REGISTERED CHARITY NUMBER: 1184444
Report of the Trustees and
Unaudited Financial Statements for the Period 16 July 2019 to 31 December 2020
for VLC
Francis & Co Second Floor 123 Promenade Cheltenham Gloucestershire GL50 1NW
VLC
Contents of the Financial Statements for the Period 16 July 2019 to 31 December 2020
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 8 |
| Detailed Statement of Financial Activities | 9 to 10 |
VLC
Report of the Trustees for the Period 16 July 2019 to 31 December 2020
This is the first annual Trustees report for the CIO called VLC.
VLC exists to support school aged students who are unable to access their education for whatever reason.
VLC was developed out of a project set up by a church called "The Vineyard Christian Fellowship of Leamington and Warwick" and was known as "Leamington Vineyard Learning Centre." This project became too big for the local church and so a separate charity was set up called VLC.
The business we are in is "To change the lives of young people who are unable to access their education and who face many negative life consequences as a result of this." We attempt to achieve this by offering such students the opportunity to learn in an environment which suits them. An environment which is quiet, calm and positively supportive of their needs. We help the students get back onto the ladder of learning by giving them a bespoke curriculum including the opportunity to prepare for and to take GCSE qualifications.
VLC became a registered independent school on 8 October 2020 with registration number 937/6028. VLC can admit boys and girls aged from 9 to 16, up to a maximum number of 40.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a Charitable Incorporated Organisation, as defined by the Charities Act 2011.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1184444
Registered office
St. Margarets Centre 103 Whitnash Road Whitnash Leamington Spa Warwickshire CV31 2HB
Trustees
Mr G Howe Mr C Snelson (appointed 12.10.20) Mrs L Nash S Crook (appointed 7.12.20) Reverend B J Nash
Independent Examiner
Francis & Co Second Floor 123 Promenade Cheltenham Gloucestershire GL50 1NW Approved by order of the board of trustees on 24 September 2021 and signed on its behalf by:
Reverend B J Nash - Trustee
Page 1
Independent Examiner's Report to the Trustees of VLC
Independent examiner's report to the trustees of VLC ('the Charity')
I report to the trustees on my examination of the accounts of the Charity for the period 16 July 2019 to 31 December 2020.
Responsibilities and basis of report
As the trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20211 ('the 2011 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Section 144 of the 2011 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5) (b) of the 2011 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 matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 132 of the 2011 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Warren Francis ACA ICAEW Francis & Co Second Floor 123 Promenade Cheltenham Gloucestershire GL50 1NW
24 September 2021
Page 2
| VLC | ||
|---|---|---|
| Statement of Financial Activities | ||
| for the Period 16 July 2019 to 31 December 2020 | ||
| Unrestricted | ||
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 1,793 | |
| Charitable activities | ||
| General | 438,633 | |
| Total | 440,426 | |
| EXPENDITURE ON | ||
| Raising funds | (2,804) | |
| Charitable activities | ||
| General | 28,592 | |
| Other | 115,965 | |
| Total | 141,753 | |
| NET INCOME | 298,673 | |
| TOTAL FUNDS CARRIED FORWARD | 298,673 |
The notes form part of these financial statements
Page 3
| VLC | ||
|---|---|---|
| Balance Sheet | ||
| 31 December 2020 | ||
| Unrestricted | ||
| fund | ||
| Notes | £ | |
| FIXED ASSETS | ||
| Tangible assets | 5 | 5,177 |
| CURRENT ASSETS | ||
| Stocks | 6 | 3,400 |
| Debtors | 7 | 44,581 |
| Cash at bank | 253,378 | |
| 301,359 | ||
| CREDITORS | ||
| Amounts falling due within one year | 8 | (7,863) |
| NET CURRENT ASSETS | 293,496 | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | 298,673 | |
| NET ASSETS | 298,673 | |
| FUNDS | 9 | |
| Unrestricted funds | 298,673 | |
| TOTAL FUNDS | 298,673 |
The Charity is entitled to exemption from audit under Section 144 of the Charities Act 2011 for the period ended 31 December 2020.
The trustees have not required the Charity to obtain an audit of its financial statements for the period ended 31 December 2020.
The trustees acknowledge their responsibilities for
(a) ensuring that the Charity keeps accounting records that comply with Section 130 of the Charities Act 2011 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the Charity as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 162 and which otherwise comply with the requirements of the Charities Act 2011 relating to financial statements.
The financial statements were approved by the Board of Trustees and authorised for issue on 24 September 2021 and were signed on its behalf by:
Reverend B J Nash - Trustee
The notes form part of these financial statements
Page 4
VLC
Notes to the Financial Statements for the Period 16 July 2019 to 31 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)'. 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.
Plant and machinery - 15% on cost Fixtures and fittings – 15% on cost
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Taxation
The charity is exempt from corporation 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.
Page 5
continued...
VLC
Notes to the Financial Statements - continued for the Period 16 July 2019 to 31 December 2020
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | £ 1,857 |
|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 December 2020.
4. STAFF COSTS
The average monthly number of employees during the period was as follows:
General administration
22
No employees received emoluments in excess of £60,000.
5.
TANGIBLE FIXED ASSETS
| Plant and machinery £ COST Additions - Transfer to ownership 4,434 At 31 December 2020 4,434 DEPRECIATION Charge for year - Transfer to ownership 4,434 At 31 December 2020 4,434 NET BOOK VALUE At 31 December 2020 - |
Fixtures and fittings £ 201 22,907 23,108 1,857 16,074 17,931 5,177 |
Totals £ 201 27,341 |
|---|---|---|
| 27,542 | ||
| 1,857 20,508 |
||
| 22,365 | ||
| 5,177 |
Page 6
continued...
VLC
Notes to the Financial Statements - continued for the Period 16 July 2019 to 31 December 2020
| 6. STOCKS Work-in-progress 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Tax Prepayments and accrued income 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accruals and deferred income 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 440,426 TOTAL FUNDS 440,426 |
£ 3,400 £ 36,240 735 444 7,162 44,581 £ 6,006 716 1,141 7,863 Net movement At in funds 31.12.20 £ £ 298,673 298,673 298,673 298,673 Resources Movement expended in funds £ £ (141,753) 298,673 (141,753) 298,673 |
|---|---|
continued...
Page 7
VLC
Notes to the Financial Statements - continued for the Period 16 July 2019 to 31 December 2020
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 31 December 2020.
Page 8
VLC
Detailed Statement of Financial Activities for the Period 16 July 2019 to 31 December 2020
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Charitable activities Learning centre income Transfer from Vineyard Total incoming resources EXPENDITURE Other trading activities Purchases Closing work in progress Other Wages Social security Pensions Depreciation of tangible fixed assets Support costs Management Insurance Telephone Postage and stationery Sundries Room hire and catering Travel and subsistence Staff training and welfare Finance Bank charges |
£ 35 1,758 1,793 107,795 330,838 438,633 440,426 596 (3,400) (2,804) 108,554 3,814 1,740 1,857 115,965 2,387 209 500 3,773 15,380 209 1,200 23,658 63 |
|---|---|
This page does not form part of the statutory financial statements
Page 9
VLC
| Detailed Statement of Financial Activities for the Period 16 July 2019 to 31 December 2020 Finance Information technology Postage and stationery Governance costs Accountancy and legal fees Total resources expended Net income |
£ 72 4,799 141,753 298,673 |
|---|---|
This page does not form part of the statutory financial statements
Page 10