VOLUNTEER NOW (COMPANY LIMITED BY GUARANTEE> CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Reference and Administrative Details Trustees, Report (including the Strategic Report) 2-14 Independent Audit Report 15-18 Statement of Financial Activities 19-20 Balance Sheet Statement of Cash Flows 23 Notes to the Financial Statements 24-38
VOLUNTEER NOW {A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Dr Nick Acheson Elaine Black Philip Nathan Campbell Helen Connolly Jenny Ferguson Jenny Marshall Jeannie Mccann Martin Mccarthy Samantha Gillespie Philip McDonagh Julie Meredith Marc Scott (Chairperson) (Appointed 14 November 2023) Company secretary and general manager Denise Hayward Reglstered office Skainos Centre 239 Newtownards Road Belfast BT4 1AF Sollcitors Edwards and Co 28 Hill Street Belfast BT12LA Bank Ulster Bank Limited 91-93 University Road Belfast BT7 7FW Registered auditors Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast BT2 8HS Company number NI 602399 Charlty registratlon number NIC 101309
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Report) Structure, governance and management The trustees present their report and the financial statements for the year ended 31 March 2024. The trustees, who are also directors of Volunteer Now for the purposes of company law and who setved during the year and up to the date of this report are set out on page 1. Princlpal Activities and Results for the year The principal activity of Volunteer Now is a regional to local infrastructure support organisation concerned with the promotion, support and development of volunteering. Net outgoing resources for the charity amounted to £240,308 (2023.. £6,080 incoming) and for the group £144,33412023'. £42.042 incoming). Referenc8 and admlnistratlve details of the Charity, Its Trustees and advlsors The organisation has a Board of TrusteeslDirectors of 12 with a maximum of 15 members allowed, 1 Chairperson appointed. 6 elected from the membership and 6 appointed and 2 co-options. The Board members are all Charity Trustees and Directors ofthe company. The following individuals were members of Board of TrusteeslDirectors of the organisation during 202314.. Dr Nick Acheson lan Baxter-crawford Elaine Black Philip Nathan Campbell Helen Connolly Jenny Ferguson Jenny Marshall Jeannie Mccann Martin Mccarthy Samantha Gillespie Julie Meredilh Philip McDonagh Marc Scott (Chairperson) (Resigned 21 September 2023) (Appointed 21 September 2023) There were 33 staff employed by the organisation at the end of March 2024. The Chief Executive Officer is Denise Hayward and the Leadership Team is comprised of Ruth Mulholland, Stephen Addy (from 313124), (Nadine Campbell till 1417120231, Jane Gribbin, Kelli Cleland and Lindsay Armstrong. The organisation provides a role description for the members of the Board. with additional role descriptions for office bearers. Once members are elected or appointed to the Board, they are given an induction into the roles and responsibilities of board members.. background about the organisation including mission. objectives, operational and financial management. They are provided with an information pack including Copies of current strategic and operational plans, relevant policies and procedures, staff structures and current key issues. New directors and staff members are provided with an induction into the role and responsibilities of the Board of Trustees., a skills audit of Trustees is also carried out regularly. A number of sub committees are in place within the Board. These include Finance, Audit and Risk, Income Generation and Communications and Executive Committee. These committees all have clearterms of reference and report regularly to the Board. The sub-committee structure affords Trustees an opportunity to engage actively in managing and monitoring the work of the organisation. An additional, time limited, 5ub-¢ommittee has been put in place this year to support the strategic planning process. The Board of Trustees meets on a six-weekly basis and the members are fully engaged in strategic oversight of the organisation's work.
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Report) Cont'd Related parties Volunteer Now has one wholly owned subsidiary. Volunteer Now Enterprises Ltd. None of our trustees receives remuneration or other benefits from their work with the charity. Risk mana9oment The Board of Trustees has considered the major risks to which Volunteer Now is exposed and systems and procedures have been established to mitigate those risks. A risk register is produced and Trustees meet annually with the Leadership Team to consider and score the risks identified. The risk registers and mitigations in place are reviewed on a 6-monthly basis. Trustees review the information in detail in the Audit and Risk Committee and this is then reported to the full board. We have continued to actively manage key risks with the regular review of systems and processes, for example this year we have moved our data to cloud storage to mitigate the risk of aging IT equipment and to support GDPR compliance. New issues which have emerged this year are the difficult environment for recruiting and retaining paid staff. Mitigations have been put in place such as a more flexible approach to recruitment and a review of staff benefits. We continue to be mindful of the potential risk for Volunteer Now associated with its membership ofthe TPT NI Charities Pension Scheme., a final salary scheme that was closed to new members in 2009. The scheme has accrued a deficit which to date has been managed through agreed monthly payments. Volunteer Now's total payments (deficit plus expenses} are currently £34,653 per annum. this will rise to £63,369. The results of the valuation in September 2019, for the Scheme as a whole, showed that belween 2016 and 2019 the deficit reduced from £6.1 M to £2.4M. However in the latest 2022 valuation the deficit has increased lo £3.2 million. Due to the resulls from the most recent triennial valuation of the NICPS, which were shared with scheme employers after the financial year end, showing that the deficit has increased again, TPT has instigated a higher deficit contribution over a slightly longer period. Further risks associated with the pensions scheme have also come to light including to the processes used by TPT in the closure of the final salary scheme in 2009. These issues will be tested in a court case expected in 202412025. Any associated contingent liabilities are a key and ongoing focus of the Volunteer Now trustees. Objectlves and Actlvlties Volunteer Now's vision. mission and objectives are set out in the Strategic Plan 2020 - 2025. This Strategic Plan was refreshed during 2022 a new strategic planning process is underway and will be completed by November 2024. The Strategic Plan informs the annual Operational Plan that sets out key objectives. activities and targets. The Operational Plan is monitored and reviewed on a six-monthly basis. Our Vision Building strong communities through volunteering. Our Mission Enabling people to offer their skills and time to build stronger, more active communities. Values Excellence and Creativity - We strive for excellence and creativity in all thal we do recognising that each person's contribution is valuable. Collaboration and Teamwork- We value working with others, building and maintaining effective partnerships.
VOLUNTEER NOW IA COMPANY LlhllTED BY GUAIiANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Report) Cont'd Respect and Inclusion - We celebrate diversity and promote inclusion to build a culture based on due regard for others. Beneficiaries and Safeguarding - We focus on the achievement of positive outcomes for everyone involved in volunteering and apply recognised safeguarding principles to our work. Priorities and Outcomes 2023-24 Outcome 1: Improved communlty well-belng and personal development through volunteering Priorities and Actions Promote volunteering In order to Increase the number and diversity of volunteers. Enable volunteering to be inclusive of groups, familie5, and individuals. Provide a comprehensive digital recruitment resource. Increase the number and diversity of opportunities for people to volunteer. Develop youth volunteering and social action. Extend volunteering opportunities for under 16s. Support older people to volunteer. Cary out a range of volunteering promotional events. Increase the understanding of and recognltlon for volunteering. Provide and communicate a strategic understanding of volunteering in Northern Ireland and its links to the public policy context Work with partners to recognise volunteering in both fomial and informal settings. Provide evidence of the impact of volunteering for individuals and communities. Increase recognition for young peoples, volunteering. Offer high quallty volunteerlng opportunlties. Effective recruitment and support of volunteers for Volunteer Now projects. Support event volunteering Support employer supported volunteering opportunities. Outcome 2.. Improved volunteering Practice In organisatlons Priorities and Actions Develop and promote best practice in volunteer management to all volunteer involvlng organisations. Develop and deliver high quality Iraining and information based on recognised standards including the use of digital lechnology. Build recognition for the profession of Volunteer Management Support the measurement of the impact of volunteering for individuals and communities. Develop partnerships and Collaborative working with relevant organisations. Develop and promote best practice In governance. Provide good practice and support on govemance. Support the recruitment and development of Trustees. Develop and promote best practlce In befriendlng. Support the development of good practice in befriending.
VOLUNTEER NOW IA COMPANY LIMITED B Y GUARAPITEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Dlrectors Report) Cont'd Outcome 3: Improved safeguarding practice in organisations Priori and Actions Provide support and information on standards of practice for safeguarding vulnerable groups. Actions.. Develop and provide training on good practice, policies, and procedures for safeguarding vulnerable groups. Provision of Access Nl Umbrella Service which allows groups to carry out their checks without registering directly with Access Nl. Develop partnerships and collaborative working with relevant organisation5. Outcome 4: Sustainable, well managed organisation {Volunteer Now) Priorities and Actions Ensure effective governanc8. Robust governance arrangements in place Robust risk management in place. Ensure effective use of resources. Timely robust and transparent financial planning and monitoring. Income base that ensures effective delivery of services and development of appropriate level of unreslricted reserves. Effective recruitment and management of staff. Creative development of new services. Robust management and delivery of internal and external IT systems. Effective facilities Management. Ensure effective capture and management of data. Effective Data Management Processes Effective monitoring and evaluation of organisational outcomes Public Beneflt The purpose of Volunteer Now is to advance Citizenship and community development by promoting and supporting volunteering. Set out in this document is a statement of our achievement and performance in delivering this purpose and the benefit to our beneficiaries. Trustees have had due regard to the Charity Commission Guidance in relation to the Public Benefit in producing this report. Achievements and Performance Outcome 1: Improved communSty well-belng and peonal development through volunteering 1: Promote volunteerin in order to increase the number and diversit of volunteers. Priori This year has seen a continued effort to recruit new volunteers and the team have been busy supporting organisations and promoting volunteering to raise awareness of the variety of opportunities which exist. Mobile opportunities, where staff take a table lop volunteering activity to people, remain popular with 96 opportunities reaching 1,518 new volunteers. 21 employer supported volunteering programmes were delivered involving 292 people.
VOLUNTEER NOW IA COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Report) Cont'd We continue to use the volunteer recruitment and management platform Be Collective as the main vehicle for individuals to find local opportunities online. The platform also allows organisations to promote opportunities.. 114 new organisations registered on the platform and 574 new volunteer opportunities were endorsed by Volunteer Now throughout the year. The tolal opportunities available at the end of March were 2,161 with 620 organisations overall registered on Be Collective. These organisations all receive regular information and access to direct local support. 1,656 new volunteers regislered on Be Collective during the year and the team directly supported 1,518 individuals to volunteer. 463 queries from individuals were answered in relation to volunteering support. During 202314, we actively promoted volunteering opportunities using the website, social media, opportunity sheets and in person events. We received new funding lo support the promotion of volunteering to young people and 26 schools were engaged reaching over 2.445 young people. During the year we delivered 89 information stands. We had radio coverage on BBC Radio Ulster, and a range of printed media including Down Recorder, Mourne Observer, Belfast Telegraph and Spectator. We aim for a daily social media presence with an increase in our presence on Instagram thi5 year. At the end of the year on Facebook, the main Volunteer Now page had 11.7k followers (lifetime). link Clicks of 3.6k, content interactions of 10.6k and a reach of 152.7k. We have 5,765 followers on X and 606 followers on Linkedln. Opportunity sheets were developed for each of our areas and updated as new opportunities were registered, at minimum quarterly. 4,790 opportunity sheets were distributedldownloaded this year. Throughout the year we directly reached over 1,500 individuals through 71 talks and workshops. Volunteers, Week was launched in partnership with UK Campaigns Group in March 2023 for the event in June 2023 with Scouts Nl, EBM, Age Nl and Street Soccer Nl_ We directly supported over 90 organisations to recognise their volunteers in Northern Ireland. Our Volunteers, Week reach on our website page was 1,936.. Volunteers Week Resources- 552, Social media reach: Twitter impressions (7 day period) - 8,891., Impressions (per day) - 1,300- Facebook Reach of 12,342 and Instagram Reach of 335. Priori 2.- Increase the understandin of and reco nition for volunteerin During the year Volunteer Now advocated for volunteering as part of the Department for Communities Infrastructure Reference Group, community planning partnerships and we jointly chaired the government and voluntary and ¢ommunity sector Joint Forum. We are active members of a range of neorkS such as: the South West Age Partnership., Neighbourhood renewal partnerships.. Newry Age Friendly Alliance.. Caring Communities., Safe and Well eorks., Newry Older Peoples Forum., Down Older Peoples Forum,. Locality Planning Group. Newry Intercultural Forum., ABC Loneliness Network-, Armagh Place Shaping Network.. Armagh, Banbridge and Craigavon Community and Voluntary Sector Panel; Mid and East Antrim and Antrim and Newtownabbey Loneliness Networks; ROC.. Community Health and Wellbeing Sub-Group: Northern Health and Social Care Trust Volunteering Group,. Antrim and Newtownabbey Inlercultural Forum and Lisburn and Castlereagh Community Planning Partnership and the Council's Health Inequalities Forum. We have worked closely with statutory, community and voluntary groups in Ards and North Down, Belfast, Mid and East Antrim and Newry Mourne and Down with regards to the involvement of refugees and asylum seekers as volunteers. We worked in partnership with Volunteer Ireland, Queens University and Dublin City University to undertake a piece of research to look at the volunteer management practice of organisations successfully integrating migrant volunteers. We have published a research report and developed training and a toolkit to share the learning. Volunteer Now hosted a conference on the power ofvolunteering in Belfast City Hall. Over 60 delegates heard inputs from Martin J Cowling and Rob Jackson about the changing nature of volunteering and how to understand the impact of volunteering.
VOLUNTEER NOW IA COMPANY UMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Dlrectors Report) Cont'd Volunteer Now is continuing to work with Ulster University and the Northern Health & Social Care Trust to deliver a pilot study called the MATILDA project. This project aims to match older adu115 With learning disabilities to local community groups. In these groups, there are volunteer 'mentors' who will act as the point of contact for the older adult with learning difficulties and the research team, ensuring that the participant is engaging with the group regularly and enjoying their experience. The role of Volunteer Now in this project is to identify the local community groups which suit the needs (interests. travel, timings, etc.) of the participants. identify volunteer 'mentors' and provide them with training to ensure they are confident and competent in their role. We will also provide regular. ongoing support to the mentors, participants, and their familylcarers throughout the project period. Volunteer Now also sits on Matilda Trial Management Group which meets bi- monthly providing updates on the project and helping to shape future direction of the study. The Volunteer ImpactAwards continueto grow, 588 young people registered this yearto receive ImpactAwards', 581 certificates were presentedldelivered., over 55,100 hours recognised from Challenge to 600 Hour Awards. Volunteer Now also supports the #iwill movement in N Ireland building awareness and involvement in yOLrth social action. During this year we supported a neOrk of 13 #iwill ambassadors and worked with UK Youth and Volunteering Matters to deliver the UK movement. During this year. 70 recognition events were supported by the team at a local level throughout the year among them, Newry Mourne and Oown Sports Awards and Lisburn and Castlereagh's Mayors Awards. We also supported The Executive Office and Community Relations Council with their Good Relations Awards, including promotion of the Volunteering Award. Priori 3.. Offer hi ualit volunteerin ortunities. Our befriending work with older people in Belfast has been busy during the year with 50 older people receiving 2,636 hours of befriending support from volunteers. Our driving service for older adults in Belfast supported journeys for health appointments and other wellbeing activities. The shopping support role developed during the pandemic has been maintained due to the needs of service users. In total 84 clients were supported with driving or shopping support,. 2,687 volunteer hours were given and 1,653 client journeys were completed. Volunteer Now staff provided over 1,224 support contacts to volunteers and delivered 5 training sessions and 8 social events for volunteers. Our driving scheme for looked after children for South-Eastern Trust continues to provide regular school runs as well as travel to summer schemes and contact visits, transport is also provided to older people. 121 clients were supported through 20 volunteers driving 3,412 journeys covering 82.577 miles giving 4,337 hours. Ourwork to support older people's groups through the Shankill and West Belfast Forums and the G6 continued with highlights this year including the creation of a drop in hub for older people at 2 Royal Avenue, Belfast. 34 meetings of the Forums and the G6 took place during this year and 840 hours of support were delivered to older people's groups. 9 outings and social gatherings were organised involving 231 older people and 91 older people took part in regular line dancing classes. Four older peoples, volunteering challenges involving 67 people were organised. Thi5 year 8 training sessions were delivered with 118 participants and £44,242 was secured for older people's groups.
VOLUNTEER NOW IA COMPANY LIMITED BY GUAFiANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (includlng the Directors Report) Cont'd We delivered 4 older people's newsletters and a variety of other publications to support older people. We also continued to work with older men, with 2 training sessions delivered to 48 older men and a men's health day attended by 115 older men. A women's health day attended by 160 older women was held and 5 volunteer challenges took place involving 145 older men. Volunteer Now, delivered the volunteer support for a range of events this year including Balmoral Show, Lap the Lough, One Young World and Antrim Coast Half Marathon, Eats & Beats and Wake the Giant. Over 395 volunteers were involved in these events. Our support to the Ukrainian Assistance Centres finished during this year. It had been delivered in partnership with British Red Cross and Ulster GAA and in total 89 volunteers provided 5,250 volunteer hours contributed, 5,151 families supported at 183 assistance centres across 6 locations. A total of 32 wellbeing workshops were delivered supporting 444 individuals Outcome 2: Improved volunteering practlce In organlsations Priorit 1 . Develo or anisations. and romote best ra¢tice in volunteer mana ement to all volunteer involvin We delivered 10 Volunteer Organisers Linking Together (VOLT) sessions during the period between April 2022 and March 2023, with a total of 220 attendees. There were a range of topics relevant to such as Recognitionlvolunteers Week. Asylum Seekers and Refugees and Kings Award for Volunteering. The website continues to be reviewed and updated and it continued to be a popular resource with 334,301 page views and 13,065 downloads of materials. Volunteer Now Enterprises delivered 29 programme courses with 498 participants. Volunteer Now continues to manage the Investing in Volunteers Standard assessment process in England and Wales. 13 organisations in total achieved the IIV standard in N Ireland and Republic of Ireland this year. 65 volunteer management health checks were completed with organisations. A licence agreement to offer Volunteer Friendly, a volunteer management standard for smaller organisations has been put in place and the first organisations are going through the process of assessment. Volunteer Now is an active member of a range of networks to raise volunteering issues including, Developing Governance Group. Joint Forum, UK Volunteering Forum, #iwill Partnership, Strengthening Communities for Health Steering Group, Community Development Transformation Group (PHA), NICVA, Volunteer Ireland, Libraries Nl, BITC, Local community neOrkS, rural support neOrkS, CBI, CIPD, HASP, HAP, APB, Active Belfast Partnership, Age Friendly Belfast, Befriending Network, Working Together to Reduce Social Isolation, Counci15, Trusts and other voluntary and community organisations. Priori 2.. Develo and romote best ractice in overnance. Through our role as joint secretariatfor the Developing Governance Group, Volunteer Now was able to upgrade the DIY Committee Guide in line with the new Code, 347 Codes and 1,422 health checks were downloaded thi5 year. The updated w.diycommitteeguide.org had 163,253 users during the year. Governance sessions have been provided a5 part of the training calendar and individual tailored sessions have also been provided.
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE} FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 MARCH 2024 TRUSTEES. REPORT (including the Directors Report) Cont'd Priorit 3.. Develo and romote best ractice in befriendin Volunteer Now facilitates a neork for organisations operating befriending projects and the network met 4 times during the year, 22 organisations are part of this neork. An updated directory of befriending services was launched in March 2024. Volunteer Now co-ordinated the Befriending Week Campaign in November on behalf of the Befriending Neork, highlighting the vital role volunteers play in delivering this service through a social media campaign. 2 training sessions were delivered tothe Befriending Network, one session on elderabuse and the second session on domestic abuse and sexual violence. Outcome 3: Improved safeguarding practice in organisations Priorit 3.. Provide su ort and information on standards of ractice for safe uardin vulnerable rou Promotion of online courses for both Keeping Children and Adults safe continued. 9 Keeping Children Safe courses were delivered live online with 142 people attending and 24 Keeping Adults Safe courses were delivered live online with 346 people attending. The majority of participants said that the training would have a high impact on their worklwork of their organisation. The funding for the Keeping Children Safe and the Belfast Trust and South Eastern Trust Initiatives finished on the 30th September 2023 and so delivery under this project finished with a recognition event for the trainers and a celebration of the impact of the project. Volunteer Now standards and guidance continue to be promoted via training, enquiries, other publications and on social media. The team dealt with 550 safeguarding queries and ran online safeguarding forums which focused on the closure of the Keeping Safe Initiatives. There were 2.354 downloads of safeguarding publications during this period. Keeping Children Safe.. Our Duty to CaTr, Keeping Adults Safe.. A Shared Responsibility, Keeping Safe training leaflets and Keeping Children and Adults Safe: Policy Standards were among the most popular downloads. Volunteer Now's umbrella body service continues to process Access Nl checks. 750 Access Nl checks were completed during the year. Volunteer Now is active in a range of safeguarding networks including Keeping Safe Initiative Steering groups (until Dec 20231, all Local Adult Safeguarding Partnerships and relevant subgroups. We are active members of the Access Nl Stakeholders Forum and the Safeguarding Children in Sport Strategic Group. We are also active members of the recently formed Interim Adult Protection Board Training and Development Subgroup. Benefit to Beneficiaries Volunteer Now's purpose relates to promoting and supporting volunteering. Our beneficiarie5 are members of the public, volunteers, volunteer involving organisations. service users e.g., within the driving and befriending schemes we run and employers. Any small private benefit which may accrue from our work is incidental such as a sense of wellbeing to those who volunteer. Impact The outputs from our work are listed above, however we have sought to collect feedback from service users about the difference our work is making to the people involved.
VOLUNTEER NOW {A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (includlng the Director5 Report) Cont'd Outcome 1: Improved community well-being and personal development through volunteering °Thank you so much foryour session on Saturday. It was bn"Iliant. The athletes and mentors loved the chance to do some volunteenng and to leam about volunteering. It was such a fun, engaging session and we are so grdteful to you both for giving up your time to talk to the athletes. You have inspired them to volunteer more.. Special Olympics ' Thank you very much - you have been such a help." NHSCT-Case Worker supported 8 young SeiCe user get a volunleer role.. Feedback from the Driving, Shopping Support & Befriending Service User Satisfaction Survey 2023124 100 % Strongly agree that the scheme is well run, offering the support that is needed. 1 OOtsA Agree or strongly agree that having a volunteer has improved their emotional and physical health and wellbeing. 720A of Servi users look forward to their volunteer calling a tremendous amount. "l absolutely love my volunteer befrienderfs visits. We couldn't get on any better. I look forbvard to her comlng every week." Befriending service user "I think it's great, before flnding you l used to dread golng to appointments. You are very approachable, and I couldn't fault the service." Driving service user '1 couldn't do without my volunteer. She's such a nice person and so wllling to help." . Shopping Support service user Outcome 2: Improved volunteering practlce in organlsations °Thank you so much for today. I really enjoyed il and after 20 years as a Manager of volunteers l am always looking for better ways to wort with and for them. It is an ever changing envimnment and I have always tried to be flu and flexible in my approach but today was very infomiative and l am going to try to get our organisations application fomis adapted to be easier and infonnative without being wordy. So thank you again and I hope to wort with you in the future." Charity Shop Manager Thank you so much for all the information and contacts - it's been incredibly helpful. I'm currently constructing a synopsis of our various day opportunities projects which I hope to post on the Volunteer Now website. Also, it's amazing to see all the great courses that are offered I know that my employer was keen to look into training surrounding volunteers, so this has also been so useful. Thank you once again for all your guidance and assistance- Volunteerlng Organisation "Absolutely delighted to be able to receive the Award and have recognition. Good process to go through our policies and procedures once again., Volunteer Friendly Recipient "Thank you so much for the training at the weekend. The feedback has been brilliant from young people and staffl" Governance Training Reciplent 'Need more training sessions like this,! 'Very informative, a lot to bring back to my organisation Training attendee
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT {including the Directors Report) Cont'd Outcome 3: Improved safeguardlng practice in organisations 79°/o of staff and volunteers said the training would have a high impact on their worklthe work of their organisation and 200A felt it would have a medium impact. Organisations more aware of how to run services and activities safely. Volunteers Our volunteers are vital, and we could not deliver our services without them. Trustees want to thank the volunteers for their continued support and for the difference they make to so many people. Over 200 volunteers are directly involved in the organisation providing community services such as befriending, shopping support for older people and transport services, as well as Advisory Committee members for a range of projects. The contribution of such individuals is invaluable to the delivery of front-line support to older people, people who are isolated and young people, particularly those in care. It also provides an opportunity for older volunteers to support their peer group and to act as ambassadors encouraging other older people to get involved in volunteering. Volunteer Now also has a very active team of event volunteers of approximately 1,000 people, a number ofwhom have been actively volunteering throughout this year by supporting., One Young World Belfast, Antrim Coast Half Marathon, Lap the Lough, Wake the Giant, Eats and Beats Festival and Balmoral Show. Challenges Faced There has been an increased focus again this year on recruiting new volunteers and maintaining existing volunteer numbers. This has led to an increasing demand for our services while resources have not kept pace with that demand. This year we saw the end of the Department of Health Core funding for our safeguarding service. This has meant that we have had to move most of our safeguarding training services into our social enterprise and are no longer able to offer as much low cost or free training. We have experienced issues in recruiting and retaining the right staff this year and with a new Peace Plus project now in place in partnership with Mencap we have been working to recruit new staff. The new project provides us with the opportunity to re-engage with the EOTAS provision for young people excluded from school. vmth renewed funding from VSB Foundation and Ulster Garden Villages we have been able to re-establish our schools programme. The Board and Leadership Team have continued to take a prudent approach to build resilience in the organisation. This is in order to help manage the pension deficit which provides an ongoing challenge for us. In part this challenge comes from the uncertainty around the remaining deficit due to fluctuations of the stock market and in part through contingent liabilities. The Pensions Trust have identified an anomaly in their administration of the now closed final salary scheme and this has led to a question before the high court which ha5 the potential to increase Volunteer Now's liability in the scheme. Trustees have been monitoring this issue closely. Future income security is always challenging in the context of short-term project funding and a reliance on diminishing public sector funding. The Board have continued to work to generate new 50urce5 of income during this year and we have been fortunate to have some funding from Dormant Accounts to help us explore options at the end of the Department of Health safeguarding funding. We have continued to Work in partnership with a wide range of organisations including Libraries Nl, many Councils and Health and Social Care Trusts, British Red Cross and Ulster GAA. We have 1,083 members and we continue to engage with them through the provision of informalion and training in line with feedback and trends within volunteering, safeguarding and governance.
VOLUNTEER NOW IA COMPANY LIMITED B Y GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Dlrectors Report) Cont'd Flnanclal Review At the end of the year Volunteer Now (the parent charity} indicated an unrestricted fund deficit of £641 (before recognition of pension adjustments and transfers} and a restricted funds deficit of £19,931 giving an overall deficit of £20,572 before pension adjustments. A £219,736 deficit on revaluation of the charity's defined benefit scheme was recognised resulting in an overall reported deficit of £240,308. Fund balances brought forward were £399,921 in surplus therefore fund balances at 31 March 2024 were £159.613 in surplus. The overall consolidated deficit (for the charity and the trading subsidiary) at 31 March 2024 was £144,33412023.' £42,042 surplus). The Trustees believe the charity is a going COnrn. Prlnclpal Funding Sources Aside from the income generated by Volunteer Now Enterprises through their services, the principal funding Sources for Volunteer Now is currently by the way of grant and contract income. ReseThes Policy Volunteer Now is a member ofthe Nl Charities Pension Fund. This fund is in a deficit position and a repayment plan is in place until 2028. Volunteer Now showed this deficit position regarding the pension fund in our accounts on 31 March 2024, We will continue to monitor this closely over the coming year as it may well be affected by future market fluctuations both positive and negative. The reserves policy for the organisation needs to be seen in the context of this deficit. Our policy is to maintain a level of unrestricted reserves that is at least equivalent to six months, salary costs plus three months, running costs for the charity. Based on the budgeted expenditure for 2024125 the target figure is £519.391. At 31 March 2024. our unrestricted reserves. excluding the deficit on our pension scheme, was £339,397. These reserves will allow the organisation to Protect its sustainability and the services it provides to its beneficiaries and will provide a contingency fund for.. Supporting cash flow Redundancy payments for projects coming to an end. Short term pension deficit repayments Meeting unexpected events e.g. sudden withdrawal of funding, emergency etc. 12
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Report) Cont'd Plans for future periods We continue with the implementation of our strategic plan, delivering on the following outcomes: Outcome 1: Improved community well-being and personal development through volunteering Outcome 2: Improved volunteering practlce in organisations Outcome 3: Improved safeguarding practice in organlsations Outcome 4: Sustainable, well managed organisation (Volunteer Now) We will develop a new strategic plan in partnership with members and stakeholders. We will continue the roll out of Volunteer Friendly across N Ireland in partnership with the other Volunteer Centres. We will continue to develop use of the Be Collective volunteer matching platform and will support individuals to find a volunteering opportunity. We will continue to support organisations to develop their volunteering. in particular to help to build more flexible, opportunities which will be attractive to a wide range of people. We will continue to advocate for volunteering at a public policy level and will seek opportunities for future research to build our understanding of volunteering. We will re-develop our website in 2024125. We continue to strive to make Volunteer Now a resilient. partnership driven organisalion which can deliver for beneficiaries and members in the future. We will continue to explore opportunities for closer working relationships with other organisations in the sector. 13
VOLUNTEER NOW {A COMPANY UMITED B Y GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (including the Directors Reportl Cont'd Trustees, responsibilities statement The trustees (who are also the directors for the Pufposes of company law) are responsible for preparing the Trustees, Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees afe required to: seled suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP; make judgements and 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 financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and 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 group and charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosures of Snformatlon to audltors In so far as the trustees are aware at the time of approving our Trustees, Report.. there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each tsken all steps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 1411112024 The Trustees, Annual Report was approved by the trustee5 On . By order of the trustees Mar Chasrperson 14
VOLUNTEER NOW (A COMPANY LIMITED B Y GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VOLUNTEER NOW Opinlon We have audited the consolidated financial statements of Volunteer Now for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities (including Income and ExpenditureAccount), the parent charitable company Statement of Financial Activilies (including Income and Expenditure Account), the Consolidated Balance Sheet. the parent charitable company Balance Sheet, the Consolidated Ststement of Cash Flows and the related notes. These financial statements have been prepared under the accounting policies set out therein. In our opinion the financial statements.. give a true and fairview of the state of the group and the parent charitable company's affairs as at 31 March 2024 and of its surplus for the year then ended.. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (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 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least hvelve monlhs from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concem are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other information. The other information Comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, expt to the extent otheiSe 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 othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements, 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. 15
VOLUNTEER NOW IA COMPANY LIMITED BY GUAFiANTEE} FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VOLUNTEER NOW {CONT'D} Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial statement5 are prepared is consistent with the financial statements., and the trustees, reFQrt 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 its environment obtained in the course of the audit, we have not identified any material misstatements in the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums., 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., or 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 directors, report and from the requirement to prepare a strategic report. Responsibllities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group'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 group or to cease operations, or have no realistic alternative but to do so. Auditor's responsibllltles for the audlt of the financial ststements Our objedives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from matertal 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 aayS detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to in15uence 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 extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below. 16
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VOLUNTEER NOW (CONT'D) Our approach to identifying and assessing the risks of material mi5Statement 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 cornpeten, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the group through discussions with trustees andlor senior management, and from our commercial knowledge and experien of the sector,. 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 group, including Companies Act 2006, Charities Act, dala protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, and 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 group's financial ststements to material misstatement, induding 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.. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested joumal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of polential bias., and investigated the rationale behind significant or unusual transactions- In response to Ihe risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentstion. reading the minutes of meetings of those charged with govemance., enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audil 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 a150 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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http.'Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 17
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VOLUNTEER NOW (CONT'DI This report is made solely to the charitable group'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 group'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 olherthan the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Angela Craigan (Senior Statutory Auditor) for and on behalf of Harbinson Mulholland Chartered Accountants Statutory Auditors Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland 8T2 8H 1411112024 18
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Restricted Funds 2023 Restricted Funds Notes Unreslricled Funds Unrestricted Funds Total Total Income and endowments from: Donations and legacies Charitable activities Other Irdding activities Investment income 326 16.428 601,791 7.531 5,090 975,043 5,416 991,471 601.791 7,531 3.552 42,008 427,209 3,692 3.552 1,040,704 427,209 3,692 998,696 Totsl 626,076 980,133 1,606,209 476.461 998.696 1,475,157 Expenditure on: Charitable activities Cost of raising funds.. Other trading activities 106,898 423,845 1.000,064 1,106,962 423,845 107,718 327.229 1.004.075 1,111,793 327,229 Totsl expendlture 530,743 1,000,064 1,530,807 434,947 1,004,075 1,439.022 Net loutgolngllincorning 95.333 119,931) 75,402 41,514 15,3791 36,135 Actuarial gainslllossesl on defined benefit pension schemes {219.7361 1219.736) 5,907 5,907 Net rnovement In funds 1124,4031 119,9311 1144,3341 47,421 15,3791 42,042 Gross transfers between funds 1401 40 Totsl funds brought forward 463,800 44,022 507.822 416.419 49.361 465.780 Total funds carrled forward 339,397 24,091 363,488 463,800 44,022 507,822 The Statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement offinancial activities also complies with the requirements for an income and expenditure account under the Companie5 Act 2006. The notes on pages 24 to 38 form part of these accounts.
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) OF THE CHARITY ALONE FOR THE YEAR ENDED 31 MARCH 2024 2024 Restricted Funds 2023 Unrestricted Restricted Funds Funds Notes Unrestricted Funds Total Total Income and endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 34,328 16,428 68,501 7,445 5.090 975,043 39,416 991,471 68,501 7,445 33.552 42,008 44,790 3.692 33,552 1,040.704 44.790 3,692 998,696 Total 126,700 980,133 1,106,833 124,042 998,696 1,122,738 ExpendituTr on: Charitable activities Cost of raising funds.. Other trading activities 106.898 20.443 1.000,064 1.106,962 20,443 107,718 10,772 1,004,075 1,111,793 10,772 Total expenditure 127,341 1,000,064 1,127,405 118,490 1.004.075 1.122,565 Net (outgoing)lincoming 16411 119,9311 120,5721 5,552 15,3791 173 Actuarial gainslllosses) on defined benefit pension schemes 1219,736} 1219,7361 5,907 5.907 Net movement in fund¥ 1220.3771 119,9311 1240,308) 11,459 15,3791 6,080 Gross transfers between funds 1401 40 Total funds brought fopmard 355,899 44,022 399.921 344,480 49,361 393,841 Total fund$ carrled for4¥ard 135,522 24.091 159,613 355,899 44.022 399,921 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement offinancial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 24 to 38 form part of these accounts. 20
VOLUNTEER NOW IA COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONSOLIDATED BALANCE SHEET AS A T 31 MARCH 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 12 13 193 523 50 000 50,523 50.193 Current assets Debtors Cash at bank and in hand 14 152,810 948,919 121,612 826,226 1,101.729 947,838 Credltors: amounts falllng due one year 15 537,977 414,782 Net current assets 563,757 533,056 Totsl assets less current Ilabllitles 613,951 583,579 Credltors . amounts falllng due after more than one year 16 1250,4631 (75,7571 Net a$s0ts1lliabilities) 363,488 507,822 Funds Restricted fvnds Unrestricted funds 18 19 24,091 339,397 44,022 463,800 Total funds 363,488 507,822 The financial statements on pages 19 to 38 were approved and authorised for issue by the trustees on 1411112024 and were signed on their behalf by Marc cott Chairperson Company registration number: N1602399 The notes on pages 24 to 38 form part of these accounts. 21
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY BALANCE SHEET AS A T31 MARCH 2024 Notes 2024 2023 Flxed assets Tangible assets Investments 12 13 193 50,001 50,194 523 50,001 50,524 Current assets Debtors Cash at bank and in hand 14 140.504 449.866 154.272 471.492 590,370 625,764 Creditor5: amounts falllng due one year 15 230,488 200,610 Net currnnt assets 359,882 425,154 Total as¥•ts less current liabilities 410,076 475.678 Creditors . amounts falling due after more than one year 16 250,463 75,757 Net a5$etsl{Ilabllltlesl 159,613 399,921 Funds Restricted funds unStricted funds 18 19 24,091 135.522 44.022 355.899 Totsl funds 159,613 399,921 The financial statements on pages 19 to 38 were approved and authorised for issue by the trustees on 1411112024 and were signed on their behalf by Mar Scott Chairperson Company reglstratlon number: N1602399 The notes on pages 24 to 38 form part of these accounls. 22
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activit585 Cash generated from operations 28 134,811 14,5281 Investlng activities Purchase of tangible fixed assets Investments Pension payment into defined benefit scheme Inte$t paid Interest received {19,6481 119.648) 115,0051 3,693 7.483 Net cash (used Inllgenerated from Investing activitles 112,117} 130,9601 Net Increasel{decreasel in cash and cash equlvalents 122,694 135,488) Cash and cash equivalents of beginning of year 826 226 861714 Cash and cash equivalents at end of year Relatlng to: Bank balances and short term deposits 23
VOLUNTEER NOW IA COMPANY LIMITEO BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Nature of organisation The Charity is a private company limited by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The registered office is The Skainos Centre, 239 Newtownards Road. Belfast, Northem Ireland, BT4 1AF. The subsidiary 15 a company limited by shares. Volunteer Now is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable Company in the event of its being wound up while he or she is a member. or within one year after he or she ceases to be a member. Accounting polScles Basls of accounting These financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021' (as amended for accounting periods commencing from 1 January 2016). The principal accounting policies. judgments and key sources of estimation uncertainty are set out below. The trustees consider that these accounting policies are suitable. have been consistently applied and are supported by reasonable and prudent judgment and estimates. Volunteer Now meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in accordance with the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Group flnancial statements These financial statements consolidate the results of the Charity and its wholly owned subsidiary Volunteer Now Enterprises Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Accounts for the Charity alone has been presented on page 16. All financial statemenls are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions. balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Preparation of the accounts on a going concern basis The financial statements have been prepared on a going concern basis which assume5 that the charity will continue in operational existence for Ihe foreseeable future. The group had net assets of £363.488 a5 at 31 March 2024 this has changed from a net assels of £507,822 in 2023. Further consideration of the accounts being prepared on a going concern basis is included in note 26 on page 37 of the accounts. 24
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {CONT'D) Accounting policies. Icont'd) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Legacy income is recognised when receipt is probable, and entitlement is established. Income from donated goods is measured at the fair value of Ihe goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimates resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable adivities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs a allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between Ihe activities they contribute to on a reasonable, justifiable and consistent basis. Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. The cost of fixed assets is their purchase Cost, together with any incidental costs of acquisition, net of any VAT recoverable. Depreciation is calculated so as to write off the cost of tangible fixed assets. less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are.. Equipment Fixtures, fittings 330kn per annum straight line 25D/o per annum straight line 25
VOLUNTEER NOW IA COMPANY LIMITED B Y GUAPANTEE} FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) Accounting pollcles, (Cont'd) Impaimient of flxed assets At each reporting end date, the group and the parent charitable company review the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any) Vknhere it is not possible to estimate the recoverable amount of an individual asset, the group and the parent charitable company estimate the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite usefvl lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Recognised impaiment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or Cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been detemiined had no impairment loss been recognised for the asset {or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss. unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Cash and Gash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks other short-term liquid investments with original maturities of three months or less and bank overdrafts. Defined contrlbutlon plans Contributions to defined contributions plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Financial assets The group and the parent charitable company have elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial assets are recognised in the group's and the parent charitable company's statement of financial position when the group and the parent chantable company become party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at Iransaction price including transadion costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. other financial assets classified as fair value through profit or loss are measured al fair value. 26
VOLUNTEER NOW IA COMPANY LIMITED BY GUAFiANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS ICONT'D) Accounting pollcies (Cont'd) Loans and CeIvableS Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are dassified as 'loans and receivables,. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cosl of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impaim?ent orrinancial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. D8recognitn of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire. or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Flnanclal liabilities Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. other financial liabilities classified as fair value through profit or loss are measured at fair value. Other financial liabiltiies Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised Cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the group's and parent charitable company's obligations are discharged, cancelled, or they expire. Employee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recogni5ed in the period in which the employee's services are received. Termination benefits are recognised immediately a5 an expense when the group and parent charitable company are demonstrably committed to terminale the employment of an employee or to provide termination benefits. 27
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {CONT'D) Accounting policies (Cont'd) Taxation As a registered charity, Volunteer Now is not liable to either Income Tax or Corporation Tax. Fund accounting The Charity has two types of funds for which it is responsible, and which require separate disclosure. Definitions of the funds are as follows.. la) Restricted funds Grants, donations and other income received which are earmarked by the funder or donor fof specific purposes. Such purposes are within the overall aims of the Charity. (b) Unrestricted funds Funds which are expendable at the discretion ofthe trustees, for the general purposes ofthe Charity. In addition. funds may be held in order to finance capital investments and working capital. Critical accounting estimatss and Judgements In the application of the group's and parent charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities Ihat are not readily apparent from other $ours. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods Key sources of estimation uncertainty Going concem The trustees have prepared budgets and cash flows for a period of at least e1ve months from the date of the approval of the financial statements. As explained more fully in Note 25 there is a material uncertainty regarding the group's and parent charitable company's ability to meet its liabilities as they fall due, and to continue as a going concern. The charity maintains a good level of liquidity and is meeting its longer-term pension obligations on agreed terms. Having considered the circumstances. the trustees consider it appropriate to prepare the financial statements on a going concern basis. Accordingly. these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the group and parent charitable company are unable to continue as a going concern. Tangible fixed assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider issiles such as the remaining live of the asset and the estimated value in use. 28
VOLUhlTEER NOW IA COMPANY LIMITED B Y GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) Financial perfomiance of the Charlty The consolidated statement of financial activities includes the results of the Charity's wholly owned subsidiary which operates the training. The financial performance of the Charity alone is shown on page 19. Income and endowments 2024 2023 Unreslrieled Funds Reslri¢ted Funds Unrestricted Funds Restricted Funds Total Total Donations and l•gaclos Donations Charitable Actlvitiey Older Together Rank Foundation Dfc-volunleering Infra. Sup. project DOH- Our Duty of Care 326 5,090 5.416 3,552 3,552 21.568 17.440 425,736 100,664 13.003 183.245 93.326 S6,010 8.000 24,136 5,590 14.628 5,000 21.568 17,440 425,736 100,664 13.003 183,245 93.326 56,010 8,000 24,136 5.590 14.628 5.000 27,284 396.191 50.332 13.204 188,757 92.335 57,988 27,284 396.191 50,332 13,204 188,757 92,33S 57.988 Belfast Trusl SEHSCT- Transport Scheme Ards HSCB - Safeguarding Nl Tourisl Board Public Health Authority Children in need Halifax Community Foundation Befn"ending Community Foundalion Ireland 1 Clear Projects BCC- Capauty Building BCC - Thematic Fund Mab'lda Mears Foundation N&M Befiiending U15ter Garden Villages & VSB Domiant Accounts Other income from charitable activrties 19,795 19,795 9,900 17,741 48.441 9.900 17,741 48.441 29.593 756 29.593 756 21,284 3,QOO 4.970 19.621 4.20 21.284 3,000 4,970 19.621 4,200 16,428 16.428 42.008 42,008 Charitable activities total 16.428 975,043 991,471 42,008 998,695 1.040,704 Invgstments Interest receivable 7,531 7,531 3.692 3,692 other tradlng a¢tlvttl•s Seminar5 Room Hire Income Tailored Training Income Service Income Resource Service Income Access Nl Projed support charge Tradin Income from Iradin Other Iradin aclivrties lolal 500 60 13.094 6.687 9,127 20.321 18.712 533.290 601,791 500 60 13,094 6,687 9.127 20.321 18,712 533,290 601.791 150 50 9.124 4,899 9,600 20,967 150 50 9,124 4.699 9.600 20,967 Sub 382.419 427,209 382.419 427.209 Grand total 626 076 980 133 1 606 209 476 461 998 695 1.47S.157 29
VOLUNTEER NOW IA COMPANY LIMITED B Y GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'DI Expendlture on charitable activities Activities undertaken Directi Support Costs 2024 2023 Promotion, support & development of volunteering Governance costs 327,116 756,013 1,083,129 1,089,588 Total resources expended Analysls of support costs 2024 2023 Premises Communications and IT Printing postage and stationary Human resources aka travellcatering Governance costs Legal and professional Room Hire Project support 52,081 40,722 7.510 58,447 23,833 127,721 42,463 43,915 8,135 56,688 22.205 102,165 984 26,372 302,927 40,635 350,949 Actuarlal galnsl(losses) on defined benefit pension scheme Unrestricted Funds Total Funds 2024 Unrestricted Total Funds Funds 2023 Actuarial gainl(loss) Net incomlng resources 2024 2023 Net incoming resources are stated after charging.. Depreciation - owned assets Auditor's remuneration.. Audit of financial statements of the group and parent charitable company Audit of the parent charitable company's subsidiary 330 330 6,000 6,000 There are no other material costs not already disclosed in notes 6 to 10. 30
VOLUNTEER NOW IA COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) Income from trading activities The wholly owned trading subsidiary Volunteer Now Enterprises Limited is incorporated in Northern Ireland (company number N1620375) and pays all of its profits to the Charity under the gift aid scheme. The summary financial performance of the subsidiary alone is= 2024 2023 Turnover Other income Administration costs 533,290 382,419 408,089 338,216 Net profit Interest receivable Gift aided to the Charity 125,501 86 44.203 ILoss}Iprofit before taxation Tax 125,287 29,313 44,203 8,241 Retained in subsidiary 35,962 The assets and liabilities of the subsidiary alone were.. Total assets Total liabilities 571.815 367.939 386,545 278.643 Total net assets 203,876 107.902 Aggregate share capital and reserves 203,876 107,902 All funds relating to NCVO and WCVA are held on behalf of the UK Volunteering Forum, which owns and manages the Investing in Volunteering Standard. Profits relating to these contracts for the year ended 31 March 2024 were £61, 864 and £29,629 respectively. 10 Employee inforniation 2024 2023 Staff costs Wages and salaries Social security costs Pension costs 742,410 54,060 797,712 71,477 Average number of employees including trustees Employees earning in excess of £60,000 The total amount of employee benefits received by key management personnel in the period was £265.37812023-. £319,489). The Charity considers its key management personnel comprises ofthe Chief Executive. Corporate Services Manager. Manager Community Projects, Manager Outreach & Engagement. Manager Safeguarding, Manager Fundraising and Manager VNE. 31
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {CONT'D) 11 Trustees, remuneration The trustees received no emoluments during the year. No trustee received reimbursement of expenses during the year_ 12 Tanglble flxed assets Group Fixtures & Fittin Equipment Total Cost At 1 April 2023 Additions 11.026 47,800 58,826 At 31 March 2024 11.026 47,800 58,826 Depreciatlon At l April 2023 Charge for year 10.503 330 47,800 58,303 330 At 31 March 2024 10,833 47,800 58.633 Net book value At 31 March 2024 193 193 At 31 March 2023 853 853 Tanglble flxed assets- charity Fixtures & Fittin Equipment Total Cost At 1 April 2023 Additions 10,381 47,800 58,181 At 31 March 2024 10,381 47.800 58.181 At 1 April 2023 Charge for year 9,858 330 47,800 57,658 330 At 31 March 2024 10,188 47,800 57,988 Net book value At 31 March 2024 193 193 At 31 March 2023 523 523 32
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) 13 Investments 2024 2023 Volunteer Now Enterprise Ltd Nl Charities Fund 50 000 Movement in fixed asset Investments Cost As at 1 April 2023 Additions Increase in valuation As at 31 March 2024 Carrying amount Al 1 April 2023 At 31 March 2024 50,000 50.000 50,000 The investments are held as part of the Northern Ireland Central Investment fund for Charites. The investments are held at Market Value. 14 Debtors Amounts falling due wlthln one year: Group Charitable Company 2024 2024 2023 2023 Trade debtors Amounts owed by group undertakings Other debtors 82,891 56,437 19,889 30.481 60,455 64,471 69919 15 Credltors: amounts falling due withln one year Group Charitable Company 2024 2024 2023 2023 Trade creditors Pension liability Other tax and social security Other creditors Amounts owed by group undertakings 74.661 49,518 64,039 349.753 34,365 22,508 30,880 327,029 45,866 26.235 49,518 22,508 135,104 1S1.867 71 16 Creditors.. amounts falling due greater than one year Group Charitable Company 2024 2024 2023 2023 Pension liability 250 463 250 463 33
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) 17 Deferred income Group Charitable Company 2024 2024 2023 2023 Deferred income 309,917 260,868 103,847 95,010 18 Restrlcted funds of the Charity Balance Movement in Movement in Transfer 1 April resources resources between 2023 incoming outgoing funds Balance 31 March 2024 13,204 48.441 193,847 17.741 396,191 50,332 4,200 (13,204) {48,441) (193,847) {17,741) {396,191) {75,497) 14,200) 11.6971 BCC - Capacity Building Belfast Trust Clear Projects Dfc - Volunteering Infra. DOH - Our Duty of Care Dormant Accounts Community Foundation - Befriending Community Foundation Ireland Grant- Health & Social Care Board Community Foundation Ireland 1 Matilda Mears Foundation Miscellaneous N&M Befriending Public Health Authority Rank Foundation SEHSCT VSB Foundation Ulster Garden Villages & VSB 25,165 3,273 3,336 1,576 3,336 57.988 9,900 21.284 3,000 (57.9881 (7,3681 (21,2841 (516) 2,532 2,484 7.187 1.915 7,187 4,970 19,795 27,284 92,335 13,0551 (19,7951 (27,2841 (92,3351 5,061 5.061 19,621 19,621 44,022 980,133 1,000,064 24,091 19 Unrestricted funds of the Charlty Balance at 1 April 2023 Income Expenditure Transfers between funds Gainsl(losses) Balance at 31 March 2024 General funds 355,898 107,902 92,786 533,290 193,426) {437,317) (219,736) 135,522 203,875 Trading subsidiary funds Total 463,800 626,028 1526,693> (219,736) 339,397 34
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) 20 Analysis of net assets between funds Total Restricted funds 24,091 Unrestricted funds 339,397 Total 363,488 21 Related party transactlons Volunteer Now Enterprises Limited, a wholly owned subsidiary of the Charity, was recharged expenses of £14,568 {2023.' £22.583) and the subsidiary transferred to the charity under Gift Aid a donation of £34,000 (2023.. £30,000). At 31 March 2024 a balance of £60,456 (2023". £64,471) was owed to the Charity by the subsidiary. There were no other transactions or outstanding balances with related parties. 22 Contingencies Pension scheme- Northern Ireland Charities Pension Scheme Volunteer Now participates in the Northern Ireland Charities Pension Scheme. The Scheme has reported a total deficit of £4.397m as at the last valuation date of 30 September 2023. These financial statements recognise a liability in respect of agreed deficit reduction payments, not the charity's share of the overall scheme deficit. An additional liability may crystallise in the event of the charity's withdrawal from the scheme or a winding up of the scheme however it is not possible to quantify this liability. The charity has no intention of withdrawing from the scheme and there are no plans we are aware of to wind the scherne 23 Pensions and other post-retirement benefits The charity participates in the scheme, a multi-employer scheme which provides benefits to some 14 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore, the charity is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 35
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'DI 23 Pensions and other post-retirement benefits (cont'd) A further actuarial valuation for the scheme was carried out at 30 September 2023. This actuarial valuation showed assets of £18.562m. liabilities of £22 959m and a deficit of £4.397m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows- Deficit contrlbutions From l August 2020 to 29 February 2028.. £1.280.605 in total (payable rnonthlyl The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficil reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosuS. The unwinding of the discount rate is recognised as a finance cost. The present value of future deficit contributions recognised included within Creditors within these financial statements is as follows.. 2024 2023 Creditors.. amounts falling due within one year Creditors.. amounts falling due after more than one year 49,518 250,463 22,508 75,757 Reconclllatlon of openlng and closing provision 2024 2023 Provision at start of period Deficit contribution paid Unwinding of discount- interest expense Revision deficit valuation Provision at end of period 98,265 (22.5081 4.488 219,736 299,981 123,821 {22.508) 2,859 5,907 98.265 Assumptlons 31 March 2024 4.710/0 pla 31 March 2023 5.15% pla Rate of discount The most recent triennial valuation of the NICPS, which was shared with scheme employers after the financial year end, showing that the deficit had increased again, increasing from £3.2m to £4.4rn. TPT are proposing a higher deficit contribution over a slightly longer period. A consultation is currently taking place with employers which will determine the exact extent of the deficit contribution to be paid by Volunteer Now. 36
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) 24 Contingent liabilities In July 2021, the charity received correspondence from their pension fund administrators to advise that changes had made in the past to the benefits provided to members ofthe Scheme, which may not have been executed as required by the scheme's documentation. In addition. there may be an issue as to whether for certain periods members benefits should have been paid using the Retail Price Index measure of inflation as opposed to the Consumer Price Index which has been used, if the court ruling is not in line with this administrative practice then this may result in members benefits being increased for certain periods. The pension fund Trustees are seeking court direction, likely to be no earlier than late 2024, on how to interpret the rules on the issues raised If the court directs that some changes were made in a way not pemitted by the rules then consequently members, benefits would need to be increased, which would give rise to potential additional liabilities. The most rent estimate, received in September 2021, of this potential liability is £281,000. There have been no further updales to date. 25 Corporation taxation The Charity is exempt from taxation in respect of income or capital gains received. Its subsidiary is subject to corporation tsxation on its income and capital gains. 26 Going concern The financial statements have been prepared on a going concern basis which assumes thal the charity will continue in operational existence for the foreseeable future. The group has net assets of £363,488 as at 31 March 2024 compared to net assets of £507,822 as at 31 March 2023. The group's operating surplus for the year ended 31 March 2024 was £75,402. A pension loss of £219,736 has been recognised resulting in an overall deficit of £144,334. The pension scheme deficit is not a short-term liability and should be met in the long term by a combination of contributions and the underlying investment performance of the scheme's assets. The Trustees have no intention oftaking any action that would trigger immediate crystallisation of the pension scheme liability. The Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 27 Subsldlaries These financial statements are separate company financial statements for Volunteer Now Enterprises Limited. Details of the company's subsidiaries at 31 March 2024 and 31 March 2023 are as follows.. Name of undertaking Registered Office Nature of Buslness Class of shares 'A Held held Volunteer Now Enterprises U.K. Limited Volunteering Ordinary shares 100 37
VOLUNTEER NOW IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS ICONT'DI 28 Reconcillatlon of net movement In funds to net cash flow from operating activities 2024 2023 Net movement in funds for the year (144,334) 42,040 Depreciation & amortisation 330 330 Net (gains)/losses on pension liability 219.736 {5.907) (Decrease)lincrease in creditors 93,903 (47,825) Decreasel(increase) in debtors (26,454) (5.7081 Accrued income (839) 1,229 Interest payable and similar charges 15,005 Inlerest received Net cash inflowl (oufflow) from operating activities ID553113 38