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
be￿een 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 eX￿edS 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