**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:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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