Charlty regl$trath)n number 1192652 (England and W•lesl THE VISIONARY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2024
THE VISIONARY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$te A Pitslia A Pitalia R Grisewood N Halverson IAppointed 26 October 20231 Ch•rity number 1192652 Prin¢lpal addrtss$ 25 Cl)orfey New Road Botton GreatgT Manchester BL14QR Audltor Champlon Accountants LLP 1 Worsley Court High Street Worsley Man¢hest•r M28 3NJ Soli¢itOf4 Galeley Ship Canol House 98 King Street Manchester M2 4WJ
THE VISIONARY CHARITABLE TRUST CONTENTS Page Trustees, report Independent aL¥Jitorfs report Statement of finaneial activbtie5 Balance sheet Statement of Cash flows Notss to the finanrAal statements 9-14
THE VISIONARY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S OCTOBER 2024 The trustees pffjsont thaw annual report and ffinanThal slalemenls forthe year ended 5 Octob&r 2024. The fin8ncS81 statsments havg b88n prep8red in accord8n¢e the aCctrUnn9 policies set out in nol8 1 to the financial statèments and compty wrth the charitsble Irusfs Declaration ol Trust, the Charities Act 2011 and "Accounting and Reporting by Chafilie$= Statement of Recommended Practice applicable to thaTitie8 preparing their accounts in accordan¢e with the Finanoal Reporting Standard appIlble in the UK and Republic of IreIar IFRS 1021" 18ffectNe 1 Janu8ry 2019). Objective$ and activiti The tru$tee$ have paid due regard to guidance issued by the Charity Commission in deading what activities the Charitab trust should undertake. TVCT was estsblished in 2019 afthough there are no restrictions in lenns of how funds can be giftod. the charty aims to support a nurnber of worlhy causes 0fwhh many will be focused on restoying s3hl and he8llhcare. Achievèm•nts and perfom)an 11 is a pl8asuTe lo present our fourth annual report. During the year, TVCT have mada a number of rjonations Its support Se$ acoss the worfd includthg a substantial donation to the round lable Indla Irusl in order lo help SUPPCrt the charity to build school classrooms in dIsadvlage arèas of India. Finanelal review During the period. TVCT recewed £424,342 in reium on invastments. TVCT hove providèd 9ranls of£32,539 to ¢aus8s acros$ thè world. Plans for futurn periods As we look forward to the eoming months and years, we ar8 gxploring how w8 can assist in 8¢hi•ving one of oui rnany fflulual objectives in helping lo restore eyesight in third worfd countries. We will ntInue to donate tt> other causes acTOSS the world which thg trustses deem lo altgn with our obj8ctiv85. Structure. governan and man•gèm•nt The Visionary Charitable Trust ITVCT) is a non4xempl charity govemed by a Decl8Tatron of Trust dated 17 Sepl8mber 2019. AI TVCT investments were managed by the Iwslees during the peiiod and the trustees have reviewed all risks surrounding the investments. The Tru$lggs have due regard lo the guidance published by the Charities Commission regarding public beneffit. Thè Trustees are spOnSible for the investment strategy and disliibution of funds. Due règard to Ihe aims and objertives of the charity is considered by the Trustees e8cJ) tim8 a donation is made. The trustees who served during thè year and up to the date of sigllalure of Ihe fin¥nual stal8menl$ were: A Pilalia A Pitalia R Grisewood N Halverson IAppoinled 26 October 2023} TrLJStees are nomlnaled by the existing Trustees. They r¥lire by rot8ts.on every three yèafs but may offer themselves for relection. Trustees are appointed with a view to providing a variety 01 sklll$, culture, age and g8ndeT. New Trustees are appraised of the Philosophy of th8 Trust and ar• issued an InthJGlion fokler which indud88 the Charity Commission publications and guidarte. None of the trvstegs has any ben¢101 intere51 in thè trust. All of the trustees a m8mb9rs of the trust and guarantee to contribul¢ £1 in the event of a winding up.
THE VISIONARY CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 Th8 cOrnpanS current policy CC•n¢erning the payment of Ir8de creditors is to follow the CBI'S Proryt Payers Cod¢ (Copies are available from the CBI, Cgnlre Point, 103 Oxford Slreel. London WC1A 1 DU). The o)mpany's current poli¢y ujnceming the payment of trade ueditcn is to.. settle Ihg terms of payment with suppliers when agTeeing the teThs of each IsactIOn-. • ensure that supplieT8 are made aware of the le8 of payment by InclusSon of the relevant temis in contracts; and pay in accoidance wNh the twsfs contractual other leg81 obligats'ons. stat•mont of trustee#. rn8ponslbllS1ie• The trusts9$ are responsible for preparing the Trustees. Report aThJ the finanrAal statement$ in accordance with applicable law and United lQngdom Accounllng Standards (United Kingdom Generalty Acc•pted Ac¢ounling Practic9}. The law applicable lo charities in England and Wale$ r8quires the trustees lo prepare financial statements for each nancial year whith give a true and fair view of the stsle of affairs of the chaiitsble trust and of th¥ incoming resources and applitafjon of resourcès ofthe charitabte tru for that year. In preparing these finanaal stslements. the trustees are rèqulre(I to: - select suitable accounting policies and then appty them ¢onsIslrtly. - obse8 Ihg rnethods and pdnGipl6s in the Charitios SORP,. - makejudgements and estirnales thal ore reasona8 and prudent.. - stale whéther applicable accounting sl8ndards have bgen followed, subject to any materral departures discbBed and explained in the financSal statements". and prepare the financial stslements on the going o)ncem b85is unlgss il 1$ inapwopTiate lo presume that the ¢h8rity will continue in opgration. The trustees are SPonSible for keeping SLrfficient a¢¢ounting trdS that disdose with reasonable aceuracy at any time tho finanaal position of the ch8ntaNe twst and enable Ihem to ensure that the financial statements ¢ompty with the Charities Act 2011, the Charity IA¢¢ounts and Reports) RegUla'on$ 2008 and the provisions of the Injst deed. They are also responsible for safeguarding tho assets of the ¢harrtable trust and hen¢0 for tskin9 reasonabl¢ stsps for the prevention and detection of fraud and olhar irregularities. The Iru$tses' r¢portwas approved by the Board of Trustees. N Halverson Trustee 13 May 2025
THE VISIONARY CHARITABLE TRUST INDEPENDEr AUDITOR'S REPORT TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Oplnion We have audiled the ffinancial $lalemenls of The Visionary Charitable Trust (the'charit8ble trust'l for the year ended 5 O¢tober 2024 whth ¢omprise the slatemgnt of finan¢i81 actIve$, the balanee sheet, the statement of cash llow$ and notes lo the financial statements. ijudIng significant accounting poli¢ies. The financial roporting framework that has been applied in their preparation is applicab law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Fin8nual R8POrting Stsndard appli¢8ble in tl)e UK and R8public of lTrland {United lfjngdom GenlY Accepted AA]unting Prathce). In our opinion, the financial statement$'. give a true and fair view of the stal8 of the ¢harity's affairs as al 5 October 2024 and of its incoming roscwrces and wpluth.on of resources. for the year then endèd.. have been properfy Fepared kn aCCordae V+ilh United Kingdom General Ac¢optsd AcDJunting Practi. and have been prewed in aCrdanCe with the Chaiiti'esAct 2011. 81 for opinion We conducted our audit in accord8n( with International Standards on Auditing IUKI IISAS (UK)) and applieable Iw. Our respon5ibililies under those standards are further descrl)ed in tha Audilorfs r8$ponsibilities for the audit ol the financial statem&nts section of our r¢port. We are indépendent of the charitable trust in accordance with the ethical requirements Ih8t are relevant lo oui audit of the finanaal $latemenls in the UK, including the FRC'S Ethical standard, and we have fftjlfilled our other ethi¢al responsibilities in accordance with these requirements. believe that the audit wdance we ha obtained is sufficient and approwi810 lo pde a b8 for our Opinn. Con¢lu$lons rnlating to golng concem In auditing the finanoial statements, wo have ¢ondudèd that the trustees. use of Ihg going conc8m basis of accoun'ng in the preparation of the fvancial statements is appropriate. Based ot) the work we ha performed, wè have not Idenlified any material un¢ertainties rolating to events or conditions that. individually or collec'Vely, rnay cast significant doubt on the chawiiable trust's abilty to continue as a going concern for a period of at •st e1ve months from when the finanaal stslemenls are auihori88d for issue. Our responsibikn.es and the resp)nslbilities of the trustees with respect to going ¢¢ncern are described in thg reigvant sections of Ihis report. Oth•r InforniatioTr The olhpr Informatic comprises the infomation induded in the annual pOrt other than the finwal Btatemenls arbd our auditorfs roport th¥rèon. The Iru51ee$ are responslble fcir the othèr information contained within the annual report. Our opinion on the ffinancial ststements (Joes not ()Ver the other information and we do not express any form of assurance ndUS1On Iher8on. Our re5ponsibilty is to read the other infoimalion and. in dolng so. consider whether the other information Is matsrially inconsistgnt with the financial statemttnls or our knowledgè obtained in the course of the audit, or otheNise appears to be materially misststèd. If we identify suith material irKon$istgncies or apparent material misstaternents. wè are required lo detemiine whelhor this gives rise to a mateTHI mis$lalem&nt in the financial statements thernselves. If. based on the work we have performed, we txjnclude that th•Te 1$ 8 rnalerlal mlsstalement of tht$ other irrfomalion. wé are required to report that f8Ct. We have nothing to report in thls regard. M•tt•rs on whl¢h we are r•quired to Y•port by ox¢•ptlon We have nothing to report In respect of the followtng matters in relation to whi¢h Charities {AOUn and Reports) Regulations 2008 requir0$ us to report lo you rf. in our opinion.. the information given in the ffinancial 3lat¢m•nts is incon$i$t•nl in any material respect with th9 tru5tees' report., or sufficient accountin9 records have nol been kept,. or the financial stslements are not in agreement with thè accounting records.. or we have not reiVed all the information and explanations we require for our audit.
THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Re¥pon$lbllltl•s of trustee As explained rnore fulty in the slalemenl of trustees. responsibilities, the Iwstees are responsible for the preparation of the finani#al statements and for being sBlisfied that they give a Irue and fair view, and for such intemal control as the Iruslees determine is necessary lo enable the preparatitsn of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the firbancial slatemenls. the trustegs are responsible for assessing the charitable trust's abilty lo cont#iue as a going concem, disclosing, a5 applicable, matters lated to going ¢oncem and using the 90ing concern basis of acUntIng unless the tru51ee8 oilher intend to cease operations, or have no TealistK ahernatwe but to do so. Audltorfs respon$lbllNi•s for the audlt of thg financial statements We have been appointed as auditor undèr seclion 144 of the Charities Act 2011 and r¢port in accordance wfth the Act and vant regulations made or having effect thereunder. Our rt)le¢twes are to obtain r&8sonoble assuran aLK)ul whofvr the financial sfatem¥nls as a Who are free from material misslalement, whether due lo fraud or eOr. and ID issue an auditorfs report that indudes our opinion. Reasonab assur8nc8 is a high level of assurance bul is not a guarantee that an aud(t Conducted in accordanc8 with ISAS (UK) will ak¥ays detect a material misslatemenl when Tt exrsls. Misstalernenls can arise Irom fraud or error and are considered matèrial if, individu81ty or in thè aggregate, Ihoy coukl reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial 51alemenl$. The extent to whi¢h our procedures are capable of detecting irregularities, ncluding fraud, is detailed bdow. AS part of our planning procw.. We enquirèd of management the systems and contro15 th& ¢ompany has in place, the areas of 1hg financial statemen15 that a mostly su5ceplible to the risk of irregularttiPS and fraud. and whèther there was any known. Suspected or alleged fraud. The company did not infomi us of any known, suspected or alleged fraud. - We obtained an understsnding of the legal and règulatory frameworks appIable to the company. We delennined Ih8t the following were most relevanl.. FRS 102 and1he Chariti85 Act 2011. We considered the incenlfves and opportunities that exist in the trust, including the extent of m8nagemenl bias. which present a potential for irregularrties and fraud to be perpetuated. and tailored our risk a$$essment aCrdinglY. Using our knowledge of the Irusl, logelhèr with Ihe discussKin$ held wrth the trustees at the planning stage. we frjrmed a conclusion on the risk of mi8518lement due to iThegularth&s induding fraud arbd tailored our proCeduS 8¢(x)rdin9 lo this risk assessmenL In response lo Ihe risk of irregularrfies and non-COTnpliance with laws and fegulalions, induding fraud. we designed procedures which induded.. Enquiry of management and those charged with governance around actual and potential IgatiOn and daims as well as actual. suspected and alloged fraud., Reviewing minutes of meetings of those charged wrth 9ovemance', - Assessing the exlenl of compliance wilh the laws and iegul*ion$ considered to have a direct material effèct on the financial slalemenls or Ihe operations of thè entsty through enquiry and inspection,. Rewewng finanoal statement discfosur¢s and tesiing to supporting documentslion lo assess complbance wRh appli¢oble laws and regulations., Performing audit work over the risk of man8gemÈnt bias and override of ¢ontrols, including 18Sting of journal entries 8nd other adjuslmenls for appropriateness. evolualing the busine95 ralionale of significant Iransadions outside the normal course of busi$$ And rewiewing a¢n9 estirnale5 lor indicators of potential bias. Thero are inherent limitalions in Ihtr audit procedures describod above. The more removed that laws and regulations are from financial Iransactions, the less likely it is that we would become awar6 of non-compliance. Auditing standards also Ilmil the audit procedure$ required to identify non.¢ompliance with laws and regulations lo enquiry tsf directors and other management and the inspection of regulatory and legal correspondence. if any. The risk of not detecting a material misstalemenl resulllng from fraud is higher than on8 resumirig from error, as fraud may invOe llUsIon, foigery, inténtional omissions, misrepresentations. orthe cverride of inlemal control.
THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST A further descriplion of our responsibilf(ies is available on the Finan¢ial Reportlng Councl's website al.. hllp$.'Il www.frc.org.ukjauditorsresponsibili1. This description fomis part of our auditorfs report. ¢)ther matt•r8 Your attenllon is drawn to fact that the charty has prepared financial slalements in accord8n¢e wlth-Accounting and Reporting by Charrties.. S181ement of Recommendgd Practice appli¢abl8 lo charities preparing their accounts in acojrdance with tha Financial R¢pcrbng Standard applicable in the UK and Republi¢ ol Ireland IFRS 102}" las am¢nd8dl in preference to the A¢¢outh"n9 and RepDrting by Charitie5'. Ststtrment of Recommended Practice issued on 1 April 21YJ5 whlth is referred lo in thg extant regulalkns bul has now withdrawn. This has b88n done in order for the finanual statements lo provide a true and fair view in a¢¢ordance th wrrent Gènerally Accepted ArKounting Practrce. Us• of our report Thi5 report is made solety lo the charitls trustees, as a body, in accordance wf(h Part 4 of the Charities (Attounl$ and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charty's Irusteos those matters we ar¥ r8quired lo state to them in an auditor's report and for no other piirpo$8. To the full&$t extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the tharity's tw$l8es as a body, for ow audit WOTk, for this report. txfor the opinions we have I0ed. Gary Woodall FCCA IS•nior Ststutory Auditor) For and on half0f ChampionAccountants LLP, StatutoryAudilor Charteieil Accountants 1 Worsley Court Hwh Street Jrsley Manchester M28 3NJ 13 May 2025 Champion Accountants LLP is eligible for appointment as 8uditoT of Ihe charitable trust by vlrtue of its eligibility for appoinlmant as auth.loi of a rnpanY under section 1212 of tha Companies Act 2006.
THE VISIONARY CHARITABLE TRUST BALANCE SHEET AS AT 5 OCTOBER 2024 2024 2023 Notes Cwrrnnt $sts Debtors Investments Ca8h al bk and in hand 12 13 777.799 3.746.316 349.469 428.480 3,223,810 904,507 4.873,584 4,558,803 Cr•ilitorn: amounts falllng duo wlthln one yoar 14 (5,1W) {4,8001 Net current as¥ets 4.868.424 4.552,003 Th• funds of th¢ ehaiitable trusl unresln.cted fund$ 15 4.868,424 4.552.003 4.868.424 4.552,003 The finla1 statements were approved by the trustees on 13 May 2025 N Halvers Trustee
THE VISIONARY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 OCTOBER 2024 Unrnstrlct•d fund¥5 2024 Unrn¥ldct•d funds 2023 Not•s Incomg from: Donations and a¢re5 Investments 5,162 419,182 9,394 393.696 Totsl In¢om 424,344 403.090 Expendllure on: Charitable actimltes 107,923 97.302 Totsl expendlture 107,923 97,302 Not in¢omè and movement in fund¥ 310,421 305,788 Roconclllation of funds: Fund balan$ at 6 October 2023 4,552.003 4,246.215 Fund b8l•nces at S octob 2024 4,868.424 4,552.003 The statement of financial actimties indudes all gains aTrJ losses r8cognise<l in the yaar. All income and expenditure derive from continuin9 a¢tivities.
THE VISIONARY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 OCTOBER 2024 2024 2023 Notej Ca6h flows from operating activlll•s Cash 8bsorbed by operations 17 1451.7201 1373,593) Inv•8ting actfvitl•$ Purchase of investments Proceeds from disposal of Investments Inveslmlnt income received (522,51)01 {330.658) 552,500 393.696 419.182 Net rA$h lus•d inygon•rat•d frnm investing a¢tivltl•s {103,3181 615.538 N•t cash generntéd from finan¢lng aclivilies Not Ido¢r•as•lllncrease in ¢•8h and ta8h aquivalents {555,038) 241.945 Cash and cash equivalents at beginning of ye8r 904,507 662,562 Cash and ¢h ¢quIvant al end of year 349,469 904.507
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2024 AOuntIng pollcigs Chorlty InfornMtlon The Wisionary Ch8ritat4e Twst Is an UnInrpOrated ¢harity. 1.1 A¢¢ounllng convention Tha financial ststements have bettn prepared in accordance with the charitable trust's trust deed, the Charrties Act 2011. FRS 102 The Financial Reporting S18ndard applicable in th¥ UK and Republic of Ireland" I'FRS 1027 and the Charities SORP "A¢counting and Reporting by Charities.. Slatament of Re¢ommendtrd Pra¢ti¢è applicable lo charities prepariThJ their aceounls in a¢cordan¢e with the Finanaal ReportiNJ Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecti 1 January 20191. The charitable trust is * Public Benofit Entity as defined by FRS 102. The finanaal stslements hav• departed from the Charitie$ (Accounts and Reports) Regulatn$ 2008 only to the extent r8quired lo prowde a true and fair view. This departura has involved fgllowing the Statement of Recommended Practice for Charities applying FRS 102 r8lher than Ihe version of the Stalernenl of Recommended Practice which 1$ reférred lo in thè Regulations bul whl¢h has since been withthawn. The financial 51alements are prepaied in sterling. which is the fun¢tional Curre of the ch8rilable trust. Moneiary amounts in thèse financial slatements are rounded lo the neate51 £. The ffinan¢ial statements have boon prepad und8r the historical cfjst eAJnvenlion. Thg princApal accounting poIKies adoptèd ar8 sel out below. 12 Golng concern Al the lime of appromng the finan¢ial slalements, the trustees have a reasonable expectation that Ihe ¢hariiable Irusl has adequate Te$ources to continue in operational existence for th8 foreseeable futu. Thus the tru6teeB continu8 lo adopt the going ¢oncem basis of a¢counting in PparIng the finan¢i81 statements. 1.3 Charitable fvnds Unresliicted fvnds are availaNÈ for use al the Iliseretion of the trusteas in fvrtheran¢e of Ihew tharitable objectives. 1A Income Income 1$ recognised when th8 charitablè trust is legally entitled to it after any performance ¢CditIOnS have beeA met, th& arTh)unls ¢an be measured reliably. and it is probablo that income will be r1ved. Cash ¢Jonations are recognised on receipt. Other donations are recognised once th& eharilable trust has been notifi ofthe donation, unless perfoThance conOnS requi d¥lgrial of the amount. Income tsx raverabl in felation to donations received under GiftAid OT deeds of Covenant is reujgnised al the time of th& donati. Legaeies arè recognised on receipt or otherwise rf the chaiilable trust has been nothfied of 8n impendi thslribulion, the amount is known, and receipt is expèded. 11 the amount is not known, the legacy is treated as conlingenl assèL
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 Accounting polleies Icontlnuedl 1.6 ' Exp•ndliur• Expenditure is recognised once therg is a legal or eonstruclive obligation lo transfor economic benefft lo third party, il 1$ probablè that a transfer of eCnomiC beneffts will be required in setuement, and the amount of Ihe obligation can be measured reh'ab. Expenditurè is dassified by actmty. The costs of each actNity ar9 madg up of the total of dired costs and shared costs, including support costs involved in und¢rtaking ea¢h activity. Dired costs attributable lo a single actiwty are allo¢at¢d directly to that activty. Shared costs whhth contribute to more than one activity and support costs vthi¢h are not attributable to a single activity are apportion¥d bgfvleen thosè 8ctiWtS on a basis nsislenl with the use of resources. C$nlral staff Costs are allo¢aled on the basis of lime spent, and depwialion charges are allocated on th8 Portion of the asset's use. 1.6 Co8h and cash equiv•lonts Cash and cash equivalents indude rash in hand, deposit$ held al ¢811 th banks. other short-term liquid investmgnts with original matunlies of three months or less, and bank overdiafts. Bank overdraft$ are show wilhirn borrowings in cErent liabilities. 1.7 Flnancial instrumènts The charitable trust has elected lo apply the provlsSon$ of Seclion 11 'Basic Financi81 Instruments, and Se¢b'on 12 '01her Finandal ItruMentS Issues. of FRS 102 10 811 of its finan(4al instruments. Finanaal instruments are recogniseil in the ¢haritabl8 Iwst's balance sho01 when tho charil¥bl¥ trust becomes party to the contractual promsions of the instrument. Finana81 assets and liabililles are offset, th th8 net amounts present8d in the financial sLements. when there 15 8 legally anforceable right to set off the re¢ognised amounts atvj there is an intention to settle on a nel basis or to reli$* the asset and selt1¢ the liabilbty siJnulianaously. Basic Ilnan¢lal assols Basic financial assets, which include debtors and cash and bank balances, are initially MeaSud 81 transaction price including tranSactn costs and are subsequenlly carried al arnortised cost using th8 affective interest method unless the arrangement constitutes a finanang transaction, where the transaction is measured al the present value of the future receipts discounted al a marl(el Trle of interest. Financial a$s8ls dassrfied as recebvable within one year are not afflo¢lised. Critical accounting ¢stlmat•s and judg¥meThts In the ap1¢alk)n ol the tharilablo Irusl's accountin9 policies, the trustees are wuirgd lo make judgemonls. ¥$limate5 and assumptions about the ca1ng amount of assets and liabilities that ale not readily apparent from other sources. The eslimales and associated assumptions are basèd on historical experience and other fact(x$ that are considered lo be relÈv8nt. Actual re8uM5 may drffer from the$e estirnal85. The eslimales and underlyin9 assumptions are reviewed on an ongoing basis. Revisions to aecounling estimates are recognised Sn th? period in which the estimate is revised where the revision affects onty that period. or in the period of Ihg rewsion and future p&riods where the wision affects both Then1 and ftrture peliods. 10-
THE VISIONARY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 5,162 | 9,394 | |
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 419,182 | 393,696 | |
| 5 | Expenditure on charitable activities | ||
| Grants | Grants | ||
| awarded | awarded | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Grants awarded | 32,539 | 22,640 | |
| Share of support and governance costs (see note 6) | |||
| Governance | 75,384 | 74,662 | |
| 107,923 | 97,302 | ||
| Analysis by fund | |||
| Unrestricted funds | 107,923 | 97,302 | |
| 6 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Governance costs | 75,384 | 74,662 | |
| Analysed between: | |||
| Grants awarded | 75,384 | 74,662 |
Within Governance Costs there are unrelated and unconnected third-party management costs of £69,864 (2023: £66.373). These investment costs resulted in monies generated for charitable purposes of £419,182 (2023: £393,696 ).
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THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 Support GO8ts allocatsd to actlvitios Icontinwdl 2024 2023 Gov•rnancg wsts comprls•: Audrt fees Legal and professional Bank Charges Investment management 4,800 720 4,800 3,504 1151 66,373 69,864 75,384 74.662 The govern8n¢s costs iesulled in monN%s generated for charitable purpos0$ of £419.182 {2023.' £393,696). Net mov•ment in funds 2024 2023 The nel movament in funds Is ststed after chargir4JllcreditiThJl'. Fees payable for the audit ol the charfty's finanrjal statsmenls 4,800 4.800 Twgtees Mone of the trustees {or any p&rsor conn8ct8d wrfh thèm) received any remuneration or benlS from the charitable trust durin9 the year. Employe The average nK)nthly Nmber of •mployees during the year w8S.' 2024 Number 2023 Numb•r Tot81 There were no ernployees whose annual remLneration Yrfas more than £60,000. Remun•rntion of koy managem•nt pèrsonnel The remuneration of key management pers(ne1 for tho y¥ar was nil 12023:niD. 10 T•xatlon The tharty is 8xempt from laxalion on its adivrties because all ils incom8 is applie(I for tharitable purposes. 12-
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 11 Finan¢lal instrumènts 2024 2023 Carylng amount ol finan¢ial ass•ts Instrument$ measured al fa¥ value Ihiwgh profrt or loss 3,746,316 3,223,816 12 D•btorn 2024 2023 Amounts falling due within one Yr. Other dèbtors 777,799 428.480 13 Curr•nt a88ot inv•slm•nts 2024 2023 Unlisl8d #ivesimènls 3,746,318 3,223,816 14 Cr•ditorn: amounts falllng wlthln one yeor 21124 2023 Accruals 5,160 4,800 IS Unr•stri¢tsd fund> The unrestted funds ofthe ¢harity comprise the unexpended balances ol donations and grants which are not subject to 5peciffic condth'ons by donors and grantor$ as to how they may be used. These include designated funds wlyth have been set asid8 OLbt ol unrestricted funds by the trustees for specific purpos0$. ResouYc•$ At 5 Octobgr exponded 2024 At 6 October 2023 Incomlny resource$ General funds 4.552,003 424.344 1107,923) 4,868,424 Prgylous year: At 6 October Incomh)g 2022 rnSOUTce¥ R9soU¥S At S October •xpended 2023 GetTal funds 4,246,215 403,090 (97,3021 4.552,003 16 Rated party transaclions Durfng thg year, Capitala Private Offiea Ltd, a ttmpany rL*ntre4led by a member of the bowd of trust88s, gifted £5,16012023.. £9,144) to the tWSt. 13-
THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 17 Cash abtsorbod by 0ratIOns 2024 2023 Surplus forthe year 316,421 305.788 AdJustm•nts for. Investment incom8 recognised in ststemenl of fanal aciNib'8s {419.1821 1393,696) Mov•m•nts In working ¢•pltal: Ilncreasel in debltsrs Increasejldecreasel in cr8diior$ {349,319} 360 1284,4851 11,2001 Ca¥h absorbod by op•rations 1451,720) (373.5931 18 Analy¥ii of ¢hanges in net funds The ch8ntab18 trust had no material debt during the year. -14-