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← Voluntary Action Leicester

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 01357513
REGISTERED CHARITY NUMBER: 509300

STRATEGIC REPORT, TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)
(A COMPANY LIMITED BY GUARANTEE)

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025

Page
Reference and Administrative Details 1
Strategic Report 2 to 4
Trustees' Report 5 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13 to 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 32 
VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

REFERENCE AND ADMINISTRATIVE DETAILS For The Year Ended 31 March 2025

TRUSTEES L M Jones (Chair of Trustee Board)
N Waghela (Vice Chair)
M S Esat
A Aggarwal
D J Cullen
C Mudhefi (resigned 28.3.25)
A R Jolley (Treasurer)
G L Edwards
J R Moore
E Weatherer-Smith
Z Haque
REGISTERED OFFICE 9 Newarke Street
Leicester
LE1 5SN
REGISTERED COMPANY NUMBER 01357513
REGISTERED CHARITY NUMBER 509300
AUDITORS TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ
SOLICITORS Shakespeare Martineau LLP
2 Colton Square
Leicester
LE1 1QH
Knights Plc
34 Pocklingtons Walk
Leicester
LE1 6BU
BANKERS Bank of Scotland Plc
PO Box 1000
BX2 1LB 
Page 1

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

STRATEGIC REPORT For The Year Ended 31 March 2025

TheTrustees,whoaredirectorsforthepurposesofcompanylaw,presenttheirstrategicreportforthe year
ended 31 March 2025, in compliance with s414C of the Companies Act 2006.

Achievements and Performance

Consideringtheyearwehaveseenoneofstabilityviathesecondyearofdeliveryofthe Healthwatch
LeicesterandLeicestershirecontractandourSectorSupportcontractto31stMarch2027.Our VALUES
projectcontinuedtogrowandincreaseditsincome,andwehaveseenanincreaseinincomefrom office
lettings, alongside growth for our meeting and conference rooms.

Achievements through the financial year

Our key achievements this financial year have been:

VALUES-supportforpeoplewithLearningDifficulties-TheVALUESserviceprovidesdirectsupportto, and
aidstheindependenceof,peoplewithLearningDifficulties.Wehave129serviceusersasat31March 2025
whopayfortheirsupportthroughtheirPersonalBudgetallocatedbytheLocalAuthority.The service
operates7daysaweekand51weeksayear.Thisyearintotal,weprovidedover19,644hrsofsupport to
client s.

SectorSupport-VALhascontractstosupportvoluntaryandcommunitygroupsandvolunteering in
Leicester City (through Health funding only) and Leicestershire. During the year we have:

- Supported 903 people in volunteering in the City and County

-Organised35onlineorinpersoneventswith400attendees-includingourannualFuture Focus
conference.

- Provided Direct Support for 552 local groups. (last year 711)

- Supported local groups to raise £333,368 in new income. (last year £1,213,475)

-Deliveredregularcommunicationtogroupsthroughourwebsiteandfrequentelectronicbriefings- there
arenearly3,504subscriberstooure-newslettersthatprovideupdatesonpolicybriefings, volunteering,
funding and commissioning opportunities and economic impact.

HealthwatchLeicesterandLeicestershire-VAListheaccountablebodyforHealthwatchLeicester and
Leicestershirewhichisthelocalhealthandsocialcarechampion.Thecontractenablesustomake sure
thatNHSleadersanddecisionmakershearthevoicesoflocalpeopletoimprovecare.Wealso offer
reliable and trustworthy information and advice. During the year, we have:

-Published24reportsabouttheimprovementspeoplewouldliketoseetolocalhealthandsocial care
services

-Providedadviceandinformationto10,434people(lastyear8821)abouttopicssuchasmental health
and dentistry

-Spokento9259people(lastyear8040)togaintheirfeedback,viewsandexperiencesofhealth and
social care service, helping us to raise awareness of issues and improve care.

CreativeFutures-VALwasawardedmoniesfromtheUKSharedProsperityFund(UKSPF)tosupport young
peopleintotraining,accreditedcoursesinartsandopportunitiestotestoutworkinginthe creative
industries.Wealsosupporttheyoungpeoplewithemployabilityskills,CVpreparation,jobinterview skills
and how to use LinkedIn to create their online portfolio. During the 9 months funding we have:

- Signed up 73 young people to the project
- Enable 9 young people to get into employment

Page 2

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

STRATEGIC REPORT For The Year Ended 31 March 2025

FINANCIAL REVIEW

Thisfinancialyeartheorganisationhasrecordedan'inyear'deficitof£41,907(2024:surplusof£311,613 -
restated)

Duringthisyearapproximately13.7%ofVAL'sexpenditurewasforthedeliveryofservicestosupport people
intoemploymentortraining,50%wasforHealthandSocialCareservices,5.9%wasforchildrenand young
peopleservices,17.5%wasforsupportingcommunityandvoluntarygroupsandvolunteering,12.4% was
towards raising funds and 0.5% towards governance costs.

VAL had the following significant contracts and grants this financial year:

- Leicestershire County Council - for delivery of support services to the community sector and volunteering.

- Leicester City Council - for delivery of Healthwatch Leicester and Leicestershire.

POLICY ON RESERVES

Thecharityhadunrestrictedreservesof£2,849,817atMarch2025(restated:£2,630,458atMarch2024). After
takingaccountofdesignatedreserves,thecharitycurrentlyholdsfreereservesof£314,353, (restated
£94,994onMarch2024).Thecharity'sreservespolicysetsoutanaimtoaccumulatefreereserves of
£595,000.

The trustees have three purposes for the accumulation of free reserves:

1. To enable the organisation to be wound up if this is found prudent and necessary.

2. To finance the development of new or existing services.

3. To invest in our assets to develop and enhance our income streams.

PRINCIPAL FUNDING SOURCES

Thecharityhasnotundertakenfundraisingfromthepublicinanysignificantwayduringtheyear. The
majorityoffundshavebeenreceivedfromstatutoryauthoritiesthroughservicecontracts,orfrom grant
making bodies such as Trusts.

In the 2024-25 financial year funding was received from:

- Leicestershire County Council

INVESTMENT POLICY AND OBJECTIVES

TheTrusteeshavereviewedtheirpolicyofretaininginvestmentineasilyaccessibledepositaccounts and
confirmeditisnecessaryforcash-flowpurposestocontinuetoutiliselowerinterestreturnsfrom easily
accessiblesavingsaccounts.Theorganizationhas£256,000(Mar2024:£298,000)investedina 32-day
notice account.

PLANS FOR FUTURE PERIODS

AsnotedinthelastreportthisyearhasseenseveralchangeswithinVALtoensurethatweareinthe best
positiontokeepussustainableandreadytoseekfurtherdiversificationoffundsfortheorganisation. These
changes include:

Page 3

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

STRATEGIC REPORT

For The Year Ended 31 March 2025

its

VAL has continued to keep itself in a strong financial position, and the positive recognition of our work with communities and volunteers through this year has improved our status as a valued local pariner. Our Sector Support contract received a three year extension to 31st March 2027 due fo our contract managers realising the valuable contribution VAL plays in supporting local communities. In the coming year we will:

  1. Further develop the relationship between the Integrated Care system and the local VCSE, in light of neighbourhood models of health being developed.

  2. Build up more health and social care related service delivery by VAL.

  3. Regrow our employability offer enabling local people opporiunities to get closer to employment

  4. Further expand our VALUES service - supporiing people with a learning disability to live fulfilling lives as independently as possible. 5. Continue to develop our relationship with the City Council, especially around posifive volunteering and group support.

  5. Engage and build robust relationships with local businesses for the benefit of VAL and the local VCSE.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the charity are:

Financial

Reputational

People

The Trustee Board receive a risk report from the Chief Executive at every Board meeting. All risks are reviewed for their impact, likelihood and current dynamic to identify priority risks at any one time. There are a wide range of mitigating actions identified and implemented on a rolling basis. . Approved by order of the board of trustees on BL1Q (2928... and signed on its behalf by:

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Page 4 

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

TRUSTEES' REPORT For The Year Ended 31 March 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31March2025.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Thecharity'sobjectsaretopromoteanycharitablepurposesforthebenefitofthecommunityinthe City
ofLeicesterandCountyofLeicestershire,andtopromoteandorganiseco-operationinthe achievement
of this purpose.

OurstrategicprioritieswerereviewedbytheTrusteeBoardearlyin2025whowereguidedby our
commitmenttothegoalofhelpingpeoplechangetheirlivesforthebetter.Asaresult,theTrustee Board
agreed the following five key aims:

1. VAL supports the VCSE to meet community needs in a changing environment

2. VAL and the VCSE work for change for the most disadvantaged people

3. VAL enables local people to influence and challenge health and social care

4. VAL increases the reach of our services

5. VAL is a centre of excellence with high quality and sustainable services

Objects, strategies and activities

VoluntaryActionLeicester(VAL)deliversarangeofdirectservicestoindividualsinneedaswell as
supportingalargenumberoflocalcommunityandvoluntarygroups.Themainactivitieswe have
engaged in this year to fulfil our charitable purposes and deliver public benefit are:

-ProvisionofsupporttopeoplewithaLearningDisabilitytoliveasindependentandfulfillinglives as
possible.

Public benefit

Ourmainactivitiesandtheindividualsandcommunitiesweaimtohelparedescribedabove.All our
charitableactivitiesfocusontheinvolvementofpeopleintheimprovementofcommunitiesand are
undertakentofurtherourcharitablepurposesforthepublicbenefit.Wedonotlimitaccesstoour activities
topeopleandgroupswithinourgeographicareaofbenefitandtakestepstoreducebarrierstoaccess for
individualsandgroupsthroughensuringaccessiblevenues,providingaccessiblematerials,and running
specific projects targeted at disadvantaged members of the public.

TheTrusteeshavereferredtotheCharityCommission'sgeneralguidanceonpublicbenefitwhen reviewing
ouraimsandobjectivesandinplanningourfutureactivities.Inparticular,thetrusteesconsideredhow our
planned activities contribute to the aims and objectives that they have set.

Page 5

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

TRUSTEES' REPORT For The Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Use of Volunteers

The charity involves volunteers in a range of ways to enhance our service delivery:

- Governance of the organisation through the Trustee Board;

- A scheme for supported volunteering of people with learning disabilities.

- Via support to those seeking employment and employability skills

Wehaveafullrangeofpoliciesandproceduresinplacetoensurethisinvolvementissuccessful and
beneficialtoallparties.VALisarecognisedInvestorinVolunteers(anationalstandardmanagedby the
NationalAssociationofVoluntaryandCommunityAction(NAVCA)).WearealsoaNAVCA national
Volunteer Centre, and we are only one of 25 in the UK to achieve this.

Employment of disabled persons

Aspartofourpreviousrecognitionasaninvestorinpeoplewehavewellestablishedmechanismsfor the
involvementofemployees.Ourpremisesarefullyaccessibleforpeoplewithdisabilities,andatleast 10%
of our employees have declared disabilities.

Prior year adjustment

Prioryearadjustmentstotheyearended31March2024havebeenmadeinrelationtogrant income
recognition and fixed asset capitalisation.

Anadjustmenthasbeenmadetorecognisegrantsawarded,totalling£642,779wherethe income
recognitioncriteriawasachievedinthepreviousyear.Thishasincreasedincomeandaccruedincome as
at 31 March 2024 by £642,779.

AdditionallyaboilerwaspurchasedinOctober2022whichshouldhavebeencapitalisedonthe balance
sheet.Thiswaspreviouslynotcapitalisedasitfellbelowthematerialitythresholdinprioryear. This
amountedtoacostof£40,000withaccumulateddepreciationof£6,000.Thishasdecreased expenditure
and increased fixed assets by £34,000 as at 31 March 2024.

Going concern

NomaterialuncertaintiesthatmaycastsignificantdoubtupontheabilityoftheCharitytocontinueas a
goingconcernhavebeenidentifiedbytheTrustees.Thereforetheaccountsarepreparedonthe going
concern basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Thecharityisacharitablecompanylimitedbyguaranteeandwassetupon20May1965as an
unincorporatedorganisation.Itwasincorporatedasacompanylimitedbyguaranteeon14March 1978,
andisgovernedbyamemorandumandarticlesofassociation,whichwerelastamendedinFebruary 2022
to move the organisation to the Charity Commission Model.

The organisation was registered as a charity on 31 October 1979.

ThecompanywasestablishedunderaMemorandumofAssociationthatestablishedtheobjects and
powersofthecharitablecompanyandisgovernedunderitsArticlesofAssociation.Underthose Articles
themembersoftheTrusteeBoardareappointedtoserveamaximumperiodof3yearsbefore being
eligibleforre-appointment.HonoraryOfficersareelectedfromamongsttheTrustees,bytheTrustees at
their first meeting after the AGM.

Page 6

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

TRUSTEES' REPORT

For The Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

OurTrusteeBoardmembersareallmembersofthecharity(etherindividualmembersor nominated
representativesofgroupmembers).MembershipisopentocommunityandvoluntarygroupsintheCity of
LeicesterandtheCountyofLeicestershire,andtoindividualswhosupportourcharitableobjects. Currently
thereare536voluntaryandcommunitygroupsinmembership.TheTrusteeBoardrecruitnew Trustees
throughseekingnominationfrommembersand/oropenlyadvertisinginthelocalpress. Prospective
Trusteesareinterviewedbyapanelofthreeexistingtrustees.Anynewappointmenthastobeendorsed by
themembershipatthenextAnnualGeneralMeetingbutcanserveinthemeantime.TheTrusteeshave the
power to co-opt up to three further Trustees and to fill casual vacancies arising through the year..

Organisational structure

TheTrusteeBoardcomprisesupto15trusteeswhoappointthreehonoraryofficersfromtheirnumber. The
TrusteeBoardcurrentlymeetmonthlyandtakeallstrategicdecisionsofthecharityaswellas monitor
progress against our activity and financial plans.

Induction and training of new trustees

AllTrusteeBoardmembersreceivetrainingand/orsupportidentifiedfurthertrainingtoenablethemto fulfil
theirroleasTrustees.Alltrusteesreceiveaninductionpackthatcontainsinformationonthecharity and
guidance on their roles as charity trustees and company directors.

Arrangements for setting key management personnel remuneration

TheTrusteeBoardsetstargetsfortheChiefExecutiveeachyear-andmonitorstheirprogressagainst these
targets.Subjecttothisperformance,thefinancialhealthofthecharity,andareviewofthesalary market
forcharityChiefExecutives,theTrusteeBoardmaydeterminetoaltertheremunerationofthe Chief
Executive.

Relationships with Related Parties

Thecharityisamemberoftwonationalvoluntarysectorumbrellabodies,namelyNationalAssociation of
VoluntaryandCommunityAction(NAVCA)andNationalCouncilforVoluntaryOrganisations (NCVO).
These bodies provide best practice advice and link to national policy.

Financial instruments

Objectives and policies

TheCharity'sactivitiesexposeittofinancialrisksincludingcreditrisk,cashflowriskandliquidityrisk.The use
offinancialderivativesisgovernedbythecharity'spoliciesgovernedbytheboardoftrustees which
providewrittenprinciplesontheuseoffinancialderivativestomanagetheserisks.Thecharitydoesnot use
derivative financial instruments for speculative purposes.

Credit Risk

Thecharity'sprincipalfinancialassetsarebankbalancesandcash,tradeorotherreceivables, and
investments.TheCharity'screditriskisprimarilyrelatedtoitstradereceivables.Theamountspresented in
thebalancesheetarenetofallowances,fordoubtfulreceivables.Anallowanceforimpairmentis made
wherethereisanidentifiedlosseventwhich,basedonpreviousexperience,isevidenceofareduction in
the recoverability of cash flows.

TheCharityhasnosignificantconcentrationofcreditrisk,withexposurespreadoveralargenumber of
counterparties and customers.

Liquidity Risk

Inordertomaintainliquiditytoensurethatsufficientfundsareavailableforongoingoperationsand future
developments,theCharityusesamixtureoflongtermandshorttermdebtfinance.Further details
regarding liquidity risk can be found in the statement of accounting policies in the financial statements.

Page 7

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL}

TRUSTEES' REPORT For The Year Ended 31 March 2025

STATEMENT OF TRUSTEES‘ RESPONSIBILITIES

The trustees {who are also the directors of Voluntary Action Leicester known as Voluntary Action Leicestershire (VAL) for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial siatements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006} of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought fo have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information. Approved by order of the board of trustees on Blo {202s and signed on its behalf by:

Fenner

seseceneesenes

Page8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

Opinion

WehaveauditedthefinancialstatementsofVoluntaryActionLeicesterknownasVoluntary Action
Leicestershire(VAL)(the'charitablecompany')fortheyearended31March2025whichcomprise the
StatementofFinancialActivities,theBalanceSheet,theCashFlowStatementandnotestothe financial
statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframework that
hasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccounting Standards
(United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable
company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the
financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedon the
workwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation, 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:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ACTION LEICESTER KNOWN AS

VOLUNTARY ACTION LEICESTERSHIRE (VAL)

Matters on which we are required to report by exception

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironment obtained
inthecourseoftheaudit,wehavenotidentifiedmaterialmisstatementsintheStrategicReportand the
Trustees' Report.

WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresus to
report to you if, in our opinion:

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothe directors
ofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationof the
financialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternal control
asthetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefree from
material misstatement, whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and
usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ACTION LEICESTER KNOWN AS

VOLUNTARY ACTION LEICESTERSHIRE (VAL)

Our responsibilities for the audit of the financial statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomic decisions
of users taken on the basis of these financial statements.

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.We design
proceduresinlinewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespect of
irregularities,includingfraud.Theextenttowhichourproceduresarecapableofdetecting irregularities,
including fraud is detailed below:

Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:

Weobtainedanunderstandingofthelegalandregulatoryframeworksthatareapplicableto the
charitablecompanyanddeterminedthatthemostsignificantframeworkswhicharedirectlyrelevant so
specificassertionsinthefinancialstatementsarethosethatrelatetothereportingframework(UK GAAP
and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

Weunderstoodhowthecharitablecompanyiscomplyingwiththoseframeworksbymakingenquiries of
managementandthoseresponsibleforlegalandcomplianceprocedures.Wecorroboratedour enquiries
through review of board minutes and discussions with those charged with governance.

Weassessthesusceptibilityofthecharitablecompanyfinancialstatementstomaterial misstatement,
includinghowfraudmightoccur,bydiscussionwithmanagementfromvariouspartsofthebusiness to
understandwheretheyconsideredtherewasasusceptibilitytofraud.Weconsideredtheprocedures and
controlsthatthehascharitablecompanyestablishedtopreventanddetectfraud,andhowthese are
monitored by management, and also any enhanced risk factors such as performance targets.

Basedonourunderstanding,wedesignedourauditprocedurestoidentifyanynon-compliancewith laws
and regulations identified in the paragraphs above.

Wealsoperformedauditworkovertheriskofmanagementoverrideofcontrols,includingtestingof journal
entriesandotheradjustmentsforappropriateness,evaluatingthebusinessrationaleof significant
transactions outside the normal course of business and reviewing accounting estimates for bias.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescriptionforms part
of our Report of the Independent Auditors.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescriptionforms part
of our Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dilun Mistry FCA (Senior Statutory Auditor) for and on behalf of TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

20/10/2025 Date: .............................................

Page 12

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Support services for VCS groups and
volunteers
Health & social care related services
(adults)
Children, young people and families
services
Support to get people into employment or
training
Training Courses
Consultancy Income
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Support services for VCS groups and
volunteers
Health & social care related services
(adults)
Children, young people and families
services
Support to get people into employment or
training
Audit fees
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
12
As restated		 Unrestricted
funds
£
10,023
337,566
1,020,962
-
-
8,250
7,282
331,059
1,715,142
263,200
203,826
1,052,157
-
-
10,600
1,529,783
-
185,359
2,630,458
34,000
2,664,458		 Restricted
funds
£
-
27,000
-
225,000
61,132
-
-
-
313,132
-
115,892
8,922
125,000
290,584
-
540,398
-
(227,266)
224,211
642,779
866,990		 2025
Total
funds

£
10,023
364,566
1,020,962
225,000
61,132
8,250
7,282
331,059
2,028,274
263,200
319,718
1,061,079
125,000
290,584
10,600
2,070,181
-
(41,907)
2,854,669
676,779
3,531,448		 2024
Total
funds
as restated
£
1,713
553,716
1,020,583
64,847
624,321
4,367
5,703
303,858
2,579,108
327,904
568,655
1,042,318
105,217
113,901
9,500
2,167,495
(100,000)
311,613
3,219,835
-
3,219,835		 
The notes form part of these financial statements

Page 13

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 March 2025

Notes
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
2,849,817		 Restricted
funds
£
639,724		 2025
Total
funds

£
3,489,541		 2024
Total
funds
as restated
£
3,531,448 
The notes form part of these financial statements

Page 14

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL) (REGISTERED NUMBER: 01357513)

BALANCE SHEET

31 March 2025

2025 2024
as restated
Notes Fa £
FIXED ASSETS
Tangible asseis 14 2,332,659 2,410,884
Investments 15 86,000 86,000
2,418,659 2,496,884
CURRENT ASSETS
Debtors
Cash at bank		 16 615,576
813,785		 869,968
627 833
1,429,361 1,497,801
CREDITORS
Amounis fallingdue within oneyear 17 {325,401} (383,371)
NETCURRENT ASSETS 1,103,960 1,114,430
TOTALASSETS LESS CURRENT LIABILITIES 3,522,619 3,611,314
CREDITORS
Amounis falling due aftermore than one
year 18 (33,078} (79,866)
ACCRUALSAND DEFERRED INCOME - -
NET ASSETS 3,489,541 3,531,448
FUNDS 21
Unrestricted funds 2,849,817 2,664,458
Restricted funds 639,724 866,990
TOTALFUNDS 3,489,541 3,531,448

The financial statements were approved by the Board of Trustees and authorised for issue on sustsssesapeefersueepestssergeeeeerenes. OANA WEre signed on its behalf by: B/iSTTStsS

The notes form part of these financial statements

Page 15

VOLUNTARY ACTION LEICESTER KNOWN AS VOLUNTARY ACTION LEICESTERSHIRE (VAL)

CASH FLOW STATEMENT For The Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
2024
as
restated
£
£
232,597
(16,629)
(8,472)
(8,472)
224,125
(25,101)
(2,273)
(88,437)
-
(86,000)
9,419
9,464
7,146
(164,973)
(45,319)
(44,042)
(45,319)
(44,042)
185,952
(234,116)
627,833
861,949
813,785
627,833		 
The notes form part of these financial statements

Page 16

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 March 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Interest paid
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operations		 2025
2024
as
restated
£
£
(41,907)
311,613
80,498
85,764
-
100,000
(9,419)
(9,464)
8,472
8,472
254,392
(581,985)
(59,439)
68,971
232,597
(16,629)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 627,833 185,952 813,785
627,833 185,952 813,785
Debt
Debts falling due within 1 year (45,649) (1,469) (47,118)
Debts falling due after 1 year (79,866) 46,788 (33,078)
(125,515) 45,319 (80,196)
Total 502,318 231,271 733,589 
The notes form part of these financial statements

Page 17

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

Estimatesandjudgementsarecontinuallyevaluatedandarebasedonhistoricalexperience and
otherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunder the
circumstances.Theprincipalestimatesandjudgementsthatcouldhaveasignificanteffect upon
the charity's financial results relate to:

Usefuleconomiclivesoftangiblefixedassets-Theannualdepreciationchargefortangible fixed
assetsissensitivetochangesintheestimatedusefuleconomiclivesandresidualvaluesof the
assets.Theusefuleconomiclivesandresidualvaluesarereassessedannually.Theyare amended
whennecessarytoreflectcurrentestimates,basedontechnologicaladvancement, future
investments,economicutilisationandthephysicalconditionoftheassets.Thecarryingamount of
thetangiblefixedassetsisshowninnote13andnote1givestheusefuleconomiclivesfor each
class of assets.

Income

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
thefunds,itisprobablethattheincomewillbereceivedandtheamountcanbe measured
reliably.

Donations and legacies

Giftsinkinddonatedfordistributionareincludedatvaluationandrecognisedasincomewhen they
aredistributedtotheprojects.Giftsdonatedforresaleareincludedasincomewhentheyare sold.
DonatedfacilitiesareincludedatthevaluetotheCharitywherethiscanbequantifiedanda third
partyisbearingthecost.Noamountsareincludedinthefinancialstatementsforservices donated
by volunteers.

Donated services and facilities

Intangibleincome,whichcomprisesdonatedservices,isincludedinincomeatavaluationwhich is
anestimateofthefinancialcostbornebythedonorwheresuchacostisquantifiable and
measurable. No income is recognised where there is no financial cost borne by a third party.

Gift aid

IncometaxrecoverableinrelationtodonationsreceivedunderGiftAidordeedsofcovenant is
recognised at the time of the donation.

Investment income

Incometaxrecoverableinrelationtoinvestmentincomeisrecognisedatthetimethe investment
income is receivable.

LeaseincomefromoperatingleasesisrecognisedinStatementofFinancialActivitieson a
straight-line basis.
Government grants
GovernmentgrantsrelatingtotheCoronavirusJobRetentionSchemearerecognisedinincome in
the period in which it becomes receivable under the performance model.

continued...

Page 18

VOLUNTARY ACTION LEICESTER
KNOWN AS

VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.

Raising funds

Raisingfundsincludesallexpenditureincurredbythecharitytoraisefundsforitscharitable purposes
and includes costs of all fundraising activities, events and non-charitable trading.

Charitable activities

Charitableexpenditurecomprisesthosecostsincurredbythecharityinthedeliveryofits activities
andservicesforitsbeneficiaries.Itincludesbothcoststhatcanbeallocateddirectlyto such
activities and those costs of an indirect nature necessary to support them.

Governance costs

Theseincludethecostsattributabletothecharity’scompliancewithconstitutionaland statutory
requirements,includingaudit,strategicmanagementandtrusteemeetingsand reimbursed
expenses.

Tangible fixed assets

Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.

Freehold property- 2% on cost
Fixtures and fittings- 5% - 25% straight line

Assetsunderconstruction-Assetsunderthecourseofconstructionareheldatcostand not
depreciated until the asset has been bought into use.

Tangiblefixedassetsotherthanfreeholdpropertiesarestatedathistoricalcostless accumulated
depreciationandanyaccumulatedimpairmentlosses.Historicalcostsincludesexpenditurethat is
directlyattributabletobringingtheassettothelocationandconditionnecessaryforitto be
capable of operating in the manner intended my management.

Fixed assets costing £2,000 or more are initially recorded at cost.

Revaluation of tangible fixed assets

Freeholdpropertyiscarriedatfairvalueatthedateoftherevaluationlessany subsequent
accumulateddepreciationandsubsequentaccumulatedimpairmentlosses.Revaluations are
undertakenwithsufficientregularitytoensurethecarryingamountdoesnotdiffermaterially from
that which would be determined using fair value at the balance sheet date.

Fairvaluesaredeterminedfrommarket-basedevidencenormallyundertakenbya professionally
qualifiedvaluerorwhereappropriatebytheboardoftrusteesonanopenmarketvaluefor existing
use basis. It is the trustees' policy to revalue every 5 years.

Taxation

The charity is exempt from corporation tax on its charitable activities.

continued...

Page 19

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretion of
the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

Pension costs and other post-retirement benefits

Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributions payable
tothecharitablecompany'spensionschemearechargedtotheStatementofFinancialActivities in
the period to which they relate.

Investments

Investmentsareshownatmarketvalueatthebalancesheetdatewithanygainorlosstakento the
StatementofFinancialActivities.InvestmentsheldbytheBoardascustodiantrusteeare not
included in these financial statements.

Realisedgainsorlossesoninvestmentsarerecognisedwheninvestmentsaresold.Unrealised gains
or losses are accounted for on the revaluation of investments.

Investmentsandtheirgainsandlossesareallocatedtofundsbaseduponthenatureof the
investment source

Financial instruments

Classification

Financialassetsandfinancialliabilitiesarerecognisedwhenthecharitybecomesapartyto the
contractualprovisionsoftheinstrument.Financialliabilitiesandequityinstrumentsare classified
accordingtothesubstanceofthecontractualarrangementsenteredinto.Anequityinstrument is
anycontractthatevidencesaresidualinterestintheassetsofthecharityafterdeductingallof its
liabilities.

Recognition and measurement

Allfinancialassetsandliabilitiesareinitiallymeasuredattransactionprice(including transaction
costs),exceptforthosefinancialassetsclassifiedasatfairvaluethroughprofitorloss,which are
initiallymeasuredatfairvalue(whichisnormallythetransactionpriceexcludingtransaction costs),
unlessthearrangementconstitutesafinancingtransaction.Ifanarrangementconstitutes a
financingtransaction,thefinancialassetorfinancialliabilityismeasuredatthepresentvalueof the
future payments discounted at a market rate of interest for a similar debt instrument.

Financialassetsandliabilitiesareonlyoffsetinthestatementoffinancialpositionwhen,and only
whenthereexistsalegallyenforceablerighttosetofftherecognisedamountsandthe charity
intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financialassetsarederecognisedwhenandonlywhena)thecontractualrightstothecash flows
fromthefinancialassetexpireoraresettled,b)thecharitytransferstoanotherpartysubstantially all
oftherisksandrewardsofownershipofthefinancialasset,orc)thecharity,despitehaving retained
some,butnotall,significantrisksandrewardsofownership,hastransferredcontroloftheasset to
another party.

Financialliabilitiesarederecognisedonlywhentheobligationspecifiedinthecontract is
discharged, cancelled or expires.

continued...

Page 20

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

2. DONATIONS AND LEGACIES

Donations and gifts
3.
INVESTMENT INCOME
Rental income
Room hire income
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Support services for VCS groups and
volunteers
Health and social care related services
(adults)
Children, young people and families
services
Employment or training
Training courses
Consultancy income
Support services for VCS groups and
volunteers
Health and social care related services
(adults)
Children, young people and families
services
Carried forward		 Support
services
for VCS
groups
and
volunteers
£
364,566
-
-
-
-
-
364,566
Training
Courses
£
-
-
-
-		 Health &
social
care
related
services
(adults)
£
-
1,020,962
-
-
-
-
1,020,962
Consultancy
Income
£
-
-
-
-		 
continued...

Page 21

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

4. INCOME FROM CHARITABLE ACTIVITIES - continued

Brought forward
Employment or training
Training courses
Consultancy income
RAISING FUNDS
Raising donations and legacies
Staff costs
Other trading activities
Shared costs
Aggregate amounts
CHARITABLE ACTIVITIES COSTS
Support services for VCS groups and
volunteers
Health & social care related
services (adults)
Children, young people and
families services
Support to get people into
employment or training
Audit fees		 Training
Courses
£
-
-
8,250
-
8,250		 Consultancy
Income
£
-
-
-
7,282
7,282
Direct
Costs
£
319,718
1,061,079
125,000
290,584
-
1,796,381		 2025
Total
activities
£
1,610,528
61,132
8,250
7,282
1,687,192
2025
£
241,651
2025
£
21,549
263,200
Support
costs (see
note 7)
£
-
-
-
-
10,600
10,600		 2024
as
restated
Total
activities
£
1,639,146
624,321
4,367
5,703
2,273,537
2024
as
restated
£
296,106
2024
as
restated
£
31,798
327,904
Totals
£
319,718
1,061,079
125,000
290,584
10,600
1,806,981

5. RAISING FUNDS

6. CHARITABLE ACTIVITIES COSTS

continued...

Page 22

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Audit fees 10,600

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):
2025 2024
as
restated
£ £
Audit of financial statements 10,600 9,500
Depreciation - owned assets 80,498 85,764
Finance charges payable 7,920 8,472

9. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2025norfor the
year ended 31 March 2024.

Trustees' expenses

No trustees' received reimbursed travel expenses during the year ended 31 March 2025 (2024: Nil).

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
1,281,604
109,292
104,754
1,495,650		 2024
as
restated
£
1,232,044
107,087
129,029
1,468,160 
The average monthly number of employees during the year was as follows:
Charitable activities
Administration
Trading		 2025
2024
as
restated
54
47
5
5
4
3
63
55		 
No employees received emoluments in excess of £60,000.

Thetotalemployeebenefitsofthekeymanagementpersonnelofthecharitywere£186,910 (2024:
£179,042).

continued...

Page 23

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

11.COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Support services for VCS groups and
volunteers
Health & social care related services
(adults)
Children, young people and families
services
Support to get people into employment
or training
Training Courses
Consultancy Income
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Support services for VCS groups and
volunteers
Health & social care related services
(adults)
Children, young people and families
services
Support to get people into employment
or training
Audit fees
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,134
363,419
1,007,167
4,999
-
4,367
5,703
303,858
1,690,647
327,904
457,466
1,017,422
4,999
-
9,500
1,817,291
(100,000)
(226,644)
2,891,102
2,664,458		 Restricted
funds

£
579
190,297
13,416
59,848
624,321
-
-
-
888,461
-
111,189
24,896
100,218
113,901
-
350,204
-
538,257
328,733
866,990		 Total
funds
as restated
£
1,713
553,716
1,020,583
64,847
624,321
4,367
5,703
303,858
2,579,108
327,904
568,655
1,042,318
105,217
113,901
9,500
2,167,495
(100,000)
311,613
3,219,835
3,531,448		 
continued...

Page 24

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

12. PRIOR YEAR ADJUSTMENT

Prioryearadjustmentstotheyearended31March2024havebeenmadeinrelationto grant
income recognition and fixed asset capitalisation.

Anadjustmenthasbeenmadetorecognisegrantsawarded,totalling£642,779werethe income
recognitioncriteriawasachievedinthepreviousyear.Thishasincreasedincomeand accrued
income as at 31 March 2024 by £642,779.

AdditionallyaboilerwaspurchasedinOctober2022whichshouldhavebeencapitalisedon the
balancesheet.Thisamountedtoacostof£40,000withaccumulateddepreciationof£6,000. This
has decreased expenditure and increased fixed assets by £34,000 as at 31 March 2024.
As previously
As restated reported
Income 2,579,108 1,936,329
Expenditure 2,167,495 2,201,495
Net income/(expenditure) 311,613 (265,166)
Accrued income 717,891 75,202
Fixed assets NBV 2,410,884 2,376,884
Total funds c/fwd 3,531,448 2,854,669

13. TAXATION

The charity is a registered charity and is therefore exempt from taxation.

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Freehold
property
£
2,150,000
-
2,150,000
-
47,778
47,778
2,102,222
2,150,000		 Fixtures
and
fittings
£
349,143
2,273
351,416
88,259
32,720
120,979
230,437
260,884		 Totals
£
2,499,143
2,273
2,501,416
88,259
80,498
168,757
2,332,659
2,410,884 
ThefreeholdpropertywasrevaluedInApril2024byInnesEnglandinaccordancewith RICS
Valuations - Global Standards 2017. The trustees' policy is to revalue every 5 years.

Iffreeholdpropertyhadnotbeenincludedatvaluation,itwouldbevaluedatthe following
amounts:
2025 2024
£ £
Cost 3,060,519 3,060,519 
continued...

Page 25

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

14. TANGIBLE FIXED ASSETS - continued

Accumulated depreciation (1,321,479) (1,273,701)
--------------- ---------------
Net book value 1,739,040 1,786,818
--------------- --------------- 
VoluntaryActionLeicesterownsthefreeholdofthepremisesfromwhichitoperates.Thebuilding is
utilisedbythecharityasitsheadoffice.Roomsareletthroughouttheyeartogenerateincome for
the charity to support its activities.

Thelandvalueelementoffreeholdpropertyhasnotbeenreadilyavailableanditisthe charity's
intention to obtain this from the valuers at the next available opportunity.

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Cash and
settlements
pending
£
MARKET VALUE
At 1 April 2024 and 31 March 2025 86,000
NET BOOK VALUE
At 31 March 2025 86,000
At 31 March 2024 86,000 
There were no investment assets outside the UK.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments
Accrued income		 2025
2024
as
restated
£
£
175,175
130,366
15,948
21,621
424,453
717,981
615,576
869,968		 2025
2024
as
restated
£
£
175,175
130,366
15,948
21,621
424,453
717,981
615,576
869,968
869,968 
continued...

Page 26

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 19)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 19)
19.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between two and five years:
Bank loans - 2-5 years		 2025
2024
as
restated
£
£
47,118
45,649
58,896
65,787
24,367
23,139
45,308
41,605
34,104
36,175
115,608
171,016
325,401
383,371
2025
2024
as
restated
£
£
33,078
79,866
2025
2024
as
restated
£
£
47,118
45,649
33,078
79,866		 2025
2024
as
restated
£
£
47,118
45,649
58,896
65,787
24,367
23,139
45,308
41,605
34,104
36,175
115,608
171,016
325,401
383,371
2025
2024
as
restated
£
£
33,078
79,866
2025
2024
as
restated
£
£
47,118
45,649
33,078
79,866
79,866 
Bankloansaresecuredbyafixedchargeonthepropertyandattachedfixtures,plant and
machinery.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Accruals and deferred income		 Unrestricted
funds
£
2,332,659
86,000
1,103,908
(278,137)
(33,078)
(361,535)
2,849,817		 Restricted
funds
£
-
-
325,453
(47,264)
-
361,535
639,724		 2025
Total
funds
£
2,332,659
86,000
1,429,361
(325,401)
(33,078)
-
3,489,541		 2024
as
restated
Total
funds
£
2,410,884
86,000
1,497,801
(383,371)
(79,866)
-
3,531,448 
continued...

Page 27

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. MOVEMENT IN FUNDS

Prior
year
At 1.4.24
adjustment
£
£
Unrestricted funds
General fund
94,994
34,000
Designated
2,243,872
-
Fixed asset reserve
291,592
-
2,630,458
34,000
Restricted funds
9 Newarke Street
207,053
-
Population Health Management
3,520
-
LCC Covid Safe
2,421
-
Randall Foundation - Children in Care
events
638
-
VALUES Kitchen
579
-
Integrated Care Systems
10,000
-
Multiply Blaby & Lutterworth
-
20,000
City Health
-
126,000
SPEED
-
-
Creative Futures
-
-
Employment hub
-
92,592
BUILD
-
404,187
224,211
642,779
TOTAL FUNDS
2,854,669
676,779
Net movement in funds, included in the above are as follows:		 Net
movement
in funds
£
185,359
-
-
185,359
(46,892)
-
-
-
-
(8,922)
(20,000)
(42,000)
8,894
100,000
(92,592)
(125,754)
(227,266)
(41,907)		 At
31.3.25
£
314,353
2,243,872
291,592
2,849,817
160,161
3,520
2,421
638
579
1,078
-
84,000
8,894
100,000
-
278,433
639,724
3,489,541
Unrestricted funds
General fund
Restricted funds
9 Newarke Street
Integrated Care Systems
Multiply Blaby & Lutterworth
UKSPF E9 - Oadby & Wigston
City Health
SPEED
Creative Futures
Employment hub
BUILD
TOTAL FUNDS		 Incoming
resources
£
1,715,142
-
-
-
27,000
-
61,131
225,000
-
1
313,132
2,028,274		 Resources
expended
£
(1,529,783)
(46,892)
(8,922)
(20,000)
(27,000)
(42,000)
(52,237)
(125,000)
(92,592)
(125,755)
(540,398)
(2,070,181)		 Movement
in funds
£
185,359
(46,892)
(8,922)
(20,000)
-
(42,000)
8,894
100,000
(92,592)
(125,754)
(227,266)
(41,907)		 
continued...

Page 28

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated
Fixed asset reserve
Restricted funds
9 Newarke Street
Big Lottery - YES Project
Big Lottery - GREAT Project
WiLL - Work in Live Leicestershire
Population Health Management
LCC Covid Safe
Randall Foundation - Children in Care
events
VALUES Kitchen
Integrated Care Systems
Multiply Blaby & Lutterworth
City Health
Employment hub
BUILD
TOTAL FUNDS		 At 1.4.23
£
2,401,402
95,000
394,700
2,891,102
253,945
12,008
6,772
(413)
25,000
2,421
29,000
-
-
-
-
-
-
328,733
3,219,835		 Net
movement
in funds
£
(51,644)
(75,000)
(100,000)
(226,644)
(46,892)
(12,008)
(6,772)
413
(21,480)
-
(28,362)
579
10,000
20,000
126,000
92,592
404,187
538,257
311,613		 Transfers
between
funds
£
(2,220,764)
2,223,872
(3,108)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At
31.3.24
£
128,994
2,243,872
291,592
2,664,458
207,053
-
-
-
3,520
2,421
638
579
10,000
20,000
126,000
92,592
404,187
866,990
3,531,448 
continued...

Page 29

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Designated
Fixed asset reserve
Restricted funds
9 Newarke Street
Big Lottery - YES Project
Big Lottery - GREAT Project
WiLL - Work in Live Leicestershire
MENCAP - Tackling inequalities
Population Health Management
Randall Foundation - Children in Care
events
VALUES Kitchen
Integrated Care Systems
UKSPF E9 Harborough
Multiply Blaby & Lutterworth
UKSPF E9 - Oadby & Wigston
Anti-poverty
City Health
Employment hub
BUILD
TOTAL FUNDS		 Incoming
resources
£
1,690,647
-
-
1,690,647
-
59,848
78,173
9,369
3,416
-
-
579
10,000
8,000
40,000
18,000
38,297
126,000
92,592
404,187
888,461
2,579,108		 Resources
expended
£
(1,742,291)
(75,000)
-
(1,817,291)
(46,892)
(71,856)
(84,945)
(8,956)
(3,416)
(21,480)
(28,362)
-
-
(8,000)
(20,000)
(18,000)
(38,297)
-
-
-
(350,204)
(2,167,495)		 Gains and
losses
£
-
-
(100,000)
(100,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(100,000)		 Movement
in funds
£
(51,644)
(75,000)
(100,000)
(226,644)
(46,892)
(12,008)
(6,772)
413
-
(21,480)
(28,362)
579
10,000
-
20,000
-
-
126,000
92,592
404,187
538,257
311,613		 
The specific purposes for which the funds are to be applied are as follows:

9 Newarke Street

Thefundrepresentsthehistoriccostofthepropertyat9NewarkeStreet.Expenditurechargedto the
fund is depreciation on the building.

YES project

YouthEmployabilitySupportprogrammeassistingyoungpeople(under25)inLeicester and
Leicestershireintoworkortraining.TheprogrammeisjointlyfundedbyTheNational Lottery
Community Fund and European Social Investment Fund.

GREAT project

GettingReadyforEmploymentAndTrainingprogrammeassistingfamiliesinLeicester and
Leicestershireintoworkortraining.TheprogrammeisjointlyfundedbyTheNational Lottery
Community Fund and European Social Investment Fund.

WiLL - Work in Live Leicestershire

ABuildingBetterOpportunitiesprogrammeworkingwithparticipantstomovethemcloser to
employability or training via volunteering.

continued...

Page 30

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

WiLL Donations

A public donation that the donor specifies must be utilised to the benefit of the WiLL project.

YES Donations

A corporate donation gifted for the benefit of participants of the YES project.

VCSE Insights

TheVCSEInsightsProjectwasaprojectthatenabledVALtospeaktoandunderstandtheneeds of
ourlocalVCSgroupsduringtheCOVID-19pandemic.Informationgivenhelpedtoshape VAL
servicestosupport,giveadviceandguidethelocalvoluntarysectoraswellashelpwith their
urgentneeds.TheprojectwasfundedbyTheNationalLotteryCommunityFund's COVID-19
Emergency Fund.

Mencap - Tackling inequalities

ThefundingfromMencap'sTacklingInequalitiesFundenablesVALtosupportyoungpeople with
learningdisabilitiestoparticipateinsport.Theaimistoincreaseparticipation,improvehealth and
support inclusion.

Population Health Management

TheIntegratedCareBoard(ICB)providesfundingforPopulationHealthmanagement initiatives
acrossLeicesterandLeicestershire.VALwasappointedtomanageandadministerthesegrants that
support projects from local VCSE organisations meeting the need of reducing health inequalities.

LCC Covid Safe

VALmanagedandadministeredaLocalLockdownSupportFundonbehalfofLeicester City
Council.ThefundingwasavailabletoestablishedVoluntary,Community,SocialEnterpriseand Faith
basedorganisationsinLeicesterCity.FundsweretosupportactivityaroundenablingLeicester to
exitlockdownandsupportVCSEorganisationsofferingfrontlineserviceswhichaddresstheneeds of
the community in light of the effects of COVID-19.

Randall Foundation - Children in Care events

TheRandallFoundationprovidedgrantfundingtoVALfortwoCelebrationEventsforChildren in
CarefromLeicestershire,enabling700looked-afterchildrenandcareleaverstohave their
achievementscelebrated.Theyoungpeoplewerenominatedforanawardbyarange of
professionalstorecognisethepositiveprogressiontheyhavemadeintheirlives,whichare designed
to raise their self-esteem and recognise how their efforts are valued.

Active communities grant for 9 Newarke Street

Thefundrepresentsthehistoriccostofthepropertyat9NewarkeStreet.Expenditurechargedto the
fund is depreciation on the building.

Employment Hub

FundedthroughLeicesterCityCounciltoworkinpartnershipwithLeicesterEmploymentHub to
expandtheserviceoutintotwoCountyareas,NorthWestLeicestershireandHinckley& Bosworth.
Project'saimwastobridgethegapbetweenemployersandthoseseekingemployment working
with both local people seeking new opportunities and partnering with local employers.

BUILD

NationalLotteryFundedproject,VAListheleadorganisationworkinginpartnershipwith two
additionallocalVCSEorganisationsRuralCommunityCouncilandCASE.Workinginthemost rural
areaswithindividualsseekingnewskills,utilisingtheABCD(AssestBasedCommunity Development)
approachtodelivercommunityactioninpartnershipwithVCSEorganisationsandthelocal business
sector.

continued...

Page 31

VOLUNTARY ACTION LEICESTER
KNOWN AS
VOLUNTARY ACTION LEICESTERSHIRE (VAL)

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

SPEED

ArmedForcesCovenantFundProjectacrossLeicester,LeicestershireandRutland supporting
partners/spousesofservingArmedForcespersonnelempoweringthemtotakepositive steps
towardsnewopportunitiesthroughemployabilityskillssupportaswellasvolunteering opportunities,
and training/education.

Creative Futures

ProjectfundedthroughUKSharedProsperityFund,(LeicesterCityCouncil)tosupportyoung people
aged18-25inLeicesterCitytogainnewskillsandconfidencethroughemployabilityskills support,
accesstovolunteering,educationandtrainingand throughgainingtheArtsAward Qualification.
VAListheleadorganisationinapartnershipprojectwithVCSEorganisationTheMighty Creatives
(TMC)

ICS Collaborative Innovators

FundedthroughNHSEnglandtoworkinpartnershipwiththeIntegratedCareBoard/VCSE Alliance
tohostworkshops/eventsforhealthpartners/stakeholdersandVoluntaryCommunity Social
EnterpriseOrganisations.Todiscuss collaborativeinitiativesonhowtobetterimbedtheVCSE sector
withintheIntegratedCareServiceacrossLeicester,LeicestershireandRutland.Bettersupporting the
local community and achieve better health and well-being outcomes.

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025 and 31 March 2024.

Page 32