Vital Hardware Financial Statements Period Ended 31 March 2024
Charity registration number: 1194319
Vital Hardware
Financial Statements
Period Ended 31 March 2024
Contents
| Contents | |
|---|---|
| Page | |
| Charity Reference and Administrative Details | 2 |
| Trustees’ Annual Report | 3 |
| Accountants Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
Page 1 of 13
Vital Hardware
Charity Reference and Administrative Details
Period Ended 31 March 2024
Charity registration number
1194319
Trustees
Thomas Philipson Mark Saunders Nick Rappolt
Registered office
100 Leonard Street London EC2A 4RH
Accountants
Praxis 1 Poultry London EC2R 8EJ
Page 2 of 13
Vital Hardware
Trustees’ Annual Report
Period Ended 31 March 2024
The Trustees present their report and the financial statements of the charity for the period ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 published in October 2019.
Trustees of the charity
The trustees who have served during the period and since the period end were as follows:
Thomas Philipson Mark Saunders Nick Rappolt
Objectives and activities
We are on a mission to equip and empower a new generation of diverse talent for UK agencies; giving the most promising young people living in disadvantaged communities fair access to creative careers, and helping to close the diversity gap in the UK's creative industry.
Public benefit
The trustees have considered the Charity Commission’s guidance on public benefit.
Strategic Report
Achievements and performance
The past year has been a period of growth and success for Vital Hardware. Our partnerships with prominent organizations have flourished, allowing us to expand our reach and deepen our impact. Notably, our collaboration with Central Saint Martin's continues to support the education and development of students in design and the arts. Similarly, our partnership with D&AD, alongside Google, has opened doors for students pursuing creative careers outside the traditional university pathway, ensuring access to vital opportunities.
Looking ahead, we are confident that these partnerships will continue to support the students who need it most. We remain focused on identifying and cultivating new collaborations with organizations that align with our mission and values, amplifying our impact in the year to come.
We are deeply committed to our role as a responsible charity. By maintaining a focus on sustainability and adopting environmentally friendly practices, we aim to minimize our environmental footprint while maximizing our contribution to the communities we serve.
As we anticipate the challenges and opportunities ahead, we are confident that with the continued support of our donors, partners, and advocates, we will achieve our goals and create meaningful opportunities for students to thrive.
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Vital Hardware
Trustees’ Annual Report
Period Ended 31 March 2024
Financial review (including reserves policy)
We are proud to present the financial review for March 31, 2024.
Our operational model has proven to be both efficient and impactful. By maintaining minimal overheads and employing a direct-to-beneficiary approach where donors send equipment directly to recipients we have been able to maximise the value of contributions while minimising expenses.
As of March 31, 2024, our funds totalled £5,818. We remain steadfast in our mission and continue to actively seek new donors and partners to provide the equipment and financial support necessary to achieve our objectives.
Our reserves policy ensures stability and resilience. We aim to maintain reserves sufficient to cover at least three months of operating expenses, offering flexibility to address unexpected challenges. Any funds exceeding this reserve will be strategically invested in expanding programs and services to reach more individuals and communities in need.
We are immensely grateful for the generosity of our donors and partners. With their support, we will continue to responsibly manage resources, deliver vital hardware, and empower the next generation of creative talent.
Plans for future periods
Goals:
-
Expand partnerships beyond London to establish national opportunities for students.
-
Increase donations through targeted outreach and awareness campaigns.
-
Grow our team to better manage resources and serve beneficiaries effectively.
-
Serve more students by increasing the reach and capacity of our programs.
-
Maintain financial stability and long-term sustainability while keeping overheads low.
Strategies:
-
Networking and Outreach: Participate in national education events, conferences, and seminars to establish new partnerships. Leverage social media and digital channels to raise awareness of our mission and engage donors.
-
Volunteer Recruitment and Management: Expand and train a volunteer base to assist with outreach, donation handling, and distribution, increasing our operational capacity.
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Donor Relations: Strengthen relationships with donors through regular updates, acknowledgments, and transparent impact reporting.
-
Financial Management: Enforce robust financial controls while exploring new funding opportunities to sustain and grow operations.
-
Evaluation and Impact Measurement: Continuously assess and improve our programs to meet beneficiary needs while demonstrating measurable results to our supporters.
As we look to the future, we are dedicated to expanding our partnerships, enhancing our programs, and increasing our impact to better serve students and education providers in need. With your continued support, we can create meaningful opportunities for young people and help them achieve their full potential . Together, we are shaping a more inclusive and sustainable creative industry .
Page 4 of 13
Vital Hardware
Trustees’ Annual Report
Period Ended 31 March 2024
Structure, governance and management
The charity is controlled by its governing document, a CIO constitution, and constitutes a Charitable Incorporated Organisation.
On behalf of the board
M L Saunders, Trustee
16 January 2025
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Vital Hardware
Accountants Report to the Trustees of Vital Hardware
Period Ended 31 March 2024
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of Vital Hardware the financial period ended 31 March 2024 which comprises the Statement of Financial Activities, the Balance Sheet and the related notes 1 to 9 from the Charitable Incorporated Organisation’s accounting records and from information and explanations you have given us.
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at http://www.icaew.com/en/members/regulationsstandards-and-guidance/.
It is your duty to ensure that Vital Hardware has kept adequate accounting records and to prepare financial statements that give a true and fair view of the assets, liabilities, financial position and surplus or deficit of Vital Hardware. You consider that Vital Hardware is exempt from the statutory audit requirement for the financial period.
We have not been instructed to carry out an audit or a review of the financial statements of Vital Hardware. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the Charitable Incorporated Organisation’s financial statements.
This report is made solely to the Trustees of Vital Hardware, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vital Hardware and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vital Hardware and its Trustees as a body for our work or for this report.
Praxis Praxis (Jan 16, 2025 15:37 GMT) Praxis Accountant 1 Poultry London EC2R 8EJ
16 January 2025
Page 6 of 13
Vital Hardware
Statement of Financial Activities
Period Ended 31 March 2024
| Note Income and endowments from: Donations and legacies 2 Total income and endowments Expenditure on: Charitable activities 3,4 Net Income / (expenditure) Transfers between funds Net movement in funds 8 Reconciliation of funds: Total funds brought forward 8 Total funds carried forward 8 |
2024 2023 Unrestricted funds Total £ £ 3,360 5,019 |
|---|---|
| 3,360 5,019 1,421 1,269 |
|
| 1,939 3,750 - - |
|
| 1,939 3,750 3,879 129 |
|
| 5,818 3,879 |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the period.
Page 7 of 13
Vital Hardware
Balance Sheet
| Balance Sheet | |
|---|---|
| Period Ended 31 March 2024 Note Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets Charity Funds Unrestricted funds 8 Total charity funds 8 |
2024 2023 £ £ 5,818 3,879 |
| 5,818 3,879 |
|
| 5,818 3,879 |
|
| 5,818 3,879 |
|
| 5,818 3,879 |
|
| 5,818 3,879 |
The financial statements were approved and authorised for issue by the Board on 16 January 25 Signed on behalf of the board of trustees
M L Saunders, Trustee
The notes on pages 9 to 13 form part of these financial statements.
Page 8 of 13
Vital Hardware
Notes to the Financial Statements
Period Ended 31 March 2024
1 Summary of significant accounting policies
(a) General information and basis of preparation
Vital Hardware is a Charitable Incorporated Organisation incorporated in England. In the event of the charity being wound up, the members have no liability to contribute to its assets. The address of the registered office is given in the charity information on page 2 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Page 9 of 13
Vital Hardware
Notes to the Financial Statements
Period Ended 31 March 2024
1 Summary of significant accounting policies (continued)
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Expenditure on charitable activities includes the costs of the charity’s education and advocacy activities; and
-
Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 5.
(f) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(g) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 10 of 13
Vital Hardware
Notes to the Financial Statements
Period Ended 31 March 2024
(h) Judgements and key sources of estimation uncertainty
No significant judgements have been made in the process of applying the above accounting policies.
2 Income from donations and legacies
| Income from donations and legacies | |
|---|---|
| Other donations Donated services |
2024 2023 £ £ 2,360 4,019 1,000 1,000 |
| 3,360 5,019 |
Income from donations and legacies was all attributable to unrestricted funds.
| 3 | Analysis of expenditure on | charitable activities | |||
|---|---|---|---|---|---|
| Charitable activities 2024 | Activities undertaken | Grant funding of | Support costs | Total | |
| directly | activities | ||||
| 2024 | 2024 | 2024 | 2024 | ||
| £ | £ | £ | £ | ||
| Hardware donation | 421 | - | - | 421 | |
| 421 | - | - | 421 |
| Charitable activities 2023 Hardware donation |
Activities undertaken directly Grant funding of activities Support costs Total 2023 2023 2023 2023 £ £ £ £ 269 - - 269 |
|---|---|
| 269 - - 269 |
All of the above costs were attributable to unrestricted funds.
Page 11 of 13
Vital Hardware
Notes to the Financial Statements
Period Ended 31 March 2024
4 Allocation of support costs
| Support costs 2024 Basis of allocation Bank charges 100% Governance costs 100% Total Support costs 2023 Basis of allocation Bank charges 100% Governance costs 100% Total Governance costs Accounting / independent examiners fee Accounting / independent examiners fee |
Hardware donation £ 421 1,000 |
Hardware donation £ 421 1,000 |
Total £ 421 1,000 1,421 Total £ 269 1,000 1,269 2024 £ 1,000 |
|---|---|---|---|
| 1,421 | |||
| Hardware donation £ 269 1,000 |
|||
| 1,269 | |||
| 1,000 | |||
| 2023 £ 1,000 |
|||
| 1,000 |
5 Governance costs
6 Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the period.
The trustees did not have any expenses reimbursed during the period.
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Vital Hardware
Notes to the Financial Statements
Period Ended 31 March 2024
7 Staff costs and employee benefits
The average monthly number of employees and full time and full time equivalent (FTE) was nil.
8 Fund reconciliation
Unrestricted funds
| General Fund | Balance at 1 April 2023 Income Expenditure Transfers Gains / (losses) Balance at 31 Mar 2024 £ £ £ £ £ £ 3,879 3,360 (1,421) - - 5,818 |
|---|---|
| 3,879 3,360 (1,421) - - 5,818 |
Unrestricted funds
| General Fund | Balance at 1 April 2022 Income Expenditure Transfers Gains / (losses) Balance at 31 Mar 2023 £ £ £ £ £ £ 129 5,019 (1,269) - - 3,879 |
|---|---|
| 129 5,019 (1,269) - - 3,879 |
The General Fund is used for the core costs and ongoing charitable activities of Vital Hardware.
9 Related party transactions
There are no related party transactions during the period.
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