Registered number." 03818652 Charity number: 1078504 1411012024 15.'41 Sight Support Worthing Ltd (formerly Worthing Society for the Blind) (A company limited by guarantee) Unaudited Trustees. report and financial statemen For the year ended 31 March 2024
120 41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Contents Page Reference and administrative details of the company, its Trustees and advisers Trustees, report Independent examiner's report statement of financial activities 10-11 12 Balance sheet 13-14 Notes to the financial statements 15-32
12 41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Reference and administrative details of the company, its Trustees and advisers For the year ended 31 March 2024 Trustees Mr N Clarke Mrs C C Ward {Chairl Mrs D Darters (resigned 19 February 20241 Mr Adil Siganporia Miss A Blackman (appointed 3 October 20231 Miss K O'Haire (appointed 16 October 20231 Miss L J TL(nbridge-Adams (appointed 1 November 2023) Company registered number 03818652 Charity registered number 1078504 Registered office 48 Rowlands Road Worthing West Sussex BN113JT General Manager Sonia Baker Accountants Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex P020 7AJ Page 1
12 41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Trustees, report For the year ended 31 March 2024 LEGAL AND ADMINISTRATIVE INFORMATION Constitution Sight Support Worthing is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Company Number 3818652., Charity Number 1078504. The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. New Trustees are recruited, interviewed and co-opted by the current Board of Trustees prior to a formal vote by members at an AGM. In accordance with the Articles of Association there is a time limit for Trustees to serve at which point they may be nominated (by the Board or members) for re-election at an AGM. Decision making is undertaken - and formally minuted - by Trustees at regular (currently monthly} Board meetings. Trustees and Directors The Trustees serving throughout the period of this report Mrs C Ward appointed as Chair by Bo Mr N Clarke appointed November 20rt Mrs D Darters Mr Adil Siganporia formally elected in Oct. Mrs A Blackman formally electegin.O ober 2023 Mrs L Tunbridge-Adams formally elect6d in er 2023 Mrs K O'Haire Co-opted Novethb 023 Mrs J Alwright Co-opted Februarf2024 ebruary 2023 ,stood down January 2024 statutory Information The Chairperson and Trustees present their Annual Report and unaudited financial statements for the year to 31 March 2024. The legal and administrative information forms part of this report. The financial statements comply with all current statutory requirements, including.. the Society Memorandum and Articles of Association, Statement of Recommended Practice- Accounting and Reporting by charities (SORP 2019), Charity Commission Leaflets CC14 and CC19,' and the Companies Act 2006. Page 2
41 Sight Support Wvorthing Ltd (A company limited by guarantee) DRAF Trustees. report (continued) For the year ended 31 March 2024 Aims of the Charity The aims of the charity are to support visually impaired people to achieve independence and wellbeing in their daily lives, particularly but not solely, where there is no other support available through locallcentral government or other charitable or public organisations, through.. a range of accessible social activities., providing one-to-one assistive technology support and advice on equipment., offering services to enhance mental wellbeing working with the public, private and other third sector organisations to provide referral pathways general advice and assistance on a variety of issues related to living with vision impairment. support with all manner of appointments medical and others, wherever they may be and wherever possible. The overall aim is to be adaptable and relevant to the needs of our individual Members, insofar as we can. A key factor is involving or seeking feedback from members in decisions about them. We are mindful of the different needs of those at different stages of sight loss. Our services are built on open communication and trust between the Charity's staff, volunteers and members. While we are based in Worthing, we are available to anyon logistics allow, we in¢lude members in any location. ho can access our services. Where resources and We have where necessary recruited staff and volunteerg while remaining conscious of maintaining our face-'_fag.e improve upon the range and quality of our services, esence and familiar relationship with our members. Additionally, we are delivering indirect support,-by.eXP_anding our training workshops to external businesses and organisations. These workshops challenge pércgptiohÈ and builds awareness which helps remove barriers to equity and inclusion for visually impaired le of all ages. Some of our recent activities have challe erceptions and encouraged our members to experience activities that were previously inaccessible or out of their comfort zone, for example. Flying with Aerobility, driving the Brands Hatch Circuit. cycling on a specific designed track, ten pin bowling, shooting, climbing and axe throwing to name a few. Funding was secured for historical walks around the area of Worthing allowing members to learn and feel more connected to Worthing and its history. Funding was secured for a cookery course for people to learn or relearn cookery skills and try accessible kitchen equipment. The Charity has improved and continues to enhance the data collection process enabling reporting and statistics to be more readily available. Page 3
DRAF Sight Support Worthing Ltd IA company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Financial Report This financial year's income comprised of dividend income from investments, drawdown funds from the sale of investments and legacy receipts. Sight Support Worthing continues to receive a grant from the national lottery. For many years the day-to-day costs of running the charity, supporting the members, and maintaining the centre in Rowlands Road have been covered by the dividend payments received from the charity's investment portfolios, under the management of Investec Wealth and Investment. Post COVID the cost base of the charity has changed greatly resulting in staffing, administrative and HQ expenses doubling in line with expectations. Following recent changes made to the articles of association for the charity, Sight Support Worthing now reaches a wider audience. This change has been managed in Sine with the charity's objectives and the board's expectations. Since the start of the 'Technical Support, service to the charity's users, a couple of years ago, the service users have greatly benefitted. The service encompasses all aspects of IT help, including the demonstration of the wide range of aids available to assist the visually impaired. The number of users requesting this service has grown exponentially and is growing still further and helping the charity's name and reputation reach a wider audience. Last year saw the introduction of a counselling service to furt continues to be funded by a grant from the national lottery. r support the visually impaired. This service Sight Support Worthing have recently taken on a fundra-is we look fOard to raising the profile of the charity 9till,l.u In a full-time role to work with the marketing team as This yearfs income and expenditure account aleficit for those reasons mentioned above. financially sound. The financial statement confirms that th The overall net funds of the charity at the end were £3,076,21412022. £3,212,480). Page 4
. 1411012024 1&"41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Trustees, report (continued) For the year ended 31 March 2024 Investments and Reserves Policy The Trustees, policy regarding the charity's investments continues to seek a balance beleen investments to generate income for the immediate {on-going} needs and to provide funds for contingencies and capital projects. The investment portfolios are managed on behalf of the charity by Investec Wealth and Investment. The charity's Trustees receive regular reports from the Investec Investment Manager who normally attends at least one Board meeting during the year to give a personal report. However, in the period of this report a full formal document was discussed via a video-link. The Trustees are fully satisfied that Investec are providing a reliable and effective service. At this stage, given that the Trustees have not made any financial commitments to specific and significant future project expenditure, the Board is not designating any of the charity's financial resources as "restricted" in the full Accounts. The Board of Trustees have examined the charity's requirements for reserves considering the main risks to the organisation. It has established a policy whereby those funds not invested in tangible fixed assets should be between 6 months to one year of expenditure. The target is £200,000 to £400,000 in general funds. The reserves are there to enable the charity to maintain current and ever-increasing activities and allow for any significant drop in income. The charity has more recently stgrtKd moving towards offering technology and equipment along with support, such as phones, tablets, ecific ¥pvices to the members. This has necessitated taking on new staff members and the resulting increasé-'to_ &udgeted expenditure. It is felt that this area of sight support will. in the future, require much more emphasis by yay of funding. To achieve that position, the Board has set an Objective to establish a strategy for raisi nds, initially directed to support specific projects. The Board has to also consider the financial Impact-wi h regard to the maintenance of the premises, ensuring that all matters regarding fire risk, health.afid sate_ty not only with the premises but the charity's minibus and car are continually assessed in accordance pecific respective requirement. The Board has also considered the importance of continually updating all areas of training associated to health & safety, risk assessments for all manner of activities or events. This involves all SSW employees, volunteers, and any third parties who may become associated with the members of the charity for any specific activity whether internal or external to the charity's headquarters. Training in such areas is equally important for any external activities our members may become involved in. Both unrestricted and endowment funds are structured that approximately 75,/0 of the underlying investment is in the form of equities. SSW have regular contact with Investec, the wealth management fund, who administer the funds to ensure control is exercised. Page 5
.. 1411012024. 15:41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Trustees. report (continued For the year ended 31 March 2024 Trustees Responsibilities in Respect of Financial Statements The Trustees (who are also Directors for the purposes of Company law) are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and UK Accounting Standards and ultimately are fully accountable for all aspects of the Charity's operations and finance. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial standinglperformance of the charitable company and of the incoming resources and application of resources including the income and expenditure for the year. In preparing these statements the Trustees are required to.. Select suitable accounting policies and apply them consistently ObseNe the methods and principles in the charities SORP Make judgments that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on a 'going concern, basis unless it is inappropriate to assume the charity will continue in business The Trustees are responsible for keeping adequate accounlrfq records that disclose, with reasonable accuracy at any point in time, the financial position of the charity egablin)'.Ihem to ensure that the financial statements comply with the Companies Act 2006 and applicable la. Twe TrL15tees are also responsible for safeguarding the assets of the charity and hence for taking reasonab stèps for the prevention and detection of fraud and any other irregularities. Trustees Actions To maintain the Trustees ability to moniEr the rities frnancial performance throughout the year, the Trustees have oontinued their programme of montFlly fylancial reports that provide a detailed summary of income and expenses. This enables a regular review to be undertaken by the Trustees whereby any unexpected fluctuations in the anticipated income or expenses can be readily identified and where necessary, specific actions can be instigated to address any matters of concern. Page 6
1411.012024 DRAF Sight Support Worthing Ltd (A company limited by guarantee) Trustees, report (continued) For the year ended 31 March 2024 Board of Trustees Future Business Objectives and Initiatives Our Pur ose Is to promote and improve the independence and wellbeing of visually impaired people. Our Mission Our mission is to enhance the lives of our service users by providing accessible activities., promoting inclusivity, understanding and acceptance in the community, and advocating the rights of people with vision impairments to live independent and fulfilling lives. We will always aim to be a warm, welcoming Charity with a local vibe, who really get to know our members and their supporting networks. In add ition, we will whenever and wherever possible work in collaboration with others to bring about social change for the local Vl community, and will support any visually impaired person who contacts SSW for assistance, regardless of their location. SSWS Ke Ob ectives 1. Continue to improve our communications with Mem maintain their well-being. 2. Further extend the range of services SSW provi.d,o.s tolelp the Vl community fully exploit the use of technology.. 3. Continue the "well-being" and counsellingfetsic o provide support where needed. This service started in the latter part of 2022 and has proven tobeAY much needed service with great success. To date it is funded by a Heritage Lottery Fundingorant'foi which a further application will be submitted during 2024. 4. To further extend our collaborative Work w th other charities and organisations. Whereby SSW continue to create relationships with other seNice> re appropriately researching all avenues of assistance for the visually impaired. 5. Find additional avenues for'advertising" the services that SSW offers the Visually impaired people of all ages so as many as possible can benefit from what we have to offer. 6. Develop a plan for raising funds, perhaps initially for specific SSW projects whilst considering the potential benefits of a more specific role being created. 7. Review and seek sponsors that have interest in and for more specific activities. 8. Further encourage all staff to embrace training programmes which will benefit them in their roles within the team of SSW employees. 9. To review and seek suitable and willing public persons to become an 'Ambassadorf for the Charity- rsto vide whatever support is needed in order to Page 7
1411012024 15:41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Trustees, report Icontinued) For the year ended 31 March 2024 Management Organisation and Infrastructure Staff The day-to-day responsibility of running the charity, providing the wide range of services to its members and ensuring the maintenance of the Centre in Rowlands Road is the responsibility of the staff who are funded by the Charity. The Executive Manager reports to the Board and attends every Board Meeting. In addition, to ensure an open level of communication, invited to attend pre-scheduled meetings to brief the Board on their progress and issues associated with their main roles or a specific exercise they have been tasked with. The Executive Manager, Assistant Manager and all Staff hold weekly team briefings and summarised reports are forwarded to Trustees. Alternatively, and on request there may be additional managerial reports issued ahead of any Board meeting to enable more specific queries to be raised if necessary. The Board would like to record their continued and most sincere thanks to all the staff for their collective enthusiasm and initiatives in developing and implementing ways of delivering the Board's Objectives which have sometimes taken them out of their comfort zone. The Board would also like it noted that it had extreme pleasure in recognizing one staff member's 30 years of service on 30th January 2024. Volunteers The charity continues to be hugely dependant on its volunwers who provide important input across many activities that are in place to support members no matterWherever those activities may take place. It would be impossible to sustain the current levels of service wi t their commitment and enthusiasm. Thank you. Board of trustees The Charity is managed by a Board of ste who are responsible for setting out the overall strategy and aims of the Charity. The Board meets every mohyl" and receives Reports from the salaried SSW Executive Manager and staff members. setting out progress, issues and a summary of expenditure. It is intended that the Executive Manager attends wherever possible every Board Meeting. The aim is to ensure transparency, openness and trust across all those who have a responsibility for supporting the Charity's Members. The Executive Manager, and Assistsnl Manager are always willing to answer any queries raised by the Trustees and discuss matters with the Chairperson who reports back to the Board. There is a detailed Staff Handbook and a separate set of Policy documents covering all areas of the Charities responsibilities. Some of those Policies relate to volunteers and to Members to ensure that everyone understands their roles and responsibilities. An Induction and Training pack is in place for volunteers (including Trustees) which covers specifi¢, practical training for working with the visually impaired. The SSW Board is ultimately responsible for setting levels of staff pay and the Board has an Annual Review process to determine appropriate levels of pay increases. The Charity's Finanoes are reviewed at every Board Meeting, at which the levels of income and expenditure are reviewed Any unexpected fluctuations are discussed and reviewed to determine whether or not there is an underlying issue that needs to be addressed. Any potential risks or issues relating to future plans are reviewed at those Meetings and any necessary action is discussed, approved, implemented and monitorèd. Regarding the longer-term, there are no known factors likely to affect the Charity's future financial position nor its ability to deliver the agreed Objectives. As al the end of this report period 31 st March 2024 the Board is made up of seven Trustees including one co- opted member of Sight Support Worthing. Page 8
Sight Support Worthing Ltd (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Small Companies Exemption The report of the Trustees and Directors has been prepared taking advantage of the small companies, exemption in Section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mrs C Ward (Chair of Trustees) Date. Page 9
. 1411012024. 15:41 Sight Support Worthing Ltd (A company limited by guarantee DRAF statement of financial activities (incorporating income and expenditure account For the year ended 31 March 2024 Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities 28,484 11,695 11,558 72,680 89,880 118,364 11,695 11,558 82,784 73,914 9,912 6,593 116,956 Other trading activities Investments 10,104 Total income and endowments 124,417 89,880 10,104 224,401 207,375 Expenditure on.. Raising funds Charitable activities 16,979 407,984 1,297 18,276 487,040 10,992 407,574 79,05.P Total expenditure 424,963 IT9,P56 1,297 505,316 418,566 Net (expenditure)lincom e before net gainsl(losses) on investments 13 546 10,824 8,807 1280,915) 1211.191} Net gainslllossesl on investments Net {expenditure}lincom 162,891 118,242) 144,649 {223,7671 (137,655) 10,824 (9.435) (136,2661 {434,958) Transfers between funds 16 10,104 (10,104) Net moveTnent in funds (127,551> 10,824 (19,5391 (136,266) (434,958) Reconciliation of funds: Total funds brought forward Net movement in funds 2,711,187 (127,551) 25,961 10,824 475,332 119,539) 3,212,480 {136,266) 3,647,438 1434,9581 Total funds carried forward 2,583,636 36,785 455,793 3,076,214 3,212,480 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 15 to 32 form part of these financial statements. Page12
141.19.12024 . DRAF Sight Support Worthing Ltd (A company limited by guarantee) Registered number.. 03818652 Balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 519,641 2,423,548 531,047 2,253 930 13 2,943,189 2,784,977 Current assets Stocks Debtors Cash at bank and in hand 648 4,097 16,131 429,509 14 14,452 134,981 150,081 449,737 Creditors.. amounts falling due within one year 15 qS6) {22,234) Net current assets 133,025 427,503 Total net assets 3,076,214 3,212,480 Charity funds Endowment funds Restricted funds Unrestricted funds 16 455.793 36,785 2,583.636 475,332 25,961 2,711,187 16 16 Total funds 3,076,214 3,212,480 Page13
S:41 Sight Support Worthing Ltd (A company limited by guarantee) Registered number: 03818652 Balance sheet (continued) As at 31 March 2024 The company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: (Chair of Trustees} Date.. The notes on pages 15 to 32 form part of these fin 'eial stbtements. Page 14
.1411¢12024., DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Companies Act 2006. Sight Support Worthing Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Company status The company is a private company, limited by guarantee, incorporated in England & Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. 1.3 Going concern At the time of approving the financial statetff charity has adequate resources to Con[W1n? the trustees continue to adopt the statements. the trustees have a reasonable expectation that the erational existence for the foreseeable future. Thus cern basis of accounting in preparing the financial 1.4 Income All income is recognised once e company has entitlement to the income, it 15 probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either. the company is aware that probate has been granted, the estate has been finalised and notification has been made by the execulorlsl to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page15
Sight Support Worthing Ltd IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accounting policies Icontinuedl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include general overheads of the day centre (which includes the head once). Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are support costs and costs relating to the g activities. ts incurred on the company's operations, including ce of the company apportioned to charitable ern 1.6 Government grants Government grants relating to tangib16 f¢X d assets are treated as deferred income and released to the Statement of financial acti'vities kover the expected useful lives of the assets concerned. Other grants are credited to the Sta'temeht of financial activities as the related expenditure is incurred. 1.7 Tangible fixed assets and dep eciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives an the following bases.. Freehold property Motor vehicles Fixtures and fittings Computer equipment 75 years straight line 25 % straight line 25Q/o Straight line 33.30/0 Straight line Page16
1411912014, DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accounting policies (continued) 1.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of financial activities. 1.9 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company., this is normally upon notification of the in.terest paid or payable by the Bank. 1.10 Stocks Stocks are valued at the lower of ¢ost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes a direct costs and an appropriate proportion of fixed and variable overheads. 1.11 Debtors Trade and other debtors are recogniseN Prepayments are valued at the am settlement amount after any trade discount offered. aid net of any trade discounts due. 1.12 Cash at bank and In hand Cash at bank and in hand incltié of three months or less from the cash and short term highly liquid investments with a short maturity ate of acquisition or opening of the deposit or similar account. 1.13 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably, Liabilities are recognised at the amount that the comparsy anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 1.14 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.15 Pensions The company operates a defined contribution pension scheme and the pension charge represent5 the amounts payable by the company to the fund in respect of the year. Page 17
,,1411012024.. DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accounting policies (continued) 1.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The endowment fund was set up with the purpose of the income to be used for the day to day running costs of the charity. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations 6,969 8,332 9,007 4,176 6,969 8,332 98,887 4,176 Legacies Grants Government grants 89,880 28,484 89,880 118,364 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations Legacies Grants 5,893 16,885 3,898 5,893 16,885 51,136 47,238 26,676 47,238 73,914 Government grants were received in the prior year in relation to the Coronavirus Job Retention Scheme. Page18
Sight Support Worthing Ltd (A company limited by guaranteel Notes to the financial statements For the year ended 31 March 2024 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Costs recovered 11,695 11,695 Unrestricted funds 2023 Total funds 2023 Costs recovered 9,912 9,912 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Fundraising income 6,410 6,410 Unrestricted funds 2023 Total funds 2023 Fundraising income 2,125 2,125 Page19
.1411012 DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Income from other trading activities (continued) Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Resource room sales 5,148 5,148 Unrestricted funds 2023 Total funds 2023 Resource room sales 4,468 4,468 Investment income Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Listed investments Interest receivable 72,202 478 10,104 82,306 478 72,680 10,104 82,784 Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Rental income 200 200 116,551 205 Listed investments Interest receivable 103,546 205 13,005 103,951 13,005 116,956 Page 20
DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Stock expense 7,838 7,838 other trading expenses Unrestricted funds 2024 Total funds 2024 Resource room 263 263 other trading expenses (continuetl Unrestricted funds 2023 Total funds 2023 Resource room 670 670 Page 21
1411012024.. DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Investment management costs Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Investment management fees 8,878 1,297 10,175 Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Investment management fees 8,540 1.782 10,322 Page 22
.. 1411Q12024. , DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Day Centre Rowlands Road 407,536 17,231 62,273 469,809 17,231 424,767 62,273 487,040 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Day Centre Rowlands Road 324,749 21,146 61,679 386,428 21,146 345,895 61,679 407.574 Page 23
1,411012.Q.14: DRAF Sight Support Worthing Ltd IA company limited by guarantee Notes to the financial statements For the year ended 31 March 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Rowlands Road 2024 Total funds 2024 Day Centre 2024 Staff costs Activities 347,238 3,066 134 347,238 3,066 134 Insurance Gardening Light and heat Rates 178 178 6,757 222 6,757 222 Cleaning Repairs and maintenance Accounting fees Postage, printing, stationery and telephone Other expenses Computer costs Security 5,908 5,908 12,355 5,628 6,840 30,661 5,078 702 12,355 5,628 6,840 27,197 5,078 3,464 702 407,536 17,231 424,767 Rowlands Road 2023 Total funds 2023 Day Centre 2023 staff costs Activities Insurance 255,968 2,390 4,988 255,968 2,390 4,988 71 Gardening Light and heat Rates Cleaning Repairs and maintenance Accounting fees Postage, printing, stationary and telephone Other expenses Computer costs Security 71 6,586 222 6,586 222 4,534 4,534 22,202 6,236 6.095 27,379 3,834 5,390 22,202 6,236 6,095 23,036 3,834 4.343 5,390 324,749 21,148 345,895 Page 24
1411012024. 15:41 Sight Support Worthing Ltd (A company limited by guarantee DRAF Notes to the financial statements For the year ended 31 March 2024 Analysis of expenditure by activities (continued) Analysis of direct costs (continued Analysis of support costs Total funds 2024 Day Centre 2024 Depreciation Repairs and maintenance Postage, printing, stationary and telephone Other expenses Advertising Computer costs {Gain}/Loss on disposal of fixed assets Governance costs 11,858 668 11,858 668 81 81 29,229 10,421 8,589 (2,0831 3,510 29,229 10,421 8,589 (2,083> 3,510 62,273 62,273 Total funds 2023 Day Centre 2023 Depreciation Repairs and maintenance Postage, printing, stationary and telephone Other expenses Advertising Computer costs Governance costs 14,505 494 14,505 494 336 336 20,673 9,117 12.954 3,600 20,673 9,117 12,954 3,600 61,679 61,679 Page 25
..1411.012024. 45.4 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Notes to the financial statements For the year ended 31 March 2024 Independent examiner's remuneration 2024 2023 Fees payable to the company's independent examiner l auditor for the independent examination l audit of the company's annual accounts Fees payable to the company's independent examiner l auditor in respect 3,180 3,600 Accounting services 2,100 1,200 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension sch 315,569 23,569 8,100 234,308 15,794 5,866 347,238 255,968 The average number of persons e b'ykne company during the year was as follows.. 2024 No. 2023 No. Total 12 No employee received remuneration amounting to more than £60,000 in either year. The total remuneration paid to key management personnel was £43,032 (2023 - £42,071). 11. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits12023 - £NILI. During the year ended 31 March 2024, expenses totalling £568 were reimbursed or paid directly to 1 Trustee {2023 - £1,088}. The expenses were incurred towards project running costs. Page 26
1411012024 DRAF Sight Support Worthing Ltd (A company limited by guaranteel Notes to the financial statements For the year ended 31 March 2024 12. Tangible fixed assets Freehold property Motor Fixtures and vehicles fittings Computer equipment Total Cost or valuation At 1 April 2023 Additions 567,528 97,218 39,552 3,137 (10,336} 10,386 232 714,684 3,369 115,336) Disposals (5,000) At 31 March 2024 567,528 92,218 32,353 10,618 702,717 Depreciation At 1 April 2023 Charge for the year On disposals 54,475 4,540 94,301 31,989 3,817 (10,336) 2,872 3,501 183,637 11,858 (12,4191 42))83) At 31 March 2024 59,015 2,218 25,470 6,373 183,076 Net book value At 31 March 2024 508, 6,883 4,245 519,641 At 31 March 2023 513,053 2,917 7,563 7,514 531,047 Page 27
1411012024 DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 13. Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Additions 2,253,930 1,897,343 (1,872,374) 144,649 Disposals Revaluations At 31 March 2024 2,423,548 Net book value At 31 March 2024 2,423,548 At 31 March 2023 2,253,930 14. Debtors 2024 2023 Due within one year Trade debtors 150 14,302 Prepayments and accrued income 16,131 14,452 16,131 15. Creditors: Amounts falling due within one year 2024 2023 Trade creditors other taxation and social security Accruals and deferred income 3,471 8,305 5,280 10,652 6.782 4,800 17,056 22,234 Page 28
15:41 Sight Support Worthing Ltd IA company limited by guarantee) DRAF Notes to the financial statements For the year ended 31 March 2024 16. Ststement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 2,711,187 124,417 1424,9631 10,104 162,891 2,583,636 Endowment funds Endowment Fund 475,332 10,104 (1,297) {10,104 (18,2421 455,793 Restricted funds Wellbeing National Lottery Steyne gardens - Rampion Wellbeing walks - Tesco 23,367 174,935) 28,812 2,253 (2,052) 201 341 (341) Albert Hall Trust Children's Counselling Community Safety Fund - Scam Awareness 4,000 4,000 3,500 1738} 2,762 Sussex Community Foundation 2,000 19901 1,010 25,961 89,880 (79,0561 36,785 Total of funds 3,212,480 224,401 (505,3161 144.649 3,076,214 Page 29
. 1411012024. f5:41 Sight Support Worthing Ltd (A company limited by guarantee) DRAF Notes to the financial statements For the year ended 31 March 2024 16. Statement of funds (continued) The endowment fund was previously set up on receipt of £350,000 from the Brighton and Worthing Charitable Trust for the Elderly. The income from the fund will be used to off-set the Society's day to day running costs as specified by the Society as part of the Trust winding up agreement. Restricted Funds Wellbeing national Lottery - for counselling and wellbeing services. To pay for 2 salaries and associated infrastructure. Steyne gardens Rampion - for the Steyne Gardens project in Worthing town centre. For plants, gardening equipment and supplies. Wellbeing Walks Tesco - This paid for transportation to enable seNice users to participate in 12 leisure walks to support their health and wellbeing. Community Safety Fund - Scam Awareness - Grant issued by the Police and Crime Commissioner to deliver crime prevention and community safety initiatives. Our grant was to provide scam awareness workshops to our vulnearable clients. Albert Hall Trust Children's Counselling - To com counselling for under 18-year-olds. ment r existing counselling service by providing Sussex Community Foundation They providèd Irant for a course of cooking lessons for people with visual impairments using accessible ki eq¥ipment. Page 30
.1411012024... DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 16. Statement of funds (continued) statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Gainsl {Lossesl Income Expenditure Unrestricted funds General Funds 3,127,491 147,132 (395,5071 13,005 (180,9341 2,711,187 Endowment funds Endowment Fund 519,947 13,005 {1.782) 113,005} {42,8331 475,332 Restricted funds Wellbeing National Lottery Steyne gardens - Rampion Wellbeing walks Tesco 119,323) 23,367 ,548 11,295) 2,253 1,000 {6591 341 47,238 121,2771 25,961 Total of funds 3,647,438 207,375 (418,566} (223.7671 3,212,480 Page 31
,. 141.1012024. . DRAF Sight Support Worthing Ltd (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 519,641 1,967,755 113,296 117,056) 519,641 2,423,548 150,081 (17,056) 455,793 Current assets Creditors due within one year 36,785 Total 2,583,636 36,785 455,793 3,076,214 Analysis of net assets between funds - prior peri stric funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets 531,047 1,778,598 423,776 122,234) 531,047 2,253,930 449,737 122,234) 475,332 25,961 Creditors due within one year Total 2,711,187 25,961 475,332 3,212,480 18. Related party transactions There were no related paty transactions in the year that require disclosure under SORP 2019 (FRS 102}. 19. Pension commitments The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,100 {2023 £5,866). Contributions totalling £1,602 (2023 - £1,201) were payable to the fund al the balance sheet date and are included in creditors. Page 32