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2022-03-31-accounts

Charity Registration No. 1161144 Company Registration No. CE003831 (England and Wales)

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs H Bailey (secretary)
Mr R Batstone
Mr G Beith (chairman)
Mr I Griffiths (treasurer)
Mrs J T Hannaby
Mr P Harbour (chairman)
Mr W R Jestico
Mr D Parry
Mr K Robbins
Ms A Rowe (vice chairman)
Dr C Walters
Mr C Warwick
Dr D Wise
Ms K Morgan
Mr J Leggott
Charity number 1161144
Principal address 16 Market Place
Wantage
Oxfordshire
OX12 8AE
Independent examiner Chapman Worth Limited
2 The Old Estate Yard
High Street
East Hendred
Wantage
Oxfordshire
OX12 8JY

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Notes to the financial statements 9 - 19

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Wantage Independent Advice Centre (WIAC) trading as Vale Community Impact (VCI) Governance and Management Policies Manual, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”.

Objectives and activities Mission Statement

Wantage Independent Advice Centre also trading as Vale Community Impact works at the heart of the local community and is dedicated to serving those in need of Advice, Transport or Good Neighbour services. Consideration for volunteer and client welfare is the foundation of everything we do. We strive to be the best notwithstanding limitations of budget, space and other resources.

Object

The object of the CIO is:

The relief of those in need, for any reason including but not limited to ill health, disability, financial hardship, social exclusion.

For the purpose of this clause ‘social exclusion’ means being excluded from society, or parts of society, as a result of one of more of the following factors: unemployment; financial hardship; youth or old age; ill health (physical or mental); substance abuse or dependency including alcohol and drugs; discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation or gender re-assignment; poor educational or skills attainment; relationship and family breakdown; poor housing (that is housing that does not meet basic habitable standards; crime (either as a victim of crime or as an offender rehabilitating into society).”

The object will be met by the provision of services as set out below for the benefit of the Vale of White Horse area.

  1. An advice and information service

  2. A transport service

  3. A Good Neighbour service

  4. Other services, provided from time to time, which are deemed appropriate and in accordance with the stated charitable objective.

Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable.

During the year, Wantage Independent Advice Centre also trading as Vale Community Impact has carried out its public benefit duty and its duty with regard to the objectives of the charity. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Plan 2022 – 2023

Strategic and Core Activities:

Finance, Funding & Grants:

Operational:

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements during 2021 – 2022

Financial Review

The charity ended the year with a surplus of £22,755. At the end of the year the charity has achieved a level of reserves of £249,952.

During the period, the charity transferred £191,000 from designated reserves to unrestricted reserves. It has been decided that the reserves, previously set aside for future initiatives, would be better utilised to assist in everyday expenditure given the impact of the pandemic and economic downturn.

The Trustees aim to set aside an unrestricted reserve of 6 months running costs to be regularly reviewed and adjusted for any changing liabilities.

The Charity’s funds come largely from local government and performance related grants however donations are also received.

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

We are a Charitable Incorporated Organisation registered with the Charities Commission for England and Wales. The charity was established by a charitable trust deed on 1 st April 2015. Wantage Independent Advice Centre commenced trading on the 1st January 2016 and adopted the additional “trading as” name of Vale Community Impact, VCI, from November 2020.

The trustees who served during the year and up to the date of signature of the financial statements were:

Hon. Chairman

Peter Harbour (to July 2021) / Graham Beith (from July 2021)

Hon. Vice Chairman

Ann Rowe (to April '22)

Hon. Treasurer Ian Griffiths Hon. Secretary Helen Bailey Jenny Hannaby Bill Jestico (to October ‘21) John Leggott (from October ’22) Keith Robbins (to October ’21) Chris Warwick David Wise Cllr Ron Batstone Cllr Kimberley Morgan Cllr David Parry Cllr Christine Walters

*Nominated Trustees as representatives of local Councils

All new committee members, either elected at the AGM or co-opted during the year, shall complete an induction process as listed below. The induction will be conducted by the Chairman or other Officers or, where appropriate, by Operations Management.

New members will be given the following documents on joining:

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Organisation Structure

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to risks.

The trustees' report was approved by the Board of Trustees.

..............................

Chairman

Dated: ..30[th] January 2023....

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE INDEPENDENT ADVICE CENTRE I report on the financial siatements of the Charity for the year ended 31 Mar¢h 2022, which are sel out on pages 7 to 19. Respective re$pon$ibilitie8 of trustees and examlnèr The ¢harity's Iruslees are responsible for the preparation of the financial slalemenls. The charity's trustees consider that an audit is not required for this year under section 144121 of thè Char(ties Act 2011 (the 2011 Act) and that an Independent examination is needed. 11 is my responsibility lo.. exarnine the financial statements under section 145 01 the 2011 At#., li1} lo follow the procedures laid down in the general 01￿ctiOnS given by the Charlty Cornmission under section 14515llbl of the 2011 Act., and liiil lo stale whether particular matters have come to my attent￿on. 8•$i8 of indepondant examln&l$ report My examination was carried out in accordance with the general Directions given by the Charity Commission. An @xaminalion includes a review of th8 accounting records kept by the charity and a comparison of the financial statements presented with those records. 11 also includes consideration of any unusual r(ems or disclosures in the finan¢ial 818lements, and seeking explanation5 from you as trustees concerning 8ny such matters. The procedures undertaken do not provide 811 the evidence that would be required in an audit and consèquèntly no opinion is given as to wh91her the financial statements pres¢nt 8 '1rue and fair view, and the report is lirniled lo Ih05e matters set out in the next sl8lernent. Independent examlnerfs statoment In connection with my exarninalion, no olh&r matter ex¢epl that referred lo in the prèvious paragraph has come lo my allenlion.. lal which gives me reasonable cause to believe that in any materT81 respect the requirements". lil lo keep accounting records in a¢¢ord8nce with section 130 01 the 2011 Act." and lill to prepare financial slalernenls which accord wlh the ae¢ounling records and comply with the accounting requirements of the 2011 Act.. have nol been mel or {bl lo which. in my opinion, attention should be drawn in order lo enable 8 proper undersianding of the financial Slalernenls lo be reached. A Chapman FCA Chapman Worth Limited 2 The Old Eslale Yard High Streel East Hendred Wantage Oxfordshire OX128JY Dated.. LILoL¥

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Unrestricted
funds
funds
general d esignated
2022
2022
Notes
£
£
Income from:
Donations and
legacies
3
198,971
2,000
Charitable
activities
4
21,956
-
Investments
5
96
-
Total income
221,023
2,000
Expenditure
on:
Raising funds
6
1,093
-
Charitable
activities
7
197,175
-
Total expenditure
198,268
-
Net incoming
resources before
transfers
22,755
2,000
Net incoming
resources before
transfers
22,755
2,000
Gross transfers
between funds
191,000
(191,000)
Net income for the
year/
Net movement in
funds
213,755
(189,000)
Fund balances at 1
April 2021
34,197
191,000
Fund balances at 31
March 2022
247,952
2,000		 Total Unrestricted Unrestricted
Restricted
funds
funds
funds
general d esignated
2022
2021
2021
2021
£
£
£
£
200,971
127,239
191,000
-
21,956
12,042
-
-
96
131
-
-
223,023
139,412
191,000
-
1,093
310
-
-
197,175
201,476
-
1,832
198,268
201,786
-
1,832
24,755
(62,374)
191,000
(1,832)
24,755
(62,374)
191,000
(1,832)
-
-
-
-
24,755
(62,374)
191,000
(1,832)
225,197
96,571
-
1,832
249,952
34,197
191,000
-		 Total
2021
£
318,239
12,042
131
330,412
310
203,308
203,618
126,794
126,794
-
126,794
98,403
225,197

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

All income and expenditure derive from continuing activities.

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

Notes
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Income funds
Unrestricted funds - general
Unrestricted funds - designated		 2022
£
2,058
248,702
250,760
(808)		 £
249,952
247,952
2,000
249,952		 2021
£
402
243,381
243,783
(18,586)		 £
225,197
34,197
191,000
225,197

The financial statements were approved by the Trustees on .....27th January 2023...

..............................

Mr I Griffiths Treasurer

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Wantage Independent Advice Centre is a charity registered with the Charities Commission in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2 Going concern

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

1.3 Charitable funds

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

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

Designated funds are reserves set aside by the trustees for a particular project.

1.4 Incoming resources

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

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

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

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Charitable activities include expenditure associated with meeting the charitable objectives.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.

Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Cash and cash equivalents

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

1.7 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.8 Employee benefits

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

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

2 Critical accounting estimates and judgements

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

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

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3 Donations and legacies

Unrestricted Unrestricted
funds
funds
general d esignated
£
£
Donations and gifts
14,003
-
Legacies receivable
55,624
-
Grants
129,344
2,000
198,971
2,000
For the year ended 31 March 2021
127,239
191,000
Grants receivable for core activities
Vale of White Horse District Council
58,001
-
Oxfordshire County Council
10,000
-
Wantage Town Council
10,500
-
Faringdon Town Council
2,000
-
Grove Parish Council
5,158
-
Sovereign
-
-
Emergency assist
-
-
CWGS & HSF Admin Grants
5,700
-
Covid-19 Grant
-
-
Restricted Transport
-
-
VWHDC S106
22,525
-
VWHDC COMF Transport
14,460
-
Oxfordshire community foundation
-
2,000
Other
1,000
-
129,344
2,000
4
Charitable activities
2022
£
Transport reimbursements
21,332
Miscellaneous
624
21,956		 Total
Total
2022
2021
as restated
£
£
14,003
11,014
55,624
191,000
131,344
116,225
200,971
318,239
318,239
58,001
58,000
10,000
16,000
10,500
10,000
2,000
2,250
5,158
-
-
3,000
-
5,000
5,700
2,160
-
17,815
-
2,000
22,525
-
14,460
-
2,000
-
1,000
-
131,344
116,225
2021
£
11,755
287
12,042

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

5 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Interest receivable 96 131

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Raising funds

Raising funds
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Fundraising and publicity
Advertising 1,093 310
1,093 310
Charitable activities
2022 2021
£ £
Staff costs 101,024 103,552
Good neighbour expenses 1,387 292
Volunteer and staff expenses 2,746 1,682
Driver reimbursements 16,571 10,265
Project west 1,725 4,248
Hardship fund 1,980 1,067
Other charitable expenditure 5,357 1,794
130,790 122,900
Share of support costs (see note 8) 66,385 80,408
197,175 203,308
Analysis by fund
Unrestricted funds - general 197,175 201,476
Restricted funds - 1,832

7 Charitable activities

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Support costs

Support
costs
Governance
costs
£
£
Rent
20,160
-
Utilities
4,951
-
IT support/upgrade
21,165
-
Maintenance and repairs
7,086
-
Photocopier
1,704
-
Cleaner
2,619
-
Bank charges
895
-
Subscriptions
3,903
-
Printing and stationery
2,151
-
Insurance
1,751
-
Sundry costs
-
66,385
-
Analysed between
Charitable activities
66,385
-		 2022
Support
costs
Governance
costs
£
£
£
20,160
20,160
-
4,951
3,835
-
21,165
32,987
-
7,086
13,202
-
1,704
1,053
-
2,619
1,688
-
895
773
-
3,903
2,555
-
2,151
1,824
-
1,751
1,877
-
-
454
66,385
80,408
-
66,385
80,408
-		 2021
£
20,160
3,835
32,987
13,202
1,053
1,688
773
2,555
1,824
1,877
454
80,408
80,408

There were no fees charged by the accountants for the independent examination of these or 2021 accounts.

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration , expenses or benefits from the charity during the year. Unrestricted donations from trustees totalled £0 (2020 £0).

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
There were no employees whose annual remuneration was more than £60,000.
11
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
Number
6
2022
£
101,024
2022
£
1,506
552
2,058
2022
£
808
-
808		 2021
Number
7
2021
£
103,552
2021
£
402
-
402
2021
£
6,473
12,113
18,586

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13 Designated funds

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

Movement Movement in funds Movement in funds
in funds
Incoming Balance at Incoming Transfers Balance at
resources 1 April 2021 resources 31 March 2022
£ £ £ £ £
Good Neighbour Project - - 2,000 - 2,000
Legacy fund 191,000 191,000 - (191,000) -
191,000 191,000 2,000 (191,000) 2,000

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

14
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2022
2022
£
£
Fund balances at 31 March 2022 are represented by:
Current assets/(liabilities)
247,952
2,000
247,952
2,000		 TotalUnrestricted
funds
Designated
funds
Restricted
funds
2022
2021
2021
2021
£
£
£
£
249,952
34,197
191,000
-
249,952
34,197
191,000
-		 Total
2021
£
225,197
225,197

WANTAGE INDEPENDENT ADVICE CENTRE PERFORMING AS VALE COMMUNITY IMPACT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

15 Funds received as an agent

The charity processes grants from the council which are given for onward transmission to an end charity specified by the council, after deduction of donation processing fees and where applicable.

A summary of the amounts processed on this basis is shown below:

2022 2021
£ £
Received as agent in the year 24,464
Paid onwards as agent in the year 36,067
Owed to end charities at year end (included within other
creditors) - 11,603

16 Related party transactions

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