Charlty fvyl¥tratJon number 1194976 Compry ItraOn number 1194976 (England and Wale81 VCL CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024
VCL CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORPAATION BryI 01 Tn*tee8 Mr B E L$(¢T ktrT AsNey MrSMThcrfn MrH PAshl Charlty number 1194976 ¢¢mpany number 119W76 R•gb¥tered offlc• 2nd Fkn Rws Fkjuse 45 lfjng IAfjliam Streel Unled EC4R 9AN
VCL CHARITABLE FOUNDATION CONTENTS TNslees wort Acuunlants, ieplxi Statement off1wal Stslement Offml Notes lo th• f#)anco1 Statets
VCL CHARITABLE FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 28 FEBRUARY2024 The Board ofTwstoes pro1 they ral rep1 thwc¥al Slatennts kn the yw gnded 28 February 2024. Objgcllvgs and ¥ctlvlil• Our foundation aims io create a pallwAay for aspmng indivKluas to d¢vgb)p Ihtrir skiU8. knredge. an(J passi( for the whisty knduslry. trelieve that every. r•081&S$ of their background. Sh have equal access to opportuThbes and resoure•s to Nxsue ttir ¢eams. Through compreh•nsNe educational wograrrts. nwnlG¥slxp trwlHtvRs. and netr•Amn9 0tUnItIes, ¥ strivo lo eqiip OUT benefiaaries Mth th• nÈts8$y tcd5 to excel ) the tthky dUStry. VCL Foundation Is driven by a vbslon f a dNer8e and indusive %l$kY industry that vdues and cebebrates talent from all walks of lrfè. W$ 8im to challenge di5nwiife systemK baniers. bl8ses. * sterethe5 that hwthr lh• Pro9$3 of marginalSs¢d iThd1wdus. è WO lIa)l#b¥ety ¥h YthkY ithty parfners. ItsJbonS. arKI liknrrwKled opJanisation8 k) eate a strong nets¥(k 0ftsuppt and resource& By fostwiig pty1wsl¥p& can our and creat lastin9 ¢hange wthin the industy. At VCL Foundalion, wt belwe that by provtdhi9 eqtritable opFthfties, promoUng dNersty, and champlonirwj indu$i¥ity, we can transforni I$ and contwule to a vl)rant. thrlvlng. arnl inclusive l$kY industy. Our dÈdi¢8ti lo Ihis mlssion diives our every effort. as wtyk t(WS a ThTe talent knows Th) b0jaeS and evwo has the opporfunrty to flourish The Boar(l of Trustee5 have pald regard to guNjae issued Ch•iity CtyNni5sion deddiny what activibe5 the VCL Chwitawe Foundathon Shj urKlwlake. polcy It is the policy of the VCL CharitAble FoundalKJn that uNestricted ftJnd5 vknKh have not b8•n desr9nated for specffie usè Shad be mainlained at a le¥el equNalent lo betsen thrw and sfix nKNlth's expendrture. Th• Board of Trustees consider Ihat reserves al this level enswe thai. in the event ol a svjnificant drop in fvnding, they tMII be $ble lo conlinue the VCL Charitsble Foundat.$ l¥e$ whe consJeralKsn 1$ grwen to ways in thich additiunal fund5 may be raised. This level of re8eThY5 has been maifttaThd throu*Kiut the year. Stwctwe. gov•mabX• and managwnent The Board ofTrustett. who are also the th'rectors for tho wrpw of t(¥nY law, 8nd VA seryed durirwJ thè y8ar and up to the date of svJnaturè ol the slateTrMts wwe.. Mr B E Lancaster Mr T Ashléy MrSMThom Mr H P A8hley The trustees repjrt Wds arOyed ty the Bowd OfTn. ancastsr Trugtee
VCL CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE Accouwr FOR THE YEAR ENDED 28 FEBRUARY 2024 Unrestrlet•d fvnds 2024 Total 2023 Income Irom: Donations and18ga¢i•s 16.974 Oiher 55 Total expendllur 55 Net Incm lor the y•arl Nèt movwn•nl In lund• 16.919 Fund balan$ 811 Mwch 2023 Fund balances at 20 F•bruary 2024 16.919 The 8tsiennt offmana arJr4ths iM4vdes al oains retrynised In the year. Al inc¥Jme 8nO e¥penditwe fmm adr4ibes. The statenwnt of ffin8nc4al atso coTryles rflh the an ar •xp•ndili*e account vrider ihe Cclmpanies A¢1 2C4)6.
VCL CHARITABLE FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2024 2024 Current asgeis Cash at bank and in hand 16.919 Nel current assets 16.919 Ineorne funds Unr•sbkted funds 18.919 16.919 Thè cONary ¢ entit lo the exetion from Ihe reqthrwt sedion 477 01 the ComleS Act 2006. foithg year ded 28 Fe 2024. The direclor aCknedge6 fvs respOnbIrt1•S lor complyig with 1he reqLlreffnts of the Coryank?sAct 20 wllh spect lo ac¢tsunting records and the pwarabon of fina3 sl*emgnb. The rrnber$ have not requId Ihe IJ) Ob of its fffwvxal for the yw in quesllon accordance with section 476. These financial slatemants have be prare li aCtsYd wlh the wov151 appkatAe to rronieS Sublt to the small ComleS regime. Th an(¥al 5tstements were approved by the Bowd OITrnsle8s on ......................... Mr B E Lanca Trustee coMnY voglstratlon nwnbpr 1194976
VCL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY2024 AOntIng polkl•s Charlty Inf)mll)n VCL Chwitable Foundation is a private ¢on4>arry IKNted by guarantee incA)rporat8d in England 8rtd Wales. The gIstered office is 2nd Floor. Regks Hc¥Jse. 45 KThJ lliaM SlreeL Ltsndon. EC4R 9AN, Unlted Kln9dom. 1.1 Accountlng conv•ntlon These financial stateme$ ha be8n sw•pared In ACCntir9 arKt R&k¥yttng by Chitie8'. Ststemenl of Rec¥)mmended Praclice appIlble to ¢h•iti8s prep8rirwJ their accounts in accordance with the Finandal R•porbng Sl8nd8rd in the UK Reputrf of Irend IFRS 11r2) leffeclN8 1 January 20151- (Charities SORP {FRS 102)). The ¢harity h05 tsken advwe oflhE di5dosure exenwtkni. requnng a Ststement of Cash Fkyts. as permted by ljpdate Buletkn 1. The finawal slalewEnls are wepared in sierkng. which ts the fwK#ional [rencY of the VCL Charitsbl? Foundation. Monew atTh)unts kn tte f¥]atx>al 5tatemenis are rryJn¢Jgd to tho ntsgr¢$l £. The finan¢i81 stslennts have been wep fft18r Cosi convènt•Jn. The prindpal ae¢owling poleS adopted arè s•t out b8bJw. 1.2 Golng eone•rn At thè lime of 8pproving the financid stater. Ihe Bowd of TnAtees have a r&asonabb8 •xpeetalitin Ihat the VCL Chariloble FoundalK)n has •Jequate resources to cA)ntnue in operational existence for th• foreseeab future. Thus the Board of Trustees conlwmje to alopt Ihe gdng CA)eM ba81$ of accoLmUng In preparing the slatem8nt& 1.3 Ch•rltsbl¢ funds Unrestricted fuThJs a avalable tr use ot Ihe ¢k8trebon of Ihe Board ol Tmstee$ h) fvrthwaNx of Ihelr charitabl• obléctNes. Restrfthd fvnds are ed ¢0 spwific c4>n¢hkn by donors as to how tw be used. The pwposes and Uses oflhe r•stride(I lund$ are set out in the notes kn the fmancial statemènts. Endowment fvnds are subject to $pedf¢ wbjilions by ¢ltyNys th•t the c4kn1 rn1 be malnlalned by the VCL Chathablt Fcwnd8ibJn. IA Income Iorne is recognised the VCL Chariiabl• Fftdtitth * begalty entitled Io Tt after any pertmance condlllons have l)een rmt. Ihe anxjunts can be ISure kat+. and il 18 probable thal income wlj be received. C8sh donaticS are reLogrwsed recwpl. Olhw donakn we Nsed onc8 thè VCL Charitable Founda1bJn has been notified of the donal)n. Fefltynwn¢¢ ccrf**tsons requ deferial of the amount. IrKome tax recov In r¥lalw lo dotIOnS received under Grft Aid or deèds of ¢oven8nt 15 rewjrised al the lime ollhe donaticffl. Legacie5 are rec4JWi5ed on or il th¢ VCL ChwtsbbE Fowmlation has been notifipd ol an imp8ndino dlstributknn, the krhyhm. rept Is expeded. Nth? a1 Is not known. tho gY Is treated as a contingent assfjl.
VCL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2024 A¢¢ounllnu polides IContlnu•dl 1.$ Expwyllluro Expenditure is recognised once th is a IW or coThstruclive oblvjation tr> tsler 8ctsnom¢ benefft lo a third paty, t is wobable that a transfer of ec£KJmk benes 11 lje requwed N) Seldent. arwj the amount ol Ihe cligatiOn can be measured reliabty. Expendilure is cla55ifjed by actsty. The c4)sts of each arAt¥ity e made up of the lolal ol dire¢¢ costs and shared costs. including support costs invoWI in wdertakI eath activity. Direct costs altribu14b to a single activity are allocaled diredty to that mty. Shared costs which cCrffftitrte to more than ong and support costs whi¢h ¥e attribulable to a swe are apportittd tthrten those VIeS on a ba$ consislent the use of Central slaff costs we allocated w Ih? basi5 cl time spent, aThJ depreuallon chanjes are alocat8d M th• 88set'8 115e. 1.6 ¢••h and ¢•¥h e4¥•1ents Cash cash equivalents Include cash li harKI. dewjsils hekl al cal wth banks. ofMr short-tem) IM]uKI inveslmen15 with cfflginal rnaturrt of Ihre8 rTh)nths or ks& arn1 bank overdrafts. Bank overdrafts arè shov vthlmn current Wilibes. Ba¥Ac financlal ass•ts Basic financial assets. thch I&jd• trad• and ouw r&xivables and cash and bank balan, are inrfrally m6Asured 81 Iranswtin WK4wJir4J tran&kn)n costs arm1 a substAtty carried at amortssed cost using the effec int•r•st mthod unless airrynert constrtutes a finanryng hnsaction. where the transaclion is measwed at th¢ pr&s¢nt volu¢ of the futwe receipts (Ascounted al a markel rale of interest. Finandal assat8 d8s8ifie(l as receNable crf)e are Th)t anKxlised. Bk Ilaljttltles Basic finala1 liabilfties. Induding trade aThJ ollw payalAes bank loans ar• reo)gnised al transaction price unless Ihe Tement conslilules a frn9 transaction. the debt instrumènt 18 measured at the we5enl e of the f¢Jtwe disc18 8t 8 mathet rale of inteSt. Finondal liabilities dassthd as payab Mthin yearJre not amortised. Debt instruments are SUbsew carried at arrnrtw cost. usrvd Ihè effe¢¥e interest rate methcJ. Trdde payables are oblvJal¥Jns to pay lor goods or s•rvtis thai have been acqLMed in Ihe orillnary course of op8rations from suppliws. Aftnts Payab a das5ffied a$ currgnt liablrtses if payment is due wilhin one year or less. If Th)t. they am wèsènltd a¥ nonarrenl Ik1blies. Trade payable$ are rewgnised ltIallY al transaction pe and subsequentty mea¢d at fKxlised cost vsing ihe effective inierest method. Der•cognltlon of Ilnan¢ialllabllltt•s Financial liabilrfigs are dereccsrmsed ¥rtn the VCL Chwita48 ¢ontrAual otrAgations exptre are discharged or caemed. crftlcal x¢wnUry e¥tlmats8 and hMlg•Tr In the ¥pplicalion of the VCL charitab FS the Bowd of Truslees ¥e required to make Wd9ents, estimth and assunyttim abJ1 Ih8 carrymg amount of 8ssets Ikqbilthes that are nol readily apparent from othef sourtss. The e8tims and assoc4ated assumpllons are basgd on histori1 expernce and other factors trt are $Ied to b¢ r¥knnl. Actual re5uAs may drffer from these &stlmates. Tha Èsthmates and undertiing a$Snpi0nS a revwwed an ongoiThJ basis. Rev15ions to accounting eslimates are recogni5ed in thè in wl¥th ihe estimate i8 revlsed Whe the wsK)n Bffect5 onty thal perb)d. or in the period of 8rKI pervJds Wttre the revision aff•cts both CJJrrl 8nd fvtur Pord$
VCL CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2024 lJon•tlons •nd legades Unre8trkt•d fvndg Total 2024 2023 Donai•Jn5 and gifts 16.974 BoTd 01 Truits None of the Board of Tftjsteès (or coMe(d Iheml receive¢l any [enTalIOn or b&n•fits from the VCL Charllajle FOuThJalV thrirvjthe yw. Employ•e• The average Inthty ol enwO dwlng th•yèarwAs." 2024 Nnber 2023 Number Total There re no enWyffje5 u TrKwe £.0&). Oth•r Unr•strf¢tod lund• T¢)tsl 2024 2023 Olher èxpenditure T•x•tlon The tharity Is exempt from tax on a1 yains faliThJ section 505 Df the Taxes Act 1988 or section 252 ofthe Taxat)nol che8b GainsAct 1992 to tr extent that these are applied lo its chantatde objects. R•lat•d party transactlons Tharèw•r• no dlsdosable related pty transaclicffls dwirwJ the year (2023. T1.