REGISTERED CHARITY NUMBER: 1165136
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st December 2020
for
Vulcan Boxing Club
cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
Vulcan Boxing Club
Contents of the Financial Statements for the year ended 31st December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 17 |
Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2020
The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to promote the health and fitness of the local community and surrounding areas by the training and displaying the sport of boxing. The charity was established to work with children and vulnerable young people. It helps those on the margins of society - the socially disenfranchised, the elderly, people with disabilities etc.
Public benefit
The charity meets the public benefit criteria through the activities undertaken which include education, training and the advancement of health through amateur sport and recreation.
The trustees are of the opinion that they have complied with the duty in Section 4 of the Charities Act 2011 with regard to public benefit guidance published by the Charity Commission.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has once again grown dramatically and there has been a substantial increase in membership. There are now over 5000 members from Hull and the surrounding area, who take part in a wide range of activities. Vulcan has continued to provide Food Parcels to those who need them, however with the pandemic this service was expanded for several months to enable food parcel deliveries to be made. At its peak Vulcan was delivering over 250 food parcels a day and had deliveries going out 6 days a week. This was made possible by grants from The National Lottery Community Fund, Comic Relief and The Two Ridings Foundation. Staff were redeployed, volunteers assisted with deliveries, North Bank Forum and His Church supported Vulcan with issues such as waste disposal and supplies. The bulk of supplies were purchased from FareShare Hull and Humber. Vulcan also received contributions in the form of carrier bags, packing boxes, and surplus food by networking with local businesses and supermarkets.
The Youth Project had approximately 160 participants prior to the pandemic and operated three nights a week. This had to shut down and activities were offered online, and activity packs were distributed with the food parcels. The Learning Centre has continued to deliver qualifications for young people who are struggling in mainstream education, however these learners were also affected by the restrictions and pressures of the pandemic. Teaching could no longer take place in the classroom at the Centre, so staff carried out doorstep visits to collect and issue work and to check on welfare. As the restrictions eased learners were given 1:1 sessions at the Centre. The main contract for education was withdrawn due to the provider not being able to withstand the financial pressures caused by the pandemic. Vulcan was able continue to support these learners via its other projects and due to the recovery funding that had been granted.
During the year the kitchen extension, including a new teaching/training space, was completed with the support of match funding from the Community Led Local Development project. The total build cost was £89,283.
Vulcan prioritises the promotion of health and fitness and has worked with the NHS Recovery College to deliver free bootcamp style classes for people suffering from mental health issues. It has also collaborated with the local substance abuse services to do the same. The sessions proved to be extremely popular and well populated. These sessions also went online when the pandemic hit so that Vulcan could continue to be a presence for these participants and ease isolation.
The Boxing & Gym classes and the Youth Hub saw a considerable increase in numbers prior to the pandemic. In one of the weeks the Centre saw 700 participants of these activities, a 42% increase on the previous record. With the pandemic, these activities couldn't be offered so staff engaged in outreach work with key groups from these classes and as the restrictions eased Vulcan put on activities in the local park to alleviate the disenfranchise that some of its members were feeling as a result of the pandemic.
The Centre works in partnership with the local police service, the social services, the NHS, the youth offending team, a number of schools and several local charities (particularly the social housing charity Giroscope). Its collaborative approach to working has enabled it to continue to support a wide range of people with a variety of needs.
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Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2020
FINANCIAL REVIEW
Principal funding sources
The charity continues to gain revenue from a variety of sources. It earns money from its education contracts and for subscription payments for gym usage. The annual shows also provide some financial assistance although it has not been possible to hold them this year. The rest of money for the year came largely from Children in Need, Big Lottery-Reaching Communities, The Two Ridings Foundation-Anna Maria, ESC Lottery funding, Comic Relief, Zedra Trust and The Bernard Sunley Foundation.
Reserves policy
The policy of the charity is to keep reserves of around 5 to 6 months of staff wages should it lose funding or contracts. This has continued to be achieved during this financial year.
A designated fund has been set up within unrestricted funds to represent the book value of the charity's fixed assets, so that the general fund balance represents the funds that are readily available to the charity. The fund balances can be seen in note 13.
The free reserves at 31st December 2020, represented by the general fund balance, were £258,475.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are invited to become involved and are appointed by the management committee, due to their standing in the community and recognised work with young people and vulnerable adults. The current trustees all work in positions of responsibility. One is a substance abuse worker, another is a councillor with a wide range of experience and the other is a mentor/youth worker.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1165136
Principal address
The Vulcan Centre 42 Heron Street Hull East Yorkshire HU3 3PF
Trustees
D Grant E Mortimer M Nelson
The day-to-day management of the charity has been delegated to S Glazer.
Independent Examiner
cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
Page 2
Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2020
Approved by order of the board of trustees on 29th October 2021 and signed on its behalf by:
E Mortimer - Trustee
Page 3
Independent Examiner's Report to the Trustees of Vulcan Boxing Club
Independent examiner's report to the trustees of Vulcan Boxing Club
I report to the charity trustees on my examination of the accounts of Vulcan Boxing Club (the Trust) for the year ended 31st December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alan Brocklehurst ACA ICAEW cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
29th October 2021
Page 4
Vulcan Boxing Club
Statement of Financial Activities for the year ended 31st December 2020
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 148,324 Charitable activities 4 Youth education and activities 57,135 Other trading activities 3 1,630 Total 207,089 EXPENDITURE ON Raising funds 5 3,600 Charitable activities 6 Youth education and activities 20,046 Other 39 Total 23,685 NET INCOME 183,404 Transfers between funds 13 37,842 Net movement in funds 221,246 RECONCILIATION OF FUNDS Total funds brought forward 383,922 TOTAL FUNDS CARRIED FORWARD 605,168 |
Restricted funds £ 370,676 - - 370,676 - 304,639 - 304,639 66,037 (37,842) 28,195 38,103 66,298 |
2020 Total funds £ 519,000 57,135 1,630 577,765 3,600 324,685 39 328,324 249,441 - 249,441 422,025 671,466 |
2019 Total funds £ 485,544 104,161 3,227 |
|---|---|---|---|
| 592,932 900 263,792 - |
|||
| 264,692 | |||
| 328,240 - |
|||
| 328,240 93,785 |
|||
| 422,025 |
The notes form part of these financial statements
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Vulcan Boxing Club
Balance Sheet
31st December 2020
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 346,693 260,315 (1,840) 258,475 605,168 605,168 |
Restricted funds £ - 66,298 - 66,298 66,298 66,298 |
2020 Total funds £ 346,693 326,613 (1,840) 324,773 671,466 671,466 605,168 66,298 671,466 |
2019 Total funds £ 270,238 155,749 (3,962) 151,787 422,025 422,025 383,922 38,103 422,025 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29th October 2021 and were signed on its behalf by:
E Mortimer - Trustee
The notes form part of these financial statements
Page 6
Vulcan Boxing Club
Cash Flow Statement
for the year ended 31st December 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Capital grants received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2020 £ 228,047 (39) 228,008 (94,986) 37,842 (57,144) 170,864 155,749 326,613 |
2019 £ 286,087 - 286,087 (233,542) - (233,542) 52,545 103,204 155,749 |
|---|---|---|
The notes form part of these financial statements
Page 7
Vulcan Boxing Club
Notes to the Cash Flow Statement for the year ended 31st December 2020
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2020 | 2019 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 249,441 | 328,240 | ||
| Adjustments for: | ||||
| Depreciation charges | 18,531 | 14,482 | ||
| Interest paid | 39 | - | ||
| Capital grants received | (37,842) | - | ||
| Decrease in creditors | (2,122) | (56,635) | ||
| Net cash provided by operations | 228,047 | 286,087 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1/1/20 | Cash flow | At 31/12/20 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank and in hand | 155,749 | 170,864 | 326,613 | |
| 155,749 | 170,864 | 326,613 | ||
| Total | 155,749 | 170,864 | 326,613 |
The notes form part of these financial statements
Page 8
Vulcan Boxing Club
Notes to the Financial Statements
for the year ended 31st December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Equipment - 20% on cost Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
| 2. DONATIONS AND LEGACIES Donations Grants Subscriptions Grants received, included in the above, are as follows: The National Lottery Community Fund Government COVID support grants Comic Relief Sport England Other grants 3. OTHER TRADING ACTIVITIES Sponsorships Room hire 4. INCOME FROM CHARITABLE ACTIVITIES Activity Schools and similar income Youth education and activities 5. RAISING FUNDS Raising donations and legacies Bid writing |
2020 £ 3,000 515,458 542 519,000 2020 £ 100,000 35,770 113,670 20,000 246,018 515,458 2020 £ 1,000 630 1,630 2020 £ 57,135 2020 £ 3,600 |
2019 £ 10,244 472,477 2,823 |
|---|---|---|
| 485,544 | ||
| 2019 £ - - 113,670 - 358,807 |
||
| 472,477 | ||
| 2019 £ - 3,227 3,227 2019 £ 104,161 |
||
| 2019 £ 900 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
6. CHARITABLE ACTIVITIES COSTS
7.
| Youth education and activities SUPPORT COSTS Youth education and activities |
Support Direct costs (see Costs note 7) £ £ 322,042 2,643 Governance Finance costs £ £ 3 2,640 |
Totals £ 324,685 |
|---|---|---|
| Totals £ 2,643 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31st December 2019.
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2020 £ 235,657 7,203 2,738 245,598 |
2019 £ 178,001 6,426 2,320 |
|---|---|---|
| 186,747 |
The average monthly number of employees during the year was as follows:
| Management and administration Project staff/instructors Support staff Apprentices |
2020 6 3 3 4 16 |
2019 5 8 - - |
|---|---|---|
| 13 |
No employees received emoluments in excess of £60,000.
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 55,151 Charitable activities Youth education and activities 104,161 Other trading activities 3,227 Total 162,539 EXPENDITURE ON Raising funds 900 Charitable activities Youth education and activities 82,276 Total 83,176 NET INCOME 79,363 Transfers between funds 245,316 Net movement in funds 324,679 RECONCILIATION OF FUNDS Total funds brought forward 59,243 TOTAL FUNDS CARRIED FORWARD 383,922 |
Restricted funds £ 430,393 - - 430,393 - 181,516 181,516 248,877 (245,316) 3,561 34,542 38,103 |
Total funds £ 485,544 104,161 3,227 |
|---|---|---|
| 592,932 900 263,792 |
||
| 264,692 | ||
| 328,240 - |
||
| 328,240 93,785 |
||
| 422,025 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
| 11. TANGIBLE FIXED ASSETS Freehold Motor property Equipment vehicles £ £ £ COST At 1st January 2020 233,772 53,842 11,309 Additions 89,283 5,058 - At 31st December 2020 323,055 58,900 11,309 DEPRECIATION At 1st January 2020 4,311 18,909 6,538 Charge for year 5,254 11,356 1,193 At 31st December 2020 9,565 30,265 7,731 NET BOOK VALUE At 31st December 2020 313,490 28,635 3,578 At 31st December 2019 229,461 34,933 4,771 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 13. MOVEMENT IN FUNDS Net movement At 1/1/20 in funds £ £ Unrestricted funds General fund 383,922 183,404 Designated fund - property and equipment - - 383,922 183,404 Restricted funds Reaching Communities 38,103 12,232 Community Led Local Development (CLLD) - 37,842 Comic Relief (Safe, Secure and Settled) - 15,963 38,103 66,037 TOTAL FUNDS 422,025 249,441 |
Computer equipment £ 4,734 645 5,379 3,661 728 4,389 990 1,073 2020 £ - 1,840 1,840 Transfers between funds £ (308,851) 346,693 37,842 - (37,842) - (37,842) - |
Totals £ 303,657 94,986 |
Totals £ 303,657 94,986 |
|---|---|---|---|
| 398,643 | |||
| 33,419 18,531 |
|||
| 51,950 | |||
| 346,693 | |||
| 270,238 | |||
| 2019 £ 2,511 1,451 3,962 At 31/12/20 £ 258,475 346,693 |
2019 £ 2,511 1,451 |
||
| 3,962 | |||
| 605,168 50,335 - 15,963 |
|||
| 66,298 | |||
| 671,466 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) Fight For Peace/Sports England Coronavirus Community Support Fund TOTAL FUNDS |
Incoming resources £ 207,089 99,164 37,842 113,670 20,000 100,000 370,676 577,765 |
Resources Movement expended in funds £ £ (23,685) 183,404 (86,932) 12,232 - 37,842 (97,707) 15,963 (20,000) - (100,000) - (304,639) 66,037 (328,324) 249,441 |
Resources Movement expended in funds £ £ (23,685) 183,404 (86,932) 12,232 - 37,842 (97,707) 15,963 (20,000) - (100,000) - (304,639) 66,037 (328,324) 249,441 |
|---|---|---|---|
| 66,037 | |||
| 249,441 |
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Youth Knife Crime Project Stronger Together Minibus Fund Streetgames Fund ESC Funding Reaching Communities Comic Relief (Safe, Secure and Settled) TOTAL FUNDS |
At 1/1/19 £ 59,243 17,580 9,950 3,266 751 - 2,995 - 34,542 93,785 |
Net movement in funds £ 79,363 - - - - 149,219 35,108 64,550 248,877 328,240 |
Transfers between funds £ 245,316 (17,580) (9,950) (3,266) (751) (149,219) - (64,550) (245,316) - |
At 31/12/19 £ 383,922 - - - - - 38,103 - |
|---|---|---|---|---|
| 38,103 | ||||
| 422,025 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds ESC Funding Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) TOTAL FUNDS |
Incoming resources £ 162,539 158,721 149,687 8,315 113,670 430,393 592,932 |
Resources Movement expended in funds £ £ (83,176) 79,363 (9,502) 149,219 (114,579) 35,108 (8,315) - (49,120) 64,550 (181,516) 248,877 (264,692) 328,240 |
Resources Movement expended in funds £ £ (83,176) 79,363 (9,502) 149,219 (114,579) 35,108 (8,315) - (49,120) 64,550 (181,516) 248,877 (264,692) 328,240 |
|---|---|---|---|
| 248,877 | |||
| 328,240 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund - property and equipment Restricted funds Youth Knife Crime Project Stronger Together Minibus Fund Streetgames Fund ESC Funding Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) TOTAL FUNDS |
At 1/1/19 £ 59,243 - 59,243 17,580 9,950 3,266 751 - 2,995 - - 34,542 93,785 |
Net movement in funds £ 262,767 - 262,767 - - - - 149,219 47,340 37,842 80,513 314,914 577,681 |
Transfers between funds £ (63,535) 346,693 283,158 (17,580) (9,950) (3,266) (751) (149,219) - (37,842) (64,550) (283,158) - |
At 31/12/20 £ 258,475 346,693 |
|---|---|---|---|---|
| 605,168 - - - - - 50,335 - 15,963 |
||||
| 66,298 | ||||
| 671,466 |
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continued...
Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 369,628 Restricted funds ESC Funding 158,721 Reaching Communities 248,851 Community Led Local Development (CLLD) 46,157 Comic Relief (Safe, Secure and Settled) 227,340 Fight For Peace/Sports England 20,000 Coronavirus Community Support Fund 100,000 801,069 TOTAL FUNDS 1,170,697 |
Resources Movement expended in funds £ £ (106,861) 262,767 (9,502) 149,219 (201,511) 47,340 (8,315) 37,842 (146,827) 80,513 (20,000) - (100,000) - (486,155) 314,914 (593,016) 577,681 |
|---|---|
The Youth Knife Crime Project was awarded to help tackle the growing problem of youth violence and knife crime. Vulcan Boxing Club developed a series of workshops with Humberside Police to work with young people at risk of knife crime or those who had committed it.
The Stronger Together Fund provides staffing for our Youth Project to enable us to offer a range of support and activities for children from the age of seven upwards (around healthy lifestyles, sporting activity and conflict resolution).
The Minibus Fund is for the acquisition of a vehicle with any residual funds to be applied to the running costs.This will enable the charity to transport young people to boxing contests around the country.
The Streetgames Fund runs sessions for disadvantaged local young people. The money is to help pay for the employment of a young person from the project to support the delivery of the sessions.
ESC Lottery Fund is for the building of the new Cardio suite.
Reaching Communities Fund is for the expansion of the sessions to make positive changes in the local community and expand the reach of the community that can benefit from the sessions.
Community Led Local Development (CLLD) - Vulcan futures project is for the building of a new kitchen (as an extension to our existing premises) and to create a social enterprise that will provide further education, training & employment opportunities and allow affordable meals to be prepared and served, to the local community.
Comic Relief (Safe, Secure and Settled) is to use sport, as a tool for social change, to improve the lives of children and young people (up to 25 years) who are homeless or living in temporary accommodation to gain skills to lead safe and positive lives.
The Fight For Peace grant, funded by Sport England, is a joint project to inspire young people to become active, to reach their full potential and to promote peace.
The Coronavirus Community Support Fund is a National Lottery grant to assist in delivering activities that are aimed to support communities through the COVID-19 crisis.
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continued...
Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2020
13. MOVEMENT IN FUNDS - continued
Transfers between funds
The book value of the charity's fixed assets (£346,693) has been transferred to a designated fund so that the general fund balance represents the funds that are readily available to the charity. The transfer includes capital grants received from Community Led Local Development during the year of £37,842 for the building of a new kitchen.
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2020.
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