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2025-03-31-accounts

Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

Registered number: 01382673 Charity numbers: SC040458 & 276520

STELLA'S VOICE

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

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 - 31

Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

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)
David Ross (Appointed 20 November 2025)
Company registered
number
01382673
Charity registered
numbers
SC040458 and 276520
Registered office
Flat 1 Richards Terrace
Aberdare
Rhondda Cynon Taf
CF44 0BB
Company secretary
Mark Morgan
Chief executive officer
Mark Morgan
Independent auditors
AAB Audit & Accountancy Limited
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

Page 1

Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report and financial statements for the year ended 31 March 2025.

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.

The Board of Trustees have agreed an amendment to our charitable purposes that will better reflect our current activities. The new Aims and Objectives are:

Stella’s Voice is a Christian organisation that works to support the vulnerable and be a source of help and hope at home and abroad.

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 send aid into Ukraine to support those who have been displaced internally. As the bombing and fighting continues in Ukraine, people continue to be forced from their homes have become ever more reliant on help from others.

The number of refugees from Ukraine coming to the UK is declining, but we continue to help those who come to us for help.

Our Story

Over the past couple of years our story has evolved. This has been driven by an alarming increase in poverty here in the UK. On almost every turn we are confronted by abject poverty and situations of real deprivation. We have seen over the past three years or so an alarming, significant increase in calls for help locally. This huge increase in calls for help has been a significant burden on us this past year as the output has increased significantly but the income has not risen as fast to meet the demand.

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STELLA'S VOICE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

United Kingdom

Charity Shops

The main charitable activity in the UK that supports our work relates to charity shops and large-scale reuse projects. There are now 3 retail locations 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).

We continue to improve many aspects of our shop infrastructure, making efficiency savings and utilising technology to maximise the funds generated through these shops.

We continue to work in contracts with the local councils as a supplier of re-use/second-hand goods supporting the homeless and victims of abuse.

Recycling

We are seeing significant challenges arising in the handling of donated items. Staffing costs and other costs have increased significantly, all while the quality of items donated continues to decline and the funds we are able to generate from these activities continues to fall. Combined with the rising waste costs it is becoming ever more difficult to keep these activities sustainable.

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. NESTRANS has continued to fund this work (for which we are extremely grateful). We collect bikes from several HWRC sites across Aberdeenshire.

As well as being a local employer, 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.

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Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

New donors

In an ever-changing world with so many unprecedented challenges (Global inflation, economic downturn, geopolitical factors and the impact of the war in Ukraine for example) retaining existing and gaining new donors continues to be 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. This past year has seen huge challenges in recruiting new volunteers. 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.

Reserves Policy

As at 31 March 2025, the charitable company has restricted reserves of £313,026 (2024 - £174,294) and unrestricted reserves of £584,422 (2024 - £633,020). The charitable company has deficit reserves of £34,553 (2024 - £37,384 deficit) after adding back the value of unrestricted fixed assets of £618,975 (2024 - £670,404). 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.

Going concern

The directors are satisfied that the charity has sufficient funds to meet its liabilities as they fall due within the next 12 months.

Future plans

We continue to develop links and relationships to help feed and clothe the homeless and others in need of help and support.

We are exploring and developing opportunities with other organisations and individuals.

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.

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STELLA'S VOICE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, Governance and Management

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 – Chief Executive Officer 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.

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.

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Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: 22 December 2025

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STELLA'S VOICE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

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 . 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:

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.

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Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

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 2025 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:

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.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the charity's ability to operate as a going concern is dependent on meeting certain assumptions in it's cashflow projections, including achieving a certain level of grant funding which has not yet been confirmed at the date of approval of these financial statements. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the charitable company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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.

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STELLA'S VOICE

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STELLA'S VOICE (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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:

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:

Our audit procedures to respond to these risks included:

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 AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU

Date: 23 December 2025

AAB Audit & Accountancy Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

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
2025
£
162,955
1,038,850
1,201,805
1,250,403
1,250,403
(48,598)
633,020
584,422		 Restricted
funds
2025
£
475,601
-
475,601
336,869
336,869
138,732
174,294
313,026		 Total
funds
2025
£
638,556
1,038,850
1,677,406
1,587,272
1,587,272
90,134
807,314
897,448		 Total
funds
2024
£
584,006
857,025
1,441,031
1,373,667
1,373,667
67,364
739,950
807,314

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 31 form part of these financial statements.

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Docusign Envelope ID: 5BABF7BF-BADB-42E9-8FD6-06FADF97FE50

STELLA'S VOICE REGISTERED NUMBER: 01382673

BALANCE SHEET AS AT 31 MARCH 2025

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
100,789
6,979
108,270
(125,609)		 2025
£
896,555
250,000
1,146,555
(17,339)
1,129,216
(231,768)
897,448
313,026
584,422
897,448		 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

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: 22 December 2025

The notes on pages 15 to 31 form part of these financial statements.

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STELLA'S VOICE

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
Cash generated from operations
Cash flows from investing activities
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		 2025
£
98,133
(132,470)
(132,470)
(33,311)
(33,311)
(67,648)
74,627
6,979		 2024
£
189,604
(88,129)
(88,129)
(31,927)
(31,927)
69,548
5,079
74,627

The notes on pages 15 to 31 form part of these financial statements

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STELLA'S VOICE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 Flat 1 Richards Terrace, Aberdare, Rhondda Cynon Taf, Wales, CF44 0BB 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.

In arriving at this conclusion, the trustees have prepared cashflow projections to cover the period of 12 months from the approval of these financial statements. The projections prepared are underpinned by certain assumptions around trading conditions, the wider economic environment and availability of banking facilities which, while the trustees consider to be reasonable and prudent, will be required to materialise in order for the Charity to continue as a going concern. In particular the projections indicate that the charity is reliant on a certain level of grant funding which is yet to be secured, although it is considered to be likely by the trustees based on positive discussions with funders to date.

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 projections prepared, that the Charity will be able to meet it's liabilities for at least 12 months from the date of signing these accounts.

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.

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STELLA'S VOICE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

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.

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.

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STELLA'S VOICE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

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.

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 straight-line 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

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.

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
Donations
Grants
Total 2025
Total 2024		 Unrestricted
funds
2025
£
47,071
115,884
-
162,955
-
-
162,955
129,284		 Restricted
funds
2025
£
-
4,742
153,417
158,159
6,000
311,442
475,601
454,722		 Total
funds
2025
£
47,071
120,626
153,417
321,114
6,000
311,442
638,556
584,006		 Total
funds
2024
£
20,165
194,018
122,501
336,684
-
247,322
584,006

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies (continued)

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).

5. Income from charitable activities

Recycling Income
Facilities rental income
Shop and barn income
Total 2024		 Unrestricted
funds
2025
£
24,992
5,280
1,008,578
1,038,850
857,025		 Total
funds
2025
£
24,992
5,280
1,008,578
1,038,850
857,025		 Total
funds
2024
£
51,197
5,280
800,548
857,025

6. Analysis of expenditure by activities

Charitable Activities
Total 2024		 Activities
undertaken
directly
2025
£
948,164
795,436		 Support
costs
2025
£
639,108
578,231		 Total
funds
2025
£
1,587,272
1,373,667		 Total
funds
2024
£
1,373,667

In the prior year expenditure on charitable activities relating to unrestricted funds totalled £973,744 and and £399,923 related to restricted funds.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Rates and water
Heat & light
Sundries
Travelling
Shop supplies
Telephone
Motor expenses
Equipment leasing
Loss on sale of fixed assets
Other charitable expenditure
Donations in kind
Conferencing expenses
Analysis of support costs
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
2025
£
532,291
59,448
12,255
50,121
3,350
257
7,577
6,314
49,640
5,791
6,000
45,399
167,521
2,200
948,164
Total
funds
2025
£
389,398
26,897
4,280
8,711
23,248
14,685
18,482
76,446
54,528
22,433
639,108		 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
2024
£
322,683
23,232
3,701
1,104
35,144
18,417
18,976
71,343
53,405
30,226
578,231

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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		 2025
£
14,800
2025
£
847,141
54,017
20,531
921,689		 2024
£
14,600
2024
£
712,021
49,561
12,239
773,821

The average number of persons employed by the Charity during the year was as follows:

2025 2024
No. No.
Administrative 42 41

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £60,001 - £70,000 1 -

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 £110,022 (2024 - £105,714). 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.

2025 2024
£ £
Mr M Morgan Remuneration 60,341 58,219
Pension contributions paid 1,321 1,321
Mr W Keeping Remuneration 47,133 45,011
Pension contributions paid 1,227 1,163

During the year ended 31 March 2025, no trustee expenses have been incurred (2024 - £NIL).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
Disposals
Transfers between classes
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
550,000
78,621
-
131,000
759,621
44,000
13,751
-
57,751
701,870
506,000		 Motor
vehicles
£
210,965
-
(9,000)
-
201,965
97,438
33,173
(3,000)
127,611
74,354
113,527		 Fixtures and
fittings
£
335,278
53,849
-
-
389,127
256,272
12,524
-
268,796
120,331
79,006		 Assets under
construction
£
131,000
-
-
(131,000)
-
-
-
-
-
-
131,000		 Total
£
1,227,243
132,470
(9,000)
-
1,350,713
397,710
59,448
(3,000)
454,158
896,555
829,533

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Investment property

Valuation
At 1 April 2024
At 31 March 2025		 Freehold
investment
property
£
250,000
250,000

The fair value of investment property at 31 March 2025 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 2025 from the 2017 valuation.

12. Stocks

2025 2024
£ £
Finished goods and goods for resale 502 502

13. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments		 2025
£
21,670
62,716
16,403
100,789		 2024
£
4,881
76,917
34,283
116,081

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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		 2025
£
9,451
31,260
1,776
36,069
13,095
7,555
26,403
125,609		 2024
£
-
31,109
1,776
120,821
11,675
2,896
29,922
198,199

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		 2025
£
226,144
5,624
231,768
2025
£
23,760
1,776
63,781
3,848
138,603		 2024
£
257,830
7,400
265,230
2024
£
31,109
1,776
65,827
5,624
160,894

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

A Bank of Scotland (BOS) loan of £179,596 (2024: £194,785) 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 £31,976 (2024: £35,117) 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 £33,332 (2024: £36,564) 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 £12,500 (2024: £22,500) 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 £7,400 (2024: £9,176) 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

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 6,979 74,627

Financial assets measured at fair value through income and expenditure comprise of cash at bank in hand.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds

Statement of funds - current year

Unrestricted funds
Unrestricted Funds
Restricted funds
Food and Household Goods
Cycle Hub
Ukraine Appeal
Mini Bus
Community Learning Exchange
Poverty Alleviation Fund
Total of funds		 Balance at 1
April 2024
£
633,020
-
151,629
15,165
7,500
-
-
174,294
807,314		 Income
£
1,201,805
100,264
289,034
74,675
-
1,629
9,999
475,601
1,677,406		 Expenditure
£
(1,250,403)
(100,264)
(143,082)
(74,395)
(7,500)
(1,629)
(9,999)
(336,869)
(1,587,272)		 Balance at
31 March
2025
£
584,422
-
297,581
15,445
-
-
-
313,026
897,448

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

Statement of funds - prior 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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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Statement of funds (continued)

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 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 received to purchase a new minbus.

The Roof Repairs fund represents amounts secured to support Stella's Voice in undertaking necessary roof maintenance.

The Community Learning Exchange fund represents amounts secured to allow for team members to travel and learn best practice from other reuse organisations in Scotland.

The Poverty Aleviation fund represents amounts received to cover staff and vehicle costs supporting the donation and delivery of urgent help to those most in need across Aberdeenshire

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2024
£
633,020
174,294
807,314
Balance at
1 April 2023
£
620,455
119,495
739,950		 Income
£
1,201,805
475,601
1,677,406
Income
£
986,309
454,722
1,441,031		 Expenditure
£
(1,250,403)
(336,869)
(1,587,272)
Expenditure
£
(973,744)
(399,923)
(1,373,667)		 Balance at
31 March
2025
£
584,422
313,026
897,448
Balance at
31 March
2024
£
633,020
174,294
807,314

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2025
£
618,975
250,000
72,824
(125,609)
(231,768)
584,422		 Restricted
funds
2025
£
277,580
-
35,446
-
-
313,026		 Total
funds
2025
£
896,555
250,000
108,270
(125,609)
(231,768)
897,448

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net income for the year (as per Statement of Financial Activities)
90,134
Adjustments for:
Loss on disposal of tangible fixed assets
6,000
Depreciation of tangible fixed assets
59,448
Decrease/(increase) in debtors
15,292
Increase/(decrease) in creditors
(72,741)
Net cash provided by operating activities
98,133
21.
Analysis of cash and cash equivalents
2025
£
Cash in hand
6,979
Total cash and cash equivalents
6,979		 2024
£
67,364
-
51,082
60,312
10,846
189,604
2024
£
74,627
74,627

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
2024
£
74,627
-
(32,885)
(265,230)
(223,488)		 Cash flows
£
(67,648)
(9,451)
(151)
33,462
(43,788)		 At 31 March
2025
£
6,979
(9,451)
(33,036)
(231,768)
(267,276)

23. Capital commitments

2025 2024
£ £
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 £15,567 (2024 - £12,239). Contributions totalling £7,555 (2024 - £2,896) were payable to the fund at the Balance sheet date and are included in creditors.

25. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Within one year
Between two and five years		 2025
£
47,574
110,539
158,113		 2024
£
48,002
82,278
130,280

Amounts recognised in the Statement of financial activities as an expense during the period in respect of operating lease arrangements were £52,210 (2024 - £51,382).

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