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||||Page||
|---|---|---|---|---|
|Reference and Administrative
Details|||||
|Strategic Report||2|to|5|
|Trustees'
Report||6|to|9|
|Report ofthe Independent
Auditors||10|to|12|
|Statement
of Financial|Acfivilies||||
|Balance Sheet|||14||
|Cash Flow Statement|||15||
|Notes to the Cash Flow Statement|||16||
|Notes to the Financial|Statements|17|to|31|
|||VOLUNTARY|VOLUNTARY|ACTION LEICESTER||||||
|---|---|---|---|---|---|---|---|---|---|
||||KNOWN AS|||||||
||VOLUNTARY||ACTION LEICESTERSHIRE (VAL)|||||||
||REFERENCE||AND|ADMINISTRATIVE
DETAILS||||||
|||For The|Year|Ended 31 March 2022||||||
|TRUSTEES||||L M Jones (Chair of|Trustee Board)|||||
|||||N Waghela
(Vice Chair)||||||
|||||M S Esat (Treasurer)||||||
|||||ERees (resigned 27.7.22)||||||
|||||A Aggarwal||||||
|||||D J Cullen||||||
|||||K McCormack
(resigned|||14.7.21)|||
|||||C Mudhefi||||||
|||||L A Atterbury
(resigned|||14.6.21)|||
|||||A R Jofiey||||||
|||||M Platt (resigned 27.7.22)||||||
|||||G L Edwards||||||
|||||BS Poonia (resigned||4.6.21)||||
|||||J R Moore (appointed||12.1.22)||||
|||||EWeathererSmith|(appointed|||12.1.22)||
|||||C Pugh (appointed|12.1.22)|||||
|||||Z Haque (appointed||12.1.22)||||
|REGISTERED|OFFICE|||9 Newarke
Street||||||
|||||Leicester||||||
|||||LEI 5SN||||||
|REGISTERED|COMPANY|NUMBER||01357513||||||
|REGISTERED|CHARITY NUMBER|||509300||||||
|AUDITORS||||Fortus Audit
LLP||||||
|||||Chartered
Accountants|||&Statutory||Auditor|
|||||31 High View Close||||||
|||||Hamilton
Office Park||||||
|||||Leicester||||||
|||||Leicestershire||||||
|||||LE4 9LJ||||||
|SOLICITORS||||Shakespeares
Martineau|||LLP|||
|||||2Colton Square||||||
|||||Leicester||||||
|||||LE1 IQH||||||
|||||Knights Pic||||||
|||||34 Pocklingtons
Walk||||||
|||||Leicester||||||
|||||LEI 6BU||||||
|BANKERS||||Bank ofScotland Pic||||||
|||||PO Box 1000||||||
|||||BX2 I LB||||||
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|Total|
||||||funds|funds|funds|funds|
|||||Notes|5||||
|INCOME AND ENDOWMENTS||FROM|||||||
|Donations and legacies|||||1,557||1,557|3,167|
|Charitable
activilies||||4|1,136,456|1,439,965|2,576,421|2,455,791|
|Investment
income|||||227,998||227,998|117,410|
|Total|||||1,366,011|1,439,965|2,805,976|2,576,368|
|EXPENDITURE ON|||||||||
|Raising funds||||5|188,721||188,721|148,746|
|Charitable
activities||||6|1,002,149|1,495,286|2,497,435|2,324,735|
|Total|||||1,190,870|1,495,286|2,686,156|2473,481|
|NET INCOME/(EXPENDITURE)|||||175,141|(55,321)|119,820|102,887|
|Other recognised
gains/(losses)|||||||||
|Actuarial
gains/(losses)|on defined||benefit||||||
|schemes|||||1,280,000||1.280,000|~1,680.000|
|Net movement
in funds|||||1A55,141|(55,321)|1,399,820|(1,577,113)|
|RECONCIUATION
OF FUNDS|||||||||
|Total funds brought forward|||||(522,321)|387,846|(134,475)|1,442,638|
|TOTAL FUNDS CARRIED FORWARD|||||732.820|332,525|1.265,345|~134,475|
##
##
##
||BALANCE SHEET|||
|---|---|---|---|
||31 March 2022|||
|||2022|2021|
||Notes||5|
|FIXED ASSETS||||
|Tangible assets|13|2,477,702|2,440,844|
|CURRENT ASSETS||||
|Debtors|14|140,163|141,447|
|Cash in hand||933.066|924.733|
|||1,073,229|1,066,180|
|CREDITORS||||
|Amounts
falling due within one year|15|(206,029)|(239,528)|
|NET CURRENT ASSETS||867.200|826,652|
|TOTAL ASSETS LESSCURRENT LIABILITIES||3,344,902|3,267,496|
|CREDITORS||||
|Amounts
falling due after more than one||||
|year|16|(169,557)|(211,971)|
|PENSION
LIABILITY|20|(1,910,000)|(3,190,000)|
|NET ASSETS/(LIABILITIES)||1,265,345|~134,475)|
|FUNDS|19|||
|Unrestricted
funds||535,012|(923,237)|
|Revaluation
reserve fund||397,808|400,916|
|Restricted
funds||332,525|387,846|
|TOTAL FUNDS||1,265,345|~134,475)|
|||||2022|2021|
|---|---|---|---|---|---|
||||Notes|E||
|Cash flows from operafing|acfivities|||||
|Cash generated
from operations|||I|'150,725|212,511|
|Interest paid||||(8,535)|(11,013)|
|Net cash provided
by operating
activities||||142,190|20'1,498|
|Cash flows from invesfing|activities|||||
|Purchase oftangible
fixed|assets|||(93,000)|(26,321)|
|Interest received||||78|205|
|Net cash used
in investing|activities|||~92,922)|~26,116)|
|Cash flows from financing|activities|||||
|Loan repayments
in year||||~40,935)|~98,785)|
|Net cash provided
by/(used
in) financing|||activities|$40,935)|~98,785)|
|Change
in cash and cash|equivalents|in||||
|the reporting
period|||||76,597|
|Cash and cash equivalents|at the|||||
|beginning
ofthe reporling|period|||924,733|848, 136|
|Cash and cash equivalents|at the end|of||||
|the reporting
period||||933,066|924,733|
##
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
||||||||E|
|Net income for the|reporting|||period (as per the Statement of||||
|Financial Activities)||||||119,820|102,887|
|Adjustments
for.||||||||
|Depreciation
charges||||||56,142|53,511|
|Interest received||||||(78)|(205)|
|Interest paid||||||8,535|11,013|
|Decrease in debtors||||||1,284|3,338|
|(Decrease)/increase||in|creditors|||~34,978|41,967|
|Net cash provided|by operations|||||150,725|212,511|
|ANALYSIS OF CHANGES|||IN NET FUNDS|||||
||||||At 1.4.21|Cash flow|At 31.3.22|
||||||F,|S|E|
|Net cash||||||||
|Cash at bank and|in|hand|||924,733|8,333|933,066|
||||||924,733|8,333|933,066|
|Debt||||||||
|Debts falling due within|||I year||(40,934)|(1,480)|(42,414)|
|Debts falling due after|||I year||(211,971)|42,414|( I69,557)|
||||||(252,905)|40,934|(211.971)|
|Total|||||671,828|49,267|721,095|
##
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##
##
##
##
##
##
|DONATIONS
AND LEGACIES|||
|---|---|---|
||2022|2021|
||E|E|
|Donations and gifts|1,557|3,167|
|INVESTMENT INCOME|||
||2022|2021|
||E||
|Rental income|199,444|115,835|
|Room hire income|28,476|1,370|
|Deposit account interest|78|205|
||227,998|117,410|
##
||||Unrestricted|Restricted|2022|2021|
|---|---|---|---|---|---|---|
||||funds|funds|||
||||E||||
|Support services for VCS groups and|||547,727||547,727|668,303|
|volunteers|||||||
|Health and|social care related services||578,185|5,776|583,961|428,754|
|(adults)|||||||
|Children,
young people and families services||||700,585|700,585|641,984|
|Support toget people into employment||or|||||
|training||||733,604|733,604|608,942|
|Training courses|||1,070||1,070|(200)|
|Consultancy|income||588||588|850|
|Coronavirus|Job Retention Scheme||8,886||8,886|107,158|
||||1,136,456|1,439,965|2,576,421|2,455,791|
##
|Raising donations|Raising donations|and legacies|||
|---|---|---|---|---|
||||2022|2021|
|Staff costs|||143,532|59,126|
|Other trading|activities||||
||||2022|2021|
||||5||
|Shared costs|||45,189|89,620|
|Aggregate
amounts|||188,721|148,746|
##
##
|||||Unrestricted|Restricted|2022|2021|
|---|---|---|---|---|---|---|---|
|||||funds|funds|||
||||||8|8||
|Support|services for VCS groups and|volunteers||458,561|63,197|521,758|616,758|
|Health|fLsocial care related services|(adults)||543,085|378|543,463|440,699|
|Children,
young people and families||services|||687,533|687,533|645,191|
|Support|to get people into employment||or|503|744,178|744,681||
|training|||||||622,087|
|||||1.002,149|1,495,286|2,497,435|2,324,735|
##
##
##
##
##
|Net income/(expenditure)
is stated after charging/(cred|iting):||
|---|---|---|
||2022|2021|
||K||
|Audit of financial statements|6,750|6,700|
|Depreciation
-owned assets|56,142|53,511|
|Finance charges payable|9,421|11,547|
##
##
##
##
##
|STAFF|COSTS|||
|---|---|---|---|
|||2022|2021|
|Wages|and salaries|1,627,821|1.565,038|
|Social|security costs|125.961|121,967|
|Other|pension costs|165.569|166,911|
|||1,919,351|1,853,916|
|The averag|e
monthly
number of employees
durin|g the year was as follows:||
|---|---|---|---|
|||2022|2021|
|Charitable|activities|49|50|
|Administration||5|6|
|Trading||4|4|
|||58|60|
##
|2022|2021|
|---|---|
|1|1|
##
##
##
##
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total|Total|
|||||funds|funds|funds|funds|
||||Notes||5|||
|INCOME AND ENDOWMENTS||FROM||||||
|Donations and legacies||||649|2,518|3,167|185|
|Charitable
activities||||1,089,450|1,366,341|2,455,791|2,813,269|
|Investment
income|||3|117,410||117,410|219,315|
|Total||||1,207,509|1,368,859|2,576,368|3,032,769|
|EXPENDITURE ON||||||||
|Raising funds|||5|148,746||148,746|184,339|
|Charitable
activities|||6|908,899|I 415,836|2,324,735|2,742,757|
|Total||||1,057,645|1,415,836|2,473,481|2,927,096|
|NET INCOME/(EXPENDITURE)||||149,864|(46,977)|102,887|105,673|
|Other recognised
gains/(losses)||||||||
|Actuarial
gains/(losses)|on defined benefit|||(1,680,000)||(1,680,000)|.710,000|
|schemes||||||||
|Net movement
in funds||||(1,530,136)|(46,977)|(1,577,113)|815,673|
|RECONCILIATION
OF FUNDS||||||||
|Total funds brought
forward||||1,007,815|434,823|1,442,638|626,965|
|TOTAL FUNDS CARRIED FORWARD||||~522,321|387,846|J134,475)|1,442,638|
##
##
##
##
##
|'TANGIBLE FIXED ASSETS|||||
|---|---|---|---|---|
|||Assets|Fixtures||
||Freehold|under|and||
||property|construction|fittings|Totals|
|||5||5|
|COST|||||
|At
I April 2021|2,500,000||107,693|2,607,693|
|Additions
Disposals||93,000|~42,535)|93,000
~42,535)|
|At 31 March 2022|2,500,000|93,000|65,158|2,658,158|
|DEPRECIATION|||||
|At
1 April 2021|100,000||66,849|166,849|
|Charge foryear
Eliminated
on disposal|50,000||6,142
~42,535)|56,142
~42,535)|
|At 31 March 2022|150,000||30,456|180,456|
|NET BOOK VALUE|||||
|At 31 March 2022|2.300.000|93,000|34,702|2,477.702|
|At 31 March 2021|2,400,000||40844|2,440,844|
|The freeh
Valuations|old
property
was revalued
at 3
-Global Standards
2017.|old
property
was revalued
at 3
-Global Standards
2017.|1 March
201|9 by Innes
England
in accordanc|e
with
RIC|
|---|---|---|---|---|---|
|Iffreehold|property had not been included||at valuation,|itwould be valued at the following|amounts:|
|||||2022|2021|
|||||E|S|
|Cost||||3,060,519|3,060,519|
|Accumulated||depreciation||(1,151,281)|(1,090,071)|
|Net book|value|||1,909,238|1,970,448|
##
##
|DEBTORS: AMOUNTS
FALLING DUE WITHIN ONE Y|EAR||
|---|---|---|
||2022|2021|
||5||
|Trade debtors|107,790|99,885|
|Other debtors||3,569|
|Prepayments|4,444|6,363|
|Accrued income|27,929|31,630|
||140,163|141,447|
##
##
|15.|CREDITORS:|AMOUNTS|FALLING DUE WITHIN ONE YEAR|FALLING DUE WITHIN ONE YEAR|FALLING DUE WITHIN ONE YEAR|||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||||||||5|
||Bank loans|and overdrafts||[see note 17)||42,414|40,934|
||Trade creditors|||||23,667|45,047|
||Social security and other|||taxes||36,078|30,979|
||VAT|||||8,751|35,274|
||Other creditors|||||38,457|33,711|
||Accruals and deferred||income|||56,662|53,583|
|||||||206,029|239,528|
|16.|CREDITORS:|AMOUNTS|FALLING DUE AFTER MORE THAN ONE YEAR|||||
|||||||2022|2021|
|||||||8||
||Bank loans|(see note ]7)||||I69,557|211,971|
|17.|LOANS|||||||
||An analysis|ofthe maturity||of loans
is given below:||||
|||||||2022|2021|
|||||||5|E|
||Amounts
falling due within|||one year on demand:||||
||Bank loans|||||42,414|40,934|
||Amounts
falling due between||||two and five years:|||
||Bank loans|- 2-5years||||169,557|179,442|
||Amounts
falling due in||more than five years:|||||
||Bank loans|&5years|||||32,529|
##
##
##
##
|18.|ANALYSIS O|F NET|ASSETS BET|WEEN|FUNDS||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||2022||2021|
|||||||Unrestricted|Restricted|Total||Total|
|||||||funds|funds|funds||funds|
||Fixed assets|||||2,176,865|300,837|2477,702||2,440,844|
||Current assets|||||1,041,541|31,688|1,073,229||1,066,180|
||Current
liabilities|||||(206,029)||(206,029)||(239,528)|
||Long term liabilities|||||(I 69,557)||(169,557)||(211,971)|
||Pension
liability|||||~1.910.000||~1.910,000)||~3,190,000)|
|||||||932,820|332,525|1 265 345||~134475)|
|19.|MOVEMENT|IN FUNDS|||||||||
|||||At|I Apr'il|Ihcomlhg|Resources|Gains|/|At 31|
||||||2021|resources|expended|(losses)||March 2022|
|||||||||transfers|||
||Unrestricted
funds||||||||||
||General fund|||2,171,763||1,366,011|(1,190,870)|3,108||2,350,012|
||Pension reserve|||||||I 280 000|||
|||||||||||440,012|
||Designated||||||||||
||Equipment
reserve||||25,000|||||25,000|
||Redundancy
reserve||||50,000|||||50,000|
||Property maintenance||reserve||20,000|||||20,000|
||||||95000|||||95000|
||Total unrestricted|funds||||||||535.012|
||Revaluation
reserve fund
Fixed asset reserve|||400,916||||0' 0||397,808|
||Total revaluation|reserve||400,916||||||397,808|
||Restricted funds||||||||||
||9 Newarke
Street|||347,729|||(46,892)|||300,837|
||YESProject||||1,847|700,585|(686,533)|||15,899|
||GREAT Project||||18.053|559,829|(571,489)|||6.393|
||WiLL —Work in Live Leicestershire||||1,613|150,642|(149,379)|||2,876|
||WiLL donations||||1,299||(177)|||1,122|
||YESdonations||||1,000||(1,000j||||
||VCSE Insights||||16,305||(16,305)||||
||Kickstart|||||23,133|(23.133)||||
||LeDeR|||||2,266|(378j|||1,888|
||MENCAP —Tackling inequalities|||||3,510||||3,510|
|||||||||||332,525|
||TOTAL FUNDS|||||||.280.000|||
##
##
##
##
|.
MOVEMENT
IN|.
MOVEMENT
IN|.
MOVEMENT
IN|FUN|DS - contin|ued|ued||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Comparatives|||for|movement|in funds|||||||
||||||At|I Apdil|Incoming|Resources|Gains|/|AI 31|
|||||||2020|resources|expended|(lossesl||March 2021|
||||||||||transfers|||
|||||||||||5||
|Unrestricted
funds||||||||||||
|General fund
Pension reserve|||||2,015,685
i''
0||1.207,509|(1,057,645)|6,214||2,171,763|
||||||505 685|||||||
|Designated||||||||||||
|Equipment
reserve||||||25,000|||||25.000|
|Redundancy
reserve||||||50,000|||||50,000|
|Property maintenance|||reserve|||20,000|||||20,000|
|||||||95.000|||||95,000|
|Total unrestricted|funds||||600.685|||||||
|Revaluation
reserve lund||||||||||||
|Fixed asset reserve|||||407,130||||||430,916|
|Total revaluation|reserve||||407,130||||||400916|
|Restricted funds||||||||||||
|9 Newarke
Street|||||394,621|||(46,892)|||347,729|
|YES Project||||||5,054|641,984|l645,191)|||1,847|
|GREAT Project
ESF-Leicester Employment
Huti
WiLL —Work in Live Leicestershire||||||31,402
1,019|451,503
25,126
132,313|(464,852j
(25,126j
(131,719)|||18,053
1,613|
|Social Investment||Ready||||2,727||(2,727j||||
|Leicester||||||||||||
|DWP —Economic|Impact||||||75,755|(75,7551||||
|WiLL donations|||||||1,518|(219)|||1,299|
|YESdonations|||||||1,000||||1.000|
|VCSE Insights|||||||39,660||||16,305|
||||||434,823||1,368,859|1,415,836|||387,846|
|TOTAL FUNDS|||||1.442,638||||~0000||~33»|
##
##
##
##
##
##
##
##
##
||||Defined|benefit|
|---|---|---|---|---|
||||pension|plans|
||||2022|2021|
|Present value of funded|obligations||[8,692,000)|(9,256,000)|
|Fair value of plan assets|||6,782,000|6,066,000|
||||(1,910,000)|(3,190,000)|
|Present value of unfunded||obligations|||
|Deficit|||It.e&O.OOOt|~3.790000|
|Net liability|||~7,9700007|~3790000|
|The amounts
recognised
in the Statement
of ffnancial
Ac|tivities are as follows||
|---|---|---|
||Defined|benefit|
||pension|plans|
||2022|2021|
||5|E|
|Current service cost|18'1,000|125,000|
|Net interest from net defined benefit|||
|asset/liability|66,000|35,000|
||247,000|160,000|
|Actual return on plan assets|684,000|1,105,000|
|Changes|in t|he p|resent value ofthe defined benefit obl|igation are as follows||
|---|---|---|---|---|---|
|||||Defined|benefit|
|||||pension|plans|
|||||2022|2021|
|||||E|E|
|Opening|defined||benefit obligation|9,256,000|6,433,000|
|Current|service cost|||181,000|125,000|
|Contributions||by|scheme participants|26,000|25,000|
|Interest|cost|||191.000|149,000|
|Actuariallosses/(gains)
Benefits paid||||(877,000)
~83.0007|2,602,000
~78.0007|
|||||8,692,000|9,256,000|
##
##
|Changes
in t|he fair value ofscheme assets are as follow|s:||
|---|---|---|---|
|||Defined|benefit|
|||pension|plans|
|||2022|2021|
|Opening
fair|value ofscheme assets|6,066,000|4,923,000|
|Contributions|by employer|91,000|91,000|
|Contributions|by scheme participants|26.000|25,000|
|Expected return||125,000|116L000|
|Actuarial
gains/(losses)
Benefits paid||559,000
~85.000|991,000
~71I.QQtti|
|||6,782,000|6,066,000|
|The amou|nts
recognised
in other recognised
gain|s and losses are as follows:|||
|---|---|---|---|---|
||||Defined|benefit|
||||pension|plans|
||||2022|2021|
||||E||
|Actuarial|gains/(losses)|1|280000|~1680000)|
|||1,280,000||~1,680,000|
|The major categories ofscheme assets as|amounts
oftotal scheme assets are as follows;||
|---|---|---|
||Defined|benefit|
||pension|plans|
||2022|2021|
||E|E|
|Equities|4,069,000|3,700,000|
|Bonds|1,967,000|1,577,000|
|Property|543,000|425,000|
|Cash|203,000|364,000|
||6,782,000|6,066,000|
##
##
##
||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|
|Discount rate|||||||2.75/o||2.051o|
|Future|salary increases||||||3 65/o||3.30'Po|
|Future|pension increases||||||3.15%||2.80/o|
|Post retirement
mortality|||assumpfions|||||||
||||||||2022||2021|
||||||||Years||Years|
|Current|UK pensioners|at retirement|||age - male||21.5||21.7|
|Current|UK pensioners|at retirement|||age - female||24.0|'|24.2|
|Future|UK pensioners|at retirement|||age|—male|22.4||22.6|
|Future|UK pensioners|at retirement|||age|—female|25.7||25.9|
|CAPITAL COMMITMENTS||||||||||
||||||||2022||2021|
||||||||||E|
|Contracted
but not provided||||for in|the|financial statements|89,176|||