The VSB Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Investment income 60,000 60,000 66,906 126,906 20,000 49,200 69,200 66,906 Total income 66,906 60,000 Expenditure Expenditure on charitable activities Total expenditure 98,133 35,317 35,317 133,450 211,876 211,876 98,133 133.450 Net {losses)/gains on investments (118,643) (118,643) 81,111 Net expenditure (149,870) 24,683 (125,187) (61,565) Transfers between funds (11,210) 11,210 Net movement in funds {161,080) 35,893 (125,187) 161,565) Reconciliation of funds Total funds brought fomard Total funds carried forward 2,933,606 2,933,606 2,808,419 2,995,171 2,933,606 2,772,526 35,893 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 page5 13 to 23 fonn part of these financial statements. 11
The VSB Foundation Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Investments 14 2,675,067 1,901,441 Current assets Debtors Investments Cash at bank and in hand 15 16 36,978 16,698 950,000 91,895 1,058,593 116,297 153,275 Creditors: amounts falling due within one year Net current assets 17 19,923 26,428 133,352 2,808,419 1,032,165 Total assets less current liabilities 2,933,606 Net assets 2,808,419 2,933,606 Funds of the charity Restricted funds Unrestricted funds 35,893 2,772,526 2,933,606 Totsl charity funds 18 2,808,419 2,933,606 These financial statements were approved by the board of trustees and authorised for issue on 27th November 2023, and are signed on behalf of the board by.. Mcvey OBE (Chairperson) Trustee The notes on pages 13 to 23 form part of these financial statements. 12
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in England and Wales. The address of the registered office is Volunteer Now, The Skainos Centre, 239 Newtownards Road, Belfast, BT4 1AF. 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 Companies Act 2006. 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 The charity reported a net deficit of £125,187 for the year and has unrestricted reserves of £2,772,526. The trustees are of the view that these reserves are sufficient for the charity for the foreseeable future. The Trustees are considering the future plans for the charity including a possible wind up in the near future. As such, there is a significant uncertainty around the Going Concern of the Charity. Disclosure exemptlons The charity has taken advantage of the exemption in SORP 2015 from the requirement to produce a cash flow statement because it is a small charity- 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. 13
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) 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. 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. 14
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) 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 expenditu 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 beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings 500/0 Straight line 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. 15
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Investment property Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. 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. Vvhere 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. 16
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting policies (contlnuedj Impairment of fixed assets (continued) 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. 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. INJhere 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. 17
The VSB Foundation Company Limited by Guarantse Notes to the Financial Ststements feontinuedj Year ended 31 March 2023 Accounting policies (contlnued) Financial instruments (continued) 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 eXedS what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being would up to the extent of £1. Donations and legacies Restricted Totsl Funds Funds 2023 Restricted Total Funds Funds 2022 Donations The Pilgrim Trust 60,000 60,000 20,000 20,000 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental income Dividend income Deposit interest 22,591 44,101 214 22,591 44,101 214 4,964 44,228 4,964 44,228 66,906 66,906 49,200 49,200 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activities Support costs 63,348 34,785 35,317 98,665 34,785 98,133 35,317 133,450 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable activities Support costs 153,024 38,852 191,876 20,000 173,024 38,852 211,876 20,000 18
The VSB Foundation Company Limited by Guarantse Notes to the Financial Statements (continued) Year ended 31 March 2023 Analysis of support costs Analysis of support costs Total 2023 Total 2022 Staff costs General office Governance costs 6,750 4,005 24,030 34,785 6,750 4,005 24,030 34,785 7,938 6,263 24,651 38,852 Net (losses)Igains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsllosses on investments (118,643) (118,643} 81,111 81,111 10. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 3,978 3,789 11. staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs 24,039 1,895 21,978 1,836 23,814 25,934 The average head count of employees during the year was 1 (2022.. 1). The average number of full-time equivalent employees during the year is analysed as follows= 2023 No. 2022 No. Number of staff - type 1 No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 12. Trustee remuneration and expenses The key management personnel of the charity comprise the trustees and director. The total employee benefits of the key management personnel of the charity total £25,934 (2022: £23,814). 19
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 13. Tangible fixed assets Fixtures and fittings Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 756 756 At 31 March 2022 14. Investments Cash or cash Listed Investment equivalents investments properties Total Cost or valuation At 1 April 2022 Additions Disposals Fair value movements 64,066 (31,514) 1,687,375 151,699 (177,916) (118,643) 1,542,515 150,000 950,000 1,901,441 1,070,185 (177,916) (118,643) 2,675,067 At 31 March 2023 32,552 1,100,000 Impairment At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 32,552 1,542,515 1,687,375 1,100,000 2,675,067 At 31 March 2022 64,066 150,000 1,901,441 All investments shown above are held at valuation. Investment properties Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment propety, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. 20
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 14. Investments (continued) Financial assets held at fair value 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. 15. Debtors 2023 2022 Prepayments and accrued income Rental debtor 14,387 22,591 16,698 36,978 16,698 16. Investments 2023 2022 Property held for sale 950,000 17. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 19,923 26,428 21
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 18. Analysis of charitable funds Unrestricted funds At 1 Apr 2022 Gains and At 31 Mar losses 2023 Income Expenditure Transfers General funds Designated Fund 2,847,396 86,210 66,906 (53,981) (44,152) {98,133) (9,152) (118,643> 2,732,526 (2,058) 40,000 (11,210) (118,643) 2,772,526 2,933,606 66,906 At 1 Apr 2021 Gains and At 31 Mar losses 2022 Income Expenditure Transfers General funds Designated Fund 2,855,171 140,000 2,995,171 49,200 (94,396) (43,690) (97,480) 43,690 (191,876) 81,111 2,847,396 86,210 81,111 2,933,606 49,200 The designated funds balance at 31 March 2023 comprises.. Volunteer Now £25,000 An award for three years to support Volunteer Now, develop its online and social media profile and to maintain and develop their volunteer infrastructure support beyond Belfast. Imagine Belfast £15,000 - And award to support a week-long series of events designed to lebrate and support the role of the citizen in the cultural and political life of Belfast. The festival is not aligned with and political paty or interest group and is non-partisan. It is organised through a collaboration of numerous organisations and individuals. The total designated funds at 31st March 2023 is £40,000. Restricted funds At 1 Apr 2022 Gains and At 31 Mar losses 2023 Income Expenditure Transfers The Pilgrim Trust 60,000 {35,317) 11,210 35,893 At 1 Apr 2021 Gains and At 31 Mar losses 2022 Income Expenditure Transfers The Pilgrim Trust 20,000 (20,000) 22
The VSB Foundation Company Limited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 31 March 2023 19. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 2,675,067 128.592 {19,923) 2,783,736 2,675,067 153,275 119,923) 2,808,419 24,683 24,683 Unrestricted Funds Restricted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assets 1,901,441 1,058,593 {26,428) 2,933,606 1,901,441 1,058,593 (26,428) 2,933,606 20. Legal status of the charity. Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being wound up to the extent of £1. 21. Contingencies The Department of Education holds a charge over the Charity's propety at Shaftesbury Square. The charge relates to a grant of £150,000 which the original Charity received from the Department in 2004 and runs for twenty-two years. 22. Related parties There were no related party transactions during the year (2022= £NIL). 23. Ethical standards In common with many other organisations our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statement. 23
The VSB Foundation Company Limited by Guarantee Management Information Year ended 31 March 2023 The following pages do not fomi part of the financial statements. 24
The VSB Foundation Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowments Donations and legacies The Pilgrim Trust 60,000 20,000 Investment income Rental income Dividend income Deposit interest 22,591 44,101 214 4,964 44.228 66,906 49,200 Total income 126,906 69,200 25
The VSB Foundation Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Expenditure on charitable activities Charitable activities Activities undertaken dlrnctly Wages & salaries Employer's NIC Premises costs Shaftesbury Square Voice of Migrant Women Governance Awards Imagine Belfast VNOW 8,644 1,895 35,099 6,102 1,836 47,606 1,783 33,790 10,000 10,000 61,907 173,024 53,027 98,665 Support costs Wages & salaries General Offi expense 6,750 4,005 7.938 6,263 14,201 10,755 Governance costs Wages & salaries General office expenses Audit fees Legal and professional fees Bank charges Investment management costs 8,645 1,335 3,978 7,938 2,088 3,789 35 165 10,636 340 9,732 24,030 24,651 Expenditure on charitable activities 133,450 211,876 Net (losses)Igains on investments Gainsllosses on investments <118,643) 81,111 Net expenditure (125,187) (61,565) 26