2021-03-31-accounts

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

CONSOLIDATED TRUSTEES' REPORT AND ACCOUNTS

for the year ended 31 March 2021

Company Registration Number 1223344 Charity Number 504542

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Financial statements Year ended 31 March 2021

Contents	Page
Members of the Board and professional advisers	1
Trustees’ annual report	2
Independent auditor's report to the members	15
Consolidated statement of financial activities (incorporating the
Income and expenditure account)	19
Parent Statement of financial activities (incorporating the
Income and expenditure account)	20
Consolidated balance sheet	21
Parent Balance sheet	22
Statement of cash flows and consolidated statement of cash flows	23
Notes to the financial statements	24
The following pages do not form part of the audited financial statements
Detailed statement of financial activities	43

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Members of the Board and professional advisers Year ended 31 March 2021

Members of the Board and professional advisers

Registered charity name Greater Manchester Centre for Voluntary Organisation Charity number 504542 Company registration number 1223344 Registered office St Thomas Centre Ardwick Green North Manchester M12 6FZ Trustees Richard Dyson (Acting Chair) Mark Lee (Honorary Secretary) Thomas Berry Priti Butler Atiha Chaudry Kathryn Cheetham Cllr. Tom McGee Shane Thompson (resigned 23 March 2021) Auditor Beever and Struthers Chartered Accountant & Statutory Auditor St. George’s House 215 – 219 Chester Road Manchester M15 4JE Bankers CAF Bank Limited The Co-operative Bank p.l.c. 25 Kings Hill Avenue 1 Balloon Street Kings Hill Manchester West Malling M60 4EP Kent ME19 4JQ Unity Trust Bank p.l.c. Nine Brindleyplace Birmingham B1 2HB

1

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report Year ended 31 March 2021

Reference and administrative details

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity and its subsidiaries for the year ended 31st March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

Status

Greater Manchester Centre for Voluntary Organisation (otherwise known as GMCVO) is a Registered Charity (504542) constituted on 10th September 1975, and a Company Limited by Guarantee (Registered in England no. 1223344) date of registration 18th August 1975, its governing document being its Memorandum and Articles of Association.

Directors and trustees

The GMCVO directors together with any others who served on the subsidiary Boards during 2020/21 were:

----- Start of picture text -----
GMCVO St Thomas GMCVO Access to Access to
Centre Trading Growth Emergency
GM Investment
GM
Richard Dyson Vice Chair     
Thomas Berry     
Priti Butler     
Atiha Chaudry     
Kathryn Cheetham     
Mark Lee     
Cllr. Tom McGee     
Shane Thompson Resigned 23     
March 2021
----- End of picture text -----

Senior staff

Senior staff
John Hannen	Chief Executive(from 1/10/21)
GaryMillar	Chief OperatingOfficer(from 1/10/21)
Alex Whinnom	Chief Executive(until 1/10/21)
Ian Taylor	Director of Development(until 1/10/21)
Mike Thomas	Finance Manager

2

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

1. Structure, governance and management

1.1 Governance

As a registered charity, GMCVO is administered by a Board of voluntary trustees. The Board, which has overall responsibility for all GMCVO’s activities and the Finance and Personnel Committee (F&P), a formal Committee of the Board, meet every three months to review performance. The Board holds additional meetings throughout the year to consider strategic direction and to consider specific areas of work in greater detail. F&P operates under delegated authority from the Board, whilst making recommendations to the Board in respect of key business decisions that are reserved for the Board’s approval. Additional committees and temporary working parties including trustees, executive staff and co-optees are set up by the Board as necessary and report back to it.

1.2 Subsidiary companies

GMCVO includes four wholly owned subsidiary companies:

• St Thomas Centre Ltd (“St Thomas Centre”) (managing the conference centre and tenancies). Registered in England and Wales no. 4185719, date of registration 23rd March 2001.

• GMCVO Trading Ltd (“Trading”) (managing consultancy and research contracts). Registered in England and Wales no. 9302547, date of registration 10th November 2014.

• Access To Growth GM Ltd (managing a social investment fund). Registered in England and Wales no. 10816583, date of registration 13th June 2017.

• Access to Emergency Investment GM Ltd (managing a social investment fund). Registered in England and Wales no. 12850597, date of registration 1[st] September 2020.

Companies pay any profits to the charity by gift aid.

1.3 Trustee selection, appointment and competence

The Greater Manchester Combined Authority is entitled to appoint up to two trustees to the Board. The remainder are elected by the membership or co-opted by the Board for terms of up to 3 years (renewable) in accordance with the provisions of the Memorandum and Articles. All persons wishing to put themselves forward for election/co-option must undergo a preliminary selection process following which the Board decides whether to recommend them to the membership as suitable candidates.

New trustees receive an induction pack to acquaint them with GMCVO policy and practice, its aims and activities, management and governance, and also with what is expected of them under Charity and Company Law. They are invited to meet with staff and existing trustees.

The Board maintains the ongoing awareness of Board members through verbal and written briefings, and opportunities for attending training and events. The Board formally assessed itself against the Charity Governance Code on 6[th] December 2017 and plans to do so again during 2022/23. A governance working group led by the Vice-Chair meets to look at areas for governance improvement.

3

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

1. Structure, governance and management (continued)

1.4 Pay policy for staff

The pay scales for all staff, with the exception of the Chief Executive, are linked to the NJC scales and the wider employment offer has been subject to local decisions by the Chief Executive, F&P Committee and the Board in accordance with the scheme of delegation. All staff have regular supervision meetings and annual review meetings with their line manager, and agree objectives and priorities supported by a learning and development plan. The Chief Executive is supported by the Vice Chair. The overall employee offer was last reviewed by the F&P Committee in August 2016 and a further review is planned during 2022/23 to reflect recent restructuring. A review of the arrangements for determining pay, which included consideration of external market conditions for similar roles, and performance of the Chief Executive was undertaken during 2017/18.

1.5 Risk management

The Board has identified the major strategic risks to which GMCVO is exposed and receives risk reports at each quarterly Board and F&P meeting covering each area of work and the organisation as a whole. The task of detailed monitoring of the organisation’s financial control systems and procedures is delegated to the F&P Committee, which advises and makes recommendations to the Board and to the Boards of the subsidiary companies. The activities of the subsidiary companies are monitored by the Board; for Access to Growth GM and Access to Emergency Investment GM, the directors also liaise directly with the staff. The Board continually reviews the adequacy of the systems and procedures in place for managing major risks. In the Board’s opinion these are appropriate to the organisation’s size and the nature of its operations.

The ongoing financial and societal problems facing Greater Manchester people and organisations, along with major economic policy and public service transformation including the devolution deals in Greater Manchester, have created a very challenging environment for voluntary and community groups and for small businesses and social enterprises. Some can thrive but many cannot. The challenge for GMCVO is to ensure that we continue to deliver and to develop our role as an influential and strategic organisation.

1.6 Additional risks and uncertainties due to Covid-19 and exit from the European Union

The Board has considered the additional risks posed by the current economic challenges to GMCVO and its members, and the implications for the prospects of the charity. We have concerns that in the event of continuing economic downturn and cuts to local government and public funding, many charities and social enterprises will be concerned about their futures. As GMCVO is also reliant on trading and public funding for a proportion of our income, these are also risks to the charity and its subsidiaries.

1.7 Action taken to mitigate the impact of the risky environment

GMCVO is a small charity / social enterprise itself, and faces the same challenging environment as our members. Last year we reported that the Board had reflected on the increasing competition GMCVO is facing in this context for its role as a city-region strategic organisation and the implications this might have for funding and status. The risk to funding (though not to status) was realised due to circumstances beyond our control, and our annual grant from Greater Manchester Combined Authority ceased in March 2021.

The Board announced a strategic review at our Annual General Meeting in December 2020. Over the following months, the Board and executive met frequently to consider our options. A decision was taken in May 2021 to take radical action to secure the future of the charity. It was decided to focus much more tightly on our practical work on social investment, community wealth-building and

4

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

1. Structure, governance and management (continued)

inequalities and to encourage and engage in a wider leadership of the VCSE sector rather than to continue to provide a universal service. GMCVO is expert in Greater Manchester in understanding ‘how’ to develop economic activity with places and people who are marginalised from the mainstream economy, and with a track record of successful delivery.

This decision is a logical step forward in a journey we have been on for ten years and, whilst circumstances obliged us to move faster than planned, we were already on track to become sustainable through earned income (without reliance on public sector subsidy) within the next couple of years. To enable the transition, cuts were made to the senior team, enabling critical core functions to be preserved and new leadership appointed from within the management team. Risks are now reducing and many new opportunities are emerging as a result of these decisions.

2. Aims and Objectives

2.1 GMCVO’s principal objectives as set out in its Memorandum and Articles of Association are as follows:

• (1) To promote any charitable purposes for the benefit of the public principally but not exclusively in the local government areas of Greater Manchester and its environs and, in particular, build the capacity of third sector organisations and provide them with the necessary support, information and services to enable them to pursue or contribute to any charitable purpose.

• (2) To promote, organise and facilitate co-operation and partnership working between third sector, statutory and other relevant bodies in the achievement of the above purposes within the area of benefit.

• (3) For the purposes of this Article:

• (a) “third sector” means charities, voluntary organisations and social enterprises.

• (b) “charities” are organisations which are established for exclusively charitable purposes in accordance with the law of England and Wales.

• (c) “voluntary organisations and social enterprises” are independent organisations, which are established for purposes that add value to the community as a whole, or a significant section of the community, and which are not permitted by their constitution to make a profit for private distribution. Voluntary organisations and social enterprises do not include local government or other statutory authorities.

2.2 Strategic Aim

Following the strategic review, GMCVO adopted a new draft Mission, Vision and Values as follows. This will be the subject of consultation with members and partners:

Our Mission:

• GMCVO will drive economic and social inclusion in Greater Manchester through sustainable, high quality, effective collaborations.

• GMCVO will support GM communities by increasing the accessibility and diversity of evidence available to all.

Our Vision – what GMCVO will achieve:

• GM communities will have accessible spaces to connect

• GM community activity is adequately financed

• GM leaders will understand inequalities and the operating environment in GM

• We will have embedded new approaches through testing, learning and sharing

5

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

2. Aims and objectives (continued)

Our Values – how we will operate:

In our day to day work we will

• commit to team working and care that others succeed

• communicate openly and honestly

• understand and respond flexibly to the positions of others

• challenge and take action on inequality

• make decisions informed by evidence

• apply and measure ourselves against clear and appropriate standards

3. Achievements and performance

3.1 Summary

Performance in 2020/21 was good despite ongoing challenges with regard to funding alongside increasing demand for our services. Our core work and many of our projects continued as planned and the Board worked to a strategic business plan, ‘GMCVO Strategic Priorities 2019-21’.

3.2 Focus 2020/21

In developing plans for 2020/21, the Board considered where we should focus our efforts. Trustees reflected that in the light of the current difficult context, we understood there would be upheaval and closures in the VCSE sector. We decided we wish to try to ensure that the remaining sector can be sustainable with less public money, remain connected and operate ethically. We would also try to put resources into the people and communities on the wrong end of disadvantage, exclusion and poverty.

We therefore said we intended to aim to:-

1. Secure and distribute funding and support (grants, contracts, loans, resources) to our members and other VCSE organisations, in particular to BAME-led and equalities organisations, to trading charities and social enterprises, and to sustainable community-led organisations, and to encourage others to do so.

This has been achieved, with £1.5 million funding distributed. This included a number of small grants programmes focused on mental and physical wellbeing, delivered largely by community groups; continuing grants and contracts through Ambition for Ageing; and increasing levels of social investment. We are proud of the proportion of all funding that has gone to BAME-led organisations. We also worked with the National Lottery Community Fund (NLCF) to support the distribution of emergency funding, again reaching many smaller and BAME-led organisations that they would not otherwise have reached. In partnership with the GMBAME Network, we secured funds from Comic Relief and supported the Network to distribute them. We hosted the GM Funders Forum, which is bringing together independent and public sector funders alongside local infrastructure to share experience and knowledge.

1. Increase ownership by communities and VCSE groups of assets and wealth, building on current work in partnership with Resonance.

The partnership with Resonance to enable community-owned housing and leisure facilities has been extremely successful, with 12 projects in delivery and 6 in the pipeline. Other investors are keen to work with us.

6

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

3. Achievements and performance (continued)

1. Continue to develop multi-sectoral partnerships based around place that can develop ‘alternative’ economic models and create jobs, building on the work of our Local Access programme.

Work developing the partnerships in the four Local Access areas in Bolton, Oldham, Stockport and Wigan has continued, and we are doing additional work in Trafford.

1. Continue to advocate for the preservation of crucial ‘third spaces’ in communities, enabling the weak social ties which we have found are crucial to individual and community wellbeing.

We published further research in connection with the Ambition for Ageing programme, which is of much wider relevance in understanding what creates a functioning community in place. This has been shared widely within GM forums and beyond.

1. Continue to advocate for the embedding of the learning we have gained from Ambition for Ageing, Talent Match, Hidden Talent and Caring, Working, Living, so as to shape public policy priorities, and reduce social and economic inequalities.

The embedding of Ambition for Ageing learning has been very effective, and our work was recognised by the funder permitting us to continue for a further (seventh) year, uniquely within the programme. We have remained active in supporting the GM Good Employment Charter and sharing our learning about barriers to employment and how to remove them (with regard to disengaged and hidden young people, from Talent Match and Hidden Talent; and carers, from Caring, Working, Living). These groups feature strongly in the new GM Employment and Skills Strategy, although this has not yet translated into any programmes that might address their needs.

1. Continue to advocate for the embedding of the commissioning framework across all publicly funded commissioning in Greater Manchester, and the strengthening of social value policy.

This work is ongoing, with current positive work being done with GMCA commissioners.

1. Advocate for the needs of VCSE organisations and the people and communities they support with other city-region players – including politicians local and national, public sector, businesses, universities, housing organisations, funders and investors.

We continued to do this throughout the year, attending formal boards and executives, and supporting the work of the VCSE Leadership Group. We developed a VCSE Manifesto for the mayoral elections in May 2021, which was fully adopted by the successful candidate, and have since successfully supported the negotiation of a new Accord jointly with the mayor, GMCA and GM Health and Social Care Partnership. The VCSE sector is routinely mentioned as a partner by the public sector. We continue to host the Third Sector Research Network and enjoy good working relationships with the universities and maintain a very close relationship with the Chamber of Commerce. As a social investor, we are actively building multi-sectoral partnerships and initiatives involving VCSE organisations.

7

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

3. Achievements and performance (continued)

1. Enable the ideas and innovations arising from VCSE sector to be understood and mainstreamed (e.g. re inclusive economic policy, reducing inequalities and inequity) and that an informed and accountable VCSE voice is heard at all important GM boards and forums.

This is ongoing, and it was encouraging to see the majority of these ideas and innovations reflected in the report of the GM Independent Inequalities Commission (IIC). This has given us a powerful mandate to continue to work in these directions.

1. Campaign to ensure that people affected by the economic situation, or by proposals to alleviate it, are heard and involved in decisions that affect them (not just informed or ‘consulted’).

We had some success in encouraging investment into community-led groups to advise and inform their communities about covid and vaccination. But it would be fair to say there is more to be done on this.

1. Increase the capacity of frontline organisations to fundraise from the public (most money currently goes to huge national charities) and trade if possible.

We have been very successful in supporting organisations to start or increase trading. Whilst we have not been able directly to address the issue of fundraising from the public at a strategic level, we have been actively working with the Credit Unions to strengthen their reach, and are involved in the development of the IIC-recommended GM Investment Hub.

We successfully secured a mixed package of funding, and the proportion of independently earned income remained high. Although St Thomas Centre was closed for large parts of the year, we did receive business continuity grants, and opened as much as possible with reduced footfall. We have continued to seek investment from GMCA and the Health and Social Care Partnership and this is the subject of ongoing negotiations linked to the new Accord.

Because of continuing uncertainties, the Board again decided to adopt a budget in 2020/21 based only on secured grants and contracts and anticipated earned income with the aim of achieving a financial performance of at least break even. This was achieved, with performance better than planned despite the ongoing challenges to trading.

3.3 Projects

Our practical activities depend on need, demand and opportunity. We have prioritised fundraising and tendering for opportunities to undertake activities which contribute to our current objectives as set out in our Strategic Priorities 2019-21 and identified by the Board as the best things to focus on in 2020/21:

Significant projects and services in 2020/21 included:

• Access to Growth GM - a social investment fund offering small loans with additional support for social enterprises and trading charities to enable them to grow. Funded through Access Foundation. Investees were offered a payment holiday during the peak of lockdown, but resumed payments, and default levels remain well below budget. The pipeline is strong as we expect to deploy all the funding.

8

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

3. Achievements and performance (continued)

• Access to Emergency Investment GM – a social investment fund using funds loaned by GMCA, underwritten by Access Foundation to enable social enterprises and charities to adjust to the impacts of covid.

• Ambition for Ageing – now a seven year programme (extended to 2022) National Lottery-funded programme aimed at creating more age-friendly places and empowering people to live fulfilling lives as they age. Investment in 24 neighbourhoods through local delivery partners and older people, working in collaboration with GM Ageing Hub and supporting the development of more age-friendly neighbourhoods. Considerable transferable learning with regard to community resilience and cohesion, inclusion of minorities and the importance of ‘third spaces’. Now moving into learning dissemination phase.

• Connecting BAME social entrepreneurs to social investment – further work building on research we carried out into the barriers and needs of BAME social entrepreneurs, to provide capacity building and link people to opportunities. Development of a BAME Social Enterprise Network.

• Commissioning Framework – an important piece of funded policy work, to develop a VCSE Commissioning Framework setting out standards and practical options for full inclusion of VCSE organisations in all stages of the commissioning cycle. The framework was co-produced with commissioners and VCSE organisations, and formally adopted by the GM Joint Commissioning Hub and health and social care commissioners across Greater Manchester. Now working on dissemination.

• Health and Social Care VCSE Engagement – a £1m+ programme over 4 ½ years (to Sept 2021) funded through Transformation Funding to implement the Memorandum of Understanding signed by the GM Health and Social Care Partnership with the VCSE sector, and delivered in partnership with the VCSE Leadership Group. An ongoing programme of work, including events, networks, and representation on boards and executives. Preparations for the advent of the Integrated Care System (ICS). In addition we worked with the Leadership Group towards the development of a new Accord with GMCA and the Partnership and an action plan for Oct 2021 onwards.

• Hidden Talent - building on our Talent Match project 2013-2018, but with a focus on ‘hidden’ young people, who are NEET and not claiming benefits. A two-year project to 2021/22, co-funded by GMCA and the NLCF to enable young people to match their talents with opportunities and to gain employment, and delivered in partnership with employers, policy-makers and a youth panel.

• Local Access Programme - £8.2m over 10 years, through Access Foundation, to enable local multiagency partnerships to align resources around the development of social enterprise, and to provide investment. We are working with partnerships in Bolton, Oldham, Stockport and Wigan. In addition we have been enabled to do some work in Trafford in partnership with the housing trust.

• Resonance community assets – we are working in partnership with Resonance to enable £10m investment into community-owned housing and sport facilities through co-operative models. The fund was soft launched and we already have 18 active cases, of which are several multi-purpose sites not just housing and sport.

Other projects during the year included:

• GM Funders Forum - developing and hosting regular meetings for public and independent funders providing grants to VCSE organisations.

• Mental Health Surge - passing funding to organisations providing mental health support to increase the number of people they can help.

9

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

3. Achievements and performance (continued)

• Maternal Mental Health VCSE Capacity Building - passing funding to organisations to provide support to maternal mental health.

• VCS National Emergency Partnership liaison lead – passing information about the impact of covid to and from GM and national.

• Consultations for Transport for GM about proposals for clean air and bus reform with marginalised communities of identity less likely to respond to mainstream consultations.

• Small grants programmes where admin costs or the targeting of communities of identity make it more logical to deliver on a city-region footprint – including GM Walking, Mental Wellbeing and Trauma Responsive Communities grants.

• Comic Relief BAME grants - partnership with GM BAME Network to distribute grants to BAME-led VCSE groups in GM on behalf of Comic Relief.

• Publication of a number of research papers.

• A wide range of lectures, events and meetings enabling VCSE organisations to gain skills and knowledge and develop their networks.

• St Thomas Centre conference and meeting venue.

4. Equality and diversity statement of intent

One of our core values is equality. The Board of GMCVO believes that all people are entitled to equal treatment and are of equal worth. We acknowledge diversity and difference, and understand that equality requires accommodating the needs and preferences of individuals, creating a culture of understanding and respect, and actively challenging discrimination and prejudice. We seek to uphold these principles in all aspects of our work.

In the context of the disproportionate impact of Covid-19 on people from BAME backgrounds, and the Black Lives Matter protests, GMCVO has increased its activities to support BAME-led VCSE organisations, and signed a statement of support and pledge to address systemic and structural racism in our own sector.

5. Meeting public benefit

The above activities are undertaken by GMCVO to further its charitable purposes for the public benefit. As charity trustees we have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. The details of how we meet public benefit are set out above. Further narrative is provided in our Annual Review 2021.

6. Performance on securing resources

It has remained difficult to secure new resources due to increased development, bidding and monitoring costs, process delays by funders and commissioners and increased competition for reducing funds. However, GMCVO was successful in securing or maintaining a wide range of grants and contracts and generating independent trading income - 41% of this (£1.5 million) was passed on to other Greater Manchester organisations in the form of grants or sub-contracts.

10

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

6. Performance on securing resources (continued)

6.1 Income sources

Excluding funding passed on to other organisations, income sources were as follows:-

----- Start of picture text -----
Income source 2019/20 2020/21
£ % £ %
Core funding (GMCA) 228,400 12.0 228,400 10.2
National funding body 83,113 4.4 39,539 1.8
Local government 249,136 13.1 24,149 1.1
Other local public sector 201,215 10.6 1,170,592 52.2
Earned income 585,302 30.8 433,749 19.3
Independent funders 548,242 28.9 342,514 15.3
Other 2,904 0.2 1,347 0.1
Total net funds 1,898,312 100 2,240,290 100
----- End of picture text -----

6.2 Financial review and results

Our total turnover for the year was £3.765m (2019/20 £4.401m). There was a surplus in unrestricted funds of £91k (2019/20 in-year deficit of £58k) and a surplus of £666k (2019/20 in-year surplus of £273k) in restricted funds, which means that the overall result was a surplus of £757k (2019/20 in-year surplus of £215k). Total funds carried forward at the end of 2020/21 were £1,838k (2019/20 £1,081k) comprising £352k (2019/20 £261k) of unrestricted reserves and £1,486k (2019/20 £820k) of restricted reserves.

The financial statements include group consolidated accounts, showing the contribution made by our subsidiary trading companies. Of our total expenditure we spent 85.5% (2019/20 86.5%) on direct chargeable activities in furtherance of our aims (including grants made to other organisations); 0.9% (2019/20 0.6%) on governance and 13.6% (2019/20 12.9%) on the cost of trading. This emphasises our commitment to our aims and objectives. This report and the accounts that accompany it provide evidence that our expenditure supports the achievement of our key objectives.

6.3 Subsidiary trading companies

This year turnover in St Thomas Centre was £10k (2019/20 £157k). There was a deficit of £64k for the year (2019/20 £7k was contributed to Group reserves). St Thomas Centre has been obliged to close for long periods, and to operate under restrictions, which reduced income in 2020/21 despite receipts of business closure grants. We reduced operating costs and adopted a more flexible staffing model. Demand has been high since re-opening, and we are confident about the future trading prospects of St Thomas Centre.

Turnover in GMCVO Trading was £57k (2019/20 £16k) and £15k (2019/20 £4k) was contributed to Group reserves. This company is a vehicle for our contracted consultancy and research but has no costs other than those associated with projects undertaken. We are confident about the future trading prospects of GMCVO Trading.

Turnover in Access to Growth GM was £292k (2019/20 £243k). There was a deficit of £8k for the year (2019/20 £26k). These results were in line with its business plan. Investees who were given a repayment holiday for the first six months of 2020/21, supported by the primary funder Access Foundation, recommenced payments and bad debts remain well below budget. There obviously remains a degree of uncertainty about the future prospects of each investee, due to current economic

11

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

6. Performance on securing resources (continued)

uncertainties but, as time goes on, this is reducing. Provisions for bad debts and defaults continue to remain within the parameters set for the fund and we are confident about the future trading prospects of Access to Growth GM.

Turnover in Access to Emergency Investment GM was £50k. There was a deficit of £4k for the year. Results were in line with its business plan. This fund is now closed and repayments will be ongoing. Providing debts and defaults continue to remain within the parameters set for the fund, we are confident about the future trading prospects of Access to Emergency Investment GM.

6.4 Financial sustainability

Until Covid-19, St Thomas Centre and Access to Growth GM performed better than expected and activity is increasing again as lockdown eases. Our social investment ‘portfolio’ is growing, including the Local Access Programme and partnership with Resonance, with other opportunities continuing to emerge. Ambition for Ageing will be ending in March 2022, but we hope to build on it to secure new projects. We expect to secure some ongoing funding through the new Accord negotiated with GMCA and the GM Health Partnership. Other opportunities are emerging and we are well-placed to see and respond to them.

6.5 Investment policy

The trustees have considered the most appropriate policy for investing funds and have found that a range of building society and bank deposit accounts meets their requirements. Day-to-day management of the organisation’s investment fund is delegated to the Finance Department.

6.6 Group reserves policy

The trustees take a risk based approach to identifying the appropriate level of reserves that are required to be held that will give our partners and stakeholders’ confidence that the organisation is financially sound, whilst demonstrating we maximise the impact of our funds for the benefit of the customers and beneficiaries we serve. The Trustees concluded that the amount of unrestricted reserves required for the protection of the organisation’s core business will vary according to the number of staff employed and the associated contractual obligations, and the number of staff fully funded from project grants and contracts, as well as our requirements for development capacity. The level required is therefore set annually as part of the budgeting process.

Following a review, the trustees resolved that GMCVO should seek to maintain a minimum reserve figure of £225k in unrestricted funds for the year 2021/22 and the consolidated balance sheet shows unrestricted income funds of £326,608 after allowing for designated reserves and funds tied up in tangible fixed assets. On 2nd March 2022 the trustees resolved that GMCVO should seek to maintain a minimum reserve figure of £225k in unrestricted funds for the year 2022/23.

The trustees note that levels of debt in the subsidiary social investment companies do not affect the viability of the parent charity, as the shares are subject to a covenant by the investor, requiring them to take the companies into ownership should they appear to be failing.

7. Future plans

Having discussed the on-going impact of the economic downturn, Covid-19, actual and anticipated further cuts to public sector spending and the continuing uncertain operating environment, during early 2021 the Board undertook a substantial review of operations and decided on a radical tightening of focus (see 1.7 above) which will enable the long term sustainability of the organisation. The Board works to a strategic business plan and intends to maintain a diversity of income sources and to

12

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

7. Future plans (continued)

continue to increase trading income and improve efficiency. Further consultation on the details of this will be carried out with staff, members and partners, leading to the development of a new business plan for 2022/23. The Board plans to maintain our four subsidiary businesses (St Thomas Centre, GMCVO Trading, Access to Growth GM and Access to Emergency Investment GM) along with a number of projects.

8. Going concern

The trustees reviewed future options and scenarios for the organisation at its meeting on 2nd March 2022. This review took into account of a wide range of information in respect of future funding and costs, cash flow projections for the period ending 31st March 2023, the current and anticipated changes in the level of reserves, and opportunities, whilst recognising key strategic, operational and financial risks and uncertainties. Taking all these factors into account, the trustees concluded that they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.

9. Trustees' responsibilities statement

The trustees (who are also the directors of Greater Manchester Centre for Voluntary Organisation for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for the maintenance and integrity of the group’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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.

13

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Trustees’ annual report (continued) Year ended 31 March 2021

9. Trustees' responsibilities statement (continued)

The trustees delegate operational responsibility to the Chief Executive and senior managers, and consider there are adequate mechanisms in place to ensure overall control and the management of risks, including oversight by the Board and the F&P Committee.

Trustees’ statement of disclosure of information

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as each trustee is aware, there is no relevant audit information of which the charity's auditor is unaware; and

• each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

Signed by order of the trustees:

……………………………………………..………

Richard Dyson, Trustee (Vice Chair)

Dated: 8[th] March 2022

14

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2021

Opinion

We have audited the financial statements of Greater Manchester Centre for Voluntary Organisation “the parent charitable company” and its subsidiaries ‘the group’ for the year ended 31 March 2021 which comprise the Consolidated and Parent Statement of Financial Activities, the Consolidated and Parent Balance Sheet, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group’s or parent charity’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees (who are also the directors of the group and parent charitable company for the purposes of company law) are responsible for the other information. 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.

15

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2021

Other information (continued)

In connection with our audit of the financial statements 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ annual report (which includes the directors’ report for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

• 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 directors

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 13-14, the trustees (who are also the directors of the group and parent 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 group and parent 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.

16

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2021

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, the Charities Act 2011, taxation legislation, and employment.

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• tested journal entries to identify unusual transactions.

• assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias.

• investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-

17

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2021

compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s web-site at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Sue Hutchinson (Senior Statutory Auditor)

For and on behalf of BEEVER AND STRUTHERS Statutory Auditor St George’s House 215-219 Chester Road Manchester M15 4JE

Date 30 March 2022

18

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Consolidated statement of financial activities

(incorporating the income and expenditure account) Year ended 31 March 2021

Unrestricted funds Restricted funds Total funds 2021 Note £ £ £ Income Income from charitable activities Operation of the charity 2 295,618 3,030,666 3,326,284 Income from other trading activities Other charity activities 3 16,609 950 17,559 Commercial trading 5 410,035 - 410,035 Other operating income 5 10,000 - 10,000 Investment income 4 1,347 - 1,347 Total income 733,609 3,031,616 3,765,225 Expenditure: Expenditure of charitable activities: Operation of the charity 6 (147,563) (2,366,000) (2,513,563) Costs of raising funds: Other charity activities 7 (87,211) - (87,211) Commercial trading (407,153) - (407,153) Total expenditure (641,927) (2,366,000) (3,007,927) Taxation 9 - - - Net income and net movement in funds for the year 91,682 665,616 757,298 Transfers - - - Reconciliation of funds Total funds brought forward 260,743 820,136 1,080,879 Total funds carried forward 352,425 1,485,752 1,838,177

Total funds 2020 £ 3,822,736 30,471 545,003 - 2,904 4,401,114 (3,501,053) (145,028) (539,952) (4,186,033)

- 215,081 - 865,798 1,080,879

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities.

The notes on pages 24 to 42 form part of these financial statements

19

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Parent Statement of financial activities

(incorporating the income and expenditure account) Year ended 31 March 2021

Unrestricted funds Note £ Income: Income from charitable activities: Operation of the charity 2 295,618 Income from other trading activities: Other charity activities 3 78,521 Investment income 4 11,815 ─────────────── Total income 385,954 ___ Expenditure: Expenditure on charitable_ activities: Operation of the charity 6 (135,285) Costs of raising funds: Other charity activities 7 (87,211) ──────────────── Total expenditure (222,496) ____ Net income and net movement in funds for the year 163,458 Transfers - Reconciliation of funds Total funds brought forward 315,347 ──────────────── Total funds carried forward 478,805 ═══════════

Restricted funds Total funds 2021 Total funds 2020 £ £ £ 3,030,666 3,326,284 3,822,736 950 79,471 97,198 - 11,815 7,716 ──────────────── ──────────────── ──────────────── 3,031,616 3,417,570 3,927,650 ___ ___ ___ (2,366,000) (2,501,285) (3,548,080) - (87,211) (145,028) ──────────────── ──────────────── ──────────────── (2,366,000) (2,588,496) (3,693,108) ___ ___ ___ 665,616 829,074 234,542 - - - 820,136 1,135,483 900,941 ──────────────── ──────────────── ──────────────── 1,485,752 1,964,557 1,135,483 ═══════════ ═══════════ ═══════════

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities.

The notes on pages 24 to 42 form part of these financial statements

20

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Consolidated balance sheet At 31 March 2021

		2021	2021	2020
	Note	£	£	£
Fixed assets
Tangible assets	12		40,846	56,700
Current assets
Debtors	13	716,577		417,070
Debtors: amounts falling due after one year	13	1,518,313		673,376
Cash at bank and in hand		2,052,025		1,295,965
		────────────────		────────────────
		4,286,915		2,386,411
Creditors: amounts falling due within one year	14	(992,494)		(676,519)
		────────────────		────────────────
Net current assets			3,294,421	1,709,892
			────────────────	────────────────
Total assets less current liabilities			3,335,267	1,766,592
Creditors: amounts falling due after one year	15		(1,497,090)	(685,713)
			────────────────	────────────────
Net assets			1,838,177	1,080,879
			═══════════	═══════════
Funds
Restricted income funds	16		1,485,752	820,136
Unrestricted income funds	17		352,425	260,743
			────────────────	────────────────
Total funds			1,838,177	1,080,879
			═══════════	═══════════

These financial statements were approved by the trustees and authorised for issue on the 8[th ] March 2022 and are signed on their behalf by:

……………………………………………..……… ……………………………………………..……… Richard Dyson, Trustee Thomas Berry, Trustee (Vice Chair) (Treasurer)

Company Registration Number: 1223344

The notes on pages 24 to 42 form part of these financial statements

21

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Parent balance sheet At 31 March 2021

		2021	2021	2020
	Note	£	£	£
Fixed assets
Tangible assets	12		40,846	56,700
Investments	5		3	2
			────────────────	────────────────
			40,849	56,702
Current assets
Debtors	13	501,545		384,561
Cash at bank and in hand		1,683,625		1,079,318
		────────────────		────────────────
		2,185,170		1,463,879
Creditors: amounts falling due within one year	14	(261,462)		(385,098)
		────────────────		────────────────
Net current assets			1,923,708	1,078,781
			────────────────	────────────────
Total assets less current liabilities			1,964,557	1,135,483
			────────────────	────────────────
Net assets			1,964,557	1,135,483
			═══════════	═══════════
Funds
Restricted income funds	16		1,485,752	820,136
Unrestricted income funds			478,805	315,347
			────────────────	────────────────
Total funds			1,964,557	1,135,483
			═══════════	═══════════

These financial statements were approved by the trustees and authorised for issue on the 8[th] March 2022 and are signed on their behalf by:

……………………………………………..……… ……………………………………………..……… Richard Dyson, Trustee Thomas Berry, Trustee (Vice Chair) (Treasurer)

Company Registration Number: 1223344

The notes on pages 24 to 42 form part of these financial statements

22

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Statement of cash flows and consolidated

statement of cash flows Year ended 31 March 2021

Group 2021 £ Group 2020 £ GMCVO 2021 £ Net cash from operating activities (see below) 754,713 (119,055) 592,492 Cash flows from investing activities: 1,347 2,904 11,815 Purchase of tangible assets - (17,391) - Capital grant funding - 255,657 - Cash provided by investing activities 1,347 241,170 11,815 Increase/(decrease) in cash and cash equivalent in the year 756,060 122,115 604,307 Cash and cash equivalents at the beginning of the year 1,295,965 1,173,850 1,079,318 Total cash and cash equivalents at the end of the year 2,052,025 1,295,965 1,683,625 Reconciliation of net movement in funds to net cash flow from operating activities Group 2021 £ Group 2020 £ GMCVO 2021 £ Net surplus/(deficit) for the year 757,298 215,081 829,074 Add: Depreciation charge 15,854 25,373 15,854 Less: Interest income (1,347) (2,904) (11,815) (Increase)/decrease in debtors (1,144,444) (62,658) (116,985) (Decrease)/increase in creditors 1,127,352 (243,201) (123,636) Net cash from operating activities 754,713 (119,055) 592,492	GMCVO 2020 £ 73,846 7,716 (17,391) - (9,675) 64,171 1,015,148 1,079,318 GMCVO 2020 £ 234,542 25,373 (7,716) 94,226 (272,579) 73,846	GMCVO 2020 £ 73,846 7,716 (17,391) - (9,675) 64,171 1,015,148 1,079,318 GMCVO 2020 £ 234,542 25,373 (7,716) 94,226 (272,579) 73,846	GMCVO 2020 £ 73,846 7,716 (17,391) - (9,675) 64,171 1,015,148 1,079,318 GMCVO 2020 £ 234,542 25,373 (7,716) 94,226 (272,579) 73,846
			73,846

The notes on pages 24 to 42 form part these financial statements

23

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

1. Accounting policies

Basis of accounting and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) – (Charities SORP (FRS 102)) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The trustees have, at the time of approving the financial statements, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparation of the financial statements.

Group financial statements

These financial statements consolidate the results of the charity and its wholly owned subsidiaries at 31 March 2021 for St Thomas Centre Ltd, Access to Emergency Investment Limited, Access to Growth GM Limited and GMCVO Trading Ltd on a line-by-line basis.

The subsidiaries’ financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

A separate statement of financial activities, or income and expenditure account for the charity itself is included in accordance with Charities SORP (FRS 102).

Going concern

The trustees reviewed future options and scenarios for the organisation at its meeting on 2nd March 2022. This review took into account of a wide range of information in respect of future funding and costs, cash flow projections for the period ending 31st March 2023, the current and anticipated changes in the level of reserves, and opportunities, whilst recognising key strategic, operational and financial risks and uncertainties. Taking all these factors into account, the trustees concluded that they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.

Impact of COVID-19 on going concern

The Board has considered the additional risks posed by the current economic challenges to GMCVO and its members, and the implications for the prospects of the charity. We have concerns that in the event of continuing economic downturn and cuts to local government and public funding, many charities and social enterprises will be concerned about their futures. As GMCVO is also reliant on trading and public funding for a proportion of our income, these are also risks to the charity and its subsidiaries. The Board has also reflected on the increasing competition GMCVO is facing in this

24

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

1. Accounting policies (continued)

context for its role as a city-region strategic organisation and the implications this may have for funding and status. Steps have been taken to mitigate these risks as far as possible, as further detailed in the Trustees’ Report.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:-

• Property improvements

• Furniture, fittings and office equipment

• Computer equipment

• 10% straight line - 20% straight line - 25% straight line

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered, and include amounts due from customers for loans provided in the ordinary course of business. Prepayments are valued at the amount prepaid net of any trade discounts due.

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 twelve months or less from the date of acquisition or opening of the deposit account or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

Pension costs

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities.

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.

Income from government and other grants, whether ‘capital’ or ‘revenue’ grants, are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

25

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

1. Accounting policies (continued)

Income (continued)

Income received in advance of events, courses or other relevant activities is deferred until the criteria for income recognition are met.

Loan interest receivable within Access to Growth GM Limited is classified as turnover as it is the company’s key operating income. In Group accounts this is included within income from commercial trading. This also includes certain loan capital repayments taken as income, but only where the funding agreement allows this to cover running costs, in advance of subsequent funding to be received.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including raising funds and charitable activities costs are allocated or apportioned to the applicable expenditure headings.

The expenditure on charitable activities includes all costs associated with projects (payments to partners) undertaken to further the purposes of the charity.

The costs of raising funds comprises of the costs to hold events and courses at the St Thomas Centre and the commercial trading expenditure of each subsidiary.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance and governance costs.

Taxation

The company is a registered charity and as such is entitled to the exemption from tax to the extent that the income received falls within section 505 ICTA 1988 and section 256 CGTA 1992 and is applied to charitable purposes only.

Trading subsidiaries are liable to tax if taxable profit exceeds donations to the parent company.

Fund accounting

Funds held by the charity are either:-

• Unrestricted income funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. The trustees have allocated part of the unrestricted funds to a sinking fund.

• Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

• Restricted income funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

26

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

1. Accounting policies (continued)

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It can also require the trustees to exercise their judgement in the process of applying the charity's accounting policies. The charity is not considered to have any critical accounting estimates or judgements at this time.

2. Income from charitable activities

Consolidated and GMCVO 2021

Consolidated and GMCVO 2021
Grants receivable Other income Consolidated and GMCVO 2020 Grants receivable Other income	Unrestricted Funds Restricted Funds Total 2021 £ £ £ 295,618 3,030,512 3,326,130 - 154 154
	295,618 3,030,666 3,326,284
	Unrestricted Funds Restricted Funds Total 2020 £ £ £ 228,400 3,584,508 3,812,908 - 9,828 9,828
	228,400 3,594,336 3,822,736

3. Income from other trading activities – other charity activities

Consolidated 2021

Room rental Other income Consolidated 2020 Room rental Other income	Unrestricted Funds Restricted Funds Total 2021 £ £ £ 6,541 - 6,541 10,068 950 11,018 16,609 950 17,559 Unrestricted Funds Restricted Funds Total 2020 £ £ £ 16,284 - 16,284 14,187 - 14,187 30,471 - 30,471

27

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

3. Income from other trading activities – other charity activities (continued)

GMCVO 2021

GMCVO 2021
Room rental Other income GMCVO 2020 Room rental Other income Investment income Consolidated Bank and loan interest receivable GMCVO Income from UK group undertakings Other income		Unrestricted Funds Restricted Funds Total 2021 £ £ £ 68,453 - 68,453 10,068 950 11,018 78,521 950 79,471
		Unrestricted Funds Restricted Funds Total 2020 £ £ £ 83,011 - 83,011 14,187 - 14,187
		97,198 - 97,198
		Unrestricted Funds Total Funds 2021 Total Funds 2020 £ £ £ 1,347 1,347 2,904 Unrestricted Funds Total Funds 2021 Total Funds 2020 £ £ £ 10,468 10,468 4,812 1,347 1,347 2,904 11,815 11,815 7,716

4. Investment income

28

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

5. Commercial trading operations

The charity owns the whole of the issued share capital of St Thomas Centre Ltd, Access to Growth GM Limited and Access to Emergency Investment GM Limited being 1 ordinary share of £1 respectively. The charity also owns GMCVO Trading Ltd which is also a company limited by guarantee with no share capital. All companies have 31[st] March year ends and are incorporated in England.

A summary of the trading results for 2021 is shown below:

----- Start of picture text -----
Access to St Thomas GMCVO Access to Total
Emergency Centre Trading Growth
Investment £ £ £ £
£
Turnover 50,000 10,490 57,325 292,220 410,035
Other operating income 10,000 10,000
Cost of sales - (394) - - (394)
Administrative expenses (50,000) (76,781) (39,012) (289,051) (454,844)
Operating surplus/(deficit) - (56,685) 18,313 3,169 (35,203)
Interest payable (4,134) - - (11,503) (15,637)
Gift aid paid in respect of prior year - (6,961) (3,507) - (10,468)
Retained in the subsidiaries (4,134) (63,646) 14,806 (8,334) (61,308)
The assets and liabilities of the Access to St Thomas GMCVO Access to Total
subsidiaries were: Emergency Centre Trading Growth
Investment £ £ £ £
£
Current assets 744,303 19,611 60,204 639,138 1,463,256
Debtors due after one year - - - 793,313 793,313
Creditors due within one year (265,086) (83,256) (45,398) (492,116) (885,856)
Creditors due after one year (483,350) - - (1,013,740) (1,497,090)
Total net assets (4,133) (63,645) 14,806 (73,405) (126,377)
A summary of the trading results for 2020 is shown below:
GMCVO St Thomas GMCVO Access to Total
Databases Centre Trading Growth
£ £ £ £ £
Turnover 181,716 156,870 15,988 242,651 597,225
Cost of sales - (28,510) - - (28,510)
Administrative expenses (181,716) (121,399) (11,844) (242,651) (557,610)
Operating surplus/(deficit) - 6,961 4,144 - 11,105
Interest payable - - - (25,754) (25,754)
Gift aid paid in respect of prior year (1,075) (3,737) - - (4,812)
Retained in the subsidiaries (1,075) 3,224 4,144 (25,754) (19,461)
The assets and liabilities of the GMCVO St Thomas GMCVO Access to Total
subsidiaries were: Databases Centre Trading Growth
£ £ £ £ £
Current assets 21,435 119,119 20,171 252,315 413,040
Debtors due after one year - - - 673,376 673,376
Creditors due within one year (21,435) (112,157) (16,664) (305,049) (455,305)
Creditors due after one year - - - (685,713) (685,713)
Total net assets - 6,962 3,507 (65,071) (54,602)
----- End of picture text -----

29

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

6. Analysis of expenditure on charitable activities

Consolidated Direct cost of activities £ Support costs £ Governance costs £ Salaries and other staff costs 589,435 221,966 - Project costs 47,986 - - Payment to partners 1,524,935 - - Running costs 70,635 (123,111) - Travel expenses 117 12 - Communications 8,631 2,671 - Meeting costs 31,382 158 - Marketing 1,766 1,371 - Audit and accountancy - - 20,672 Professional fees - 3,411 4,063 Other expenses 78,431 29,032 - 2,353,318 135,510 24,735 GMCVO Direct cost of activities £ Support costs £ Governance costs £ Salaries and other staff costs 589,435 221,966 - Project costs 47,986 - - Payment to partners 1,524,935 - - Running costs 70,635 (123,111) - Travel expenses 117 12 - Communications 8,631 2,671 - Meeting costs 31,739 158 - Marketing 1,766 1,371 - Audit and accountancy - - 10,180 Professional fees - 3,411 1,111 Other expenses 79,240 29,032 - 2,354,484 135,510 11,291		Total 2021 £ 811,401 47,986 1,524,935 (52,476) 129 11,302 31,540 3,137 20,672 7,474 107,463
		2,513,563
		Total 2021 £ 811,401 47,986 1,524,935 (52,476) 129 11,302 31,897 3,137 10,180 4,522 108,272
		2,501,285

30

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

6. Analysis of expenditure on charitable activities (continued)

Consolidated Direct cost of activities £ Salaries and other staff costs 565,625 Project costs 65,505 Payment to partners 2,502,802 Running costs 94,043 Travel expenses 9,053 Communications 6,603 Meeting costs 26,158 Marketing 6,149 Audit and accountancy - Professional fees - Other expenses 61,814 3,337,752 GMCVO Direct cost of £ Salaries and other staff costs 565,625 Project costs 72,792 Payment to partners 2,503,133 Running costs 94,043 Travel expenses 9,053 Communications 6,603 Meeting costs 50,981 Marketing 6,899 Audit and accountancy - Professional fees - Other expenses 84,366 3,393,495	Support costs £ Governance costs £ 228,862 - - - - - (127,763) - 722 - 1,459 - 2,390 - 1,766 - - 19,181 3,848 1,800 31,036 - 142,320 20,981 Support costs £ Governance costs £ 228,862 - - - - - (127,763) - 722 - 1,459 - 2,390 - 1,766 - - 9,502 4,998 1,613 31,036 - 143,470 11,115	Total 2020 £ 794,487 65,505 2,502,802 (33,720) 9,775 8,062 28,548 7,915 19,181 5,648 92,850 3,501,053 Total 2020 £ 794,487 72,792 2,503,133 (33,720) 9,775 8,062 53,371 8,665 9,502 6,611 115,402 3,548,080

31

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

7. Analysis of costs of raising funds – other charity activities

Consolidated Conference centre hire £ Consultancy £ Other activities £ Governance costs £ Salaries and other staff costs 43,021 - 843 - Running costs 37,175 - - - Communications 941 - 7 - Meeting costs 97 - - - Professional fees 198 - - - Other expenses 4,929 - - - 86,361 - 850 - GMCVO Conference centre hire £ Consultancy £ Other activities £ Governance costs £ Salaries and other staff costs 43,021 - 843 - Running costs 37,175 - - - Communications 941 - 7 - Meeting costs 97 - - - Professional fees 198 - - - Other expenses 4,929 - - - 86,361 - 850 -	Total 2021 £ 43,864 37,175 948 97 198 4,929
	87,211
	Total 2021 £ 43,864 37,175 948 97 198 4,929
	87,211

32

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

7. Analysis of costs of raising funds – other charity activities (continued)

Consolidated Conference centre hire £ Consultancy £ Other activities £ Governance costs £ Salaries and other staff costs 51,304 - 10,171 - Running costs 70,062 - 970 - Communications 960 - 210 - Meeting costs 351 - 73 - Professional fees 222 - 47 - Other expenses 6,704 3,250 704 - 129,603 3,250 12,175 - GMCVO Conference centre hire £ Consultancy £ Other activities £ Governance costs £ Salaries and other staff costs 51,304 - 10,171 - Running costs 70,062 - 970 - Communications 960 - 210 - Meeting costs 351 - 73 - Professional fees 222 - 47 - Other expenses 6,704 3,250 704 - 129,603 3,250 12,175 -	Total 2020 £ 61,475 71,032 1,170 424 269 10,658 145,028
	Total 2020 £ 61,475 71,032 1,170 424 269 10,658
	145,028

33

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

8. Governance costs

Consolidated 2021

Audit and other fees Legal and professional Consolidated 2020 Audit and other fees Governance costs Legal and professional GMCVO 2021 Audit and other fees Legal and professional GMCVO 2020 Audit and other fees Governance costs Legal and professional	Unrestricted Funds Restricted Funds Total 2021 £ £ £ 20,672 - 20,672 3,023 1,040 4,063 23,695 1,040 24,735
	Unrestricted Funds Restricted Funds Total 2020 £ £ £ 19,181 - 19,181 135 - 135 5,781 - 5,781 25,097 - 25,097
	Unrestricted Funds Restricted Funds Total 2021 £ £ £ 10,180 - 10,180 71 1,040 1,111 10,251 1,040 11,291
	Unrestricted Funds Restricted Funds Total 2020 £ £ £ 9,502 - 9,502 1,285 - 1,285 5,594 - 5,594 16,381 16,381

Audit fees and legal and professional fees are all directly attributable to governance.

34

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

9. Taxation

The charity is exempt from tax but the trading subsidiaries are eligible to pay corporation taxation on any taxable profits in excess of those donated to the parent charitable company.

The Group has paid £nil in corporation tax in 2021 (2020: £Nil).

10. Net income/(expenditure) for the year

This is stated after charging:

	2021	2020
	£	£
Staff pension contributions	52,071	52,154
Depreciation	15,854	25,373
Auditors' fees (statutory audit)	10,180	11,036
	═══════	═══════

In addition to the above for the year ending 31 March 2021: £3,977 (2020: £3,958) was due to the Auditors for accounts preparation services and £1,676 (2020: £1,667) for taxation services.

11. Staff costs and emoluments

Total staff costs were as follows:-

Consolidated	2021	2020
	£	£
Salaries	891,633	1,000,963
Social security costs	79,924	90,197
Other pension costs	62,925	68,764
	────────────────────
	1,034,482	1,159,924
	═══════	═══════
GMCVO	2021	2020
	£	£
Salaries	737,309	735,809
Social security costs	65,885	68,000
Other pension costs	52,071	52,154
	────────────────────
	855,265	855,963
	═══════	═══════

Staff costs were charged to the subsidiaries during the year.

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

was as follows:
	2021	2020
	No	No
Number of other staff - provision of services	35	40
	════	════

35

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

11. Staff costs and emoluments (continued)

Key Management Personnel

The total staff costs for the three senior executives of GMCVO - the Chief Executive, Director of Development and Finance Manager - totalled:

2021	2020
£	£
147,087	147,120
════	════

No employee received remuneration of more than £60,000 during the year.

No emoluments were paid to the Trustees during the year.

Trustees were reimbursed a total of £Nil (2020: £Nil) for expenses during the year.

12. Tangible fixed assets

Tangible fixed assets
Consolidated and GMCVO	Property	Furniture &	Computer
	improvements	fittings	equipment	Total
	£	£	£	£
Cost
At 1st April 2020	122,249	113,952	16,119	252,319
Additions	-	-	-	-
	──────────	──────────	────────────────────
At 31st March 2021	122,249	113,952	16,119	252,319
	═══════	═══════	═══════	═══════
Depreciation
At 1st April 2020	98,348	83,170	14,101	195,619
Charge for the year	3,084	11,826	944	15,854
	──────────	──────────	────────────────────
At 31st March 2021	101,432	94,996	15,045	211,473
	═══════	═══════	═══════	═══════
Net book value
At 31st March 2021	20,817	18,956	1,074	40,846
	═══════	═══════	═══════	═══════
At 31st March 2020	23,901	30,782	2,018	56,700
	═══════	═══════	═══════	═══════

36

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

13. Debtors

ebtors
	Consolidated		GMCVO
	2021	2020	2021	2020
	£	£	£	£
Trade debtors	2,122,707	964,216	314,442	171,368
Amounts owed by group undertakings	-	-	154,440	163,215
Other debtors and prepayments	112,183	126,230	32,663	49,978
	────────────────────		────────────────────
	2,234,890	1,090,446	501,545	384,561
	═══════	═══════	═══════	═══════

Included in the Consolidated Trade Debtors is an amount of £1,518,313 (2020: £673,376) which is receivable in greater than one year.

14. Creditors: amounts falling due within one year

	Consolidated	Consolidated	GMCVO	GMCVO
	2021	2020	2021	2020
	£	£	£	£
Trade creditors	154,240	221,291	153,370	218,363
Amounts owed to group undertakings	-	-	-	-
Taxation and social security	26,941	26,691	21,035	22,242
Accruals and deferred income	752,651	375,710	85,981	136,959
Interest payable	57,530	41,895	-	-
Other creditors	1,132	10,932	1,076	7,535
	──────────	──────────	────────────────────
	992,494	676,519	261,462	385,099
	═══════	═══════	═══════	═══════

Group deferred income movements being: £604 brought forward, £357,142 released in the year, £414,121 added with a closing balance of £57,583.

GMCVO deferred income movements being: £604 brought forward, £290,890 released in the year, £301,293 added with a closing balance £11,007.

15. Creditors: amounts falling due in more than one year

	Consolidated	Consolidated	GMCVO	GMCVO
	2021	2020	2021	2020
	£	£	£	£
Other borrowings	1,497,090	685,713	–	–
	──────────	──────────	────────────────────
	1,497,090	685,713	–	–
	═══════	═══════	═══════	═══════

Other borrowings refers to loans received by subsidiaries of GMCVO:

A loan of £1,013,740 from Big Society Capital Limited was received by Access to Growth GM Limited to assist the company in providing loans to charities and social enterprises. Interest is charged at 5% per annum. Repayments are due to commence no later than 31 July 2022.

37

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

15. Creditors: amounts falling due in more than one year (continued)

A loan of £483,350 from Greater Manchester Combined Authority received by Access to Emergency Investment GM Limited to assist the company in providing its own loans to charities and social enterprises. Interest is charged at 3% per annum. Repayments are due to commence no later than 2 years after the initial drawdown date of 14 October 2020.

16. Restricted income funds

Balance at 1 April 2020 £ Ambition for Ageing 196,282 Ambition for Ageing (BAME) 13,690 Hidden Talent 230,082 GM Health and Care Commissioning 7,455 Leading in GM 13,122 GM Moving 79,022 Connecting BME Entrepreneurs to Soc Inv 71,555 Returners Fund - VCSE Mental Health 30,909 Big Alcohol Conversation 14,595 AddVentures – Lifted (Caring) - AddVentures Benefits Owl 456 AddVentures – Reach 1,393 ESRC Case Studentship - Health and social care 161,575 Local Access Programme - VCS EP Local Liaison - Maternal Mental Health - TfGM Clean Air & Bus Reform - Mental Health Surge Fund - MH Winter Discharge - GM Funders Forum - GM Mental Wellbeing - Connecting GM BAME Entrepreneurs - Comic Relief BAME Grants - NLCF Covid Support - 820,136	Incoming resources £ 360,390 - 229,223 - - 100,000 1,200 33,559 45,000 - 49,504 - - 7,029 275,365 85,381 9,500 325,000 7,600 517,648 256,000 43,122 244,000 29,750 363,467 48,878 3,031,616	Outgoing resources £ Transfers £ Balance at 31 March 2021 £ (540,249) - 16,423 - - 13,690 (455,751) - 3,554 (7,455) - - (1,250) - 11,872 (112,700) - 66,322 (54,385) - 18,370 (33,559) - - (32,500) - 43,409 - - 14,595 (40,347) - 9,157 - - 456 - - 1,393 (7,029) - - (226,208) - 210,732 (58,009) - 27,372 (9,500) - - (4,388) - 320,612 (7,600) - - (56,580) - 461,068 (182,679) - 73,321 (25,802) - 17,320 (170,446) - 73,554 (269) - 29,481 (300,544) - 62,923 (38,750) - 10,128 (2,366,000) - 1,485,752

Ambition for Ageing – Working in 24 Greater Manchester neighbourhoods and at strategic level to reduce social isolation in older people and create age friendly communities.

Ambition for Ageing (BAME ) – Additional funding to reduce social isolation specifically in BAME communities.

38

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

16. Restricted income funds (continued)

Hidden Talent – Bringing ‘hidden’ people towards employment, gaining insight into how best to reach and support this group. ‘Hidden’ young people are those not claiming welfare benefits and not receiving public services.

GM Health and Care Commissioning – Supporting Greater Manchester Joint Commissioning Hub to commission from VCSE.

Leading in GM – Events and peer learning for public and VCSE sector leaders together.

GM Moving – Small grants programme for VCSE organisations to encourage people to walk.

Connecting BAME Entrepreneurs to Social Investment – Research into the barriers faced by BAME entrepreneurs.

Returners Fund (Caring, Working, Living) –a 12-month pilot project supporting parents and carers (Returners) to improve their confidence in seeking paid employment.

VCSE Mental Health – support for the VCSE Mental Health leaders group and network.

Big Alcohol Conversation Localities Engagement – Consultation with the public through VCSE groups on reducing alcohol related harms in Greater Manchester.

AddVentures – Lifted (Caring) – Respite for parents of adult children with illness or disability.

AddVentures – Benefits Owl – Training for community organisers.

AddVentures – MAP – Support for young people at risk.

AddVentures – Reach Fund – Additional ring-fenced funding for the AddVentures MAP project.

Case Studentship (ESRC) – Exploring the relational nature of VCSE activity.

Health and Social Care – Enabling VCSE organisations to be involved in GM Health and Social Care devolution through a formal memorandum of understanding.

Local Access Programme – development funding to support social enterprise in four boroughs of Greater Manchester.

VCS EP Local Liaison Lead – NAVCA - passing information about the impact of covid to and from GM and national.

Maternal MH VCSE Capacity Building - passing funding to organisations to provide support to maternal mental health.

TfGM Clean Air & Bus Reform - consultation with marginalised communities of identity less likely to respond to mainstream consultations.

VCSE Mental Health Surge Funding - passing funding to organisations providing mental health support to increase the number of people they can help.

39

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

16. Restricted income funds (continued)

VCSE Winter Discharge Funding - passing funding to organisations who can help resettle people after a hospital stay.

GM Funders Forum Grant - developing and hosting regular meetings for public and independent funders providing grants to VCSE organisations.

GM Mental Wellbeing Grant - small grants programme for community organisations to provide activities to enhance mental wellbeing of marginalised people.

Connecting GM BAME Entrepreneurs - enabling the GM BAME Social Enterprise Network to evolve further and to constitute.

Comic Relief BAME Grants - partnership with GM BAME Network to distribute grants to BAME-led VCSE groups in GM on behalf of Comic Relief.

NLCF Covid Support - support for GMCVO, St Thomas Centre and the GM BAME Network to remain sustainable during lockdown.

17. Consolidated unrestricted income funds 2021 and 2020

	Balance at	Incoming	Outgoing		Balance at
	1 Apr 2020	resources	resources	Transfers	31 Mar 2021
	£	£	£	£	£
St Thomas Centre
sinking fund	22,054	-	-	(17,054)	5,000
St Thomas Centre
Lift	23,901	-	(3,084)	-	20,817
General Funds	214,788	733,609	(638,843)	17,054	326,608
	──────────	──────────	─────────	──────────	──────────
	260,743	733,609	(641,927)	-	352,425
	═══════	═══════	═══════	═══════	═══════
	Balance at	Incoming	Outgoing		Balance at
	1 Apr 2019	resources	resources	Transfers	31 Mar 2020
	£	£	£	£	£
St Thomas Centre
sinking fund	20,532	-	(2,978)	4,500	22,054
St Thomas Centre
Lift	26,985	-	(3,084)	-	23,901
General Funds	271,556	806,778	(859,046)	(4,500)	214,788
	──────────	──────────	─────────	──────────	──────────
	319,073	806,778	(865,108)	-	260,743
	═══════	═══════	═══════	═══════	═══════

The sinking fund is an amount put aside by the trustees to cover their obligations for major internal repairs in accordance with the lease.

40

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

18. Consolidated Analysis of net assets between funds 2021 and 2020

			Debtors	Creditors
			falling due	falling due
	Tangible	Net current	after one	after one
	fixed assets	assets	year	year	Total 2021
	£	£	£	£	£
Restricted income funds	-	1,485,752	-	-	1,485,752
Unrestricted income funds:
Designated funds	23,901	17,554	-	-	41,455
General funds	16,945	997,802	793,313	(1,497,090)	310,970
	──────────	──────────────────────────────			──────────
Total Funds	40,846	2,501,108	793,313	(1,497,090)	1,838,177
	═══════	═════════════════════			═══════
			Debtors	Creditors
			falling due	falling due
	Tangible	Net current	after one	after one
	fixed assets	assets	year	year	Total 2020
	£	£	£	£	£
Restricted income funds	-	820,136	-	-	820,136
Unrestricted income funds:
Designated funds	23,901	17,554	-	-	41,455
General funds	32,799	293,981	578,221	(685,713)	219,288
	──────────	──────────────────────────────			──────────
Total Funds	56,700	1,131,671	578,221	(685,713)	1,080,879
	═══════	═════════════════════			═══════

19. Analysis of changes in net debt

	At 1 April		At 31 March
	2020	Cashflow	2021
	£	£	£
Cash at bank	1,295,965	756,060	2,052,025
Loans falling due after one year	(685,713)	(811,377)	(1,497,090)
	──────────	────────	──────────
Total Funds	610,252	(55,317)	554,935
	═════════════		═══════

41

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Notes to the financial statements Year ended 31 March 2021

20. Related party transactions

Mrs P Butler and Miss K Cheetham are directors of St Thomas Centre Limited, a company which is controlled by GMCVO. During the year GMCVO charged rent to St Thomas Centre. GMCVO was also charged with administration costs by St Thomas Centre Limited. GMCVO received a payment under gift aid from St Thomas Centre Limited.

Mr T Berry and Mr R Dyson are directors of GMCVO Trading Limited, a company which is controlled by GMCVO. GMCVO received a payment under gift aid from GMCVO Trading Limited.

Mrs P Butler and Mr R Dyson are directors of Access to Growth (GM) Limited and Access to Emergency Investment (GM), companies which are controlled by GMCVO.

Atia Chaudry is a director of GMCVO and a director of Equal Access Consultancy Limited and Chair of Manchester BME Network. Trading and year end balances with Equal Access Consultancy were Income £Nil (2020: £Nil), Expenditure £12,400 (2020: £1,950), Debtor £Nil (2020: £Nil), Creditor £5,000 (2020: £Nil). Trading and year end balances with Manchester BME Network were Income £1,326 (2020: £1,326); Expenditure £39,740 (2020: £13,460); Debtor £Nil (2020: £111); Creditor £600 (2020: £210).

Related party transactions relating to the subsidiary companies controlled by GMCVO were as follows:

	Income	Debtor	Expenditure	Creditor
	2021	2021	2021	2021
	£	£	£	£
St Thomas Centre Limited	68,516	79,450	357		-
Access to Emergency Investment	-	16,393	-		-
GM Limited
Access to Growth GM Limited	-	22,388	-		-
GMCVO Trading Limited	3,507	36,208	-		-
	Income	Debtor	Expenditure	Creditor
	2020	2020	2020	2020
	£	£	£	£
St Thomas Centre Limited	65,292	107,630	27,924		-
GMCVO Databases Limited	6,247	11,293	10,738		-
Access to Growth GM Limited	-	31,501	-		-
GMCVO Trading Limited	-	12,791	-		-

42

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Detailed statement of financial activities Year ended 31 March 2021

Income Income from charitable activities: Operation of the charity Investment income: Income from UK group undertakings Bank and loan interest receivable Income from other trading activities: Room rental Other income Trading income: Other operating income Commercial trading TOTAL INCOME	Consolidated 2021 £ 2020 £ 3,326,284 3,822,736 - - 1,347 2,904 1,347 2,904 6,541 8,509 11,018 21,962 17,559 30,471 10,000 - 410,035 545,003 3,765,225 4,401,114	GMCVO 2021 £ 3,326,284 10,468 1,347 11,815 68,453 11,018 79,471 - - 3,417,570	2020 £ 3,822,736	2020 £ 3,822,736
				4,812 2,904
				7,716
				75,236 21,962
				97,198
				- -
			3,927,650

This page does not form part of the audited financial statements.

43

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Detailed statement of financial activities Year ended 31 March 2021

Expenditure: Salaries Pension costs Computer and IT costs Insurance Running costs Motor, travel and accommodation costs Telephone and website Printing, postage and stationery Sundry expenses Depreciation Consultancy Recruitment costs Publicity and marketing Subscription and books Staff training Capital costs Bank charges Meeting costs Bad debts Project costs Payments to partner organisations Trading expenditure: Cost of sales Administrative expenses	Consolidated 2021 £ 2020 £ 803,194 803,809 52,071 52,154 18,103 13,675 5,613 5,577 (15,301) 37,313 129 9,776 12,250 9,233 2,261 7,180 1,574 2,790 15,854 16,279 55,964 37,802 100 1,009 3,138 7,915 3,716 6,681 3,293 8,416 6,579 3,933 144 162 31,637 28,973 (810) - 47,986 65,505 1,524,935 2,502,802 2,572,430 3,620,984 394 28,510 406,759 511,442 407,153 539,952	GMCVO 2021 £ 2020 £ 803,194 803,809 52,071 52,154 18,103 16,375 5,613 5,577 (15,301) 37,313 129 9,776 12,250 9,233 2,261 7,180 1,573 2,790 15,854 16,279 55,964 37,802 100 2,084 3,138 8,665 3,716 6,681 3,293 8,962 6,579 3,933 144 162 31,994 53,796 - 18,232 47,986 72,792 1,524,935 2,503,133 2,573,596 3,676,728 - - - - - -	GMCVO 2021 £ 2020 £ 803,194 803,809 52,071 52,154 18,103 16,375 5,613 5,577 (15,301) 37,313 129 9,776 12,250 9,233 2,261 7,180 1,573 2,790 15,854 16,279 55,964 37,802 100 2,084 3,138 8,665 3,716 6,681 3,293 8,962 6,579 3,933 144 162 31,994 53,796 - 18,232 47,986 72,792 1,524,935 2,503,133 2,573,596 3,676,728 - - - - - -
			3,676,728
			- -
			-

This page does not form part of the audited financial statements.

44

GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION

Detailed statement of financial activities Year ended 31 March 2021

Governance costs: Audit fees Governance costs Legal and professional fees TOTAL EXPENDITURE Tax on net income/(expenditure) for the year NET INCOME/(EXPENDITURE) FOR THE YEAR	Consolidated 2021 £ 2020 £ 20,672 19,181 - 135 7,672 5,781 28,344 25,097 3,007,927 4,186,033 - - 757,298 215,081	GMCVO 2021 £ 2020 £ 10,180 9,502 - 1,285 4,720 5,594 14,900 16,381 2,588,496 3,693,109 - - 829,074 234,541	GMCVO 2021 £ 2020 £ 10,180 9,502 - 1,285 4,720 5,594 14,900 16,381 2,588,496 3,693,109 - - 829,074 234,541	GMCVO 2021 £ 2020 £ 10,180 9,502 - 1,285 4,720 5,594 14,900 16,381 2,588,496 3,693,109 - - 829,074 234,541
			16,381
			3,693,109
				-
				234,541

This page does not form part of the audited financial statements.

45