Registered number: 01382673 Charity numbers: SC040458 & 276520
STELLA'S VOICE
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
STELLA'S VOICE
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Trustees' responsibilities statement | 7 |
| Independent auditors' report on the financial statements | 8 - 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 - 30 |
STELLA'S VOICE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Mr M Morgan |
|---|---|
| Mr R Gillies (Resigned 16 July 2024) | |
| Mr W Keeping | |
| Rev B Paterson (Resigned 5 April 2024) | |
| Mrs A Spackman (Resigned 5 April 2024) | |
| Mr P Spackman (Resigned 5 April 2024) | |
| Mr R Frawley (Appointed 9 October 2024) | |
| Company registered number 01382673 Charity registered numbers SC040458 and 276520 Registered office 131 Chalton Lane Clanfield PO8 0RQ Company secretary Mark Morgan Chief executive officer Mark Morgan Independent auditors Anderson Anderson & Brown Audit LLP Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU |
Page 1
STELLA'S VOICE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011, FRS 102 "The financial reporting standard applicable in the UK and Republic of Ireland" (FRS 102) 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 (FRS 102)'.
Objectives and activities
Our Cause
The purpose of the charity as set out in our governing document is for the advancement of the Christian faith and other charitable purposes as the Trust shall from time to time determine.
Stella’s Voice is a charity that is constantly evolving to respond to the greatest needs. We work to support the vulnerable and help protect them from the dangers of trafficking, abuse and the consequences of abject poverty. We also aim to be a leading source of help and hope in the areas where we operate. Stella’s Voice delivers its charitable purpose through work both in the UK and overseas.
Achievements and performance
The charity conducts a wide range of activities in the outworking of its charitable aims as detailed below. These activities provide benefit to our local communities in the various parts of the UK in which we are based and also to the causes overseas that we are involved in.
The continuing war in Ukraine
The ongoing impact of the war in Ukraine on Stella’s Voice is not to be understated. We continue to take aid into Ukraine to support those who have been displaced internally.
One of the most pressing needs is the alarming rise in children who have been orphaned as a result of the war. Most of our aid relief in Ukraine is presently focused on helping these orphans.
We continue to help increasing number of refugees from Ukraine here in the UK.
In the UK we continue to run appeals for aid to help Ukraine – both for those who end up in the UK as refugees and those displaced in Ukraine. This continues to have a profound impact on our workload and raises ongoing challenges such as a lack of space and facilities to deal with the increased volumes along with the extra manpower needed to process it all.
We have been able to increase our capacity by getting temporary use of warehouse space. This has proven challenging due to the constant changing from one temporary facility to the other. In partnership with local Councils and businesses, we are looking for more of a permanent solution.
Our Story
The vision for Stella’s Voice began at the fall of communism when the media was first allowed into Eastern Europe and began showing the dire conditions of the state-run orphan homes. In response to the desperate need, our teams started taking aid to these homes.
We also watched young people age out of orphan homes and get put on the streets. One in particular-Stellawas exploited by human traffickers, sold, and eventually died from AIDS at 19 years old. The year was 1996, and the mission of Stella’s Voice was birthed.
The principal European activities are based in Moldova. The legal structure in Moldova is delivered by a local not for profit organisation – Stella’s Voice. The Moldovan entity operates 3 care homes as detailed below:
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STELLA'S VOICE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Girls’ Homes - 2 homes
Our 2 girls’ homes are for orphan girls who have been aged out of state-run facilities and are prime targets for sex traffickers, those who want to trap them in modern slavery.
While living at our homes in Moldova, the girls complete their education, learn life skills, and grow in an environment that changes their mind-set, so instead of becoming a child trafficking statistic, these children are loved and given a chance at a victorious life.
Boys’ Home - 1 home
Our boys’ house is a home for orphan boys who have aged out of state-run facilities and are at risk to slavery in construction and other forced labour. While living here, the boys complete their education, learn life skills, and grow in an environment that changes their mind-set from 'I am just an orphan' to 'I am worthy of being loved'.
Many of the boys are relatives of the girls in our home. They use their gifts and talents to contribute to the upkeep of the home, and they often spend their weekends mentoring other children in orphanages.
Children’s Home
Stella’s Voice helps support a Children’s Placement Centre (formerly an orphanage) where we had invested many years getting to know and love the children. This is not far from the orphanage where Stella, our inspiration and namesake, was raised.
Some of the work that we have done over the years includes replacing the roof, windows, heating system, water well, and plumbing. Before this work was carried out most of the children were living in unthinkable poverty. For many, this is the first place they've ever felt ‘at home'.
Stella’s Voice is extremely concerned about the poverty and plight of orphaned and destitute children across the world.
The aim of Stella’s Voice in supporting the vulnerable dictates that those we help have the means eventually to support themselves, and never again to be in a position of vulnerability, where there is a danger of falling victim to trafficking, abuse, etc.
We have helped many people – of all ages over the years who have moved on to independent living, found employment and are no longer vulnerable to the dangers of trafficking, abuse, etc. This is what success looks like for Stella’s Voice.
United Kingdom
Charity Shops
The main charitable activity in the UK that supports our work elates to charity shops and large-scale reuse projects. There are 6 retail locations in the UK and Stella’s Voice works on the principal that every item, no matter how small, helps to change lives. Each store is fully stocked with donated items. Products are either sold to generate much needed funds or used directly in our humanitarian efforts. The shops adopt best practice on recycling and are recognised as such by their local authorities and communities. Stella’s Voice is an ARC (Approved Reuse Centre), accredited across the whole of the UK.
We continue to improve many aspects of our shop infrastructure, making efficiency savings and utilising technology to maximise the funds generated through these shops.
Across the UK we continue to work in contracts with the local councils as a supplier of re-use/second-hand goods supporting the homeless, refugees and victims of abuse.
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STELLA'S VOICE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Recycling
We continue to see an increase in the volume handled through our recycling activities year on year. As a result, it gives a very positive return and contributes towards better environments in the communities in which we are based.
Community activities
We continue with our partnership to repair and reuse bicycles and help get them to those who are not in a position to purchase a bike. This CycleHub is a four-way partnership between NESTRAN, Angus Cycle Hub, The Bikery (run by Gordon Rural Action in Huntly) and ourselves. We now collect bikes from several HWRC sites across Aberdeenshire.
Our community Market Garden has seen a lot of development over the past year with a lot of different products grown and a few small orchard being planted. The aim is to develop a multi-faceted growing space that has learning and community involvement at its heart.
As well as being a local employer in the areas in which we are based across the UK, we also provide several placement opportunities, including people who are looking to get back into work, people with learning difficulties and social issues for example. We provide a safe environment for people to develop their existing skills, learn new skills and grow in confidence. All of this while they are engaged in meaningful work that is helping others in need. We continue to be a source of help and hope in our local communities, providing furniture, other household items and clothing, feeding and clothing the homeless and organising various community events throughout the year.
We continue to see growth in our work in partnership with some local supermarkets and third sector organisations with the distribution of food that is near its end of life to ensure as much need is met as possible and that waste is minimised. We also assist in the donation of goods to people in need across the areas where we are based. This can be anything from the supply of a few items of clothing to helping furnish a flat or house.
Technology/Digital
We continually look to learn and embrace digital technology where it can result in efficiency savings and expand our reach to potentially gain new supporters and donors. This is a never-ending cycle due to the constant changes in technology and a constant challenge due to financial constraints.
New donors
In an ever-changing world with so many unprecedented challenges (Global inflation and the impact of the war in Ukraine for example) retaining existing and gaining new donors is continuously challenging with so many needs competing for ever shrinking sources of income. We are continually looking for intuitive and creative ways to reach out to potential donors and develop a relationship that sees them become long-term supporters.
Volunteers
Volunteers continue to play a vital role in our work. Without volunteers, we simply could not continue all the work that we do. Their work is invaluable and is a key part in enabling the charity to fulfil its obligations. As we ever seek to increase our volunteer base, we also work with our volunteers where possible to train, develop and teach new skills which in turn become of greater benefit to the charity.
Financial review
Principal funding sources
The company’s funding comes from its trading activities, grants and from donations in cash and kind from the general public in support of Stella’s Voice relief work.
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STELLA'S VOICE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
As at 31 March 2024, the charitable company has restricted reserves of £174,294 (2023 - £119,495) and unrestricted reserves of £633,020 (2023 - £620,455). The charitable company has deficit reserves of £37,384 (2023 - £76,199 deficit) after adding back the value of unrestricted fixed assets of £670,404 (2023 - £696,654). The directors constantly monitor this position and are always looking at steps to take to improve the financial base of the charity. They aim to evolve a specific reserves policy in time.
The directors also monitor the charity’s cash position and operating results at each retail location. They are also reviewing costs and overheads to limit expenditure, ensuring the commitments to secured lenders and HMRC are met when they fall due.
Future plans
We continue to develop links and relationships to help feed and clothe the homeless and others in need of help and support across the UK.
We are exploring and developing opportunities with other organisations and individuals in Moldova and in other countries who are working with vulnerable children and young people.
We thankfully continue to operate, continue to grow and of course continue to adapt to the ever-changing scenarios we find ourselves facing. We are still working towards our goals and fully expect to reach or even exceed them in terms of growth and results.
Governing Document
The organisation is a charitable company limited by guarantee and registered as a charity with both the Charities Commission in England and Wales Charity No 276520 and the Office of the Scottish Charity Regulator in Scotland Charity No SC040458. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up each member is required to contribute an amount not exceeding £1.
The Chief Officer of the charitable company is responsible to the Board of Directors for the financial and overall management of the company.
Key Management Personnel
The key management personnel's pay levels are reviewed by the board annually.
Mark Morgan - European Director Wayne Keeping - Director of Operations
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr M Morgan Mr W Keeping
Recruitment and Appointment of Board Members
Under the terms of the Memorandum and Articles of Association, one third of the directors, must retire each year, but a retiring director shall be eligible for re-election.
All new directors are selected with a view to ensuring that the board has an appropriate balance of experience and skills relevant to Stella’s Voice strategic and operational requirements.
The Board are actively looking to add to the number of Trustees, but are also taking time to ensure the right people are added.
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STELLA'S VOICE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Directors’ Induction and Training
New directors are fully briefed on the organisation by the Chief Executive Officer and meet with the senior staff as part of their induction. A comprehensive information pack is given to all new directors.
Risk Management
In the opinion of the directors, the major risk to the charitable company would be the withdrawal of public support for the charitable company's relief work. The lack of cash reserves is a concern, providing little in the way of a contingency fund against any unbudgeted expenditure however this is being monitored and managed by the directors.
Auditor
AAB were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
Approved by order of the members of the board of trustees and signed on their behalf by:
................................................
Mr M Morgan Trustee
Date:
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STELLA'S VOICE
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024
The trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees and signed on its behalf by:
................................................
Mr M Morgan Trustee Date:
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STELLA'S VOICE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STELLA'S VOICE
Opinion
We have audited the financial statements of Stella's Voice (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006, Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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STELLA'S VOICE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STELLA'S VOICE (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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STELLA'S VOICE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STELLA'S VOICE (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
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Management override of controls to manipulate the charity’s key performance indicators to meet targets
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Timing and completeness of income recognition
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Compliance with relevant laws and regulations which directly impact the financial statements and those that the charity needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
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Testing of journal entries and other adjustments for appropriateness
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Evaluating the business rationale of significant transactions outside the normal course of business
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Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
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Enquiries of management about litigation and claims and inspection of relevant correspondence
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Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations.
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Testing a sample of income transactions to source documentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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STELLA'S VOICE
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STELLA'S VOICE (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Graeme Penman (Senior statutory auditor)
for and on behalf of
Anderson Anderson & Brown Audit LLP
Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU
Date:
Anderson Anderson & Brown Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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STELLA'S VOICE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 4 Charitable activities 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 129,284 857,025 986,309 973,744 973,744 12,565 620,455 633,020 |
Restricted funds 2024 £ 454,722 - 454,722 399,923 399,923 54,799 119,495 174,294 |
Total funds 2024 £ 584,006 857,025 1,441,031 1,373,667 1,373,667 67,364 739,950 807,314 |
Total funds 2023 £ 536,483 841,591 1,378,074 |
|---|---|---|---|---|
| 1,278,012 1,278,012 |
||||
| 100,062 | ||||
| 639,888 739,950 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 30 form part of these financial statements.
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STELLA'S VOICE REGISTERED NUMBER: 01382673
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 10 Investment property 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets / (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
502 116,081 74,627 191,210 (198,199) |
2024 £ 829,533 250,000 1,079,533 (6,989) 1,072,544 (265,230) 807,314 174,294 633,020 807,314 |
502 176,393 5,346 182,241 (187,805) |
2023 £ 792,486 250,000 1,042,486 (5,564) 1,036,922 (296,972) 739,950 119,495 620,455 739,950 |
|---|---|---|---|---|
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
................................................
Mr M Morgan Trustee Date:
The notes on pages 15 to 30 form part of these financial statements.
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STELLA'S VOICE
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Cash flows from operating activities Cash generated from operations Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Repayment of bank loans Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £ 189,604 - (88,129) (88,129) (31,927) (31,927) 69,548 5,079 74,627 |
2023 £ 83,023 96,750 (283,341) (186,591) (33,913) (33,913) (137,481) 142,560 5,079 |
|---|---|---|
The notes on pages 15 to 30 form part of these financial statements
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Stella's Voice is a private company limited by guarantee incorporated in England and Wales and is a charity registered in both Scotland and England. The registered office is 131 Chalton Lane, Clanfield, PO8 0RQ and the business address is Faith Acres, Inverugie, Peterhead, Aberdeenshire, AB42 3DQ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Stella's Voice meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least the next twelve months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The trustees closely monitor the free reserves position of the Charity, and the Charity's cash position. After the year end, all liabilities are being met as they fall due and the trustees are confident, based on the current cash position of the Charity, that the Charity will be able to meet it’s liabilities for at least 12 months from the date of signing these accounts.
In addition, included in investment property is development land which the trustees intend to realise in the next few years to generate funds to finance the continuance of the Charity’s activities.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis..
Depreciation is provided on the following basis:
| Freehold property | - | 2% Straight Line |
|---|---|---|
| Motor vehicles | - | 20% Straight Line |
| Fixtures and fittings | - | 15% Reducing Balance |
2.6 Investment properties
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.13 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.
2.14 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.15 Fund accounting
General funds are unrestricted funds which 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.
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. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The trustees consider that the following critical estimates and judgements have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
The freehold building and the investment property values are estimated by the trustees based on a professional property valuation in 2017.
4. Income from donations and legacies
| Donations Donations and gifts Overseas and UK missions Donations in kind Grants Total 2024 Total 2023 |
Unrestricted funds 2024 £ 20,165 109,119 - 129,284 - 129,284 127,111 |
Restricted funds 2024 £ - 84,899 122,501 207,400 247,322 454,722 409,372 |
Total funds 2024 £ 20,165 194,018 122,501 336,684 247,322 584,006 536,483 |
Total funds 2023 £ 49,741 152,418 173,465 375,624 160,859 536,483 |
|---|---|---|---|---|
Donations in kind relate to donated goods and services which were distributed to the Charity's beneficiaries without charge. A corresponding cost in relation to these items is included within expenditure on charitable activities (note 6).
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Income from charitable activities
| Recycling Income Facilities rental income Shop and barn income Total 2023 |
Unrestricted funds 2024 £ 51,197 5,280 800,548 857,025 841,591 |
Total funds 2024 £ 51,197 5,280 800,548 857,025 841,591 |
Total funds 2023 £ 57,256 5,280 779,055 841,591 |
|---|---|---|---|
6. Analysis of expenditure by activities
| Charitable Activities Total 2023 |
Activities undertaken directly 2024 £ 795,436 758,298 |
Support costs 2024 £ 578,231 519,714 |
Total funds 2024 £ 1,373,667 1,278,012 |
Total funds 2023 £ 1,278,012 |
|---|---|---|---|---|
In the prior year expenditure on charitable activities relating to unrestricted funds totalled £967,215 and and £310,797 related to restricted funds.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Rates and water Heat & light Sundries Shop supplies Telephone Motor expenses Equipment leasing (Gain)/Loss on sale of fixed assets Other charitable expenditure Donations in kind Analysis of support costs |
Total funds 2024 £ 451,138 51,082 11,870 44,153 33,210 8,015 8,692 56,961 6,335 - 1,453 122,527 795,436 |
Total funds 2023 £ 393,649 37,291 9,220 37,955 44,947 7,965 9,055 59,218 3,154 (17,621) - 173,465 758,298 |
|---|---|---|
| Staff costs Insurance and heat & light Travelling and vehicles expenses Telephone Bank charges Advertising and office expenses Bank interest Rent and rates IT and repairs & renewals Governance costs |
Total funds 2024 £ 322,683 23,232 3,701 1,104 35,144 18,417 18,976 71,343 53,405 30,226 578,231 |
Total funds 2023 £ 281,564 20,214 5,009 10,396 10,743 14,486 14,188 53,344 73,576 36,194 519,714 |
|---|---|---|
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Auditors' remuneration
| Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 8. Staff costs Employment costs Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 14,600 2024 £ 712,021 49,561 12,239 773,821 |
2023 £ 14,300 |
|---|---|---|
| 2023 £ 623,219 42,156 9,838 |
||
| 675,213 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Administrative | 41 | 38 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, two trustees were remunerated in their capacity as European Director and Director of Operations with total remuneration of £105,714 (2023 - £93,371). There was no additional remuneration paid to trustees during the current or comparative year.
Payments made to trustees are allowed by provision in the charity's memorandum and articles of association.
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Mr M Morgan | Remuneration | 58,219 | 50,274 |
| Pension contributions paid | 1,321 | 1,230 | |
| Mr W Keeping | Remuneration | 45,011 | 43,098 |
| Pension contributions paid | 1,163 | 1,106 |
During the year ended 31 March 2024, no trustee expenses have been incurred (2023 - £NIL).
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Tangible fixed assets
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 550,000 - 550,000 33,000 11,000 44,000 506,000 517,000 |
Motor vehicles £ 183,465 27,500 210,965 67,657 29,781 97,438 113,527 115,808 |
Fixtures and fittings £ 314,649 20,629 335,278 245,971 10,301 256,272 79,006 68,678 |
Assets under construction £ 91,000 40,000 131,000 - - - 131,000 91,000 |
Total £ 1,139,114 88,129 |
|---|---|---|---|---|---|
| 1,227,243 | |||||
| 346,628 51,082 |
|||||
| 397,710 | |||||
| 829,533 | |||||
| 792,486 |
The fair value of freehold property at 31 March 2024 has been arrived at by the trustees on the basis of a valuation carried out at 15 August 2017 by Graham & Sibbald who are independent professionally qualified valuers. The trustees believe there is no material change at 31 March 2024 from the 2017 valuation. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the market in the areas where the properties are situated.
The historical cost of the freehold land and buildings and the investment property in Note 11 is £808,076.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Investment property
| Valuation At 1 April 2023 At 31 March 2024 |
Freehold investment property £ 250,000 |
|---|---|
| 250,000 |
The fair value of investment property at 31 March 2024 has been arrived at by the trustees on the basis of valuations carried out at 15 August 2017 by Graham & Sibbald who are independent professionally qualified valuers.
The trustees consider there to be no material change at 31 March 2024 from the 2017 valuation.
12. Stocks
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Finished goods and goods for resale | 502 | 502 |
13. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2024 £ 4,881 76,917 34,283 116,081 |
2023 £ 97,915 55,031 23,447 |
|---|---|---|
| 176,393 |
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. Creditors: Amounts falling due within one year
| Bank overdrafts Bank loans Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £ - 31,109 1,776 120,821 11,675 2,896 29,922 198,199 |
2023 £ 267 31,294 1,776 116,396 10,994 4,601 22,477 |
|---|---|---|
| 187,805 |
15. Creditors: Amounts falling due after more than one year
| Bank loans Other loans Included within the above are amounts falling due as follows: Between one and two years Bank loans Other loans Between two and five years Bank loans Other loans Over five years Bank loans |
2024 £ 257,830 7,400 265,230 2024 £ 31,109 1,776 65,827 5,624 160,894 |
2023 £ 287,795 9,177 |
|---|---|---|
| 296,972 | ||
| 2023 £ 31,294 1,776 |
||
| 76,892 7,401 |
||
| 179,609 |
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
A Bank of Scotland (BOS) loan of £194,785 (2023: £208,941) was outstanding at the year end. The loan is repayable by monthly installments with the final instalment falling due November 2033. Interest is charged at base rate plus 2.25% per annum.
A further BOS loan of £35,117 (2023: £38,014) was outstanding at year end. The loan is repayable by monthly installments with the final installment falling due in January 2033. Interest is charged at base rate plus 3.2% per annum.
A further BOS loan of £36,564 (2023: £39,635) was outstanding at year end. The loan is repayable by monthly installments with the final installment falling due in May 2033. Interest is charged at base rate plus 3.0% per annum.
A further BOS bounce back loan of £22,500 (2023: £32,500) was also outstanding at year end. The loan is repayable by monthly installments with the final instalment falling due in June 2026. Interest is charged at a fixed 2.5% per annum.
The BOS bank loans are secured by a standard security over Faith Acres, Peterhead and 210/212 King Street, Aberdeen.
An Energy Saving Trust loan of £9,176 (2023: £10,952) was outstanding at year end. The loan is repayable by monthly instalments with the final instalment falling due in May 2029. This is an interest free loan.
16. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 74,627 | 5,346 |
Financial assets measured at fair value through income and expenditure comprise of cash at bank in hand.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Statement of funds
Statement of funds - current year
| Unrestricted funds Unrestricted Funds Restricted funds Moldova Activities Electrical Van Food and Household Goods Cycle Hub Ukraine Appeal Mini Bus Roof Repairs Total of funds |
Balance at 1 April 2023 £ 620,455 887 4,832 - 91,000 22,776 - - 119,495 739,950 |
Income £ 986,309 55,014 - 48,963 247,322 46,342 9,000 48,081 454,722 1,441,031 |
Expenditure £ (973,744) (55,901) (4,832) (48,963) (186,693) (53,953) (1,500) (48,081) (399,923) (1,373,667) |
Balance at 31 March 2024 £ 633,020 |
|---|---|---|---|---|
| - - - 151,629 15,165 7,500 - 174,294 807,314 |
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Unrestricted Funds Restricted funds Moldova Activities Kickstart Electrical Van Food and Household Goods Cycle Hub Ukraine Appeal Total of funds |
Balance at 1 April 2022 £ 618,968 10,278 - 10,642 - - - 20,920 639,888 |
Income £ 968,702 61,241 30,859 - 50,421 130,000 136,851 409,372 1,378,074 |
Expenditure £ (967,215) (70,632) (30,859) (5,810) (50,421) (39,000) (114,075) (310,797) (1,278,012) |
Balance at 31 March 2023 £ 620,455 |
|---|---|---|---|---|
| 887 - 4,832 - 91,000 22,776 119,495 739,950 |
The Moldova Activities fund relates to proceeds raised through grants, appeals and donations in the form of monetary and non-monetary contributions. The income has been fully spent on activities over in Moldova in line with the charities objectives.
The Food and Household Goods fund relates to food, flowers and household goods that are received by Stella's Voice from local companies that are then distributed to those in need in the local community.
The Kickstart fund relates to funding received for a Government scheme launched on the back of lockdown to try and get 16-24 year olds back into work as that age bracket had been disproportionately affected with job losses during lockdown. These costs were given to cover salary, training and startup costs for taking on these young individuals.
The Electrical Van funding was obtained to assist Stella's Voice with purchasing an electric van, that is used to carry out day to day activities to support the Charity.
The Ukraine appeal fund relates to the fundraising efforts for the support of Ukrainians refugees who have fled to Moldova following the outbreak of war.
The Cycle Hub fund represents amounts received for capital improvements to support in the creation of a Cycle Hub.
The Minibus fund represent amounts recevied to purchase a new minbus.
The Roof Repairs fund represents amounts secured to support Stella's Voice in undertaking necessary roof maintenance.
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
18. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2023 £ 620,455 119,495 739,950 Balance at 1 April 2022 £ 618,968 20,920 639,888 |
Income £ 986,309 454,722 1,441,031 Income £ 968,702 409,372 1,378,074 |
Expenditure £ (973,744) (399,923) (1,373,667) Expenditure £ (967,215) (310,797) (1,278,012) |
Balance at 31 March 2024 £ 633,020 174,294 807,314 |
|---|---|---|---|---|
| Balance at 31 March 2023 £ 620,455 119,495 739,950 |
19. Analysis of net assets between funds Analysis of net assets between funds - current period
| Tangible fixed assets Investment property Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2024 £ 670,404 250,000 176,045 (198,199) (265,230) 633,020 |
Restricted funds 2024 £ 159,129 - 15,165 - - 174,294 |
Total funds 2024 £ 829,533 250,000 191,210 (198,199) (265,230) 807,314 |
|---|---|---|---|
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 19. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 £ £ Tangible fixed assets 696,654 95,832 Investment property 250,000 - Current assets 158,578 23,663 Creditors due within one year (187,805) - Creditors due in more than one year (296,972) - Total 620,455 119,495 20. Reconciliation of net movement in funds to net cash flow from operating activities 2024 £ Net income for the period (as per Statement of Financial Activities) 67,364 Adjustments for: (Gain)/Loss on disposal of tangible fixed assets - Depreciation of tangible fixed assets 51,082 Decrease/(increase) in debtors 60,312 Increase in creditors 10,846 Net cash provided by operating activities 189,604 21. Analysis of cash and cash equivalents 2024 £ Cash in hand 74,627 Total cash and cash equivalents 74,627 |
Total funds 2023 £ 792,486 250,000 182,241 (187,805) (296,972) 739,950 2023 £ 100,062 (17,621) 37,291 (124,243) 87,534 83,023 2023 £ 5,079 5,079 |
|---|---|
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STELLA'S VOICE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
22. Analysis of changes in net debt
| Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year |
At 1 April 2023 £ 5,346 (267) (33,070) (296,972) (324,963) |
Cash flows £ 69,281 267 185 31,742 101,475 |
At 31 March 2024 £ 74,627 - (32,885) (265,230) (223,488) |
|---|---|---|---|
| 23. | Capital commitments | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Contracted for but not provided in these financial statements | |||
| Acquisition of tangible fixed assets | 60,000 | - |
24. Pension commitments
The Charity contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £12,239 (2023 - £9,838). Contributions totalling £2,896 (2023 - £NIL) were payable to the fund at the Balance sheet date and are included in creditors.
25. Operating lease commitments
At 31 March 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Within one year Between two and five years |
2024 £ 48,002 82,278 130,280 |
2023 £ 30,597 11,836 |
|---|---|---|
| 42,433 |
Amounts recognised in the Statement of financial activities as an expense during the period in respect of operating lease arrangements were £51,382 (2023 - £36,227).
Page 30