## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **CONSOLIDATED TRUSTEES' REPORT AND ACCOUNTS**
## **for the year ended 31 March 2023**
**Company Registration Number 1223344 Charity Number 504542**
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Financial statements Year ended 31 March 2023**
|**Contents**|**Page**|
|---|---|
|Members of the Board and professional advisers|**1**|
|Trustees’ annual report|**2**|
|Independent auditor's report to the trustees|**14**|
|Consolidated statement of financial activities (incorporating the||
|Income and expenditure account)|**18**|
|Parent statement of financial activities (incorporating the||
|Income and expenditure account)|**19**|
|Consolidated balance sheet|**20**|
|Parent balance sheet|**21**|
|Statement of cash flows and consolidated statement of cash flows|**22**|
|Notes to the financial statements|**23**|
|**The following pages do not form part of the audited financial statements**||
|Detailed statement of financial activities|**46**|
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Members of the Board and professional advisers Year ended 31 March 2023**
## **Members of the Board and professional advisers**
**Registered charity name** Greater Manchester Centre for Voluntary Organisation **Charity number** 504542 **Company registration number** 1223344 **Registered office** St Thomas Centre Ardwick Green North Manchester M12 6FZ **Trustees** Anwar Ali – appointed 2 November 2022 Phil Arnold – appointed 2 November 2022 Thomas Berry – resigned 31 July 2023 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 (Chair) 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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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **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 2023 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 2022/23 were:
|||**GMCVO**|**St**
**Thomas**
**Centre**|**GMCVO**
**Trading**|**Access**
**to**
**Growth**
**GM**|**Access to**
**Emergency**
**Investment**
**GM**|**GM Local**
**Access**|
|---|---|---|---|---|---|---|---|
|Cllr. Tom McGee|Chair|||||||
|Richard Dyson|Vice chair|||||||
|Anwar Ali|Appointed
2nd
November
2022|||||||
|Phil Arnold|Appointed
2nd
November
2022|||||||
|Thomas Berry|Resigned
31stJuly
2022|||||||
|Priti Butler|Resigned
6th
December
2022|||||||
|Atiha Chaudry|Resigned
31stAugust
2022|||||||
|Kathryn Cheetham||||||||
|Jesse Garrick|Appointed
2nd
November
2022|||||||
|Mark Lee||||||||
|Julie Nicholson|Appointed
2nd
November
2022|||||||
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **Senior staff**
|**Senior staff**||
|---|---|
|John Hannen|Chief Executive Officer|
|Gary Millar (until 1/10/23)|Chief Operating Officer|
|Cathryn Chrimes (from 1/10/23)|Head of Investment|
|Mike Thomas|Finance Manager|
## **Summary introduction**
GMCVO continues to build its new role as an organisation seeking to build a more inclusive economy in Greater Manchester. The foundations of new forms of work continue to develop based on a stronger set of narrower relationships. We are also seeing a role develop in supporting the VCSE sector to develop approaches to net zero and manage issues of climate change more generally.
## **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 five 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.
- GM Local Access Ltd (managing a social investment fund). Registered in England and Wales no. 13993245, date of registration 21[st] March 2022.
St Thomas Centre Ltd and GMCVO Trading Ltd pay any profits to the charity by gift aid.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **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 is currently reviewing this in the current year. A governance working group led by the Vice-Chair meets to look at areas for governance improvement.
## **1.4 Pay policy for staff**
The pay scales for all staff, except for the Chief Executive have been historically linked to the NJC (National Joint Council for Local Government) 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. This will change following a consultation with staff and a new pay structure will be developed. This will be based on NJC scales but will allow the Board to set cost of living increases independently of NJC negotiations.
All staff are regularly supervised and with objectives set alongside support for development. Following changes to the employment, contract processes to support this are under review with the intention to help develop pathways for career progression and professional development. We have subscribed to the Charity Learning Consortium platform which provides a wide range of training resources to support this.
The Chief Executive is supported by the Chair. The overall employee offer was last reviewed by the F&P Committee in August 2016. Following the review of employment contracts, a joint working group of trustees and staff will work to review leave allocations and policies that ensure work is accessible.
## **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.
GMCVO is in the process of changing strategy and repositioning its work away from a reliance on grant funding linked to programmes of public service reform and on to supporting forms of independent income for the VCSE sector mainly focused on trading. This creates significant risk as old form of income decline and new models are developed.
The GMCVO management team meets monthly and departmental risks are reported on and discussed collectively, feeding into quarterly reporting.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
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, Access to Emergency Investment GM and GM Local Access, 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. However, it is recognised that there has been underinvestment in systems in the past and the work of GMCVO related to social investment has created increased complexity.
We have started the process of reviewing policies related to flexible working, safeguarding, recruitment and equality, diversity & inclusion. Additional staffing has been put in place to address this and we have been provided with grant funding for external advice to support our development of policy and practice related to equality, diversity and inclusion.
## **1.6 Additional risks and uncertainties due to changes in the operating environment**
Whilst the environment has stabilised following the restrictions generated by the COVID pandemic this is still an uncertain operating environment. Due to close working with the public sector GMCVO is affected by political uncertainty and this has an impact on available opportunities.
In addition, the significant increases in energy costs and the emergence of high inflation have had an impact on GMCVO as with any organisation at this time. We did see increases to fuel bills although these were somewhat moderated by support from national umbrella body ACEVO and the discounts they had negotiated for members. The cost of living pay award in this financial year under the NJC scale was valuable in ensuring that our salaries were competitive but did create a substantial increase in costs.
As with many organisations we face both increased staffing costs yet with challenges in recruitment due to a tight labour market. This is being seen across the economic sectors in Greater Manchester.
More broadly and of concern to our mission is the increase in financial distress and poverty within communities. This creates demands for all VCSE organisations but also puts stress on the ability to trade with people who are having to manage decreasing levels of disposable income.
## **1.7 Action taken to mitigate the impact of the risky environment**
Our focus on inclusive economy has ensured that we are relevant to the current challenges and seen as a strategically important partner by key local stakeholders.
We have developed new partnerships and networks focused on climate change and energy transition that can support community led projects to support change. This sits alongside a pilot Energy Resilience Fund, led by partner The Key Fund, which enables us to support organisations to move to more sustainable models of energy use. Further funding opportunities that can add value to this work are being explored with funders interested in our proposals.
Our previous partnership programmes have declined in scale or ended, and we have restructured work in these areas as staff have left. This has enabled us to avoid more challenging approaches to restructuring the staff team. However, a reduction in delivery staff
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
does require us to now review the organisational core and a Board led approach to reviewing central support functions and costs will be expected to be complete before the end of Q3 23/24. We anticipate investment in IT systems will create opportunities to automate some of our activity, reduce costs and free up capacity for delivery.
Recruitment and retention of staff will remain a risk so long as there is a tight labour market. To this end and to be competitive in the labour market, we have introduced more formal approaches to flexible working and are reviewing other elements of the employer offer, particularly related to leave allocations.
## **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.
## **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 in public policy by increasing the accessibility and diversity of learning and insight to relevant decision makers and influencers.
Our Vision – what GMCVO will achieve in the long term:
- GM communities will have more power to shape the places they live in.
- There will be more opportunities to enable communities and their organisations to work together
- Low income and marginalised communities will play a bigger role in addressing the impacts of climate change
- GM community activity is adequately financed and supports those in need
- There will be an increased diversity of decision makers who will better understand inequalities and the operating environment in GM
- We will have embedded new approaches through sharing innovation.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
How we work at GMCVO:
- We are open minded and use evidence to shape our projects and activities.
- We embrace team working and foster collaboration between those who want change
- We support and celebrate the success of others within the VCFSE sector
- We are open, honest, and respectful in our communications
- We will understand and be responsive to the positions of others
- We take tangible steps to challenge systems and structures that uphold oppression and inequality
## **2.3 Strategy**
We have identified a set of strategic goals for the period leading up to the end of financial year 26/27. These are:
Our Goals – In Three Years We Will
1. Be seen as an authoritative source of information and evidence on how VCSFE organisations can build an **inclusive economy** in GM
2. Have increased the diversity of leaders and community voices engaged in addressing the **climate crisis**
3. Be viewed as central to the growth of **community ownership** in GM by communities, policy makers and influencers
4. Be recognised as a leader in developing **innovation in funding** , focusing on supporting marginalised communities
5. Clearly demonstrate applied principles of **equality, equity, diversity & inclusion** to help successfully deliver our plans and how we are managed
## **3. Achievements and performance**
## **3.1 Summary**
Despite a challenging environment significant progress has been made.
## **3.2 Projects**
Significant projects and services in 2022/23 included:
## **3.2.1 Social Investment**
We started our first investment fund - Access to Growth - in 2017 through funding from Access the Foundation for Social Investment, The National Lottery Community Fund and Big Society Capital. In 2022 we launched GM Local Access Ltd, a £6.2 million fund aimed at improving the social economy in four boroughs across Greater Manchester. Since 2017 we have provided social investment of over £4.9million into the Greater Manchester social economy.
Our current loan portfolio stands at over £2.6 million, and we have funds available for a further £9.25 million including a new £4 million Greater Manchester-wide fund launching in the autumn of 2023.
In 2022/23 we invested £647,561 to 6 organisations with an additional grant element of £37,439. Alongside this work, we continue to support our 74 investments to ensure they can grow sustainably and deliver maximum impact in relation to their mission.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **3.2.2 Policy & Research**
GMCVO and members of our management team sit on 27 boards and committees across Greater Manchester, using our connections, experience, and skills in the VCSE sector to drive economic and social inclusion in the city region.
We worked with GMCA to promote its foundational economy fund to the VCSE sector, publishing a blog and hosting an information session for the sector. Almost 50% of the successful applicants are VCSE organisations, representing a £190,000 investment in the sector, with the potential for more to follow. This funding will develop the sector’s role in the foundational economy, which employs 42% of workers in Greater Manchester.
GM Equality Alliance’s language subgroup has continued to produce inclusive language guidance to help us and others avoid insensitive language and ensure consistent, respectful communications when referring to groups. Organisations as far away as Scotland have requested permission to incorporate our advice into their materials and resources uploaded to our website continues to be accessed.
We host the Greater Manchester Third Sector Research Network for those conducting research within the VCSE sector. We provide a space for members to share ideas and experiences to learn, support and network. The 269 members include staff and volunteers from within the VCSE sector, academics, and independent researchers.
Our researcher obtained a PhD for her investigation of the role of community-based organisations in the facilitation of social capital. Findings have been shared at two major academic conferences and insights will inform our work going forward.
## **3.2.3 Partnerships**
The Greater Manchester Funders Forum, facilitated by GMCVO, brings together independent grant makers, social investors, and public sector funders to share intelligence, perspectives and understanding of the needs of the communities of Greater Manchester. There are 125 active members who can coordinate programmes, align plans and together create more strategic impact.
Greater Manchester’s Hidden Talent was a youth employment programme working with young people aged 16–24 not in employment, education, or training. GMCVO led the programme which took place in the first half of 2022.
The programme brought together 8 locality-based organisations who hosted Talent Coaches to work holistically with young people and two further partners that supported the wider programme. The programme supported 142 young people; 55 entered education or training; 40 gained employment; 10 gained a qualification; and over 115 were supported to job search.
Many young people had characteristics and circumstances associated with major barriers to education, employment, and training. Notably, on self-disclosure, 30% declared they were neurodiverse, 27% had a mental health condition and 17% had experienced homelessness.
Grants were distributed as part of 9 grant programmes to support mental health and wellbeing as well as disability and deaf inclusion. £353,822.80 of grants were distributed to 111 Greater Manchester organisations.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **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 2023.
## **6. Performance on securing resources**
GMCVO was successful in securing or maintaining a wide range of grants and contracts and generating independent trading income - 59% of this (£1.95m) 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: -
|**Income source**|**2021/22**|**2021/22**|**2022/23**|**2022/23**|
|---|---|---|---|---|
||£|%|£|%|
|National fundingbody|74,622|3.9|6,437|0.5|
|Localgovernment|433,694|22.6|49,081|3.6|
|Other localpublic sector|-4,237|-0.2|134,099|9.8|
|Earned income|594,909|31.0|861,735|62.7|
|Independent funders|815,838|42.6|314,021|22.8|
|Other|965|0.6|8,444|0.6|
|**Total net funds**|**1,915,791**|**100**|**1,373,817**|**100**|
## **6.2 Financial review and results**
Our total turnover for the year was £3.3m (2021/22 £3.791m). There was a deficit in unrestricted funds of £65k (2021/22 in-year surplus of £57k) and a deficit of £263k (2021/22 in-year surplus of £187k) in restricted funds, which means that the overall result was a deficit of £329k (2021/22 in-year surplus of £244k). Total funds carried forward at the end of 2022/23 were £1,753k (2021/22 £2,082k) comprising £343k (2021/22 £409k) of unrestricted reserves and £1,410k (2021/22 £1,673k) of restricted reserves.
The financial statements include group consolidated accounts, showing the contribution made by our subsidiary trading companies. Of our total expenditure we spent 77.8% (2021/22 83.8%) on direct chargeable activities in furtherance of our aims (including grants made to other organisations), 0.9% (2021/22 1.1%) on governance and 21.3% (2021/22 15.1%) 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.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
## **6.3 Subsidiary trading companies**
Turnover in St Thomas Centre was £137k (2021/22 £74k). There was a deficit of £14k for the year (2021/22 £26k). St Thomas Centre has continued its recovery from the operating restrictions due to the COVID pandemic. Turnover picked up during the year and was higher than expected. Demand has been high since the start of 2023/24, and we are confident about the future prospects for St Thomas Centre.
Turnover in GMCVO Trading was £55k (2021/22 £83k). There was a deficit of £6k for the year (2021/22 £18k 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 £268k (2021/22 £411k). There was a surplus of £67k for the year (2021/22 a breakeven result). 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 £22k (2021/22 £12k). There was a deficit of £14k for the year (2021/22 £15k). These results were in line with its business plan. 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.
Turnover in GM Local Access, in its first year of trading, was £351k. There was a loss for the year of £27k. We are confident about the future trading prospects of GM Local Access.
GMCVO is continuing to provide financial support to the subsidiaries. GMCVO is not demanding repayment of intercompany debt within 12 months.
However, following discussions with funders it has come to light that GMCVO has historically overclaimed on operating expense allowances related to two of our major investment programmes. In total this amounts to a sum of close to £62k. At present we are making arrangements for liabilities to be addressed in ongoing operating models, but it is a liability that may need to be made good in whole or in part should funders choose to. This could present a material risk to the organisation with its current level of unrestricted reserves.
## **6.4 Financial sustainability**
The St Thomas centre has seen a trading recovery and will be expected to return to surplus in year 23/24. This has been a period of change with the previous centre manager retiring and a new appointment made from within the staff team. We are seeing an expansion of trading in evenings and weekends and have restructured staffing capacity to match this. We are confident of growing income from this part of the organisation.
Our social investment business is still growing and beyond our standard investment funds we have broadened our offer to include funding for energy resilience and grants to support investees manage increased costs and demand following the cost of living crisis. Some of our activity linked to housing and community buildings has been less successful. This may be an area where we accept this is not the best time to support new development and withdraw services in order to focus on more viable work.
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
Our core work is changing more significantly than other areas. We expect the Hidden Talent programme to be the last major project in the field of Work and Skills. However, we have built stronger relationships with commissioning leads in this area and are closely linked to developing governance models under devolution. We may generate smaller, more targeted projects in this area in future.
Our equalities and climate change work has great potential to provide a more stable financial role in this area. However, this is work that is still developing. We have developed strong partnership work in this area and are exploring options for project work.
Of concern is our research function. GMCVO has developed a strong reputation linked to our research and insight however with many funding programmes focused on crisis support this function is getting harder to sustain. We do have a number of opportunities to explore but should they not be successful the viability of this function will need review.
## **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 19[th] April 2024, the trustees resolved that GMCVO should seek to maintain a minimum reserve figure of £180k in unrestricted funds for the year 2024/25 from the previous position of £225k. The consolidated balance sheet shows unrestricted reserves of £343k which is more than sufficient to meet its estimated liabilities. £260k 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 takes the companies into ownership should they appear to be failing.
## **6.7 Financial model adjustment**
During 2023/24 it came to light that the method of allocating operating costs from GMCVO to its Social Investment subsidiaries was not in accordance with funder agreements. This has led to cumulative over/underclaims of operating costs in the subsidiaries to 31[st] March 2023 as follows:
GM Local Access Ltd - an overclaim of £30,835 Access To Growth GM Ltd - an overclaim of £38,320 Access To Emergency Investment GM Ltd - an underclaim of £6,833 Discussions with the funder resulted in the following being agreed:
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
The overclaim in GM Local Access is to be recovered by amendment to the operating cost allowance model from 2023/24 onwards.
The overclaim in Access To Growth is to be recovered by amendment to the operating cost allowance model from 2024/25 onwards.
The underclaim in Access To Emergency Investment is to be claimed from 2024/25 onwards against income from the remaining investee in that programme.
## **7. Going concern**
GMCVO has increasingly established itself as a leading voice in support of a more inclusive economy and much of the process of transition has now taken place. Increasingly the organisation is seeing demand for engagement in partnership bids focused on our new core areas of business and we expect these to grow over time. Having transformed our activities, we are now focused on a modernisation of the organisations core in order to increase productivity and reduce the costs we need to recover from our trading and funded work.
The organisation and the bulk of our investees and partners have weathered the challenges of the period of high inflation and as costs start to become more manageable, we are positive about growth in activity. However, with an economic slowdown in 23/24 we will continue to maintain a cautious approach to lending in the short term due to this concern.
The financial year of 23/24 is likely to see significant losses as we invest in systems and transition to new activities and forms of income. We expect GMCVO to be a smaller organisation. Our reserves policy will need some adjustment in relation to both of these issues, but it is likely that we are unlikely to be carrying much additional capacity in terms of unrestricted reserves into 24/25 that will enable the organisation to manage unanticipated risks. As a result, increased levels of cost control and governance scrutiny of finances will be essential.
The trustees have reviewed financial performance and future forecasts of GMCVO and its subsidiary trading companies at the meeting on 19[th] April 2024 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. However, some uncertainty exists. Since 31 March 2023 there has been a significant reduction in the level of unrestricted cash balances. In addition, GMCVO has committed to providing ongoing financial support to its subsidiaries in the next 12 months and is not demanding repayment of inter-co loans of £292,026.
The directors 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).
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## **Trustees’ annual report (continued) Year ended 31 March 2023**
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including income and expenditure, of the charitable group for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for the maintenance and integrity of the group’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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:
……………………………………………..………
**Tom McGee, Trustee (Chair)** Dated: 19[th] April 2024
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 2023**
## **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 2023 which comprise the Consolidated and Parent Statement of Financial Activities, the Consolidated and Parent Balance Sheet, the Consolidated Cash Flow Statement, the related notes and accounting policies note 1. 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 2023 and of its outgoing 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.
## **Emphasis of matter**
We draw your attention to the going concern paragraph in note 1 of the financial statements. The notes states, some uncertainty exists. Since 31 March 2023 there has been a significant reduction in the level of unrestricted cash balances. In addition, GMCVO has committed to providing ongoing financial support to its subsidiaries in the next 12 months and is not demanding repayment of inter-co loans of £292,026. Our opinion is not modified in respect of this matter.
## **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.
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 2023**
## **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.
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 12-13, 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
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 2023**
## **Responsibilities of directors (continued)**
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.
## **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.
16
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Independent auditor’s report to the members of Greater Manchester Centre for Voluntary Organisation Year ended 31 March 2023**
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias we:
- performed analytical procedures on what to identify any unusual or unexpected relationships.
- tested sample journal entries to identify unusual transactions.
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias.
- investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-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 FCCA (Senior Statutory Auditor)
For and on behalf of BEEVER AND STRUTHERS Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL
Date 22 April 2024
17
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Consolidated statement of financial activities**
## **(incorporating the income and expenditure account) Year ended 31 March 2023**
|||**Unrestricted**|**Restricted**|**Restricted**|**Restricted**|**Total**||Total funds|
|---|---|---|---|---|---|---|---|---|
|||**funds**|**funds**|||**funds**||2022|
|||||||**2023**|||
||Note|£|£|||£||£|
|**Income**|||||||||
|_Income from charitable_|||||||||
|_activities_|||||||||
|Operation of the charity|2|**62,038**|**2,399,370**|||**2,461,408**||3,195,248|
|_Income from other trading_|||||||||
|_activities_|||||||||
|Other charity activities|3|**21,172**||**500**||**21,672**||8,998|
|Commercial trading|5|**833,081**|||**-**|**833,081**||580,067|
|Other operating income|5|**-**|||**-**||**-**|6,000|
|Investment income|4|**8,444**|||**- **|**8,444**||965|
|Total income||**924,735**|**2,399,870**|||**3,324,605**||3,791,278|
|**Expenditure:**|||||||||
|_Expenditure of charitable_|||||||||
|_activities:_|||||||||
|Operation of the charity|6|**(100,420)**|**(2,663,008)**|||**(2,763,428)**||(2,939,632)|
|_Costs of raising funds:_|||||||||
|Other charity activities|7|**(149,637)**|||**-**|**(149,637)**||(73,639)|
|Commercial trading||**(740,099)**|||**-**|**(740,099)**||(534,423)|
|**Total expenditure**||**(990,156)**|**(2,663,008)**|||**(3,653,164)**||(3,547,694)|
|**Taxation**|9|**-**|||**-**||**-**|-|
|**Net(expenditure)/income**|||||||||
|**and net movement in**|||||||||
|**funds**||**(65,421)**|**(263,138)**|||**(328,559)**||243,584|
|**for the year**|||||||||
|Transfers||**-**|||**-**||**-**|-|
|**Reconciliation of funds**|||||||||
|Total funds brought||**408,764**|**1,672,997**|||**2,081,761**||1,838,177|
|forward|||||||||
|**Total funds carried**||**343,343**|**1,409,859**|||**1,753,202**||2,081,761|
|**forward**|||||||||
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 23 to 45 form part of these financial statements**
18
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Parent statement of financial activities**
## **(incorporating the income and expenditure account) Year ended 31 March 2023**
|**Note**
**Income:**
_Income from charitable_
_activities:_
Operation of the charity
**2**
_Income from other trading_
_activities:_
Other charity activities
**3**
Investment income
**4**
**Total income**
**Expenditure:**
_Expenditure on_
_charitable activities:_
Operation of the charity
**6**
_Costs of raising funds:_
Other charity activities
**7**
**Total expenditure**
**Net (expenditure)/income**
**and net movement in**
**funds for the year**
Transfers
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|
─
|**Unrestricted**
**funds**
**£**
**62,038**
**101,150**
**25,867**
───────────────
**189,055**
___ __________ ___________
**(91,967)**
**(149,637)**
───────────────
**(241,604)**
___________ ____________
**(52,549)**
**-**
**572,765**
───────────────
**520,216**
═══════════|**Restricted**
**funds**
**£**
**2,399,370**
**500**
**-**
────────────────
**2,399,870**
___________ _____________
**(2,663,008)**
**-**
────────────────
**(2,663,008)**
__________ ______________
**(263,138)**
**-**
**1,672,997**
────────────
**1,409,859**
═══════════|**Total funds**
**2023**
Total funds
2022
**£**
£
**2,461,408**
3,195,248
**101,650**
78,633
**25,867**
15,771
────────────────
────────────────
**2,588,925**
3,289,652
___ _____________________
____________ ____________
**(2,754,975)**
(2,934,808)
**(149,637)**
(73,639)
────────────────
────────────────
**(2,904,612)**
(3,008,447)
________________________
________________________
**(315,687)**
281,205
**-**
-
**2,245,762**
1,964,557
────────────
────────────────
**1,930,075**
2,245,762
═══════════
═══════════|
|---|---|---|---|---|
||_
─||||
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 23 to 45 form part of these financial statements**
19
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Consolidated balance sheet At 31 March 2023**
|||**2023**|**2023**|2022|
|---|---|---|---|---|
||**Note**|
**£**|**£**|£|
|**Fixed assets**|||||
|Tangible assets|**12**||**84,563**|34,968|
|**Current assets**|||||
|Debtors|**13**|**1,081,968**||1,072,124|
|Debtors: amounts falling due after one year|**13**|**1,446,626**||1,433,468|
|Cash at bank and in hand||**1,760,828**||2,432,435|
|||──────────────||─────────────|
|||**4,289,422**||4,938,027|
|**Creditors: amounts falling due within one**|||||
|**year**|**14**|**(1,811,607)**||(1,833,644)|
|||──────────────||─────────────|
|**Net current assets**|||**2,477,815**|3,104,383|
||||─────────────|─────────────|
|**Total assets less current liabilities**|||**2,562,378**|3,139,351|
|**Creditors: amounts falling due after one year**|**15**||**(809,176)**|(1,057,590)|
||||────────────|────────────|
|**Net assets**|||**1,753,202**|2,081,761|
||||═══════════|═══════════|
|**Funds**|||||
|Restricted income funds|**16**||**1,409,859**|1,672,997|
|Unrestricted income funds|**17**||**343,343**|408,764|
||||────────────|───────────|
|**Total funds**|||**1,753,202**|2,081,761|
||||═══════════|═══════════|
These financial statements were approved by the trustees and authorised for issue on 19[th] April 2024 and are signed on their behalf by:
……………………………………..………
## **Tom McGee, Trustee (Chair)**
Company Registration Number: 1223344
**The notes on pages 23 to 45 form part of these financial statements**
20
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Parent balance sheet At 31 March 2023**
|||**2023**|**2023**|2022|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Tangible assets|**12**||**84,563**|34,968|
|Investments|**5**||**4**|3|
||||─────────────|─────────────|
||||**84,567**|34,971|
|**Current assets**|||||
|Debtors|**13**|**470,070**||514,699|
|Cash at bank and in hand||**1,513,834**||2,158,150|
|||─────────────||─────────────|
|||**1,983,904**||2,672,849|
|**Creditors: amounts falling due within one**|||||
|**year**|**14**|**(126,498)**||(445,430)|
|||─────────────||─────────────|
|**Net current assets**|||**1,857,406**|2,227,419|
||||─────────────|─────────────|
|**Total assets less current liabilities**|||**1,941,973**|2,262,390|
|**Creditors: amounts falling due after one year**|**15**||**(11,898)**|(16,628)|
||||────────────|────────────|
|**Net assets**|||**1,930,075**|2,245,762|
||||═══════════|═══════════|
|**Funds**|||||
|Restricted income funds|**16**||**1,409,859**|1,672,997|
|Unrestricted income funds|**17**||**520,216**|572,765|
||||────────────|────────────|
|**Total funds**|||**1,930,075**|2,245,762|
||||═══════════|═══════════|
These financial statements were approved by the trustees and authorised for issue on 19[th] April 2024 and are signed on their behalf by:
……………………………………..……… **Tom McGee, Trustee (Chair)**
Company Registration Number: 1223344
**The notes on pages 23 to 45 form part of these financial statements**
21
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
|**Group**
**2023**
**£**
**Group**
**2022**
**£**
**Net cash (outflow) from**
**operating activities (see**
**below)**
**(439,528)**
379,748
**Cash flows from investing**
**activities:**
Interest income
**8,444**
965
Purchase of tangible assets
**(67,151)**
(17,694)
Disposal of tangible assets
**-**
17,391
**Cash provided by investing**
**activities**
**(58,707)**
662
**Cash flows from financing**
**activities:**
Loans paid in the year
**(173,372)**
-
**Cash provided by financing**
**activities**
**(173,372)**
-
(Decrease)/increase in cash
and cash equivalent in the year
**(671,607)**
380,410
Cash and cash equivalents at
the beginning of the year
**2,432,435**
2,052,025
**Total**
**cash**
**and**
**cash**
**equivalents at the end of the**
**year**
**1,760,828**
2,432,435
**Reconciliation of net movement in funds to net cash flow from**
**Group**
**2023**
**£**
**Group**
**2022**
**£**
**Net (deficit)/surplus for the**
**year**
**(328,559)**
243,584
Add: Depreciation charge
**17,556**
6,181
Less: Interest income
**(8,444)**
(965)
(Increase)/decrease in debtors
**(23,002)**
(270,703)
(Decrease)/increase in
creditors
**(97,079)**
401,651
**Net cash (outflow) from**
**operating activities**
**(439,528)**
379,748|**GMCVO**
**2023**
**£**
**GMCVO**
**2022**
**£**
**(429,659)**
459,057
**25,867**
15,771
**(67,151)**
(17,694)
**-**
17,391
**(41,284)**
15,468
**(173,372)**
-
**(173,372)**
-
**(644,316)**
474,525
**2,158,150**
1,683,625
**1,513,834**
2,158,150
**operating activities**
**GMCVO**
**2023**
**£**
**GMCVO**
**2022**
**£**
**(315,687)**
281,205
**17,556**
6,181
**(25,867)**
(15,771)
**44,629**
(13,154)
**(150,290)**
200,596
**(429,659)**
459,057|
|---|---|
22
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **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 2023 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).
## **Financial model adjustment**
During 2023/24 it came to light that the method of allocating operating costs from GMCVO to its Social Investment subsidiaries was not in accordance with funder agreements. This has led to cumulative over/underclaims of operating costs in the subsidiaries to 31[st] March 2023 as follows:
GM Local Access Ltd - an overclaim of £30,835 Access To Growth GM Ltd - an overclaim of £38,320 Access To Emergency Investment GM Ltd - an underclaim of £6,833 Discussions with the funder resulted in the following being agreed:
The overclaim in GM Local Access is to be recovered by amendment to the operating cost allowance model from 2023/24 onwards.
The overclaim in Access To Growth is to be recovered by amendment to the operating cost allowance model from 2024/25 onwards.
The underclaim in Access To Emergency Investment is to be claimed from 2024/25 onwards against income from the remaining investee in that programme.
## **Going concern**
GMCVO has increasingly established itself as a leading voice in support of a more inclusive economy and much of the process of transition has now taken place. Increasingly the organisation is seeing demand for engagement in partnership bids focused on our new core areas of business and we expect these to grow over time. Having transformed our activities,
23
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **1. Accounting policies (continued)**
we are now focused on a modernisation of the organisations core in order to increase productivity and reduce the costs we need to recover from our trading and funded work.
The organisation and the bulk of our investees and partners have weathered the challenges of the period of high inflation and as costs start to become more manageable, we are positive about growth in activity. However, with an economic slowdown in 23/24 we will continue to maintain a cautious approach to lending in the short term due to this concern.
The financial year of 23/24 is likely to see significant losses as we invest in systems and transition to new activities and forms of income. We expect GMCVO to be a smaller organisation. Our reserves policy will need some adjustment in relation to both of these issues, but it is likely that we are unlikely to be carrying much additional capacity in terms of unrestricted reserves into 24/25 that will enable the organisation to manage unanticipated risks. As a result, increased levels of cost control and governance scrutiny of finances will be essential.
The trustees have reviewed financial performance and future forecasts of GMCVO and its subsidiary trading companies at the meeting on 19[th] April 2024 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. However, some uncertainty exists. Since 31 March 2023 there has been a significant reduction in the level of unrestricted cash balances. In addition, GMCVO has committed to providing ongoing financial support to its subsidiaries in the next 12 months and is not demanding repayment of inter-co loans of £292,026.
The directors 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
## **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.
24
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **1. Accounting policies (continued)**
## **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.
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
25
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
Thomas Centre and the commercial trading expenditure of each subsidiary.
## **1. Accounting policies (continued)**
## **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 2023**
|Grants receivable
Other income|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2023**
**£**
**£**
**£**
**62,038**
**2,399,370 2,461,408**
**-**
**-**
**-**|
|---|---|
||**62,038**
**2,399,370 2,461,408**|
## **Consolidated and GMCVO 2022**
|**Consolidated and GMCVO 2022**||||
|---|---|---|---|
||Unrestricted|
Restricted|Total|
||Funds|Funds|2022|
||£|£|£|
|Grants receivable|134,653|3,060,416|3,195,069|
26
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
Other income
- 179 179 134,653 3,060,595 3,195,248
## **3. Income from other trading activities – other charity activities Consolidated 2023**
|Room rental
Other income
**Consolidated 2022**
Room rental
Other income
**GMCVO 2023**
Room rental
Other income
**GMCVO 2022**
Room rental
Other income
**4. Investment income**
**Consolidated**
Bank and loan interest receivable
**GMCVO**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2023**
**£**
**£**
**£**
**15,272**
**-**
**15,272**
**5,900**
**500**
**6,400**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2023**
**£**
**£**
**£**
**15,272**
**-**
**15,272**
**5,900**
**500**
**6,400**|
|---|---|---|
|||**21,172**
**500**
**21,672**|
||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**
**2023**
**£**
**£**
**£**
**95,250**
**-**
**95,250**
**5,900**
**500**
**6,400**|Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
3,813
-
3,813
3,885
1,300
5,185|
|||7,698
1,300
8,998|
|||**101,150**
**500**
**101,650**|
||
|Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
73,448
-
73,448
3,885
1,300
5,185|
|||77,333
1,300
78,633|
|||**Unrestricted**
**Funds**
**Total**
**Funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
**£**
**8,444**
**8,444**
**965**
**Unrestricted**
**Funds**
**Total**
**Funds**
**2023**
**Total**
**Funds**
**2022**|
27
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
|Income from UK group undertakings
Other income|**£**
**£**
**£**
**18,057**
**18,057**
14,806
**7,810**
**7,810**
965|
|---|---|
||**25,867**
**25,867 **
15,771|
## **5. Commercial trading operations**
The charity owns the whole of the issued share capital of St Thomas Centre Limited, Access to Growth GM Limited, Access to Emergency Investment Limited and GM Local Access 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 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**|**A summary of the trading results for 2023 is shown below:**||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Access to**
**Emergency**
**Investment**
**£**|||**St Thomas**
**Centre**
**£**|||||**GMCVO**
**Trading**
**£**||||**Access to**
**Growth**
**£**||||**GM Local**
**Access**
**£**|||**Total**
**£**|||
|Turnover||22,125|||136,662||||54,640||||268,208||||351,446|||833,081|||
|Other operating income||-|||-||||-||||-||||-|||-|||
|Cost of sales||-|||(19,619)||||-||||-||||-|||(19,619)|||
|Administrative expenses||(17,167)|||(131,379)||||(61,244)||||(177,860)||||(372,787)|||(760,437)|||
|
Operating surplus/(deficit)||
4,958||||
(14,336)|||
(6,604)||||
90,348|||||
(21,341)||
53,025|||
|Interest receivable||46||||44|||127||||141|||||276||634|||
|Interest payable||(18,618)||||-|||-||||(23,541)|||||(6,316)||(48,475)|||
|Gift aid paid in respect of prior
year|||||||||(18,057)|||||||||||||-|
|Retained in the subsidiaries||(13,614)||||(14,292)|||(24,534)||||||66,948|||(27,381)||||5,184|
||||||||||||||||||||||||
|**The assets and liabilities of**
**the subsidiaries were:**|**Access to**
**Emergency**
**Investment**
**£**|||**St Thomas**
**Centre**
**£**|||||**GMCVO**
**Trading**
**£**||||**Access to**
**Growth**
**£**||||**GM Local**
**Access**
**£**|||**Total**
**£**|||
|Current assets|349,684||||39,103||||73,575||||576,820||||112,183||1,151,365||||
|Debtors due after one year|173,611||||||||||||688,977||||584,038||1,446,626||||
|Creditors due within one year|(555,592)||||(143,362)||||(80,052)|||(1,044,801)|||||(153,776)||(1,977,583)||||
|Creditors due after one year||-|||-|||||-|||(227,453)||||(569,825)|||(797,278)|||
|
Total net assets||(32,297)|||(104,259)|||||(6,477)|||||
(6,457)|||
(27,380)||
(176,870)|||
||||||||||||||||||||||||
|**A summary of the trading results for 2022 is shown below:**|||||||||||||||||||||||
||**Access to**
**Emergency**
**Investment**
**£**|||**St Thomas**
**Centre**
**£**|||||**GMCVO**
**Trading**
**£**||||**Access to**
**Growth**
**£**||||**GM Local**
**Access**
**£**|||**Total**
**£**|||
|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)||||(64,882)||||(387,746)|||-|||(548,388)|||
|
Operating surplus/(deficit)||
-||||
(26,322)||||
18,057||||
23,560|||-|||||
30,101|
|Interest payable||(4,134)|||||-|||-||||(23,560)|||-||||(38,110)||
|Gift aid paid in respect of prior
year|||-||||-|||(14,806)||||-|||-||||(14,806)||
||||||||||||||||||||||||
|Retained in the subsidiaries||(14,550)||||(26,332)|||||3,251|||-|||-||||(22,815)||
||||||||||||||||||||||||
28
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
|**The assets and liabilities of**
**the subsidiaries were:**|**Access to**
**Emergency**
**Investment**
**£**|**Access to**
**Emergency**
**Investment**
**£**|**Access to**
**Emergency**
**Investment**
**£**|**St Thomas**
**Centre**
**£**|**St Thomas**
**Centre**
**£**|**GMCVO**
**Trading**
**£**|**Access to**
**Growth**
**£**|**Access to**
**Growth**
**£**|**Access to**
**Growth**
**£**|**GM Local**
**Access**
**£**|**GM Local**
**Access**
**£**|**GM Local**
**Access**
**£**||**Total**
**£**|**Total**
**£**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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)|
|||||||||||||||||
|**6.**
**Analysis of expenditure on charitable activities**
**Consolidated**
**Direct cost**
**of activities**
**£**
**Support**
**costs**
**£**
Salaries and other staff costs
**458,958**
**230,175**
Project costs
**15,552**
**44,391**
Payment to partners
**1,950,788**
**-**
Running costs
**114,792**
**(236,781)**
Communications
**4,105**
**1,217**
Meeting costs
**6,772**
**3,297**
Marketing
**5,757**
**668**
Audit and accountancy
**-**
**-**
Professional fees
**-**
**-**
Other expenses
**112,974**
**15,786**
**2,669,698**
**58,753**
**GMCVO**
**Direct cost**
**of activities**
**£**
**Support**
**costs**
**£**
Salaries and other staff costs
**458,958**
**230,175**
Project costs
**15,552**
**44,391**
Payment to partners
**1,950,788**
**-**
Running costs
**114,792**
**(236,781)**
Communications
**4,105**
**1,217**
Meeting costs
**16,340**
**3,297**
Marketing
**5,757**
**668**
Audit and accountancy
**-**
**-**
Professional fees
**-**
**-**
Other expenses
**113,397**
**15,786**
**2,679,689**
**58,753**|||||||**Governance**
**costs**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**29,705**
**5,272**
**-**
**34,977**
**Governance**
**costs**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**11,803**
**4,730**
**-**
**16,533**|||||**Total**
**2023**
**£**
**689,133**
**59,943**
**1,950,788**
**(121,989)**
**5,322**
**10,069**
**6,425**
**29,705**
**5,272**
**128,760**
**2,763,428**
**Total**
**2023**
**£**
**689,133**
**59,943**
**1,950,788**
**(121,989)**
**5,322**
**19,637**
**6,425**
**11,803**
**4,730**
**129,183**
**2,754,975**||||
||||||||||||
|||||
|||||||||||||||||
29
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **6. Analysis of expenditure on charitable activities (continued)**
|**Consolidated**
Salaries and other staff costs
Project costs
Payment to partners
Running costs
Communications
Meeting costs
Marketing
Audit and accountancy
Professional fees
Other expenses
**GMCVO**
Salaries and other staff costs
Project costs
Payment to partners
Running costs
Communications
Meeting costs
Marketing
Audit and accountancy
Professional fees
Other expenses|**Direct cost**
**of activities**
**£**
702,912
46,177
1,875,488
170,100
9,864
29,304
3,052
-
-
66,605
2,903,502
**Direct cost**
**of**
**£**
702,912
46,177
1,875,528
170,100
9,865
36,963
3,052
-
-
66,524
2,911,121|**Support**
**costs**
**£**
**Governance**
**costs**
**£**
147,468
-
4,046
-
-
-
(180,179)
-
1,938
-
822
-
410
-
-
29,705
-
5,272
23,160
-
(2,335)
34,977
**Support**
**costs**
**£**
**Governance**
**costs**
**£**
147,468
-
4,046
-
-
-
(180,179)
-
1,938
-
822
-
410
-
-
11,842
-
14,180
23,160
-
(2,335)
26,022|**Total**
**2022**
**£**
850,380
50,223
1,875,488
(10,079)
11,802
30,126
3,462
29,705
5,272
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|
|---|---|---|---|
30
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **7. Analysis of costs of raising funds – other charity activities**
|**Consolidated**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
Salaries and other
staff costs
**70,411**
**-**
Running costs
**72,258**
**-**
Communications
**678**
**-**
Meeting costs
**412**
**-**
Professional fees
**257**
**-**
Other expenses
**4,987**
**-**
**149,003**
**-**
**GMCVO**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
Salaries and other
staff costs
**70,411**
**-**
Running costs
**72,258**
**-**
Communications
**678**
**-**
Meeting costs
**412**
**-**
Professional fees
**257**
**-**
Other expenses
**4,987**
**-**
**149,003**
**-**
**Consolidated**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
Salaries and other
staff costs
20,839
-
Running costs
47,575
-
Communications
515
-
Meeting costs
174
-
Professional fees
136
-
Other expenses
3,746
-
72,985
-
**GMCVO**
**Conference**
**centre hire**
**£**
**Consultancy**
**£**
Salaries and other
staff costs
20,839
-
Running costs
47,575
-
Communications
515
-
Meeting costs
174
-
Professional fees
136
-
Other expenses
3,746
-
72,985
-|**Other**
**activities**
**£**
**Governance**
**costs**
**£**
**634**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**634**
**-**
**Other**
**activities**
**£**
**Governance**
**costs**
**£**
**634**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**634**
**-**
**Other**
**activities**
**£**
**Governance**
**costs**
**£**
646
-
-
-
8
-
-
-
-
-
-
-
654
-
**Other**
**activities**
**£**
**Governance**
**costs**
**£**
646
-
-
-
8
-
-
-
-
-
-
-
654
-|**Total**
**2023**
**£**
**71,045**
**72,258**
**678**
**412**
**257**
**4,987**
**149,637**
**Total**
**2023**
**£**
**71,045**
**72,258**
**678**
**412**
**257**
**4,987**
**149,637**
**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|
|---|---|---|
31
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **8. Governance costs**
## **Consolidated 2023**
|Audit and other fees
Legal and professional
**Consolidated 2022**
Audit and other fees
Legal and professional
**GMCVO 2023**
Audit and other fees
Legal and professional|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2023**
**£**
**£**
**£**
**29,705**
**-**
**29,705**
**4,490**
**782**
**5,272**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**2023**
**£**
**£**
**£**
**29,705**
**-**
**29,705**
**4,490**
**782**
**5,272**|
|---|---|---|
|||**34,195**
**782 34,977**|
||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**
**2023**
**£**
**£**
**£**
**11,803**
**-**
**11,803**
**3,948**
**782**
**4,730**|Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
24,060
-
24,060
3,019
11,523
14,542|
|||27,079
11,523
38,602|
||**15,751**
**782**
**16,533**||
## **GMCVO 2022**
|**GMCVO 2022**||
|---|---|
|Audit and other fees
Legal and professional|Unrestricted
Funds
Restricted
Funds
Total
2022
£
£
£
11,842
-
11,842
2,793
11,523
14,316|
||14,635
11,523
26,158|
Audit fees and legal and professional fees are all directly attributable to governance.
32
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **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 2023 (2022: £Nil).
## **10. Net (expenditure)/income for the year**
This is stated after charging:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£|£|
|Staff pension contributions|45,751|51,600|
|Depreciation|17,556|6,181|
|Auditors' fees (statutory audit)|11,803|11,842|
|═══════ ═══════|
**----- End of picture text -----**
In addition to the above for the year ending 31 March 2023: £5,500 (2022: £4,100) was due to the Auditors for accounts preparation services and £2,225 (2022: £1,728) for taxation services.
## **11. Staff costs and emoluments**
## **Total staff costs were as follows:-**
**----- Start of picture text -----**
||||
|---|---|---|
|Consolidated|2023|2022|
|£|£|
|Salaries|962,012|917,921|
|Social security costs|97,044|83,791|
|Other pension costs|69,804|61,989|
|──────── ───────|
|1,128,860|1,063,701|
|═══════ ═══════|
|GMCVO|2023|2022|
|£|£|
|Salaries|642,679|744,335|
|Social security costs|63,756|69,923|
|Other pension costs|45,751|51,600|
|─────── ───────|
|752,186|865,858|
|═══════ ═══════|
**----- End of picture text -----**
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:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|No|No|
|Number of other staff - provision of services|34|33|
|════|════|
**----- End of picture text -----**
33
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements**
## **Year ended 31 March 2023**
## **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:
|**2023**|2022|
|---|---|
|**£**|£|
|**176,103**|196,898|
|═════|═════|
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 (2022: £Nil) for expenses during the year.
## **12. Tangible fixed assets**
|**Tangible fixed assets**|||||
|---|---|---|---|---|
|**Consolidated and GMCVO**|**Property**|
**Furniture &**|**Computer**||
||**improvements**|
**fittings**|**equipment**|**Total**|
||**£**|**£**|**£**|**£**|
|**Cost**|||||
|At 1st April 2022|**114,255**|**122,249**|**16,119**|**252,622**|
|Additions|63,945|
3,206|-|67,151|
||──────|
──────|──────|─────|
|**At 31st March 2023**|**178,200**|
**125,455**|**16,119**|**319,773**|
||══════|
══════|══════|═════|
|**Depreciation**|||||
|At 1st April 2022|**88,077**|**113,727**|**15,850**|**217,654**|
|Charge for the year|11,898|
5,389|269|17,556|
||──────|
─────|──────|──────|
|**At 31st March 2023**|**99,975**|
**119,116**|**16,119**|**235,210**|
||══════|
═════|══════|══════|
|**Net book value**|||||
|**At 31st March 2023**|**78,225**|
**6,337**|**-**|**84,563**|
||══════|
═════|══════|══════|
|At 31st March 2022|**26,178**|**8,522**|**269**|**34,968**|
||══════|
═════|══════|══════|
34
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **13. Debtors**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Consolidated|GMCVO|
|2023|2022|2023|2022|
|£|£|£|£|
|Trade debtors|2,361,651|2,382,460|13,976|169,557|
|Amounts owed by group|
|undertakings|-|-|292,026|233,090|
|Other debtors and prepayments|166,943|123,132|164,068|112,052|
|─────── ─────── ──────|──────|
|2,528,594|2,505,592|470,070|514,699|
|═══════ ═══════ ══════|══════|
**----- End of picture text -----**
Included in the consolidated trade debtors is an amount of £1,446,626 (2022: £1,433,468) which is receivable in greater than one year.
## **14. Creditors: amounts falling due within one year**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Consolidated|GMCVO|
|2023|2022|2023|2022|
|£|£|£|£|
|Trade creditors|54,143|112,403|50,212|107,556|
|Other borrowings|853,556|817,203|4,730|173,372|
|Taxation and social security|24,125|36,810|21,926|31,828|
|Accruals and deferred income|872,254|804,416|42,482|80,871|
|Deferred income|-|53,656|-|42,854|
|Other creditors|7,528|9,156|7,147|8,949|
|───────|──────|──────|──────|
|1,811,607|1,833,644|126,498|445,430|
**----- End of picture text -----**
Group deferred income movements being: £53,656 brought forward, £53,656 released in the year, with a closing balance of £nil.
GMCVO deferred income movements being: £42,854 brought forward, £42,854 released in the year, £nil added with a closing balance £nil.
## **15. Creditors: amounts falling due in more than one year**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Consolidated|GMCVO|
|2023|2022|2023|2022|
|£|£|£|£|
|Other borrowings|809,176|1,057,590|11,898|16,628|
|─────── ─────── ─────── ───────|
|809,176|1,057,590|11,898|16,628|
|═══════ ═══════ ═══════ ═══════|
**----- End of picture text -----**
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.
35
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **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.
Loans and borrowings in GM Local Access Ltd refer to a loan from Big Society Capital 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 on the 3[rd] anniversary of the loan agreement which is dated 30[th] June 2022.
## **16. Restricted income funds**
||**Balance at**
**1 April 2022**
**£**|
**Incoming**
**resources**
**£**|**Outgoing**
**resources**
**£**|**Transfers**
**£**|**Balance at**
**31 March 2023**
**£**|
|---|---|---|---|---|---|
|AddVentures - Lifted
(Caring)|1,746|9,675|(11,421)|-|-|
|Age UK – PAL Evaluation|-|23|(23)|-|-|
|AddVentures - MAP -
Reach Fund|1,393|-|(900)|-|493|
|AddVentures - Benefits
Owl|456|-|-|-|456|
|Ambition for Ageing|26,670|(26,670)|-|-|-|
|AFA – Good Practice
Mentors|-|49,992|(49,992)|-|-|
|Big Alcohol Conversation|53,845|-|(53,845)|-|-|
|Comic Relief BAME
Grants|666|46|(712)|-|-|
|Connect Fund - Covid
Recovery Support|-|25,000|(25,000)|-|-|
|Connecting GM BAME
Entrepreneurs To Social
Investment 2|4,749|-|(4,749)|-|-|
|Connecting GM BAME
Entrepreneurs To Social
Investment 3|13,250|1,800|(15,050)|-|-|
|Trauma Responsive
Communities VCSE
Grants|105,592|10,000|(92,867)|-|22,725|
|Connecting GM BAME
Entrepreneurs To Social
Investment 3 (Investment
Research)|12,032|-|(12,032)|-|-|
36
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements**
## **Year ended 31 March 2023**
## **16. Restricted income funds (continued)**
||**Balance at**
**1 April 2022**
**£**|
**Incoming**
**resources**
**£**|**Outgoing**
**resources**
**£**|**Transfers**
**£**|**Balance at**
**31 March 2023**
**£**|
|---|---|---|---|---|---|
|Case Studentship (ESRC)|-|2,600|(2,600)|-|-|
|GM Cancer Inequalities|60,517|-|(60,517)|-|-|
|Connecting GM BAME
Entrepreneurs to Soc Inv 4|-|28,500|(26,737)|-|1,763|
|GM Mental Wellbeing|196,980|294,830|(202,855)|-|288,955|
|GM Culturally Appropriate
MH Fund|-|794,757|(783,868)|-|10,889|
|GM Equality Alliance|56,086|91,800|(147,886)|-|-|
|Covid Community
Champions Grant|5,804|-|(5,804)|-|-|
|Build Back Fairer|-|20,000|(10,000)|-|10,000|
|Community Renewal Fund
(Hidden Talent)|115,062|102,982|(218,044)|-|-|
|Princes Trust Evaluation|-|13,140|(13,140)|-|-|
|Social Welfare Advice|-|17,069|(17,069)|-|-|
|GM Disability Inclusion
Grants|-|90,000|(62,183)|-|27,817|
|Leading In GM|11,872|-|(11,872)|-|-|
|Local Access Programme
- Development|401,775|440,000|(341,322)|-|500,453|
|Maternal MH VCSE
CapacityBuilding|31,201|-|(31,201)|-|-|
|VCSE Mental Health
Surge Funding|235,042|-|(172,662)|-|62,380|
|GM NHS System
Development Funding|194,000|100,000|-|-|294,000|
|Communities Experiencing
Racial Inequality|-|45,000|-|-|45,000|
|Tameside Poverty Truth
Commission|-|1,125|(1,125)|-|-|
|IAPT (Improving Access
To Psychological
Therapies)|34,829|103,925|(138,754)|-|-|
|GM H&SC Partnership
Support|18,440|20,475|(19,987)|-|18,928|
|VCSE Accord
Implementation|38,298|58,800|(97,098)|-|-|
|VCSE Mental Health
Leadership|52,692|105,000|(31,692)|-|126,000|
37
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
**Notes to the financial statements Year ended 31 March 2023**
|───────|───────|───────|───────|───────|
|---|---|---|---|---|
|**1,672,997**|2,399,869|(2,663,007)|**-**|1,409,859|
|═══════|═══════|═══════|═══════|═══════|
## **16. Restricted income funds** _(continued)_
|AddVentures - Lifted
(Caring)|Respite for parents of adult children with illness or disability.|
|---|---|
|AddVentures - MAP -
Reach Fund|Additional ring-fenced funding for the AddVentures MAP project.|
|AddVentures - Benefits
Owl|Training for community organisers.|
|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.|
|Age UK – PAL
Evaluation|Evaluation of a programme of support delivered by Age UK Bolton.|
|AFA – Good Practice
Mentors|Dissemination of good practice developed by the AFA programme.
Principally providing tailored advice to local authorities in GM.|
|Big Alcohol Conversation|Consultation with the public through VCSE groups on reducing alcohol
related harms in Greater Manchester.|
|Build Back Fairer|Supporting a diverse range of equalities organisations to engage with
NHS service redesign approaches.|
|Comic Relief BAME
Grants|Partnership with GM BAME Network to distribute grants to BAME-led
VCSE groups in Greater Manchester on behalf of Comic Relief.|
|Connect Fund - Covid
Recovery Support|Funding to support the organisation to help to recover from the effects
of the pandemic.|
|Connecting GM BAME
Entrepreneurs To Social
Investment 2|Research into the barriers faced by BAME entrepreneurs.|
|Connecting GM BAME
Entrepreneurs To Social
Investment 3|Enabling the GM BAME Social Enterprise Network to evolve further and
to constitute.|
|Connecting GM BAME
Entrepreneurs To Social
Investment 4|Additional funding to enable the GM BAME Social Enterprise Network
to evolve further and to constitute.|
|Communities
Experiencing Racial
Inequality|The hosting of a project to be delivered by the GM Ethnic Communities
Network to develop a formal, constituted organisation.|
|Trauma Responsive
Communities VCSE
Grants|Strategic grants programme to upskill VCSE organisations to develop
trauma informed and responsive communities across Greater
Manchester.|
|Tameside Poverty Truth
Commission|Independent review of work undertaken by GM Poverty Action focusing
on views from people with lived experience engaged by the project.|
38
**GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
||**Notes to the financial statements**
**Year ended 31 March 2023**|
|---|---|
|Connecting GM BAME
Entrepreneurs To Social
Investment 3 (Investment
Research)|Additional ring-fenced funding for the research into the barriers faced by
BAME entrepreneurs.|
|Case Studentship
(ESRC)|Exploring the relational nature of VCSE activity.|
|GM Cancer Inequalities|Working with community organisations addressing inequalities to
identify barriers to reporting and diagnosis of cancer.|
|GM Mental Wellbeing|Grants programme for community organisations to provide activities to
enhance mental wellbeing of marginalised people.|
|GM Equality Alliance|To support and link GM=EqAl to the VCSE Accord implementation plan.|
|GM Culturally
Appropriate MH Fund|Supporting the NHS to commission mental health services through a
more diverse range of providers.|
|GM Disability Inclusion
Grants|Targeted small grants enabling community led organisations to develop
approaches to include disabled people in social activity.|
|Covid Community
Champions Comms
Grants|To tailor and target the “safely living with COVID-19” campaign to reach
specific priority audiences of higher covid risk/lower public messaging
engagement.|
|Community Renewal
Fund (Hidden Talent)|Supporting young people not in education, employment or training to
improve their ability to take on work.|
|Leading In GM|Events and peer learning for public and VCSE leaders together.|
|Local Access
Programme -
Development|Development funding to support social enterprise in four boroughs of
Greater Manchester.|
|Maternal MH VCSE
Capacity Building|Passing funding to organisations to provide support to maternal mental
health.|
|VCSE Mental Health
Surge Funding|Passing funding to organisations providing mental health support to
increase the number of people they can help.|
|GM NHS System
Development Funding|Passing GM MH Community Transformation funds onto VCSE
organisations to support the Living Well programme.|
|IAPT (Improving Access
To Psychological
Therapies)|Supporting staff in VCSE organisations to develop accredited skills
enabling them to provide more complex support services.|
|GM H&SCP Support|Providing support to the GM Health and Social Care Partnership.|
|Princes Trust Evaluation|A directly commissioned evaluation project to assess the effectiveness
of local support services for young people, delivered in partnership with
GMYN.|
|Social Welfare Advice|Part of a national research project to identify how people access welfare
advice. Methodology and analysis delivered by GMCVO with local
partners undertaking fieldwork.|
|VCSE Accord
Implementation|To review and assess VCSE engagement in Greater Manchester
Combined Authority activity and support Inclusive Economy and
subgroup.|
39
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
VCSE Mental Health Support for the VCSE Mental Health Leaders group and network. Leadership
## **17. Unrestricted income funds 2023 and 2022**
## **Consolidated**
|**Consolidated**||||||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Outgoing**||**Balance at**|
||**1 Apr 2022**|**resources**|**resources**|**Transfers**|**31 Mar 2023**|
||**£**|**£**|**£**|**£**|**£**|
|St Thomas||||||
|Centre sinking||||||
|fund|**5,000**|**-**|**-**|**-**|**5,000**|
|St Thomas||||||
|Centre||||||
|Lift|**17,733**|**-**|**(3,084)**|**-**|**14,649**|
|SIB asset fund|**59,048**|**-**|**(8,814)**|**13,343**|**63,577**|
|General Funds|**326,983**|**924,735**|**(978,258)**|**(13,343)**|**260,117**|
||**────────**|**────────**|**────────**|**────────**|**────────**|
||**408,764**|**924,735**|**(990,156)**|**-**|**343,343**|
||═══════|═══════|═══════|═══════|═══════|
||**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|
|General Funds|326,608|669,383|(669,008)||326,983|
|SIB asset funds||60,000|(952)|-|59,048|
||────────|────────|────────|────────|────────|
||352,425|729,383|(673,044)|-|408,764|
||═══════|═══════|═══════|═══════|═══════|
The sinking fund is an amount put aside by the trustees to cover their obligations for major internal repairs in accordance with the lease.
40
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **Parent**
|**Parent**||||||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Outgoing**||**Balance at**|
||**1 Apr 2022**|**resources**|**resources**|**Transfers**|**31 Mar 2023**|
||**£**|**£**|**£**|**£**|**£**|
|St Thomas||||||
|Centre sinking||||||
|fund|**5,000**|**-**|**-**|**-**|**5,000**|
|St Thomas||||||
|Centre||||||
|Lift|**17,733**|**-**|**(3,084)**|**-**|**14,649**|
|SIB asset fund|**59,048**|**4,529**|**-**|**-**|**63,577**|
|General Funds|**490,984**|**184,526**|**(238,520)**|**-**|**436,990**|
||**────────**|**────────**|**────────**|**────────**|**────────**|
||**572,765**|**189,055**|**(241,604)**|**-**|**520,216**|
||═══════|═══════|═══════|═══════|═══════|
||**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|
|General Funds|452,988|167,757|(129,761)|-|490,984|
|SIB asset funds|-|60,000|(952)|-|59,048|
||────────|────────|────────|────────|────────|
||478,805|227,757|(133,797)|-|572,765|
||═══════|═══════|═══════|═══════|═══════|
41
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **18. Analysis of net assets between funds 2023 and 2022**
## **Consolidated**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Debtors|Creditors|
|Tangible|falling due|falling due|
|fixed|Net current|after one|after one|
|assets|assets|year|year|Total 2023|
|£|£|£|£|£|
|Restricted income funds|-|1,409,859|-|-|1,409,859|
|Unrestricted income funds:|
|Designated funds|14,649|68,577|-|-|83,226|
|General funds|69,914|(447,247) 1,446,626|(809,176)|260,117|
|─────── ──────── ─────── ─────── ────────|
|Total Funds|84,563|1,031,189 1,446,626|(809,176)|1,753,202|
|═══════ ═══════ ═══════ ═══════ ═══════|
|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|
|═══════ ═══════ ═══════ ═══════ ═══════|
**----- End of picture text -----**
## **Parent**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Debtors|Creditors|
|Tangible|falling due|falling due|
|fixed|Net current|after one|after one|
|assets|assets|year|year|Total 2023|
|£|£|£|£|£|
|Restricted income funds|1,409,859|-|-|1,409,859|
|Unrestricted income funds:|
|Designated funds|14,649|68,577|-|-|83,226|
|General funds|69,918|378,970|-|(11,898)|436,990|
|─────── ──────── ─────── ─────── ────────|
|Total Funds|84,567|1,857,406|-|(11,898)|1,930,075|
|═══════ ═══════ ═══════ ═══════ ═══════|
**----- End of picture text -----**
42
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|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|
|═══════ ═══════ ═══════ ═══════ ═══════|
**----- End of picture text -----**
## **19. Analysis of changes in net debt**
## **Consolidated**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|At 31|
|At 1 April|March|
|2022|Cashflow|2023|
|£|£|£|
|Cash at bank|2,432,435|(671,606) 1,760,829|
|Loans falling due within one|
|year|(817,203)|(36,353)|(853,556)|
|Loans falling due after one|
|year|(1,057,950)|248,774|(809,176)|
|────────|────── ───────|
|Total Funds|557,282|(459,185)|98,097|
|═══════|══════ ═══════|
**----- End of picture text -----**
43
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
## **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.
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, GM Local Access 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 (2022: £Nil), Expenditure £4,300 (2022: £10,700), Debtor £Nil (2022: £Nil), Creditor £Nil (2022: £Nil). Trading and year end balances with Manchester BME Network were Income £1,678 (2022: £1,625); Expenditure £120 (2022: £2,144); Debtor £Nil (2022: £415); Creditor £Nil (2022: £Nil).
Anwar Ali is a director of GMCVO and a director of Upturn Enterprise Limited. Trading and year end balances with Upturn Enterprise Limited were Income £Nil (2022: £Nil), Expenditure £107,673 (2022: £46,070), Debtor £Nil (2022: £Nil), Creditor £Nil (2022: £8,400).
Philip Arnold is a director of GMCVO and a director of Great Northern Impact Hub Limited. Trading and year end balances with Great Northern Impact Hub Limited were Income £Nil (2022: £Nil), Expenditure £1,500 (2022: £Nil), Debtor £Nil (2022: £Nil), Creditor £Nil (2022: £Nil).
44
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Notes to the financial statements Year ended 31 March 2023**
Related party transactions relating to the subsidiary companies controlled by GMCVO were as follows:
||Income|Debtor|Expenditure|Creditor||
|---|---|---|---|---|---|
||2023|2023|2023|2023||
||£|£|£|£||
|St Thomas Centre Limited|69,988|134,183|9,618||-|
|Access to Emergency|-|3,311|-||-|
|Investment Limited||||||
|Access to Growth Limited|-|14,985|-||-|
|GMCVO Trading Limited|-|74,069|-||-|
|GM Local Access|-|65,478|-||-|
The above does not include gift aid £18,057 (2022: £14,806) was received by the charity as follows:
GMCVO Trading Limited £18,057 (2022: £14,806)
||Income|Debtor|Expenditure|Creditor||
|---|---|---|---|---|---|
||2022|2022|2022|2022||
||£|£|£|£||
|St Thomas Centre|61,555|106,928|7,630||-|
|Limited||||||
|Access to Emergency|-|1,808|-||-|
|Investment Limited||||||
|Access to Growth|-|47,387|-||-|
|Limited||||||
|GMCVO Trading Limited|-|76,967|-||-|
45
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Detailed statement of financial activities Year ended 31 March 2023**
|**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**
**2023**
**£**
2022
£
**2,461,408**
3,195,248
-
**8,444**
965
**8,444**
965
**15,272**
3,813
**6,400**
5,185
**21,672**
8,998
**-**
6,000
**833,081**
580,067
**3,324,605**
3,791,278|**GMCVO**
**2023**
**£**
2022
£
**2,461,408**
3,195,248
**18,057**
14,806
**7,810**
965
**25,867**
15,771
**95,251**
73,448
**6,400**
5,185
**101,650**
78,633
**-**
-
**- **
-
**2,588,925**
3,289,278|
|---|---|---|
**This page does not form part of the audited financial statements.**
46
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Detailed statement of financial activities Year ended 31 March 2023**
|**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
Other loan interest|**Consolidated**
**2023**
**£**
2022
£
**714,428**
820,267
**45,751**
51,600
**13,917**
16,364
**5,244**
5,466
**18,370**
26,258
**2,757**
978
**5,997**
12,325
**3,478**
1,478
**257**
1,865
**17,555**
15,274
**15,131**
44,178
**926**
1,662
**6,491**
3,462
**2,518**
1,353
**2,505**
1,803
**(154)**
13,695
**1,158**
170
**11,026**
30,300
**-**
460
**59,943**
50,223
**1,950,788**
1,875,488
**2,878,086**
2,974,669
**254,577**
7,578
**437,047**
526,845
**48,475**
-
**740,099**
534,423|**GMCVO**
**2023**
**£**
2022
£
**714,428**
820,267
**45,751**
51,600
**13,917**
16,364
**5,244**
5,466
**18,370**
26,258
**2,757**
978
**5,997**
12,325
**3,478**
1,478
**257**
1,865
**17,555**
15,274
**15,131**
44,178
**1,101**
1,787
**6,491**
3,462
**2,518**
1,353
**2,753**
2,060
**(154)**
13,695
**1,158**
170
**20,593**
37,958
**-**
-
**59,943**
50,223
**1,950,788**
1,875,528
**2,888,076**
2,982,289
**-**
-
**-**
-
**-**
-
**- **
-|
|---|---|---|
||||
**This page does not form part of the audited financial statements.**
47
## **GREATER MANCHESTER CENTRE FOR VOLUNTARY ORGANISATION**
## **Detailed statement of financial activities Year ended 31 March 2023**
|**Governance costs:**
Audit fees
Governance costs
Legal and professional fees
**TOTAL EXPENDITURE**
Tax on net income
for the year
**NET INCOME FOR THE YEAR**|**Consolidated**
**2023**
**£**
2022
£
**29,705**
24,060
-
**5,272**
14,542
**34,977**
38,602
**3,653,161**
3,547,694
**- **
-
**(328,559)**
243,584|**GMCVO**
**2023**
**£**
2022
£
**11,803**
11,842
-
**4,730**
14,316
**16,533**
26,158
**2,904,609**
3,008,447
**-**
-
**(315,683)**
281,204|
|---|---|---|
**This page does not form part of the audited financial statements.**
48