for the Period Ended 31 March 2024
Directors report | |
Balance sheet | |
Additional notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2024
Directors
The director shown below has held office during the whole of the period from
1 April 2023
to
31 March 2024
The director shown below has held office during the period of
1 April 2023
to
24 May 2023
The director shown below has held office during the period of
1 April 2023
to
15 April 2023
The director shown below has held office during the period of
15 April 2023
to
31 March 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
As at
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Current assets | |||
Cash at bank and in hand: |
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Total current assets: |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Accruals and deferred income: |
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Total net assets (liabilities): |
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Members' funds | |||
Profit and loss account: |
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Total members' funds: |
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The notes form part of these financial statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2024
Basis of measurement and preparation
for the Period Ended 31 March 2024
2024 | 2023 | |
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Average number of employees during the period |
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Vital Spark is a community interest company that was established to provide learning and community support to people with barriers to work, using cycling repairs and maintenance as the way to engage. The service has been used by young people, people who are economically inactive and have enduring disabilities and mental health issues. The CIC provides upcycling, repairs and maintenance and also adapted bikes to be ebikes and created tricycles for people with disability issues. They were also moving into providing leader training and bike-led sessions for local people with mental health issues. The CIC has been supported by a wide number of funders including the National Lottery.
Vital Spark has carried out ongoing consultation with local people, through its work with young people who are not attending school, their teachers and mentors and other people who have mental health issues who used the service to rehabilitate and engage with pre-employability. The CIC filled a particular local gap that has been very well received.
The director and operation manager, John Young received payment and Steven Smith, director and trainer also received payment from the company. The other director David Scobie received no payment.
Vital Spark CIC ceased to operate in summer 2023 when the operations manager, John Young became ill and the other directors felt they were unable to carry on the running of the CIC and did not have the skills required to operate it. Clackmannanshire Third Sector Interface(CTSI) who are funded by the Scottish Government to help the third sector locally stepped in to support the remaining directors and helped them to appoint a consultant who carried out the work to engage with user groups, stakeholders and funders and move to close the company in an appropriate and legal manner. As the CIC had only just received funding from the National Lottery in the form of a Young Start grant of £40,000, all of the assets of the CIC were realised by CTSI and the money from the sales of equipment and stock was returned in full to the National Lottery. Please note that the closure was carried with agreement between the directors and the National Lottery with full agreement that not all the funding could be returned as there were creditors and payments to make including to Clackmannanshire Council and HMRC. Other funders including the Scottish Government received back their funding back in full. After that process there were no assets left to the CIC. CTSI has carried out the remainder of the closure through 2024 including negotiating with the accountants, completing accounts and ensuring all the necessary payments have been made. The funders have been very grateful to the help of the directors and CTSI in returning the bulk of the grants to them through that process.
This report was approved by the board of directors on
20 September 2024
And signed on behalf of the board by:
Name: Anthea Coulter
Status: Director