intended beneficiaries benefit in the manner and to the extent intended; and to be open and transparent in all its dealings, internal and external.

In practical terms, VAR:

Trustee Induction and Training

Trustees are recruited from the local community and undergo a formal six-month preparation and induction period before their nominations are put to the full Board. This includes their attendance at Board and other meetings during that time. All trustees are given a variety of documents from the Charity Commission, National Council for Voluntary Organisations, etc. to read with reference to their obligations and responsibilities. Nominees are invited to the VAR offices to meet staff and volunteers and to learn about the work of the organisation. All nominees are issued, inter alia, with the Charity Commission’s “Guide for Trustees”, which sets out the operational framework for the charity as well as VAR’s Memorandum and Articles. All trustees are eligible and encouraged to attend training courses, and any incurred expenses are met by VAR.

This Report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

The trustees' r eport was approved by the Board of Trustees.

.............................. .............................. Mr C Pigott Mrs L Henshaw-Dann Trustee and director Company Secretary Dated: ......................... Dated:.........................

VOLUNTARY ACTION RUTLAND

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VOLUNTARY ACTION RUTLAND

I report to the trustees on my examination of the financial statements of Voluntary Action Rutland (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Philip John Dymond FCCA

Cheyettes Ltd 167 London Road Leicester LE2 1EG

Dated: .........................

VOLUNTARY ACTION RUTLAND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Current financial year
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
4,117
500
Charitable activities
4
114,307
-
Other trading activities
5
69,174
-
Investments
6
956
-
Other income
7
15,560
-
Total income
204,114
500
Expenditure on:
Raising funds
8
71,041
-
Charitable activities
9
198,139
300
Total expenditure
269,180
300
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources
(65,066)
200
Other recognised gains and losses
Actuarial gain/(loss) on defined benefit pension
schemes
3,019
-
Net movement in funds
(62,047)
200
Fund balances at 1 April 2021
1,145,160
1,756
Fund balances at 31 March 2022
1,083,113
1,956		 Total
2022
£
4,617
114,307
69,174
956
15,560
204,614
71,041
198,439
269,480
(64,866)
3,019
(61,847)
1,146,916
1,085,069		 Total
2021
£
1,899
123,863
79,900
2,179
36,340
244,181
75,696
195,961
271,657
(27,476)
(177)
(27,653)
1,174,569
1,146,916

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

VOLUNTARY ACTION RUTLAND

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Prior financial year

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
1,349
550
Charitable activities
4
123,863
-
Other trading activities
5
79,900
-
Investments
6
2,179
-
Other income
7
36,340
-
Total income
243,631
550
Expenditure on:
Raising funds
8
75,696
-
Charitable activities
9
193,170
2,791
Total expenditure
268,866
2,791
Gross transfers between funds
351
(351)
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources
(24,884)
(2,592)
Other recognised gains and losses
Actuarial gain/(loss) on defined benefit pension schemes
(177)
-
Net movement in funds
(25,061)
(2,592)
Fund balances at 1 April 2020
1,170,221
4,348
Fund balances at 31 March 2021
1,145,160
1,756		 Total
2021
£
1,899
123,863
79,900
2,179
36,340
244,181
75,696
195,961
271,657
-
(27,476)
(177)
(27,653)
1,174,569
1,146,916

VOLUNTARY ACTION RUTLAND

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Provisions for liabilities
15
Net assets
Income funds
Restricted funds
18
Unrestricted funds
Designated funds
19
General unrestricted funds		 2022
£
£
874,565
18,843
203,996
222,839
(11,458)
211,381
1,085,946
(877)
1,085,069
1,956
936,405
146,708
1,083,113
1,085,069		 2021
£
£
895,425
16,200
251,119
267,319
(10,653)
256,666
1,152,091
(5,175)
1,146,916
1,756
964,210
180,950
1,145,160
1,146,916

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. No member of the charitable company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements , so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Mr C Pigott Trustee

Company Registration No. 06454172

VOLUNTARY ACTION RUTLAND

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

1 Accounting policies

Charity information

Voluntary Action Rutland is a private company limited by guarantee incorporated in England and Wales. The registered office is Rutland Community Hub, Lands' End Way, Oakham, Rutland, LE15 6RB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Article of Association, the Companies Act 2006 and “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)” (issued in October 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accruals basis, inclusive of any VAT which cannot be recovered.

Costs of raising funds comprises fundraising costs, cost of sales of services and provision of rooms and facilities for rental fees. Costs incurred for room rentals are apportioned on the basis of floor area for premises costs and a percentage basis for other support costs.

Charitable activities costs include the costs incurred by the charity in the delivery of its charitable activities and services to beneficiaries. Also included are costs directly attributable to such activities and services and any indirect costs which are necessary to support them.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to raising funds and charitable activities on a basis consistent with use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% per annum on reducing balance Fixtures, fittings and equipment 20% - 33.3% per annum on a straight line basis Motor vehicles 20% per annum on a straight line basis

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year .

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Donations and gifts 4,117 500 4,617 1,349 550 1,899

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

2022 2021
£ £
Transport Scheme - client journey contributions 74,196 33,546
Performance related grants 40,111 90,317
114,307 123,863
Performance related grants
Rutland County Council 19,200 19,200
Leicestershire and Rutland NHS 5,469 5,745
Dept. of Transport Bus Operators' grant 299 296
LLR grant for food bank - 500
Big Lottery Fund - 64,576
Rutland County Council - support grant 15,143 -
40,111 90,317
Other trading activities
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Letting income 68,486 79,506
Sales of services and hire of equipment 688 394
Other trading activities 69,174 79,900
Investments
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Interest receivable 956 2,179

5 Other trading activities

6 Investments

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Other income

Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
£ £
Coronavirus Job Retention Scheme Grant 15,560 31,954
Business interruption insurance claim - 4,386
15,560 36,340
Raising funds
2022 2021
£ £
Fundraising and publicity
Premises costs 13,937 12,256
Health and safety 965 1,345
Insurance 3,993 6,648
Office and administration 1,047 1,661
Furniture and equipment 65 57
Staff costs 50,985 53,707
Fundraising and publicity 70,992 75,674
Trading costs
Cost of sales 49 22
71,041 75,696

8 Raising funds

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9 Charitable activities

Staff costs
Depreciation and impairment
Other costs
Other costs:
Office and administration costs
Insurance
Health and safety
Furniture and equipment
Premises costs
Trustees costs:
Travel
Professional fees:
Independent examination
Legal and professional
Meeting statutory requirements:
AGM costs
Net finance cost from defined
benefit scheme
Direct support costs:
Travel and hospitality costs - staff
and volunteers
Training costs - staff and volunteers
Subscriptions and memberships
Donations given
Other direct costs:
Transport scheme:
Volunteer expenses
Volunteer drivers' mileage costs
Vehicle running costs and insurance		 2022
£
101,131
20,860
76,448
198,439
9,703
1,334
436
65
10,774
-
2,388
1,600
-
30
564
390
237
300
192
41,328
7,107
76,448		 2021
£
104,482
30,939
60,540
195,961
16,347
2,230
540
339
7,122
-
2,438
356
-
138
3
-
288
1,295
23
23,579
5,842
60,540

£ 300 of the above costs were attributable to restricted funds (20 21 - £ 2,791 ) and £ 198 , 139 to unrestricted funds (20 21 - £ 193 , 170 ).

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

No expenses were reimbursed to trustees during the year.

11 Employees

The average monthly number employees (head count) during the year was:

Chief Executive Officer
Transport Manager
Transport administration
Administrative and finance staff
Premises staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
1
1
1
1
2
6
2022
£
137,624
7,059
7,433
152,116		 2021
Number
1
1
1
1
3
7
2021
£
141,740
7,827
8,622
158,189

During the year ended 31st March 20 22 the average number of full-time and full-time equivalent part-time staff was 5 (20 21 - 5)

There were no employees whose annual remuneration was more than £60,000.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Tangible fixed assets

Freehold land
and buildings
Fixtures,
fittings and
equipment
Motor vehicles
£
£
£
Cost
At 1 April 2021
1,090,479
35,445
104,200
At 31 March 2022
1,090,479
35,445
104,200
Depreciation and impairment
At 1 April 2021
202,099
34,933
97,667
Depreciation charged in the year
13,815
512
6,533
At 31 March 2022
215,914
35,445
104,200
Carrying amount
At 31 March 2022
874,565
-
-
At 31 March 2021
888,380
512
6,533
Included above is non-depreciable land in the sum of £201,544 (20 21 - £201,544).		 Total
£
1,230,124
1,230,124
334,699
20,860
355,559
874,565
895,425

13 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2022
£
9,954
8,889
18,843		 2021
£
2,922
13,278
16,200

14 Creditors: amounts falling due within one year

Notes
Deferred income
16
Trade creditors
Accruals		 2022
£
4,757
3,564
3,137
11,458		 2021
£
5,457
1,794
3,402
10,653

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

15
Provisions for liabilities
Notes
Retirement benefit obligations
17
16
Deferred income
Arising from deferred lettings income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2021
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2022		 2022
2021
£
£
877
5,175
877
5,175
2022
2021
£
£
4,757
5,457
2022
2021
£
£
4,757
5,457
5,457
16,053
(5,457)
(16,053)
4,757
5,457
4,757
5,457

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £7,433 (2021 - £8,622).

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Retirement benefit schemes

(Continued)

Defined benefit schemes

The charity participates in a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme and therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £ 31. 6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions from 1st April 20 22 to 31st January 2025 of £ 3 , 312 ,000 per annum (payable monthly).

Unless a concession has been agreed with the Trustee the term to 31st January 2025 applies.

Note that the scheme's previous valuation was carried out with an effective date of 30th September 201 7 . This valuation showed assets of £79 4 . 9 m, liabilities of £9 26.4 m and a deficit of £1 31 .5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the Scheme as follows:

Deficit contributions from 1st April 201 9 to 3 0th September 2025 of £1 1 , 243 , 000 per annum (payable monthly and increasing by 3% each on 1st April).

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Key assumptions
2022 2021
% %
Rate of discount - percentage per annum 2.35 0.66

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions .

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Retirement benefit schemes (Continued)
Amounts recognised in the Statement of Financial Activities :
2022 2021
£ £
Net interest on defined benefit liability/(asset) 30 138
Amounts taken to other comprehensive income:
2022 2021
£ £
Actuarial changes related to obligations (3,019) 177
The amounts included in the balance sheet arising from the charity's
obligations in respect of defined benefit plans are as follows:
2022 2021
£ £
Present value of defined benefit obligations 877 5,175
Deficit in scheme 877 5,175
Movements in the present value of defined benefit obligations:
2022
£
Liabilities at 1 April 2021 5,176
Actuarial gains and losses (3,019)
Interest cost 30
Deficit contribution paid (1,310)
At 31 March 2022 877

The defined benefit obligations arise from plans which are wholly or partly funded.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Balance at
1 April 2020 resources expended 1 April 2021 resources expended
31		 March 2022
£ £ £ £ £ £ £ £
Emergency Families Fund 2,469 550 (1,295) 32 1,756 500 (300) 1,956
Garfield Weston Foundation 1,879 - (1,496) (383) - - - -
4,348 550 (2,791) (351) 1,756 500 (300) 1,956

The Emergency Families Fund is a restricted fund to enable VAR to meet the needs of individuals and families in distress.

The Garfield Weston Foundation grant was provided to improve community facilities.

The transfers from the restricted fund to the General Fund represent capital expenditure incurred in the year in accordance with the aims of those projects.

VOLUNTARY ACTION RUTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Capital Fund
Building Fund
Vehicle Replacement Fund		 Balance at
1 April 2020
£
926,365
41,886
30,267
998,518		 Resources
expended
£
(30,940)
(3,751)
-
(34,691)		 Transfers

£
-
383
-
383		 Balance at
1 April 2021
£
895,425
38,518
30,267
964,210		 Resources
expended
31
£
(20,860)
(6,945)
-
(27,805)		 Balance at
March 2022
£
874,565
31,573
30,267
936,405

The Capital Fund represents the value of the tangible fixed assets less the outstanding loan liabilities

The Building Fund is a fund designated for building development and site maintenance which cannot be met from within the annual budget.

The Vehicle Replacement Fund is designated to provide for the replacement of Transport Scheme vehicles.

20 Analysis of net assets between funds

Unrestricted
Restricted
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
874,565
-
Current assets/(liabilities)
209,425
1,956
Provisions and pensions
(877)
-
1,083,113
1,956		 Total
£
874,565
211,381
(877)
1,085,069

21 Related party transactions

There were no disclosable related party transactions during the year (2021 - none) .