2023-03-31-accounts - Victoria Voluntary Homes

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Page 6

Victoria Voluntary Homes

Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
		2023		2022
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Investment income	4	68,955	68,955	68,943
		`────────`	`────────`	`────────`
Total income		68,955	68,955	68,943
		`════════`	`════════`	`════════`
Expenditure
Expenditure on charitable activities	5,6	8,082	8,082	7,815
Other expenditure	7	61,603	61,603	57,124
		`────────`	`────────`	`────────`
Total expenditure		69,685	69,685	64,939
		`════════`	`════════`	`════════`
Net (losses)/gains on investments	8	(172,416)	(172,416)	151,910
		`─────────`	`─────────`	`─────────`
Net (expenditure)/income and net movement in funds		(173,146)	(173,146)	155,914
		`═════════`	`═════════`	`═════════`
Reconciliation of funds
Total funds brought forward		2,421,050	2,421,050	2,265,136
		`────────────`	`────────────`	`────────────`
Total funds carried forward		2,247,904	2,247,904	2,421,050
		`════════════`	`════════════`	`════════════`

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 14 form part of these financial statements.

Page 7

Victoria Voluntary Homes

Statement of Financial Position

31 March 2023

31 March 2023
		2023		2022
	Note	£	£	£
Fixed assets
Investments	11		2,240,524	2,412,940
Current assets
Cash at bank and in hand		10,032		10,762
Creditors: amounts falling due within one year	12	2,652		2,652
		`────────`		`────────`
Net current assets			7,380	8,110
			`────────────`	`────────────`
Total assets less current liabilities			2,247,904	2,421,050
			`────────────`	`────────────`
Net assets			2,247,904	2,421,050
			`════════════`	`════════════`
Funds of the charity
Unrestricted funds			2,247,904	2,421,050
			`────────────`	`────────────`
Total charity funds	13		2,247,904 `════════════`	2,421,050 `════════════`

These financial statements were approved by the board of trustees and authorised for issue on 25 October 2023, and are signed on behalf of the board by:

Mr E Rainey, MBE (Chairperson) Trustee

Mr S Brown (Treasurer) Trustee

The notes on pages 8 to 14 form part of these financial statements.

Page 8

Victoria Voluntary Homes

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 67 Loopland Gardens, Belfast, BT6 9EB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the

charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or

commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Page 9

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the 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 the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated 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 service. 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 a 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 activities.
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 are 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 the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Page 10

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Page 11

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Financial instruments (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Bank interest receivable	38	38	26	26
NI Central Investment Fund for
Charities	68,917	68,917	68,917	68,917
	`────────`	`────────`	`────────`	`────────`
	68,955	68,955	68,943	68,943
	`════════`	`════════`	`════════`	`════════`
Expenditure on charitable activities	by fund type
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Charitable activity	2,725	2,725	2,679	2,679
Support costs	5,357	5,357	5,136	5,136
	`───────`	`───────`	`───────`	`───────`
	8,082	8,082	7,815	7,815
	`═══════`	`═══════`	`═══════`	`═══════`

5. Expenditure on charitable activities by fund type

Page 12

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

6. Expenditure on charitable activities by activity type

		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2023	2022
		£	£	£	£
	Charitable activity	2,725	–	2,725	2,679
	Governance costs	–	5,357	5,357	5,136
		`───────`	`───────`	`───────`	`───────`
		2,725	5,357	8,082	7,815
		`═══════`	`═══════`	`═══════`	`═══════`
7.	Other expenditure
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Grants made	61,603	61,603	57,124	57,124
		`════════`	`════════`	`════════`	`════════`
8.	Net (losses)/gains on investments
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Unrealised gains/(losses) on listed
	investments	(172,416)	(172,416)	151,910	151,910
		`═════════`	`═════════`	`═════════`	`═════════`
9.	Independent examination fees
				2023	2022
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial	statements		900 `════`	900 `════`

10. Trustee remuneration and expenses

No trustees received remuneration or other benefits through employment with the charity.

Page 13

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

11. Investments

	Total
	£
Cost or valuation
At 1 April 2022	2,412,940
Additions	–
Fair value movements	(172,416)
	`────────────`
At 31 March 2023	2,240,524
	`════════════`
Impairment
At 1 April 2022 and 31 March 2023	–
	`════════════`
Carrying amount
At 31 March 2023	2,240,524
	`════════════`
At 31 March 2022	2,412,940
	`════════════`

All investments shown above are held at valuation.

12. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,750	1,750
Accruals and deferred income	902	902
	`───────`	`───────`
	2,652 `═══════`	2,652 `═══════`

13. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
							At
		At			Gains and	31 March 202
	1	April 2022	Income	Expenditure	losses		3
		£	£	£	£		£
General funds		2,421,050	68,955	(69,685)	(172,416)		2,247,904
		`════════════`	`════════`	`════════`	`═════════`		`════════════`
							At
		At			Gains and		31 March 202
	1	April 2021	Income	Expenditure	losses		2
		£	£	£	£		£
General funds		2,265,136	68,943	(64,939)	151,910		2,421,050
		`════════════`	`════════`	`════════`	`═════════`		`════════════`

Page 14

Victoria Voluntary Homes

Notes to the Financial Statements (continued)

Year ended 31 March 2023

14. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2023
	£	£
Investments	2,240,524	2,240,524
Current assets	10,032	10,032
Creditors less than 1 year	(2,652)	(2,652)
	`────────────`	`────────────`
Net assets	2,247,904	2,247,904
	`════════════`	`════════════`
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	2,412,940	2,412,940
Current assets	10,762	10,762
Creditors less than 1 year	(2,652)	(2,652)
	`────────────`	`────────────`
Net assets	2,421,050	2,421,050
	`════════════`	`════════════`

Page 15

Victoria Voluntary Homes

Management Information

Year ended 31 March 2023

The following pages do not form part of the financial statements.

Page 16

Victoria Voluntary Homes

Detailed Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Income and endowments
Investment income
Bank interest receivable	38	26
NI Central Investment Fund for Charities	68,917	68,917
	`────────`	`────────`
	68,955	68,943
	`────────`	`────────`
	`────────`	`────────`
Total income	68,955	68,943
	`════════`	`════════`
Expenditure
Expenditure on charitable activities
Insurance	826	636
Legal and professional fees	6,923	6,989
Other interest payable and similar charges	47	36
Web expenses	286	154
	`────────`	`────────`
	8,082	7,815
	`────────`	`────────`
Other expenditure
Grants made	61,603	57,124
	`────────`	`────────`
	`────────`	`────────`
Total expenditure	69,685	64,939
	`════════`	`════════`
Net (losses)/gains on investments
Unrealised gains/(losses) on listed investments	(172,416)	151,910
	`─────────`	`─────────`
	`─────────`	`─────────`
Net (expenditure)/income	(173,146)	155,914
	`═════════`	`═════════`

Page 17

Victoria Voluntary Homes

Notes to the Detailed Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Expenditure on charitable activities
Charitable activity
*Activities undertaken directly*
Insurance	826	636
Legal and Professional fees	1,613	1,889
Web expenses	286	154
	`───────`	`───────`
	2,725	2,679
	`───────`	`───────`
Governance costs
Governance costs - accountancy fees	900	900
Secretarial fees	4,410	4,200
Bank charges	47	36
	`───────`	`───────`
	5,357	5,136
	`───────`	`───────`
	`───────`	`───────`
Expenditure on charitable activities	8,082	7,815
	`═══════`	`═══════`