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 be￿een 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
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.
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 I￿enty-￿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