Voluntary Action Charnwood and
John Storer House Foundation
Treasurer’s Report 2010-2011 &
Consolidated Summary of Accounts
This report deals with the affairs of the charities, Voluntary Action Charnwood,
VAC, (1087692) and John Storer House Foundation, JSHF, (521460), whose
finances are closely connected and best viewed on a joint basis. What follows is
a brief, consolidated summary, designed to highlight the significant financial
outcomes for the year ended 31 March 2011, and to comment on the reserves
held by the two charities. The full accounts for both charities can be seen on
request. They have respectively been audited (VAC) and examined (JSHF) by
Nixon Mee Ltd., registered auditors, whose reports are unqualified.
Voluntary Action Charnwood, VAC, members represent independent, statutory
and voluntary organisations that have associated together to work for cooperation, and to support one another. John Storer House, JSH, houses various
tenants and provides well-being activities and services, as well as community
centre facilities. Voluntary Action Charnwood is based at and administers John
Storer House. Though technically separate, VAC and JSH are interdependent.
John Storer House, Wards End, Loughborough, Leics. LE11 3HA Telephone (01509) 631750
TREASURER’S REPORT 2010/11
The consolidated statement of financial affairs (SOFA) on the opposite page shows the
combined incoming resources and resources expended of the two charities. Restricted
funds showed a marked increase from £163,088 to £216,515 (£53,427). However, this
is the result of a Transition Fund Grant from BIG of £73,500, which will be spent in the
year 2011/12, being received in March 2011, which skews the figures.
The most important figure is that of the net movement of unrestricted funds. For the
year, there was a decrease of £70,451. This decrease is carried forward to the
consolidated balance sheet on the last page of this report, where it has the effect of
decreasing our year end unrestricted funds from £514,079 in 2010 to £443,628 in 2011.
In establishing how far our reserves are adequate to provide a suitable level of cover
for our activities, one must deduct £187,114 from this figure. This is the balance sheet
value of our building and contents which have little realisable value. This leaves
£256,514, of which £116,283 is in designated funds set aside to cover the particular
needs of maintaining the building and replacing our buses as they reach the end of
their economic life. This brings the figure for “free” reserves down to £140,231. This
figure is less than the amount needed to cover our contingent liabilities which would
become payable if we have to wind up the two charities - £85,434 for redundancy
payments and £122,672 as our debt on withdrawal from the pension scheme.
2011/12 will be a critical year for the two charities. We must make a successful
transition from an organisation funded principally by grants to one “selling” its services.
Our response to this challenge is already visible in the form of the new café and shop.
The grant of £73,500 from the Transition Fund will be of immense help. Despite this, I
expect to see our reserves eroded yet more in the coming year.
And, finally, my expressions of thanks.
o To our volunteers whose contributions take very many forms. The total notional
value of volunteer time during the year (valuing an hour of time at £6) was
£84,906, which is significantly up on last year’s figure of £76,914.
o To John West who retired as Finance Officer after many years loyal service, to
his successor, Julie Saunders, who has settled in well, and to Pat Cartlidge and
Jasmine Rossel, who continue their good work.
o To our sponsors and funders, without whom we could not exist.
David Rodgers, Honorary Treasurer
October 2011
VOLUNTARY ACTION CHARNWOOD AND JOHN STORER HOUSE FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2011
Unrestricted
Restricted
2011
2010
Funds
Funds
Total
Total
£
£
£
£
Incoming Resources
Incoming Resources from Generated funds
Voluntary Income - Donations and legacies
61,339
10,009
71,348
78,000
Activities for Generating Funds
7,257
-
7,257
4,992
Investment Income
4,422
45
4,467
8,039
Incoming Resources from Charitable Activities
368,198
337,646
705,844
588,056
Total incoming resources
441,216
347,700
788,916
679,087
1,613
-
1,613
2,154
458,777
313,016
771,793
630,368
37,919
-
37,919
60,033
498,309
313,016
811,325
692,555
before transfers
(57,093)
34,684
(22,409)
(13,468)
Transfers
(18,743)
18,743
Net incoming resources
(75,836)
53,427
Resources expended
Costs of generating funds
Charitable activities
Governance costs
Total resources expended
Net incoming resources
Unrealised (loss)/gain on investments
5,385
-
-
-
(22,409)
(13,468)
5,385
6,965
Net movement in funds
(70,451)
53,427
(17,024)
Balances brought forward at 1 April
514,079
163,088
677,167
683,670
Balances carried forward at 31 March
443,628
216,515
660,143
677,167
Note : In 2009/10 only the net results of the trading subsidiary, Logoace Limited, which ceased
to trade on 31 December 2009, are included above. In that year, the income was £59,598 and
the expenditure was £62,397, resulting in a net loss of £2,799.
(6,503)
VOLUNTARY ACTION CHARNWOOD AND JOHN STORER HOUSE FOUNDATION
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2011
2011
2010
£
£
£
£
Fixed assets
Tangible fixed assets
Investments
187,680
212,775
40,574
35,189
228,254
247,964
Current assets
Stocks
Debtors
Bank and Cash in Hand
Liabilities
2,595
2,240
45,482
45,590
446,268
454,944
494,345
502,774
(62,456)
(73,571)
Net current assets
431,889
429,203
Net assets
660,143
677,167
216,515
163,088
Financed by :
Restricted funds
Unrestricted funds :
Designated Funds (See Note Below)
- Tangible fixed assets
- Community Transport Fund
- Community Development Fund
- Building Maintenance
General Funds
Total Unrestricted Funds
Total funds
187,114
211,231
75,113
64,396
-
24,111
41,170
22,867
303,397
322,605
140,231
191,474
443,628
514,079
660,143
677,167
Note: The Tangible fixed assets fund represents the depreciated original cost of Buildings,
Property Improvements, Plant and Machinery, Office Furniture & Equipment, Vehicles and
Computer Equipment.