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2021-03-31-accounts

Charity Commission number: 1068565 Registered number: 03512340

VISION ENHANCEMENT SERVICES CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 CONTENTS

Legal and Administrative Information 1
Report of the Directors and Governors 2-10
Independent Auditors Report 11-14
Consolidated Statement of Financial Activities 15
Charity Statement of Financial Activities 16
Consolidated and Charity Balance Sheet 17
Consolidated cash flow statement 18
NotestotheConsolidatedFinancialStatements 19—36

VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 COMPANY INFORMATION

Company Name: Vision Enhancement Services (Known as Vision Support)
Registered Charity No: 1068565
Company Registration No: 03512340
Principal Address and Units 1 and 2
Registered Office: The Ropeworks
Whipcord Lane
Chester
CHI 4DZ
Governing Document: Memorandum and Articles
President: David Briggs MBE KStJ, Lord Lieutenant Cheshire
Vice Presidents: The Rt Revd Dr Peter Forster, Bishop ofChester
The Very Revd Dr Gordon McPhate, Dean ofChester Cathedral
Honorary Ophthalmologists S Armstrong MRCP, FRCS, DO
M K Tutton BSc, FRCS, FRCOphth, DO
Directors And Governors: Peter Curtis - Chair
Linda Davies
John Graham — deceased Feb 20
Miles Tutton
Marie Dean
Bethan Wyn Roberts
Sandra Massey
Luci Jones— co-opted Nov 20
Mark Thorp — co-opted Feb 21
Chief Executive Officer Miriam Wright
Company Secretary Miriam Wright
Bankers Bank ofScotland
33 Old Broad Street
London
BX2 1LB
Solicitors SAS Daniels LLP
Auditors Crowe U.K. LLP
The Lexicon
Mount Street
Manchester
M2 5NT
Investment Advisors Investec Wealth & Investment Limited
2°? Floor,
3 Hardman Street
Spinningfields
Manchester
M33HF

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

Structure, Governance and Management

Governing Document

Vision Enhancement Services, which operates under the name of Vision Support, is a charitable company limited by guarantee, incorporated on 17'* February 1998 — Company Number 3512340. The company is a registered charity - Number 1068565.

Its objectives and powers and other constitutional matters are set out in its Memorandum and Articles of Association.

The charity has a wholly owned subsidiary ‘Vision Support Trading Limited which is a Private Limited Company, incorporated on 20'* August 1999 — Company Number 3828782.

Recruitment and Appointment of Board of Governors

The directors of Vision Enhancement Services are also charity trustees and for the purposes of charity law and under the company’s Articles are known as members of the Board of Governors. In rotation one third of the members of the Board must offer themselves for re-election each year at the Annual General Meeting. Under the Articles there is a facility to co-opt Board members during the year and such members offer themselves for election at the next possible AGM, the Board may consist of no more than 12 members.

Every effort is made to maintain a broad mix of skills on the Board and there is a requirement that at least 2 members of the Board are people who have personal experience of vision impairment thus ensuring service user needs are represented.

Vision Support Trading operates with a Board of Directors made up of, three non-executive directors nominated from the parent board and three executive directors, namely the Managing Director and Deputy Managing Director of Vision Support Trading and the CEO of Vision Support.

Trustee Induction and Training — All new Governors and Directors of Vision Support Trading are offered a full induction including:

All members of the Boards are offered opportunities for ongoing support and training this may include attendance at relevant internal and external conferences, Board strategy days and formal governance seminars are held regularly.

Organisational Structure and Management

The Board of Governors is responsible for the strategic direction and policy of Vision Enhancement Services. Membership of the Board changed during the year with two new Governors co-opted and the sad death of one long serving member at the start of 2021. Members have a variety of professional backgrounds relevant to the work of the charity. Skills include accountancy, business management, HR, NHS management, social work and personal experience of sight loss. The Company Secretary also sits on the Board but has no voting rights.

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‘ VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

The Board meet on a bi-monthly basis and delegate detailed responsibility for finances of the charity to the Finance Sub-Committee who report back to the main Board with recommendations. Over the year all Board meetings and Finance Sub-Committee meetings have been held online due to the restrictions imposed as a result of the COVID 19 pandemic.

The Vision Enhancement Services Board is responsible for appointing key management personnel in Vision Support and Vision Support Trading. They also set and review pay levels across both organisations.

The operational responsibility for the provision of services is delegated to the Chief Executive Officer and the staff team.

Detailed responsibility for the strategic direction and operation of Vision Support Trading Limited is delegated to the Vision Support Trading Board who report back to the main Board on decisions taken.

The day-to-day operation of Vision Support Trading is delegated to the Managing Director and the staff team.

Risk management

Detailed consideration of major risks faced by the charity are undertaken by the Senior Managers and consequent policies/procedures are reviewed by the Board.

The key controls used by the charity include:

Objectives

Vision Support exists to provide services and support to people across Cheshire, North Wales and Halton who have a sensory impairment. We are a regional charity working closely within the communities we serve and led by the needs of our service users. We work to a mission statement as follows:

‘Vision Support exists to enhance the quality of life, promote the continuing independence and raise awareness of the needs of visually impaired people of all ages throughout our communities.’

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

,

Activities

The charity currently provides the following services:

|>|Three Resource Centres|Three Resource Centres|Three Resource Centres|Three Resource Centres|and two Mobile | Providing access to information, specialist|and two Mobile | Providing access to information, specialist|and two Mobile | Providing access to information, specialist|and two Mobile | Providing access to information, specialist| |---|---|---|---|---|---|---|---|---| ||Information||Units|||||equipment and signposting to a wide range| |||||||||of other services. Thus enabling informed| |||||||||choice.| |||||||||This service has been suspended at times| |||||||||during the
yeardue toCOVID 19 restrictions.| |>|Digital Inclusion Training|||||||Informing and supporting people with vision| |||||||||impairment to engage with and benefit from| |||||||||digital information technology.| |||||||||This service has successfully been delivered| |||||||||online
and
over
the
phone
during| |||||||||restrictions.| |>|Welfareand Benefits Adviceand|||||and support| Initiating and
maximising
the
uptake
of||| |||||||||benefits to support independent living and| |||||||||improve well being.| |||||||||This service has operated over the phone| |||||||||with a few essential visits during restrictions.| |>|Rehabilitation Services in North Wales | Providing
training
in
daily _ living,
delivered
under
contract
to
Local |communication and mobility skills to enable|||||||| ||Authorities.|||||||independent living.| |||||||||Local Authority guidance has been followed| |||||||||throughout the pandemic with urgent and| |||||||||essential visits only. All otherwork has been| |||||||||carried out over the phone.| |>|Befriending||Services||delivered||by||Combating social isolation. These services| ||volunteers|||||||have been curtailed due to the COVID 19| |||||||||restrictions,
however
online
and
phone| |||||||||contact has been maintained.| |>|CommunityOutreach||Outreach Workers (Cheshire||||||The provision of practical and emotional| ||and Halton)|||||||domiciliary
support
enables
continued| |||||||||independence, combats social isolation and| |||||||||provides a pathway to information and a| |||||||||diversity of other services.| |||||||||This service has been integral in keeping in| |||||||||touch with people during the year via the| |||||||||phone.
Doorstep/garden visits have taken| |||||||||place to deliver equipment and shopping.| |>|A range|of affiliated clubs||||and activity|||Enabling social integrationand peersupport.| ||groups.|Vision Support recruits,|||||trains|| ||and manages the|||volunteers working|||||These clubs have been suspended during| ||within the|clubs/groups.||||||the pandemic with contact and meetings| |||||||||takingplaceby
phoneandonline.|

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: VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

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Halton Sensory Service In partnership with Deafness Resource
Centre (St Helen's) and Halton Borough
Council, funded by HBC, the Halton Sensory
Service operates from a centre in Widnes.
Providing advice, equipment, information,
training and support to people with sensory
loss, their families, friends and professionals
working locally.
The centre has of necessity been closed for
a large part of the year. With contact
maintained by phone and some urgent visits
carried out.
> Family Support Service — in partnership | The project provides a theraputic support
with the Royal Society for Blind Children | service to families who have a child with
vision impairment. Support is provided at
any point in the child's development and is
not time limited.
Part of a national project the aim is to give
>» ERASMUS -— project in partnership with | and voice to young people with vision
the Royal Society for Blind Children impairment. VS will be running regional
forums and hosting a national forum for
young people on the themes of civil
engagement, service provision, employment
and mental health.
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These services are delivered by 28 members of Vision Support staff and 71 volunteers. All staff have the appropriate professional qualifications/skills to fulfil their posts. All staff and volunteers undergo an induction programme on taking up their posts and receive ongoing supervision, development training and support. DBS checks are carried out where appropriate to the role. Service delivery benefits greatly from the work of the volunteers who continue to provide in excess of 15,000 hours of work for the organisation per year.

Achievements and Performance

In common with organisations and individuals across the world the COVID19 pandemic brought change and challenge for Vision Support. The situation required an adaptable and flexible approach to identify and deliver services that met the unprecedented circumstances and differing needs of people with vision impairment across Cheshire, North Wales and Halton.

The principle objectives for the period were agreed to be;

Objective Set - To continue to deliver services during restrictions. Progress - Offices were closed from March 2020 and all staff worked remotely throughout the lockdowns. Expenditure was allocated to ensure staff were fully equipped with the technology to facilitate this. Some staff were redeployed from roles that couldn't be continued into temporary roles to meet need.

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

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Objective Set - To reach as many people as possible.
Progress - Phone contactwasa vital element especially in the initial period. All service users
on our database were contacted and where required weekly/fortnightly calls were
initiated.
Our use of social media was escalated and monthly bulletin sheets replaced
quarterly newsletters.
Two new Home Visitor posts were recruited to cover North Wales.
Objective Set - To listen to the support and information needs of our services users
during lockdowns.
Progress - Itwas identified that
a shopping service was needed, thiswas quickly implemented
for those who were shielding.
Successful applications were made for equipment grants, making
it possible to
distribute a range of items including some technology.
Information aboutCOVID guidance, testing and vaccinations was circulated and
support given to enable people to make and attend appointments.
Objective Set - To review constantlychanging guidance and operate safely and effectively.
Progress - Policies and procedure were drawn up to comply with COVID guidance.
Expenditurewasallocated tothe purchase oftechnology, cleaning and ppe tomake
operations possible and safe.
Risk assessments were carried out on all activity including staffworking remotely
from their own homes.
Objective Set - To deliver services in innovative ways.
Progress - Demand for help to access and operate digitallywas very quickly identified as a
priority. Thedemand had to be metwithout the ability to teach people face to face,
The digital inclusion team adapted their skills and were able to meet the
demand by teaching mainly over the phone. Feedback has confirmed the success
of this strategy.
Staffwere redeployed to roles on phones and online. All staffbecame the frontline
ofthe organisation, giving information and advice and making referrals where
appropriate. Directories of local services weredrawn up tofacilitate timely referrals.
Many aspects of services were offered online including equipment
demonstrations, service userforums, awareness training and peer support groups.
TheWelfare and Benefits service also experienced high demand this year and was
successfully delivered by phone, with some visits when urgent and essential.
Objective Set - To plan for ‘post COVID’ service delivery.
Progress - An ongoing review of all services is taking place. Decisions on which services can
can be resumed ona face-to-face basis are being taken in accordance with
government guidance.
Offices will be opened gradually as restrictions are lifted.
In consultation with ourforums and steering groups we will make decisions on
the blend offace to face and online service delivery to best meet identified needs
inthepostpandemicperiod.

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

Other activities of note for the year included;

Financial Review

In accordance with the Charity Commission's Statement of Recommended Practice the activities of Vision Support Trading Limited who covenant their profits to the charity, have been consolidated.

Vision Support Trading Limited is a wholly owned trading subsidiary that provides transcription services for large commercial organisations. Transcription services involve the conversion of bills and communications of these large organisations into alternative formats (Braille, large print, audio) as requested by their vision impaired customers.

The Consolidated Statement of Financial Activities as set out on page 15 illustrates that in the year ended 31* March 2021 net incoming resources before other recognised gains and losses total £83,261 (2020: £207,406).

Once again a substantial contribution was made by the trading subsidiary Vision Support Trading Limited. In 2020/21 its covenanted contribution to the unrestricted funds of the charity amounted to £639,897.

Grants amounting to £48,428 (2020: £83,053) are for specific services and as such are treated as restricted funds. The individual grants are listed in Note 2B to the accounts.

Major financial risks to the charity are identified in the Financial Risk Register, the risks are attributed a numerical score with actions and responsibilities for mitigation of the risks clearly set out. The Financial Risk Register is reviewed on an annual basis with no significant changes identified in 2020/21.

Significant risks are recorded as;

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

Management of these risks includes;

Actions to address these risks include;

During the year the pension fund confirmed that they were prepared to allow Vision Support to leave the Fund with no further obligations.

Fundraising

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Reserves and Investment Policy

In April 2015 a comprehensive Reserves and Investment Policy Statement was drawn up, ratified by the Board and implemented. The policy describes the financial position and objectives of the Board at the time of writing with the stated intent that they will be reviewed regularly. The policy was reviewed and updated in March 2019, no significant changes to the strategy or principles were considered to be necessary.

To comply with Charity Commission guidelines and ensure the operation and activities of the charity are sustainable the reserves policy is to maintain a minimum liquid position sufficient to cover three months operating costs and a sufficient sum to meet potential redundancy costs and notice periods. Currently the sum required to cover this is £236,483 (2020 £212,319) (this is recalculated on an annual basis).

At 31st March 2021 the consolidated free reserve position was £1,866,458 (2020: £1,832,365) The charity free reserve position was £1,523,302 (2020: £1,249,406). The charity is holding reserves in excess of its target because of the uncertainty of future income streams from the trading subsidiary.

Having considered their financial position the Board are agreed that part of the available cash in excess of the required statutory reserves should be assigned to real assets. The amount agreed to be allocated to the real assets portfolio is £300,000. To this end Investec have been engaged to manage the portfolio on a discretionary basis. The performance of the portfolio will be measured against a composite index set by the Investment Manager in agreement with the Finance Sub-Committee quarterly reports will be provided to the Committee. The yield on the investment portfolio is 2.65% which is within the targets agreed. Therefore the Board approved the renewal of the mandate for the Investment Portfolio with no changes made.

The Board considered the possible risks of investing in real assets and agreed that monies invested (although not required by the Charity in the short to medium term) should not be placed in highly illiquid securities and investments, that a low risk balanced asset allocation profile be adopted and that the monies are intended to be held for the long term.

Ethical constraints were considered and the Investment Manager has been instructed and has agreed not to invest directly into stocks that may be considered unethical, in particular companies involved in the production and distribution of tobacco products.

The Board acknowledge that levels of cash are retained over and above the requirement to meet the Reserves and Investment Policy. They have concluded that it is prudent to hold this level cash to cushion the charity from any volatility in the profit for Vision Support Trading. Cash flow is monitored at the quarterly Finance Sub Committee meetings.

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. VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

Plans for Future Periods

The Board are aware that it is critical to adapt and change in order to face fast moving external operating environments, never more so than at present. The challenges of the COVID 19 pandemic have not ended, there is an expectation that restrictions will continue and that careful return to service delivery will need to be managed. This will include a wholesale review of operational changes taking into account the need to look at different ways of working for staff and new blended methods of service delivery. Sustainability remains key and is not a straightforward issue, it requires a flexible approach whilst at the same time working to a core strategy. Vision Support has always adapted and changed to achieve its vision and mission and the Board are confident that challenges will be met and innovative ideas will emerge through feedback, review and consultation.

Key strategic objectives for 2021/22;

Plans to achieve this include;

Public Benefit

The directors confirm that they have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing the Charity’s objectives and aims and in planning future activities for the year. They consider that the Charity's aims are clearly to the public benefit.

Going concern

The Charity relies on contracts and grants for income. Should any contracts which are up for tender over the next year be lost the organisation would look to reduce their costs accordingly. Staff directly employed on the contracts would be subject to TUPE leaving management and administration costs to be reviewed.

In addition the Charity relies on income received via gift-aid from its trading subsidiary. The income of the trading company also relies on contracts with customers.

This report is being written at a time of continued restrictions and challenges posed by the COVID19 pandemic. Vision Support services have continued throughout the pandemic with the delivery strategy being adapted and adjusted as the situation unfolded and guidance changed. The Charity income was relatively unaffected as it is not reliant on fundraising. Income from contracts and the trading company continued at the level planned for within the budget. The delivery of grant funded projects was interrupted and negotiation with these funders had to be undertaken. In all cases funders were flexible and sympathetic allowing targets and outcomes to be amended and/or the timing of projects to be extended.

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VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2021

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The Trustees have reviewed the forecasts and budgets for the forthcoming period and are confident that the Charity is a going concern and consider that there are no material uncertainties over it's financial viability.

Statement of directors’ responsibilities

The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of information to auditors

Each of the persons who are directors at the same time when the Directors’ report is approved has confirmed that;

Auditors

Crowe U.K. LLP will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

The directors’ report has been prepared taking advantage of the exemptions available to small companies under the Companies Act 2006.

ON BEHALF OF THE BOARD

Miriam Wright Company Secretary

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. VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES

Opinion

We have audited the financial statements of Vision Enhancement Services (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and Charity Balance Sheet and the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group 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 trustees’ 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 charitable company’s or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Other information

The trustees are responsible for the other information contained within the annual report. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

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VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were those contained within the Charities Act.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance and sample testing on revenue to supporting information.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES

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Use of our report

This report is made solely to the charitable company’s members, 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 charitable company’s members 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

S19. J, — Michael Jayson Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor The Lexicon Mount Street Manchester M2 5NT Date Iyfio[202)

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VISION ENHANCEMENT SERVICES CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Notes Unrestricted Restricted Total Total
Funds Funds Funds Funds
2021 2021 2021 2020
£ £ £ £
INCOME
Donations and legacies 2A 54,899 - 54,899 44,839
Incomefrom other trading activities
Income from fundraising events 786 - 786 2,393
Vision Support Trading Limited sales 2,715,932 - 2,715,932 2,721,923
Investment income 2C 9,987 - 9,987 14,715
Charitable activity 2B 330,429 48,428 378,857 437,544
Other income 9,692 - 9,692 2,022
TOTAL INCOME 3,121,725 48,428 3,170,153 3,223,436
EXPENDITURE
Raising funds
Cost ofgenerating Vision Support
Trading Limited Sales 3 2,252,938 - 2,252,938 2,150,889
Charitable activity 3 794,435 63,194 857,629 849,277
TOTAL EXPENDITURE 3,047,373 63,194 3,110,567 3,000,166
Net gains/(losses) on investments 23,675 - 23,675 (15,864)
NET INCOME 98,027 (14,766) 83,261 207,406
Transfer between funds 14 (7,692) 7,692 - -
OTHERRECOGNISED GAINS/
(LOSSES)		 90,335 (7,074) 83,261 207,406
Actuarial losses on defined benefit
pension schemes - - - (31,000)
NETMOVEMENT IN FUNDS 90,335 (7,074) 83,261 176,406
Funds as at 1 April 2020 2,107,811 10,233 2,118,044 1,941,638
FUNDSASAT31MARCH2021 15 2,198,146 3,159 2,201,305 2,118,044

The charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing.

The notes on pages 19 to 36 form part of these financial statements

=45-

;

VISION ENHANCEMENT SERVICES CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Notes|Unrestricted|Restricted|Total|Total| |Funds|Funds|Funds|Funds| |2021|2021|2021|2020| |£|£|£|£| |INCOME| |Donations|and|legacies|2A|690,886|-|690,886|626,313| |Income|from|other trading|activities| |Income|from|fundraising|events|786|-|786|2,393| |Investment|income|2C|9,528|-|9,528|11,165| |Charitable|activity|2B|330,429|48,428|378,857|437,544| |Other|income|9,692|-|9,692|2,022| |TOTAL|INCOME|1,041,321|48,428|1,089,749|1,079,437| |EXPENDITURE| |Charitable|activity|3|794,435|63,194|857,629|849.277| |TOTAL|EXPENDITURE|3|794,425|63,194|857,629|849,277| |Net|gains/(losses)|on|investments|23,675|-|23,675|(15,864)| |NET|INCOME|270,561|(14,766)|255,795|214,296| |Transfer|between|funds|14|(7,692)|7,692|-|-| |OTHER|RECOGNISED| |GAINS/(LOSSES)|262,869|(7,074)|255,795|214,296| |Actuarial|losses|on|defined|benefit| |pension|schemes|-|-|-|(31,000)| |NET MOVEMENT|IN|FUNDS|262,869|(7,074)|255,795|183,296| |Funds|as|at|1|April|2020|1,491,317|10,233|1,501,550|1,318,254| |FUNDS AS|AT|31|MARCH|2021|1,754,186|3,159|1,757,345|1,501,550|

----- End of picture text -----

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

The notes on pages 19 to 36 form part of these financial statements

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VISION ENHANCEMENT SERVICES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
£ £
Cash flows from operating activities 108,121 166,174
Net cash provided by operating
activities 108,121 166,174
Cash Flows from investing activities
Dividends and interest from investments (9,987) (1,030)
Purchase of property, plant and
equipment (132,849) (25,743)
Proceeds from sale offixed assets - -
Proceedsfrom sale of investments 7,678 32,050
Purchase of investments (23,914) (38,750)
Net cash provided by investing
activities (159,072) (33,473)
Change in cash and cash equivalents in
the year. (50,951) 132,701
Cash and cash equivalents at the beginning of
the year 1,077,418 944.717
Cash and cash equivalents at the end of
the year. 1,026,467 1,077,418
NET CASH FLOW FROM OPERATING ACTIVITIES
2021 2020
£ £
Net incoming resources 83,261 176,406
Investment income 9,987 15,864
Depreciation oftangible fixed assets 63,144 46,626
Loss on disposal - 330
Decrease/(increase) in debtors 60,533 (228,084)
(Increase)/decrease in stock (172) 789
(Decrease)/increase in creditors (108,632) 152,243
Actuarial gains - 31,000
Pension costs - (29,000)
Net cash provided by operating
activities 108,121 166.174
ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
£ £
Cash at hand 1,026,467 1,077,418
ANALYSIS OF NETDEBT At 1 April 2020 Cashflow At 31 March 2021
£ £ £
Cashatbank 1,077,418 (50,951) 1,026,467

= 48:<

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

;

;

  1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Vision Enhancement Services meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Company information The Charity is a company limited by guarantee (registered number 03512340) which is incorporated and domiciled in the UK. The address of the registered office is The Ropeworks, Whipcord Lane, Chester, CH1 4DZ.

c) Consolidation

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking being Vision Support Trading Limited. The results of the subsidiary are consolidated on a line by line basis after the elimination of intragroup transactions. Going concern The Charity relies on contracts and grants for income. Should any contracts which are up for tender over the next year be lost the organisation would look to reduce their costs accordingly. Staff directly employed on the contracts would be subject to TUPE leaving management and administration costs to be reviewed. In addition the Charity relies on income received via gift-aid from its trading subsidiary. The income of the trading company also relies on contracts with customers. This report is being written at a time of continued restrictions and challenges posed by the COVID19 pandemic. Vision Support services have continued throughout the pandemic with the delivery strategy being adapted and adjusted as the situation unfolded and guidance changed. The Charity income was relatively unaffected as it is not reliant on fundraising. Income from contracts and the trading company continued at the level planned for within the budget. The delivery of grant funded projects was interrupted and negotiation with these funders had to be undertaken. In all cases funders were flexible and sympathetic allowing targets and outcomes to be amended and/or the timing of projects to be extended. The Trustees have reviewed the forecasts and budgets for the forthcoming period and are confident that the Charity is a going concern and consider that there are no material uncertainties over it's financial viability.

d) Going concern

Grants are recognised in the period for which they are awarded.

Specific grants and allowances Recognised in the period that the specific activity or project is completed and matched to corresponding expenditure. Excess income is carried forward to fund the activity in subsequent periods. Donations, legacies, covenants, Recognised when receivable fundraising income and other income

Investment income Recognised in the period when receivable. Gift aid from trading subsidiary Recognised on receipt

S49 =

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

af

f) Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category.

Charitable expenditure Includes all expenditure incurred on the activities run in pursuance of the Charity's objectives. Governance costs Includes those costs incurred in the governance of the charity and are associated with constitutional and statutory requirements.

Support costs Central costs incurred in support of charitable activities are apportioned over the appropriate cost centres and charged to charitable expenditure as support costs.

Support costs are allocated to charitable activities on the basis of total expenditure.

g) Provisions

Provisions are recognised when the charity has a present legal or constructive obligation as a result of a past event and it is probable that a transfer of economic benefits that can be reliably estimated will be required to settle the obligation.

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Depreciation|is|provided|at the|following|annual|rates|in|order to write|off each|asset over|its estimated|useful| |life:| |Leasehold|property|-|2%|straight|line.| |Visual|aids|-|25%|reducing|balance.| |Computer equipment|-|25%|reducing|balance.| |Machinery,|tools and equipment|-|25%|reducing|balance/25%|straight|line.| |Vehicles|-|25%|reducing|balance.| |Furniture,|fittings &|office|equipment|.|25%|reducing|balance, 25%|and|33%|straight|line.|

----- End of picture text -----

Tangible fixed assets are capitalised at a cost where their acquisition value is greater than £500.

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure in bringing the stock to its condition and location at the balance sheet date. Cost is determined ona first-in, first-out basis. Net realisable value is based on estimated selling price less any further costs of realisation.

j) Investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Refer to note 20 for information on these schemes.

m) Operating Leases

-20-

VISION ENHANCEMENT SERVICES ° NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

n) Funds

The Charity's funds consist of restricted and unrestricted amounts. The Charity may use unrestricted amounts at its discretion. Restricted funds represents income contributions which are restricted to a particular purpose, in accordance with the donor's wishes. Transfers arise between restricted and unrestricted funds where funds are required from unrestricted funds to support activities using restricted funds.

o) Financial instruments

The Group has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic Financial Instruments are initially recognised at the transaction value and subsequently measured at amortised cost using an effective interest method. Financial assets are held at amortised cost comprise cash and bank in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.

p) Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that havea significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

2. NET INCOME FOR THE YEAR

Net income for the year is stated after charging:

Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Depreciation on Owned Assets 63,144 46,626 15,266 16,980
Pension Costs 36,842 49,314 17,884 16,538
Directors Emoluments 158,050 148,680 - .
Directors pension contributions to
moneypurchaseschemes 7,849 7,566 : —
DONATIONS AND LEGACIES
Group Charity
Unrestricted Unrestricted Unrestricted Unrestricted
: 2021 2020 2021 2020
£ £ £ £
Donations 1,456 4,676 1,456 4,676
Gift aid from trading subsidiary - - 639,897 581,474
CJRS income 4,764 854 -
Legacies 48,679 40,163 48,679 40,163
54,899 44,839 690,886 626,313

2A DONATIONS AND LEGACIES

94 =

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

.

2B CHARITABLE ACTIVITY

Restricted Unrestricted Total
funds Funds Funds
Group and charity 2021 2021 2021
£ £ £
Grants receivable 48,428 - 48,428
Contract income receivable . 54,042 54,042
Rehabilitation services - 276,387 276,387
48,428 330,429 378,857
Restricted Unrestricted Total
funds Funds Funds
Group and charity 2020 2020 2020
£ £ £
Grants receivable 83,053 ~ 83,053
Contract income receivable 7,000 . 7,000
Rehabilitation services - 347,491 347,491
90,053 347,491 437,544

-22-

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

.

2C. INVESTMENT INCOME

2C. INVESTMENT INCOMEINCOME
Group Charity
Unrestricted Unrestricted Unrestricted Unrestricted
2021 2020 2021 2020
£ £ £ £
Dividend income receivable 9,428 9,165 9,428 9,165
Deposit interest receivable 559 5,550 100 2,000
9,987 14,715 9,528 11,165
3 RESOURCES EXPENDED
Group
Activities
undertaken
directly		 Support
costs		 Total
2021 2021 2021
£ £ £
Costs ofgenerating funds
Cost ofgenerating Vision Support
Trading sales 2,252,938 : 2,252,938
Charitable activities
Community services 289,934 146,169 436,103
Rehabilitation services 223,472 112,663 336,135
Technology assistance 33,591 16,936 50,527
Volunteering 22,747 11,467 34,214
Group
Activities
undertaken
directly		 Support
costs		 Total
2020 2020 2020
£ £ £
Costs ofgenerating funds 2,150,889 : 2,150,889
Cost ofgenerating Vision Support
Trading sales
Charitable activities
342,038 111,393 453,431
Community services 247,883 80,729 328,612
Rehabilitation services 22,225 7,238 29,463
Technology assistance 28,493 9,278 37,771
Volunteering 640,639 208.638 849,277

=93-

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

.

3. RESOURCES EXPENDED (continued)

Charity

----- Start of picture text -----
|||||| |---|---|---|---|---| |Activities| |undertaken|Support| |directly|costs|Total| |2021|2021|2021| |£|£|£| |Charitable|activities| |Community|services|289,934|146,169|436,103| |Rehabilitation|services|223,472|112,663|336,135| |Technology|assistance|33,591|16,936|50,527| |Volunteering|22,747|11,467|34,214| |569,744|287.235|857,629| |Charity| |Activities| |undertaken|Support| |directly|costs|Total| |2020|2020|2020| |£|£|£| |Charitable|activities| |Community|services|342,038|111,393|453,431| |Rehabilitation|services|247,883|80,729|328,612| |Technology|assistance|22,225|7,238|29,463| |Volunteering|28,493|9,278|37,771| |640,639|208.638|849,277|

----- End of picture text -----

-~-24-

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

,

4, SUPPORT COSTS

Group Charity
2021 2020 2021 2020
£ £ £ £
Staff costs 183,462 121,259 183,462 121,259
Personnel/training costs 8,779 2,804 8,779 2,804
Property and office costs 7,971 7,978 7,971 7,978
Computer costs 30,421 8,633 30,421 8,633
Repairs & maintenance 976 1,814 976 1,814
Recruitment costs 276 267 276 267
Bank charges 265 418 265 418
Depreciation
Subscriptions		 14,525
825		 12,505
923		 14,525
825		 12,505
923
Legal & professional 4,815 7,264 4,815 7,264
Advertising and promotion 3,030 3,834 3,030 3,834
Insurance 4,792 4,269 4,792 4,269
Expenses 1,622 2,345 1,622 2,345
Utilities 3,024 5,094 3,024 5,094
Event and fundraising costs 375 1,560 375 1,560
Investment managerfees 3,399 3,435 3,399 3,435
Loss on fixed assets - 162 - 162
Non-recoverable VAT 1,489 4,999 1,489 4,999
270,046 190,749 270,046 190,749
Governance costs 17,189 17,890 17,189 17,890
287,235 208,638 287,235 208,638
GOVERNANCE COSTS
Group Charity
2021 2020 2021 2020
£ £ £ £
Staffcosts 8,065 8,142 8,065 8,142
Professional fees 9,100 8,624 9,100 8,624
Committee expenses 24 1,124 24 1,124 ©
17,189 17,890 17,189 17,890

Auditor's remuneration for the audit of the charity was £5,750 (2020: £5,650) and for the audit of the trading subsidiary £3,350 (2020: £3,215). Other fees payable to the auditors for other services including Corporation Tax compliance, VAT advice and Statutory Accounts preparation were £3,855 (2020: £4,994)

-25-

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

.

  1. STAFF COSTS AND THE COST OF KEY MANAGEMENT PERSONNEL

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Group|Charity| |2021|2020|2021|2020| |£|£|£|£| |Wages|and|salaries|1,648,697|1,556,153|584,928|532,282| |Social|Security|Costs|106,970|126,589|49,736|40,923| |Pension|Costs|36,842|49,314|17,884|16,538| |1,792,509|1,732,056|652,548|589,743|

----- End of picture text -----

The key management personnel of the Group comprise the CEO, deputy CEO, MD and deputy MD. The total employee benefits of the key management personnel of the Group were £286,168 (2020: £265,257). The key management personnel of the Charity comprise the CEO and the deputy CEO. The total employee benefits of the key management personnel of the charity were £120,269 (2020: £109,011).

The number of employees of the group whose emoluments amounted to more than £60,000 during the year was as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2021|2020| |£60,001|-|£70,000|2|1| |£70,001|- £80,000|1|1|

----- End of picture text -----

The average number of persons (including part-time staff) employed by the Group was:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2021|2020| |Vision|Enhancement|Services| |Management|and|administration|8|9| |Service|provision|19|21| |Vision|Support|Trading|Limited|46|47| |73|ras|

----- End of picture text -----

qt INDEMNITY INSURANCE

The cost of indemnity insurance to the Group for the year was £2,200 (2020: £2,093).

8 TAXATION

As a registered charity, Vision Enhancement Services is not liable to corporation tax.

:

  1. FIXED ASSETS

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

GROUP Long
Leasehold		 Visual
aids and		 Machinery,
tools and		 Motor
vehicles		 _—_Furniture,
fittings and
property computers equipment office
equipment Total
3 £ £ £ 2 £
Cost
At1 April 2020
Additions		 298,529
48,386		 32,253
2,314		 168,313
31,380		 23,711
-		 419,718
50,769		 942,524
132,849
Transfers between
classes - . 139,497 - (139,497) -
Disposals - - (153,002) - (70,594) (223,596)
At 31 March 2021 346,915 34,567 186,188 23,711 260,396 851,777
Depreciation
At 1 April 2020 89,558 24,713 166,135 10,374 376,298 667,077
Charge forthe year 18,067 2,464 14,908 3,334 24,371 63,144
Transfers between
classes
Disposal		 -
.		 -
.		 130,509
(152,997)		 -
-		 (130,509)
(57,134)		 -
(210,131)
At 31 March 2021 107,625 27,177 158,555 13,708 213,026 520,090
Net Book Value
At 31 March 2021 239,290 7,390 27,633 10,003 47,370 331,687
At 31 March 2020 208,971 7,540 2,750 13,337 42,849 275,446
CHARITY Long
Leasehold		 Visual
aids and		 Machinery,
tools and		 Motor
vehicles		 —__Furniture,
fittings and
property Computer equipment office
s equipment Total
£ £ £ £ £ £
Cost
At 1 April 2020 298,529 32,253 8,278 23,711 22,767 385,538
Additions
Disposals		 -
-		 2,314
.		 -
-		 .
-		 1,925
-		 4,239
-
At 31 March 2021 298,529 34,567 8,278 23,711 24,692 389,777
Depreciation
At 1 April 2020 89,558 24,713 7,757 10,374 11,225 143,627
Charge forthe year 5,971 2,464 130 3,334 3,367 15,266
Disposal - - - - - -
At 31 March 2021 95,529 27,177 7,887 13,708 14,592 158,893
Net Book Value
At 31 March 2021 203,000 7,390 391 10,003 10,100 230,884
At31March2020 208,971 7,540 521 13,337 11,542 241,911

-27-

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

  1. FIXED ASSET INVESTMENTS
2021
£
FairValue at 1 April 2020 336,066
Additions
Sales		 23,914
(9,493)
Change in cash (8,570)
Revaluation 23,832
Fair value at 31 March 2021 365,769
Fair Value
Investments comprise:
£
Listed investments
Fixed interest 192,714
UK equities 23,559
International equities 37,948
Property 35,572
Alternative assets 65,140
Cash 10,836
Group investments 365,769
Investment in subsidiary 300,000
Charityinvestments 665,769

Details of subsidiary undertakings at 31 March 2021 are given below

Nature of Aggregate Profit/(loss)
business Turnover ofshare forthe year
capital and
reserves
£ £ £
Vision SupportTrading Limited Transcription 2.715.932 743,960 467,363
services

This subsidiary undertaking is incorporated in England and the shareholding is 100% of the ordinary share capital.

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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11. DEBTORS

Group Charity
2021 2020 2021 2020
£ £ £ £
Trade debtors 784,380 839,091 67,422 76,897
Prepayments 154,106 164,337 52,458 17,712
Other debtors 9,939 5,530 9,939 4.830
948.425 1,008,958 129,819 99,439
12 CREDITORS
Group Charity
2021 2020 2021 2020
£ £ £ £
Trade creditors 144,980 137,777 44,750 5,803
Othertaxes and social security 135,880 121,280 16,138 10,618
Other creditors 8,420 8,458 2,381 1,996
Accruals and deferred income 186,264 211,061 36,772 51,189
475,544 478.576 100,041 69,606
13. UNRESTRICTED FUNDS
Transfer
Charity Asat
1 April		 Gains/ to/from
unrestricted		 Asat
31 March
2020 Received Expended (losses) funds 2021
£ £ £ £ £ £
Accumulated fund 1,491,317 1,035,711 (764,844) 23,675 (31,673) 1,754,186
Transfer
As at to/from As at
1 April Received Expended Gains/ unrestricted 31 March
Group 2020 (losses) funds 2021
£ £ £ £ £ £
Accumulated fund 2.107.811 3.116.115 (3,017,782) 23,675 (31,673) 2,198,146
Transfer
Charity Asat
1 April		 Gains/ to/from
unrestricted		 Asat
31 March
2019 Received Expended (losses) funds 2020
£ £ £ £ £ £
Accumulated fund 1,284,346 989,384 (735.549) (46,864) = 1,491,317
Transfer
As at to/from As at
Group 1 April Received Expended Gains/ unrestricted 31 March
2019 (losses) funds 2020
£ £ £ £ £ £
Accumulatedfund 1,907,730 3,133,383 (2,886,438) (46,864) —- 2,107,811

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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  1. RESTRICTED FUNDS
Transfer
Group and Charity As at
1 April		 to/from
unrestricted		 As at
31
2020 Received Expended funds March
2021
£ £ £ £ £
Resource Centre grants
Halton VRC - 4,000 (4,000) - .
Cvic Being ThereWhen It Matters 10,233 - : (10,233) -
Most
Access to work - 2,023 (2,023) - -
Gwynt y MorCommunity Fund - 14,000 (28,870) 14,870 -
Cheshire Outreach - - - - -
The Royal Society for Blind - 6,591 (9,646) 3,055 -
Children
OtherGrants - 21,814 (18,655) - 3,159
10,233 48,428 (63,194) 7,692 3,159

The charity provides services through four resource centres and a number of other projects including Rehabilitation Services, Digital Inclusion Training and Community Engagement.

All grants and relevant donations are set up as separate restricted funds.

The above schedule illustrates the income and expenditure of each fund and the amount by which each is supported from the unrestricted funds of the charity. Transfers to and from unrestricted funds indicate the extent to which money from unrestricted funds is required to support these restricted activities.

In the year to 31 March 2021 the charity has supported each of the funds to the extent of £7,692 (2020: £Nil).

Transfer
Group and Charity As at
1 April		 to/from
unrestricted		 As at
31
2019 Received Expended funds March
2020
£ £ £ £ £
Resource Centre grants
Halton VRC - 7,000 (7,000) - ~
Cvic Being There When It Matters 11,701 15,134 (16,602) - 10,233
Most
Wales Council ofthe Blind - 6,000 (6,000) - -
Access to work - 10,423 (10,423) - -
Big Lottery Fund 1,106 9,742 (10,848) - -
Active Inclusion 921 14,208 (15,129) - -
Gwynt y MorCommunity Fund 5,076 6,250 (11,326) - -
Cheshire Outreach 15,104 5 (15,104) - -
The Royal Society for Blind - 3,296 (3,296) - -
Children
Other Grants - 18,000 (18,000) - -
33,908 90,053 (113,728) ~ 10,233

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. RESTRICTED FUNDS (continued)

Vision Resource Centres

The charity operates resource centres each of which provides support services to people with vision impairment. The amounts by which costs exceed donations and grants are met from the unrestricted funds of the charity.

Cheshire Vision Impairment Consortium (CVIC)

Consortium members are Vision Support, Action for Blind People, IRIS Vision Centre and Macclesfield Eye Society. The funds for this project have been awarded to CVIC from the BIG Lottery with the RNIB as the lead member within the bid. The project is called Being There When it Matters Most, the funding is to assist people with sight loss to co-produce and develop inclusive services, social and leisure opportunities and to promote increased independence via awareness of eligibility to welfare benefits. Vision Support draw a portion of the grant from the RNIB to run a Community Engagement Project across Cheshire on behalf of the consortium. This funding has now come to an end.

Wales Council of the Blind (WCB)

Funding provided with the aim of establishing Regional Fora so that people with sight loss influence design and delivery to achieve citizen centred services in collaboration with the Welsh Assembly Government. This funding has now come to an end.

Rehabilitation Services

A team of 7 rehabilitation workers provide training in daily living, communication skills, mobility and orientation and emotional support to people with sight loss in North Wales. Funding for these services is awarded by Local Authorities.

Active Inclusion

European Funding provided through Wales Council for Voluntary Action to carry out a volunteer mentoring pilot project in Denbighshire and Conwy. This funding has now come to an end.

Gwynt y Mor Community Fund

Funding project with the aim of providing consistent face to face (or on the telephone) person centred information, advice and signposting at the Prestatyn Sight Loss Centre.

Royal Society for Blind Children

Funds from the BIG Lottery have been awarded to the Royal Society for Blind Children (RSBC) to deliver the Minds in Sight project in Wales and Kent. Vision Support are working in partnership with RSBC to deliver a therapeutic support service to families who have a child with vision impairment in North Wales. Other partners in the project are Wales Council of the Blind, North Wales Society for the Blind and Kent Association for the Blind.

Cheshire Outreach

Funding from Cheshire West and Chester local authority has been awarded to support people with sight loss to increase control over their lives and improve connections within their communities.

Other Grants

Funding was received during the year to purchase equipment for service users to meet needs arising during the COVID 19 pandemic. Funding received in the previous year was for specific running costs of the charity such as internships and equipment grants.

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Unrestricted|Restricted|2021|Total|Unrestricted|Restricted|2020|Total| |Funds|Funds|Funds|Funds|Funds|Funds| |£|£|£|£|£|£| |Tangible|fixed|331,688|-|331,688|275,446|-|275,446| |assets| |Investments|365,769|-|365,769|336,066|-|336,066| |Current|assets|1,976,237|3,159|1,979,396|2,080,475|10,233|2,090,708| |Provisions|-|-|~|(105,600)|-|(105,600)| |Current|liabilities|(475,544)|-|(475,544)|(478,576)|-|(478,576)| |Total|net assets|2,198,146|3,159|2,201,309|2,107,811|10,233|2,118,044|

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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  4. OPERATING LEASE COMMITMENTS

  5. PENSION COSTS

RELATED PARTY TRANSACTIONS

There were management recharges from Vision Support Trading Limited to Vision Enhancement Services for the services of administration and accountancy duties. The total recharge for the period was £12,000 (2020: £12,000). Vision Support Trading also paid £639,897 (2020: £581,474) in respect of gift aid. In addition, the charity received grant funding from Wales Council for the Blind, for which two trustees are board members. Total grants received in the period amounted to £nil (2020: £6,000). There are no other related party transactions that need to be disclosed in the financial statements.

GUARANTEE

The Charity is limited by guarantee and as such has no share capital. In the event of the Charity being wound up, each member may be called upon to contribute a sum not exceeding £10 towards the liabilities of the Charity.

TRUSTEES REMUNERATION

In accordance with the Memorandum and Articles of Association, one Trustee has been reimbursed for expenses incurred of £24 (2020: £1,124) in attending Board meetings throughout the period. The Governors received no remuneration from Vision Enhancement Services during the period.

The Group had future minimum lease payments under non-cancellable operating leases as follows:-

2021 2020
Land and buildings £ £
Within one year 53,500 88,500
Within two and five years 139,500 150,000
More than five years 190,917 230,417
383,917 468,917
Other
Within one year 36,568 37,112
Within two and five years 57,285 93,853
93,853 130,966

During the period, £93,348 (2020: £117,612) was expensed to the SOFA from operating leases.

The Group operates a defined contribution pension scheme for the benefit of its employees. The contributions are charged to the profit and loss account as they fall due. The charge for the year was £36,842 (2020 - £49,314). Included within other creditors is £3,331 (2020 - £2,945) in respect of amounts owed to the scheme at 31 March 2021.

The charity was an “Admitted Body” to the Cheshire Pension Fund. A number of the charity's ex-employees are members of that scheme. The Cheshire Pension Fund is part of the Local Government Pension Scheme, a defined benefit statutory scheme. The Funds are administered by Cheshire County Council in accordance with the Local Government Pension Scheme Regulations 1997 as amended. The Scheme is a closed scheme and therefore under the projected unit method the current service cost will increase as the members of the scheme approach retirement. The Funds’ assets and liabilities are assessed by the Funds' Independent Actuary every three years with the latest actuarial valuation taking place at 31 March 2016.

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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During the year the pension fund confirmed that they were prepared to allow Vision Support to leave the Fund with no further obligations.

The amounts recognised in the balance sheet are as follows
2021 2020
£ £
Fairvalue ofemployerassets - 913,000
Present value offunded obligations - (768,000)
Surplus not recognised . (145,000)
Net pension asset = ———
Fair value ofemployer assets has been limited to the present value offunded obligations from its fair value as
there is no future economic benefits expected to return to the charity.
Amounts recognised in the Statement of Financial Activities:
2021 2020
£ £
Interest on EmployerAssets - 22,000
Interest on Pension Scheme Liabilities - (20,000)
Total net interest - 2,000
Amounts recognised in Otherrecognised gains/ (losses)
2021 2020
£ £
Actual
return
less expected
return on
pension		 - (23,000)
scheme assets
Changes in financial assumptions underlying the : (8,000)
present value ofthe scheme liabilities
Total recognised (loss)/gain inOCI —__- (31,000)
Changes in the present value ofthe defined benefit obligationwere as follows:
2021 2020
£ £
Opening defined benefit obligation _ - 833,000
Interest cost - 20,000
Remeasurement - (55,000)
Estimated benefits paid . (30,000)
Closing defined benefit obligation — 768,000
Changes in the fairvalue ofthe charities share ofscheme assets are as follows:
2021 2020
£ £
Opening fairvalue ofemployer assets - 915,000
Contributions by the employer - 29,000
Return on assets (excluding interest) - (23,000)
Benefits paid - (30,000)
Interest income - 22,000
Limited recognition of surplus above present value
offunded obligations - (145,000)
a 768,000

Fair value of employer assets has been limited to the present value of funded obligations from its fair value as there is no future economic benefits expected to return to the charity.

Changes in the fair value of the charities share of scheme assets are as follows:

VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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The majorcategories offund assets as follows:
Assets at 31 . Assets at 31
March March
2021 2020
£ £
Equities - 319,550
Bonds - 429,110
Property . 73,040
Cash - 91,300
- 913,000
The principal assumptions atthe balance sheet date:
2021 2020
% perannum % perannum
Inflation rate - 2.0
Future salary increase rate - 2.7
Future pension increase rate - 2.3
Expected return on assets - 2.9
Discount rate - 2.0
The sensitivities regarding the principal assumptions used to measure the scheme liabilities as at 31 March 2021
are:
Approximate % Approximate %
increase to employer increase to employer
liability liability
0.5% decrease in real discount rate - 7.0
0.5% increase in the salary increase rate - 0.0
0.5%increaseinthepensionincreaserate - 7.0

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

At 31 March 2021 At 31 March 2020
Retiring today
Males
Females		 -
-		 21:2
23.6
Retiring in 20 years
Males
Females		 -
-		 21.9
25.0

21, CONTROLLING PARTY

The Group and Charity are controlled by the charity's Board of Directors and Governors.

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22.

FINANCIAL INSTRUMENTS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|2021|2020| |£|£| |Financial|assets|measured|at amortised|cost|1,820,786|1,922,039| |Financial|liabilities|measured|at|amortised|cost|339,664|357,296| |Financial|assets|consist|of|cash,|trade|debtors|and|other|debtors| |Financial|liabilities|consist|of trade|creditors,|other|creditors|and|accruals|

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23; CONSOLIDATED COMPARATIVE FIGURES BY FUND TYPE YEAR ENDED 31 MARCH 2020

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|||||||||| |---|---|---|---|---|---|---|---|---| |Notes|Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2020|2020|2020| |£|£|£| |INCOME| |Donations|and|legacies|2A|44,839|-|44,839| |Income from|other|trading|activities| |Income|from|fundraising|events|2,393|-|2,393| |Vision|Support Trading|Limited|sales|2,721,923|-|2,721,923| |Investment|income|2C|14,715|-|14,715| |Charitable|activity|2B|347,491|90,053|437,544| |Other|income|2,022|-|2,022| |TOTAL|INCOME|3,133,383|90,053|3,223,436| |EXPENDITURE| |Raising|funds| |Cost|of generating|Vision|Support| |Trading|Limited|Sales|3|2,150,889|-|2,150,889| |Charitable|activity|3|735,549|113,728|849,277| |TOTAL|EXPENDITURE|2,886,438|113,728|3,000,166| |Net|(losses)/gains|on|investments|(15,864)|-|(15,864)| |NET INCOME|231,081|(23,675)|207,406| |Transfer|between|funds|14|-|-|.| |OTHER RECOGNISED|GAINS/|231,081|(23,675)|207,406| |(LOSSES)| |Actuarial|losses|on|defined|benefit| |pension|schemes|(31,000)|-|(31,000)| |NET MOVEMENT|IN|FUNDS|200,081|(23,675)|176,406| |Funds|as|at|1|April|2019|1,907,730|33,908|1,941,638| |FUNDS AS AT|31|MARCH|2020|15|2,107,811|10,233|2,118,044|

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VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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23. CHARITY COMPARATIVE FIGURES BY FUND TYPE YEAR ENDED 31 MARCH 2020

Notes Unrestricted Restricted Total
Funds Funds Funds
2020 2020 2020
£ £ £
INCOME
Donations and legacies 2A 626,313 - 626,313
Incomefrom other trading activities
Income from fundraising events 2,393 - 2,393
Investment income 2C 11,165 - 11,165
Charitable activity 2B 347,491 90,053 437,544
Other income 2,022 - 2,022
TOTAL INCOME 989,384 90,053 1,079,437
EXPENDITURE
Charitable activity 3 735,549 113,728 849,277
TOTALEXPENDITURE 3 735,549 113,728 849,277
Net (losses)/gains on investments (15,864) - (15,864)
NET INCOME/(EXPENDITURE) 237,971 (23,675) 214,296
Transfer between funds 14 - - -
OTHER RECOGNISED
GAINS/(LOSSES) 237,971 (23,675) 214,296
Actuarial losses on defined benefit
pension schemes (31,000) - (31,000)
NETMOVEMENT IN FUNDS 206,971 (23,675) 183,296
Funds as at 1 April 2019 1,284,346 33,908 1,318,254
FUNDSAS AT 31 MARCH 2020 1,491,317 10,233 1,501,550
24. PROVISIONS
Dilapidation
provision
Group £
105,600
Utilised in the year (105,600)
At31March2021 -