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2021-03-31-accounts

Linking local sight loss charities

Financial Statements For the year ended 31 March 2021

Charity Number: 1135360 Company Registration Number: 07185372 OSCR Registration Number: SC044163

1

Reference and Administrative Details of the Charity, Its Trustees and Advisors

The trustees, who are also the directors for the purposes of company law, present their annual report and the financial statements of the charitable company for the year ended 31 March 2021.

Registered charity name Visionary – linking local sight loss charities
Registered charity no. 1135360
OSCR charity no. SC044163
Company registration no. 07185372
Registered office First Floor,
3 Queen Square,
London,
WC1N 3AR
President Lord Low of Dalston, CBE
Visionary Trustee Board
Owen Williams (Chair)
Michael Conroy (Vice Chair)
Stuart Clayton
Arwyn Jones
Graham Findlay
Phillippa Crowther
Martin Sandeman (retired November 2020)
Miriam Wright (retired November 2020)
Neville Broadbent (retired November 2020)

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Reference and Administrative Details of the Charity, Trustees and Advisors (continued)

Finance Committee

Owen Williams Fiona Sandford Stuart Clayton (appointed December 2020) Philippa Crowther (appointed December 2020) Neville Broadbent (retired November 2020) Miriam Wright (retired November 2020) Company Secretary Fiona Sandford (appointed September 2020) Martin Sandeman (resigned September 2020)

Senior Management Team Chief Executive Officer Fiona Sandford

Knowledge, Research & Compliance Lead

Andrew Haynes

Partnership and Innovation Lead

Sarah Halliwell

Communications and Events Lead

Amy Pearman (appointed January 2021) Strategic Projects Lead Sarah Cosby (appointed February 2020 – resigned December 2020)

Bankers

National Westminster Cathedral Square Peterborough PE1 1XH

Auditors

Myers Clark Chartered Accountants, Egale 1, 80 St Albans Road, Watford WD17 1DL

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Objectives and Activities

Visionary’s charitable objects are “to promote the relief of persons who are blind or visually impaired”. The trustees have paid due regard to the Charity Commission guidance on public benefit. The trustees are confident that Visionary’s aims and activities are in accordance with the regulations on public benefit.

Our Vision is for a world in which people living with sight loss can access the services they need at a local level where and when they need them.

Our Mission is to empower local sight loss organisations to be the best that they can be.

Our Business Plan is based on our three strategic priorities:

• Connect

Visionary is a connector to facilitate and encourage positive change and sharing of good practice across the sight loss sector.

• Develop

Visionary develops knowledge and creates opportunities in order that member organisations can enhance their organisational health.

• Share

Visionary shares information, ideas and opportunities between members and partners.

Five principles underpin how we work:

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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The Visionary Promise:

The Visionary Promise sets out how we work and how we expect our partners to work with us and each other. We hope that by sharing our promise with members, we will:

Visionary promises our members that we will…

We make a promise to members that our behaviour will reflect our values :

How we achieve our objectives:

Visionary achieves its objectives by supporting local sight loss charities that deliver direct support to people with sight loss and enabling those charities to deliver their services more effectively by connecting, developing and sharing. Visionary also works closely with our partners (sight loss organisations with a UK wide remit) to connect local and national organisations, develop opportunities and share information. Local sight loss charities are members of Visionary and their nominated representatives attend Annual General Meetings.

Part of the commitment to being the voice of a UK wide movement of local charities is to play a lead role in national networks such as the Visual Impairment Charity Sector Partnership. Visionary is the voice of local organisations and is a key influencer in delivering the shared sector workstreams.

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Achievement and Performance

Visionary are incredibly proud of everything we have achieved during the financial year ending March 2021.

This has been an extremely challenging year for everyone due to COVID-19. Within weeks of the pandemic, we moved our offering to an online platform and as a result we have reached further and wider than ever before.

“ This has been one of the most challenging years we have all faced and as a sight loss charity, which provides social care, those challenges have been significant. We couldn’t have done it without Visionary; they have provided practical, legal and emotional support. Staff and volunteers from across the charity have attended their sessions and sought direct support and guidance. Visionary is not just the team of staff, but the network they bring together, without them there is no doubt the sector and the people we support wouldn’t be as strong as we are today .”

Lisa Cowley, Beacon Vision

Feedback from our members has been overwhelmingly positive, has consistently reinforced the value of our offer and has highlighted the difference we are making. Fundamental to our success has been our Connect, Develop and Share strategy, which has enabled us to proactively respond to the needs of members.

Delivery via our online platform enabled us to increase our reach and connect with members in a way that was not previously possible. We have significantly increased engagement with leaders, employees, trustees and volunteers from member and partner organisations.

As a result of our work, members and partners have shared information, connected with each other and developed their services. Relationships have flourished both across the membership and with our national partners and as a result, we are now starting to see real change. Our members and partners are at the heart of everything we do – and together we work to improve the lives of blind and partially sighted people.

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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We have had phenomenal success in delivering our services online. The sessions have been varied, engaging and predominantly member led. Since April 2020, we have delivered 54 learn and develop sessions and covered the following themes:

We have also established 9 regular and active peer support groups. All groups have been well attended with a core of regular attendees. Four of the groups are now member led.

Country and Regional meetings have been taking place regularly throughout the year. The meetings provide an opportunity to share information and network. Members value the opportunity to share information with each other and with Visionary. Regional leads attend our member consultative group which meets quarterly. Information is shared through these networks and helps to shape our priorities.

We have formally established the Members and Partners Consultative Group (MPCG) made up of our MCG reps as well as leads from UK wide sight loss organisations including RNIB, Guide Dogs, TPT, Blind Veterans UK, Retina UK, Glaucoma UK and Macular Society. This group

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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meets quarterly providing an opportunity for relevant and meaningful collaboration.

Visionary Conference 2020: Connect, Develop, Share

Our first online conference was a great success, with excellent feedback which is now informing our 2021 conference ‘Rainbows, Disruptions and Transformations’.

We delivered a varied and exciting online conference programme which included:

Our conference achieved the following:

Communicating with members

We increased the frequency of our email briefing early in April 2020 to ensure that members, partners and other interested parties received relevant and up to date support, knowledge and advice promptly in their inboxes.

As a result:

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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We are in the early stages of redesigning the Visionary Website. We aim to create a “go to” resource for our members which provides a reliable, up to date and relevant source of information, advice, support, good practice service toolkit, and templates. In the meantime, we continue to use the briefing to direct readers to the resources available on the current site.

We have created a Visionary profile on LinkedIn. As we now start to embed this platform, we aim to create opportunities and links to benefit our members.

We increased our Twitter presence for Visionary with over 2,100 tweets this

year, 5,564 engagements and 514 retweets.

We worked with Glaucoma UK to offer our first Twitter Takeover on 8 March 2021, which was at the start of their World Glaucoma week. Glaucoma UK reported:

“ I’ve just been going through reporting for the week, and thanks in no small part to you, it looks like our best week on Twitter ever .” Collaborating with national partners

Over the last year, Visionary have been instrumental in developing a more cohesive and collaborative approach to the delivery of sight loss services. In response to the pandemic, national partners have worked together to ensure blind and partially sighted people have access to the information, advice and resources they need.

The outcomes of this approach have been far reaching with the development of national workstreams where Visionary has active involvement:

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Strategic input

Visionary has actively contributed to the following strategic work:

Finally …

Visionary led on the development of a community sight loss charter. The charter was developed in consultation with members and has gained widespread support from local and national organisations. This overarching document details a positive ethos and spirit of collaboration that will make a difference to how organisations work together and demonstrate a cohesive approach to stakeholders and service users.

“ I just wanted to say thank you for all the support Visionary has given to members this year. The workshops, webinars and meetings have been amazing and I've learned such a lot and met some really amazing people .” Emma Lucas – Service Manager at My Sights Notts

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Financial Review

Overall, the Charity generated a deficit of (£36,872) in the financial year ended 31 March 2021 with income of £341,068 and expenditure of £377,940

Visionary's purpose, as agreed with its members, is to support them in their development and service delivery, connect them with each other and with national partners, and promote a strong collective influence on their behalf.

Visionary has benefitted local organisations during the year by applying charitable funds to the following activities:

Reserves Policy

Our policy is to hold reserves of a minimum of three months committed running costs. The Thomas Pocklington Trust donated £60k to supplement our reserves in January 2020 and this is held in our restricted funds. Reserves held at March 2021 were just under five months.

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Plans for the Future and Achieving our Priorities

The world has changed due to COVID-19. Visionary has created opportunity from this global catastrophe and we are now reaching more people than we ever did.

Looking forward to 2021/22, we will continue to focus our activities in line with our three key strategic priorities: Connect, Develop and Share.

We hope to be able to return to some elements of face-to-face delivery, however we have realised that for our members, virtual platforms are more cost effective and easier to access. Therefore, we intend to continue this method of delivery to our members.

Structure, Governance and Management

The legal and administrative information set out on pages 2 and 3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Charities SORP (FRS 102).

Visionary - linking local sight loss charities (Visionary) is a charitable company limited by guarantee. It was formed from the National Association of Local Societies for Visually Impaired people (NALSVI) when the membership voted, in December 2009, to change the name to Visionary and for this new entity to become incorporated. Visionary was formally registered as a charity on 10 March 2010.

Full membership of Visionary is open to voluntary organisations that operate at a local level and comply with the criteria of membership. In addition, there is a partnership category for UK wide sight loss organisations that form part of the network.

Visionary’s trustee board (the board) is responsible for managing the business of Visionary as outlined in the articles of association.

Visionary trustees are recruited from Visionary members and external sources where a distinct skill benefit will be gained by directorship. Elections are held annually with full members voting in person at the AGM or by proxy. The board deals with trustee recruitment and interviews for new board members in between AGMs. In this case, trustees must stand down at the next AGM and submit themselves for

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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election by members. Trustees are appointed for periods of three years and rotated in accordance with the terms of the memorandum and articles of association. After a three-year period, trustees may stand for a further term. The Chair and Vice-Chair are elected each year by the board.

Visionary is managed by not less than three trustees who form the board and who are directors of the company; they meet no less than quarterly. As at 31 March 2021, there were 6 trustees, 2 of whom bring their personal experience of sight loss to the board, in addition to their other skills. Business planning and risk management processes are undertaken at board level.

The Finance Committee reports to the Board. This committee provides independent advice and assurance on risk, control and finance matters. The Finance Committee is made up of no less than two trustees (including the Chair) and the CEO.

Trustees undergo full induction regarding the Visionary objectives and local charity environment. They are encouraged to take an interest in a particular aspect of the work of the charity. Trustees give of their time freely and do not receive any remuneration in relation to their roles (other than reimbursement of their expenses).

The CEO is responsible for Visionary's day to day operations and the leadership of the organisation and is supported by the other members of the Visionary team. The CEO is further supported by the trustees and the Members Consultative Group which is made up of regional representatives from local sight loss charities who regularly meet with the Visionary team, informing them of the needs, aspirations and views of members in their regions.

The trustees have established systems of internal controls with the CEO which are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Statement of Trustees’ Responsibilities

The trustees (who are also directors of Visionary - linking local sight loss charities for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The laws applicable to charities in England and Wales and Scotland requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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In so far as the Trustees are aware:

• the Trustees have taken all steps that they ought to have taken, in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Signed by order of the trustees on 11 October 2021

Michael Conroy – Interim Chairperson

Registered office: First Floor, 3 Queen Square, London, WC1N 3AR

Company Registration Number: 07185372

Trustees Annual Report (incorporating the Directors’ Report) For the year ended 31 March 2021

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Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

Opinion

We have audited the financial statements of Visionary (the ‘charitable company’) for the period ended 31 March 2021 which comprise the statement of financial activities, balance sheet, cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

● Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended

● Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

● Have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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Responsibilities of the trustees

As explained more fully in the Statement of Responsibilities of the Trustees set out on pages 14-15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities,

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included Employment law.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Paul Windmill FCA

Senior Statutory Auditor

Date: 27 October 2021

Myers Clark

Egale 1, 80 St Albans Road

Watford

Hertfordshire WD17 1DL

Independent Auditor`s Report to the Trustees of Visionarylinking local sight loss charities

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Statement of Financial Activities (Incorporating the Income and Expenditure Account)

Note
Income and
endowments
Donations and legacies
2
Income from charitable
activities
3
Other Trading Activities
4
Total Income
Expenditure
Charitable Activities
5
Total Expenditure
Net income/expenditure for the
year
Reconciliation of funds
Funds brought forward		 2021
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
293,338
20,000
313,338
1,210
1,400
2,610
25,120
-
25,120
319,668
21,400
341,068
(356,540)
(21,400) (377,940)
(356,540)
(21,400) (377,940)
(36,872)
-
(36,872)
105,544
60,000
165,544
Funds carried forward 68,672
60,000
128,672

Statement of Financial Activities for the year ended 31 March 2021

23

Statement of Financial Activities (incorporating the income and expenditure account) – Prior Year

Note
Income and endowments
Donations and legacies
2
Income from charitable
activities
3
Other Trading Activities
4
Total Income
Expenditure
Charitable Activities
5
Total Expenditure
Net income/expenditure for
the year
Reconciliation of
funds
Funds brought forward		 2020
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
388,906
60,000
448,906
52,053
34,182
86,235
28,089
-
28,089
469,048
94,182
563,230
(402,700)
(34,642) (437,342)
(402,700)
(34,642) (437,342)
66,348
59,540
125,888
39,196
460
39,656
Funds carried forward 105,544
60,000
165,544

Statement of Financial Activities for the year ended 31 March 2021

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----- Start of picture text -----
Balance Sheet
Note 2021 2020
£ £
Current Assets
Debtors 10 10,331 17,464
Cash at bank 143,436 162,947
Total current assets 153,767 180,411
Creditors: Amounts due within one year 11 (25,095) (14,867)
(25,095) (14,867)
Net Current Assets/ Net Assets 128,672 165,544
Funds of Charity 12
Restricted income funds 60,000 60,000
Unrestricted funds 68,672 105,544
128,672 165,544
----- End of picture text -----

Trustees’ responsibilities:

Balance Sheet for the year ended 31 March 2021

25

These financial statements were approved by the board of trustees and authorised for issue on the 11 October 2021 and are signed on their behalf

by:

Michael Conroy

Registered office:

First Floor,

3 Queen Square,

London,

WC1N 3AR

Company Registration Number: 07185372

Balance Sheet for the year ended 31 March 2021

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Cash Flow Statement 2021
2020
£
£
(36,872)
125,888
7,133
43,722
10,228
(52,030)
Cash flows from operating activities
Net income / (expenditure)
Adjustments for:
Loss on disposal of tangible fixed assets
Movement in debtors
Movement in creditors due within less than
one year
Net cash provided / (used) in operating
activities
Cash and cash equivalents
At 1 April 2020
At 31 March 2021
Cash and cash equivalents
Cash at bank
(19,511)
117,580
162,947
45,367
143,436
162,947
143,436
162,947

Cash Flow Statement for the year ended 31 March 2021

27

General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales as a charity (1135360) and company (07185372). The address of the registered office is First Floor, 3 Queen Square, London, WC1N 3AR. The charity also has a charity registration in Scotland (SC044163)

Statement of compliance

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005, as well as applicable charity and company law.

1. Accounting Policies

Basis of accounting

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis as, after making enquiries, the Trustees have reasonable assurance that the Charity has adequate resources to continue in operational existence for the foreseeable future. As explained in note 14 the charity is heavily reliant on the continued support of the Thomas Pocklington Trust. A funding agreement is in place for three years from January 2020.

Notes to the Financial Statements for the year ended 31 March 2021

28

Judgements and key sources of estimation uncertainty

The preparation of the financial statements may require management to make judgements, estimates and assumptions that affect the amounts reported.

The estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No material estimates or judgements were made during the year.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Income

Voluntary income including donations, gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement. This includes capital grants.

Incoming resources from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Income is

Notes to the Financial Statements for the year ended 31 March 2021

29

deferred when the amounts received are in advance of the performance of the service or event to which they relate.

Donations received in kind and not in cash are brought into the statement of financial activities at a value which the trustees consider would represent the cost to the charity if these items were purchased. The income is accounted for under donations and the appropriate expenditure under resources expended.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is classified under headings of the statement of financial activities to which it relates.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Other expenditure includes all expenditure that is neither related to raising funds nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Netting off of income and expenditure

It is not the policy of the charity to show incoming resources net of expenditure

Notes to the Financial Statements for the year ended 31 March 2021

30

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.

Transfers from restricted to unrestricted funds are made when the expending of the funds has fulfilled the terms of the restriction. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. Donations and Legacies

Donations
Donations
Pocklington Trust
Inspiring Impact Grant
Grants Receivables
Pocklington Trust
Grant
Total		 Unrestricted Restricted 2020/21
2019/20
Funds
Funds
Total
Total
£
£
£
£
362
-
362
1,031
29,969
-
29,969
279,125

263,007
20,000
283,007
168,750
293,338
20,000
313,338
448,906

Staff members, including the CEO, were seconded from Pocklington Trust until December 2019. The value of this donation in kind was established and included as income, with the corresponding cost included in expenditure.

Notes to the Financial Statements for the year ended 31 March 2021

31

3. Income from charitable activities

Conference income
Shared Purchasing
Total		 Unrestricted Restricted 2020/21
2019/20
Funds
Funds
Total
Total
£
£
£
£
(162)
1,400
1,238
84,401
1,372
-
1,372
1,834
1,210
1,400
2,610
86,235

£1,400 (Guide Dogs £1,000 & Wilberforce £400).

4. Other trading activities

National membership
fees
Other membership
fees
Total		 Unrestricted Restricted 2020/21
2019/20
Funds
Funds
Total
Total
£
£
£
£
13,750
-
13,750
18,062
11,370
-
11,370
10,027
25,120
-
25,120
28,089

Notes to the Financial Statements for the year ended 31 March 2021

32

5. Cost of charitable activities by fund

Year ended 31 March 2021
Information and co-ordination
Support costs
Total
Year ended 31 March 2020
Information and co-ordination
Support costs
Total		 Unrestricted
Restricted
Total
Funds
Funds
£
£
£
309,705
21,400
331,105
46,835
-
46,835
356,540
21,400
377,940
335,143
34,642
369,785
67,557
-
67,557
402,700
34,642
437,342

6. Costs of charitable activities by activity type

Year ended 31 March 2021
Information and co-
ordination
Total
Year ended 31 March 2020
Information and co-
ordination
Total		 Direct
CostsGrants
Support
Costs
Total
£
£
£
£
311,105
20,000
46,835
377,940
311,105
20,000
46,835
377,940
369,785
-
67,557
437,342
369,769
-
67,557
437,342

Notes to the Financial Statements for the year ended 31 March 2021

33

7. Analysis of Support Costs

. Analysis of Support Costs
General office costs
Governance costs
Management Charge		 2020/21
2019/20
£
£
9,523
10,897
7,343
8,993
29,969
47,667
46,835
67,557

The Donation in Kind from Pocklington Trust includes administrative and overhead services to Visionary, such as recruitment training and office costs. These have been valued and the in-kind expenditure included as support costs.

8. Governance costs

External auditors fees<br>Trustees expenses
Other		 2020/21
2019/20
£
£
5,400
6,540
99
2,033
1,844
2,453
7,343
11,026

Notes to the Financial Statements for the year ended 31 March 2021

34

9. Staff Costs

Gross salaries
Employer`s National Insurance
Employer's Pension Contribution
Health Insurance
Total Staff Costs
Seconded from Thomas Pocklington Trust		 2020/21
2019/20
£
£
227,076
216,261
21,174
21,599
10,441
10,423
932
629
259,623
248,912
-
201,245

Headcount Headcount The average number of staff during the 5.1 6 year was:

The number of employees whose annual remuneration (excluding pension) was £60,000 or more were:

pension) was £60,000 or more were:
Band 2020/21 2019/20
£70,000 to £79,999 1 -
£80,000 to £89,999 - -

Included within staff cost is remuneration to key management personnel amounting to Total remuneration £83,550 £78,742

Fiona Sandford replaced Alison Oliver as CEO in July 2019. The remuneration for key management personnel shows the total CEO cost for the year.

Until December 2019 staff were seconded from Pocklington Trust and provided to Visionary as a gift in kind. Staff were transferred from Pocklington Trust to Visionary in January 2020. The above costs include the gift in kind and the costs incurred directly by Visionary.

Notes to the Financial Statements for the year ended 31 March 2021

35

10. Debtors

Debtors
Prepayments and accrued income
Total debtors
1. Creditors
Creditors
Accruals and deferred income
Total creditors		 2020/21
2019/120
£
£
211
10,224
10,120
7,240
10,331
17,464
2020/21
2019/20
£
£
9,740
9,303
15,355
5,564
25,095
14,867

11. Creditors

Notes to the Financial Statements for the year ended 31 March 2021

36

12.1a Funds of the Charity - Current year

Restricted funds
Bayer Conference
Sponsorship
Novartis Conference
Sponsorship
RNIB Conference Sponsorship
Guide Dogs Conference
Sponsorship
Wilberforce
Russell Cook (conference
award)
Vision Support Conference
Sponsorship
Blind Veterans (conference
award)
Thomas Pocklington Trust
Conference Sponsorship
Pocklington Trust
Eyeware project
EVS Project
Unrestricted Funds
Total
Total Funds		 At 1 April
2020
Income
Expenditure
At 31
March
2021
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000
(1,000)
-
-
400
(400)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,000
-
-
60,000
-
-
-
-
-
20,000
(20,000)
-
60,000
21,400
(21,400)
60,000
105,544
319,668
(356,540)
68,672
105,544
319,668
(356,540)
68,672
165,544
341,068
(377,940) 128,672

Notes to the Financial Statements for the year ended 31 March 2021

37

12.1b Analysis of net Assets by Fund – Current year

Cash at bank
Debtors
Creditors:Amounts due within
one year
Net assets		 Restricted Unrestricted
Total
£
£
£
60,000
83,436
143,436
-
10,331
10,331
-
(25,095)
(25,095)
60,000
68,672
128,672

Notes to the Financial Statements for the year ended 31 March 2021

38

12.2a Funds of the Charity - Prior year

Restricted funds
Bayer Conference
Sponsorship
Novartis Conference
Sponsorship
RNIB Conference Sponsorship
Guide Dogs Conference
Sponsorship
Russell Cook (conference
award)
Vision Support Conference
Sponsorship
Blind Veterans (conference
award)
Thomas Pocklington Trust
Conference Sponsorship
Pocklington Trust
Eyeware project
Unrestricted Funds
Total
Total Funds		 At 1 April
2019
Income
Expenditure
At 31
March
2020
£
£
£
£
-
12,000
(12,000)
-
-
10,182
(10,182)
-
-
5,000
(5,000)
-
-
5,000
(5,000)
-
-
500
(500)
-
-
500
(500)
-
-
500
(500)
-
-
500
(500)
-
-
60,000
-
60,000
460
-
(460)
-
460
94,182
(34,642)
60,000
39,196
469,048
(402,700) 105,544
39,196
469,048
(402,700) 105,544
39,656
563,230
(437,342) 165,544

Notes to the Financial Statements for the year ended 31 March 2021

39

12.2b Analysis of net Assets by Fund - Prior year

Cash at bank
Debtors
Creditors:Amounts due within one
year		 Restricted
Unrestricted
Total
£
£
£
60,000
102,947
162,947
-
17,464
17,464
-
(14,867)
(14,867)
60,000
105,544
165,544

Notes to the Financial Statements for the year ended 31 March 2021

40

13. Trustee remuneration and expenses

No ( 2020:21) trustees received reimbursement for travel expenses ( 2019:20 £2,033) to attend Board meetings. However 1 trustee attended a legal governance and risk management course (£99).

14. Related Party Transactions

Pocklington Trust is a related party as it has significant influence over the charity. Graham Findlay, a trustee of the Visionary Board of Trustees is also a trustee of Pocklington Trust. Miriam Wright, a trustee of the Visionary Board is also the CEO of Vision Support. Phillipa Crowther, a trustee of the Visionary Board is also the CEO of Wilberforce. Stuart Clayton, a trustee of the Visionary Board is also the CEO of Galloways. Pocklington Trust provides 87% (2019:80%) of Visionary`s income. Until December 2019 most of this was provided by way of donated services which are also included as income and cost in kind in Visionary's accounts this amounted to £29,969 in the year to March 2021 (2019: £279,125). In January 2020 this was replaced by a three year funding agreement. The funding for April to March 2021 is £263,007 to be used to pay for staff, related costs and overheads . The amounts donated by Pocklington Trust comprise:

2020/21 2019/20
Pocklington Grants 263,007 168,750
Development and Innovation fund
Gross salaries, NIC & Pensions 0 201,245
Management charge 29,969 47,667
Other staff costs 0 30,212
Conference award 500
EVS (Pocklington/RNIB) 15,000
Total 307,976 448,375

Notes to the Financial Statements for the year ended 31 March 2021

41

15. Contractual Commitments

At the year end Visionary was in the process of updating its website and had entered into a contract with a website developer. Completion of the website is anticipated to be completed in 2021/22 upon which a final fee of £3,745 would be contractually payable.

End of Document

Notes to the Financial Statements for the year ended 31 March 2021

42