The trustees present their report and financial statements of Voluntary Action Rutland (also known as VAR) for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: 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)” (published in October 2019).
The objects of the charity, as stated in the Memorandum & Articles, are:
a. To promote any charitable purposes for the benefit of the community in the local government district of Rutland and its neighbourhood (herein after called “the area of benefit”) and, in particular, the advancement of education, the protection of health and the relief of poverty within the area of benefit.
b. To promote and organise co-operation in the achievement of the above purposes and to that end to promote and organise co-operation with individuals and other organisations in the achievement of the above purposes.
It aims principally to do this by:
providing a community transport scheme;
providing support and other services to the community; and
seeking funding and resources that will enhance and enrich the quality of life for vulnerable people in Rutland.
Ensuring our work delivers our aims
VAR reviews its aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous twelve months. It looks at the success of each key activity and the benefits brought to those groups of people we aim to help. The review also helps to ensure that our aims, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained within the Charity Commission’s general information on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the set aims and objectives.
How our activities deliver public benefit
Our main activities, and whom we try to help, are described below. All our charitable activities focus on services based in the heart of the community: a community transport scheme; the provision of information for individuals and community organisations based in Rutland; and on securing and providing resources for the purposes of public benefit.
The financial year 2025/26 saw VAR complete its third full year based at Oakham Enterprise Park and this is very much our charity’s home for the foreseeable future at least.
VAR’s main activities and achievements undertaken to further the charity’s purposes for public benefit were:
A community Transport Scheme that supports frail, elderly, disabled or vulnerable people in Rutland by co-ordinating the provision of affordable Social Car and Community Vehicle services. The latter comprise three minibuses and two 'VAR' cars, all of which are wheelchair-adapted. The Scheme relies heavily on volunteer drivers to provide a combined service for the community. Throughout the period, volunteers continued to use their own vehicles to transport people to appointments, many of which were medical.
Several years ago, the service provision expanded into Stamford town centre (after the closure of a local service) and we now have more than 120 registered users in the town and around 15 volunteer drivers. After 45+ years of operation, VAR’s Transport Scheme now comprises 68 volunteer drivers – the highest number in its history for the second year running. Not only do service users benefit, but the increased numbers volunteering derive intrinsic satisfaction from being able to help their community, which enhances their own mental health and wellbeing.
The trustees are grateful for the continued limited financial support provided by Rutland County Council (RCC) and the NHS ICB for Leicester, Leicestershire and Rutland (LLR).
VAR’s Emergency Families Fund is a discrete area of work that provides material support for vulnerable residents in the Rutland community at their time of greatest need. VAR works in partnership with local trusts, charities, schools, RCC and businesses to act quickly to fulfil such urgent requirements. This year, VAR is particularly grateful to the Lions Club of Rutland for their £2,000 donation to this fund which was also expanded to provide a Youth Opportunity Fund to support young people in the county getting access to sports, music, books or equipment to enable them to participate where they might otherwise be excluded.
Christmas 2025 saw VAR continue our much appreciated and needed Christmas Appeal. Working with our generous sponsors at Lands' End Clothing, Tesco Oakham and Oakham School (and not forgetting the extremely generous donations made by the public and other local businesses including Kevin O'Brien Gas Services, Rhino Sports and the Burley Road Co-op), we were able to raise and distribute over £5,500 of gifts and vouchers and help more than 120 families in our county. We worked in collaboration with RCC, the Rutland Food Bank, Age UK, Rotaract, Women's Aid (LLR), local churches and Rutland Memorial Hospital.
This financial year marked the second full year of our community initiative, Social Lunches against loneliness and isolation. Working with Lands' End Clothing and local sponsors Oakham School, the Rutland Lions, the Hanley Trust and other supporters, VAR arranged a series of social lunches bringing some of our most isolated residents to a hot meal with friendship and entertainment. These continue on a regular basis with funding to take us through the next financial year. 2025/26 also saw us widen our social lunches to include carers, young carers, and alongside Oakham School, Veterans Social Lunches.
A new initiative in 2024/25, our Rutland Young Volunteers continued this year (adding Ryhall School) to encourage young people at primary school to participate in and enjoy volunteering. The pilot completed in June 2025 and saw the original six schools deliver hundreds of hours of volunteering, worth thousands of pounds, and our first Rutland Young Volunteers were recognised at a showcase event hosted at Oakham School, attended by VAR Trustees, schools, parents and Rutland's Lord Lieutenant and High Sheriff in what was a lovely occasion.
New for 2025/26 was our Helping Hands Service. A group of enthusiastic DIY volunteers supported vulnerable residents with small household and garden tasks and worked alongside chaperones to ensure both clients and volunteers were protected.
Statement of Impact on Reserves
Reserves | at 31/3/25 | at 31/3/24 | % Increase (Decrease) |
Free Reserves | £103,091 | £129,967 | (21%) |
General Reserve | £151,866 | £197,333 | (23%) |
Designated Funds (not included in above) | £4,862 | £3,521 | 38% |
|
|
|
|
Ratio of Free Reserves to Annual Operating Expenditure | 34% | 47% |
|
Free Reserves are that part of the charity’s unrestricted income funds that are freely available to the Board, exclusive of designated funds, restricted funds and tangible fixed assets.
The reserves are set aside to provide financial stability, the repair and replacement of the charity's tangible assets, and the means for the development of our principal activities.
It is intended that the reserves are to be held or used in the following manner:
a. To protect the charity from the risk of insolvency or serious disruption of its charitable functions and to sustain the operating cash-flow;
b. To provide specifically for unbudgeted expenditure on urgent repairs and vehicle replacement.
The Board reviews the reserves required regularly in order to achieve the above, consistent with the perceived level and stability of its income and without placing unnecessary restrictions on operations. The Board's long-term aim has been to maintain the charity's reserves at between 50% and 75% of operating expenditure, consistent with the necessary expenditure and perceived requirements.
The charity participates in a multi-employer defined benefit pension scheme, closed to new members, to which it makes contributions under the deficit recovery plan. At 31 March 2026, the net present value of the future contributions was £471 (2025 - £690) and this liability is reflected in the financial statements.
Investment Policy
VAR has a formal Investment Policy approved by the Board of Trustees and reviewed annually. A Finance sub-group (FSG) meets regularly to review investment decisions and other financial matters affecting the charity.
Future Developments:
The Transport Scheme continues with its successful service delivery. This past financial year has once again witnessed the overall transport scheme grow as mileage passed 120,000 miles for the year with both distance and individual journeys up once again.
Providing a heavily subsidised rural transport scheme for county residents makes sustainability a constant challenge. This past year, we have continued to strive towards a sustainable model through a combination of SEN School Transport provision for Rutland County Council (RCC) together with an increase in funding from the Better Care Fund (an NHS Integrated Care Board fund managed by RCC) in recognition of our role in providing essential non-urgent transport for our community and greater corporate social responsibility support from local schools and businesses.
The trustees’ aspirations remain the same: to continue to develop the Transport Scheme and explore wider rural transport opportunities. Any gaps in community support and service delivery will provide the evidence of need for future funding applications, which will be served best through partnership bids. In our rural environment, knowledge of the community, its existing services and activities is as important as ever.
In the process of refocusing the charity’s activities, it is recognised that existing methods of communication call for substantial enhancement. This will include digital reach and promotion as well as work to help and support older people and those with additional needs to access information online.
The degree of volunteering in Rutland is high in proportion to the population. VAR wishes to harness this ‘good will’ and philanthropy not only to benefit the recipient community, but also for the proven health and wellbeing benefits for those who volunteer.
The population of Rutland continues to grow and the need to develop community cohesion and encourage activism is greater than ever. Social isolation occurs not only in the older population but also in young families and individuals. Supporting and enabling the development of groups and networks will be a primary focus across the entire county including working with our locally-based armed forces and veterans.
Governing Document
The organisation is a charitable company limited by guarantee, which was established under a Memorandum of Association, updated September 2019. This recognises the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1.
Trustees
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Recruitment and Appointment of the Board of Directors
The directors of the company are also charity trustees for the purposes of charity law and, under the company’s Articles, are known as members of the Board of Directors. One third of the Board members is subject to retirement at every Annual General Meeting.
Organisational Structure
The CEO of VAR is empowered by the Board of Directors to undertake responsibilities and duties in line with agreed VAR policies and is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The CEO also has responsibility for the day-to-day operational management of the office; individual supervision of the staff team; and ensuring that the team continue to develop their skills, knowledge and abilities in line with good practice and operational need.
Health & Safety
The trustees understand their duties to their employees and volunteers and are committed to ensuring that they provide a place to work with safe access and proper supervision for employees and volunteers. An appointed member of staff has responsibility to deal with all Health & Safety matters. The member of staff reports to the trustees, through the CEO.
Information on Health & Safety matters is readily available to all staff and users and training in Health & Safety is provided where required.
Risk Management
VAR’s Trustees acknowledge and understand their responsibility to identify, assess and manage risks. A risk is any event that, if it were to occur, could limit or prevent VAR from achieving its key objectives.
VAR’s key objectives are: the need to comply with its objects, to maintain its reputation and to keep close financial control; to meet its legal and moral responsibilities towards the community, its beneficiaries and its staff and volunteers; to apply funding and donations efficiently and effectively so that the intended beneficiaries benefit in the manner and to the extent intended; and to be open and transparent in all its dealings, internal and external.
In practical terms, VAR:
Maintains a Risk Register comprising a list of its major risks and actions to mitigate their occurrence and impact. It is reviewed at least every six months by VAR’s Strategy sub-group;
Scrutinises all proposals to undertake new activities or to extend existing activities to ensure they comply with our objects, are financially viable and realistically achievable;
Complies with all legal and regulatory requirements, including those concerned with financial control and reporting, employment, tenancies and health and safety.
Trustee Induction and Training
Trustees are recruited from the local community and undergo a formal six-month preparation and induction period before their nominations are put to the full Board. This includes their attendance at Board and other meetings during that time. All trustees are given a variety of documents from the Charity Commission, National Council for Voluntary Organisations, etc. to read with reference to their obligations and responsibilities. Nominees are invited to the VAR offices to meet staff and volunteers and to learn about the work of the organisation. All nominees are issued, inter alia, with the Charity Commission’s “Guide for Trustees”, which sets out the operational framework for the charity as well as VAR’s Memorandum and Articles. All trustees are eligible and encouraged to attend training courses, and any incurred expenses are met by VAR.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Voluntary Action Rutland (the charity) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Voluntary Action Rutland is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 10, Unit 16a, Oakham Enterprise Park, Ashwell Road, Oakham, Rutland, LE15 7TU.
The financial statements have been prepared in accordance with the charity's Memorandum and Article of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: 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)” (issued in October 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
General unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised on an accruals basis, inclusive of any VAT which cannot be recovered.
Costs of raising funds comprises fundraising costs and cost of sales of services.
Charitable activities costs include the costs incurred by the charity in the delivery of its charitable activities and services to beneficiaries. Also included are costs directly attributable to such activities and services and any indirect costs which are necessary to support them.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to raising funds and charitable activities on a basis consistent with use of resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Transport Scheme - client journey contributions
Raising funds
Premises costs
Insurance
Office and administration
Other costs
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
No expenses were reimbursed to trustees during the year.
The average monthly number employees (head count) during the year was:
The average number of full time equivalent staff during the year was 4 (2025 - 4).
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income is included in the financial statements as follows:
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £8,672 (2025 - £7,815).
The charity participates in a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:
Deficit contributions from 1st April 2025 to 31st March 2028 of £2,100,000 per annum (payable monthly).
Unless a concession has been agreed with the Trustee the term to 31st March 2028 applies.
Note that the scheme's previous valuation was carried out with an effective date of 30th September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the Scheme as follows:
Deficit contributions from 1st April 2022 to 31st September 2025 of £3,312,000 per annum (payable monthly).
The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.
Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
Amounts recognised in the Statement of Financial Activities:
Amounts taken to other comprehensive income:
The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows:
Movements in the present value of defined benefit obligations:
The defined benefit obligations arise from plans which are wholly or partly funded.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The Emergency Families Fund is a restricted fund to enable VAR to meet the needs of individuals and families in distress.
The transfers from the restricted fund to the General Fund represent the administrative cost of managing those projects.
Following the sale of the premises at Lands' End Way in 2022 the Board agreed to establish a Discretionary Investment Fund and allocate the remaining Capital to the General Fund to cover the working capital and operational needs of the charity.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The Lands' End Fund provides a programme of social, veterans and carers lunches to combat rural isolation and loneliness.
Young Volunteers Awards works with local primary schools to encourage volunteering.
The Helping Hands Fund is a service which enables volunteers to carry out odd jobs around the home for vulnerable residents making staying in your own home easier to do.
The Youth Opportunities Fund can provide opportunities for disadvantaged young people to participate in activities.
Unrestricted
Restricted
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2025 - none).