Chkn Commlsslon number.. 106856S Reglslered number.. 03512340 V1510N ENHANCEMENT SERVICES CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Legal and Adminislralive Information Report ￿ the Directors and Governors Independent Audllors Report Consolidated Statement of Financial Activttie¥ 2-11 12-15 16 Charity Statement of Financial Activities Consolidateé and Charity Ba5ance Sheet Consolldated cash flow slat8menl 17 18 19 Notes lo the Consolldated Financial Slalemenls 20-35 WSION ENHANCEMENT SERWCES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 COMPANY INFORMATION Company Namè: Vision Enhanc8m8nt ServKps (Known 83 Vision Supporti Regist¢r¢d Charity N¢: 1068565 Cornpany Reglstratlon No: 03512340 Principal Addr•ss and R¢gl$t•r¥d Offlca: Units 1 and 2 The Roptsworks WhlpGord Lane Chesttsr CHI 4DZ Governlng Document: Memorandum and Article8 Honorary Ophthalmologlst M K Tutton Bsc, FRCS, FRCOphlh, DO Dlrectors And Governors: Sandra Massay ICh8lr} Clare Caws Mark Thorp Mllès Tutton Alan Allm8n (Co-opled on 1&h Morch 2023 Geoffrey Homer 1co.opled on 161h March 2023 Valery Ashbrook Ico-opled on 171h January 20231 Bathan Wyn Robèrts {raslgned 30th August 20221 Llnda Davlgs Iroslgned 181h De¢ember 20221 Chl•f Ex•cutlvo Offlc•r Lowrl Bartrum Company Secretary Lowrf Bartrum Banker8 Bank ol Scolland 33 Old Broad Slreèl London BX2 1L8 Sollcltors SAS Danlels LLP 3 Vicar's Ln, Chester CH1 1QX Auditors Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT Investment Advl¥ors Inveslec Weallh & Inveslmenl Llmited 2n0 Floor, 3 HaTdman Street Spinnlnghe1ds Manch@st8r M33HF VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATEO FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 StructUT8, Governance and Management Governin Document Vision EnhanceFnenl Services, which operates under the name of Vision Support, is a charitable company Ilmited by guarantee, incorpDrated on 17U) February 1998- Company Number 3512340. The company is a reglstered charity- Number 1068565. Its objective8 and powers and other conslilutional mallers are Set out in ils Memorandum and Articles of Asso¢ialion. The Gharity ha$ a wholly owned subsidiary 'Vision Support Trading Limited which is a Private Limited Company, in¢orporated on 20th August 1999 - Company Number 3828782. The objectives and powers of the company are sel out in ils Memorandum and Arlid6s of Assoclatlon. Recrullmenl and A ointment f oard of Governor The directors of Vlsion Enhanc8menl Servlces are also charity Iruslees and for the purposes of Gharlty law and under the company's Articles are knowrs as members of the Board of Governor5. In rotation one Ihlrd the members of the Board musl offer themselves for re-election each year al the Annual General Meeting. Under the Articles there is a facility lo co-opt Board m8mbers during the year and such members offer them8e5ves for election at the next POS8lble AGM, th8 Board may oonsisl of no more than 12 members. Every effort Is made to maintain a broad mlx of skills on the Board and there is a requirement that at lea812 members of the Board are people who have Slved experlence of vlsion impairment thus en$urlng 88rvlce user needs are repTesenled. Vlslon Support Tradlng operates wlth a Board of Dlreclors made up of, three non*xecullve dlrectors nominated from the parent board and three executlve directors, narnely the Managing Oireclor and Deputy Managing Dirtrclor of Visitsn Support Trading and the CEO of VSslon Support. ruslg Indu¢lion and Trainin offered a full indu¢lion including,. All now Governors and Director8 of Vlslon Enhancement Servlces are > Tim8 spent with the Chief Executivelmanaging Direelor and staff to learn about the range of work undertaken by the relevant organlsalion. > The opportunity to meet informally with other Board members prior to Ihelr flrsl meeting. > An induction pack containing information on the organisalion's policies and procedures, a copy of the Memorandum and Articles and information on the legal obligations of a Gharily trustee andlor oompany director. > The opportunity to meet with staff to fully understand the dEfferent ¥erviGe8 and role$ within the organisation. All members of the Boards are offered opportunitie5 for ongoing support and training thi$ may include attendance at relevant internal and external conferences, Board strategy days and formal governan¢e seminars are held regularly. The Governors of Vision Enhancement services and DireGlors of visio￿ Support Trading receive no payment for their role which is carried out on a voluntary basis. Governors are able to Glaim reasonable expenses lo cover the costs of carrying out their role VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Or an1satlonal Structure and Mana emenl The Board of Governors is responsible forthe strategic direction and policy of Vision Enhancement Services. Membership of the Board changed during the year with three new Governors co-opted and the resignation of two long serving Governor5. Members have a variety of professional background5 relevant to the work f the charlty. Skills include accountancy, business management, Quality Assuranc8, NHS management and IT persorial experlence of sight loss. The Company Secretary also slls on the Board bul has no voting rights. Some of our Board of Governors are 8xperi@nced Trustees and have been Involved in other organlsatlon5 prevlously. The Board Tneel on a bi-monthly basis and overs88 all aspects of the charity. Durlng 2022123 we have slowly started lo Gome back lo face lo face m8etings with tho Option for GovernDrs to join online If necessary and It ha¥ been lovely lo have everyone back together towards the latter end of the flnanclal year. The Vislon Enhancement Servlces Board Is responslble for appo1nlSng key management per50Nnel In Vislon Support and Vislon Support Tradlng. They also sel and revlew pay leve15 across both organ15allons. The operational responsibilily for the prov151on of servlces 1$ delegated lo thè Chief Execullve Officer and the staff team. D8tailed respon81bllity for the stratègi¢ diredion and operation of Vlslon Support Tradln9 Llmlled Is delegated lo the Vision Support Tradlng Board who report back lo the maln Board on decl8lons 18ken. The day-to.day operation of Vlslon Support Tradlng Is delegated lo the Managlng Dlreclor and the staff team. Detailed consideration of malor rlsks faced by the charlly 8re undertaken by the Senlor Managers and consequent policieslprocedures are reviewed by the Board. The key conlrols used by the charity include.. > A Rlsk Reglster used for planning purposes and supported by management plan8 and KPI'S > Comprehensive planning, budgoling and management accountlng > Established organisalional structure and lines of reportlng Formal wrillen policies, including fully updated Health and Safely Pollcy Clear aulhorisalion and approval levels for all decision making. > Velling procedures as required by law for the prolectlon of children and vulnerable adults Health and Safely advicelsupport 18 provided by a professional consultancy > HR advicolsupport Is provided by a professional consultancy organisalion > Formal ag8ndas and minute lakSng for all committee and Board activity > Data Control Matrix > IT System5 work, including cyber securlty. Is provlded by a professional consultancy Objectlves Vision Support exists lo provlde servlces and support lo people across Cheshire, North Wales and Hallon who have a sensory impairment. We are a reglonal charlty worklng closely within the communities we serve and led by the needs of our servlce users. We work lo a mlsslon statement as follows.. 'Vision Support exists to enhance the quallly of lrfe, promote the conlinulng independence and raise awareness of the needs of visually impalred people of all ages throughout our communilles., vrsioN ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 During the year, we collaborated with people with sight loss, the Board of governors and staff team lo establish core valu85 of the organisalion. The purpose of the values is lo ensure that everyone who comes into contact with Vision Support. be that a person with Vl wanting support, staff our stakeholders will know what to expect from us. Our values are as follows. We are commilled to standing slde by slde wlth people who are vlslon Impalred, ensurlng that people's voices are heard in order to support wlder positive change. We work together er)suring that our services are developed jointly and focused on making a ￿al dlfference lo the lives of people with vision impairment We work wllh Honesty and Inlegrily, providing support in a Person cenlred way lo ensurè that everyone can achleve Ihelr outcomes, develop thelr Independence and malntaln thelr dlgnlty. We are always ¢aring, reliable, respectful and we work with empathy. We are Incluslve, and we value div8rsity and equality and wè lead by example Actlvltles The Charity ¢urrenlly provldes the followlng seNices: R•8ource Contre8 The support provlded by our thre8 resour¢e Gentre5 InGlude$ offerlng people the opportunlly lo come in and access Informallon about servlces and other support avallable in their lo¢al area. People can also come and have a look at speciallsl equipment. We host 5esslon? ID our rosour¢e cenlres for people lo attend and havts a look at 8qulpmenl provldeé by specialist provldors $u¢h a$ Oplelec and lo have a look in a safe environment. We also use our Resource centr88 for small me&llngs such as Vl volces groups where people can come and talk about the thlngs that they are flndlng difflcull and we wlll Invlle a member of the councll or someone who may be able lo infiuence change along lo those meetlngs. Moblle Informatlon vehlcles We have I￿ mobile informallon vehicles who travel around Cheshlre and North Wales provlding an outreach service. They have delivered a serles of Spolllght sesslons whlch they hope lo expand on next year. The Vehicles provide us with a flexSble way for us lo talk to people about Vision Impairments including giving information out about eye conéllions, talking lo people about good eye care and preventable sight loss. The vehicles enable us lo travel lo people who are In more Isolated areas of North Wales and Cheshlre. Dlgltal Incluslon We have a team of 3 digital inclusion workers who have specialist knowledge around using lochnology lo reduce the impact of visual impairments. They can provide advice and information about helpful apps on smart phones, how lo use Alexa, how lo make Smart TVS accessible as well as providing advice ors specialist technology. Throughout the pandemic, this servi￿ was provided over the phone however, it is pleasing lo know that the majority of the support is now happening face to face. We have also provided Digital inclusion work for East Cheshire Eye Society in order lo support the people of Macclesfield. Welfare Rights and Financlal Wellbeing service This service has been incredibly helpful to people throughout the financial year. More people than ever have asked for help and support lo maximise their benefits and to seek support with reducing their outgoing$. The Welfare Rights officer was joined by a Welfare Rights and Financial Wellbeing advisor through 8 grant from Thomas Pocklinglon trust this year and together. they were able to support more peopl8 to obtain the benefits that they were entitled lo. Our Financial Wellbeing advisor was able to support one gentleman to reduce his monthly outgoing$ by £202 a month Ihrovgh switching inlernel provider and Television packages. VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Rehabllltatlon servlces In North Wales We have continued lo be contracted by Wrexham, Corwy and Denbighshire Councils to provide their Rehabililalion Specialisl service5 for their citizens with Visual Impairments. We have team of dedicated trained specialists who have worked tremendously hard throughout the last year against long wailing lists. The support that people have received frown our Rehab officers varies from Low level support and advice around lighting and organising the home to make the environment more accessible lo in depth and lengthy Support around leaching people how lo do their daily living la5ks safely wllh a Vlsual Impairment and providing orienlalion and mobility training. enabling people lo use their whlte canes safely to allevlate isolation and promole independence. The team have also worked along side Ihelr local authorilles provldlng Vl awarene8$ sessions lo their colleagues in other teams. The list of support provided here Is not exhausllv8. Home Vlsltlng Service In Cheshlre and North Wal85 We continue lo provide home visiting seNices lo people living in Cheshlre West and North Wales. The 8UPPOrt provided by our d6dical8d and compassionate team of Home Visitors provldes a vllal servlce to people who are vulnerable and living with sight loss. People the team vlsil are often isolated and several people have no other face lo face contact with people from one visit lo the next beyDnd delivery drivers. The Home Visitors provide support around managing correspondence, arranging appointments and NHS transport, organising cupboard5 to make Ih8m 8asieT for people lo manage irideptsndent5y. They are also able lo make referrals, support people with applying for beneflls and provlde some company and companionship. The home visitors will also observe people for any 51gns If a decline in their health, wellbeing and how they afe coping al home. This ensure5 that people will be referred lo appropriate services lo provide support and also lo support people lo Ilve safely, People who have received the home vlsiling servlce have said, I've enjoyed our chat today,. I won'l 5&e anyong now until next Tuesday (6 days). "Thank you for listening,. I can go on, now, what you sald m8kes so much sense,;. 8nd "Oh, I fe81 so muGh Ilghter now that you've called, you really are a Ionic" Communlty Engagoment We have 2 Community engagement worker5 who are Instrumental in provldlng 8ddlllonal support lo people with sight loss, they organise a range of regular and one off so¢ial and actlvlly groups, they also develop networks In Ihelr areas looking lo promote Visual Impalrmenl awareness as well as provide volunteering opporlunilies across North Wales and Cheshire Wesl and Hallon. We provlde a range of sesslons that are avallable lo peoplo in¢luding a gym group, bowls, soclal groups wllh guest speakers and a range of other Ihlngs. Ong lady who allended a group in North Wales sald that Ihe group promotes independence, Ilheyl are vibrant and everyone is treated as an Individual. Another person who Is severely Sight Impaired has re- found the social group in Rhyl after Covld. HIS wife who is also Severely Sight Impaired ha5 been poorly. The North Wales manager spoke lo him and he was tearful. explaining that he fell lonely and that he had beèn struggling emotionally and practically. He has now rejoined the gTOUP and is enjoying hls tlme there. Halton Sènsory Sorvlcès We are contracted by Halton to provide a Sensory service which is based in Widne8. We work in partnerhip5 with Deafness resource Centre who provide the specialist knowledge around hearing loss which omplimenls the work of our Visual Irnpairment team. We provide a range of services from the WidThes Sensory Centre which include Digital skills, Rehabililalion assistants as well as social groups. Throughtsut the finanGial year, we saw an increase in the number of people dropping into the centre for support and again, il was good to see people back out and about. These services are delivered by 37 members of Vision Support staff and 49 volunle8rs. All staff hav8 the appTopriate professional qualifiGalionslskills to fulfil their posts. All staff and volunteers undergg an induction programme on taking up their posts and receive ongoing supervision. development training and support. DBS checks are carried out where appropriate lo the role. Service delivery benefits greatly from the work of the volunteers who have provided in exce55 Of 3100 hours of work for the organi5alion this year. WSION ENHANCEMENT SERMCES ANNUAL REPORT AND CONSOLIDATED FINANCIAL sTATEmE￿rs REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and Performancè Following the Covid 19 Pandemic.11 has been good lo see our face to fate services begin lo flourish again and be delivered for the majority in person. We have retained some aspects of learning from the pandemic and the teams now are able lo work more flexibly under the new Hybrid working policy. During 2022123 there has been slrldes taken lo upgrade our technology. We have1mplemented a new onlin& HR system that is reducing the Ilme Spent on back offlce paper work so that our colleagues can spend their lime carrying out the vital work that they are employed lo do and we have begun our work to move to a new CRM system. During the final quarter, one of our employees worked very closely wlth the CRM provider lo ensure that the CRM was fully acce5slble for people who use screen readers. Thls will ensure that all of our team are able to acce$$ the CRM and fully engage with It. Key strategic objectives for 2022123 were ggreed lo be.. > To slrengihen the gov8rnan¢e $truGlure. To conliriu9 to develop inrbovalive servlces that meet the need of people wllh vislon impairrnent acTOSS Cheshire, Hallon and North Wales. > Welcomé and support the Incomlng CEO. To maintain and diversify Sncome 8lream8. To Increase contac15 and reach across th8 reglon. Objecllve Sel- To Strengthen the governance structure Progress - A Skills audll of the board of governors was carried out and a recruitment drlve look place lo recrull goveinors with different skill sets. This has helped enormously and by tho end of the financlal year, we were able lo welcome 3 new governors with vaTied and helpful skill sets and experiences. The Board of governors have been offered the opportunity lo spend lime with the new Chief executive and they have also been offgred Iralning opportunilles over the course of the year. There is a robust Key risk register in place that Identifies all aspects of risk that the organisalion 15 open to and Ihls Is belng consislenlly monllored and reviewed throughout the year. Thore have been some new pollcl8s developed through the year whlch has helped to clarify rosponsibililies withln the organlsallon as well as more clearly communicating oxp8clalions. Objective Sel- Welcome and Support the incoming CEO Progress - The CEO ha5 had her first 9 months In post and she has sellled well. She reports feeling supported by the board and welcomed by the team of staff wlthln Vislon Support. The board were pleased lo facilitate a 6 week hand over be￿een the new CEO and the retirlng CEO lo ensure a seamless a Iransitlon as possible. Thls helped with ensuring that things were handed over well to reduce disruption for the organisation and employees VISION ENHANcEmE￿r SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Objective Sel - To continue lo develop innovative services that meet the need of people with vision impairment across Cheshire, Hallon and North Wales. Progress - ThToughoul 2022123 the organisalion have continued to work alongside peoplewllh Sight loss. During the year, a very successful survey was carried out with people with Vision lrnpairments around information and the results of the survey highlighted that people with Visual Irnpairments often felt lost and isolated and al a loss with where to go lo for support. During the financial year, we heard that we had been su¢¢es5ful in securing funding for 5 years lo set up an information lirse in Cheshire which will start al the start of Ihe next financial year. Throughout Ihg year, lime has been spent li81ening lo people with Vision Impalrmer)ts, there were a series of Stakeholder events where people were invited to come and tell Vision Support about Ih&ir experienc85 of accessing support and Information. Actions were pulled log6lh8r from the events and are still in the process of bèlng Implemented. Obleollve Sel - To malntaln and dlv8rslfy Income streams Progress - All income streams have conllnued durlng the year. We have been able lo achi8V6 a high8r income than antlcipaled through our rehabllilallon contracts however, this Is due lo addlllonal work being undertaken. The Gharily has also receSved some Small fvnds frgm various trusts and foundallons for speclfic projects undertaken by the charlty. Objacliv• Sel To Increas8 contacts and rea¢h a¢ros$ the area. Progress Throughout the year, Éhg organlsallon has begn ablg lo rearh an addltlonal 250 people. There has been a lol of networking opporlunilies for Ihg operational managers across North Wales, Cheshlre and Hallon and Ihls has led to an Increase in the number of people on the charlty's database. The networklng opportunities are continuing lo grow and expand post pandemlc and the org8nSsatlon has been able lo extend their reach. By fo¢us$ing on the above oblecllve8 other 51gnrficanl achievements indude: We h8ve had a successful application for funding for 5 year5 from the National Lollery lo ¥el up a Sight Loss Information Llne in Cheshire in partnership with NHS England, East Cheshire Eye Society and Cheshire East and Cheshire We818nd Chester Local Aulhorilie$. The project will $lart In April with Vision Support being the lead organisatlon. We were successful In applying for funding from Thomas Pockllnglon Trust for an intern post for 9 morslhs lo support financlal wellbelng which was well used by people during these unsellling financial limes. We have a member of the team who has joined the 8CU Foundation Degree in Rehabilitation (Visual Impairments) 2 members of Vision Rehabilitation team embarked on the qualrfication to provide complex assessments We have been able to offer a varfety of dlfferenl experiences to people wlth Vlsual Impalrmenls across North Wales and Cheshire includlng accessing a music train and working In partnershlp with Theatre Clwyd on a project for people wlth Vlsual Impairments VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Over the 12 month period, the number of people we have supported speak for themselves. the Rehab team have supported 1228 people with Visual impairments across Wrexham, Conwy and Denbighshire, the organisalion received 910 referrals for services across the organisation {excluding rehabililationl, there have been 549 home visits completed. The people of Halion have been conta¢led 1889 times over the year leilher face to face or over the phone) The social groups have mel 263 times face to face. There have been 874 Digital skills sessions delivered either over the phoAe or In person. The Vision Support team have done a tremendous amount of work throughout the 2022123 financial year and the team deliverin9 the face lo face work of the charity are supported by an office team who keep everything working well. Vision Support remains an aclSve participant in the Wales Vlslon Forum, Wales Rehabllllalion Officers Forum IWROF), Wa18s Councll of the Bliné IWCB}, Chester Corporat8 Disability Forum ICDAF) and Visionary lal both national and regional level. FlnanGlal Revlew In a¢¢ordan¢e with the Charity Commlsslon's Statement of Recommended Practice the aGlivllles of Vlsion Support Trading Limited who covenant their profits lo the charity, have been consolidated. Vlslon Support Tradlng Llmiled Is a wholly owned trading subsidlary that provides transcription seNices for large commerclal organisalions. Tran$¢ription service5 involve the Conversion of bills and ¢ommunicalions of these large organlsallons Snlo all&rnativ& formals {Braille, large prlnt, audlol as roque$l¢d by Ihoir visio Impalred customers. The Consolldated Slalement of Flnanclal Activities as sel out on page 16 Illustrates that In the year ended 3111 March 2023 nel Incomlng resources before other recognised gaSns and losses total £107,21 $12022: £346,600) Once agaln, a subslar)lial conlrlbullon was made by the trading subsldlary Vlslon Support Tradlng Llmiled. In 2022123 ils ¢ovenanled contributlon lo the unrestri¢led funds of the charity amounted to £504,62112022'. £385,471). Grants 8mounllng lo £60,809 (2022: £53,533) are for Spec￿5¢ servlces and as such are treated as re8tri¢led funds. The indivldual grants are lisleé in Nole 2B to the aGrounl$. Major flnanclal rlsks to the Charity are idernllfled In an organisatioral R15k Register, the rlsks are atlribuled a numerlcal score wlth actions and responsibilities for miligalion of the risks clearly Sel out. Th8 Risk Reglslgr Is revlewed on an annual bas[8 wlth no 8lgnlfi¢anl ¢hanges Identwled In 2022123. Slgniflcant rlsks are recorded as., Loss of Income from Vislon Support Trading Los$ of income from Local Authority ConlraGts Management of flnanGial risks include5', Close managgmenl of cllenl relationships acr08s both organisations. IT solutions developed lo support competitive priclng wilhln Vlslon Support Trading. Participalion in partnerships and Gonsorliums ongoing to facilitate future developments in regional and sensory tendering VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Aclioris lo address these risks include., Generate ideas for diversifying income generation Take advantage of current lender opportunities Further develop a Funding Strategy Develop legatsy literature Fundraising The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Reserves and Investment Pollcy In April 2015 a comprehensive Reserves and Investment Policy Slalemenl was drawn up, ratified by the Board and implemented. The policy deseribes the financial position and objectives of the Board at the time of writing wSlh the slated intent that they will be revlewed regularly. The policy was reviewed and updated in MarGh 2019, no significant changes to tha stral&gy or prlnclples wer& consldèred lo be necessary. To comply with Charity Commission guldellnes and ensure the operallon and acllvlties of the Charity ar• sustainable the reserves policy is lo maintain a mlnimum Ilquld poslllon sufflclenl lo cover thre8 months operating ¢0sls and a sufficient sum lo meet polenllal redundancy costs and nollce perlods. Currently the sum required to cover Ihls is £278,732 (2022: £215.9441 (this Is re¢alculal8d on an annual basls}. Al 3111 Mar¢h 2023 the consolidated fr8e reserve p08111on was £2.261,32912022', £2.206,5471 The charlty free reserve position was £1,564,89012022'. £1,729.4871. The charity is holding reserves in exce9$ of 51s target because of the unc9Ttalnty of future income streams from the trading subsidiary. Havln9 considered their financial position the Board are agreed that parl of the available cash In excess of the requlred stalulory re8erve8 should be asslgned lo real assets. Thè amount agreed lo be allocated lo the real a55els portfolio Is £500,000. To this end Inveslec have been engaged lo manage the portfolio on a discretionary basis. The performance of the portfolio wi51 be measured against a composlle Index set by Ihe Inve51menl Manager In agreernenl with the Finance Sub-commillee quarterly reports will be provlded lo the Committee. The Nel Total Return for the Charities Inveslfflernls was-6.81°h which is indicative of the volatile P9riod in que511on. Due to the volatility of the year, the board h8s approved the renewal of the mandate for th8 Inv951mgnl Portfollo wllh no changes made, however. they will be sGrulinising the performanGe Ihrou9hout the year wlth the vlew lo taking appropriate aGtion. The Board reviewed the posslble rlsks of investing in real ass8ls and agreed that rnoni85 Inv8sled lallhough not required by the Charity In the short to medium lerml should nol b8 plac8d in highly illiquid securitles and inve8lmenls, that a low risk balanced assèt allocation profile be raised lo a lowlmedium risk level and that the monies continue to be viewed as being held for the long term. Ethical constrain18 were coNsidered and the Inveslm@nl Manager has been instructed and has agreed not lo invest directly into stocks that may be considered unethical, in particular compani85 involved In the production and distribution of lobaGGo 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 il is prudent lo hold this level cash lo cushion the charity from any volatility in the profil for Vision Support Trading. Monthly joint cash flow calculations are pr¢)du¢ed arKJ monitored at the quarterly Financ8 Sub Committee meetings. Plan8 for Future PeTiods Following the introduction of the new CEO and the new board members, the charity has had a slrateglc planning day with Ihe board and the steering group as well as stakeholder events and a full staff team day VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 and a new set of obleclives have been determined within the context of a 3 year strategic plan. Key strategic oblecllves for 202312024 > To Implement new IT processes lo bring the charlty to dale including a new Website and CRM > To Conllnue to develop governance with a partlcular focus in the comlng year on anll fraud p¢li¢i&s and processes and Cyber security- > To develop a soclal medla and webslle strategy to promote the charltles services to people with Visual Impairments of a working age To develop seTvIGes Inline wllh what our stakeholders tell us is Important lo them. > To carry out more Visual Impalrment awareness sesslon¥ > Promote positive eye health arbd Garry out some ¥ight lo$¥ prevention work slrearns. Plans lo achieve th5s include., Implemenllng a new CRM wllh more reportlng ablllty Complete a Fraud Rlsk assessment and Implement an anllfraud pollGy along wllh moTe delalled guidance around fundraising Invest in staff lo meot their full polenllal In thelr roles Conllnue to seek opportunities to d81iver Visual Impairment awareness. Conllnue lo engage with the Steering group who act as the organisalion's crillcal frlends providlng feedback on everything the organSsalion does. Continue lo nurture our relallonshlps wlth funders Inllne wsih th8 organlsatlons values and respond to upcomlng tenders. PubllG Beneflt The dlrectors Confirm that they have referred lo the guSdance In the Charity Comm5ssion's general guldance on publlc benefil whtsn reviewing the ChaTily'8 objectives and aims and in planning future activllles for the y$ar. They oon5ider that the Charity's aims are clearly lo the public benefit. Statèmont of dlrectors, responslbllltle8 The dSreclors are responsible for pmparlng the Dlreclor5' Report and the flnanclal slalemenls In accordance wSlh appllcable law and wulalion$. Company law r8quir6s the dir$ctors lo prepare financial slalemenls for each financial year. Under that law the directors have ele¢lod to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Pra¢lic& (Unilod Kingdom Accounting Standards) and applicable law. Under company law the direcloTS musl not approve the financial slalemenls unless they are sallsfied that they give a tru8 and fair view of the slate of affairs of the company and the group and of the profil or loss of the group for lfval period. In preparing these financial slalements, the directors are required lo.. Select suitable accounting pollcles 2nd then apply them consislenlly., Make judgments and accounting estimates that are reasonable and prudent. Prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Company will continue in busines5. The dlrectors are responslble for keeping adequate accounting records that are sufficient to show and explain the company's Iransactlons and disclose with reasonable accuracy al any time the financial position of the company and enable them lo ensure that the financial Statements comply with the 10- VISION ENHANCEMENT SERVICES ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE DIRECTORS AND GOVERNORS FOR THE YEAR ENDED 31 MARCH 2023 Companies Act 2006. They are also responsible for safeguarding the assels of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provision of Informatlon to audltors Each of the persons who are directors al the same Ilme when the Dlreclors, report is approved has confirmed that,. So far as that director is aware. there is relevant audit information of which the Company, auditors are unaware, and That directors have taken all the slep5 that ought to have been taken as a director in order lo be aware of any information needed by the company, auditors in ¢onne¢lion with preparing their report and to establish that the company's Èudilors are aware of that information. Small Gompanles note The direGlors' report has been prepared laklng advantage of the exempllons avallable lo small companies under the Companies Act 2006. ON BEHALF OF THE BOARD LOWRI BARTRUM Company SÈerètary Date: VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES Opinion We have audlled the financ181 statement5 of Vision Enhancement Servi¢es I'lhe ¢harilable oompany'l and ils subsldiary I'the group'l for th8 year ended 31 March 2023 which comprise the Consolidated Statement of Flnanclal Acllvllies, the Charlty Statement of Financial Activities, the Consolidated and Charity Balance Sheet and the Consolidated Cash Flow Slalement and notes lo the flnanclal statements, including significant accounting policies. The flnancial reporting framework that has been applied In their preparation is applicable law and Unlled Kingdom Accounlirbg Standards, includlng Financlal Reportlng Standard 102 Th8 Financial Reporting Standard appllcable In the UK and Republic of Ireland (Urbited Kingdom Gen8rally Accepted Accounting Practlce}. In our oplnion the financial slalemenls.. glve a true and falr view of the stale of the group's and the charilabla company's affairs as al 31 March 2023 and of the group's Income and expenditLJre, for the year then endèd,. have been properly prepared in accordanc8 with United Kingdom Generally Accepted Accounllng Practi¢e,' and have been prepared in accordance with the requirements of the Companies AGI 2006 Basis for opinion We conducted our auéil in aGcordance with International Standards on Audlling (UK) IISAS (UK)) and applicabl6 law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financlal statements section of our report. We are Independent of the group in accordan¢e with the ethical requirements that are relevant lo our audil of the financlal slalemenls In the UK, including the FRC'S Elhl¢al Standard, and we have fulfilled our other ethical re5ponsibilitie5 in accordance with these requlremenls. We believe that the audit evidonce we have oblalned is suffScient and approprlate lo provlde a basls for our opinion. Conclusions rglatlng to golng concern sn auditing the financial $lalemenls, we have conduded that the Iruslees, use of the golng concern basls of accounllng In the preparallon of the flnancial slalemenlsls appropriate. Based on the work we have performed, we have not Idenllfied any malerlal uncertalnties relatlng lo events or condllions that, Individually or Gollecllvely, may cast significant doubl on the charitable company's or the group's abillly lo continue as a going GonceTn for a period of al least twelve months from when the flnanclal statements are aulhorlsed for Issue. Our re5pon5ibililies and the responsibilities of the trustees wllh respect to going conc8rn are descrlbed In the relovanl sections of this report. Other Informatlon The trustees are responsible for the other infomiallon contained withln the annual report. The other Inforrnalion comprises the information included in the annual report, other than the flnancial statements and our auditor's report Ihereon. Our opinion on the flnanclal statements does nol cover the other information and, except lo the extent olherwlse explicllly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, In doing so, consider whether the other Information is materially inconsistent with the flnanclal slalemenls or our knowledge obtained in the audit Qr olh¢rwiso appears lo be materially mlsstaled. If we identify sueh material inconsistencies or apparent material mlsslalements, we are required lo determine whether this gives rise lo a material misslalemenl in the financlal statements themselves. If, based on the work we have performed, we conclude that there is a malerlal misstslement of thls other information, w¢ are required to report that fact. We have nothing lo Trport in this regard. 12- VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES Opinions on other matters proscribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Iruslees, report, which includes the directors. reFK)rt prepared for the purposes of company law, for the financial year for which the f￿nanCIal statements are prepared is consistent with the financial 51alemenls,' and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch wè aro requlred to report by exeeptlon 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 misslalemenls in Ihe directors, report included within the Iruslees, report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate and proper accounting records have not been kept., or the financial slalemenls are nol in agreement with the accounting records and relurn$', or ¢ertain disclosures of Iruslee$' remuneration speclfied by law are not made., or we have not received all the information and explanations we requlre for our audit.. or the Iruslees were not enlilled lo prepare the financial slalemenls in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Iruslees, directors, report and from the requirement lo prepare a strategic report. Re8ponslbllltle8 of tru8te08 As explained more fully in the Iruslees, responsibilities slalemenl sel out on page 10, the Iruslees Iwho are a150 the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such iT)lernal control as the Iruslees determine is necessary to enable the preparation of financial $talemenls that are free from material misslalement, whether due lo fraud or erroT. In preparing the financial slatemenls, the Iruslee5 are responslble for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable. mallers related lo going concern and using th8 going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul lo do so. Audltor's ra8pon81bllltle8 for th• audlt of the flnanclal statements Our objectives are lo obtsin reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misstalemenls can arise from fraud Of error and are considered material if, individually or in the aggregate, they COLJld reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalementS. Delails of the exlenl to which the audit was considered capable of delecling irregularities, Includlng fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our auditor's report. 13- VISION ENHANCEMENT SERVICES INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF VtsION ENHANCEMENT SERVICES Extent to which the audit was consldered capable of detectlng Irregularitles, Includlng fraud Irregularities, including fraud. are instances of non-compliance wlth laws and regulallons. We Identified and assessed the risks of material misslatemenl of the financial statements from irregularities, whether due to fraud or error. and discussed Ihese belween our audit team members. We then designed and performed audit procedures responsive lo those risks, including ablainirng audit evidence sufficient and appropriate lo 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 del8rmination of material amounts and disclosures in the financial stalemenls. The laws and regulations we considered in thi$ ¢onlext were the Companies AGI 2006, the Charities Act 2011 logelh8r wilh the Charities SORP {FRS 1021. We assessed the required compliance with these laws and regulations as part of osjr audit proceéure$ on the related financial statement items. In addition, we considered provisions of other laws and regulallons that do not have a dlrect effect on th& financial Statements bul compliance with which might be fundamonlal lo the charitable company's and the group's ability to operate or lo avoid a material penalty. Vve also considered the opportunllles and incentives that may exist within the charitable company and the group for fraud. The laws and regulallons we considered in this context for the UK operations were those contained within the Charllles Act. Auditlng standards limit the reqLtlred audit procedures lo Identlfy non-compllanc8 wllh these laws and r¢gulalions lo enquiry of the Trustees and other management and In$pe¢llon of regulatory and legal correspondence, if any. We Identified the greatest risk of malerlal Impact on the financlal statements from irregularill8s, including fraud, to be within the Ilming of recognitlon of income and the override of controls by management. Our audll procedure$ lo respond to these rlsks Included enquSrle3 of management about their own Idenliflcallon and ass8s$menl of the rlsks of irregularllies, sample lesllng on the posting of journals, reviewing accounting 8slimales for biases, revlewing regulatory correspondence wlth the Charlty Commission and readirsg minute8 of meelings of those charged wllh governance and sample lesllng on r9venue to supportlng Informallon. Owlng lo the inherent limltallons of an audll, there is an unavoidable risk that w8 may not have detected some materlal mi$slalemenls in the flnanclal slalemenls, even though we have properfy planned and performed our audit in aGcordance with auditing standards. For example, th8 further removed non- compllance wlth laws and regulations lirregularlliesl is from the evonls and Iransactlons reflected In the flnanclal slalemenls, the less likely the inherently limited procedures required by aud51ing standards would idenllfy 51. In additlon, as wlth any audit, there remained a higher risk of non-deleclion of Srregularilie8, as these may Involve collusion, forgery, intentional omissions, misreprgsenlalions, or the override of internal controls. We are not responsibl8 for prgvenling non-compliance and cannot be expected lo delecl non- compllance wlth all laws and regulallon5. 14- WSION ENHANCEMENT SERWCES INDEPENDENT AUDITORS REPORTTO THE MEMBERS AND TRUSTEES OF VISION ENHANCEMENT SERVICES Uso of our report This report is made solely to the charltable ¢ompany'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 slate to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than Ihe charllable company and the charitable company's mambers as a boéy, for our audlt work, for this report, or for the oplniong we have formed. Michael Jayson Senior Slalutory Auditor For and on behalf of Crowe U.K. LLP Sialulory Auditor The Lexicon Mount Stre81 Manchester M2 5NT Dal8'. 6 October 2023 15- VISION ENHANCEMENT SERVICES CONSOLIDATED STATEMENT OF FINANCIAL ACTWMES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Notss Unrestrfcted Funds 2023 Reslrlcted Funds 2023 Total Funds 2023 Total Funds 2022 INCOME Donotlons and legacles 2A 4.345 4,345 275.580 Income from other tradlng actlvltlos Incorne from fundrdising events Vision Support Trading Limited sales 461 3,482,841 461 3,462,841 4,209 2,874,887 Investment Income 2C 14,962 14,962 10,037 Charltable actlvlty 2B 386,805 60,809 447,614 398,453 other income TOTAL INCOME 3 870 793 3,941736 3,576.371 EXPENDITURE Ra181ng lunds Cost ol generaung Vls1on Support Trading Llmitad Salès 2,671,Sq4 2,671,514 2,363.040 Charltable actlvlty 1044 880 1114928 863 774 TOTAL EXPENDITURE 3 716394 3 786 442 3 226 814 Net galnslllosBesl on Investments NET INCOME 106,300 915 107,215 346,600 Transfor b•tw￿n funds 14 OTHER RECOGNISED GAINSI {LOSSESI NET MOVEMENT IN FUNDS 106,300 915 107,215 346,600 Funds as al 1 Aprll 2022 2 547 409 496 2 547 90S 2,201.3D5 FUNDS AS AT 31 MARCH 2023 15 2 653 709 265512D 2.547.905 The charity has no recognised galns or losses other than the results for the year as set out above. All of the activiiles of the chartly are classed a$ con￿nUIng. The notes on p8ges 20 to 35 forni part of these flnancial statements 16- VISION ENHANCEMENT SERVICES CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Notes Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Tolal Funds 2022 INCOME Donatlons and Itg8ci•s 2A 508,966 508,966 661,051 Income from other tradlng a¢tlvltlos Income from fundrdlslng events 461 461 4,209 Inv•stm•nt In¢om• 2C 14,962 14,962 10,037 Charltable actlvlty 2B 386,805 60.809 447,614 396,453 Other Incom• 15,205 TOTAL INCOME 912 573 983 336 1,088.955 EXPENOITURE Charltgbl8 actlvlty 1044 880 1114928 863 774 TOTAL EXPENDITURE 1044 880 1114928 883 774 Not 98ln8111088081 on Investm•nts NET INCOME 1180,4061 91S 1179,4911 220,224 Trwn¥f•r b•twe?n fund8 14 OTHER RECOGNISED GAINSIILOSSESI NET MOVEMENT IN FUNDS 11BO,4061 915 1179,4911 220,224 Funds 38 at l Aprll 2022 1977 073 496 1977 569 1,757 345 FUNDS AS AT 31 MARCH 2023 1796 667 1798 078 1,977 569 The ¢harily has no recognisBd galns or 5085es other than the results for the year as sel out above. All of the activluès of the charity are classed as conunulng. The notes on pages 20 to 35 form part ol these flnanclal slatomonls 17- ¢Dm VISION ENHANCEMENT SERVICES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operating activities 333316 352 867 Nat cash provlded by operatlng aGti¥ities 333,316 358,100 Cash Flows from investing activities Dividends and interest from investments Purchase of properly, plant and equipment Pro¢eed5 from sale of investments Pur¢hase of investments 14.926 10,037} 1156,668) 97,186 182.4461 55,097 250 500 Net ¢a$h provided by investing activitie$ 1126.202) 1293,1191 Chang6 In cash and cash equlvalonts in the year. 207,114 64,981 Cash and cash 8qulvalenls at the btsginnlng of the year Cash and ca8h equlval•nts at thè ènd of th¢ year. NET CASH FLOW FROM OPERATING ACTIVITIE8 2023 2022 Net Incomlng rosour¢88 Investment income Depreciatlon of langlble fixed ass&ts Loss on disposal Decreasellincreasel In debtor8 (In¢rea$e}IdeGrea¥e Irb stock InGrea5e in Gredilor5 Fair value losse5 Ilgainsl on investments 107,215 {14,9621 102,959 1,192 63,850 151,0431 99,938 24,167 346,600 110,0371 73,272 {125,707) 189 53,709 {5,2331 Net Gash providgd by operating activiti08 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 2022 Cash al hand 1,298,582 1,091,448 ANALYSIS OF NET DEBT At l April 2022 Cashflow At 31 March 2023 Cash at bank 129856 19- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES The prSnclpal accounllng pollcles adoplod. ludggmgnls and key sources of 6slimalion uncertalnly in the preparatSon of the financial 3talemenls are as follow8-. Basls of Pr•paration of Financial Statements The financial statements have been prepared In accordance wlth AccL)unllng and R8porting by Charllles.. Statement of ReGommended Pracllce appllcabl¢ to chariues preparlng their aGcounts In accordanca with the FlnaneiBI Reporting Standard applieable in the UK Bnd Republic of Ireland IFRS1021 lJanuary 20221 (Charili&$ SORP IFRS10211, thè Financi81 R8porting Stsndard applicable the UK and Republlc of Irg18nd IFRS10218nd the Compan185 Act 2006. Vision Enhancement Servlce$ meets the definlllon r>f a publ[¢ benefit ¢nllty under FRS102. Assets and liabilitias ar& Initially rècouni$eil at h181ori¢al cost or Iran88cllon vglug unl988 Othgrwise slated In the relevant aocounting pollcy notè. b) Cornpany Informatlon Tho Charity is a Company limilgd by gLt8r8nlèè Iregistèr&d numb$r 035123401 which 18 Incorporated and domicilèd in th8 UK. The address of the rgoSslered offlco Is The Ropeworks, Whlpcord Lane. Chester, CH1 4DZ. Congolldatlon The slalement ol financial aclivlli85 ISOFAI and bBlance sh8at consolldRl8 tha flnknelal stalern8nts of the Charlly and Its $ubsSdiary undertakSng belng Vi$lon Support Tradlng LlmS10d. The results of the 6ubsSdiary are consolldaled on a Iln8 by Ilne b8818 after the ellmlnalion of Intra- group transactions. dl Golng concern The Charlty rell8s on contracts and grants for Income. Should any contracts whlch are up for tend8r over Ihe next year be108t the organisalion would look lo reduce their costs accordingly. Staff dlrectly employed on the contracts would be sublecl lo TUPE leaving management and admlnlstration cosls lo be rèvlewed. In addition the Ch8rlly relies on income received vio gift-ald from Its tradlng Bubsidiary. The Sncome of Ihe trading Company also relles on contracts wlih customers. The Income from th8 Irad1ng subsldlary 16 not rgslricled whlch enables the organisation lo respond flexlbly to any changes of Incorne from other $oureè¥ howgvgr, we do nc¢l 8ub8idl8e 818tulory service8. In the 12 months lo March 3111 2023, Vlslon Support ha5 conllnued lo Ihrlve and gTOW. Delivary 18 mDslly face lo facg howaver, we did lake leaTnlng from the pandemlc and we hsve a hybrld approach to our work lo be8t meet the needs of p80ple with Vi8ion Impairrn8nts. The Charsly's relation8hip wllh funders remain positive and income is slable in addition, the trading company perforrned better than their planned budget consislenlly Ihroughoul the year. Thè Tru¥lg98 have reviewed the forecasts and budgets for th8 forthcoming perlod and are confident thal th8 Charlly is a golno ¢oncem and consider that there are no material uncertainties over it's flnanclal viablllly. Irhcomlng rgsources Incomè is rècogni$8d in the financial Blatem8nls aB follow3.. Grants are recognised in the period for whlch they are awarded. Specific grants and allowances Recognised Sn the pgrlod that the speciflc acllvlly or project is com pleled and matched to corresponding 8xpènditure. Excess income is carried forward to fund the activity in subsequent periods. Donations, legacies, covenants. fundrBising income and olher incorne Recognised when receivable Inveslwnent income Recognlsed In the perlod when recelvable. Gift aid from Irading subsidiary Recognlsed on rocelpt -20- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontinuedl Resources expended All expendllurts is 8CCDunted for on an accrua15 basis and has been classified under headings that aggregate all costs relating to the category. Charitablè expenditure Includes all expenditure incurred on the activities run In Pursuance of the Charity's objects'ves. Govgrn8nce co818 Includes tho88 COSt8 incurred in the governance of the charity and are as8ocialed with constitutional and stalulory requirement5. Support C08ts Central costs incuried In support of charitable activities are apportioned over the appropriate cost centres and charged lo charitable expenditure as support Gosts. Support eo¥l$ are BIIDcaled lo charitable acllvllle8 on the basis of lolal expendltur8. g) Provl¥lons Provlslons ara r8cognlsed when the Bharily has a present legal or con31ruclive obllgatlon 83 result of a past èvÉnl And It Is probxblè that a transfer of economlc benefits that can be r8llably eslimaled will be requlred lo settle thè oblig81ion. h) Tanglbl• Flxèd Assets Tangible fix8d assèts ar8 caplla1Ised al cost to th$ Charity. D8preclallon18 provided al the folkswing annual ra168 In orderlo wrfte off each 88881 over ts 88timal8d u88ful Leasehold kKop Visual ad8 Compuier aqulpment Machinery, tools and equSpThnl Vehtdes Fumiture, flttlngs & offlcg oqulpmenl 2% slraighl1Sne. 2SOh reduclng balance. 25Vo raducing bg1on¢o. 25Qh reduclng balane8fas4A stralght Ilna. 25Qh reducSn9 balance. 25V• r¢dudn9 balance, 250k and 33% $lraSght lin$. Tanglble fixed assetB aro capftallsgd al a cost wherg thalr8cqulsltlon valug Is graatar (han £500. Stocks Stocks are valued al the lower of cosl and nel reallsable value after maklng duo allowance for obsolete and slow moving items. Cosl includes all dlrecl exp8ndltur8 Sn bringlng th8 stock to its condluon and locallon at the balan￿ Sheet date. Cost Is detemiined on a flrst.In, firsl.out basls. Nel rsalisable value Is based on esllmated selllng prtce less any further costs of reallsallon. Investments Inve51menls are staled at rnarkel value al the balance sheet date. The SOFA Includes the net galns and losses artslng on revaluauons and dlsposals Ihroughoul the year. kl Taxatlon As a registered charily, th@ Charily ￿n&fI[S from prop8rty rBtas r811@f 8nd Is exempt from corporauon tax. Penslon5 The Charity operales one pension ￿he￿ne ft)r Ihg bonefil of etnployEe3. Th¢ sshetne is a d¢tned contribution schem& and th& contributions Èrè debited to expenditure in the year to ￿lch they relate. Referlo note 20 for Infom)aUon on Ihls schemes. Operating Lease5 Rentals applicable lo opetatsng leases where sub81anli8lly all the benefi18 arid risks of owner8hip r8main wlth the18&%or are chargèd against profit as incurrèd. 21 VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontinuedl Funds Tha Charity's funds consist of restricled and unre51ricted amounts. The Charity may use unrestricted amounts al Its discretion. Reslricled funds represent income contribution5 which are restrictad to a particular purpose. in accordance wilh the donorfs wishes. Transfers arise between reslricled and Un￿StriCted funds whtrrs fvnds are required from unre81rfcled funds to support aclwitieB U8￿g reslricled lund8. Flnan¢lal Instruments The Group has financlal assets and financial liabilities of a kind that qualify as basicfinancial instrumenis. 88sic FinariGial In81ruments ar8 initially recognised al th8 transaction value and sub89qu8ntly measured at amortisèd cost using an effective inlgrgsl method. Finanoi818ssets are h81d al amortised cost Comprise cash and bank In hand. togèther with trade and other debtors. Finan¢i81 li8bilili85 held 818mortised cost compris& bank loans and OVaTdrafts, trade and other creditors. pl Critical accounting judgament8 arbd 08tlmatlon uncethlnty Estimates andludgèments arè conlinuallyevaluated and arèba8ed on hi8knical experience 8nd otherfaclor8, Includlng eXpeCta￿onS of futurè èvents that are believed lo be r6asonabJe underlhè cir¢umslan¢ès. Thè group makès ésllmale$ 8nd 83sumpllon8 Concernlng the future. The resulting acLounllng e81imateswill, by definilion, seldom aqual tha r818lÈd xtlual retsultg. Thè estimatès and 88gumplions that havè a significant rlskof causlng a matedal 8d]us￿ent lo the carying amounts of 88sels and li8bililies within the next financial year ara addr9$8ed below. In the view of th& Trust88s, no Bssumption8 conc8mlno th8 futura or èsllmalion uncertainty affactlng assèts and liabi15ts.es al the balanc8 sheet dale arts likely to result In a materfal adjustment lo their carylng amount8 In the next flngnclal year. NEfiNCOMEFOR TrEYEAR Net Income forthe year Is sla18d after ch8rglro'. Group 2023 Charlty 2023 2022 2022 Depreclallon on Owngd Assets P6n8ion Costs Directors Emoluments Oporallng lease ren181 èxpènse Dlr$¢lors pension ¢onlrSbullons to oney purBha88 8chemeB 1Q2,959 39,479 165.319 71,142 73,270 34,222 163,010 93,751 19,544 18,124 22.823 15.530 7,500 14,000 2A. DONATIONS AND LEGACIES Group Unr•strlcted 2023 Charfty UnreBtrlcted 2023 Unrestricted 2022 Unreslricled 2022 Donations Grfl 81(5 fr(￿ trading Bubsidiary Legacles 4,345 5.141 4.345 504,621 5.141 385,471 270 439 270 439 -22- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2B. CHARITABLE ACTIVITY Restrlcted Unrestrlded funds Fund6 2023 2023 Total Funds 2023 Group and charity Grants racèiv8bl8 Contract Income reeewable Rehabllltsllon seNlces 60,809 80,809 54,042 332,763 447,614 54.042 332 763 386,805 60,809 Reslrlct&d funds 2022 un￿StrICted Funds 2022 Tol81 Funds 2022 Group and charlty GTanl8 receivable Conlr8cI Income r8ceivable Rehabilitation services 53,533 53,533 54.042 290,878 54,042 290,878 53.533 344,920 398,453 2C. INVESTMENT INCOME Group UnM$trl¢t•d 2023 Charlty Unr•$tTlcl•d 2023 Unr&8lrfcled 2022 Unrestricted 2022 Dlvldend incom& racalvabl• Dèposll Interest recelvable 14,612 9,937 14,612 9,937 -23- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 MARCH 2023 RESOURCES EXPENDED Group Actlvltles undertaken dlrectly 2023 Support cost6 2023 Total 2023 Costs of generating fund5 Cost of gèn6rating Vision Suppc)rt Trading sales 2 671314 2 671514 Charltable actlvlll•$ Communlly s8rvlc8s Rehabilitation sgNIC8S Technology asslstsn¢g Volunteering Access lo work 285,959 449,190 78,465 88,198 62,521 98,209 17.155 19.284 348,480 547,399 95,620 107,482 Group Actlvltles undertaken dir8CtIy 2022 Support cosis 2022 TotBI 2022 Costs of generallng fund6 Co81 of g8neratSng Vlslon Suppori Tradlng 881&8 Charftable actlvllles Communlly 88NIc88 Rèh8bililalion services Technology assi$lan¢e Volunleeftng 306.388 251.362 47,501 108,878 89,323 16,880 415,266 340,688 64,381 442 24- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 RESOURCES EXPENDED Icontlnutdl Charity Activities und•rtakan dirèetly 2023 Support costs 2023 Total 2023 Charltable activitles CoTnmunity sorvices Rahabililalion services Techriology assistance Volunteering Acc888 to work 285,959 449.190 78,465 88.198 62,521 98,209 17,155 19,284 348,480 547,399 95,620 107,482 Charlty Activities undertaken directly 2022 Support costs 2022 Total 2022 Ch#rltable 8ctlvltl8s Community sgNlces Rehabllllalion $8Nic98 Tèchnolo9y aS315tsnce Volunlgerlng 306,388 251,362 47,501 108,878 89,323 16.880 415,266 340,685 64,381 -25- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 SUPPORT COSTS GTOUP 2023 Charlly 2023 2022 2022 Stsff costs Pèrsonn$lllraining costs Property and offieè costs Computer costs Repalrs & malnteTiance Recruitment wsts Bank chargès Depreciation Subscrfpllons L¢gal & profe88ional Advarilslng and promo￿on Insurancg Expense8 97,1eo 3,524 15,865 9,976 4,438 1,983 367 19.544 907 8.056 130,117 2.125 10,415 8,969 4,330 3,479 344 22,823 986 5,883 1,941 6,659 630 6,733 352 4,346 97.160 3,524 15,865 9.976 4,438 1,983 367 19,544 907 8,056 130.117 2,125 10,414 8,969 4.330 3,479 344 22,823 986 5,883 1,941 6,659 630 6,733 352 4,346 575 7,364 625 8.733 306 5,185 7,364 625 8.733 306 5,185 Event and fundralslng co31$ Investment manager fees Non-recoverable VAT 183,805 211,706 183,805 211,706 Governonc¢ costs GOVERNANCE COSTS Group 2023 Charlty 2023 2022 2022 Staff cosly Professional fees CommSllee 8xpen888 5,417 10.527 281 5.091 9,570 5,417 10,527 281 5,091 9570 Audllorfs remunerallon for th& audll of Ihg charfty was £7.32012022'. £6.6551. Qlher fees payablo to the auditors for other services were £1.15512022'. £1.0501 -26- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STAFF COSTS AND THE COST OF KEY MANAGEMENT PERSONNEL Group 2023 Charity 2023 2022 2022 Wages and solarias Social Security Costs Pension Costs SSPISMP reclaimed 2,093,920 133.418 39,479 1,673,183 110,319 34,222 781,202 65,150 18,124 558.078 47.987 15.530 Th8 key manBgamÉnt p8rsonnèl afthe Group eomprisè th8 CEO, thè IntarnAI Opèratlons Man8g8r, the Plannln9 and P¢rforman¢a M8nag8r, the Rehabllitallon S8Th1ces Manager. ihe Hallr)n Operatlons Mana9er. the Cheshlre Operat1ons Manager. and the North Wales Qperallons Manager, and the MD and deputy MD of th& trading subsidiary. Thè total employèè bènèfits of thè kay managèm8nt parsonn81 of the Group ware £443,00612022.' £282,408). Th8 FTE for kay manag8m8nt personnel during the year was 7.612022.. 61. The key mBnagemenl personnel oflhe Charity comprfse Ihe CEO, Ihe Intemal Operallons Manager, tha Planning and Perfomiance Manager, the Rehabilltatlon Services Manager, the Hallon Operations Managgr, the Cheshire Operations Manager, and the North Wales Operatsons Manager. The total employee b8nefils of the key management personnel of the charity wore £268,88412022.' £111.2061. The nurnber of employoos of the group whos8 8molumBnts amounted to more than £80,000 durfng the year was as loll¢)WS'. 2023 2022 £80,001- £70,000 £70,001- £80,000 £80,001- £100,000 The av&rag8 number of peTsons Ilncludln9 Port-tlme stafll employed by the Group was,. 2023 2022 Vl$lon Enhan¢•ment Servl¢ey M8nagement and adrnlnislralion Servl¢g provl8lon 25 19 Vl•lon Support Tr*dlng Llmlt•d INDEMNITY INSURANCE Th• ¢ost tsfindèmnty inswance lo the Group for the yearwa5 £1,421 {2022.- £2,249). TPMTION As # rtgistered ¢h#rity, Vision Enhancement Services is not liable to corporation tsx. -27- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FIXED ASSETS GROUP Long Vlsual m￿hInery* Leasèhold ald$ and too15 and property ¢omputers equipment Motor Furnlture, vehicles fittings and equipment Total Cost Al 1 Aprll 2022 350,550 3.525 36.977 3.735 208,512 120,669 60,825 277,359 27,740 934.223 155.669 Addltlon8 Disp08a18 At 31 March 2023 354 075 312012 1048 722 Depreclatlon Al 1 April 2022 Charge for th& year Oisposal 126,802 19,857 29,627 2,771 174.927 43,897 16,320 2S,488 8,835 236,717 27,599 23,658 593,361 102,959 39.978 Al 31 March 2023 146,459 32,398 202,504 34.323 240,658 es6,342 N•t 8ook Valu• Al 31 March 2023 207 616 8.314 109,508 392 380 Al 31 March 2022 33.585 340 862 CHARITY Long Vlsual Machlneryl Leasehold alds and tools and property Computer equlpment Motor FurnltUT8, vehlcles flttlngs and offlce ¢qulpment Total Co•t Al 1 April 2022 Addllion$ OIspos8ls 298.529 36,977 3,735 8,278 60,825 24,692 429,301 3,735 Al 31 March 2023 298 529 433 038 Deprnclatlon Al 1 April 2022 ChBrg8 for tha yaar DSsposal 101,500 5,971 29,627 2,771 7,985 73 25,488 8.835 17,116 1,894 181,716 19,¥44 Ai 31 March 2023 107,471 32.398 8,058 34.323 19.010 201 260 Net Book Value Al 31 March 2023 191,058 8.314 220 26.502 231,776 At 31 March 2022 197029 7.350 293 247 585 -28. VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FIXED ASSET INVESTMENTS 2023 Fair Value al 1 Aprll 2022 Addltlons Sales Change in cash Revaluation 566,403 82,682 197,1861 23,931 Fair value 9131 MBrch 2023 Falr Value Investments comprisa.. Llsted Inv8Btmonl8 Fixed interest UK equitie5 Inl8m81ional equllie8 124,621 50.099 174.920 Property 31.145 Alternatlv• a880ts 101.605 C88h Group Invo•tmont8 527,731 Inv88tmenl In sub85dlary Charlty Inv•8tm•nts Del8119 of sub8idiary undertakings at 31 March 2023 are glven below Nature of buslne95 Aggregate ProflUll08sl of share for the y•ar capital and reserves Turnover Vlslon SuA)ort Tr8dlng Llmiled Transcrfpllon servlces This sub$idi#ry undertaking is incorporated Sn England and the shaTeholdlng18 100Yo of the ordlnary share capital. -29- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DEBTORS Gr in r8specl tsf amounts owed tr> the scheme at 31 March 2023. 21. CONTROLUNG PART Th8 Group and Chai>ty are controlled by the charftys Board of DirectOfB and Govemors. -33- VISION ENHANCEMENT SERWCES NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 22. FINANCIAL INSTRUMENTS Group 2023 2022 Fin8nci81 assèts rnèasurgd at amortised cost Flnanclal tlabllilles MeaSu￿d at amortised cost Financiol assats con8lSt of cash, trade debtors and Other d8btors Flnancial IlabllSlles ¢onslsl of trade creditors, other crèditors 8nd accruals 23. CONSOLIDATED COMPARATIVE FIGURES BY FUNO TYPE YEAR ENOED 31 MARCH 2022 Notss Unrestricted Funds 2022 Re8trlct8d Fund5 2022 Total Fund5 2022 INCOME Donatlons and l•ga¢l•s 2A 275,580 275,580 Incom8 from othor tradlng actlvltl Income Irom fundraisino èvÈnts Vlslon Support Tradlng Llrnlled s8198 4,209 2,874,887 4,209 2,874,887 Inv••tm8nt Incom• 2C 10.037 10,037 CharSteblo actlvlly 28 344,920 53,533 398,453 othor Income TOTAL INCOME 3 516925 3 678 371 EXPENDITURE Ral6ing funds Cost of generallng Vlslon Support Trading Limited Sales 2,363,040 2,363,040 Ch4rltablo actlvlty 863 774 TOTAL EXPENDITURE 3 162 705 3,226,814 N•t 11088ésygains on investments 4.957 4,957 NET INCOME 349,263 12.8631 348.600 Transfer between fund$ 14 OTHER RECOGNISED GAINSI ILOSSESI 349,263 12.6631 346.800 NET MOVEMENT IN FUNDS 349.263 12.6831 346,600 Funds as at 1 AprS12021 2 198.146 3,159 2,201,305 FUNDS AS AT 31 MARCH 2D22 15 2 547,409 496 2,547.905 -34- VISION ENHANCEMENT SERVICES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CHARITY COMPARATIVE FIGURES BY FUND TYPE YEAR ENDED 31 MARCH 2022 Notes Unrestrictèd Funds 2022 REStrict8d Funds 2022 Totttl Funds 2022 INGOME Donatlon¥ and IFJgacles 2A 661,051 661,051 Income from other tradlng actlvltles Income from funLlr8islng events 4,2D9 4,209 InV￿tMent Income 2C 10,037 10.037 Charitable activity 2B 344.920 53,533 398,4S3 Other Inct)me TOTAL INCOME 1027 509 1088 955 EXPENDITURE Charltsbl• a¢tlvlty 799 665 863 774 TOTAL EXPENDITURE 799 685 863 774 Net I108ses}1galn$ on Invo$tm•nts NET INCOMEIIEXPENDITUREI 222,887 12,fj031 2ZO,224 TranBf•r betw••n fund8 14 OTHER RECOGNISED GAINSIILOSSESI 222,88Y 12,6631 220,224 NET MOVEMENT IN FUNDS Funds as at l Aprll 2021 1754186 1757 345 FUNDS AS AT 31 MARCH 2022 1977 073 498 1977 569 -35-