Companv registrati( number: 36J6957 Charity registration number.. 1102016 Hastings and Rother Voluntary Association for the Blind (A company limited by guarantee) AnnLtai Report and Financial Statements for the Year Ended 31 Marth 2024 Manningtons Chartered AccountanL8 39 High Street Battle F.ast Sussex TN33 OEE
Hastings and Rother Voluntary Association for the Blind Trustees Report The trustees, who are directors for the purposes of company law, present the annual rerKYrt iogeiher with thc tinancial statements of the charithbte compan) for the year ended 31 Marth 2024. Ohjectives gnd activities Objects andulnlg The charity's objective is to provide services and support for visually impaired people living 1th1n ihe area of Hastings and Rother. The Association's principal artiVili& are residents care carried out at Healey House and day care pro15]0 at the John Taplin Ccntre twice a week. We also hold Social and Rehabilitation a1VIlIeS in thc John Taplin uenlre and in Bexhill. We offer advice. information and support the visually impairoj of all a8cs living iii Hasiings and Roiher. The society continues to assess the need for Innovati and continues to seek ts) improve the range and quality ot its services where resources and fiinding allo. The Association employ5 Mrlfare otTicers ivho work out of Heale House. The policy of the organisaticn continues to be to provide high quality. servicos and suppori for visually impaired people living in Hasiin8s and Roiher and to generate revenue from fe. donations. legacies. grants and fundraising in order lo provide these services. The Trustees of the A&sociation meet on a bi monihly basis or more frequently. and oversee the dedicated team of employees and volunteers. The Associalion has tWD shop5: one in Bexhill. the other in Silvcrhill which conlinuc ii'ith the supporl of our WarLhuuse. -1 ugethcr they continuc to pravide an invaluabl¢ sourcc of incomc and our Ilexhill Shup. along with the charily continues provide invaluable gift aid. COVID-19 Following Covid -19 knd the direct impaLt on our nal operaiion. Hvdley House suffered. The Board madc the difticult decision help tiind the home. more than nornially required. l am pleased lo report we are slarling to .%ee our way &head from c.ovid 19 and appear to have increased occupancy. Thankfully we have man&8ed In do this without drawing on any ot the charity reserves. Pagc
Hastings and Rother Voluntary knociydtion for the Blind Trustees Report FinAneiAI review There continues to be a high level of Competition for resideniial care and a demand for more people lo rcmain indep¢ndent in their hom¢8, plus below cost of living incrwdses on fees from social servic¢s funding pu(8 financial pressure on Healey House. Whilst Hastings and Roiher Voluntary A&socialion for the Blind remains stability sound. the Trustees hai'e had to acknowledge larger fijnding needed lo retain the home. The Trustees musi c105ely manage costs aiid Lontinue io improve occupancy levels. The balance sheet remains iiell structured. Pollcy oft reserves The trustets have examined the requirem¢ for free r&serv&s are those unrestricted funds nol invested in fixed asscts. designated for specific purposes or hrwiSe commiited. As ai 31st Mardi 2024 rcstric(eLI lund& totalled £6.152 12023.. £6,152) and unr&stricted funds totalled £1.215,223 12023.. £1.255,281). There Mei'e free resen'es al thc year end of £257.409 (2023: £319.526) repr&seniLyJ by net currffli &ts. With the help of monthlv management accounts, liquidity problcms can be quickly idcntified and ihL appropriate aLtion thkcn. I lowei'er, thc policy of thc charitablc company is to build up rc5erves b) means ()r annual ()pcrating surplu%&% and judici<)us management of our inN'csLmeni a&scts. io ensurc that therc is suifi¢icnt liquidily ai'ailable lo financc Lhe charity's work at all times given any id(lif]ed problems. Even Myth low occupancy ai I lealcy Hous¢ He have not needed to draw on our rtserves. PrlnLipalfunding Jources Whilst the charilal)le MpanY'S largost items af income are from Hcaley House and thc shops. Ihe investments. don4itions, grants and legacics also provide valuable sources of income to help fund ihe ¢hariLy. Investmenlpollry ond objectiv The charitable company continu&s lo try ¢0 strike a balance betwttn (he need for short lerni liquidilS" and10118¢r term groW(h. It is feli Ihat the current assets represen1 by. cash and bank b8lanc&s are Eufficieni io nieet the aswciatioii . forcsccable needs. The investmcnL* rnanag b). ini'esthicnt brokers. W'alker Crips Stockbrc)kers LimiiLxl are designed give a reasonable l¢vel of dividend income LY)mbined with the opportunity for long cem pital gromth. As with the previou5 years, markets remaind uncertain. the rtIo1]0 15 a longer temi investmenl and it is hoped that the Tnarkd conditions continue to improve. Page 3
Hastings and Rother Voluntary Association for the Blind Trustees Report Senior Management Team: P Deigan F Farrier-THryst Structurey governance and man&gement Nrture ofgovernlng documenl Haslings and Rother Voluntary Associaci(m for the Blind is a company limit(yJ by guarantee governed by its Memorandum and Articles of A&s(Kialion. It is register1 as a charity with the Charity Commission. Recruitnt and appoinlmenl of truslees The appjintmeni of truslees, vtho arc also director& 15 governed by the Articl&s of Associalion of the charitable company. The Board of trustees is authoristyj lo app)int new Trustees to fill vawicies arising through resi8nation or death ot an exisiing truste The trustees ol- thc charitable company meet on a bi monthly basis C more frequently if circumstances require. The association actively sceks new truslces. Induction dnd iralnlng oftrustees Trustees are briefed on the or8anisation and strurture. along some background infonnation on the history of the charity. They receive a copy ot lhe brochure and tivo years accounts. Arrungementsfor settlhg managementper.sonnelremuneralion Key management personnel comprises the Chief Executive and the r¢munerati(xJ reflects the responsibilities of the role and is agreed by the Trustecs. Orgdnlsodonalslructure The charity is run by the trustees have apw)inted a Chief ExecutiN'e in overall charge of administration. It is Ihe Chief ExeculiN'c's .job lo keep trustees regularly informed and to in1pleml the trusLees poliLies. The Cruslees hai'e also appointed a Manager al Hcaley House to oversee all aspects of R&SIdenti Car& The ini'estments are niartaged by the stockbrokers and two of the Irustccs. Page 5
Haslings and Rother Voluntary AssociatioD for the Blind Trustees Report Statement of re5ponsibilitle5 (within Trusiees Report) The trustees are r¢sponsible for the mainienance and integrity of the corporate and financial information included oil the charitable company's ivebsiie. Legislation governing the preparati(o] and dissem1nats. of financi statements may differ from legislation in other jurisdictions. The annual report wa5 approved by the tre¢S of the charity on ... .... nd signed on its behalf by: T Novis (Treasurer} Trustee A PatmorL IChaimian} Chairman and tru8lee Page 7
Hastings and Rother Voluntary knociation for the Blind Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditurc Accounl and Statement of Total Recognised Gains and L0C5) Unrestricted Total 2024 General Restrlcted Nott Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 89.674 648.193 134,779 22.853 20.354 110.028 648.193 134,779 22.21i3 Total Income 895.499 915.853 Expenditurt on: Cost5 of trading adivilie5 Staff Costs Investment martagemenl costs Charitable aclivilie5 Governance ¢osts (52,477) (61.899) (6.270) {832,034) (3,044) 152,477) 61.899) 16.2701 1852,3881 (3.0441 (20,354) Total Expcndilure Realised gainllloss) on inv¢s¢ments Unrealised gainlllossl on investments Nel expenditure (955.724) (9.144) 29.311 (20.354) 1976.078) (9.1441 29.311 {40.0581 (40.0581 Net movement in fvnds (40.058) 140.0181 Reconciliation of funds Total funds brought lorward Total funds carried forward 1,255.281 6.152 1.261.433 20 1.215.223 6.152 -221.375 The notes on paga$ 14 to 27 form an integra] part of these financial ststements. Pagc 9
Hastings and Rother Voluntary knociation for the Blind (Registration number: 3636957) Balance Sheet a5 at 31 March 2024 2024 2023 Note Flxed assets Tangible assets Investments 15 16 408.398 555..fj68 420,937 520.970 963.966 941,907 Current assets stocks D¢btors Cash at bank and in hand 17 18 3.824 71.240 231.223 3,606 62,096 291.742 306.287 357,444 Credltors: Amounts falllng due withln one year Net ¢urrent Issets 19 (48.878 (37.918) 257.409 319.526 Net Assets 1.221.375 1.261.433 Funds of the ch*rity: Res¢rlcted ineome funds Restricted 20 6.152 6.152 Unrestrlcted Income funds Unrestrict& 1.215.223 1.255.281 Total funds 20 1.221.375 1.261.433 For the financial year ending 31 Marth 2024 the charity ivas eniiiled to exemption from audit undu section 477 of the Companits Act 2006 relatin8 lo small companies. Directors, responsibiliti£s'. The memixrs havc not requircd the charit). io obiain an audit of its accounts for the year in question in accordance 1th 5eclion 476: and The director5 acknowledge their resFK)nsibilitiC5 for complying with the requircma]ts of tlic Act willi rcspe(C lo accounting records and the preparation of a¢unts. The not&$ on pages 14 to 27 form an integral part of thcse financia] statements. Pagell
Hastings and Rother Voluntary knociation for the Blind Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Nott Cash flows from operating activities Ne¢ cash expenditure 40.058 1111,570 Adjustments to cgsh tlows from non-ca5h items Depreciation InvlMent income (Profit)Ao&8 on di.sposal of invlMents Revaluation ot investrnents 12,539 122.85)) (9.144) (30.442 14,956 116.5251 5.950 104,837 {49.9001 109.218 (89.958) 12.3521 Worklng tapltal adjustments Ilncrease)Idecrease in stcKks (Increase)Ide¢rcase in debtors Increase in crcditors 17 18 19 (218) (9.144} 10.960 106 10.239 9.147 Net cash flows from operatin8 actii'itias 188..360 17.140 Cash floiv5 from investin% activities Intcrost receivablc and similar inwmc Purchasc of tangiblc fixed assds Purchase of investm¢nts Sale of invellmenLs Income from dividends 2.196 390 (7,260) 15 16 1162.703) 161.421 20.657 Net cash flows from investing activities 21.571 16.8671 Cash floivs from financlng activities Ini'estment charges Nel (de¢reaseVincrease in eash and cash equivalents Cath and cash equivalents at l April Cash and cash equivalents at 31 March 6.270 6,414 (60.519) 16.687 291.742 27i,055 231.223 291.742 All ot the cash flows arc derived from continuing operations during the aknve periods. The notes on pag&s 14 to 27 form an integral part of ihesc financial statements. Page 13
Hastings and Rother Voluntary Association for the Blind Notes to the Financial Ststements for the Year Ended 31 March 2024 Judgements In preparing these financial statemenL% managemtht h&s made the folloH'ing judgements: DetcrMInati of wh¢ther there ar¢ indicatixs of lmpairnit of the Charitys tangible assets. Facthr5 taken into consideration in r<aching such decision include the e¢x)nomi¢ l'iability and expected future finaneid performance ot the asset and there it is a comw)ncnl of a largtt cash-generating uniL the viability and eXpeCd fuiure perfoi'mance of that unit. Key sources of estimation uncertainty Tangiblc fixed assets are deprecidted over their useful lives taking into account residual i'alues, M'here appropriate. The actual lives of the assets and residual values arc &s5essed annually and may vary depending on a number ot factors. In re-a&5essing a&set lives. factors such as lechnologial innoi'atim. product life c}'cles and maintei)ance programmcs are takert into accouni. Residual values assessments wnsider issuos such as fjJture market ¢onditions. thc ranaining life ot" the assei and prOJecd disposal valu&8. The carrying amount at the end of the r¢poriing period is £408,398 (2023 - £420,937). The recoverability of Ixok debts are rcviaved by m8nagemeni and a provision is made based on all the information available. Income and endowments All incom¢ is recognised once the charity h3$ entitlement to the income. it is probable that the income will be received and the amount of the income receii'able can be measured reliably. Donailons and legacles Donations arc recognised ithen the charity has been nolifiejj in writing of both the amount and settlement dalL. In the event thai a donation is subject io conditions thai require a level of performance by the Lharity before the chai'ii!. is entitled to the funds, the income is deferred and not recognised until either those conditions are lulls. rnet. or ihL fijlfilment of those eondilions is wholly n(hin the control of the charit). and it is probable that these conditions M'ill be fulfilled in the reporting period. Legacy gifts are recognised on a Lase bv case basis folloiiing the grant of probate then the administratorlexecutor for the estate has communicated in uriting tmith the amounl and settlement date. In the efv'ent that the 8ift is in the forni of an &sset other than cath or a financial a&5et traded on a recognised stock exthang& recogniti IS subject to the value of the gift being reliably measurable Hith a degree of reasonable accuracy and the title to the assd having been transferred to the charity. Grunts receivable Grants are recognised when the charity h&$ an entitleMl to the funds and any ci)nditions linked to the grants hai.'e en mel. Where pertormance conditions are attachd io the grant and are yet to be m¢L the income is recognised as a liability and included on the balance sheet as deferred income to be released. Inveslmentlncome Interest on funds held on deposit is included Mllen receiiTable and the amount c&n Ir measured reliably by the charity. this is nornially urA)n nolification of the interest paid or payable by the bank.DiN'idends are recognised once the dividend has been declared and notification has been received of Ihe dividend due. Pagc 15
Hastings and Rotber Voluntary Association for the Blind Notes lo the Financial Statements for the Year Ended 31 March 2024 Depreciation and morti5atio DcpreciatI( is provided on iangible fixed &&setS SO ds io MTite off the c051 or valuati<, Ics5 any tIMted residual 'alue, over their cxpcclcd useful ecunomic lifc as lollows.. A$set class Fre¢hold property Other buildings Fixtur and fittings Motor vehicles Depreeigtion method and rate 20/0.Straighi line ba.41.8 IOO/o reducing balancc 200/0 reducing lance 25Q/o reducing balance Fixed asset Investments Fixed a&set investment& other than pro8ramme relaied Investmen are includr)J at market value at che balance sheet dak. Realised gains and losses on inv&simenLS are calculated as the difference Ixthyeen sales proceeds aiid their market value at the start of the Yr. or their subsequent cost. and are chargal or credited to the Statement of Financial Activities in the peri¢xl of dispjsal. unrealis gains and losses represen( the movement in market values during the year and are credited or charged to the Statement of Financial A¢(ivitics based on the markd value ai the year end. Stock ii)Lk is valued at the lou'er of C$t and tiMated sellin8 pri¢¢ costs io complct¢ and sell, aft¢r due regard r obsolel¢ and slow moving stocks. C05t is delerniincd using the first-in. firstryoul IFIFO). Trade debtors Trade debt(Irs are amounts due from cuStoMerresidents for merchandise sold or scri'ices performed in the ordinary c()ur.%e of busin. Trade debtor5 are recognised at the transacti(m price. Cash And eAsh equlvlent$ Cash and cash equivalents comprise cash on hand and c1 dcwsits. and ()ther short-tem) highly liquid initestments that are readily convertible to a known amount of cash and are subject to an insignifiLxnt risk of change in value. Trade creditors Trade creditors are obligations to pay for gcds or seThice5 that have been acquird in the ordinary course of sincss from .8uppliers. Trade creditors are recogniscd initially at ihe transaCU price. Page 17
Hastings and Rother Voluntary Association for the Blind Notes lo the Financial Statements for the Year Ended 31 March 2024 5 Income frotn other trading activities Unrestricted funds General Total funds Total 2023 Trading income. Shop income from sale of donated g(xJds and services Local tundraising and stree( lleCtIOn income 124,636 10.143 124.636 10.143 136,968 7.6119 134 779 134 779 144.657 6 Investment Ineome Unrestrltted funds Genernl Total 2024 TotAI 2023 lrtcome from dividends.. Dividcnd% receivable from (her listed ini'csiments Interest receivablc and similar incomc: Inter&st receivable on bank d¢tasits 20.657 20.657 16.13q 2.196 2.196 39n ?2.853 16.525 7 Expenditure on raising funds 8) Cos¢s of tradlng actlvlties Ilnrestricted funds CTeneral Total 2024 Total 2023 Note Costs of goods sold Local fjjndraising and street collection 52.375 102 52.375 102 44.558 39fi 52.477 52,477 44,954 Staff costs £66.461 (2023.. £62.303) Page 19
Hastings and Rotber Voluntary Association for the Blind Notes to the Financial Statements for the Year Ended 31 March 2024 10 Net incomingloutgoing resouret5 Net outgoing rL50urces for the year includ 2024 2023 Profit on disposal of investments Depreciati(x] of fixed assets Independent review fee 19.144) 12.539 3.044 (5.9i0I 13.504 I l Trusttes remuneratlon and expenses No trustees. nor any persons connected with them. have received any remuneratiffi from the charity during the year. No trustees have received any reimbursed expenses or any other benetits from the charity during the }'ear. 12 St4ff costs Th¢ ag8regatc payroll costs were as follows: 2024 2023 SIAff costs during ¢he year were: Wa8es and salaries including employers natial insuranLY Pension costs - employee and cmployer costs 593.193 26.227 500.307 23,470 619.420 5?3.777 Page21
Hastings aDd Rother Voluntary A&sociation for the Blind Notes lo the Financial Statements for the Year Ended 31 March 2024 15 Tanglble flxed assets L4nd aDd building5 Furniture and equipment Motor vebicle5 Total Cost Ai l April 2023 464.077 207.887 173.385 84i.349 At 31 Marth 2024 464.077 207.887 173.385 845.349 D¢preciatio At l April 2023 Charge for theyear 76.283 5.155 189.8A5 3.609 158.284 3,775 424.412 12,539 At 31 March 2024 81.438 193.454 162.059 436.951 Net book value A¢ 31 March 2024 382,639 11.326 408.398 At 31 Marth 2023 i87.794 18.042 15.101 420.937 Includcd '1th1N the nei tM)ok value of land and buildings 8lxJi'e is £361.879 (2023 - £367,577) in respecl of freehold land and buildings and £20,760 (2023 - £25,6.30) in res1 of other buildin. 16 Filed asset investments 2024 2023 Other investments 555 568 520 970 Page 23
Hastings and Rother Voluntary Association for the Blind Notes to the Financial Statements for the Year Ended 31 March 2024 20 Funds Oiher recognlsed galnslllosses B412nce at 31 March 2024 Balance at I April 2023 Incoming resources Resources expendtd Unrtytricted funds Generol UnrtrICted fvnds .255.281 915.853 (976,078) 20,167 1.215.223 Restricled funds R¢stricted fund 6.152 6.152 Total funds .261.433 915.853 1976.078 20,167 1.221.375 Other retognised gainslllosses> Balanfe at 31 Mareh 2023 Balance At I April 2022 Ineomlkng resourees Rtsourees expended Unrestrlcted funds General Ilnrestrictcd funds .366.851 927,488 (928,271) (110,7871 -255,281 Re5tric¢ed Restricted fund 6,li2 35.423 135.423 6.152 Total thnds ,373 003 1.261.433 Page 25
Hastings and Rotber Voluntary A&sociation for the Blind Notes to the Financial Statements for the Year Ended 31 March 2024 22 Related party transactions During the year the charity madc thc following related party transacti{s. Thirtle Harvey Thirtle Harvey madc a donation to Hastings & Rother Voluntary A&sociation for the Blind during the year of £40,000. (202).. £20,000) The majority of the truslecs of Thirtle HaTrey Memorial Home are also Trst for Hastings & Rother Voluntary Association for the Rlind.) At the balance sheet date the amount due t(rffrom Thirtle Harvev w&$ £Nil (2023 - £Nil). 23 Analysis of net funds At l April 2023 Financing cash flows At 31 March 2024 Cash at bank and in hand 291.742 160.519) 2 J1,2?3 Net debt 291.742 {60:519) 2_?1.223 At l April 2022 Financing cash flows At 31 March 2023 Cash at bank and in hand 275.055 16.687 291.74? Net debt 275.055 16.687 291.742 Page 27