## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **CONSOLIDATED TRUSTEES' REPORT AND ACCOUNTS**
## **for the year ended 31 March 2022**
**Company Registration Number 1223344 Charity Number 504542**
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Financial statements Year ended 31 March 2022**
|**Contents**|**Page**|
|---|---|
|Members of the Board and professional advisers|**1**|
|Trustees’ annual report|**2**|
|Independent auditor's report to the trustees|**13**|
|Consolidated statement of financial activities (incorporating the||
|Income and expenditure account)|**17**|
|Parent statement of financial activities (incorporating the||
|Income and expenditure account)|**18**|
|Consolidated balance sheet|**19**|
|Parent balance sheet|**20**|
|Statement of cash flows and consolidated statement of cash flows|**21**|
|Notes to the financial statements|**22**|
|**The following pages do not form part of the audited financial statements**||
|Detailed statement of financial activities|**44**|
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Members of the Board and professional advisers Year ended 31 March 2022**
## **Members of the Board and professional advisers**
Greater Manchester Centre for Voluntary Organisation
|**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**|Anwar Ali – appointed 2 November 2022||
||Phil Arnold – appointed 2 November 2022||
||Thomas Berry||
||Priti Butler||
||Atiha Chaudry – resigned 31 August 2022||
||Kathryn Cheetham||
||Richard Dyson (Vice Chair)||
||Jesse Garrick – appointed 2 November 2022||
||Mark Lee (Honorary Secretary)||
||Cllr. Tom McGee||
||Julie Nicholson – appointed|2 November 2022|
|**Auditor**|Beever and Struthers||
||Chartered Accountant & Statutory Auditor||
||One Express||
||1 George Leigh Street||
||Manchester||
||M4 5DL||
|**Bankers**|CAF Bank Limited|The Co-operative Bank plc|
||25 Kings Hill Avenue|1 Balloon Street|
||Kings Hill|Manchester|
||West Malling|M60 4EP|
||Kent||
||ME19 4JQ||
||Unity Trust Bank p.l.c.||
||Nine Brindley Place||
||Birmingham||
||B1 2HB||
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**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Trustees’ annual report Year ended 31 March 2022**
## **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 2022 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 2021/22 were:
**----- Start of picture text -----**
GMCVO St GMCVO Access Access to
Thomas Trading to Emergency
Centre Growth Investment
GM GM
Appointed
2 [nd]
Anwar Ali
November
2022
Appointed
2 [nd]
Phil Arnold
November
2022
Honorary
Thomas Berry
Treasurer
Priti Butler
Resigned
Atiha Chaudry 31 [st] August
2022
Kathryn Cheetham
Richard Dyson Vice Chair
Appointed
2 [nd]
Jesse Garrick
November
2022
Honorary
Mark Lee
Secretary
Cllr. Tom McGee
Appointed
2 [nd]
Julie Nicholson
November
2022
**----- End of picture text -----**
## **Senior staff**
|John Hannen|Chief Executive Officer|
|---|---|
|Gary Millar|Chief Operating Officer|
|Mike Thomas|Finance Manager|
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**Trustees’ annual report (continued) Year ended 31 March 2022**
## **Summary introduction**
GMCVO has passed through a significant year of transition to reposition itself as a leading voice in support of a more inclusive economy. The organisation has focused on its strengths and withdrawn from broader areas of work in order to build its reputation as a specialist in economic change.
As a result, GMCVO now has stronger partnership work and its purpose and function is better understood.
## **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**
Board members 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 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 will do so again in the forthcoming year alongside implementing a skills audit. A governance working group led by the Vice-Chair meets to look at areas for governance improvement.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
## **1.4 Pay policy for staff**
The pay scales for all staff, except for the Chief Executive, are contractually 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 are regularly supervised and have an annual review meeting with their line manager to agree objectives and priorities supported by a learning and development plan. This process is currently under review with the intent to develop more sophisticated approaches to continuous professional development linked to clear career pathways and succession strategies.
The Chief Executive is supported by the Chair. The overall employee offer was last reviewed by the F&P Committee in August 2016. A process of review of the offer is underway with some initial changes to policy linked to maternity pay and sick pay. Further reviews are planned during the next year, 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 2021.
## **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.
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.
Many policies and procedures have not been reviewed since the start of the covid pandemic so next year will see significant reviews of organisational policy, particularly related to flexible working, safeguarding, recruitment and equality, diversity & inclusion. Additional staffing has been put in place to address this and advice will be sought from external advisors.
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 changes in the operating environment**
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. The covid crisis has in many ways highlighted the value of local organisations with strong reach into communities, especially more marginalised communities. Funders, commissioners and philanthropists have been generous and flexible under the circumstances. However, the pandemic has left a legacy of poor health and increased demand for VCSE services.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
Whilst organisations may have been supported to get through the pandemic the reality is that an expansion of activity was needed.
However, this is unlikely to occur now, the current economic challenges are looking to create more significant risks to business than the pandemic did. Many organisations are seeing significant challenges in recruitment of skilled staff and inflation is having an impact on organisations unable to raise prices to cover costs and where grants and contracts have been agreed with lower expectations of inflation. Our research in the pandemic showed that over a third of organisations used reserves to self-fund services and previous sector surveys demonstrated reserves in organisations had been eroded over recent years. This will clearly restrict the ability of organisations to grow services to meet increasing demand for support.
## **1.7 Action taken to mitigate the impact of the risky environment**
Following a strategic review GMCVO has refocused its work in order to concentrate on activity which supports the development of a more inclusive economy. This has enabled the organisation to focus on a narrower portfolio of work that we can more effectively and efficiently engage in. This enables us to concentrate on higher value work linked to our expertise rather than stretch into unfamiliar fields.
Our partnership work has been strengthened with our leadership on inclusive economy recognises. We have renewed our relationship with the GMCA, which previously provided core funding and now have contract work to support their economic agenda as well as seconding staff into the GMCA itself.
We will still seek to provide social investment to VCSE organisation in Greater Manchester, but we are reducing the scale of future lending capacity. We had been planning a new £5m fund supported by Access but have reduced this to £3.5m. There will still be a market for growth in trading in the next few years, but it will be slower to start.
Our current lending assumed a default rate of 25% and we have achieved a rate of only 8%. This gives us an ability to manage a level of reduced performance, but we are monitoring this closely to ensure defaults are avoided where possible and organisations we invest in are supported to adapt. We are currently producing an information pack to help investees understand and navigate support for energy efficiency measures and will seek sources of direct support for organisations in this area over the next year.
## **2. Aims and Objectives**
**2.1 GMCVO’s principal objectives** as set out in its Memorandum and Articles of Association are to promote:
- (1) 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 organisations which are established for exclusively charitable purposes in accordance with the law of England and Wales and 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 and provide them with the necessary support, information and services to enable them to pursue or contribute to any charitable purpose and.
- (2) 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.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
## **2.2 Mission, Vision and Values**
## Our Mission:
GMCVO will drive economic and social inclusion in Greater Manchester through effective collaborations and supporting other organisation to achieve their goals.
GMCVO will support better decision making by increasing the accessibility and diversity of learning and insight.
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
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
- We will 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
## **2.3 Strategy**
During 2021/22 GMCVO adopted a transitional strategy based around reviewing and restructuring areas of activity and in particular focusing activity on core areas of activity. The focus was to stabilise finances, rebuild relationships with public and VCSE leaders in Greater Manchester and improve management processes and productivity within the organisation.
GMCVO will develop a new full strategy in the financial year 2022/23. It is expected to be in place before December 2022 in order to enable each GMCVO team to develop an annual implementation plan for the next financial year.
These plans will aid internal communication and alignment of work but will also give the staff members and the Board of GMCVO more strategic insight into the work of the organisation.
The strategy will provide an environmental analysis, an assessment of strengths and weaknesses and will put in place a set of strategic goals for the period 22/23 – 25/26. We anticipate a new strategy will be developed during 2025/26 but this review may be brought forward should there be significant political or economic change.
It is anticipated that the focus of GMCVO will remain that of the development of an inclusive economy but with a clear understanding of the need to build resilience within the VCSE sector during a period of economic change.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
## **3. Achievements and performance**
## **3.1 Summary**
This has been a significant year of change and uncertainty but with a strong and positive conclusion. With the organisation facing challenges it became clear how valued it is within the Greater Manchester VCSE sector. Funders have been supportive in renegotiating activity and very positive about the more intensive focus on inclusive economy.
Some significant projects did come to an end in 2021/22 but staff were able to transition to new work. Despite the uncertainty we were able to retain the majority of key staff and generate new projects.
## **3.2 Projects**
Significant projects and services in 2021/22 included:
## **3.2.1 Ambition for Ageing:**
This flagship programme to support better ageing through the development of Age Friendly Communities came to an end in this year. Through its 7 years the £11m programme supported intensive community development work in 25 neighbourhoods – expanding into support for communities across the city region to re-open activities following the multiple periods of lockdown. This included the provision of small grants.
The team has secured some follow-on funding in order to help disseminate the good practice developed. The staff will now work as a Partnerships Team, managing GMCVOs role as an Accountable Body for any partnership work and running our small grants function.
## **3.2.2 Hidden Talent**
The successful Hidden Talent programme finished its activity mid-way through the year. This supported young people not in employment, education or training and who did not claim benefits to develop their ability to enter the labour market. Fortunately, we were able to secure £403k of funding to deliver a new variation of the project through the Community Renewal Fund which started delivery in January 2022. Through our existing good relationships with community organisations, we were able to start work with young people immediately and were comfortably on track to meet targets ahead of schedule.
The Hidden Talent team have also expanded their remit to become our Work & Skills team and manage other projects, including a new project to support staff in mental health providers to gain university accredited qualifications.
## **3.2.3 Social Investment**
Our first investment fund, the Access to Growth fund, came to a close within this financial year and has been a great success. We were able to allocate all available investment and so far, despite modelling a potential default rate of 25%, defaults have accounted for 8% of investments. This is no small achievement during the challenging operating environment.
We continue to develop work with other social investors including Resonance and the Key fund and the end of the year were able to launch Proper Good, a new placed based lending programme. Proper Good, funded via the Local Access Programme will provide £8m of lending across 4 local authorities with a development partnership in each able to support and develop new forms of activity. GMCVO’s key role is to manage the investments for these partnerships and act as the accountable body.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
## **3.2.4 GM VCSE Accord Support**
Our previous work to support VCSE engagement in health devolution came to an end in October. With our repositioning and a new accord developed between the VCSE sector and all GM public bodies we were able to develop a new area of work for the engagement team. Our work in this area is to facilitate the work of the GMVCSE Leadership Group on both Inclusive Economy and Inequalities. This includes hosting the Greater Manchester Equalities Alliance (GM=EqAl). The team will now work as a Policy & Research team.
## **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.
## **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 2020.
## **6. Performance on securing resources**
GMCVO was successful in securing or maintaining a wide range of grants and contracts and generating independent trading income - 50% of this (£1.9m) was passed on to other Greater Manchester organisations in the form of grants or sub-contracts.
## **6.1 Income sources**
Excluding funding passed on to other organisations, income sources were as follows: -
**----- Start of picture text -----**
Income source 2020/21 2021/22
£ % £ %
Core funding (GMCA) 228,400 10.2 0 0.0
National funding body 39,539 1.8 74,622 3.9
Local government 24,149 1.1 433,694 22.6
Other local public sector 1,170,592 52.2 -4,237 -0.2
Earned income 433,749 19.3 594,909 31.0
Independent funders 342,514 15.3 815,838 42.6
Other 1,347 0.1 965 0.1
Total net funds 2,240,290 100 1,915,791 100
**----- End of picture text -----**
## **6.2 Financial review and results**
Our total turnover for the year was £3.791m (2020/21 £3.765m). There was a surplus in unrestricted funds of £57k (2020/21 in-year surplus of £91k) and a surplus of £187k (2020/21 in-year surplus of £666k) in restricted funds, which means that the overall result was a surplus of £244k (2020/21 in-year surplus of £757k). Total funds carried forward at the end of 2021/22 were £2,082k (2020/21 £1,838k) comprising £409k (2020/21 £352k) of unrestricted reserves and £1,673k (2020/21 £1,486k) of restricted reserves.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
The financial statements include group consolidated accounts, showing the contribution made by our subsidiary trading companies. Of our total expenditure we spent 83.8% (2020/21 85.5%) on direct chargeable activities in furtherance of our aims (including grants made to other organisations), 1.1% (2021/21 0.9%) on governance and 15.1% (2020/21 13.6%) on the cost of trading. This emphasises our commitment to our aims and objectives and provides evidence that our expenditure supports the achievement of our key objectives.
## **6.3 Subsidiary trading companies**
Turnover in St Thomas Centre was £74k (2020/21 £10k). There was a deficit of £26k for the year (2020/21 £64k) St Thomas Centre was operating under covid restrictions at the start of 2021/22 with a gradual reopening from May 2021. Turnover picked up during the year and was higher than expected. Demand has been high since the start of 2022/23, and we are confident about the future income for St Thomas Centre. The challenge to the business in future is unlikely to come from reduced demand but rather from the uncertainty around costs, particularly energy.
Turnover in GMCVO Trading was £83k (2020/21 £57k) and £18k (2020/21 £15k) was contributed to Group reserves. This company is a vehicle for our contracted consultancy and research. It has minimal 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 £411k (2020/21 £292k). The company achieved breakeven for the year (2020/21 in-year deficit of £8k). These results were in line with its business plan with bad debts well below budget. There remains a degree of uncertainty about the prospects of each investee due to current economic uncertainties. However, 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 £12k (2020/21 £50k). There was a deficit of £15k for the year (2020/21 £4k). These results were in line with its business plan. Repayments will commence during 2022/23. Providing debts and defaults remain within the parameters set for the fund, we are confident about the future trading prospects of Access to Emergency Investment GM.
GMCVO is continuing to provide financial support to the subsidiaries. GMCVO is not demanding repayment of intercompany debt within 12 months.
## **6.4 Financial sustainability**
Until Covid-19, St Thomas Centre performed well and following the easing of all restrictions we are now seeing a strong recovery in trading. There are clear risks with a likely recession but previous experience in economic slowdowns suggests that this will be limited in impact. Of greater concern is the growing cost of energy with GMCVO needing to renew its contracts in February 2023. We are unclear what government support will be available in the next financial year although we have invested in energy efficiency measures in the Centre which may help mitigate rises. We would expect energy costs to reduce in time, restoring the ability of the Centre to generate a surplus but will keep activity under close review during the next financial year.
Our social investment business is still growing and is now the largest area of activity within the organisation with funding agreements in place for the medium term. There are risks for any investor in a recession and we have sought to reduce these by limiting the growth of new funds and ensuring we have additional staffing capacity to manage loan repayment and recovery.
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
Our core work is less stable than it has been in the past although we have strong projects in supporting partnership work with the public sector and are discussing future projects with commissioners that will extend our small grants activity for a further year and will develop new approaches to building the capacity of VCSE skills providers. We have also developed two new academic research partnerships. This will result in the core teams having the majority of their funding secured or in negotiation before the 23/24 financial year but with a need to allocate unfunded capacity to development work in order to develop projects within the year or for the subsequent year. The more significant risks are with the Work & Skills team and the viability of that work will be reviewed before the start of the next financial year.
## **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-today 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 on 2[nd] 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 consolidated balance sheet shows reserves of £409k which are more than sufficient to meet its estimated liabilities, of these reserves £327k are regarded as free reserves, after allowing for designated reserves and funds tied up in tangible fixed assets.
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 the investor to take the companies into ownership should they appear to be failing.
## **7. Going concern**
GMCVO has passed through a significant year of transition to reposition itself as a leading voice in support of a more inclusive economy. The organisation has focused on its strengths and withdrawn from broader areas of work in order to build its reputation as a specialist in economic change. 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.
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. The Covid crisis has in many ways highlighted the value of local organisations with strong reach into communities, especially more marginalised communities. Funders, commissioners and philanthropists have been generous and flexible under the circumstances. However, the
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
pandemic has left a legacy of poor health and increased demand for VCSE services. Whilst organisations may have been supported to get through the pandemic the reality is that an expansion of activity was needed.
This is unlikely to occur now and the current economic challenges are looking to create more significant risks to business than the pandemic did. Many organisations are seeing significant challenges in recruitment of skilled staff and inflation is having an impact on organisations unable to raise prices to cover costs and where grants and contracts have been agreed with lower expectations of inflation. Our research in the pandemic showed that over a third of organisations used reserves to self-fund services and previous sector surveys demonstrated reserves in organisations had been eroded over recent years. This will clearly restrict the ability of organisations to grow services to meet increasing demand for support. We are taking steps to mitigate all of these risks as far as possible.
The trustees have reviewed financial performance and future forecasts of GMCVO and its subsidiary trading companies at the meeting of 2nd November 2022 and concluded that they expect the charity and its subsidiary trading companies to continue operating and discharging their role across Greater Manchester for the foreseeable future. They therefore believe the organisation will be able to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. This assessment has been made after taking into account a range of information in respect of future income and costs, cash flow projections and the anticipated changes in the level of reserves, whilst recognising key strategic, operational and financial risks and uncertainties. There are not considered to be any material uncertainties relating to going concern.
## **8. 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
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## **Trustees’ annual report (continued) Year ended 31 March 2022**
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.
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:
> 1[st] December 2022
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## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2022**
## **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 2022 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 2022 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.
13
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Independent auditor's report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2022**
## **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 10-11, 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.
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 2022**
## **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, data protection 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:_
- performed analytical procedures on to identify any unusual or unexpected relationships.
- tested journal entries to identify unusual transactions.
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 2022**
- 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-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 website 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 One Express 1 George Leigh Street Manchester M4 5DL
Date : 16/12/2022
16
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Consolidated statement of financial activities**
## **(incorporating the income and expenditure account) Year ended 31 March 2022**
|**Unrestricted**
**funds**
Note
£
**Income**
_Income from charitable_
_activities_
Operation of the charity
2
**134,653**
_Income_
_from_
_other_
_trading_
_activities_
Other charity activities
3
**7,698**
Commercial trading
5
**580,067**
Other operating income
5
**6,000**
Investment income
4
**965**
Total income
**729,383**
**Expenditure:**
_Expenditure of charitable_
_activities:_
Operation of the charity
6
**(64,982)**
_Costs of raising funds:_
Other charity activities
7
**(73,639)**
Commercial trading
**(534,423)**
**Total expenditure**
**(673,044)**
**Taxation**
9
**-**
**Net income and net**
**movement in funds**
**for the year**
**56,339**
Transfers
**-**
**Reconciliation of funds**
Total funds brought
forward
**352,425**
**Total funds carried**
**forward**
**408,764**|**Restricted**
**funds**
**Total funds**
**2022**
£
£
**3,060,595**
**3,195,248**
**1,300**
**8,998**
**-**
**580,067**
**-**
**6,000**
**-**
**965**
**3,061,895**
**3,791,278**
**(2,874,650)**
**(2,939,632)**
**-**
**(73,639)**
**-**
**(534,423)**
**(2,874,650)**
**(3,547,694)**
**-**
**-**
**187,245**
**243,584**
**-**
**-**
**1,485,752**
**1,838,177**
**1,672,997**
**2,081,761**|Total funds
2021
£
**3,326,284**
**17,559**
**410,035**
**10,000**
**1,347**
**3,765,225**
**(2,513,563)**
**(87,211)**
**(407,153)**
**(3,007,927)**|Total funds
2021
£
**3,326,284**
**17,559**
**410,035**
**10,000**
**1,347**
**3,765,225**
**(2,513,563)**
**(87,211)**
**(407,153)**
**(3,007,927)**|Total funds
2021
£
**3,326,284**
**17,559**
**410,035**
**10,000**
**1,347**
**3,765,225**
**(2,513,563)**
**(87,211)**
**(407,153)**
**(3,007,927)**|
|---|---|---|---|---|
||||**-**
**757,298**
**-**
**1,080,879**|**-**
**757,298**|
||||**1,838,177**||
||||||
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 22 to 44 form part of these financial statements**
17
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Parent statement of financial activities**
## **(incorporating the income and expenditure account) Year ended 31 March 2022**
|**Unrestricted**
**funds**
**Note**
**£**
**Income:**
_Income from charitable_
_activities:_
Operation of the charity
**2**
**134,653**
_Income from other trading_
_activities:_
Other charity activities
**3**
**77,333**
Investment income
**4**
**15,771**
───────────────
───
**Total income**
**227,757**
________________________
**Expenditure:**
_Expenditure on_
_charitable activities:_
Operation of the charity
**6**
**(60,158)**
_Costs of raising funds:_
Other charity activities
**7**
**(73,639)**
────────────────
───
**Total expenditure**
**(133,797)**
________________________
**Net income and net**
**movement in funds for**
**the year**
**93,960**
Transfers
**-**
**Reconciliation of funds**
Total funds brought forward
**478,805**
────────────────
**Total funds carried forward**
**572,765**
═══════════|**Restricted**
**funds**
**Total funds**
**2022**
Total funds
2021
**£**
**£**
£
**3,060,595**
**3,195,248**
**3,326,284**
**1,300**
**78,633**
**79,471**
**-**
**15,771**
**11,815**
─────────────
────────────────
────────────────
**3,061,895**
**3,289,652**
**3,417,570**
________________________
________________________
________________________
**(2,874,650)**
**(2,934,808)**
**(2,501,285)**
**-**
**(73,639)**
**(87,211)**
─────────────
────────────────
────────────────
**(2,874,650)**
**(3,008,447)**
**(2,588,496)**
________________________
________________________
________________________
**187,245**
**281,205**
**829,074**
**-**
**-**
**-**
**1,485,752**
**1,964,557**
**1,135,483**
────────────
────────────
────────────────
**1,672,997**
**2,245,762**
**1,964,557**
═══════════
═══════════
═══════════|
|---|---|
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 22 to 44 form part of these financial statements**
18
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Consolidated balance sheet At 31 March 2022**
|||**2022**|**2022**|2021|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible assets|**12**||**34,968**|40,846|
|**Current assets**|||||
|Debtors|**13**|**1,072,124**||716,577|
|Debtors: amounts falling due after one year|**13**|**1,433,468**||1,518,313|
|Cash at bank and in hand||**2,432,435**||2,052,025|
|||──────────────||─────────────|
|||**4,938,027**||4,286,915|
|**Creditors: amounts falling due within one**|||||
|**year**|**14**|**(1,833,644)**||(992,494)|
|||──────────────||─────────────|
|**Net current assets**|||**3,104,383**|3,294,421|
||||─────────────|─────────────|
|**Total assets less current liabilities**|||**3,139,351**|3,335,267|
|**Creditors: amounts falling due after one year**|**15**||**(1,057,590)**|(1,497,090)|
||||────────────|────────────|
|**Net assets**|||**2,081,761**|1,838,177|
||||═══════════|═══════════|
|**Funds**|||||
|Restricted income funds|**16**||**1,672,997**|1,485,752|
|Unrestricted income funds|**17**||**408,764**|352,425|
||||────────────|───────────|
|**Total funds**|||**2,081,761**|1,838,177|
||||═══════════|═══════════|
These financial statements were approved by the trustees and authorised for issue on 1[st] December 2022 and are signed on their behalf by:
……………………………………..……… …………………………………..………
**Richard Dyson, Trustee (Vice Chair)**
**Thomas Berry, Trustee (Treasurer)**
Company Registration Number: 1223344
**The notes on pages 22 to 44 form part of these financial statements**
19
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Parent balance sheet At 31 March 2022**
|||**2022**|**2022**|2021|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible assets|**12**||**34,968**|40,846|
|Investments|**5**||**3**|3|
||||─────────────|─────────────|
||||**34,971**|40,849|
|**Current assets**|||||
|Debtors|**13**|**514,699**||501,545|
|Cash at bank and in hand||**2,158,150**||1,683,625|
|||─────────────||─────────────|
|||**2,672,849**||2,185,170|
|**Creditors: amounts falling due within one**|||||
|**year**|**14**|**(445,430)**||(261,462)|
|||─────────────||─────────────|
|**Net current assets**|||**2,227,419**|1,923,708|
||||─────────────|─────────────|
|**Total assets less current liabilities**|||**2,262,390**|1,964,557|
|**Creditors: amounts falling due after one year**|**15**||**(16,628)**|-|
||||────────────|────────────|
|**Net assets**|||**2,245,762**|1,964,557|
||||═══════════|═══════════|
|**Funds**|||||
|Restricted income funds|**16**||**1,672,997**|1,485,752|
|Unrestricted income funds|**17**||**572,765**|478,805|
||||────────────|────────────|
|**Total funds**|||**2,245,762**|1,964,557|
||||═══════════|═══════════|
These financial statements were approved by the trustees and authorised for issue on 1[st] December 2022 and are signed on their behalf by:
……………………………………..……… …………………………………..………
**Richard Dyson, Trustee (Vice Chair)**
**Thomas Berry, Trustee (Treasurer)**
Company Registration Number: 1223344
**The notes on pages 22 to 44 form part of these financial statements**
20
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Statement of cash flows and consolidated**
## **statement of cash flows Year ended 31 March 2022**
|**Net cash from operating**
**activities (see below)**
**Cash flows from investing**
**activities:**
Purchase of tangible assets
Disposal of tangible assets
**Cash provided by investing**
**activities**
Increase in cash and cash
equivalent in the year
Cash and cash equivalents at
the beginning of the year
**Total**
**cash**
**and**
**cash**
**equivalents at the end of the**
**year**|**Group**
**2022**
**£**
**379,748**
**965**
**(17,694)**
**17,391**
**662**
**380,410**
**2,052,025**
**2,432,435**|**Group**
**2021**
**£**
754,713
1,347
-
-
1,347
756,060
1,295,965
2,052,025|**GMCVO**
**2022**
**£**
**459,057**
**15,771**
**(17,694)**
**17,391**
**15,468**
**474,525**
**1,683,625**
**2,158,150**|**GMCVO**
**2021**
**£**
592,492
11,815
-
-
11,815
604,307
1,079,318
1,683,625|
|---|---|---|---|---|
## **Reconciliation of net movement in funds to net cash flow from operating activities**
|**Group**
**2022**
**£**
**Group**
**2021**
**£**
**GMCVO**
**2022**
**£**
**GMCVO**
**2021**
**£**
**Net surplus for the year**
**243,584**
757,298
**281,205**
829,074
Add: Depreciation charge
**6,181**
15,854
**6,181**
15,854
Less: Interest income
**(965)**
(1,347)
**(15,771)**
(11,815)
(Increase)/decrease in debtors
**(270,703)**
(1,144,444)
**(13,154)**
(116,985)
(Decrease)/increase in
creditors
**401,651**
1,127,352
**200,596**
(123,636)
**Net cash from operating**
**activities**
**379,748**
754,713
**459,057**
592,492|**Group**
**2022**
**£**
**Group**
**2021**
**£**
**GMCVO**
**2022**
**£**
**GMCVO**
**2021**
**£**
**Net surplus for the year**
**243,584**
757,298
**281,205**
829,074
Add: Depreciation charge
**6,181**
15,854
**6,181**
15,854
Less: Interest income
**(965)**
(1,347)
**(15,771)**
(11,815)
(Increase)/decrease in debtors
**(270,703)**
(1,144,444)
**(13,154)**
(116,985)
(Decrease)/increase in
creditors
**401,651**
1,127,352
**200,596**
(123,636)
**Net cash from operating**
**activities**
**379,748**
754,713
**459,057**
592,492|**Group**
**2022**
**£**
**Group**
**2021**
**£**
**GMCVO**
**2022**
**£**
**GMCVO**
**2021**
**£**
**Net surplus for the year**
**243,584**
757,298
**281,205**
829,074
Add: Depreciation charge
**6,181**
15,854
**6,181**
15,854
Less: Interest income
**(965)**
(1,347)
**(15,771)**
(11,815)
(Increase)/decrease in debtors
**(270,703)**
(1,144,444)
**(13,154)**
(116,985)
(Decrease)/increase in
creditors
**401,651**
1,127,352
**200,596**
(123,636)
**Net cash from operating**
**activities**
**379,748**
754,713
**459,057**
592,492|
|---|---|---|
|||
592,492|
**The notes on pages 22 to 44 form part these financial statements**
21
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **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 2022 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 have reviewed financial performance and future forecasts of GMCVO and its subsidiary trading companies at the meeting of 2nd November 2022 and concluded that they expect the charity and its subsidiary trading companies to continue operating and discharging their role across Greater Manchester for the foreseeable future. They therefore believe the organisation will be able to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. This assessment has been made after taking into account a range of information in respect of future income and costs, cash flow projections and the anticipated changes in the level of reserves, whilst recognising key strategic, operational and financial risks and uncertainties. There are not considered to be any material uncertainties relating to going concern.
## **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 - 10% straight line
- Furniture, fittings and office equipment - 20% straight line
- Computer equipment
- 25% straight line
22
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **1. Accounting policies (continued)**
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. 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.
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.
23
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **1. Accounting policies (continued)**
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 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.
## **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 2022**
|Grants receivable
Other income|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2022**
**£**
**£**
**£**
**134,653**
**3,060,416**
**3,195,069**
**-**
**179**
**179**|
|---|---|
||**134,653**
**3,060,595**
**3,195,248**|
24
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **Consolidated and GMCVO 2021**
|**Consolidated and GMCVO 2021**||
|---|---|
|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|
## **3. Income from other trading activities – other charity activities Consolidated 2022**
|**Income from other trading activities – other**
**Consolidated 2022**|**charity activities**|**charity activities**|
|---|---|---|
|Room rental
Other income
**Consolidated 2021**
Room rental
Other income
**GMCVO 2022**
Room rental
Other income
**GMCVO 2021**
Room rental
Other income|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2022**
**£**
**£**
**£**
**3,813**
**-**
**3,813**
**3,885**
**1,300**
**5,185**||
|||**7,698**
**1,300**
**8,998**|
||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**
**2022**
**£**
**£**
**£**
**73,448**
**-**
**73,448**
**3,885**
**1,300**
**5,185**
**77,333**
**1,300**
**78,633**|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
2021
£
£
£
68,453
-
68,453
10,068
950
11,018|
|||78,521
950
79,471|
25
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **4. Investment income**
|**Investment income**||||
|---|---|---|---|
|**Consolidated**|**Unrestricted**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|
|||**2022**|**2021**|
||**£**|**£**|**£**|
|Bank and loan interest receivable|**965**|**965**|**1,347**|
|**GMCVO**|**Unrestricted**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|
|||**2022**|**2021**|
||**£**|**£**|**£**|
|Income from UK group undertakings|**14,806**|**14,806**|10,468|
|Other income|**965**|**965**|1,347|
||**15,771**|**15,771**|11,815|
26
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **5. Commercial trading operations**
The charity owns the whole of the issued share capital of St Thomas Centre Limited, Access to Growth GM Limited and Access to Emergency Investment 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 2022 is shown below:**
**----- Start of picture text -----**
Access to St Thomas GMCVO Access to Total
Emergency Centre Trading Growth
Investment £ £ £ £
£
Turnover 12,000 73,822 82,939 411,306 580,067
Other operating income 6,000 6,000
Cost of sales - (7,578) - - (7,578)
Administrative expenses (12,000) (98,566) (50,076) (387,746) (548,388)
-
Operating surplus/(deficit) (26,322) 32,863 23,560 30,101
- -
Interest payable (14,550) (23,560) (38,110)
Gift aid paid in respect of prior
year - - (14,806) - (14,806)
Retained in the subsidiaries (14,550) (26,322) 18,057 - (22,815)
The assets and liabilities of Access to St Thomas GMCVO Access to Total
the subsidiaries were: Emergency Centre Trading Growth
Investment £ £ £ £
£
Current assets 815,923 24,559 108,774 624,263 1,573,519
- - -
Debtors due after one year 925,135 925,135
Creditors due within one year (406,854) (114,526) (90,717) (1,009,593) (1,621,690)
- -
Creditors due after one year (427,752) (613,210) (1,040,962)
Total net assets (18,683) (89,967) 18,057 (73,405) (163,998)
A summary of the trading results for 2021 is shown below:
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 - (6,961) (3,507) - (10,468)
year
Retained in the subsidiaries (4,134) (63,646) 14,806 (8,334) (61,308)
The assets and liabilities of Access to St Thomas GMCVO Access to Total
the 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)
**----- End of picture text -----**
27
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **6. Analysis of expenditure on charitable activities**
|**Consolidated**
**Direct cost**
**of activities**
**£**
**Support**
**costs**
**£**
**Governance**
**costs**
**£**
Salaries and other staff costs
702,912
147,468
-
Project costs
46,177
4,046
-
Payment to partners
1,875,488
-
-
Running costs
170,100
(180,179)
-
Communications
9,864
1,938
-
Meeting costs
29,304
822
-
Marketing
3,052
410
-
Audit and accountancy
-
-
24,060
Professional fees
-
-
14,405
Other expenses
66,605
23,160
-
2,903,502
(2,335)
38,465
**GMCVO**
**Direct cost**
**of activities**
**£**
**Support**
**costs**
**£**
**Governance**
**costs**
**£**
Salaries and other staff costs
702,912
147,468
-
Project costs
46,177
4,046
-
Payment to partners
1,875,528
-
-
Running costs
170,100
(180,179)
-
Communications
9,865
1,938
-
Meeting costs
36,963
822
-
Marketing
3,052
410
-
Audit and accountancy
-
-
11,842
Professional fees
-
-
14,180
Other expenses
66,524
23,160
-
2,911,121
(2,335)
26,022|**Total**
**2022**
**£**
850,380
50,223
1,875,488
(10,079)
11,802
30,126
3,462
24,060
14,405
89,765|
|---|---|
||2,939,632|
||**Total**
**2022**
**£**
850,380
50,223
1,875,528
(10,079)
11,803
37,785
3,462
11,842
14,180
89,684|
||2,934,808|
28
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **6. Analysis of expenditure on charitable activities (continued)**
|**Consolidated**
Salaries and other staff costs
Project costs
Payment to partners
Running costs
Travel expenses
Communications
Meeting costs
Marketing
Audit and accountancy
Professional fees
Other expenses
**GMCVO**
Salaries and other staff costs
Project costs
Payment to partners
Running costs
Travel expenses
Communications
Meeting costs
Marketing
Audit and accountancy
Professional fees
Other expenses|**Direct cost**
**of activities**
**£**
589,435
47,986
1,524,935
70,635
117
8,631
31,382
1,766
-
-
78,431
2,353,318
**Direct cost**
**of**
**£**
589,435
47,986
1,524,935
70,635
117
8,631
31,739
1,766
-
-
79,241
2,354,485|**Support**
**costs**
**£**
**Governance**
**costs**
**£**
221,966
-
-
-
-
-
(123,111)
-
12
-
2,671
-
158
-
1,371
-
-
20,672
3,411
4,063
29,032
-
135,510
24,735
**Support**
**costs**
**£**
**Governance**
**costs**
**£**
221,966
-
-
-
-
-
(123,111)
-
12
-
2,671
-
158
-
1,371
-
-
10,180
3,411
1,111
29,032
-
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
3,136
10,180
4,522
108,273
2,501,285|
|---|---|---|---|---|
||||||
||||||
29
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **7. Analysis of costs of raising funds – other charity activities**
|**Consolidated**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
**Other**
**activities**
**£**
**Governance**
**costs**
**£**
Salaries and other
staff costs
20,839
-
646
-
Running costs
47,575
-
-
-
Communications
515
-
8
-
Meeting costs
174
-
-
-
Professional fees
136
-
-
-
Other expenses
3,746
-
-
-
72,985
-
654
-
**GMCVO**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
**Other**
**activities**
**£**
**Governance**
**costs**
**£**
Salaries and other
staff costs
20,839
-
646
-
Running costs
47,575
-
-
-
Communications
515
-
8
-
Meeting costs
174
-
-
-
Professional fees
136
-
-
-
Other expenses
3,746
-
-
-
72,985
-
654
-
**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**
**2022**
**£**
21,485
47,575
523
174
136
3,746
73,639
**Total**
**2022**
**£**
21,485
47,575
523
174
136
3,746
73,639
**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|
|---|---|
30
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **8. Governance costs**
## **Consolidated 2022**
|Audit and other fees
Legal and professional
**Consolidated 2021**
Audit and other fees
Legal and professional
**GMCVO 2022**
Audit and other fees
Legal and professional
**GMCVO 2021**
Audit and other fees
Legal and professional|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2022**
**£**
**£**
**£**
**24,060**
**-**
**24,060**
**3,019**
**11,523**
**14,542**
**27,079**
**11,523**
**38,602**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2022**
**£**
**£**
**£**
**24,060**
**-**
**24,060**
**3,019**
**11,523**
**14,542**
**27,079**
**11,523**
**38,602**|
|---|---|---|
||||
||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**
**2022**
**£**
**£**
**£**
**11,842**
**-**
**11,842**
**2,793**
**11,523**
**14,316**
**14,635**
**11,523**
**26,158**|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
2021
£
£
£
10,180
-
10,180
71
1,040
1,111
10,251
1,040
11,291|
Audit fees and legal and professional fees are all directly attributable to governance.
31
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **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 2022 (2021: £Nil).
## **10. Net income for the year**
This is stated after charging:
||**2022**|2021|
|---|---|---|
||**£**|£|
|Staff pension contributions|**51,600**|52,071|
|Depreciation|**6,181**|15,854|
|Auditors' fees (statutory audit)|**11,842**|10,180|
||═══════|═══════|
In addition to the above for the year ending 31 March 2022: £4,100(2021: £3,977) was due to the Auditors for accounts preparation services and £1,728 (2021: £1,676) for taxation services.
## **11. Staff costs and emoluments**
## **Total staff costs were as follows:-**
|**Consolidated**|**2022**|2021|
|---|---|---|
||**£**|£|
|Salaries|**917,921**|891,633|
|Social security costs|**83,791**|79,924|
|Other pension costs|**61,989**|62,925|
||────────|───────|
||**1,063,701**|1,034,482|
||═══════|═══════|
|**GMCVO**|**2022**|2021|
||**£**|£|
|Salaries|**744,335**|737,309|
|Social security costs|**69,923**|65,885|
|Other pension costs|**51,600**|52,071|
||───────|───────|
||**865,858**|855,265|
||═══════|═══════|
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:
|equivalents, was as follows:|||
|---|---|---|
||**2022**|2021|
||**No**|No|
|Number of other staff - provision of services|**33**|35|
||════|════|
32
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements**
## **Year ended 31 March 2022**
## **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:
|**2022**|2021|
|---|---|
|**£**|£|
|**196,898**|147,087|
|═════|═════|
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 (2021: £Nil) for expenses during the year.
## **12. Tangible fixed assets**
|**Consolidated and GMCVO**|**Property**|**Furniture &**|**Computer**||
|---|---|---|---|---|
||**improvements**|**fittings**|**equipment**|**Total**|
||**£**|**£**|**£**|**£**|
|**Cost**|||||
|At 1st April 2021|122,249|113,952|16,119|252,319|
|Additions|9,397|8,297|-|17,694|
|Disposals|(17,391)|-|-|(17,391)|
||──────|──────|──────|─────|
|**At 31st March 2022**|**114,255**|**122,249**|**16,119**|**252,622**|
||══════|══════|══════|═════|
|**Depreciation**|||||
|At 1st April 2021|101,432|94,996|15,045|211,473|
|Charge for the year|4,036|18,731|805|23,572|
|Eliminated on disposal|(17,391)|-|-|(17,391)|
||──────|─────|──────|──────|
|**At 31st March 2022**|**88,077**|**113,727**|**15,850**|**217,654**|
||══════|═════|══════|══════|
|**Net book value**|||||
|**At 31st March 2022**|**26,178**|**8,522**|**269**|**34,968**|
||══════|═════|══════|══════|
|At 31st March 2021|20,817|18,956|1,074|40,846|
||══════|═════|══════|══════|
33
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **13. Debtors**
|**Debtors**|||||
|---|---|---|---|---|
||**Consolidated**||**GMCVO**||
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|Trade debtors|**1,457,325**|2,122,707|**169,557**|314,442|
|Amounts owed by group|||||
|undertakings|**-**|-|**233,090**|154,440|
|Other debtors and prepayments|**123,132**|112,183|**112,052**|32,663|
||───────|───────|──────|──────|
||**1,580,457**|2,234,890|**514,699**|501,545|
||═══════|═══════
|══════|══════|
Included in the consolidated trade debtors is an amount of £1,433,468 (2021: £793,313) which is receivable in greater than one year.
## **14. Creditors: amounts falling due within one year**
||**Consolidated**|**Consolidated**|**GMCVO**|**GMCVO**|
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|Trade creditors|**112,403**|154,240|**107,556**|153,370|
|Other borrowings|**817,203**|-|**173,372**|-|
|Taxation and social security|**36,810**|26,941|**31,828**|21,035|
|Accruals and deferred income|**804,416**|695,068|**80,871**|74,974|
|Deferred income|**53,656**|57,583|**42,854**|11,007|
|Interest payable|**-**|57,530|**-**|-|
|Other creditors|**9,156**|1,132|**8,949**|1,076|
||───────|──────|──────|──────|
||**1,833,644**|992,494|**445,430**|261,462|
||═══════|══════|══════|══════|
Group deferred income movements being: £57,583 brought forward, £49,416 released in the year, £45,489 added with a closing balance of £53,656.
GMCVO deferred income movements being: £11,007 brought forward, £12,729 released in the year, £44,576 added with a closing balance £42,854.
## **15. Creditors: amounts falling due in more than one year**
||**Consolidated**|**Consolidated**|**GMCVO**|**GMCVO**|
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|Other borrowings|**1,057,590**|1,497,090|**16,628**|–|
||───────|───────|───────|───────|
||**1,057,590**|1,497,090|**16,628**|–|
||═══════|═══════|═══════|═══════|
## Other borrowings comprise:
A loan of £1,151,443 from Big Society Capital Limited received by Access to Growth GM Limited to assist the company in providing loans to charities and social enterprises. The interest rate was 0% for the 6 months to 30[th] September 2020 and 2% per annum thereafter.
Since the year end the repayments have commenced.
34
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **15. Creditors: amounts falling due in more than one year** _**(continued)**_
A loan of £533,350 from Greater Manchester Combined Authority received by Access to Emergency Investment (GM) 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.
A Resilience and Recovery loan of £190,000 from Social Investment Business. Interest is charged at 9% in year one and 7% in subsequent years and is repayable over 5 years.
## **16. Restricted income funds**
**----- Start of picture text -----**
Balance at Incoming Outgoing Balance at
1 April 2021 resources resources Transfers 31 March 2022
£ £ £ £ £
AddVentures - Lifted 9,157 28,644 (36,055) - 1,746
(Caring)
AddVentures - MAP - - - - 0
AddVentures - MAP - 1,393 - - - 1,393
Reach Fund
AddVentures - Benefits 456 - - - 456
Owl
-
Ambition for Ageing 30,113 714,315 (717,758) 26,670
-
Big Alcohol Conversation 14,595 39,600 (350) 53,845
Comic Relief BAME 62,923 7,000 (69,257) - 666
Grants
Connect Fund - Covid - 75,000 (75,000) - 0
Recovery Support
- -
Connecting GM BAME 18,370 (13,621) 4,749
Entrepreneurs To Social
Investment 2
-
Connecting GM BAME 29,481 43,594 (59,825) 13,250
Entrepreneurs To Social
Investment 3
- -
Trauma Responsive 181,380 (75,788) 105,592
Communities VCSE
Grants
- -
Connecting GM BAME 44,000 (31,968) 12,032
Entrepreneurs To Social
Investment 3 (Investment
Research)
Case Studentship (ESRC) - 7,337 (7,337) - 0
- -
GM Cancer Inequalities 79,601 (19,084) 60,517
GM Funders Forum 17,320 - (17,320) - 0
**----- End of picture text -----**
35
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements**
## **Year ended 31 March 2022**
## **16. Restricted income funds (continued)**
**----- Start of picture text -----**
Balance at Incoming Outgoing Balance at
1 April 2021 resources resources Transfers 31 March 2022
£ £ £ £ £
-
GM Mental Wellbeing 73,554 250,000 (126,574) 196,980
GM Moving 66,322 2,500 (68,822) - 0
- -
GM Equality Alliance 54,924 1,162 56,086
- -
Covid Community 60,000 (54,196) 5,804
Champions Grant
GM 2400 Microgrants - 12,000 (12,000) - 0
- -
Community Renewal Fund 300,222 (185,160) 115,062
(Hidden Talent)
Urgent and Emergency - 25,080 (25,080) - 0
Care Comms Grants
Health and Social Care 210,732 - (210,732) - 0
Hidden Talent (NLCF) 3,554 67,131 (70,685) - 0
- - -
Leading In GM 11,872 11,872
-
Local Access Programme 27,372 464,100 (89,697) 401,775
- Development
Maternal MH VCSE 320,612 1,840 (291,251) - 31,201
Capacity Building
VCSE Mental Health 461,068 101,086 (327,112) - 235,042
Surge Funding
- -
GM NHS System 259,000 (65,000) 194,000
Development Funding
VCSE MH Winter 73,321 - (73,321) - 0
Discharge Funding
Local Access Programme - 39,000 (39,000) - 0
- Investment
- -
IAPT (Improving Access 85,878 (51,049) 34,829
To Psychological
Therapies)
- -
GM H&SC Partnership 18,928 (488) 18,440
Support
NLCF Covid Support 10,128 - (10,128) - 0
VCS EP Local Liaison - 4,750 (4,750) - 0
Lead (NAVCA)
VCSE Accord - 39,985 (1,687) - 38,298
Implementation
VCSE Mental Health 43,409 55,000 (45,717) - 52,692
Leadership
─────── ─────── ─────── ─────── ───────
-
1,485,752 3,061,895 (2,874,650) 1,672,997
═══════ ═══════ ═══════ ═══════ ═══════
**----- End of picture text -----**
36
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **16. Restricted income funds** _(continued)_
**----- Start of picture text -----**
AddVentures - Lifted Respite for parents of adult children with illness or disability.
(Caring)
AddVentures - MAP Support for young people at risk.
AddVentures - MAP - Additional ring-fenced funding for the AddVentures MAP project.
Reach Fund
AddVentures - Benefits Training for community organisers.
Owl
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 including BAME communities.
Big Alcohol Conversation Consultation with the public through VCSE groups on reducing alcohol
related harms in Greater Manchester.
Comic Relief BAME Partnership with GM BAME Network to distribute grants to BAME-led
Grants VCSE groups in Greater Manchester on behalf of Comic Relief.
Connect Fund - Covid Funding to support the organisation to help to recover from the effects
Recovery Support of the pandemic.
Connecting GM BAME Research into the barriers faced by BAME entrepreneurs.
Entrepreneurs To Social
Investment 2
Connecting GM BAME Enabling the GM BAME Social Enterprise Network to evolve further and
Entrepreneurs To Social to constitute.
Investment 3
Trauma Responsive Strategic grants programme to upskill VCSE organisations to develop
Communities VCSE trauma informed and responsive communities across Greater
Grants Manchester.
Connecting GM BAME Additional ring-fenced funding for the research into the barriers faced by
Entrepreneurs To Social BAME entrepreneurs.
Investment 3 (Investment
Research)
Case Studentship Exploring the relational nature of VCSE activity.
(ESRC)
GM Cancer Inequalities Working with community organisations addressing inequalities to
identify barriers to reporting and diagnosis of cancer.
GM Funders Forum Developing and hosting regular meetings for public and independent
funders providing grants to VCSE organisations.
GM Mental Wellbeing Grants programme for community organisations to provide activities to
enhance mental wellbeing of marginalised people.
GM Moving Small grants programme for VCSE organisations to encourage people
to walk.
GM Equality Alliance To support and link GM=EqAl to the VCSE Accord implementation plan.
**----- End of picture text -----**
37
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **16. Restricted income funds** _(continued)_
**----- Start of picture text -----**
Covid Community To tailor and target the “safely living with COVID-19” campaign to
Champions Comms reach specific priority audiences of higher covid risk/lower public
Grants messaging engagement.
GM 2YOO Microgrants Small grants for Bangladeshi and/or Pakistani led VCSE organisations
to support the promotion of free early education to their communities.
Community Renewal Supporting young people not in education, employment or training to
Fund (Hidden Talent) improve their ability to take on work.
Urgent and Emergency Small grants to generate responses to the 'Winter Pressures' survey
Care Comms Grants which was co-created by GMCVO and GMICP.
Health and Social Care Enabling VCSE organisations to be involved in GM Health and Social
Care devolution through a formal memorandum of understanding.
Hidden Talent (NLCF) 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.
Leading In GM Events and peer learning for public and VCSE leaders together.
Local Access Development funding to support social enterprise in four boroughs of
Programme - Greater Manchester.
Development
Maternal MH VCSE Passing funding to organisations to provide support to maternal
Capacity Building mental health.
VCSE Mental Health Passing funding to organisations providing mental health support to
Surge Funding increase the number of people they can help.
GM NHS System Passing GM MH Community Transformation funds onto VCSE
Development Funding organisations to support the Living Well programme.
VCSE MH Winter Passing funding to organisations who can help resettle people after a
Discharge Funding hospital stay.
Local Access Funding to support the rollout of a social investment programme in
Programme - Investment four boroughs of Greater Manchester.
IAPT (Improving Access Supporting staff in VCSE organisations to develop accredited skills
To Psychological enabling them to provide more complex support services.
Therapies)
GM H&SCP Support Providing support to the GM Health and Social Care Partnership.
NLCF Covid Support Support for GMCVO, St Thomas Centre and the GM BAME Network
to remain sustainable during lockdown.
VCS EP Local Liaison Passing information about the impact of covid to and from Greater
Lead (NAVCA) Manchester and national.
**----- End of picture text -----**
38
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **16. Restricted income funds** _(continued)_
|VCSE Accord
Implementation|To review and assess VCSE engagement in Greater Manchester
Combined Authority activity and support Inclusive Economy and
subgroup.|
|---|---|
|VCSE Mental Health
Leadership|Support for the VCSE Mental Health Leaders group and network.|
## **17. Unrestricted income funds 2022 and 2021**
## **Consolidated**
|**Consolidated**||||||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Outgoing**||**Balance at**|
||**1 Apr 2021**|**resources**|**resources**|**Transfers**|**31 Mar 2022**|
||**£**|**£**|**£**|**£**|**£**|
|St Thomas||||||
|Centre sinking||||||
|fund|**5,000**|**-**|**-**|**-**|**5,000**|
|St Thomas||||||
|Centre||||||
|Lift|**20,817**|**-**|**(3,084)**|**-**|**17,733**|
|SIB asset fund|**-**|**60,000**|**(952)**||**59,048**|
|General Funds|**326,608**|**669,383**|**(669,008)**|**-**|**326,983**|
||**────────────────────────────────────────**|||||
||**352,425**|**729,383**|**(673,044)**|**-**|**408,764**|
||═══════|═══════|═══════|═══════|═══════|
||**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**|
||═══════|═══════|═══════|═══════|═══════|
The sinking fund is an amount put aside by the trustees to cover their obligations for major internal repairs in accordance with the lease.
39
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **Parent**
|**Parent**||||||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Outgoing**||**Balance at**|
||**1 Apr 2021**|**resources**|**resources**|**Transfers**|**31 Mar 2022**|
||**£**|**£**|**£**|**£**|**£**|
|St Thomas||||||
|Centre sinking||||||
|fund|**5,000**|**-**|**-**|**-**|**5,000**|
|St Thomas||||||
|Centre||||||
|Lift|**20,817**|**-**|**(3,084)**|**-**|**17,733**|
|SIB asset fund|**-**|**60,000**|**(952)**||**59,048**|
|General Funds|**452,988**|**167,757**|**(129,761)**|**-**|**490,984**|
||**────────────────────────────────────────**|||||
||**478,805**|**227,757**|**(133,797)**|**-**|**572,765**|
||═══════|═══════|═══════|═══════|═══════|
||**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|**269,392**|**385,954**|**(219,412)**|**17,054**|**452,988**|
||**────────────────────────────────────────**|||||
||**315,347**|**385,954**|**(222,496)**|**-**|**478,805**|
||═══════|═══════|═══════|═══════|═══════|
40
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **18. Analysis of net assets between funds 2022 and 2021**
## **Consolidated**
|**Consolidated**|||||||
|---|---|---|---|---|---|---|
|||||**Debtors**|
**Creditors**||
||**Tangible**||**falling due**||
**falling due**||
||**fixed**|**Net current**||**after one**|
**after one**||
||**assets**|**assets**||**year**|**year**|**Total 2022**|
||**£**|**£**||**£**|**£**|**£**|
|**Restricted income funds**|**-**|**1,672,997**||**-**|**-**|**1,672,997**|
|**Unrestricted income funds:**|||||||
|Designated funds|**17,733**|**64,048**||**-**|**-**|**81,781**|
|General funds|**17,235**|**(66,130)**||**1,433,468 **|**(1,057,590)**|**326,983**|
||─────────────────────────────────────||||||
|**Total Funds**|**34,968**|**1,670,915 **||**1,433,468**|**(1,057,590)**|**2,081,761**|
||═══════|═════════════════════||||═══════|
|||||**Debtors**|
**Creditors**||
||**Tangible**||**falling due**||
**falling due**||
||**fixed**|**Net current**||**after one**|
**after one**||
||**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|
||═══════|═════════════════════||||═══════|
|**Parent**|||||||
|||||**Debtors**|
**Creditors**||
||**Tangible**||**falling due**||
**falling due**||
||**fixed**|**Net current**||**after one**|
**after one**||
||**assets**|**assets**||**year**|**year**|**Total 2022**|
||**£**|**£**||**£**|**£**|**£**|
|**Restricted income funds**|**-**|**1,672,997**||**-**|**-**|**1,672,997**|
|**Unrestricted income funds:**|||||||
|Designated funds|**17,733**|**64,048**||**-**|**-**|**81,781**|
|General funds|**17,238**|**490,374**||**-**|**(16,628)**|**490,984**|
||─────────────────────────────────────||||||
|**Total Funds**|**34,971**|**2,227,419**||**-**|**(16,628)**|**2,245,762**|
||═══════|═════════════════════||||═══════|
41
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
||||**Debtors**|
**Creditors**||
|---|---|---|---|---|---|
||**Tangible**|**falling due**||
**falling due**||
||**fixed**|**Net current**|**after one**|
**after one**||
||**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|16,948|420,402|-|-|437,350|
||─────────────────────────────────────|||||
|**Total Funds**|40,849|1,923,708|-|-|1,964,557|
||═══════|═════════════════════|||═══════|
## **19. Analysis of changes in net debt**
## **Consolidated**
|**Consolidated**||||
|---|---|---|---|
||**At 1 April**||**At 31 March**|
||**2021**|**Cashflow**|**2022**|
||**£**|**£**|**£**|
|Cash at bank|2,052,025|380,410|2,432,435|
|Loans falling due after one||||
|year|(1,497,090)|439,140|(1,057,950)|
||────────|──────|───────|
|**Total Funds**|554,935|819,550|1,374,485|
||═══════|══════|═══════|
42
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2022**
## **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.
Mrs P Butler and Mr R Dyson are directors of Access to Growth Limited, a company which is controlled by GMCVO.
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) Limited, companies which are controlled by GMCVO.
Atia Chaudry was 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 (2021: £Nil), Expenditure £10,700 (2021: £12,400), Debtor £Nil (2021: £Nil), Creditor £Nil (2021: £5,000). Trading and year end balances with Manchester BME Network were Income £1,625 (2021: £1,326); Expenditure £2,144 (2021: £39,740); Debtor £415 (2021: £Nil); Creditor £Nil (2021: £600).
Related party transactions relating to the subsidiary companies controlled by GMCVO were as follows:
|as follows:||||||
|---|---|---|---|---|---|
||Income|Debtor|Expenditure|Creditor||
||2022|2022|2022|2022||
||£|£|£|£||
|St Thomas Centre Limited|61,555|106,928|7,630||-|
|Access to Emergency|-|1,808|-||-|
|Investment Limited||||||
|Access to Growth Limited|-|47,387|-||-|
|GMCVO Trading Limited|-|76,967|-||-|
The above does not include gift aid £14,806 (2021: £10,468) was received by the charity as follows:
GMCVO Trading Limited £14,806 (2021: £3,507) St Thomas Centre Limited £Nil (2021: £6,961)
||Income|Debtor|Expenditure|Creditor||
|---|---|---|---|---|---|
||2021|2021|2021|2021||
||£|£|£|£||
|St Thomas Centre Limited|68,516|79,450|357||-|
|Access to Emergency|-|16,393|-||-|
|Investment Limited||||||
|Access to Growth Limited|-|22,388|-||-|
|GMCVO Trading Limited|3,507|36,208|-||-|
43
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Detailed statement of financial activities Year ended 31 March 2022**
|**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**
**2022**
**£**
2021
£
**3,195,248**
3,326,284
**-**
-
**965**
1,347
**965**
1,347
**3,813**
6,541
**5,185**
11,018
**8,998**
17,559
**6,000**
10,000
**580,067**
410,035
**3,791,278**
3,765,225|**GMCVO**
**2022**
**£**
2021
£
**3,195,248**
3,326,284
**14,806**
10,468
**964**
1,347
**15,770**
11,815
**73,448**
68,453
**5,185**
11,018
**78,633**
79,471
**-**
-
**-**
-
**3,289,651**
3,417,570|**GMCVO**
**2022**
**£**
2021
£
**3,195,248**
3,326,284
**14,806**
10,468
**964**
1,347
**15,770**
11,815
**73,448**
68,453
**5,185**
11,018
**78,633**
79,471
**-**
-
**-**
-
**3,289,651**
3,417,570|
|---|---|---|---|
||||10,468
1,347|
||||11,815
68,453
11,018
79,471
-
-|
||||3,417,570|
**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 2022**
|**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**
**2022**
**£**
2021
£
**820,267**
803,194
**51,600**
52,071
**16,364**
18,103
**5,466**
5,613
**26,258**
(15,301)
**978**
129
**12,325**
12,250
**1,478**
2,261
**1,865**
1,572
**15,274**
15,854
**44,178**
55,964
**1,662**
100
**3,462**
3,138
**1,353**
3,716
**1,803**
3,293
**13,695**
6,579
**170**
144
**30,300**
31,637
**460**
(810)
**50,223**
47,986
**1,875,488**
1,524,935
**2,974,669**
2,572,428
**7,578**
394
**526,845**
406,759
**534,423**
407,153|**GMCVO**
**2022**
**£**
2021
£
**820,267**
803,194
**51,600**
52,071
**16,364**
18,103
**5,466**
5,613
**26,258**
(15,301)
**978**
129
**12,325**
12,250
**1,478**
2,261
**1,865**
1,572
**15,274**
15,854
**44,178**
55,964
**1,787**
100
**3,462**
3,138
**1,353**
3,716
**2,060**
3,293
**13,695**
6,579
**170**
144
**37,958**
31,994
**-**
-
**50,223**
47,986
**1,875,528**
1,524,935
**2,982,289**
2,573,595
**-**
-
**-**
-
**-**
-|
|---|---|---|
||||
**This page does not form part of the audited financial statements.**
45
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Detailed statement of financial activities Year ended 31 March 2022**
||**Consolidated**|**Consolidated**|**GMCVO**|**GMCVO**|
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|**Governance costs:**|||||
|Audit fees|**24,060**|20,672|**11,842**|10,180|
|Governance costs|**-**|-|**-**|-|
|Legal and professional fees|**14,542**|7,672|**14,316**|4,720|
||**38,602**|28,344|**26,158**|14,900|
|**TOTAL EXPENDITURE**|**3,547,694**|3,007,925|**3,008,447**|2,588,495|
|Tax on net income|||||
|for the year|**-**|-|**-**|-|
|**NET INCOME FOR THE YEAR**|||||
||**243,584**|757,300|**281,204**|829,075|
**This page does not form part of the audited financial statements.**
46