## **Vital Hardware Financial Statements Period Ended 31 March 2025**
Charity registration number: 1194319
## **Vital Hardware**
## **Financial Statements**
## **Period Ended 31 March 2025**
|**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 2025**
## **Charity registration number**
1194319
**Trustees**
Thomas Philipson Mark Saunders Nick Rappolt
## **Registered office**
100 Leonard Street London EC2A 4RH
## **Accountants**
Praxis 1 Fore Street Avenue C/O Praxis London EC2Y 9DT
Page 2 of 13
**Vital Hardware**
## **Trustees’ Annual Report**
## **Period Ended 31 March 2025**
The Trustees present their report and the financial statements of the charity for the period ended 31 March 2025. 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.
Page 3 of 13
**Vital Hardware**
## **Trustees’ Annual Report**
## **Period Ended 31 March 2025**
## **Financial review (including reserves policy)**
We are proud to present the financial review for March 31, 2025.
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, 2025, our funds totalled £7,648. 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:
1. Expand partnerships beyond London to establish national opportunities for students.
2. Increase donations through targeted outreach and awareness campaigns.
3. Grow our team to better manage resources and serve beneficiaries effectively.
4. Serve more students by increasing the reach and capacity of our programs.
5. Maintain financial stability and long-term sustainability while keeping overheads low.
Strategies:
1. 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.
2. Volunteer Recruitment and Management: Expand and train a volunteer base to assist with outreach, donation handling, and distribution, increasing our operational capacity.
3. Donor Relations: Strengthen relationships with donors through regular updates, acknowledgments, and transparent impact reporting.
4. Financial Management: Enforce robust financial controls while exploring new funding opportunities to sustain and grow operations.
5. 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 2025**
## **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
27 January 2026
Page 5 of 13
**Vital Hardware**
## **Accountants Report to the Trustees of Vital Hardware**
## **Period Ended 31 March 2025**
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 2025 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 30, 2026 07:48:07 GMT) Praxis Accountant 1 Fore Street Avenue C/O Praxis London EC2Y 9DT 27 January 2026
Page 6 of 13
**Vital Hardware**
## **Statement of Financial Activities**
## **Period Ended 31 March 2025**
|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|2025
2024
£
£
3,261
3,360|
|---|---|
||3,261
3,360
1,432
1,421|
||1,829
1,939
-
-|
||1,829
1,939
5,818
3,879|
||7,647
5,818|
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**
|**Period Ended 31 March 2025**
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|2025
2024
£
£
7,647
5,818|
|---|---|
||7,647
5,818|
||7,647
5,818|
||7,647
5,818|
||7,647
5,818|
||7,647
5,818|
The financial statements were approved and authorised for issue by the Board on 27 January 26 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 2025**
## **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 2025**
## **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 2025**
## **(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**
|Other donations
Donated services|2025
2024
£
£
2,261
2,360
1,000
1,000|
|---|---|
||3,261
3,360|
Income from donations and legacies was all attributable to unrestricted funds.
## **3 Analysis of expenditure on charitable activities**
|Charitable activities 2025
Hardware donation|Activities undertaken
directly
Grant funding of
activities
Support costs
Total
2025
2025
2025
2025
£
£
£
£
432
-
-
432|
|---|---|
||432
-
-
432|
|Charitable activities 2024
Hardware donation|Activities undertaken
directly
Grant funding of
activities
Support costs
Total
2024
2024
2024
2024
£
£
£
£
421
-
-
421|
|---|---|
||421
-
-
421|
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 2025**
## **4 Allocation of support costs**
|Support costs 2025
Basis of allocation
Bank charges
100%
Governance costs
100%
Total
Support costs 2024
Basis of allocation
Bank charges
100%
Governance costs
100%
Total
**Governance costs**
Accounting / independent examiners fee
Accounting / independent examiners fee|Hardware
donation
£
432
1,000|Hardware
donation
£
432
1,000|Total
£
432
1,000
1,432
Total
£
421
1,000
1,421
2025
£
1,000|
|---|---|---|---|
|||1,432||
|||Hardware
donation
£
421
1,000||
|||1,421||
|||||
||||1,000|
||||2024
£
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.
Page 12 of 13
**Vital Hardware**
## **Notes to the Financial Statements**
## **Period Ended 31 March 2025**
## **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
2024
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31 Mar 2025
£
£
£
£
£
£
5,818
3,261
(1,432)
-
-
7,647|
|---|---|
||5,818
3,261
(1,432)
-
-
7,647|
## **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|
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.
Page 13 of 13
## **Vital Hardware**
## 100 Leonard Street, London, EC2A 4RH Charity registration number 1194319
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the Vital Hardware’s financial statements for the period ended 31 March 2025. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.
## **General**
1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.
2. We confirm that Vital Hardware was entitled to exemption under section 144 of the Charities Act from the requirement to have its financial statements for the financial period ended 31 March 2025 audited.
3. We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view.
4. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
5. All the accounting records and related financial information, including minutes of all management and trustee meetings and correspondence with The Charity have been made available to you for the purpose of your work.
## **Assets and liabilities**
6. The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed as applicable in the notes to the financial statements.
7. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as applicable.
8. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
9. The charity has not granted any advances or credits to, or made guarantees on behalf of trustee other than those disclosed in the financial statements.
## **Legal claims**
10. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed as applicable in the financial statements.
## **Laws and regulations**
11. We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
## **Related parties**
12. Related party relationships and transactions have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of charity law or accounting standards.
## **Subsequent events**
13. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable.
## **Going concern**
14. We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to be made in the financial statements.
## **Grants and donations**
15. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Yours faithfully
..............................................................................................................................
Signed on behalf of the board of trustees
26 January 2026