Annual Report and Financial Statements - VSO

Notes forming part ofthe financial statementsfor the year ended31 March 201320. Subsidiary companiesShares in subsidiary companiesVSO Trading Limited 2 2Beijing VSO Consulting Company Limited 132,439 -VSO Trading LimitedVSO Trading Limited is wholly owned by Voluntary Service Overseas and is registered in England and Wales. As at 31 March 2013, theinvestment of Voluntary Service Overseas in VSO Trading Limited was £2 (2012: £2).The principal activity of the subsidiary is to organise events for the purpose of raising funds for the parent charity. Profits made by thesubsidiary are transferred by Gift Aid to the parent charity.A summary of the results of VSO Trading Limited for the year is shown below. Full accounts will be filed with the Registrar of Companies.Profit and loss accountTurnover 442 465Other income - -2013£2013£’0002012£2012£’000442 465Total costs (395) (387)Net profit 47 78Gift Aid payable to Voluntary Services Overseas (47) (78)Retained profit for the year – –Balance sheetCurrent assets 312 638Creditors: amounts falling due within one year (312) (638)2013£’0002012£’000Beijing VSO Consulting Company LimitedBeijing VSO Consulting Company Ltd is a wholly foreign-owned enterprise registered in China. It was registered on 20 June 2012. VoluntaryService Overseas is the sole shareholder of the company. The registered capital of the company is USD210,000. As at 31 March 2013, theinvestment of Voluntary Service Overseas in Beijing VSO Consulting Company Ltd was USD210,000 (£132,439).The objective of the company is to contribute to the development of China’s markets and to strengthen the economic cooperation betweenChina and other countries and to enable Voluntary Service Overseas (as the sole shareholder) to achieve satisfactory economic benefits.They do this by the provision of consultancy, training and market promotion services.Profits made by the subsidiary shall be distributed to Voluntary Service Overseas at the discretion of the Board of Directors and in accordancewith the requirements of the State Administration of Foreign Exchange of the People’s Republic of China.A summary of the results of Beijing VSO Consulting Company Limited for the year is shown below. In accordance with Chinese legislationthe financial year-end of the subsidiary is 31 December. Full accounts will be available on request from Voluntary Service Overseas after thesubsidiary’s first full accounting year-end of 31 December 2013.Profit and loss accountTurnover 7 -2013£’0002012£’0007 -Total costs after exchange adjustment (7) -Net profit - -Retained profit for the year - -Balance sheetCurrent assets 132 -Creditors - -Net assets 132 -Issued share capital 132 -2013£’0002012£’000Net assets – –The results of the company are stated after charging £234,000 (2012: £191,000) of expenditure recharged from VSO.60 Annual Report and Financial Statements 2013Annual Report and Financial Statements 2013 61