The VSB Foundation Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Investment income Other income 60,000 66,906 116,854 250 116,854 250 Total income 117,104 117,104 126,906 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expenditure 24,973 101,335 126,308 24,973 121,982 146,955 20,647 20,647 133,450 133,450 Net gainsl(losses) on investments 84,740 84,740 (118,643) Net incomel{expenditure) 75,536 (20,647) 54,889 {125,187) Transfers beeen funds 3,120 (3,120) Net movement in funds 78,656 (23,767) 54,889 (125,187) Reconciliation of funds Total funds brought forward Total funds carried forward 2,772,526 35,893 2,808,419 2,933,606 2,851,182 12,126 2,863,308 2,808,419 The statement of financial activities includes all gains and losses recognised in the year. Ail income and expenditure derive from continuing activities. The notes on pages 16 to 26 form part of these financial statements. 14
The VSB Foundation Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Investments 16 2,724.335 2,675,067 Current assets Debtors Cash at bank and in hand 17 26,534 122,110 148,644 36,978 116,297 153,275 Creditors: amounts falling due within one year Net current assets 18 9,671 19,923 133,352 2,808,419 138,973 Total assets less current liabilities 2,863,308 2,863,308 Net assets 2,808,419 Funds of the charity Restricted funds Unrestricted funds 12,126 2,851,182 19 2,863,308 35,893 2,772,526 Total charity funds 2,808,419 These financial statements were approved by the board of trustees and authorised for issue on 10 October 2024, and are signed on behalf of the board by.. J Mcvey OBE (Chairperson) Trustee The notes on pages 16 to 26 forni part of these financial statements. 15
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 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 break up basis of accounting for the reasons described below. Going concern The trustees have decided to wind up the charity and donate the charity's assets to a likeminded organisation. As such, the charity is not a going concern and the financial statements are prepared on the break-up basis as is appropriate in these circumstances. Disclosure exemptions 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. 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 sub-classes.. restricted income funds or endowment funds. 16
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 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 ft)r 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 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. 17
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 Accounting policies {conlinued) Tangible assets (continued) 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 50 % 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. Investment property Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property 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. 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. 18
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) 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 accordan 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 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. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty 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. 19
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments (continued) 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. 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 Total Funds Funds 2024 Restricted Total Funds Funds 2023 Donations The Pilgrim Trust 60,000 60,000 20
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental income Dividend income Deposit interest 70,371 45,827 656 70,371 45,827 656 22,591 44,101 214 22,591 44,101 214 116,854 116,854 66,906 66,906 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Employee Expense Contribution 250 250 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Propety repairs and maintenan charges 24,973 24,973 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable activities Support costs 60,287 41,048 20,647 80,934 41,048 101,335 20,647 121,982 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activities Support costs 63,348 34,785 98,133 35,317 98,665 34,785 133,450 35,317 21
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements {conlinued) Year ended 31 March 2024 10. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Staff costs General office Governance costs 7,980 2,913 30,155 7,980 2,913 30,155 6,750 4,005 24,030 41,048 41,048 34,785 11. Net gainslllosses) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsllosses on investments 84,740 84,740 (118,643) {118,643) 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,175 3,978 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows= 2024 2023 Wages and salaries Nl Contributions 22,140 1,800 23,940 24,039 1,895 25,934 The average head count of employees during the year was 1 (2023: 1). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Number of staff No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 14. 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 £23,940 (2023". £25,934). 22
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 15. Tangible fixed assets Fixtures and fittings Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 756 756 At 31 March 2023 16. Investments Cash or cash Listed Investment equivalents investments properties Total Cost or valuation At 1 April 2023 Additions Disposals Fair value movements 32,552 1,542,515 284,886 174,220 (255,7811 (239.059) 85,002 1,100,000 2,675,067 459,106 (494,840) 85,002 At 31 March 2024 61,657 1,562,678 1,100,000 2,724,335 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 61,657 1,562,678 1,542,515 1,100,000 1,100,000 2,724,335 At 31 March 2023 32,552 2,675,067 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 property, it shall be transferred to tangible assets and treated as such ijntil it is expected that fair value will be reliably measurable on an on-going basis. 23
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 16. 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. 17. Debtors 2024 2023 Prepayments and accrued income Rental debtor 5,089 21,445 14,387 22,591 26,534 36,978 18. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 9,671 19,923 19. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General funds Designated Fund 2,732,526 40,000 117,104 (98,808) 15,620 (27,500) (12,500) (126,308) 3,120 84,740 2,851,182 2,772,526 117,104 84,740 2,851,182 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General funds Designated Fund 2,847,396 86,210 66,906 {53,981) (9,152) (118,643) 2,732,526 (44,152) (2,058) 40,000 (98,133) (11,210) (118,643) 2,772,526 2,933,606 66,906 24
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 19. Analysis of charitable funds (contlnued) Restricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers The Pilgrim Trust 35,893 (20,647) (3,120) 12,126 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers The Pilgrim Trust 60,000 (35,317) 11,210 35,893 20. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year 2,724,335 136,518 (9,671) 2,851,182 2,724,335 148,644 (9,671) 2,863,308 12,126 Net assets 12,126 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 (19,923) 2,808,419 24,683 24,683 21. 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. 22. Contingencies The Department of Education holds a charge over the Charity's property 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 Ienty-0 years. 25
The VSB Foundation Company Limited by Guarantee Notes to the Financial Statements (continuod) Year ended 31 March 2024 23. Related parties There were no related party transactions during the year {2023: £NIL). 24. 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. 26