Company registration number.. CEOOI 152 Charity registration number. 1156377 Victoria's Promise (A company limitel by guarantee) Annual Rwrt and Financial Staiejnents forthe Year Ended 31 Mar¢h 2024
Vi¢toria's Promise Contents Trustees, Report Ito6 Independent Exarnin¢rfs Report Statement of Financial Activiti¢s Sto9 Balance Sheet 10 Notes to th¢ Financial Statements 11 to 17
Victoria's Promise Trnstees, Report The trustees present the annual report together with the financial 5taternents and auditis, report of the charity for th¢ year ended 31 March 2024. The Trust¢¢5 have adopted the FKovAsions of Accounting and Reporting by Charities.. Statement of Recommended Pr1]¢¢ appli¢able to charities preparlng their accounts in accordance with the Finan¢ial Reportfftng Standard app]ible in the UK and Republic of Irelalld (FRS 102) (¢ff¢div¢ I January 2015). Objec¢ive5 and Activities Missiott Stxtement The Mission of the Vi¢ioria'$ Promise ¢ommunity is to connec¢ support, empower and serve its tribe, so that ea¢h individual may flcwish through their journey with cancer. Objects and aims Victoria's Promise SuppoTts women ihrough eancer. We are a UK Charity focused on providing personalised supp)rt and services for womw and their families, from the moment of their di2gnosis, through treatment and beyond. Raising their positivity, reducing their feelings of isolation and fear, help ease any burdens due to their diagnosis and create as much norn11 as possible. Thereby aiding their wellbeing and helping to reduce reoccurrence. The vision of Vi¢tOTla'S Promise is a community of young women di0ver[ng peace, joy, com)ection and understandin& as tY are supported and empowered through cancer. In the ¢at¢hrnent of ihe Hampshire Hospital Foundation Trus¢ Victoria's Promise supports women. between the ages of 18 8nd 50. with specific care provision lo meet iheir ernotional, physical and practical need5. This imcllldes, but noi limAted to, specialist therapies, on¢-lfron¢ yo domestic cleaning, childminding and counselling for her and her immediate family rnembers. We visit each young woman in her home and idenlity the individual nttds that will create a difference and ¢&5¢ th¢ir journey through eaneer. Their needs n]ay change dependeni on any changes to tbeir proosI5 and we ar¢ ih¢r¢ to serv¢ those needs as best we are able. D]ng the last 12 nminths Victoria's Promise h&8 deepened th¢ support we are offering young worn¢n and their familte4 workllig to offer a rnor¢ tailored and individualised care plan. Victoria's Promise has a150 rur Tnonthly VP Meet ups, to serve the wornen in the Basingstoke and Winchester areas which are open to any young women diagnosed with cancer at any stage of her journey including after their treatment has finished and feel they will benefit frorn on-going support. The wom¢n find these get togethers very uplifting and a favour¢d way to meet other young women going through slmilar cancer treatnJent5 and challenges as themselves who they feel they can really relate to. We #im Lo open more areas for VP Live Meet Ups and to re introduce VP Connect, which are coffee mornings ¢0 introduce 2 or 3 women who are on a similar pathway? similar lifestyle and live geographically in Close proximity. The Vlftorl'$ Promise App. continues to a much needed gap women diagn05¢d with cancer throughout the UK enabling theni io coJ)nect with other women on line, (Trft¢n finding so]neome who is on the sam¢ tr¢atment and stage &8 them, or finding someone els¢ who has been diagnosed with the same, sometimes iare cer as they have which they f]nd re assuring. We ¢(Trntinue to bring this community of young womeD together lo experience a range of Anftirniative and supportive webinars and a]Vities. The App raises their positivity, and decre5 their 3ens¢ of isolation and fears. Through the App the women access the necessary links to th¢ online webinars, workshops, yoga classes. PT classes and virtual coff¢e mornings. It also offers the means for them to find others who are living near by who they can priva1¢ rn¢5sage and aTrdnge to meet up with. The plan over time is to set up VP Live Meet Ups in more and moTe lo¢ations thToughout the UK. Page I
Victoria's Promlse Trustees. Report Our aim is to build awareness of the VP App. ¢0 SUPW)rt th¢ breaiesi number of young wornen 80ing through cancer as well as during their r¢coY¢ry p¢riod, so that every woman has the opportunity to join this understanding and supportlve community. However, whilst we conlinue to reach more yOUDg women, enabling us to give dir¢¢t support throughout the UK, lack of funding this year stitled our ability to n]arkei and create as much awaren¢5s of the App as we would wish. Fiona Eastman, Co-Founder of Victoria's Prornise, Continued in her role as CEO of the charity for the fiscal year ¢nding March 2024. The TnLStees confm that they have referred to ihe guidance contained in the Cbarity Commission's general guidanct on publfftc benefft when reviewing the TnL8t's aims objectives and in pla]ftg tUre activitie5 and setting the gratti making policy forth¢ year. Achievements and performanee Charitsble and Fundralslng A¢tlvltl¢s As a result of the ongoing difficult economic environm¢nt and in con]mon with the majority of the charitable sector, fijnding Continued to prove challenging this y¢ar. D¢spile all the elyorts of the whole team, in¢oming resources of £150,088 were 3.5 % below 2023 (£155,696). Charitable expenditure in the year of £180,143 was 15.40/0 above 2023 (£156,126). This was the result of additional fimdraising expenditure in the year, incurred on ow contrdcting specialist fundraising consultant in an att¢mpt to inere&8e incoming funding froJn ms and trusts. This proved Unsuccess1, and the Consultancy was ended. so ongoing costs were not being inc. The overall irnpact of the above was a net reduction in fimds of £30,055. Pagc 2
Victoria's Promise Trustees, Report Other blghllgbts Include During this fillancial period (April'23- March ?4), Victoria's Promise supported att increased number of 49 youttg women and mEmbeTS of their fat)Jily. All of them received a varying level of inerson support and paid-for service5. Thirry per¢ent of ihem had one ormore family members being suppojted with in-person servi¢e$. Five of the women died during this period. and seven of the wotnen are still sutviving their terniinal progno$i$ as of 31st March 2024. Wilh the incr¢as¢ it) the number of wolnen we ale siWPOrting vmu5 the decrease in fiu)ding, we reduced 5taffin8 by olle member ty lower our outgoin8s as be tould. 121 ConsultAtion Ev¢ry yowig woman with cancer ihai Victoria's Promise supports is part of OUT community. For those Ththo are diagnosed or rreated withiib the HaTnp$hire Hoswtal Foundation Trust, their first interacts.on with Victoria'g Promise would b¢ through a personal one-to.one t)$It9t10n our CEO, who ¢oorth"nates all ihe care pmviston and critical support 8ervice5 we offer. CounBellinK Whilsi Vi¢tOTia'5 Promise has always fSed on providing the very besi available cowis¢lling services to the community of womcn we support within the Hampshir¢ Hospital FouDdation Tr1, as well as their immediate fAmily members. Children of diffcrent ages ¢op¢ with their mother having Laneer in dtff¢rent ways. Likcwisc. tILeir partners, husband5, parents, and siblin85 aY 5uff¢r and need support. Our counsclling services h8Ye a direcl impact on ihe young women and their familic5. and we will CODiinue to grow and expartd OUT reach til il Is nationwide. The number of '0M¢n and members oftheir family requesting counscllin8 contillues to in¢reose. Alterntlve Th¢Taple8 Vi¢itsria'$ Promi8e has spceiali5t-trained th¢rapist o)ntradors who support our community of wom¢n OJJ a one-toryone basis with the aim of helping th¢ir ovKall w¢llb¢in8. Clinical cancer treatrnenls such as ehemotherapy aT Tadiotherapy hav¢ s¢v¢re side effects. which we aim to h¢lp alleviate through specialists who an advis¢ on ways io relieve changes, provide Sp1&71$t massages to reduce lymphedema. aid sle¢p, reduce acxiety, suppon good nutriihon, and overall improyc w¢llbeing and re¢oY¢ry. Domestl¢ Cleaning We provide a spe¢io1 domestic cleaning service ¢0 women who are currently rccciving treatment. One of the biggest strains ot) women suifering from the extreme fatigu¢ that often accompanics treatllAt is rryryn8 to maintain a good home environment that 15 conducive to rc¢overy. W¢ ensur¢ that the cleallline5s of the FK)me is onc Icss thing to worry about, allowing th¢ women to T¢laK and r¢cover from th¢ir tr¢aIDntS and operations. Chlldmlmdlng When needed, we h¢lp to provide childminding to ¢ov¢r ftFr times when the yOUT]g woman is ¥tt¢ndÉng appointmcnts. Urtdergoing operations, or receivin¥ inp#ti¢ni ¢an¢¢r tr¢alm¢nt$. In $oine cases. this 5UPPOrt ensures that the husband or pam¢r can continue atteNbing work. This is a costly aspect of our services and a strain OD our funding. VP ComrnuThity One of ihe nmin drivers of mental and etnotional dislie5s for women ktween the age5 of I S and 50 is i501atiOD and lack of peei support. Womcn rcpori not wanting to burden their familics and feeling that friends do not undersland what they arc going through. As a young woman, it i& hard to find and conncct with oihffs who are undergoing similar ¢halleng¢s. We havc created a communily wh¢r¢ w¢ bring tygether the WOTnen w¢ ar¢ supportin& both OD]itie and offline, through workshops. coffee rnomirtg& yoga Classes, personal training closse4 onlit)e forums. group5, and webinars. We pmwde high-quality ar relevant edutatton 8nd advice in an ¢nvironment conducive to peer-to-peer support and wellbeing. Pag¢ 3
Victoria's Promise Trusteu, Report FiTr&nci•l R¢view Pollcy on rvs¢ns Total account re%rves at the yeaT-end stood at £l1.778 (2023: £41,833). The Trnstees rnaintaim reserves at a level whi¢h allows for plamied growth and un¢xpecl¢d expenditure. Th¢ reserves policy is Teviewed annually in line with the Ol00k of the charity. changes in ndIng and the expect economic climate. The Trustees aim to maintain cash r¢serves lo cover three Tnonihs 12023.. three months) operational expenditure. Cash reserves at the year<nd were £37,384. As the finan¢ial ¢on)mitments of the charity incre&se over time the reserves policy will be adjusted accordingly. The Trustees T¢gularly review the financial p05ition of the ChaTity and recognizK the significant reduction in the accounting re5erv¢$ during the fllRncial period. Ba5¢d on foreeast income for the subsequent year (to 31st March 2025) including the Charity's largest fundrdiSiDg ev¢nL ihe 10th Anniversary Ball, the TnLStees were satisfied the reserves position would improve. Reference and AdmiDistrattve D¢tlb Charity Regi$tra¢ion NumEtr. 1156377 Company Registralion NuMr.. CE001152 Registered Office.. 21 Foundry Close Hook Hampshire RG27 9JD Principal OITice: Landmark House Station Road Hook RG27 9HA Independent E%arniJJer. Woodwhite Accountants Ltd Unit 4 City Limits Danehill R¢ading Berkshire RG6 4UP TsleeS aDd 05¢¢$ The trustees and officers serving during the year and since the year end were as follows: Pag¢ 4
Victoria's Promise Trn$tees' Report Trnstees.. Alexander Eastman Sfyart R05$ Simon Bower James Buchan Chairnian.. Alexander Eastman Senior Managern¢nt I txadership Fiona Eastman. CEO Structur4 governgnce and mgDagemETr¢ ofRovernlng doeument Ooveming document The charity is controlled by its governing documenL a deed of tswst. Constitution The charity is a Charitsbl¢ Incorporated Organisation ("cl.) and was Foundation Registered on 26 March 2014. R¢cniltsIM1 andoppolfttsneftiofirnsie Trusttts TDJstees are 5elxted and appointed in line with the charity's governing docum¢nt. Statement of trustees, responsibilities The trusl¢e$ (who are a]so the directors of Victoria's Promise for the purposes of company law) are re5ponsibl¢ for preparing the trustees, report and the fmancial statements in aceordance with applicable law and Ufti Kingdom AccountAng Standards (United Kingdom Gen¢rally Aceepted Accounting Practice), including FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law TequiTe5 th¢ Irustee$ to prepare financial ststements for each financial yw. Under Company law the trusiees rn$t not approve th¢ financial siatements unless they are satisfied that they giv¢ a true and fair view of the stste of affairs of the ¢h8ritable company and of the incoming resources and application of resources. including its income and expenditure, of ihe chariiable company for that period. In preparing these financial statements. th¢ trusttts are required to.. s¢l¢ct suitable accounting pilicies and apply th¢m coll5iStently' observe the m¢ihods and prAncAples in the Charities SORP" make judgements and estimates that are Te4sonable and prudent; state wheiher applicable accounting Standards. comprising FRS 102 have been follow¢d. Subject to any material departures di10$ed and explained in the financial statem¢nts- and prepare the financial ststement5 011 the going concern basis unless it is tnappropriate io presume that the thariiabl¢ co]npany will continue in busines5. The trusttts are responsible for keeping proper a¢counting records that can disclose with reasonabl¢ accurdcy at any time the financial position of the Charitable company enable them to ensure that the financial statements Page S
Victoria's Prnmise Trustees, Report comply wilh the Companies Acl 2006. They are also responsible for safeguarding the assets of the ¢h2ritabl¢ company and hence for iaking reasonable ep5 for the prevention and detection of fid and other irregularities. The trUee5 are responsil)le for the maintenance and integrity of the COTporat¢ and financial inforn)ation included on the ¢baritabl¢ ¢ompany's website. Legislation gov¢rning the preparation and di&s¢JninatiOD of finaTJcial statem¢ttts may differ from legislation in oiher jurisdi¢iions. Dls¢losure of Inlorrn4tlon to •Ilt0r Ea¢h tn]siee h8S taken sieps that they ought to have taken as a trustee ijb order to make themselves awaTe of any relevant audit infornRtion and to establish thai lh¢ ¢harity's auditor is aware of that inforn)ation. The tru5t¢ confirni that there is no relevant infornrdtion that they know of and of which they know ibe auditor is unaware. The allnual report was approved by the trnste¢5 of the charity on 27 January 2024 and signed on its behf by.. Alexander Etan Chairnian and trustee Page 6
Victoria'$ Promi8¢ Independent ExalDer'S Report to the trustees of Victoria's Promise (Ithe Company,) I report to the charity trustee5 OD lliy ¢xamination of the accounts of the Company for the year ¢nded 31 March 2024. Responsibilities and b4$is of report As the chity'S trust¢es of the Company (and also its directors for the Purposes of company law) you are responsible for the preparation of the accounts in accordance with the r¢quirernents of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are nol Tequired io be audited under Part 16 of the 2006 Act and are eligible for independent examination, l pOrt in respect of my ¢xaminauon of your charity's accounts a5 carried out under section 145 of the Charitie5 Act 2011 ('the 2011 Act.). In canying out my examination I have followed the DireciioDS given by th¢ Charity Conllnission under section 145(5Xb) of th¢ 2011 ACL Independent ¢altr,$ statement I have completed my examination. I confirni that no matters have come to my attention in conne¢¢ion with the examination giving me cause lo believe: accounting record5 were noi kept in respect of Victorias Promise as required by section 386 of the 2006 Act,. or 2. the a¢¢ounls do accord with those records. or 3. the accounts do not comply with the a¢counting requirements of section 396 of the 2(M)6 Act other than any requirement that the accounts give a 'e and fair view. which is not a matter considered as part of an independent examination,. or 4. the accounts have rtot been prepared in xcordarKe with th¢ methods 2nd principles of the Ststem¢ni of Recomrnended Practice for accounting and reporting by charities 12pplicable to chariiies preparing their accounts in accordance with the Financial Reporting Standard applseable in the UK and Republi¢ of Ireland (FRS 102)]. I h&v¢ no concerns and have come acro no oth¢r matiers in connection with the examination to which attention should be drawn in this report in order to •Jable a proper understanding of the Unts ¢0 be reached. Keith Westran ICAEW Unit 4 City Limits Domehill Reading Beikshire RG6 4UP 27 January 2024 Page 7
Viclori¥d'S Promise Statement of Finan¢i81 Activities for the Year Ended 31 March 2024 ncluding Ineome and Expenditure Aeeount and Statement of Total Reeognised Gains and Losses) Unrestrietsd nds Total 2024 Restrlcted funds Note IDcoThe and Endowment5 from: Donations, external fvndrais¢rs and direct debits Grarnts and tswts VP Events Other income 64,960 22,000 33,791 8,337 64,960 43,10 33,791 8,337 21,(KJO Total itOMe 129,088 21,000 150,088 Expendlture Fundraising costs VP Events VP App- supporting young women nationally In-per50n support and in-person service5 Administraiive costs (24,839) (18,503) (12.852) (22,110) 71.639} (24,839) (18,503) (12,852) (52,310) 71.6391 (30,2(K)) Total expenditure (149.9431 (30,2} 180,143 Net expeNlitwe Net movement in fun(ts 20,855 9,2(K) 30.055 (20,855) (9.2) (30,05S) RKo•¢iliation of funds Total fiulds brought foard 31,133 10,700 41,833 Total fimds ¢aJried fonvard 10,278 Unrestricted funds 1,500 11,778 Totsl 2023 Reytrithd Thnds No(e IDeome and EndowmeRts from: Donations and legacies Fundraising and events Investment income 71,589 73,209 198 71,589 83,909 198 10,7(K) Total income 144,996 lo,7) 155.696 Expenditure OD: Fundraising Costs Administrdtive costs Wages and Salaries (33.793) {97.042) 25,291) 133,793) {97,042) 25,291) Total expenditure L156 126 {156,1261 Net (expenditureyincome (11 130) 10,7( {430 The notes on pages I I to 17 forni gn integral part of these financial 5tat¢m¢nts. Page 8
Victoria's Promise Statement of FRnanelal Aellvltles for the Year Ended 31 March 2024 (Ineluding Income gnd Expenditure Account and Statement of Total Recognised Gains and Losses) UDrestricted funds Total 2023 Restrleted funds Not¢ Ne¢ rnovem¢nt in funds (11,130) 10,700 (430) ReeoD¢iligtion of Tothl fimds brought forward 42.263 Total fund$ eartied fmvard All of th¢ charit$ activities d¢rive from continuing operations during the above two periods. The funds breakdown for 2023 is shown Ati note I l. The not¢$ on pages I I to 17 forni an inteal part of these finan¢ial slat¢rnents. Page 9
Victoria's Promise Oiegiytration number: CEOOII52) Balance Sheet as at 31 March 2024 2024 2023 Note Current assets Debtors C&sh bank and in hand 37,384 38J02 70.628 71,746 Creditors: Amovllts fAlling due within one y¢r -14:029J 34,473 11213) Total as8¢ts less tllrrent liabilities 60.533 Creditors: Amounts falling due after more thah one yer 10 (22 695 18,700 Ntt assets 41,833 Funds oftke ¢h4rity: Restricted itteome funds Re5trict¢d 1,500 10,700 Total unrestricted fijnds Tot*1 funds li 11,778 The f]nan¢ial stateTnertts on pages 8 to 17 wer¢ approved by the trustees. and authorised for Fssue on 27 January 2024 and signed on their behalf by: Al¢xander Eastman Chairrnan and trusiee The note5 on pages I I to 17 forni an integral part of th¢se financial statements. Page 10
Victoria's Promise Notes to the Fin8neiYdl St¥dtemenls for the Year Ended 31 March 2024 I Charity status The charity is limited by gllarantee, incotyorated in , and consequently does not have share capital. Each of the trnstees is liable to contribute an amount not excttding £Nil towaTds the assets of the charity in the eveni of liquidation. The addres5 of 1¢$ regi$trred office is: 21 Foundry Close Hook Harnp5hi RG27 9JD The prlncipal place of bu5in¢ss is: Landmark House Station Road Hook RG27 9HA Thes¢ f&¢11 statements were authorised for issue by the trusrees on 27 January 2024. 2 Afeounting polleies SlDry of 5igNifieant AeeountTThg policiei and key #eeountlng estlmatss The principal aecoutjung policies applied in the prepation of thes¢ financial sthtements are set out b¢low. These policies have been consistently applied to #ll th¢ years presented, unless othetiyise stated. Statement ofcompliance The fmancial statements have be¢n prepared in accordance with Accounting and R¢porting by Charities: Statement of Recomrnended Pra¢liee {applicable to charities preparlng their accounts in accordance with the Financtal Reportin¥ Standard applicable in the UK and Republic of Ireland {FRS 102)) (issued in Ociober 2019) (Charities SORP (FRS 102)), the Fitiancial Reporting Stsndard applicable in th¢ UK and Republic of Irelat)d (FRS 102) and the Compallies Act 21X)6. Ba515 of preparation Victoria's Promis¢ rneets the definition of a public benefit entity under FRS 102. Assets and liabillties are initially r¢¢ognised at historical cost or transa¢tiQn Wdlue i]nless otherwise stated in the rel¢vant aeeounting poli¢y notes. Going ¢onc¢rp The trnstees consider that ther¢ ar¢ material uncertainties about the charity's ability to continue as a going concern nor any signifioallt srea5 of uncertainty that affect the carrying value of assets held by the charity. Income and endowment5 All income is recognised once the charity has entitl¢ent to the income, it is probable that the income will be T¢c¢ived and the amount of the income receivable can be measured reliably. Pagell
Vietoria's Promise Notes to the Financial Statement5 for the Year Ended 31 March 2024 Don105 are r¢cognis¢d wh¢D th¢ ¢harity has been notified in WTfftting of both ¢b¢ amouttt and settlement date. In the eveni ilJ31 a don#tion ts subject to conditions that require a level of perfornwiee by the eharity before the ctwity is ¢ntitl¢d to the funds. the income is defertcd and noi recognised until either those conditions are fidly rnel. or the fulfilrn¢nt of those conditions is wholly within the control of the charity and it is probable thai these conditions will be fulfilled in the reporting period. Grnnls receiwble Grants are r¢¢ognised when th¢ ¢harity has an eniitl¢ment to the fi]nds and any ¢onditions linked to the grants have been met. Wher¢ perfornwi Conditions are atta¢h¢d io the grani and are yet to be met, the income is re¢wised as a liability and included on the balance sheet as defeed income to be released. Inveslment Income Dividends are recognised once the dividend has en declared and notification has been received of the dividend Expendlture All ¢xp¢nditure is recognised once there is a legal or constructive obligation to that expendiiure, it is probable s¢ttl¢m¢nt As r¢quired and the amount can be measured reliably. All costs are allocated to the appliuble ¢xp¢nditur¢ heading that aggregate similar costs to that category. Mlhere costs cannot be directly attributed to particular headillgs they have been allocated on a basis consistenl with the use of re$ource$, with central staff CQ5ts allocated on the basis of time spen¢ and depreciation charges alloca on the portion of th¢ asset's use. Other support costs are allocated based on the spread of stsff cosls. Raisingfunds These are eosts incurred in attracting voluntary incomfy the management of investsnents and those incurred in trading activities that raise nds. Chorbable acilvl Charitable expenditure eoTnprises those costs incurred by the charity in the delivery of its activities and servi5 for its beneficiaries. It includes both costs thai Can be allocated directty to such activities and those costs of an indirect nature necessary lo supw)n ihenL Governanee eosts These include the costs attributable to the charity's cornplianc¢ with constitutional and staty¢ory requirements, including audit, strat¢gi¢ management and trustees meetings and reimbursed expenses. T¥x•tlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Art 2010 and therefore it meets the defmiiion of a charitable company for UK corporation tax puryx)ses. Accordingly, the charity is poteniially exempt from taxation in respect of income OT capital gains received within ¢ategories covered by Chapter 3 Part I l of ihe Corp)ration Tax Act 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992. to the extent that such income or gains ar¢ appli ex¢lusively to charitable PUTposeg. Page 12
Victoria's Promise Notes to the FinaDeial Statements for the Year Ended 31 Marth 2024 Trade debtors Trdde debtors are amounts due from customers for merchandise sold or services perfomed in the ordinary course of business. Trade d¢btors are Tecognised initially at the trallsaction price. They are subsequently measured * amortised cosi using the effe¢tive interest method, less provision for impairn]ent. A provision for the impairment of trade debtors is established when there is objective evidence that ihe charity will not be able ¢0 c(Fll¢ct all amounts due according to thc original tern of the receivables. Cash #nd eash equivalents Cash and ¢asb equivalents compris¢ cash on hand and call depsits, and other short-terni highly liquid invesim¢nts that readily convertible to a known amount of cash and are subject to an Insignificant risk of change in value. Trade creditors Trdik creditors ar¢ obligation5 to pay for goods or services that have been acquired in the ordinary course of business from suppli¢rn. Accounts payable are classified as curreni liabilities if the charity does not have an un¢ondilional righ¢. ai th¢ ¢nd of the reporting period, to defer settlemeni of the Creditor for at least twelve months after th¢ r¢porting date. If there is an unconditional righi to defer settlement for at le&%t twelve months after the reporting dat¢, they are presented as non-current liabiliti¢s. Trad¢ ueditI are recognised initially at the transaction price and subsequently measured at arnortised ¢ Using the effective interest method. Borrowings Interest-t¢aring borrowings ar¢ initially recorded at lair value, net of transaction costs. lttterest-bearing borrowings are subsequently carried at amortised cosL with ihe difference between the proceeds, nei of transaciion costs, and the am(Trunt due on redemption being recognised as a charge to the Ststement of Financial Activities over th¢ p¢riod of th¢ relevant borrowin Interest exp¢n5¢ is recwised on the basis of the effective interest method and is included in interest payable and similar Charges. Born*wings are classified as current liabilities unless the eharity has an uneonditional right to defer settlement of tbe liability for at leasi twelve month% after the reporting dats. Page 13
Victorig's Promise Notes to the Fin¥dneial Statements for the Year Ended 31 March 2024 Foreign exchange Transactions in foreign currencies are recorded the rat¢ of ¢xchan8e at the date of the transaction. Monetary assets and liabilities denolninated in foreign currencT¢5 at th¢ balance sheet date are reported at the rntes of exchang¢ prevailing at that dale. The results of overseas operations are translated at the average rates of exchange during the peTiod and their balan¢e sheets at the rates lIng at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehen5iv¢ income and arxumulated in equiry (attributed io non-controlling interests as appropriate). Other exchange differences are ¢OgnIsed in the Statement of Financial Adiviti¢s in ihe period in which they arise except for: l) exchange difference5 on tran$a¢iions entered into to hedge certain foreign ¢UTreT)o riskg (see above),. 2} exchange differences arising on gatns or losses on non-monetary items whirh are recognised in other comprehensive income" and 3) in the case of the consolidaied fUnCIal statements, exchang¢ diffeT¢nc¢s on monetary items receivable from or payable to a forei operation for which settlement is neither plann¢d nor likely to occur (therefor¢ fortning pan of the net investment in the foreign operationA which are Tecognis¢d in other Comprehensive income and reported under equity. Fund strueture Unr¢stricted income funds are generAI rtds that are available for use at tbe trust¢¢s dis¢retion in furtherdnce of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for SC]riC purpose& the use of which is restricted to that area or purpose. P¢n5ions and other post retirement obligationy The eharitsble company operates a d¢fin¢d corIbUtion pension scheme. Contributions payable to the charitabk company's pension scheme are ¢harg to the Statement of Fitmncial Activities in th¢ period to which they rela. 3 Trustees Temunerntion And expenses No tsvstees, nor any persons connected with the have received any r¢mum¢ration from the charity during the year. No tN$te¢s have received any reimbursed expenses or ony other Fnefits from the charity during the year. 4 stsif costs The monthly average number of persons (including 5¢nior rnan3geiTtellt I leadership team) employed by the charity during the year ¢xpressed as full time equivalents Was as follows: 2024 No 2023 No AthninistratioJ] Page 14
Vietoria's Promise Notes to the Financial Statements for the Year Ended 31 March 2024 No employee received emolum¢nts of more thall £60.000 during the year. S lidependeDI ¢xamRner's remunerntlon 2024 2023 Other ftts to examiners Examination-related assurance seryices 2,694 Pag¢ 15
Vietoria's Promise Notes to the Financial Statements for the Year Ended 31 Mar¢h 2024 6 Taxation The charity As a registered charity and is therefore exempt from tsxation. 7 D¢btor$ 2024 2023 Prepayjnenls 1,118 8 Cash and cash equfvalents 2024 2023 Cash at bank 9 Cr¢ditors: gmounts f*lllng du¢ witkniD one yr 2024 2023 Bank loan5 Trade credi(ors Other creditors Accruals 587 660 88 2,694 8,519 694 10 Creditors: falliDg After one year 2024 2023 Bank loans 22,695 18.700 I I FuDdg BalaNc¢ 7411 April 2023 Incoming T¢soyrt¢s Resou¢5 expended Balance at 31 M#reh 2024 Unrestricted fund$ General 31,133 129,088 (149.943) 10,278 Restri£ted fuDds 10,700 1.500 Totsl funds 41,833 119.888 149.943) 11,778 Page 16
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