Company Number: 08746685 Charity Number: 1158777 VOLA Consortium IA Company Limited by Guarantee) Annual Report Unaudited Financial Statements For the year ended 31 March 2024 Page I
Vola Consortium Contents Pages 3-10 Trustee5' Annual Report li Independent Examiner's Report 12-13 Statement of Financial Activities 14 Balance Sheet 15 Cash Flow 16-25 Notes to the Financial Statements Page 2
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 The trustees. who are also Directors for the purposes of the Companies Act, present their annual report and financial statements of the charity for the year ended 31 March 2024. The financial Statements have been pPared in accordance with the accounting policie5 set out in note I to the accounts and cornp with the charity's governing document. the Companies Act 2C(J6 and Accountlng and ReportinE by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republlc of Ireland. The Charity VOL4 Consortium is constituted as a company limited by 8uarantee and not havln8 a share capital. The company is registered in England and Wales No. 08746685. The charity is registered with the Charity Commission No. 1158777. The principal governin£ document is the Company Memorandum and Articles of Association as amended on 25th September 2014. Objectives and Activities The diarlty's objects are.. al the advancement of education and lifelong learning in such ways as the trustees think fit; b) the provision of crlme preventlon and offender rehabilitation services; c) the promotlon of the voluntary sector in the Liverpool City Region and the surrounding areas in partlcular i} building the capacity of charitable and voluntary organisation5 operating within the area of benefit and providing them with the necessary support, information and services to enable them to pursue or contribute to any charitable purpose but in particular the advancement of education and the rehabilitation of offenders; and ii) promoting, organising and facilitating Co-operation and partnership working between charitable and voluntary organisations and statutory and other relevant bodies within the area of benefrt. For the purposes of this clou5e, 'the voluntary sector" meons ch¢7rities und voluntary organisotions defined osfollows. Chorlties Gre organlsotlons, which are establishedfvr exclusively charitable purp05e5 in accordance with the law of England and Wales. "Voluntory OrgonisQtion5" are whole or o significant section of the community. and which are not pemiitted by their constitution to make a profitfor privote distribution. Voluntary organisations do not include IOCGI government or other statutory uuthoritie5" dl To further such purp05e5 as are charitable within the laws of England and Wales a5 the Tru5tee5 shall from tlme to time determine. In setting our objectives and planning our activities the trustees have given careful conslderation to the Charity Commisslon's guidance on public benefit. Page 3
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Membershi In Its tenth year of operation a5 a registered charity. as at 31st March 2024, VOLA Consortium's membership Stands at 67 voluntary sector organisations160 last year); having accepted eight new membership applications during the year, along with one former member that unfortunately ceased trading in December 2023. Activities and Services Following the dosure of the European Social Fund programme and with the 'People and Skills, element of its successor, the UK Shared Prosperity Fund {UKSPF} not commencing until April 2024, no new ski1151employment support focussed project5 were secured during the 2023124 financial year, with other previou5 projects having conduded in the previous year. Over the13st twelve month5. the charit¢s operation5 concentrated on continued delivery of its digital connectlvlty grants programme. 'Di8ital Connectlvlty For Local Communlty Facllltleg Grants Programme Funded by the Llverpool City Region Combined Authority (LCRCA) through its UKSPF Investment plan, £1.3 million Brant fundlng has been made available to LCR-ba5ed, VCFSE sector organlsatlons that provide, or are planning to provlde public-access digital facilitie5 to their communities. These Include both facilities that are 'open-access' to the general public and those targeted at specific client groups. The overall purpose of the grants programme Is to support VCFSE sector or8anisations to.. Create new facilities in areas of need (spatial and thematic); and Improve or expand existing faclllties. The programrne provldes funding and support to: I, Target nelghbourhoods where there is a lack of public-access digital resources to help local community-based organisations to set up new facilities; Upgrade outdated and poor-quality computer devices, assoclated hardware andlor improve broadband connectivityi where current connections are poor; and Increase capacity, where current facilities are insufficient to meet demand, by providing funding to purchase more digital devices. In addition to the 46 organisations1£299,1221 funded in the first grant round in March 2023, a further 71 grants were awarded over two funding rounds this year1£519,4481. with an additional £1,711 provided in 'top- up, funding to a small number of Round 18rant recipients. In total, to date, £820,281 has been allocated through 117 grant awards. 107 organisations have benefited. 10 of which receivin8 multiple grants, supporting the establishment or improvement of 113 digital facilities. 71 funded facilities were known to be open by the end of March 2024, with the remainder In pro5$. Round 3 grant recipients received their funding in late March and won't be open until later In the year. So far, 28 have reported Increased use of thelr computer facilitie5 and 18 have reported Improved digital connectivity (broadband speedl as a result of the investment. Core impact indicators will increase considerabby over the course of the coming year. Beyond contractual output and outcome targets, the wlder social value generated by providing funding to or8anisations to Support digital inclusion, wlth all the other wider 'spin-off benefit5 that it facilitates cannot be Page 4
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 under-estimated, though 15 inherently difficult. To capture this, we aim to develop a social value measurement methodolo8y in order to estimate the impact of the grants programme, which will form part of next yearfs endryof-project evaluation. The followlng table shows the breakdown of grant awards made, by location, nature of the investment and financial value: Increased Capaclty & Upgraded Borough New Faclllty Upgraded Faclllty Increased Capaclty Total No. of Grant Awards Total Value Halton £69,382 £78.020 £302.904 £139,368 £71,259 £159,349 £820.281 Knowsley Liverpool Sefton li 14 12 16 46 15 22 St Helens li Wirral 13 20 Total LCR 56 18 33 io 117 In terms of legal statu5, the majority of funded organisations are registered charities and CIOs164}, with 26 Community Interest Companies, 9 Companie5 Limited By Guarantee. 10 Churches, a Mosque and 7 other constituted community 8roups also receiving 8rants. Grant recipients P055ess a wide nature of functions, actlvlties and target group5. Communlty centres/ hubs account for the largest proportion138%1 of funded organisations, providing open-access dl8ltal facllities to thelr respective local communltles. 16% speclallse in providing educationltraining and employment support; 17% in working with children and young people: IO% wlth people from diverse ethnic background5, including refugees and asylum seekers; and 5% with women. A whole host of other or8anlsatlons wlth different remits and specialisms have also benefitted from the funding, including.. health,. mental health; dlsablllty Iphyslcal and learning); autism,. advice agencies {CABsl; youth Centres; older people; carer5,, family support; domestlc vlolence; addlctlon recovery; homelessness; veterans; LGBTQ+; sports clubs18roups; creative arts; and even an urban farm and lotal allotment groupl The remaining £483,000 will be allocated through two further grant rounds scheduled for 2024, distributing all funding to successful applicants by the end of December, with facilities up and running and required monitoring evidence in place by the project's March 2025 end date. Computer Recycllng and Loan/ Gifting Scheme In addition to the existing bank of laptops donated byJaguar Land Rover in 2021 and WSP in March 2022. a further 76 decomrnissioned and refurbished laptops and desktop Pcs were donated by Moore & Smalley Accountants in June 2023, to whom the Trustee Board and management team are extremely grateful. We continue to loan, and increasingly gift computers to our member organisations, learners enga8ed in our digital skills traininB courses, other charitie5, community groups, individuals and families in need, Including requests from other service providers on behalf of thelr cllents, such as Afghan and Ukrainian 5UPPOrt agencles and community-based cancer support servIs. Page 5
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Examples include donations made to a local deaf charity, an envlronmental charity, two special educational needs education providers, local amateur boxing club, Parent Teacher Association, local community hubs, advice centres, training organisations refugee famllles and people fighting cancer. Future O ortunltles and Develo ments Following the November 2023 announcement by the LCRCA of a'call For Projects, funded under the UKSPF Community-Led Employment Support investment priority, a consortlum delivery partnership was qulekly formed and an ambitious proJett plan devised to support the aims of the Call. A true team effort, with support from the Trustee Board and consortlum members enabled the submission of a strong funding application, which was confirmed as belng successful in February, with a planned projett start date of 1° April 2024. During this period, the management team underwent significant change, with two long-standing and extremely valuable members of the team moving on to pastures new. The Trustee Board, Consortium Manager and member organisatlons would like to thank Andy Coulson and J05ie Barrow for their diligent work and commitment overthe years and wish them well in their new ventures. Although temporary, the Impact on the management team was significant, but strong endeavours. teamwork and support from the Board saw u5 through this difficult period of change. We are delighted to have brought on board three new team members in April to replace outgolng Staff and add additional resource to the team to support the management and administration ofthe consortium's expanded portfolio of projects. The UKSPF Community-Led Employment Support project, christened The Progre55 P¢7rtnership, runs until March 2025, aimin8 to support 680 economically inactive city region residents into or closer to employment, with a target of 50% into paid work, education or training. The 14-strong dellvery partnership comprises providers with expertise in working with people from dlverse ethnlc backgrounds, women, disability, neurological and neurodivergent condltlons, amongst others. all groups disproportionally represented in terms of economic inactivity. We are extremely excited about what we can collectively achieve through thi5 project in supporting the clty reglon's ambitions for etonomic growth, employment, health and inclusion. With funding in place to secure the charItS Immediate sustainability until March 2025, new funding sources will need to be identified and secured in the coming year to secure medium and lon8er-term sustainability. The Consortium Manager wlll continue to work closely with key stakeholders, including VS6 and the LCR Combined Authorlty to Influence policy and strategy and keep abreast of emerging opportunities. The outcome of the summer 2024 general elertion, with Its resulting changes to the polltlcal landscape, policy, strategy and public funding are all key influencers to our future plannlng, Including.succession plans for the UKSPF programme, which we need to carefully understand, navlgate and capitalise on. Page 6
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Financial Review During the 2023/24 financial year, charitable aclivitygenerated an income of £453,954 to be used to further the organisation's objectives. Following an increase in unrestricted reserves of £12,367 last year. unrestricted reserves reduced slightly this year, by £3,567, leaving a carry forward balance of £32,291. Last year's unusually large restricted fundlng surplus {£146,553), relating to up-front funding from the UKSPF digital grants programme, ha5 been paid out In grants this year, leaving a modest, restricted carry forward balance of £12,662, which will be spent next financial year. As of 31 March 2024. the charity maintained a healthy balance sheet, wlth sufflclent cash at bank {£87,944I to more than cover all a¢¢rued expenditure relating to the financial year. With the charitys forecast income from the two UKSPF-funded projects in relatlon to anticipated levels of expendlture, current flnanclal prolectlons provlde the Board of Trustees with strong confidence In the charity's ability to continue as a going concern for the coming financial year. However, new funding streams need to be secured to ensure the charity'5 longer-term future post March 2025. Unrestricted cash reserves are ample to cover anticipated financial liabilities in the event of the charÉVs closure. The charity maintains a reserves policy of £5,000 to cover the costs anticipated le.8. financial and legal costs) in the event of the charitable company bein8 wound up. This policy reflects the Charit s continued position in relation to staffing and fixed assets, in that it does not directly employ any staff and, therefore, has no direct employment or redundancy liabilities. nor does it have any loan5 or other liabilitie5 in relation to bulldlngs either owned or leased. This policy has been reviewed again this year and will contlnue to be reviewed annually, subject to amendment Should the charity's risk proflle change, for example, if the charity began to directly employ staff or secure premises. The charity has no subsidiary undertakings, nor is any fund within the charity's accounts materially in deficlt. Page 7
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Reference and administrative details Charity number., 1158777 Company number: 08746685 Registered Office: Burlington House, Crosby Road North, Waterloo, Liverpool, L22 OLG Our advisors Independent Examiner: Anita Mason BAIHonsl BFP FCA, Mitchell Charlesworth, Suite 5.1 Tempest, 12 Tithebarn Street, Liverpool, L2 2DT Bankers.. UnityTrust Bank Plc, 9 Brindleyplace, Blrmlngham. Bl 2HB Solicitors: Brabners, Horton House, Exchange Flags, Liverpool. L2 3YL Directors and trustees The directors of the charitable company (the charity) are its trustees for the purposes of charity law. The trustees and officers serving during the year and since the year-end were as follows: Trustees James Brett Nicola Crosby Debbie Gayle Mark Ord Helen Stephens Iresigned at AGM 15/12123) Claire Cook Damian Fran {Chair of Tru5teesl Raymond Moore David Roberts {resigned at AGM 15112/231 Angela White OBE Structure, Governance and Management Governln8 Document VOLA Consortium is a company limited by guarantee governed by its Memorandum and Articles of th Assoaation amended on 25 September 2014. It is registered with the Charity Commission. Anyone over the age of 16 can become a member of the Company and there are currently 8 trustee members110 in 2022123), each of whom agrees to contribute £1 in the event of the charity winding up. In addition to the trustees. the charity had 67 membership organisations as at 31 March 2024. who also agree to contribute £1 in the event of the charity winding up. Appointment of trustees As set out In the Articles of Association the tf115tee5 are elected by members of the charltable company attending the Annual General Meeting. The longest service one third of trustees retires each year and are able to offer themselves for re-election. Pa8e 8
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Structure, Governance and Management (Continued) Trustee inductlon and tralnin8 New trustees undergo an induction process to brief them on: their legal obligations under charity and company law. the Charity Commi55ion Euidance on public benefit, and inform them of the content of the Memorandum and Articles of Association, the commlttee and dec151on-making proce55e5. the business plan and recent financial performance of the charity. Duringthe induction process they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Or8ani&*ion The board of trustees, which can have up to 12 members, admlnlsters the charity- The board normally meets quarterly. A Manager is appointed by the trustees to manage the day-to-day operation5 of the charity. To facilitate effertive operations the Manager has delegated authorlty, wlthln the terms of delegation approved by the trustees, for operational matters Includlng finance, employment, and service dellvery activity. The Manager and other members of the staff team are employed by Sefton Council for Voluntary Service, a VOLA membership organisatlon, wlth VOLA Consortlum belnE recharged for any staff time Incurred In the operation of its projects. A written membershlp agreementls In place outllnlng the terms of thls stafflng relationship. Related parties and co-operatlon wlth other organlsatlons None of our trustees receives remuneration or other benefit from their work with the charity. Any connection between a trustee or senlor manager of the chartty and any client or supplier 15 disclosed to the full board of trustees in the same way as any other contrartual relatlonshlp wlth a related party. In the current year no such related party transactions were reported. Rlsk Management The trustees have a risk management strategy which comprises: an annual review of the principal risks and uncertainties that the charity faces,. the establishment of policie5, Systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimise or manaBe any potential impact on the charlty should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. A key element In the management of financlal risk is a regular review of available liquid funds to settle debts as they fall due, regular liai50n with the bank 3nd active management of trade debtors and creditors balance5 to ensure sufflclent working capital by the charity. Attention has also been focused on non-financial risks arising from fire, health and safety of clients and data protection. These ri5k5 are managed by ensurlng accreditation is up to date, having robust policies and procedures In place and regular awareness training for staff working in these operational areas. Page 9
VOLA Consortium Trustees, Annual Report (including Directors, Report) For the year ended 31 March 2024 Trustees, Responsibilities The trustees, who are also the directors of VOLA Consortium for the purpose of company law, are responsible for preparing the trustees, report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the charity 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 incomin8 resources and application of resources, includin8 the income and expendlture, of the charitable company for that year. In preparing the financlal statements. the trustees are required to: 11 select sultable accounting policies and then apply them consi5tentlv; 21 observe the methods and principles in the Charltles SORP; 31 makejudgements and estimates that are reasonable and prudent; 41 state whether applicable UK accounting standards have been followed, subject to any material departures disc105ed and explained in the financial statements; 51 Prepare the financial statements on the 8oln8 concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for the safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irre8ularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company's website. Legislation in the United Kingdom governing the preparation and di55emination of financial statements may differ from legislatlon In other jurisdictions. This report was approved by the board of trustees on 12 November 2024 and signed on their behalf. Domlon France Chalr of Trustees Page 10
Independent Examiner's Report To the trustees of VOLA Consortium For the year ended 31 March 2024 I report to the charity trustees on my examination of the accounts of VOLA Consortlum for the year ended 31 March 2024. This report is made solely to the charity's trustees, as a body, in accordan with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed. Responsibilities and basis of report As the charitvs trustees of VOLA Con50rtium (and a150 its director5 for the purpose5 of company lawl you are resDonsible for the DreDaration of the accounts in accordance with the reauirements of the ComDanies Art 2W61'the 2006 ACY). Having satisfied myself that the accounts of the Charity are not requlred to be audited under Part 16 of the 2006 Art and are ell8ible for independent examinatlon, I report in respect of my examination of your charit¢s accounts as carried out under section 145 of the Charities Art 20111'the 2011 ACV). In carrying out my examination I have followed the Dlrectlons glven by the Charlty Commission under section 145151 Ib) of the 2011 Art. Independent examinerfs statement Since the charity's gross Income exceeded £250,000 your examlner must be a member of a body listed in section 145 of the 2011 Art. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodie5. I have completed my examination. I can confimi that no matters have come to my attention in connection wlth the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charlty as required by settion 386 of the 2006 Act; or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair Vie which is not a matter considered as part of an independent examination- or the account5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Prdctice for accounting and reporting by charities applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no cOnrn5 and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Anlta Mason BA(Hons) BFP FCA Mitchell Charlesworth Suite 5.1, Tempest 12 fithebarn Street Llverpool L2 2DT Date: Pa8e 11
VOLA Consortium Statement of Financial Activities (Incorporating Income & Expenditure Account) For the year ended 31 March 2024 Current Year Ended 31 March 2024 Unrestricted Fund Restrlcted Fund Total 2023 Note Total 2024 Income and endowments from: Donations and Legacies Charitable activities 8,473 2.600 451,354 453.954 514,461 Total Income 2,600 451,354 453,954 522,934 Expendfture on: Charitable artlvlties 6,167 585,245 591A12 379,211 Total expenditure 6,167 585,245 591,412 379,211 Net Income/lexpendlture) Transfers between funds Net movement in funds 13,567) 1133.8911 (137A58) 143,723 14 (3,567) (133.891) (137.458) 143,723 Reconciliation of funds: Funds b/fwd Funds clfwd 35,858 32,291 146,553 12,662 182,411 44,953 38,688 182.411 The Statement of Financial Actlvltles also complies with the requirements for an income and expenditure account under the Companies Act 2006. All Income and expenditure derive from continuing activities. Page 12
VOLA Consortium Statement of Financial Activities (Incorporating Income & Expenditure Account) For the year ended 31 March 2024 Prevlous Year Ended 31 March 2023 Unrestricted Fund Restrlrted Fund Notè Total 2023 Income and endowments from: Donatlons and Legacies Charitable activities 8,473 8,473 37,743 476,718 514,461 Total Income 46,216 476,718 522,934 Expendlture on: Charltable activitie5 33,849 345,362 379,211 Total expenditure 33,849 345,362 379,211 Net Incomel(expendlturel Transfers between funds Net movement in funds 12,367 131,356 143,723 14 12,367 131,356 143,723 Reconclliation of funds: Funds blfwd Funds dfwd 23,491 35,858 15,197 146,553 38,688 182,411 The note5 on pages 16 to 25form part of thesefinancial stotements Page 13
VOLA Consortium Balance Sheet As at 31 March 2024 Company Number: 08746685 2024 2023 Note Current Assets Debtors 618 475,IXIO 42,413 517,413 Cash at bank and in hand io 87,944 88,562 Credltors: Amounts falling due wlthin one year li 43,608 335,C()2 Net Current Assets 44.953 182,411 Total Net Assets 15 44.953 182,411 Funds of the charfty Designated Funds General Fund 32,291 35,858 Total Unrestricted Funds 13 32,291 35,858 Restrlcted Fund 12.662 146,553 Totsl Restricted Fund 14 12,662 146.553 Total Funds 44.953 182,411 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The members have not required the company to obtain an audlt of its financial ststements for the year in question in accordance with section 476. The trustees acknowledge their responsibilities for ensurlng that the charity keeps accounting records which comply wth sertion 386 of the Act and for preparing financlal statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of Its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial ststements, so far as applicable to the company. These accounts have been prepared in accordance with the pro¥i5ions applicable to companies subject to the small companies, regime. The financial statements were approved by the board of trustees IZ November 2024. mlon Fmnce C11r of Trustees The notes on poge5 16 to 25form part of the5efinonciolstatements Page 14
VOLA Consortium Staternent of Cash flows For the year ended 31 March 2024 2024 2023 Cash flows from operatlng acllvltles Net Income per Statement of Flnanclal Actlvltles Adjustments for: Decrease/lincreasel In trade and other recelvables IDecrea5el/lncrease in trade and other payable5 1137,4581 143,723 474,382 1291.3931 1469,4851 298.905 Net Cash (used In} Iprovlded by operating attivities 45.531 126.8571 Net cash from Investlng artlvltles Net cash from financing adivities Net {decreasel Ilncrease In cash and cash equlvalents 45,531 126,8571 Cash and Cash equlvalents at the beginnin8 of the year 42,413 69,270 Gh and cash equivalents atthe end ofthe year 87.944 42.413 Components of cash and cash equivalents Cash and bank balance5 87.944 42,413 87.944 42.413 Page 15
VOLA Consortium Notes to the Accounts For the year ended 31 March 2024 l Accountlng Pollcies la. Basls of preparatlon The finandal statements have been prepared In accordance with Accounting and Reportin8 by Charities: Staternent of Recommended Practice applicable to charitie5 preparing thelr accounts In accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191- Icharities SORP IFRS 10211, and the Companies Act 2006 and the UK Generally Accepted Accounting Practice amended for accounting perlods commencing from l January 2016. VOLA Consortium meets the definition of 3 public benefrt entlty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The functional currency used by VOLA Con50rtium isthe £ Sterling. Hnandal Instruments The charity has elected to apply the provisions of Sectlon 11 'Baslc Financial Instrnments, and Section 12 '0ther Flnancial Instruments Issues, of FRS 102 to all of its financlal instruments. Financial instruments are recognised in the charity's balance sheet when the charlty becomes party to the contractual provislons of the Instrument. Financlal assets and Ilabllities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognlsed amounts and there is an intentlon to settle on a net basis or to realise the asset and settle the liability simultaneously. Critical accounting estimates and judgements In the application of the charitW5 accounting policies, the trustees are required to make judgements, esLimate5 and assumptions about the carrying amount of assets 3nd liabilities that are not readilv appant from other 50urce5. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the rewsion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Ib. Preparntion of the accounts on 4 8dn8 concern basls On assessment of income streams and the required Ped and variable overheads requlred to complete the ongoing projects successfvlly, the trustees considerthat the accounts should be prepatÈd on a golng concern basi> Page 16
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 l Accountlng Pollde5 {cont.) Ic. Income Income Is recognlsed when the charlty has entitlement to the funds, any performance conditions attached to the itemls) of income have been met, it Is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the Item{s} of Income have been met, Itls probable that the Income will be received and the amount can be measured reliably and is not deferred. Interest on funds held on deposlt Is Included when receivable and the amount can be measured reliably by the charitvi this 15 normally upon notification of the interest paid or payable by the bank. Id. Deferred Income Income from donations and grants, including capital grants are deferred when the following conditions are met: a) when donors speclfy that donations and grants given to the charity must be used in future accounting periods, the income is deferred untll those perlods b) when donors impose conditions which have to be fulfilled before the charity becomes entitled to Use such income, the income Is deferred and not Included In IncomlnE resources until the preconditions for use have been met. le. Donated servlces and facllltles Donated professional services and donated faclllties are reco8nised as Income when the charity has control over the item, any conditions associated with the donated Item have been met. the recelpt of economic benefit from the use by the charity of the item is probable and that the economlc benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time is not recogni5ed and refer to the trustees, annual report for more information about their contribution. On receipt, donated professional services and donated faalities are recognised on the basis of the value of the gift to the charity which is the amount the charlty would have been willing to pay to obtain services or facilities of equivalent economic beneflt on the open market; a corresponding amount is then recognised in expenditure in the period of receipt, If. Expenditure Expenditure 15 recogni5ed once there is a legal or constructlve obligation to make a payment to a thlrd party, It 15 probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: a) Expenditure on charitable activities Includes the educatlonal activities undertaken to further the purposes of the charity and their associated sUPPOrt costs. b) Other expenditure represents those items not fallln8 Into any other heading. Irrecoverable VAT Is charged as a cost against the activity for which the expendlture was incurred. Page 17
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 l Accounting Policies (cont.1 18. Funds Accounting All income and expenditure tO8ether with gains and losses are allocated to a specific charitable fund. Unrestrirted funds are available to spend on activltles that further any of the purposes of the charlty. Restrirted funds are donations which the donor has specified are to be used solely for particular areas of the charity's work or for specific projects being undertaken by the charity. Further details of restricted funds together wlth their purposes are set out in note 14. Ih. 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 dlscounts due. 11. Cash at bank and In hand Cash at bank and cash in hand Includes cash and short term hlghly Ilquld Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. lj. Credltors and provlsions Creditors and provisions are recognised where the charlty has a present obligation resulting from 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 estimated rellably. Creditors and provisions are normally recognlsed at their settlement amount after allowing for any trade discounts due. Ik. Taxatlon The charity is exempt from tax on income and gains fallln8 Within section 505 of the Taxes Act 1988 or sertion 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. Page 18
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 Donatlons & Le8acles Unrestricted 2023 2024 Donations 8,473 8,473 Charltable Actfvlty Income Restrlcted 2024 Unrestricted 2024 2023 LCRCA- UKSPF Digital Connectivity Grants VSNW- VS6 representative roles WEA- Multiply Steering Group Greenbank College- New Futures LCR CA- Digital Mapping DWP- Kickstart Intermediary 451,354 475,OCrfJ 2,500 loo 27,993 9.750 1,718 451,354 2,600 514,461 Page 19
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 Charitable activities VCF Capaclty Buildlng General Funds Total 2024 Total 2023 Direct staff costs 3,314 45,007 48,321 4B,017 Project costs 1,921 537,742 539,663 321,990 Share of support costs (see note 5} 932 932 6,731 Share of governance c05t515ee note 51 2,496 2,496 2,376 Bad debt 97 6,167 585,245 591,412 379,211 The direct staff costs are the total seconded staff costs charged to VOLA Analysls by fund Restrirted funds Unrestricted fund5 585,245 585,245 6,167 591,412 6,167 6,167 585,245 For the year ended 31 March 2023 Restricted funds 11,061 25,995 37,056 334,301 7,854 342,155 345,362 33.849 Unrestricted funds 379,211 Support costs Support Governance costs 2024 2023 Basls of allocatlon Contribution to overhead5 Allocated to 6,731 General Funds 932 932 Independent examiners fees Allocated to VCF 2,376 Capacity Building 9,107 2,496 2,496 2,496 3,428 932 Page 20
VOLA Consortium Notes to the Account5 (continued) Forthe year ended 31 March 2024 Flnanclal Instruments 2024 2023 Carrylng amount of flnanclal assets Debt instruments measured at amortised c05t 88,562 517.413 Carrying arnount ot financial liabilities Measured at arnartised cost 43,608 333,573 Trustees No remuneration was paldoo trustees durlng the year12023- nil) No Expenses were reimbursed to trustees during the year12023- nlll Relèted Partytran5artion5 Remuneratlon of key management personnel The remuneration of key management personnel is as follows.. 2024 2023 Aggregate compensation £29,165 £29,165 21,605 21.605 There were no other related party transactions durin8 the year Debtors 2024 2023 Trade debtors Accrued Income 618 475,000 618 475,000 10. Cash at bank and in hand 2024 2023 Cash at bank 87,944 87,944 42,413 42.413 IL Creditors: Amounts falling due within one yeaT 2024 £ 19,995 21,117 2.496 2023 £ 299.234 31,963 2.376 1,429 335,002 Grants Payable Trade creditors Accruals and deferred income Funds held as Agent 43.608 Page 21
VOLA Consortium Notes to the Accou nts (continued) For the year ended 31 March 2024 12. Funds held as agent VOLA Consortlum no longer hold5 any funds as a8ent12023: £1.4291 that is payable to third parties. Previous yeor ended 31 Iwarch 2023 Balance corried fvrword 2023 Bolonce brought forward Received Spent Funder DWP- Kickstart Greenbank College New Future5 Progmmme Totalfunds held05 agent (previous yearj 121,595 {121.595J f3} 242,990 (241,5581 f363,153J 1.429 (3) 364585 1,429 Current year ended 31 March 2024 Balanee carried forward 2024 Balanre brought forward Received Spent Funder Greenbank College New Futures Progromme 1,429 11,4291 Total fund5 held a5 agent (current year 1,429 IL4291 Page 22
VOLA Consortium Notes to the Accounts (continued) Forthe year ended 31 March 2024 13. Unrestricted Funds Previous year ended 31 March 2023 Bolonce carried fvrword 2023 Balonce brought forward Tronsfers between fvnd5 Income Expenditure Generol Fund 22,497 8,473 (3,617) 35,858 Generol Fund- New Futures 994 27.993 (22,378) (6,609) LCR CA DI Mopping 9,750 (7.854) (1,896) Totol Funds (current year) 23,491 46,216 (33,849J 35,858 Current year ended 31 March 2024 Balance carrled forward 2024 Balance brought forward Transfers between funds Income Expenditure General Fund 35,858 {6,1671 2,600 32,291 General Fund-VSNW/ VS6 representative roles 2,5Ch) 12,5001 General Fund-WEA, Multiply Steerlng Group loo iioo) Total Fund5 {current yearl 35,858 2,600 16,1671 32,291 Page 23
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 14. Restricted Funds Bolance ¢orrled fvrnard 2023 Bolance brought forward Trunsftrs between funds Previous year ended 31 March 2023 Income Expenditure DWP- Klckstart 9,343 1,718 (11,061) (5,854) (328.447) TNLCF- TFOP 5,854 UKSPF- Digital Grant5 Total Fund5 (current yeorj 475,000 146,553 15,197 476,718 (345,362) 146.553 Balance carried forward 2024 Balan brought forward Transfers between funds Current year ended 31 Marth ZOZ4 Income Expendlture UKSPF- Digital Grants Total Funds (current year) 146,553 451,354 (585,2451 12,662 146,553 451,354 (585,245) 12,662 UKSPF- Digital Grants project provide5 grants and support for the voluntary, community, faith and Social enterprise {VCFSEI sector to improve public-facing IT fadllties & create new facilities in priority areas. The Digital Connertivityfor Local Community Facilitie5 Grants project is funded by the UK Government through the UK Shared Prosperity Fund, with the Liverpool City Region Combined Authority as the lead authorlty. Page 24
VOLA Consortium Notes to the Accounts (continued) For the year ended 31 March 2024 15. Analysls of Net Assets Previous year ended 31 Morch 2023 Unrestricted Fund5 Restricted Funds Totol Funds Net CurrentAssets 35.858 35,858 146,553 146,553 182,411 182,411 Current year ended 31 March 2024 Unrestrlcted Funds Restrlcted Funds Total Funds Net Current Assets 32,291 32,291 12,662 12,662 44,953 44.953 Page 25