Providing opportunities for people with care and support needs to lead valued and fulfilling lives.
Ballards LLP Oakmoore Court Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Dear Sirs
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charitable company’s financial statements for Vision Homes Association for the year ended 31 March 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.
General
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1 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
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2 All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records.
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3 All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.
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4 The financial statements are free of material misstatements, including omissions.
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5 There are no uncorrected misstatements.
Internal control and fraud
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6 We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.
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7 We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.
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8 We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.
Registered Office: Trigate, 210-222 Hagley Road West, Oldbury, West Midlands, B68 ONP Tel: 0121 434 4644
Registered Charity No: 1017893 Company No: 2756733 registered in Cardiff
Providing opportunities for people with care and support needs to lead valued and fulfilling lives.
Assets and liabilities
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9 The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company’s assets, except for those that are disclosed in the notes to the financial statements.
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10 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
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11 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Accounting estimates
- 12 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
Legal claims
- 13 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.
Laws and regulations
- 14 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
Related parties
- 15 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
Subsequent events
- 16 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
Going concern
- 17 We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company’s ability to continue as a going concern need to be made in the financial statements.
Grants and donations
- 18 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.
Each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make themself aware of any relevant audit information and to establish that you are aware of that information.
Registered Office: Trigate, 210-222 Hagley Road West, Oldbury, West Midlands, B68 ONP Tel: 0121 434 4644
Registered Charity No: 1017893 Company No: 2756733 registered in Cardiff
Providing opportunities for people with care and support needs to lead valued and fulfilling lives.
Yours faithfully
.............................................................................................................................. Signed on behalf of the board of trustees
Date……………………………….
Registered Charity No: 1017893 Company No: 2756733 registered in Cardiff
Registered Office: Trigate, 210-222 Hagley Road West, Oldbury, West Midlands, B68 ONP Tel: 0121 434 4644
Company registration number: 02756733 Charity registration number: 1017893
Vision Homes Association
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2024
Vision Homes Association
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 9 |
| Statement of Trustees' Responsibilities | 10 |
| Independent Auditors' Report | 11 to 14 |
| Statement of Financial Activities | 15 to 16 |
| Balance Sheet | 17 |
| Statement of Cash Flows | 18 |
| Notes to the Financial Statements | 19 to 30 |
Vision Homes Association
Reference and Administrative Details Chairman Zoe Richardson Trustees James Rennie Inglis Virginia Frances Von Malachowski Malcolm Angus Campbell (appointed 17 October 2023) Benjamin Keith Williams (appointed 17 October 2023) Registered Office TriGate 210-222 Hagley Road West Oldbury Birmingham B68 0NP The charity is incorporated in England and Wales. Company Registration Number 02756733 Charity Registration Number 1017893 Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Barclays Bank Plc Ludlow 3 King Street Ludlow Shropshire SY8 1AJ Auditor Ballards LLP Chartered Accountants Oakmoore Court 11C Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Page 1
Vision Homes Association
Trustees' Report
The trustees, who are Directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2024.
Principal activities
Vision Homes Association was established to promote the welfare of people with visual impairment and/or multiple disabilities (including learning disability, sensory impairment, physical disability, cerebral palsy and acquired brain injury) in any manner that may be deemed to be charitable.
Trustees
The following trustees, who are also directors, served during the year:
James Rennie Inglis Zoe Richardson (Chair) Virginia von Malachowski Benjamin Keith Williams appointed 17/10/23 Malcolm Angus Campbell appointed 17/10/23
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Vision Homes Association
Trustees' Report
Objectives and activities
Public benefit
Vision Homes Association conducts its principal activities in Shropshire, Telford and Wrekin, Herefordshire, and Bradford. People who use Vision Homes Association’s services are drawn from many parts of the country including from Staffordshire, Gloucestershire, Warwickshire, Westminster, Worcestershire, Shropshire, and West Yorkshire.
The People we support within Vision Homes Association’s services may have congenital multiple disabilities or acquired multiple disabilities as the result of serious illness or accident.
Vision Homes Association considers fully any application for its services (subject to the availability of accommodation) and no decision to offer a service is based solely on any individual’s own ability to meet the cost of that service. However, where a Local Authority or an Integrated care system is unwilling or unable to fund a service and the person does not have sufficient personal funding, Vision Homes Association may not be able to proceed with offering the service to the individual until a way of meeting the agreed fee is established. Currently, none of the people who use Vision Homes Association’s services are self-funding. All fees charged are met by sponsoring Local Authorities, Integrated care system and other benefits, or a combination of these. This is at least in part because the costs of the services provided by Vision Homes Association reflect their specialist nature and require a highly trained and skilled workforce. However, a small number of people do have control of their own funding through Direct Payments from their sponsoring authority and are therefore responsible for paying their fees.
Vision Homes Association is fully compliant with current Care Quality Commission requirements, which has been confirmed by reports following unannounced inspections at each service. Vision Homes Association’s residential care home services have undergone inspections by CQC in 2019, and all have been rated as ‘GOOD’ overall and a number as ‘OUTSTANDING’ under caring. We were also delighted to report that CQC inspected our Supported Living Services in 2023, and we achieved a ‘GOOD’ rating, with outstanding feedback on service delivery. Whilst there has been a pause to inspections with the roll out of a new inspection program and portal, along with a backlog of outstanding inspections of care services due to the COVID-19 pandemic, we remain confident that the quality of our services has maintained with ongoing monitoring activities and PIR submissions to the CQC currently in place. All of these confirm that Vision Homes Association’s services continue to meet legislative and regulatory requirements.
Vision Homes Association seeks to engage with all the people who use its services, making efforts to ensure that they can be involved, as far as they wish, with a variety of aspects of the running and management of the organisation. Accordingly, people are involved at different levels in writing easy read policies, in the provision of staff training and in the interviewing of new members of staff. The people we support are also supported to be involved on a day-to-day basis in the running of their own home. In addition, a new group forum has been developed, with the people we support encouraged to meet on a quarterly basis to review the Organisation and its activities with direct reporting into the Trustee Board.
The Trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 3
Vision Homes Association
Trustees' Report
Chief Executive Report
Vision Homes launched our new Strategic Plan during the last reporting year to reflect our ambitions and build on our strengths and the key objectives have now been defined in business operational plans, translating the strategy into delivery. The development of person-centred planning, and a new outcomes framework is underway enabling the difference we make to be measured and reported as part of our impact analysis. This work will evidence how we support people to achieve their goals, aspirations and to reach their potential.
Once again, the year has been a period of tremendous change and transformation for Vision Homes Association. We have made progress on all aspects of operational delivery, with new reporting and communication channels. Vision Homes is registered provider with over 30 years’ experience and has long been a provider of choice, providing support for people with sight loss and additional complex needs. Our Supported living services continue to attract new referrals and working with our strategic partner New Outlook, plans are in place to develop the accommodation to provide much needed person-centred care, with the right accommodation to maximise independence.
The Strategic Partnership and formal structures are now in place with New Outlook Housing Association, and as we enter our second year, a formal review process will be carried out later this year to evaluate the success and efficiencies of the Partnership. The benefits of the group have already been clearly demonstrated and felt by both entities, through sharing best practice, shared leadership, and new leadership with added expertise for Vision Homes. A strong foundation and capacity for growth has been developed, with successful bids for new framework agreements, building on our reputation for excellence and quality with commissioners.
Our new strategy includes a focus on our people and culture, and we have seen a reduction in staff turnover, vacancy levels and very little use of agency staff. All staff received a pay increase again this year, to a rate higher than sector average and above the government’s National Living Wage. A new training and development programme had been introduced to further develop our staff and has been informed through individual appraisal feedback from staff. A restructure of management has created a team of service managers, with the aim of developing them to be the Registered Managers of the future. Communication has been improved via a staff forum, and we have introduced an annual staff survey carried out by independent providers which will help inform our approach to staff rewards and recognition. The management team have embraced new financial reporting, transparency on all our costs and income to empower closer management and improved decision making.
As part of the Group structure we have a new post, Director of Quality and Care. Leading on all our services, the role provides leadership and direction ensuring the highest standards of services are maintained. Preparations are underway for CQC re-inspections, delayed by the pandemic but expected under a new programme, with the aim to reach Outstanding across our services.
Whilst economic uncertainty continues across the social care sector, along with a lack of inflationary increases on residential care homes fees and a preference for supported living accommodation, the challenge of financial sustainability continues within the residential care homes. Vision Homes is well placed to navigate these challenges in the commissioning landscape with a highly trained workforce in both supported living and residential services who can meet the demand for specialist support, in sensory and complex care.
Sadly, during the year, we lost two people from our services who were both much loved, and it has been a challenging time for the staff and families as we grieve for their passing.
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Vision Homes Association
Trustees' Report
Finally, I want to take this opportunity to thank my dedicated workforce who have continued to work tirelessly to ensure the highest standards of care during a period of change, along with the dedicated board of Trustees who have supported the organisation with strong governance and decision making.
Alison Beachim Chief Executive Officer
Page 5
Vision Homes Association
Trustees' Report
Review of the year
Current position
The annual financial report shows a small deficit for the year of (£7,985) (2023 - surplus of £29,710).
During the reporting year there has been one off additional costs to support the management restructure and void bedspaces during the year within Residential Care.
Plans and objectives
Four key high-level objectives have been developed:
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Be a sustainable organisation, fit for the future.
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Grow, innovate, and develop our services and organisation.
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Be a great place to work, to ensure we support people to live their best lives.
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To do the best we can so all our services will be of high quality.
An Operational Business Plan will translate the Strategic Plan into delivery, and as we are now part of a wider group structure this work will sit as part of the Group strategic review with New Outlook Housing Association.
Organisational Structure
Vision Homes Association is a charitable company limited by guarantee and was inaugurated in 1991. It is governed by a Memorandum and Articles of Association.
The charity is a charity limited by guarantee and does not have share capital.
The registered office is TriGate, 210-222 Hagley Road West, Oldbury, Birmingham, B68 0NP.
The principal activities of Vision Homes Association are the provision, management, and maintenance of centres of residence for those with visual impairment and/or multiple disabilities.
Recruitment of Trustees
We welcomed two new Trustees who were elected at the Annual General Meeting (AGM) for a term of three years. Ongoing Trustee recruitment has been successful with further Trustees joining the board to provide a balance of skills, including trustees with a financial background.
Our Trustee recruitment process includes external adverts to attract professionals with expertise and time to give, to help shape our strategy and ensure good governance. Prospective Trustees meet our Trustees and Chief Executive and attend a board meeting before appointment. A detailed induction pack is provided with information on the structure, management, and financial statements of Vision Homes Association. Team meetings, site visits and ongoing training is also available following a Trustee’s appointment.
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Vision Homes Association
Trustees' Report
Employees
A dedicated and enthusiastic staff team of circa. 112 employees work for Vision Homes Association. The Board of Trustees appreciate the work carried out by staff on behalf of people who use the charities’ services.
The staff forum continues to provide staff with the opportunity to attend a quarterly meeting with a set agenda to raise questions, concerns, and share ideas. It has been a great success, and we have had lots of positive feedback from staff. The popular monthly Team Talk newsletter, has now been expanded into a Group newsletter, giving the staff team for both Vision Homes and New Outlook a window into services and an insight into what is happening at Head Office, including a Chief Executive update and photographs and news stories from across the Group.
The staff recognition event took place in October and was themed for Halloween and was enjoyed by all. There was a fantastic display of costumes from the people we support, and staff went to a huge amount of effort with prizes for the best dressed. Staff had the opportunity to vote for their peers, with some outstanding performances recognised during a presentation at the event.
The Board of Trustees would like to commend and express their thanks and appreciation of all Vision Homes Association’s staff, their hard work and commitment is appreciated.
Reserves statement
The Board of Trustees consider that the current level of reserve is sufficient to meet working capital and other day-to-day operating requirements.
The financial viability of Vision Homes Association is reliant almost exclusively upon the fees received from Local Authorities and Clinical Commissioning Groups to cover the running costs in any financial year. The nature of negotiations with Local Authorities and the Integrated care systems is such that the fees Vision Homes Association agree must be transparent and relate only to the support of each person. Therefore, there is no additional income to cover any unforeseen changes in either legal or financial obligations.
Vision Homes Association must aim to hold sufficient reserves to ensure it is able to continue providing support to the people who use its services despite any changes in financial circumstances, especially those that may be due to deficits resulting from vacancies.
To always maintain a satisfactory level of support, Vision Homes Association estimates that a sum equivalent to three months of expenditure including staff costs (circa. £790k) in any financial year is required as an unrestricted reserve. Vision Homes Association currently have enough in free reserves and continues to work towards this aim. Our reserves policy has been reviewed and will be reviewed annual by the Board of Trustees.
Page 7
Vision Homes Association
Trustees' Report
Risk management
The overall responsibility for Risk and Internal Controls sits with the Board of Trustees. They must ensure that the correct policies, segregation of duties, financial controls and audit frameworks are in place. A new Risk Register has been developed and approved by the Board of Trustees in 2023 which is based on the guidance from the Charity Commission, Charities and Risk Management - CC26 and includes the following key areas that are reviewed either six monthly or annually:
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Governance
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Operational
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Financial
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Compliance
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Environmental and External Factors
The Board of Trustees and the Senior Management Team meet regularly to review the risks and identify significant risks which may affect the organisation along with actions set to mitigate, manage, or reduce those risks.
In additional to policy and procedures internal controls are in place to provide the foundation for monitoring and reporting:
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Management accounts with controls and monitoring
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Annual budget setting and reporting
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Annual external audit
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Internal service financial audits
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Trustee Board Risk Register annual review.
Going concern
The leadership team are still working through a program to reassess the people we support and the fees we receive, to ensure the income keeps pace with the rising costs, high inflation, and the increase in staff costs.
There is no reason to expect existing contracts to be terminated, therefore the Board of Trustees have no reason to believe that a material uncertainty exists which may cast significant doubt about the ability of Vision Homes Association to continue as a going concern, or its ability to continue with the current banking arrangements.
Volunteers
The Board of Trustees recognise the benefits which volunteers bring to Vision Homes Association and wish to express their gratitude to these individuals.
Disclosure of information to auditor
Each Trustee has taken steps that they ought to have taken as a Trustee, to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Board of Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Ballards LLP as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.
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Vision Homes Association
Trustees' Report
This report has been prepared in accordance with the provisions applicable to companies entitled to the small company's exemptions.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Zoe Richardson Chairman
Page 9
Vision Homes Association
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Vision Homes Association for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Zoe Richardson Chairman
Page 10
Vision Homes Association
Independent Auditor's Report to the Members of Vision Homes Association
Opinion
We have audited the financial statements of Vision Homes Association (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its results for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Vision Homes Association
Independent Auditor's Report to the Members of Vision Homes Association
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities [set out on page 10], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 12
Vision Homes Association
Independent Auditor's Report to the Members of Vision Homes Association
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
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the nature of the charity, control environment and charity performance;
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results of our enquiries of management about their own identification and assessment of the risks of irregularities;
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any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulationsand whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Charities Act, employment legislation and health and safety regulation.
Audit response to risks identified
As a result of performing the above, we identified the following key audit matters: revenue recognition as a key audit matter related to the potential risk of fraud.
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In addition to the above, our procedures to respond to risks identified included the following:
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Making enquiries of the Board and management on whether they had knowledge of any actual, suspected or alleged fraud;
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reading minutes of meetings of those charged with governance; and
Page 13
Vision Homes Association
Independent Auditor's Report to the Members of Vision Homes Association
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Mark Skellum FCA (Senior Statutory Auditor) For and on behalf of Ballards LLP, Statutory Auditor
Oakmoore Court 11C Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH
Date:.............................
Page 14
Vision Homes Association
Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income Total Income Expenditure on: Charitable activities 7 Total Expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted funds £ 2,684 2,867,492 20,052 27,409 2,917,637 (2,929,985) (2,929,985) (12,348) (12,348) 994,989 982,641 |
Restricted funds £ 4,363 - - - 4,363 - - 4,363 4,363 8,039 12,402 |
Total 2024 £ 7,047 2,867,492 20,052 27,409 |
|---|---|---|---|
| 2,922,000 | |||
| (2,929,985) | |||
| (2,929,985) | |||
| (7,985) | |||
| (7,985) 1,003,028 |
|||
| 995,043 |
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Vision Homes Association
Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income Total Income Expenditure on: Raising funds 6 Charitable activities 7 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted funds £ 42,381 2,601,208 8,113 92,582 2,744,284 (8,107) (2,706,468) (2,714,575) 29,709 29,709 965,281 994,990 |
Restricted funds £ - - - - - - - - - - 8,039 8,039 |
Total 2023 £ 42,381 2,601,208 8,113 92,582 |
|---|---|---|---|
| 2,744,284 | |||
| (8,107) (2,706,468) |
|||
| (2,714,575) | |||
| 29,709 | |||
| 29,709 973,320 |
|||
| 1,003,029 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 22.
Page 16
Vision Homes Association
(Registration number: 02756733) Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 14 Current assets Debtors 15 Investments 16 Cash at bank and in hand Creditors: Amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 18 Net assets Funds of the charity: Restricted funds Unrestricted income funds Unrestricted funds Total funds 22 |
2024 £ 25,064 128,709 - 1,033,038 1,161,747 (191,768) 969,979 995,043 - 995,043 12,402 982,641 995,043 |
2023 £ 28,547 126,864 375,416 609,568 |
|---|---|---|
| 1,111,848 (137,242) |
||
| 974,606 | ||
| 1,003,153 (124) |
||
| 1,003,029 | ||
| 8,039 994,990 |
||
| 1,003,029 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements on pages 15 to 30 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Zoe Richardson Chairman
Page 17
Vision Homes Association
Statement of Cash Flows for the Year Ended 31 March 2024
| Note Cash flows from operating activities Net cash (expenditure)/income Adjustments to cash flows from non-cash items Depreciation 6 Investment income 5 Loss on disposal of tangible fixed assets Amounts withdrawn/(invested) Working capital adjustments Increase in debtors 15 Increase/(decrease) in creditors 17 Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets 14 Interest from investments Net cash flows from investing activities Cash flows from financing activities Increase/(decrease) in members contributions 17 Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2024 £ (7,985) 17,688 (20,052) - 375,412 365,063 (1,845) 54,528 417,746 (14,204) 20,052 5,848 (124) 423,470 609,568 1,033,038 |
2023 £ 29,709 18,431 (8,113) 68 102,822 |
|---|---|---|
| 142,917 (29,256) (61,827) |
||
| 51,834 | ||
| (9,317) 8,113 |
||
| (1,204) - |
||
| 50,630 558,938 |
||
| 609,568 |
All of the cash flows are derived from continuing operations during the above two periods.
Page 18
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Charity status
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The registered office is TriGate, 210-222 Hagley Road West, Oldbury, Birmingham, B68 0NP. Its principal activities include the provision, management and maintenance of centres of residence for those with visual impairment and/or multiple disabilities.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Vision Homes Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts have been drawn up in sterling and amounts are rounded to the nearest pound, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis. The trustees consider that the charity has adequate funds to meet anticipated future objectives.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are credited to income when the conditions for receipt have been satisfied.
Page 19
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 20
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Motor vehicles 25% RB Short leasehold improvements over the remaining lease term Furniture & fittings 25% SL
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 21
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
Pensions and other post retirement obligations
Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and contributions actaully paid are shown a either prepayments or accruals in the balance sheet.
3 Income from donations and legacies
| Unrestricted funds General £ Donations and legacies; Donations from individuals - Grants, including capital grants; Government grants 2,684 Grants from other charities - 2,684 4 Income from charitable activities Charitable activities 5 Investment income Other investment income 6 Expenditure on raising funds a) Costs of generating donations and legacies Other direct costs of generating voluntary income |
Restricted funds £ - - 4,363 4,363 Unrestricted funds General £ 2,867,492 Unrestricted funds General £ 20,052 Note |
Total 2024 £ - 2,684 4,363 7,047 Total 2024 £ 2,867,492 Total 2024 £ 20,052 Total 2024 £ - |
Total 2023 £ 1,719 40,662 - |
|---|---|---|---|
| 42,381 | |||
| Total 2023 £ 2,601,208 |
|||
| Total 2023 £ 8,113 |
|||
| Total 2023 £ 210 |
Page 22
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
| b) Costs of trading activities Costs of goods sold c) Investment management costs Note Allocated support costs 8 |
Note Unrestricted funds General £ 1 1 |
Total 2024 £ - - Total 2024 £ 1 1 |
Total 2023 £ 7,757 |
|---|---|---|---|
| 7,757 | |||
| Total 2023 £ 140 |
|||
| 140 |
Page 23
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
7 Expenditure on charitable activities
| Note Depreciation, amortisation and other similar costs Staff costs Allocated support costs Governance costs 8 |
Unrestricted funds General £ 17,687 2,328,290 375,365 208,642 2,929,984 |
Total 2024 £ 17,687 2,328,290 375,365 208,642 2,929,984 |
Total 2023 £ 15,873 2,098,905 341,794 249,896 |
|---|---|---|---|
| 2,706,468 |
8 Analysis of governance and support costs
Governance costs
| Staff costs Wages and salaries Agency staff Other staff costs Audit fees Audit of the financial statements Depreciation, amortisation and other similar costs Other governance costs |
Unrestricted funds General £ 51,836 129,311 - 8,220 - 19,275 208,642 |
Total 2024 £ 51,836 129,311 - 8,220 - 19,275 208,642 |
Total 2023 £ 16,931 160,270 329 7,540 2,558 62,268 |
|---|---|---|---|
| 249,896 |
Page 24
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
9 Net incoming/outgoing resources
Net (outgoing)/incoming resources for the year include:
| Operating leases - other assets Audit fees Depreciation of fixed assets |
2024 £ 18,864 8,220 17,687 |
2023 £ 25,323 7,540 18,431 |
|---|---|---|
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
11 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs Agency Staff |
2024 £ 2,186,395 157,976 35,755 129,311 2,509,437 |
2023 £ 1,941,952 140,456 33,428 160,270 |
|---|---|---|
| 2,276,106 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Administration Care staff |
2024 No 3 109 112 |
2023 No 4 66 |
|---|---|---|
| 70 |
Contributions to the employee pension schemes for the year totalled £35,755 (2023 - £33,428).
Page 25
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
The number of employees whose emoluments fell within the following brackets was:
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| No | No | ||||
| £60,001 | - £70,000 | - | 1 |
The total employee benefits of the key management personnel of the charity were £102,344 (2023 - £211,021). The key management personnel are directly employed by the parent company, New Outlook Housing Association Limited, and a proportion of their employee benefits recharged to Vision Homes Association.
12 Auditors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit | of the financial statements | 8,220 | 7,540 |
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 26
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
14 Tangible fixed assets
| Land and buildings £ Cost At 1 April 2023 60,442 Additions - Disposals (60,442) At 31 March 2024 - Depreciation At 1 April 2023 60,442 Charge for the year - Eliminated on disposals (60,442) At 31 March 2024 - Net book value At 31 March 2024 - At 31 March 2023 - 15 Debtors Trade debtors Prepayments and accrued income 16 Current asset investments Cash deposits 17 Creditors: amounts falling due within one year Trade creditors Due to group undertakings Other taxation and social security Other creditors Accruals |
Furniture and equipment £ 165,269 14,204 - |
Motor vehicles £ 16,400 - - |
Total £ 242,111 14,204 (60,442) 195,873 213,563 17,688 (60,442) 170,809 25,064 28,548 2023 £ 48,115 78,749 |
||
|---|---|---|---|---|---|
| 179,473 | 16,400 | ||||
| 137,014 17,614 - |
16,107 74 - |
||||
| 154,628 | 16,181 | ||||
| 24,845 | 219 | ||||
| 28,255 | 293 | ||||
| 2024 £ 87,693 41,016 128,709 2024 £ - 2024 £ 27,294 15,320 33,697 8,461 106,996 191,768 |
|||||
| 126,864 | |||||
| 2023 £ 375,416 |
|||||
| 2023 £ 3,012 - 27,925 55,191 51,114 |
|||||
| 137,242 |
Page 27
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
18 Creditors: amounts falling due after one year
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Member contributions | - | 124 |
19 Obligations under leases and hire purchase contracts
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Land and buildings Within one year Between one and five years |
2024 £ 6,860 - 6,860 |
2023 £ 15,620 2,354 |
|---|---|---|
| 17,974 |
20 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £35,755 (2023 - £33,428).
21 Commitments
There were no capital committments at the year end.
22 Funds
| Unrestricted funds General Unrestricted Designated Designated Total Unrestricted funds |
Balance at 1 April 2023 £ 734,991 260,000 994,991 |
Incoming resources £ 2,917,637 - 2,917,637 |
Resources expended £ (2,929,987) - (2,929,987) |
Balance at 31 March 2024 £ 722,641 260,000 |
|---|---|---|---|---|
| 982,641 |
Page 28
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
| Restricted funds Sundry projects Refurbishment funds Total restricted funds Total funds Unrestricted funds General Unrestricted Designated Designated Total unrestricted funds Restricted funds Sundry projects Refurbishment funds Total restricted funds Total funds |
Balance at 1 April 2023 £ 7,490 549 8,039 1,003,030 Balance at 1 April 2022 £ 705,281 260,000 965,281 7,490 549 8,039 973,320 |
Incoming resources £ 4,363 - 4,363 2,922,000 Incoming resources £ 2,744,284 - 2,744,284 - - - 2,744,284 |
Resources expended £ - - - (2,929,987) Resources expended £ (2,714,575) - (2,714,575) - - - (2,714,575) |
Balance at 31 March 2024 £ 11,853 549 |
|---|---|---|---|---|
| 12,402 | ||||
| 995,043 | ||||
| Balance at 31 March 2023 £ 734,990 260,000 |
||||
| 994,990 | ||||
| 7,490 549 |
||||
| 8,039 | ||||
| 1,003,029 |
The specific purposes for which the funds are to be applied are as follows:
The designated reserve is to cover:
-
Capital and property projects £250,000
-
IT communications £10,000
The refurbishment funds arise from grants for the purchase of furniture and building refurbishment and are represented by certain leasehold improvements and fixtures and fittings.
Sundry projects include amounts raised or donated specifically for the benefit of service users.
Page 29
Vision Homes Association
Notes to the Financial Statements for the Year Ended 31 March 2024
23 Analysis of net assets between funds
Unrestricted funds
| Tangible fixed assets Current assets Current liabilities Total net assets |
General £ 25,064 889,345 (191,768) 722,641 |
Designated £ - 260,000 - 260,000 |
Restricted funds £ - 12,402 - 12,402 |
Total funds £ 25,064 1,161,747 (191,768) 995,043 |
|---|---|---|---|---|
24 Analysis of net funds
| At 1 April 2023 £ Cash at bank and in hand 609,568 Current asset investments 375,416 Net funds 984,984 |
Cash flow £ 423,470 (375,416) 48,054 |
At 31 March 2024 £ 1,003,038 - |
|---|---|---|
| 1,003,038 |
25 Parent and ultimate parent undertaking
The Charity's immediate and ultimate parent undertaking is New Outlook Housing Association Limited, a Registered Society under the Co-operative and Community Benefit Societies Act 2014. The consolidated financial statements are available from its registered office: TriGate, 210-222 Hagley Road West, Oldbury, Birmingham, B68 0NP.
Page 30