REGISTERED COMPANY NUMBER: (ENGLAND AND WALES}: 07322971 REGISTERED CHARITY NUMBER: 1140624 ort of the Trustees and Financial Statements for the Year Ended 31 March 2024 VOICE4CHANGE ENGL4ND LIMITED CVOICE 4CHANGE EENGLAND Able & Young Ltd Airport House Purley Way Croydon CRO OXZ OICE4CHANGE ENGLAND LIMITED nt en for the Year Endéd 31 24 Page Report of the Trustees Report of the Independent Auditors 10 to 11 Statement of Financial Artbvities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Cash Fkx¥ Statement Is Notes to the Financial Statement5 16 to 26 ICE4CHANGE ENGLAND LIMITED rts of the Tru Ic< the Year E 31 March 2 VOICE4CHANGE ENGLAND UMITED Reports of the Trustee5 for the Y•ar End•d 31 March 2024 The TrL￿lees who are also dif￿10[$ of the charity for the purposes of the Cc*npanies Act 20¢A. present their raport with the financial ststements of the charty for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Rep￿ing by Charilies". Statement of Recommended Pr￿t applrAble to charib.es preparing their accounts in ￿nce with the FinancLal Reporting Standard 8ppltsble in the UK and RepLIbl￿ of Ireland (FRS 1021 {effthe 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMEp¥r About Voice4Change Engl￿d, the Board, and requireff£nls of a Charty V0￿e4change Eryfand N4CEI 18 nth"onal, membership organisat￿)n promding &lvLKacy, servw and support fcff the benefrt crf th? BiaEk and Minority Ethn￿ {BMEI Seclor. h a w￿￿ered charfy (Charty Number.. 1140624) and a company, limited by guarantee (Company Numb8r'. 07322971) For the year 2023-2024. there were 5 Irutstees.. Neena SamL*a {Chair), Ila Chandavarkar (Treasuierl. Ka Oxford. Gillès Cabon & Andy Gregg. V4CE has the ful raThJe of poliues and pr(￿l￿reS for 9Lxid gcwemanc8 and management. as reclxnmended by the National COU￿11 for Voluntary Organisatnns. These we dated and the date of review timetabled. V4CE h&8 Public Liabilty Insurance up to £5,000,000 and EmKWets Liabihty up to £1O,IXKI.￿o. Our knabilty Insuran￿$ reNryewed annua￿ to ensure that cover is ad8quato. Oryanl6atlonal structurn The organisation is led by the DireLtor. Kunle Olulodè. has DRral (4)er*Ky￿ respc￿st>llfy for all aspects of the Ofganisat*)n. He reports to the Board of Trustees attends Board meetings. Formal Board meetings are run al least 4 timgs a y8ar. Addrtional Bo¥d Meet1r￿ are run as the ne&J aris8s. Wth advre from, and in conjunction with the Director. the 8o¥d makes decisi￿￿ about govwKe aThJ other sub5tanlial issues relatir4J to V4CE'. as well as maintsins oversyht to ensure Ihat dl woth B in xcordance with the ¢)bl￿ts of V4CE and currgnt isl8tion, and projects are run according to 4reements with lundws and in the interests of the Black and Minoritised Ethnic18MEI sector. Besid&s the DiTector. Ihere are 14 other staff. V4CE 15 into 3 main ￿￿tIc￿.. Poly, Development and Communic￿On$. The Dev8lopm8rl rn covers V4CE grant programw￿. membership and capacty building support ar￿ the HewJ of Deveh)pmenL who 15 also the Deputy Director, manages Infrastructure and Development Officers and a Memtership Officer. The Head of Commurlicat￿S manages a Corrwnunicalions Officer. There we also Project arKI Finance Offws to manag8 relovant supwrt function$. Risk management The Director and Board have a risk fra￿￿ork to Teview the risks the organis*ion is exposed to and lakes Steps to redw or minimise these rtsks. EXartw￿ crf risks i￿￿de chang8s in national poliC￿S whKh c￿jId impact on at V4CE. as well as risks in tern￿ of redLKtions in fundiThJ availat4e. In 202> 24 8 sm￿1 team of the Directsx, Ihe Chair and the Prqect revwed the rt5ks lo ensure that these were monitored and man4ed prq)ety. OBJECTIVES AND STRATEGY Charltable Objectlv The objectNes in the goveming d(￿rn￿ of V4CE are.. 1. The promotion of equalrty and dp•ersty for the Publ￿ ben￿ by: a} the elimination of discrimination of any kind ￿01$oeVer. I￿lL*￿ing (but not linited to) race, gender, disabllty, sexual orienlation, 4e, res￿l0n and bekts. b) advancing education and raising awareness in equalty dr￿lsty, Page 1 OICE4CHANGE ENGLAND LIPA R orts of the Trust they rE 1 March 2024 cl promoting xtiMtie6 to f051er understandiry between people from d￿e￿e back9rourHIs. d) conducting c* commigsioniNJ research on ￿ualitY aKI dvietsty issues and pth)li$hing the resuhs to the public. el cuMNatiNJ a sentiment in f8¥ow of equaSty 8rKI diuErsty. 2) The promo1￿)n of racial hamK￿Y for the put1￿ benefft by: I promoting knowledge and mutual un¢Jetst8ndY￿ between drfferenl ￿lti1 groups,. bl advancing education and rai%ing awareness 8bcArt different rxial grol￿5 to prom¢￿e good relalitsns ¥een persons cl different ￿131 groups,. andlor c} working tow¥ds the dimination of discrininatK*) on Ihe grounds of rxe 31 To promote social inclusion fu the publ￿ benefft by w￿k￿)g with people in England who are socially excluded ¢Jn the grourbjs of their ethnic origin, reh'gi¢)n. belief or Cfe&Y to ￿kneve the needs of such people and assist them to integrate into $￿iety.. 4) The devdopmenl of the capacty and skts clthe nEmbers ofthe scci• and ecowngcally disadvantsged 8ME Communrties in such a way that they are better able to idents"fy. arKI help meet, their needs and lo particpale more fttlty in Vlslon. Mlsslon, ValuK and Stratsgic Akn¥ V4CE mission is 'To work tThvards the visp)n to buikl an inclusive civfi socEty fft to meet the needs of BME communities and strengthen BIrtE sectN oryJanisati￿S to them meet thè r*8ds of their communities.. V4CE Values are.. Fairness.. lo treat all indp¥Tduals aThJ ¢)rganisaliw wilh respect and with an even hand. Innovation". tD WO￿ in w￿S wthich we ne4¥ and Cr￿Th￿, aThY whth define new Solutions to the probkms fac&J by the BME $￿tor. Transparency.. lo enswe that al oper*•Jn5 are doar. V￿￿8. aTrJ h(￿5¢. Transformational.. to Iransfomi trivn cKganisation 85 well as those of our p*thers fLY the better. In order to meet vision and misskin. V4CE has the follNing 5 strategr 81ms.' 1.. To provide leadership th reS￿rC& to increase BME Seth invcAveff*nt and representstion in key decIs￿n making and policy forums To increase awareness and of BME Sector role. aciNrties. IM￿1, and added value To strengthen Ihe BME Sector and equahty Ihrcwh diT￿t infrastructure servre delwy. adv¢X8Cy and irryrowng infrastructure provision through partnership and collaboration 4.. To increase opportunit'e8 for BME organisal*M to devdLV rescwrces 8nd $uslainability through ￿terprISe, cre8tNty and sector led grant making To hame5s the BME voice throLh3h pathwshp. research. and ccrtsultalion. lo ensure the BME perspectwe is heard in issues that stwe scoety Public Bong When FAanning and overseeing the TnJstees have kept in rrind the Chwity Commission's guidance on publK benefrt. Trustees ensure that the purpose rfthg chari￿. is clearty beneficial in a way thal is iderFtrfHble and Capab￿ of being proved by evidence, and not based on personal vws benefrts the pl￿1.C in general, or a suffwrt section of the publta and is not for personal benafil OVERVIEW OF 2023. 2024 PERFORMANCE AND ACHIEVEMENTS Page 2 HANGE ENGLAND LIMI orts of the Trustee forthe Year End COVICk19 B¢glnnlng ol thé •nd The year 2023 15 the year in which we came out of the COVID pandemr which brought the wodd into maelstrcrfn of unforeseen challenges. V¢yce4Change ErrfJland began a process of revaluation of the impact of tl* changes 8nd the ch8Nenges, devek¥)*ig new 8CtMty in liie with rts str*eg￿ Ptan. These a¢tNrtie5 recognised societsl shrfts th* had la(en place during the pandemic that remain wlh us (such as the public reCognit￿n of the pandemic's disprop(¥t￿1*le irTVaCt on BME ccrfnmunrties. deepening inequalities) and also r￿ted the Continual￿ of ¢￿tsin themes thal V•ere there before the pandemic. Namely. people experiencing greater levels of homelessness.. mre #i POOT housing," inc¥eased uneryloyment and redundancies,. rising debt and gre*er difficuty in acees$irwJ daity essentiats." and pocw access to health services. And finalty, the general underfunding of the 8ME sector. For us at V4CE r( meant 8 compl* shrf( in rtrthinklng htrw infrastnKtwe shoukl cyerate during the pandemic Ghallenges. The answer was lo tMsfom our smal nalional operation into a Grants distributor targeting BME organisations. The speed and rigour in which this was done by a fantaStI￿lty gifted and ha￿orkIng Stsff group has been c(Ynmended by Trustees no￿ in this report. Cfver the last two years dose lo £2.3m was ministr*ed in emergency funding to over 200 groups COVID ￿lated wo￿. These vit81 funds slop many C￿M￿nIty groups fr(yn either enduring detrynental funding losse5 or ¥wtst-c4se scen8Ttos, becDming unviable and ceasing operalions. It helkxd th￿ meei rtying, LK9ent demand from their beneficiar￿$. The work fomied the foundation all the d￿¢k￿￿nI and support w(*k delivered by V4CE in 2023 24. Projects ond achievements BelcAv we h￿hI￿ht the key prcgrwnmes aThJ nrtiatrves Ihat sw our xtNities arKI (xrtput over the cL)urse of the year. We would like lo thank our fundèrs *d donor partners Comic Relief, SrM)rt England, the NatiC￿al Lcltery Community Fund. Cty Bridu* FI)Undat￿)ft. and the Greater London ALrthority. We would also like to thank our Strategic Partrws.. Black Southwest Network. Migtsnl Rights Ne￿ork, Manchester and Laneashire BME Networks, ACEVO and the Sehcol for Social Entrepreneurs 1. Nauonal Communlty Lottery Fund & Catslyst Regl¢>ns Progrnmme 2023-24 marked the start V4CE Catatysl Year 1 aCt¢￿ttes. enabling us to meet many ￿ OUT obiectiwes in $lrenglhening a fragile and undervresource4J $￿tOr and supportirwj BME oryanisations build better govemarKe. efficiew, enhancing the* ability to scan the environment lo de¢idè the right strategy.. resolve barriers lo d8V8lopment.' build commun￿￿￿On and ￿SI￿enCe. and dèvelop effective and sustainable services Summary of Obj•ctive3 & Outcom•s We delivered 5 online learning sessions on the naff*d Ici)￿$ {bekwl. with representation from each reg￿n in attendance We workèd to a minimum tsig8t of 50 BME groups •Gcasslng 5 learning se5s1ons In year 1 which was xhiev•d. 51 organisation$ attended our Wofkshops wilh 126 attendees across the 5 workshops Workshop Attendees Bu￿dIng EffectNe Govem8rKe 27 Strategic Planning DevdopirvJ Resilience Raising Money Dealing with Incraasng Costs 17 14 The day4ovday management of the pr(¥￿t and w￿asUrement of achievement has been carrsed out by the Deputy Dir￿Or]Head of Devebpment, with feedb￿k from InlrastrL￿1vre and Development officers. Measure5 and methods used to maasure are set ID a detsiled KPI pL7n. Thi$ plan has teen monitored and discu$sed at monthly in perscffj meetirvjs inv(kn"rwJ all V4CE staff. E4 HANGE ENGLAND UMITED rt f th Trustees nded 31 March 2024 Operational reports are also forwarded to our Board of Trustees for regular discussion and serullny of our major programmes such as NCLF actmty. Amy questions or queries arising from these meetings are fed back to senior staff vt8 the Director. In temis of the regions, 8 Strong desire for regk)nal connections was one of the most important expressions of need in our post Covid work. Therefore, we have established, and a￿ encouraging, peer learning forum5 through online dialogue and events. This sharirKJ and develcymenl of Feaming wll help build connections and refieclions that advanrE rarE equalty. in our areas of crvil so¢￿ty. 2. Clty Brldge Foundatlon and Catalyst London Programm• A successful series of 20 wothshops was delivered a¢ros$ 5 in-person roadshows in London (Newham, Hackney, 8aTll8t, Lambeth. and Greenwich). Developing a n88ds as59s$ment framework to offer a tailored support lo BME organisalions. Our in-person workshops facilitsted connections behvoen BME charities and communty groups who woukl not ced speed prccesses but valuabty gwes the opportunty to revivw a dNerse raroe of repcwts, helping us 5h8pe better support prOgr￿me$ and collab)raticm within Ihe sector. An imP￿tant asp￿ of work that has developed is our inertasing abilty to build infraslrudure support that tackbes the impxt of rxe inequalty. We recognise that in many cases it is not the individual BME groups that need to change, but extemal systems that embed i￿qUalitIeS that mwginaknse these groups and ca￿￿e underlundin9. 6. Natlonal Lottery Communty Fund & Pathway Fund Palhw8y is a new partnership initptrve hosted by V4CE. launched in November 2022, aiming to c8latys& cyportunities for Black and Minorifised c(xrffiunitbes acTOSS England through socr81 investment. V4CE is committed lo catstysing the Black and Minoritised Ethn￿ vou in this area. particulaty gwen our rLle as a national neiwork for Black and Minoritised Ethn￿-1ed cryanrAws. Le•Jing as partners on this endeavour are Slephen Bediako OBE (Black Global Tn￿¢ ) and Bonnie Chiu (Th8 Soual Investment Partr*Tship). The Pathway Fund s8cur8d £0.5 Mill￿ ￿￿ebpment gwt funding from NCLF, entered into a startup phase as of January 2023. The Pathway Fund to act as a Wtr￿1er in the soci81 irwestm8nt sector by.. Prowding grant funding to address barriers fxed by 8nterprise5, led by and for Bl* and Minoritised Ethnic communiti"es, in xeessing ffin￿ to fwd and grvw their activit*s, and in acquiring community a$sats', Catatysing further invesknw)t into Miwbsed Ethn￿ communities by d&risking investments through blended finance and infftencirvj investors., Infiuencing tha UK inyact investing sector on the 4enda d racial equty, through sharing of best practice5 and data and setting of standards. and supporting emerging Black and Mimritised Ethnic leaders in the FundrnlGlng.' To dale, Pathway's fundraising effcyts has fccuwj on raising money for our ts¥o pbl prc*Jrammes and research. The work in 2023 and 2024 has led to a prryni5irvJ future. As of April 2tr24. 8 total crf £1.45m has been raised from partners for this w(xk. irKludry'. City Bridge Trust.. £250k securèy low¥ds Enterprise Development Pilot Esrnee Fairbaim Foundation.. £2(th secured t(w*ils Enlerprise Development Pil Joseph Rowntree FOuThJal￿Ift.. £SOCI( sÈcurad tcMi¥ds the fv40 Pik)ts Barrcw Cwjbury Trust aThJ Carrrfie UK.. £35k secwed for research. This total investment mearts thai w8 can d8Vekp￿ of 2 key pik>ts - Enterprisa Development an(1 Fund Manager Incubator. The ￿'￿t$ p.lay a signif￿t rc4e in ￿emL￿str￿1ng Lmjr proof of corKepl and the build of products for the mwn fund. Page 5 VOICE4CHANGE ENGLAND LIMITED for the Year Ended 31 M h 2 24 The first pilot is an 18-month support for 12 BME-led enterprises. As a wholesaler, it will ￿ working wth Black and Minoritised Ethnic-led inlemediaries to delNer this support, whore the intemiediaries will be holding dirert relationships wrth the enterprises. The second pilot is a Fund Manag8r Incubalar y'lot to support capacity building of three Black and Minorilised Ethnic-led fund managers. The aim is lo support Black and Minorilised Ethnic fund managers, particularly first- tim8 fund M￿agerS, in building and managing funds. 7. VCSE Contract ReadlneBS Project & klatch Trading (fradlng for Good> The Department for Digital, Cutture. Media & Sport IDCMSI. Voice4Chango England, The School for Stxial Enlreprgnèurs and Social Enterprise UK have begun a partnèrship lo deliver groundbreaking 8UPPOrt lo dnve BME invofvemenl in public sector prc£uremenl of goods and services. This work involves.. Improving the skills, knowI￿1ge and support neh¥orks of VCSES for successful bidding,. and Improving the 8warene5s amongst BME VCSES Lrf opportunities regarding current and upcoming lenders.. and Making it easier for the BME VCSE sector5 to posfÉion their offer to public serV￿e commissioners, raising their awarenes5 and understanding ofthe sectors. role and value," and Improving the evidence on what initiatives work. The outcomes of the programme so far have been very posf(ive. The programme has demonstraled strong collaborative efforts, effective marketing. and good engagement with the tsrgel audience. Ther8 18 high demand and engag9ment wf(h the programme. The conlenl of the inteNenlions has been relevant and appreciated for its qualty, particularty around social value content and Commissioner Insights. There's avidènc8 of increased awaranass, knowladge and skills around various ten(Jering themes among 500 plus participants. 8. Sport England In partiapaling in the di5tribulion of SpDrt England fijnds via their Tackling Inequalfties programme, we we awarg of many BME organisalions who would not normalty have provided physul aclivil*s, bLrt who now recognise the need lo adapt and providè this as a resutt of rising inaetivity and related health issues through disproportionate pandemic impact on BME people. Therefore, one of our main priorities for thi8 fund, was to try and encourage non-SPOrts organisalion$ to think of projects that woutd help lo get their seNice user group begin to be physically active. Outcomes.. Improved abilty lo address heatth needs through the provision of ￿$S￿ble and cutturally sensf(we sports 8ntl physical ￿tIVitieS provision Greater reach lo help $omè of the most disadv￿laged e.g. BME women survivcn of dom8Stic wolence, BME people wlh dk8abil((ies, young people in need of activities that help Prevent anli-social behavwJur and help for BME people wrth mental health issues elc. Greater knowledge (rf innovatNe methods used by BME groups lo reach. engage and retsin dwerne communrties in sports and physical activities Improved. morè èffective reach to thosa who hav8 not b8en engaged in sports or physical aclivf(ies,' often provided with information ta help them then engage with olher local provision leading to greater integration Devebpmenl of legw work so the benefit$ of the proiact can continue after project end Irnproved race equalty by reac￿n9 and provKling effective services for BME people who had not engaged in sports provision Page 6 VOICE4CHAN EEN LAND LIMITED rts of th T tees 31 March 2 24 FUTURE PLANS V4CE STRATEGIC PLAN 2025- 28 Comic Rel*f cKganisational devékv￿ supwt l*eAI us deveh¥> a Strategic Pian for the future. In everything we do. we aim to strengthen the BME VCSE and increase our colle¢tNe impact on building 2 strmger and more inclusive society. Feedback from members enswes our support servic8s aligns with existing and emerging needs, cLYnpl8ment8d by our inTr)vation and success in increasing access lo support servus delivered by infrastnjcture OTganraations ¢)p¥*Kig acr￿ the VCSE more wwjety. Reduced resources against increased needs ￿ pusling BME VCSE oryanis8tions Its frtL*S on their own se￿1¢e delivery and sustsinth"lity. There is Wt in the lank to contribute to the 5eclorfs stralogic development and impact. Tco much energy is t*iry draded lito surwval and too fth¥ resources into infrastructure surf*Ort and devdcyr*nt. AmKlst fe￿ of whdening inequallies, opportunities for the sedor to make representation on top￿￿ equalrti&s issues are bwng missed IhroLyh trLk rl capacty. ChaNenging times lie 8he&l. emphasis4ig the need for strong and ￿COuntable leadership. v0￿4Change England has the leadetshp maTrJate. bestrmiad upon it by Its members and fomialised in its conslrtution. We are ffijlfilling the M￿date arKI ensuring th* the seLtor is represented as eff*cienlly and effectwety as possible wthin our U4vn r8sourca constrwnts. In pwallel thfjlh this. we are striving to increase the sectofs visibilty reccgni11￿ cl its walue. Our infrastructure support services gre needed just as much today as they were when Vott4Change England was eSt￿liShed. Priorities change and spec￿lISt neeAls aw. trArt our role remains just as clear. We are committed to dwloping th8 S8Ctor, wh8th8r through crtjr CA¥n pffjwshjn or working with partners to incrèase BME VCSE engagement in SFeciali5t Pro￿l0n. Draft Stra¢oglc Alms The fve draft Strateg￿ aims th* we plan for the future ¥e designed lo bviw a stroNJer more indusive society and end race discrimlrtati￿ aThJ In￿￿31it￿s. Ensuring ￿ ¥ffKien( effedNe and sustainable BME VCSE is integral to this. Alms 1. To advance race equ81ities 2. V4CE improving sector vk%ibility and value IhrtyJgh Is role as a leadirwJ national organisation w0￿1ng in collaboration with the BME VCSE 3. To improve BME VCSE perf0M￿nCe thrwh xcess to hwjh quality infrastrtscture SLPPOrt 4. To promote sustainability wlhin the BME VCSE 5. To improve the BME VCSE to be agents of change V4CE is rapidly building servus lo help organisations diversfy income and have better acce$$ lo social investment. This will mean the introd￿1(￿ of a vast rary of measures from tAYrtr￿Ut￿9 lo devekyment of a ring4eneed end¢Jwmenl fund for BME organisattons as V*EII as wixk th ￿ne1$ lo build new resources and actiwlies for encouraging enterprise and &knrysm. Pollcy: Cost of Living Crisis and our MP(￿90 Levelllng Up Page 7 4CHANGE ENGLAND LIPAITED the Trustees the Year Ended 31 Despite efforts to wve the economy ￿￿$1-co¥ld, the UK fxe8 81agnanl grcAth aTrJ mounting nation81 debt, posing challenges to kjntrterm financb81 stabilty. The Consequen￿ for indNiduals and famil￿ ￿ already hugety challenging - leave a￿de the pictu￿ we see in pl￿ lthe Birningham. where loc¥ govemmenl has fe£ed serious financial collapse - with signifunt CLts n furKling Io c4ynmunty&sed semces. Wè are •w8re that cuts lo Wl aLthority funding have a greatw wnpact ￿ tsjmmunilies In need, suth as BME communilies ih the reduction of publK supwt servKes and reductions in small gr8nts. This reality forms the background lo the Icul ewions in 2023 and 2￿24. A core part of any future work will be helping the BME sector budd sustainabilty ar¥J resilience and irryrove seryres lo BME cc4rmunrtte5 In Seriol￿ need a5 a result of the cost of Imrsg. We were involved in the then Government Level￿n9 Up agenda and we hope to carry forward 8lèm8nts ofthis ￿￿k. RESERVES As of the 31st March 2024 the Chaftty has reseryes of £1.100,966 Hcwever, the larger pat of this is restrided £822,593. In temis of real reserves, the Charity has ynrestiictèd rèsÈNes of £278.373. The Charty feels this will cover the costs of closing down li&JIrt￿ Incl¥Jding redundancy and pension llability coslsl. The Truslees also aim to mwntain genera ￿serveS to cover at knt 3 months running CD5ts lan ditional £55.OCQ per mc4)th). Accordingly. the l￿anIsatiOn is Ic4*ir4 at straegies for irthasiry unresirKted funds. VGice4Change England holds reserves according to Is Reserves pclcy. ￿l¢ti is i) w(Éh NCVO and Ch*ity eommission guidance. In 2023- 2024 Voice4Change En*nd no fundraising in terms of general appeals to the pubk. All in¢￿￿e was through grants and conlracts. Trustees will agree a fundwing strategy to build reserves. Key Remuneratlon Pollcy V4CE has 8 poliw of paying staff acccffdiry to ￿ kjcal pay cond[t￿5 comme￿urate for a particular pjsrtion taking into ￿)Unt responsibillies and skils unique to that p(￿ty.0n. Pay leveL8 are peric4￿lty reviewed against ot￿r cnterr4 $ueh as inflation leveLs. REFERENCE AND ADMINISTRATIVE DETAILS Reglsterod Company number 07322971 (England and W*s) R¥gist&red Charlty number 1140624 Trustees Neena sart￿ (Chair) Ila Chadavarkar Karl Oxford Gillès Cabe S•nlor Managomont T￿M.. Mr Kun￿ Olukxle. IDirectLxI Registered offi￿. IQ>Sm￿ Centre. 3rd Fknr. 2c Fakland Ro•J, Kentish T￿￿, London NW5 2PT Auditor8: Able & Young Ltd Airport House, Purky Way. croYdc￿, CRO OXZ Bankers: Unty Trust Bank 9 Bridey Place, Bimiingham 812HB Page 8 byth• p4•0 rt f the inde ndenl Audito t the Members of VOICE4CHAN LAND LIMIT Oplnlon We have audited the financ&?1 statements of VOICE4CHANGE ENGLAND LIMITED (Ihe 'charitable company'l for Ihe year ended 31 March 2024 which comprise the Slatement of Financial Actniilies, th8 Balance Sheet. the Cash Flow Slalemenl, and notes to the financial statements. induding a summary of Stgnfficant accounting poliaes. The financiql reporting framework that has been applred in their preparation is applicable law and Unrted Kingdom Accounting Standards. induding FRS 102 'Th8 Financial Reporting standard applicabLg in the UK and Repubbc of Ireland, (United Kingdom Generalty Accepted AcGDunting Practice). In our opinion the financial st8lemanls'. gNe a true and fair view of the state of Ihe charitable company's affair5 as al 31 March 2024 and of its incoming resources and application of resources, iicluding its ineome and expenditure, for the year then ended., have been properly p￿pared In accordance with UNled Kingdom Gener21ty Accepted AccL)unting Practice., and have been prepared in accordanc8 with the requirements of the Companies A¢t 2006. Ba818 for oplnion We conducted our audit in ac£ord8nee with Inlemational Standards on Auditing {UK} IISAS (UK) and applKable law. Our responsibilities under thos8 stsndards are further deseribed in the Audilols responsibilities for the audit of the accounts sectK)n of our report. We are independent of the charitable ompany in accordance wrth the ethul rèquirements that are rdevant lo our audit of the accounts in the UK, including the FRC'S Ethical Standard, and the provis￿)n8 available for small enlilies, in the Circumstances set out bdow, and we have fu￿illed our other elhul respDnsibililies in accordanc8 with th8s8 requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate to provide a basi$ for our opinion. Con¢lu$lon8 rnlatSng to golng ¢on¢¢rn In auditing the financial sla18m8nl$, we have conclud8d that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Base(1 on the work we have perfom)ed, we have not identifi8d any material uncertainties relating to events or conditions Ihal, indNIdual￿ or collectwe￿, may cast svdnificanl doubt on the charitable company's ability to continue as 8 going concem for a period ￿ at le8St ￿ve￿6 months from when the financial statements aulhoris&J for issue. Our rasponsibililies and the responsibilitie5 of the truste8s with r8SPaCt to going concam are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other infomiation. The other information comprises the infomiation iftcluded in the Annual R8POrt, other than the financial ststements and OLsr Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent olheTh¥i$8 expliciuy stated in our report, we do not exp￿5 any fom of &ssurance CDnclusion Ihergon. In Connect￿7n wlh our aLklit of tho financial stslements, our responsibilty is lo read the other informatson and, in doing so, consider whether the other information is materially inconsistent wrth IhÈ financial 8tatements, or our knowledge obtained in the audit or otherwise appears lo be materialty misstated. If we identify s￿h material inconsistencies or apparent material misstatements, we are required lo detemiine whether this gNes rise lo a maierial misstatement in the financial st8tement8 themSe￿e8. If, based on the work we have performed, we condude that there is a material misslalemerbt of this other infomalion, we we required to pport that fact. We have nothing lo report in this ward. Oplnlons on other rnatt¢r¥ prescrlbed by the Companle5 Act 2006 In OUT opinion, based on Ihe work undertaken in the course of the audfl.. the infonnalion gwen in the Report of the Trustees for the ffinancial year for which the financial statements are prepared is consistent with the financial st8lements,' and the Report of the Trustees has been prepared in accordance wlh applicable legal requirements. Page10 the irKte ndent Audhor5 them VOICE4CHANGE ENGLAND LIMITED Matter4 on whlch we are required to r•port by exuption In the light of the kn¢￿￿dge understanding of the charitable c￿npanY and its envnnment obtsined in the course oflhé audrt, we have not identrf*d matena misstatements in thè Rewt of the Trustees. We have nothir¥J trj report in resFod of the foll(Mryng matters where the CcThpanies Act 201% requires us to report to yoy rf, in our opinion". adequate accounting records have been kept or returns adequate our audit have not been received from br￿￿heS not visited by us., or the financial ststerrents are not in agreement with the xcounting records and returns" or certain disdosures of trustees. remuneration by are nc4 made.. or we have not received all Ihe inflxmthn and exptht¢cfjs we require for our audiL Rasponslbllltlos of trustee¥ As expL4ined more fulty in the Statement of T￿￿1￿. Respo￿￿.11t1es, the trustees (who are also the directors of the charita￿e company for the pu￿0¥e$ of ¢(￿panY IWJ) are responsible for the preparation of the finanual ststements and for b8ing satisfi•J that they grve a true and fair view, and for s￿h intemal control as the trustees detem)ine is necessary to enable the prepara￿n of financial sL*ments that are free from material mk55tsternwrt. whelhw due lo fraud or errcf. In pr8paring the financial sLitwnents. the In￿le8S we reSponsI￿e for assessing the charitable company's abilty lo ￿tinUe as a going eorKem, discbyng, as appl¢8￿. matters relatèd to going con￿rn and using Ihe going concern basis of accounting unless the trustees either inlend to liquidate the charitsbte company or lo cease operotion$, cy have real￿￿ aRmli￿ but to do so. Our responslbilili•s for th• audit of ihe financial statements Our objectives are to obtsin reasonable assurance atout whettter the ￿nts 85 a Who￿ are free from material mis51atemenl, whelher due to fraud w ernx: and to ssue an auditorfs report that includes our opinion. Reasonable assurance is a huh level of a5surarKe. but is not a guarantee that an audrt conducted in accordance wtth ISAS (UM will afvRys deteLI a matenal misststement when it Èxists. Misslalements can arise from fraud or error and are considar8d materi￿ rf. indMdua1￿ or in the aggregate. they coukl reasanabty be expected to influence the economic decisi(Jns of users laken on the basis of these accounts. Irregularities, including fraud. are in$tsn¢es of ncrfpccfftplk9nce with laws and r￿ulations. We design procedures in lirÉ wth reswrtsibilrties. outlined abjve, to delect material misstatements in respect of rregukr*i8s, including fraud. The extent to whth prc￿edUreS we G9poble of detecting irregularities, including fraud is detailed bel￿". A further description of I￿r respon5i)IlitTes for the audit of ihe financial statements is le£at8d on the Financial Reporting Councifs website at VAW¥.frc.org.ukl8udrtarsr8spons*ilrties. This description fomis part of our Report of the Indep8nd8nt AuditNs. U88 of our report This report ks made solety to the charitable ccrnpany's members. as a t￿y, in 8ccordance with Chapter 3 of Part 16 of the Companies Acl 20(￿. Our audit has been undèrtaken so that we might stale to the Gharilable corrpanls memb8s those matlers we are rwwed io st* to them in an auditcvs. report and for no other purpose. To the fvllest extent by Iw. we do not aceept or assume responsibility to anyone other than the tharitsble company and the charilabb compatys members as a b¢*. for our audrt WDrk. for th￿ report, or for the cynions we have fom*d. Sl Rekha Shah (Senlor Statutory Auditor) for on behalf of Able & Young Ltd Al￿Ort House Purley way Croydon CRO OXZ 11 E4CHANGE ENGLAND LIMIT Slalemenl of Financial A 202 2024 Total funds 2023 Total funds Unrestricted Restrlrted funds fund Notes INCOME Donations 29,607 1,656,795 1.686.402 1,139,738 EXPENDITURE Ralslng funds Charitable Activities 14,373 681,740 696,113 1,179,761 Totsl 14.373 681,740 696,113 1,179,761 INCOME 15,234 975,055 990.289 140,0231 RECONCIUATION OF FUNDS Tr•n5fer of funds Totsl funds brought foNiard 18.8231 16,289 8,823 94,388 110,677 150,7LK) TOTAL FUNDS CARRIED FORWARD 22.700 1,078.266 1.110,966 110,677 The notes on pages 15 to 21 fom) part of these financial slalements Page 12 2024 2023 4352 2,747 324, Cash 4t Imnk •rKI kn h•nd IA J,IWd6 171217 14),7991 153A541 &tsL799 121.510 (ioAuJ lo￿) 3n,937 TOTAL FL¥#Is LL966 110677 $￿T￿ on Its Ixh•llty: P4• 15 VOICE4CHAN EEN LAN Cash Flow lat rEn d 31 March 2024 LIMITED 2024 2023 Notes Cash flows from operatln8 •rti¥ltles Cash generated from operation5 711,935 155,6371 Net cash provided byllused in) operating activilies 711,935 155,6371 Cash flows from Investln8 actmtles Purchasè of tanglble flxed assets 14,7221 40.232 Net cash lused inl/provhled by investing activities 14,722) 40,232 Cash IIDW5 fTom financlng artivhi25 Net cash lused Inllprovlded by financing activities Ch•n8e In ￿$h and cash equivalents in the reportin8 period Cash afid cash equhmlents at the beglnnlng Qf the reportin8 period 116,572 173.732 Cash and cash equlvalents at the end of the reF)Ortln8 period 823,786 116.572 The notes fomi part of th8se financial statements Page14 E4CHANGE ENGLAND LIMrrED Notes lo the Cash Flcw Statement Y ar End￿ 31 March 2024 RECONCIUATION OF NEf INCOMETO NEf CASH FLOW FROM OPERATING ACTIVITIE5 Net iniome forthe report1￿ period (as perthe Statern￿ of operatlng Artl¥ltle5) Adjustments for: Add back: Depreciation Decreaselllncreasel in debtors IncreasellDecreasel in credttors ,289 140,0231 3.117 1268,8151 112,6551 3,782 20,834 140,2351 Net Cash provlded byllused In) operations 711,935 155.637) ANALYSIS OF CHANGES IN FUNDS Net cash Cash at bank and in hand 116,572 707,213 82 116,572 707,213 78 Totsl 116572 707,213 823,786 Tl* notss fom wl ofthese fiTh￿￿91 st*emer PwJe15 VOICE4CHANGE ENGLAND LIMI Notes lo the Financial Slalemenl - C ntin For the Year Ended 31 March 2024 ACCOUNTING POUCIES 1.1 BASIS OF PREPARING THE FINANCIAL STATEMENTS Thè financial statements have been prepared In accordance with accountin8 and reportlng by Charities- Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance wilh the Flnanci31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeciivè l January 20191'_ Charity SORP IFRS 1021, The Financial Reporting Standard applicablè in the UK and Rèpublic of Ireland IFRS 1021 and the Companies Act 2CQ6. Voice4Change England Llm6ted meets the deflnStlon of a publlc benefit entity under FRS 102. The flnancial statements are prepared in Sterlin& which is the functional currency of the Charity. Monetary amounts in these flnancial statements are rounded off to the nearest £. These accounts have been prepared under the historical tost convention wrth items recognised cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. 1.2 Preparation of accounts on a goln8 concern basls The Trnstees have assessed whether the use of the goin8 concern basls 15 appropriate and have considered possible events or condltlons that might cast significant doubt on the ability of the charity to continue as a goin8 cOn￿rn. The Charity's Financial Statements show net surplus of £l,LX)4,384 for ihe year and unrestrictod resÈNes of £284,596 as at 31 March 2024. The trustees belleve that the reduttion in income suffered in the year wlll recover In the comlng years now that the covid pandemlc restrictions have been lifted. Trustees wlll continue to monitor and ensure spending to be done in Ilne with income Sn order to maintain sufficient reserves to cover the 3 months average expenditure. The review of cashflow for 12 months from the date of approval of the financial statements, the associated assumptlons that under-pin it. the pipeline of new income and the steps that could be taken to reduce expènditure should this be necessary. Further, It 15 SUPPOrted by the Increase In volume of activities suggest that the tr1$5t would be earnin8 more Income in fijture. Based on the informatlon above, the Trustees have a reasonable expectation that the company has adequate resources to continue in operatlon for the foreseeable future and wlll remaSn profltable in future period5. Therefore, the tW5tees have adopted the 80ing concern basis in preparing these accounts. 1.3 Income All Income is included in the SOFA when the charity is le8alty ehtitled to it. receipt Ls probable, and the amount can be measured with sufflcient reliability. Grant Income Grants are credited to the SOFA when the charity is entltled to the funds. Income Is only deferred where there are tlme constraints Imposed by the donor or if the funding Is performance related. Where entitlement to grants recelvable is dependent uwn fuifilment of condition5 Wlthin the charitvs control, the income is recognSsed when there Ss sufficient evidence that conditions will be met. Page 16 of25 E4CHANG N I sloth Finan For the Y ar En NGLA I Slal d31M D LIMIT nl- ntinued Grants supportlng the core actlvitles of the charlty and wlth no Specific restrictions placed upon thelr use are Included within donatlons and legacies. Grants that have speC￿lC restridions placed upon thelr use are induded w￿h1n Income from charftable activttles. Donatlons and le8acles Donatlons a￿ recognlsed in ihe period in which they are received. Legacy income Is reco8nlsed when the thèrlty's entitlement is judged to be probable and where the amount can be rellably measured. 1.4 Volunteers and donated serwlc•s and lacllftles Donated professional 5ervlces and don•ted facillties are recoinlsed as Income when the char￿ has control over the Item, any conditions assoclated with the donated Item have been met, the receipt of economic benefit from the use by the charlty of the Item 15 probable and that economlc benefrt tan be measured rellably. In accordance with the Charlties SORP IFRS 1021, the general volunteer time Is not reco8nised and refers to the trustees, annual report for more informatlon about thelr contriljutlon. On recelpt, donated professlonal 5eNlces and donated facllltles are recognlsed on the basls of the value of the 81ft to thè tharlty whlch Is the amouni the chorlty wouk4 have been wllllng to pay to obtaln seNlces or facllliles of equlvalent etonomlc beneflt on the open markel,. a correspondin8 amount Is then reco8ni5ed In expendlture In the period of receipt. No such donatlons were received during the year. 1.5 Expendlture r￿O￿nItIOn and Irrecover•ble VAT Expendlture Is retO8nlsed ontethere 15 a le8al or constructlve obll8atlon to make è payment to a thlrd party, li Is probable that settlement wlll be required, and the amount af the obll8ation can be measured reliably. Expendlture Is classified under the followln8 actlvlty headln85'. C05t of ralsln8 funds comprlses the cost of seeklng grants and donatlons and thelr a55oclated support costs. Expendlture on eharltable actlvltles Include expendlturt assoclated wlth the maln obledlves of the d. Charlty and Include both direct costs and their assoclated support costs. Irrecoverable VAT is charged as a cost a8ainst the actlvlty for which the expendlture was incurred. 1.6 Allocatlon of support cMts Support costs are those functions that asslst the work of the charity but do not dlrectly undertake charltable activitles. Support costs Include back-offlce costs, management, flnance and adminlstratlon personnelt payroll and governante costs which support the charity's pro8rammes and attlvitles. These costs have been allocated between cost of raising funds and expenditure on charltable actNltle5. The basis on whlch support costs have been allocated are set out In note 4. 1.7 Funds strurture The general fund comprises those monles, which may be used toward meetln8 the charitable oblertives of the company at the discretlon of the Executlve Committee. The deslgnated funds are monles set aslde out of 8enerBI funds and desl8nated for specific purposes by the Executfve Commlttee. The restrlcted funds are monies ralsed for, and thelr use restricted to. a specffic purpose or donatlons subject to donor-imposed conditions. Page 17 of 25 VOICE4CHANGE ENGLAND LIMITED Notes lo the Financial Stalem&nt- Continued F rlhey rEnd 24 1.8 Tanzible fixed a55et5 and depreclatlon Tangible fixed assets are stated at cost less depreciatlon. The cost of mlnor addltlons or those costlng less than £I.OCQ are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets. less thelr estimated residual value, over their expected useful lives on the followin8 bases: Computer Equipment - 33.33% on tost 1.9 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discovnts due. 1.10 Cash at b•Thk and in hand Cash at bank and In hand includes cash and short-terni cash deposr¢s. 1.11 Creditors and provlsions Creditors and prov15ions are recognlsed where the charlty has a present obllgation resuttlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estlmated rellabty. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. L12 Taxation The Charity is a registered charity and, therefore, 55 not liable for Income Tax or Corporation Tax on intome derived from its charitable activities, as it falls within the various ekemptions available to registered charities. 1.13 Pension costs Contributions are charyed to the Slalement of Flnanclal Attivities in the period in whlch they are payable. The assets of the defined contributlon schemes are held separately from those of the company In Independentty administered funds. 1.14 Judgement and key sources ol est5matloTh uncertalnty In the application of the compan￿$ accounting policies, the charity is required to makeJudgmenl5, estimates and assumptions ab￿t the carrying amount of assets and Ilabllltles that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experience and otherfactor5 that are considered to be relevant. Aclual results may differ from these estimates. The estimates and underlying assumptlons are reviewed on an on80ing basis. Revlslons to accounting estirnate5 a￿ recognised in the period in which the estimate is revised where the revision affects only that period, or in the perlod of the revision and future perSods where the revision affects both current and future periods. Page18 of26 OICE4 HAN E ENGL4ND LIMITED t th Financial Slalemenl Continu Fo rEn l March 2024 DONATIONS Re#trfcted Unre8trlctod Fund• Fund• 2024 2023 Rate On the Agenda The Paragiter Trust School of Social Entrepreneurs Carnegle Trust The John Ellerman Foundatlon Comlc Relief Groundwork London IGLAI Sport England The Home Office Wlndru5h Community Fund Oonatlons & Other Income Match Trading Paul Hamlyn Clly Bridge Foundation Pathway- Joseph Rowntree Charltable Trust Pathway- 8arrow Cadbury Trust Pathway- Clty Brldge Foundatlon Pathway- Access Foundatlon Pathway- 818 Soclety Fund Pathway- Esmee f airbalrn Pathway- Natlonal Lottery Communlty Fund others 13,3871 48,322 28,5￿ 13,000 S,￿0 30,000 135,046 45,430 14,390 408,934 1200 125,574 951 51 28,51J) 45.430 1,200 951 10,0 20,CwJ) 74,045 477,000 14,114 250,0 87,SC#J 24,284 112,500 570,723 74,045 477,000 45,975 14,114 35,C 250,000 87,500 24,284 112,500 570,723 251,834 156 156 Total The Voluntary Income In 2023-24. totalllng £1,686,402, out of whlch, £1,656,795 were attrlbuted to restricted funds and £29,607 were attrlbuted to unrestricted funds. Page 19 of 25 E4C to th Financi r Ended NDLI nt- onlinued rch 2024 CHARITABLE ACTMTIES COSTS Ralslni F￿dS Charitable tlvlty 2024 2023 Direct Staff cost5 Communicatlon and IT costs Grants and Charltable Donatlons Pald Professional expenses Premlses and equlpment costs Other dlrect COSt5 Support costs (Note 41 Governance costs (Note 41 210,053 26,515 7,207 238,490 4,431 210,053 26,515 7,207 238,490 4,431 380,965 11,321 539,591 202,143 10,8 185,622 23,795 185,622 23,795 31,929 3,012 Tat•l Of ihe £696,113 expendlture In 202412023 - £1,179,761), £14,373 was char8ed to unrestricted fund 12023- £139,449) and £681,740 to restrlcted funds12023 . £1,040,312) SUPPORT C08TS The charlty Initlally Identlfle5 the costs of It5 SUPPOrt functlons. It then Identlfles those costs whlth relate to the governance lunctlon. Governance tosts and other support costs are apportloned separately between the chirlty's key a¢tfvltles undertaken (see note 31 In the year. All the general support and governance cost5 have been apportloned to the varlous charitable activltles based on staff tlme allocated to each actlvlty. General Governance Support Functlon 2024 2023 General office staff costs ProfÈsslonal expenses Communlcatlons and IT costs Miscellaneous expenses Insurance other ofilce expenses Audit & Accounts fees Depreclation Enterprlse Development costs Totsl 21,922 28,395 4,993 21,922 28,395 4,993 14,176 403 1,959 205 579 10,824 3,012 3,783 978 56,218 978 56,218 23,79S 3,117 70,0(N) 2Q9 417 23,795 3,117 70,Oc￿l 185 622 Page 20 of 2S VOICE4CHANGE ENGLAND LIMrrED th Financial Stat nt- Continued 24 NEf INCO￿1{EXPENDrrvftE1 Net lTrcomel lexpendllurel 15 St*ed after chargiwj Icrediling}'. 2024 2023 ALbditors' remunerètion Depreciation 4,200 3.117 3,012 3,783 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or ot￿r benefrts for the year ended 31 March 2024 mr for the year ended 31 March 2023. TRUSTEES. EXPENSES Thère were no trustees. expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Wages and salarie5 Social Security costs Pension costs 163.004 47.049 13.270 346,823 34,142 9,570 Tgtsl 223 323 Two empbyees rwEived r￿Un￿at1(fft in excess of £60.￿0 during the year. The Total employep emoluments was £137.127 in the year. Th8 average Month￿ number of persons ern￿ed ty the clwty durin9 the year are 16 (2023- 111. Pwje 21 rf 25 E4CHAN ENGLAND LI lo the Fi talement- ntinued For th Y r Ended h 2024 TANGIBLE FIXED ASSETS Computer Equipment Openlng Balance Addition durlng the year Total Cost e¢latlon 11,359 Opening Balance Charge for the year Total DeP￿CIatIon 8,612 117 C1051 Balanc As on 31 March 2024 As on 31° Marth 2023 4,352 2,747 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors 38,057 286,403 39,140 16,505 324,460 55,645 IIX CREDrroRS.. AMOUNTS FALLING OUE WITHIN ONE YEAR 2024 2023 Other creditors Studènt Loan Deduction Pensk*n Account Accnjals al￿ deferred Income 13,849 505 2,123 24,322 12,026 243 1,403 39.782 40,799 53.454 Page 22 of26 VOICE4CHANGE ENGLAND LIMrrED to the Financial Ststement- ContinL*d rEn 31 March 2024 11. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Gener41 Funds Restricted Funds Total 2024 Tangible fixed assets Net current assets Non-current Liability 4.352 1.107,447 {10,8331 4,352 1.107,447 110,8331 Total i￿) Analysi5 01 Net Assets Between Funds- Previou5 Year General Funds Restrkted Fund5 Total 2023 Tan8ible fixed assets Net current assets Non