OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Registered Charity Number: 1141274 Company Number: 07517828

Voluntary Action South Leicestershire (a charitable company limited by guarantee)

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 March 2024

Voluntary Action South Leicestershire

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

Page
Charity Information 1
Report of the Trustees 2
Independent Auditor's Report 13
Statement of Financial Activities
(including Income & Expenditure Account) 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20

Voluntary Action South Leicestershire Company Information For the year ended 31 March 2024

Trustees:

Linda Jones (Chair) Richard Clarke Kate Godber Howard Grant Angela Holdsworth Suzanne Packer Lauren Woolley

Charity Manager & Company Secretary

Julia Synnott

Company Number

07517828 (England and Wales)

Charity Number

1141274

Registered Office

1st Floor Torch House Torch Way Northampton Road Market Harborough Leicestershire LE16 9HL

Auditors:

Edward Thomas Peirson & Sons Chartered Accountants 21 The Point Rockingham Road Market Harborough Leicestershire LE16 7NU

Bankers:

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

HR Advisers:

Peninsula Business Services Ltd Riverside New Bailey Street Manchester M3 5PB

Page 1

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their Report, which includes the Directors’ Report required by company law, together with the Financial Statements of the charitable company ("the charity") for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name

The charity’s formal name is Voluntary Action South Leicestershire but it is also known, and frequently referred to, as VASL.

Statutory information

Information regarding the charitable company’s registration numbers, registered office, current trustees, senior manager and other advisers is set out at Page 1 to the financial statements.

Directors/Trustees and Management

The directors of the charity are also its trustees for the purpose of charity law and throughout this report and financial statements are referred to collectively as the Trustees or the Board. Those who have served in this capacity during the period covered by the financial statements are as follows: –

Chair: Linda Jones CBE
Treasurer: Gail Lamb Resigned 30 June 2023
Brian Shayanewako Appointed 31 July 2023 & Resigned on 25 September 2024
Other trustees: Howard Grant
Kate Godber
Barbara Johnson Resigned 4 May 2023
Suzanne Packer
Hazel Cook Resigned 22 April 2024
Richard Clarke Appointed 22 May 2023
Anne Pridmore Appointed 22 May 2023 & Resigned 20 November 2023
Laure Woolley Appointed 21 March 2024

Following the end of the period the following person was appointed as additional director/trustee:

Angela Holdsworth Appointed 13 May 2024 The Trustees are also the members of the company. Company Secretary& Charity Manager: Maureen O’Malley Resigned 1 February 2024 Julia Synnott Appointed 1 February 2024

OBJECTIVES AND ACTIVITIES

Objects

The charity’s objects, as set out in the Articles of Association of the charitable company, are:

Page 2

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES (continued)

Aims and strategies

In satisfaction of these objects our aims are to:

Our mission is to improve and enrich the lives of people in our community by providing services and volunteer facilitated activities with strategic objectives of:

Our vision is to cement our position as the lead 3rd sector organisation in Harborough District and a major provider of services across the county.

Our success is reliant on all trustees, staff and volunteers applying our key values of:

Activities and Projects

The principal projects and activities with which we have been involved in the year are detailed below.

1. Support for Carers Leicestershire

Support for Carers continues to support Carers across Leicestershire and is in year 3 of funding with a plus 1 from November 2025. The Hospital Discharge Scheme stopped in April 2024 and we continue to work with Leicestershire County Council on upcoming projects. We are in regular contact and have a strong working relationship. The team continue to develop new ways to support carers and assist with Assessments and help with Government support.

Our Energy Advice Service sits within the Team, and offers advice to help reduce Energy costs, offer solutions and ensure Carers have access to benefits they are entitled to. This project is growing and has funding from the NHS until October 2025. We will seek further funding.

2. Young Carers

The Young Carers project was transferred to another local charity, Harborough Young People and Childrens Charity (HCYC) in July 2022. However, VASL remains a partner, providing volunteer drivers and escorts for the young carers to attend fortnightly groups.

Page 3

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES (continued)

Activities and Projects (continued)

3. Community Champions

Community Champions is a hybrid project and offers our clients and volunteers a real range of life and online connection experiences.

Befriending through home visits, telephone calls and letter writing have continued. There have been regular learning events including a volunteer-led session on bladder health. Other topics covered include 5 Ways to Well-being, Bereavement, Safeguarding, and Self Care. Two “Next Steps” courses have taken place, (volunteer-led), resulting in clients going to more community events and making new connections. Two clients also launched a card playing group.

We have enjoyed bringing volunteers together again for face-to-face connection through VASL celebrations and project socials, and there have been monthly Community Gatherings for clients.

Digital support sessions have been taking place monthly at Market Harborough and Lutterworth libraries and monthly mini zooms led by volunteers are enjoyed by clients. This project has grown and we are now working with clients and local GP Surgeries to enable clients to use the NHS App to order repeat prescriptions.

4. VASL Transport

Our Transport project continues to grow and we have over 45 active drivers who are able to take clients without access to a car to and from vital Hospital Appointments. The service helps with isolation and clients are able to relax knowing they have a trained volunteer waiting to take them home. There is a huge need for this service and we are grateful for the continued support from Leicestershire County Council. Day trips are also organised throughout the year using the Community Bus service and are always sold out. The project is now cashless and clients are able to pay for journeys online or over the phone.

5. Wellbeing Befriending

Jen Lyon took over as project Manager in March 2024 and the project has grown significantly. We have seen an increase in referrals from external sources and also from within our projects at VASL. Volunteers continue to support a variety of clients with a wide range of needs with weekly telephone befriending calls. Group meetings have also increased and are very popular offering Mental Health support and mindful activities.

The NHS recognised the impact of the project and from September 2024 we have successfully received funding so the project can reach rural locations within the Harborough District to offer support to those clients who are isolated.

The project now has three members of staff, and is on target for funding budgets.

6. Volunteering

As an organisation, we continue to provide quality volunteering opportunities, with excellent training and support. Volunteering in the community continues to be vital to the projects and services we provide.

VASL volunteering opportunities are publicised and promoted on a regular basis and we hold the Investing in Volunteers Accreditation, which is a recognised quality mark for volunteer involving organisations.

Our Volunteers are committed to giving their time to VASL and we continue to support them. We have had Christmas and Summer Volunteer recognition events for all to meet and to give the Charity Manager an opportunity to thank them for the work they do.

Page 4

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES (continued)

Activities and Projects (continued)

7. Representation and Engagement

VASL continues to sit on key forums and engagement groups throughout Harborough District, and wider Leicestershire. We are regularly consulted by Health and Social Care to help identify and shape services that support our client groups and the wider community. We continue to have a close working relationship with Harborough District Council, and Leicestershire County Council.

We have developed, and strengthened, our relationships with Health through the newly formed Primary Care Networks.

The Charity Manager is on a Steering Group for a VCSE Collaboration. We invite key organisations to events throughout the year with guest speakers and workshops to develop strength in Volunteer led organisations. This Alliance has been able to contact key funders and discuss the continued impact we have on the community.

NHS England has developed an ICB Board to work directly with the Voluntary Sector to support key needs in the community, and VASL’s Charity Manager is on the steering group.

Public Benefit

The Trustees are pleased to confirm that they have referred, and continue to refer, to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

At the beginning of the year the Trustees set the following strategic priorities for 2023/24:

Organisational

Project based

Page 5

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

VASL continued to thrive throughout 2023/24. All projects have successfully continued to grow, support Volunteers and Clients and meet funding targets.

In December 2023 Maureen O’ Malley retired after 30 years’ service and Julia Synnott was appointed the new Charity Manager.

We have continued to raise our presence within the local community and have had fund raising events with local businesses.

We have a good relationship with Market Harborough and The Bowden’s Charity and meet regularly.

Following the successful pilot of the Dementia Guardian project, we applied for 2 years’ funding to continue the service with the Masonic Charitable Trust and were successful. The project will continue until August 2026.

VASL continues to have the Investing in Volunteers and Trusted Charity Mark level 2.

The Board of Trustees, led by Linda Jones, continued to oversee and support the everchanging developments of VASL. We have recruited 4 Trustees and two have stood down.

VASL is a highly successful, well run and financially secure charity and is in an excellent position to face the necessary changes during the coming year. Our focus will be to gain funding to continue our Community Champions project and work with NHS England on new collaborations.

We are, as ever, most grateful to all of those who have provided funds to support our work throughout 2023/24. The funding that we have received has ranged from individual donations and one-off pots of funding from individuals, community groups and businesses to larger grants from organisations including:

The difference we have made

The Table below summarises the difference VASL made in our Communities during 2023-24

.

.
Community Total Individuals How Have They Benefited?
Carers across
Leicestershire		 3643 individual family carers
supported.		 •
Carer helpline (Monday - Friday, 9am –
5pm)
•
Online support through website,
Facebook, Twitter
•
Support group sessions delivered to share
experiences and enjoy social time.
•
County-wide Forum events
•
Newsletters provided information and
contacts
•
Telephone befriending

Page 6

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Community Total individuals How Have they Benefited?
Isolated Older
People		 132 •
Social support – Community
Champions
•
Befriending, digital & telephone
support, pen pals
•
109 events and gatherings
People needing help
with transport		 3,224 •
Passenger journeys
People needing
support with their
Mental Health		 75 •
Information
•
Advice and Navigation
•
One to One Support
•
Befriending
Volunteers 8 VASL Trustees
124 VASL Volunteers		 •
Supporting all VASL Projects and
governance of the organisation
Community Groups
in Harborough		 •
Local Groups encouraged to attend
Community Networking events
•
Ad Hoc support
The Business and
Public Sectors		 We worked with many different
organisations including:
•
Leicestershire County
Council
•
Harborough District
Council
•
NHS community mental
health teams
•
Leicestershire PCN’s
•
CCG's
•
LLILT Group
•
Healthwatch
•
Local schools, libraries,
adult learning
•
GP practices across
Leicestershire
•
Primary Care Networks
•
Parish Councils
•
Schools/Education
Establishments		 •
Worked in partnership with VASL to
support their customers and share
knowledge and ideas
•
Raised their community profile
•
Engaged with businesses

Page 7

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Community Total Individuals How Have They Benefited?
Charities/Third
Sector/Grant
Makers		 We worked with many different
charities including:
•
Market Harborough Bowdens
Charity
•
Harborough FM
•
LLR Community Foundation
•
Big Lottery
•
Children In Need
•
Age UK
•
LAMP
•
Dementia Harborough
•
Befriending Network
•
Community Transport
Association
•
Alzheimer's Society
•
Sustainable Harborough
•
HCYC
•
The Cube Youth Centre
•
LOROS
•
Voluntary Action
Leicestershire		 •
Met their charitable aims by awarding
grants to VASL for project activity
•
Took referrals for services from VASL
staff
•
Attended VASL forums
•
Consulted on project development
The Wider
Community		 •
Support for Carers Leicestershire
website provides information and
support
•
VASL website provides information,
support and access to services

Page 8

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Financial Performance

The financial period covered by the accounts and this report was a 12-month period from 1 April 2023 to 31 March 2024. The annual income was £555,636 (2023: £539,875) and the total costs were £595,519 (2023: £545,058). This resulted in a net deficit of £39,883 (2023: Deficit £5,183). There was a £3,670 surplus in unrestricted funds (2023: Deficit £7,264) and a £43,553 deficit in restricted funds (2023: Surplus £2,081).

VASL continues to operate in a period of considerable financial uncertainty in relation to core funding from statutory bodies and project funding from other agencies. In view of this the Trustees considered it prudent to retain a designated financial reserve of £110,000 to cover contingencies (see Policy on reserves below).

Policy on cost recovery

In undertaking a grant funded project, VASL aimed to apply the principles of Full Cost Recovery. That is, it recognised that each project undertaken by VASL was supported by a central organisation whose costs must be covered by the organisation as a whole. Each project had therefore to contribute its share of the central cost.

Accordingly, except where there was an explicit agreement with the funder on the amount of grant which was to be applied to central costs, an overheads charge was levied in proportion to the staff time devoted to the project. These charges were calculated as part of the annual budgeting process, and were applied in the accounts as inter-fund transfers.

Policy on reserves

VASL’s policy on reserves has been designed to protect it from uncertainties in funding from statutory and grant making bodies, and other financial risks. Its aim is to ensure that there are sufficient funds to meet all its contractual obligations and to continue in operation until there has been time to reorganise to meet the contingency.

The Trustees agreed that:

The VASL board reviewed its financial risks and decided not to increase or decrease its designated adversity reserve of £20,000 nor its designated financial reserve of £110,000 comprising:

Three months’ core running costs £50,000 Negative cash flow in run down situation £25,000 Reserve for possible redundancy costs £35,000

Unrestricted reserves which have not been designated amounted to £64,903 at 31 March 2024 and the Board considers that these are at an acceptable level for the day to day operating requirements of the charity. The aggregated reserves of restricted income funds amounted to £139,937, which is in line with the expectation of the Board. This reflects the receipt of grants in advance of incurring the associated expenditure in respect of projects which cover more than one financial year.

Page 9

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

PLANS FOR FUTURE PERIODS

In the light of the change in personnel, the Board decided to roll over the Strategic Plan for a further year to give the new Charity Manager time to review our services and set out a plan for development in a new Strategic Plan for 2025-28, which will incorporate views and opinions from our clients, volunteers, staff, trustees, funders and strategic partners.

The Strategic Plan will acknowledge that we need to continue to support our staff and volunteers and maintain the standards of our current funded projects. We will continue to identify gaps in provision and opportunities to develop new services, or make developments within existing ones, to meet them. We will consider how our projects can help to reduce the impact on our clients of the cost of living crisis.

We will continue to develop new partnerships and are looking to develop further support for those suffering from the effects of Dementia. We want to continue to recruit more Volunteers, provide them with the training and support they need, and retain them to help deliver our quality services. This has been proven with our success in the Investing in Volunteers re-accreditation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and Governing Document

The charity was incorporated on 4 February 2011 as a company limited by guarantee (Company Number 07517828), not having a share capital, and is governed by its Memorandum and Articles of Association of that date, as amended on 18 March 2019. It was registered as a charity by the Charity Commissioners for England and Wales on 8 April 2011 (Registered Number 1141274).

Each of the members has agreed to contribute the sum of £1 in the event of the charity being wound up.

Appointment of trustees

Trustees are nominated from persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit, or who are otherwise able, by virtue of their personal or professional qualifications, to make a significant contribution to the pursuit of the objects or the management of the charity.

Trustee induction and training

New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the company. During the briefing they are also given a tour of the charity’s premises and are introduced to the employees and other trustees. All trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisational Structure

The Trustees hold formal meetings every eight weeks and have elected a Chair, Secretary and Treasurer from their number. The Trustees are responsible for setting the strategic direction of the charity and have delegated day to day decisions concerning its operation to Julia Synnott the Charity Manager.

Arrangements for setting staff pay

Staff pay, including that of the senior manager, reflects the level of responsibilities of the posts and is benchmarked with similar sized voluntary and community sector organisations. Cost of living increases take into account inflation and levels awarded for public and voluntary sector organisations. These decisions are taken by the full Board of Trustees on the recommendation of the Board's Human Relations subcommittee.

Page 10

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management

The Trustees keep the charity’s activities under regular review in order to identify the opportunities available to the charity and the risks to which it is exposed. Where risks are identified, for example in relation to fraud, systems and procedures are established and implemented to mitigate those risks identified and to minimise their impact should they materialise.

In particular, the Trustees recognise that the charity is a service organisation and that one of the principal risk that it faces, in attempting to fulfil its aims and objects, is that its standard of service falls short of that which might reasonably be expected by users. As a result, we have implemented a quality assurance policy statement based on the Trusted Charity Mark, Level 2 (previously Pqasso). This defines the benchmarks for standards throughout the Voluntary Sector and comprehensive arrangements to monitor progress in implementing and adhering to these standards.

In addition, we are committed to providing training programmes to staff and volunteers to assist them in all areas of activity in which they are likely to become involved in the operation of the charity.

FUND-RAISING STANDARDS INFORMATION

The charity does not carry out significant fundraising activities.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees (who are also Directors of VASL for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 11

VOLUNTARY ACTION SOUTH LEICESTERSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

PREPARATION OF REPORT

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD

Linda Jones CBE Chair Date: 9 December 2024

Page 12

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF VOLUNTARY ACTION SOUTH LEICESTERSHIRE

Opinion

We have audited the financial statements of Voluntary Action South Leicestershire for the year ended 31 March 2024 which comprise the Statement of Financial Activities (including Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’ (United Kingdom Generally Accepted Accounting Practice)

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 13

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF VOLUNTARY ACTION SOUTH LEICESTERSHIRE (continued)

Other information (continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 14

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF VOLUNTARY ACTION SOUTH LEICESTERSHIRE (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company's financial statements to material misstatement and obtained an understanding of how fraud might occur by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included:

Page 15

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF VOLUNTARY ACTION SOUTH LEICESTERSHIRE (continued)

There are inherent limitations in our audit procedures outlined above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment and/or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Callum Veasey (Senior Statutory Auditor) For and on behalf of: Edward Thomas Peirson & Sons Statutory Auditor Chartered Accountants 21, The Point Rockingham Road Market Harborough Leicestershire LE16 7NU Date: 9 December 2024

Page 16

Voluntary Action South Leicestershire

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Donations and legacies
3
Charitable activities
4
Investment income - Bank interest receivable
Other
Total income
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net income/(expenditure) for the year
Net transfers between funds
11
Net movement in funds
11
Reconciliation of funds:
Balances brought forward
Balances carried forward		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
47,507
447,215
494,722
-
55,846
55,846
5,068
-
5,068
-
-
-
52,575
503,061
555,636
180,442
415,077
595,519
180,442
415,077
595,519
(127,867)
87,984
(39,883)
131,537
(131,537)
-
3,670
(43,553)
(39,883)
191,233
183,490
374,723
194,903
139,937
334,840		 Total Funds
2023
£
494,648
42,966
2,257
4
539,875
545,058
545,058
(5,183)
-
(5,183)
379,906
374,723

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised during the year.

The notes on pages 20 to 27 form part of these accounts

Page 17

Voluntary Action South Leicestershire (Company No. 07517828)

BALANCE SHEET AS AT 31 MARCH 2024

Note
Current Assets
Debtors
9
Cash at bank and in hand
Creditors:
10
Net Current Assets/Net Assets
Funds
11
Unrestricted funds
General funds
Designated funds
Restricted funds
Total Funds
Amounts falling due within one year		 2024
£
26,013
352,774
378,787
(43,947)
334,840
64,903
130,000
194,903
139,937
334,840		 2023
£
19,272
384,939
404,211
(29,488)
374,723
61,233
130,000
191,233
183,490
374,723

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The accounts were approved by the Board of Trustees on 9 December 2024 and signed on its behalf by:

Linda Jones CBE - Trustee

The notes on pages 20 to 27 form part of these accounts

Page 18

Voluntary Action South Leicestershire

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Net movement in funds
Interest shown in investing activities
(Increase)/Decrease in Debtors
Increase/(Decrease) in Creditors
Net cash generated by/(used in) operating activities
Cash flows from investing activities
Interest income
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents comprise:
Cash at bank and in hand		 2024
£
(39,883)
(5,068)
(6,741)
14,459
(37,233)
5,068
(32,165)
384,939
352,774
352,774		 2023
£
(5,183)
(2,257)
(12,340)
(13,973)
(33,753)
2,257
(31,496)
416,435
384,939
384,939

The notes on pages 20 to 27 form part of these accounts

Page 19

Voluntary Action South Leicestershire

Notes to the accounts

for the year ended 31 March 2024

1. STATUS OF THE COMPANY

The company is a private company registered in England & Wales and is limited by guarantee. It does not have a share capital but every member of the company is required, in the event of it being wound up while he or she is a member (or within twelve months of their ceasing to be a member), to contribute the sum of £1 towards the debts and liabilities of the charity, which were incurred before they ceased to be a member, and the costs of winding up.

The Memorandum and Articles of Association specify that the company is a non-profit making organisation that shall apply any income that it receives in fulfilling its objectives and it is registered as a charity by the Charity Commissioners for England and Wales. If upon winding up any assets remain after the satisfaction of all debts and liabilities they shall be transferred to some other charitable body or bodies having similar objects to the charity.

2 PRINCIPAL ACCOUNTING POLICIES

(i) Accounting convention and basis of accounting

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 (“SORP 2019 (FRS 102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (“FRS 102”), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

(ii) Basis of accounting and going concern

The financial statements are prepared under the historical cost convention and on a going concern basis. The trustees consider that there are no material uncertainties which cast doubt on the charity’s ability to continue as a going concern. In forming this opinion they have considered the level of funds held and the expected level of income and expenditure in the twelve months from the date of the approval of these financial statements.

(iii) Incoming resources

All incoming resources are reported gross of any related expenditure.

Donations and legacies comprises all incoming resources from sponsorships, legacies, donations and grants (including those received from local governmental organisations). Such income is recognised in the period: in which the charity is legally entitled to the receipt; after any performance conditions have been met; the amount can be measured with reasonable certainty; and it is probable that the income will be received. Where there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then the income is deferred until those conditions are fully met. Any such income which is deferred to a future accounting period is carried forward in the balance sheet within creditors falling due within one year.

No amounts are included in accounts for services donated by volunteers.

Incoming resources from charitable activities comprise amounts receivable by the charity, from users of the services that it provides, in undertaking it charitable activities.

Investment income comprises interest receivable on cash balances held in appropriate interest bearing deposits. Such income is recognised when it is receivable and is allocated to the fund to which it relates.

Other trading activities comprise income from letting and licensing arrangements for space in property held primarily for functional use by the charity but which is temporarily surplus to its operational requirements.

Other income represents miscellaneous operational receipts that do not relate to any of the above headings.

Page 20

Voluntary Action South Leicestershire

Notes to the accounts

for the year ended 31 March 2024

2 PRINCIPAL ACCOUNTING POLICIES (continued)

(iv) Resources expended

All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay, it is probable that settlement will be required and the amount of the obligation can be measured reliably. As the charity is not VAT registered the expenditure is stated inclusive of VAT. All of the expenditure in the year has been categorised as relating to charitable activities.

Cost of charitable activities represents the direct costs incurred in providing services to its users/beneficiaries in fulfillment of the charity’s objects together with all of the support costs, such as governance, staff, premises and administration costs that are directly attributable to those activities.

Any support costs that are not directly attributable to particular headings are allocated to activities on a basis consistent with use of the resources. This allocation involves a significant degree of management judgement but the charity has to consider the cost benefit of detailed calculations and record keeping.

(v) Tangible fixed assets and depreciation

Expenditure of a capital nature, which exceeds £2,000 per item, is capitalised at cost as a fixed asset and depreciation is provided on a straight-line basis so as to write off the cost over the anticipated useful economic life of the asset. The relevant rate is 25% per annum.

(vi) Financial instruments

All of the charity’s financial assets and financial liabilities are of a kind that qualify as basic financial instruments. Such basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

(vii) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Unrestricted funds comprise those general funds which the Trustees are free to use in accordance with the charity's objects.

Designated funds are unrestricted funds which the Trustees have earmarked for particular purposes.

Restricted funds are funds which have been given to the charity for particular purposes specified by the donor or by the terms of an appeal, within the overall aims of the charity. The donation and any income arising therefrom must be used in accordance with the specified purposes.

Transfers are made from restricted funds to general funds to cover the agreed contribution from each fund towards the general management expenses of the charity.

A description of the funds in existence in the year is given at Note 11.

Page 21

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

3 INCOME FROM DONATIONS & LEGACIES Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Grants received in the year from:
Leicestershire County Council - 282,658 282,658 273,323
Harborough District Council 9,800 - 9,800 12,900
Big Lottery Fund - 98,519 98,519 71,663
National Lottery Community Fund - 39,318 39,318 -
Market Harborough & The Bowdens Charity 34,664 - 34,664 51,224
NHS Leicester, Shire & Rutland IDB - - - 40,000
Energy Savings Trust - 18,146 18,146 -
Other providers - - - 3,500
44,464 438,641 483,105 452,610
Movement in deferred income - 3,501 3,501 22,183
44,464 442,142 486,606 474,793
Other donations and voluntary income 3,043 5,073 8,116 19,855
Total income from donations and legacies 47,507 447,215 494,722 494,648
In the year ended 31 March 2023, £428,229 of Grants and £19,104 of Other donations and voluntary income related to
restricted funds (see Note 11).
Certain grants received in the year are subject to performance conditions which the charity has to fulfil in order to become
entitled to use the income. The balance of the income deferred, which is included in Creditors: Amounts falling due within one
year, comprises:
2023 2022
£ £
Deferred income at the start of the year 3,501 25,684
Net Movement in the year (3,501) (22,183)
Deferred income at the end of the year - 3,501
4 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Contributions from users of the Transport Schemes - 54,031 54,031 42,966
Costs recharged to HCYC - 1,815 1,815 -
Total income from charitable activities - 55,846 55,846 42,966
5 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
£ £ £ £
Costs incurred in connection with:
Governance:
Auditors' remuneration (including preparation of accounts) 9,780 - 9,780 5,760
Staff & volunteers:
Gross wages and salaries 75,176 314,832 390,008 347,065
Employers' NI Contributions 6,016 19,591 25,607 21,783
Pension contributions 3,876 14,489 18,365 16,420
Staff travel and training 2,115 4,110 6,225 6,005
Other staff costs - - - 45
Volunteers' costs 1,150 42,903 44,053 35,340
Event costs 337 9,020 9,357 8,820
88,670 404,946 493,616 435,479
Sub-Total carried forward 98,450 404,946 503,396 441,239

Page 22

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

5 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Total Funds
(continued) Funds Funds 2024 2023
£ £ £ £
Sub-Total brought forward 98,450 404,946 503,396 441,239
Premises and assets:
Insurance 3,974 - 3,974 3,655
Other premises costs 30,081 - 30,081 29,588
34,055 - 34,055 33,243
Office, administration & IT:
Office expenses & IT 34,278 6,333 40,611 33,867
Repairs and renewals 505 - 505 317
Consultancy & professional fees 12,849 1,763 14,612 15,450
Publicity and promotion of charitable activities - 2,035 2,035 3,665
Miscellaneous expenses 305 - 305 41
47,937 10,131 58,068 53,340
Grants paid:
HCYC - Support for children & young people - - - 17,236
Total expended on charitable activities 180,442 415,077 595,519 545,058
Of the total costs incurred in the year ended 31 March 2023, £380,234 related to restricted funds (see Note 11).
The above costs are allocated as follows: Directly
attributed to Support 2024 2023
activities Costs Total Total
£ £ £ £
Governance - 9,780 9,780 5,760
Staff & volunteers 404,946 88,670 493,616 435,479
Premises and assets - 34,055 34,055 33,243
Office, administration & IT 10,131 47,937 58,068 53,340
Grants paid - - - 17,236
415,077 180,442 595,519 545,058
These costs are associated with the following categories of
charitable activity in the year:
Carers Services 195,416 81,249 276,665 245,827
Befriending services 118,152 37,395 155,547 139,088
Transport services 101,509 12,894 114,403 101,624
Development of Community Services:
Funded by restricted grants - - - 1,678
Funded from unrestricted income - 48,904 48,904 56,841
415,077 180,442 595,519 545,058

The basis of allocation of support costs is management budgeting and review of estimated usage. Inevitably, this has involved a significant element of judgement but the charity has to consider the cost benefit of detailed calculations and record keeping.

Page 23

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

6 TRUSTEES' REMUNERATION & EXPENSES

None of the Trustees, or any persons connected with them, received any remuneration for their services as trustees in either the year ended 31 March 2024 or in the preceding financial year. No expenses were paid to trustees during either year.

7 STAFF NUMBERS AND EMOLUMENTS Year Ended Year Ended
31 March 31 March
The average number of employees in the year was as follows: 2024 2023
Engaged on charitable activities 16.50 16.33
Engaged in management and administration 2.08 2.00
Totals 18.58 18.33

No person's emoluments exceeded £60,000 per annum and the aggregate amount paid was as follows:

Salaries
Social Security Costs (net of Employment Allowance)
Pension contributions
Total paid by the charity		 Year Ended
Year Ended
31st March
31st March
2024
2023
£
£
390,008
347,065
25,607
21,783
18,365
16,420
433,980
385,268

Contributions to the employees' defined contribution pension plans are included in resources expended as they are incurred and are allocated between funds using the same method as the salaries to which they relate. At 31 March 2024 contributions of £2,997 (2023: £58) were included in accruals.

The total employment benefits (including pension contributions) of the key management personnel, comprising the Trustees (who received no remuneration), the Charity Manager and the managers of: Carer Services, Transport; Community Champions; Wellbeing Befriending; and Business Support, were £196,988 (2023: £162,821).

8 NET INCOME/(EXPENDITURE) FOR THE YEAR NET INCOME/(EXPENDITURE) FOR THE YEAR Year Ended Year Ended
31st March 31st March
Net Income/(Expenditure) is stated after charging the following expenses: 2024 2023
Operating lease rentals 20,056 21,351
Auditors' remuneration
Edward Thomas Peirson & Sons For audit services 5,580 2,418
For other assurance services 4,200 3,342

Edward Thomas Peirson & Sons prepared and audited the statutory accounts.

9
DEBTORS
Trade Debtors
Prepayments
Other Debtors		 2024
2023
£
£
18,721
12,048
7,168
7,168
124
56
26,013
19,272

Page 24

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

10
CREDITORS: Amounts falling due within one year
2024
2023
£
£
Accrued expenses
21,398
10,876
Deferred income - grants (see Note 3)
-
3,501
Other creditors
15,861
9,976
Other taxes and social security
6,688
5,135
43,947
29,488
11
FUNDS
Movement in
At 1 April
Deferred
At 31 March
2023
Income
Expenditure
Income
Transfers
2024
£
£
£
£
£
£
Unrestricted Funds:
General Fund
61,233
52,575
(180,442)
-
131,537
64,903
Designated Funds:
Financial Reserve
110,000
-
-
-
-
110,000
Adversity Reserve
20,000
-
-
-
-
20,000
Total unrestricted funds
191,233
52,575
(180,442)
-
131,537
194,903
Restricted Funds:
Related to Development of
Community Services
-
-
-
-
-
-
Related to carers:
Leicester carers project
39,934
256,238
(170,777)
3,501
(70,037)
58,859
Young carers
-
1,418
(1,418)
-
-
-
Digital Inclusion
-
-
-
-
-
-
Mental Health
-
-
-
-
-
-
Dementia Guardians
40,000
68
(23,222)
-
(11,212)
5,634
Related to befriending:
Community champions
20,306
99,874
(80,782)
-
(28,705)
10,693
Community wellbeing
41,273
39,318
(37,370)
-
(8,689)
34,532
Related to transport:
Transport
41,977
102,644
(101,508)
-
(12,894)
30,219
Total restricted funds
183,490
499,560
(415,077)
3,501
(131,537)
139,937
Total Funds
374,723
552,135
(595,519)
3,501
-
334,840		 10
CREDITORS: Amounts falling due within one year
2024
2023
£
£
Accrued expenses
21,398
10,876
Deferred income - grants (see Note 3)
-
3,501
Other creditors
15,861
9,976
Other taxes and social security
6,688
5,135
43,947
29,488
11
FUNDS
Movement in
At 1 April
Deferred
At 31 March
2023
Income
Expenditure
Income
Transfers
2024
£
£
£
£
£
£
Unrestricted Funds:
General Fund
61,233
52,575
(180,442)
-
131,537
64,903
Designated Funds:
Financial Reserve
110,000
-
-
-
-
110,000
Adversity Reserve
20,000
-
-
-
-
20,000
Total unrestricted funds
191,233
52,575
(180,442)
-
131,537
194,903
Restricted Funds:
Related to Development of
Community Services
-
-
-
-
-
-
Related to carers:
Leicester carers project
39,934
256,238
(170,777)
3,501
(70,037)
58,859
Young carers
-
1,418
(1,418)
-
-
-
Digital Inclusion
-
-
-
-
-
-
Mental Health
-
-
-
-
-
-
Dementia Guardians
40,000
68
(23,222)
-
(11,212)
5,634
Related to befriending:
Community champions
20,306
99,874
(80,782)
-
(28,705)
10,693
Community wellbeing
41,273
39,318
(37,370)
-
(8,689)
34,532
Related to transport:
Transport
41,977
102,644
(101,508)
-
(12,894)
30,219
Total restricted funds
183,490
499,560
(415,077)
3,501
(131,537)
139,937
Total Funds
374,723
552,135
(595,519)
3,501
-
334,840		 2023
£
10,876
3,501
9,976
5,135
29,488
At 31 March
2024
£
64,903
110,000
20,000
191,233
52,575
(180,442)
-
131,537		 194,903
-
-
-
-
-
-
39,934
256,238
(170,777)
3,501
(70,037)
58,859
-
1,418
(1,418)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,000
68
(23,222)
-
(11,212)
5,634
20,306
99,874
(80,782)
-
(28,705)
10,693
41,273
39,318
(37,370)
-
(8,689)
34,532
41,977
102,644
(101,508)
-
(12,894)
30,219
183,490
499,560
(415,077)
3,501
(131,537)
139,937
374,723
552,135
(595,519)
3,501
-
334,840

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charity's objects.

Designated funds are unrestricted funds which have been earmarked for particular purposes. The financial reserve is maintained at a level which is approximately equal to the aggregate of: three months' core running costs; the amount required to cover potential redundancy costs; and anticipated net cash outflows in the event of the charity's activities being wound up. The adversity reserve was created in January 2021 to cover additional expenditure that may be incurred in extraordinary circumstances such as those experienced in 2020 due to the Covid pandemic. No expenditure of money from either reserve can be committed except by explicit decision of the board.

Restricted funds are funds which have been given to or have been raised by the charity for particular purposes. They are grouped together into the broad categories to which they relate, namely: carers; befriending; transport and other activities. The Trustees' report provides additional information in relation to these activities and funds.

Page 25

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

11 FUNDS (continued)

Transfers from the various restricted funds to the general fund are made in respect the agreed contribution from each fund towards the business support costs of the charity. Occasionally, transfers are also made between restricted funds to reflect the value of the benefit received by a fund from expenditure incurred in another fund.

Any deficit remaining, at the end of a project that has financed by restricted funds, is covered by a transfer from the general fund.

Fund movements during the year ended 31 March 2023 were as follows:

Unrestricted Funds:
General Fund
Designated Fund:
Financial Reserve
Adversity Reserve
Total unrestricted funds
Restricted Funds:
Related to Development of
Community Services
Related to carers:
Leicester carers project
Young carers
Digital Inclusion
Mental Health
Dementia Guardians
Related to befriending:
Community champions
Community wellbeing
Related to transport:
Transport
Total restricted funds
Total Funds		 Movement in
At 1 April
Deferred
At 31 March
2022
Income
Expenditure
Income
Transfers
2023
£
£
£
£
£
£
68,497
49,576
(164,824)
-
107,984
61,233
110,000
-
-
-
-
110,000
20,000
-
-
-
-
20,000
198,497
49,576
(164,824)
-
107,984
191,233
1,677
-
(1,677)
-
-
-
30,353
212,578
(151,029)
(3,501)
(48,467)
39,934
18,459
876
(19,431)
-
96
-
2,177
-
(2,177)
-
-
-
23,038
30,299
(15,548)
-
(37,789)
-
-
40,000
-
-
-
40,000
26,029
72,468
(75,458)
25,684
(28,417)
20,306
28,585
19,384
(26,315)
-
19,619
41,273
51,091
92,511
(88,599)
-
(13,026)
41,977
181,409
468,116
(380,234)
22,183
(107,984)
183,490
379,906
517,692
(545,058)
22,183
-
374,723

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

The allocation of net assets between funds at 31 March 2024 was as follows:

Debtors
Cash at bank and in hand
Total Net Assets
Creditors: Amounts falling due within one year		 General
Designated
Restricted
Fund
Fund
Funds
Total
£
£
£
£
7,292
-
18,721
26,013
81,523
130,000
141,251
352,774
(23,912)
-
(20,035)
(43,947)
64,903
130,000
139,937
334,840

All liabilities connected with the payroll are included in the above analysis as relating to the General Fund.

Page 26

Voluntary Action South Leicestershire

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

The allocation at 31 March 2023 was:
Debtors
Cash at bank and in hand
Total Net Assets
Creditors: Amounts falling due within one year		 General
Designated
Restricted
Fund
Fund
Funds
Total
£
£
£
£
7,674
-
11,598
19,272
69,094
130,000
185,845
384,939
(15,535)
-
(13,953)
(29,488)
61,233
130,000
183,490
374,723

13 OPERATING LEASE COMMITMENTS

The charity is committed to make the following aggregate future minimum lease payments under noncancellable operating leases:

Aggregate payments due:
Within one year
In two to five years
In more than five years		 2024
2023
£
£
10,126
9,963
1,095
-
-
-
11,221
9,963

14 RELATED PARTIES

There were no related party transactions in the year or in the preceding financial year.

Page 27