VASD The Voluntary A$soclaNon loi Suffoy Dlsobled Umlted VASD making your life easier THE VOLUNTARY ASSOCIATION FOR SURREY DISABLED LTD Financial Statements For the year ended 31 March 2021 CHARITY NO. 1143985 COMPANY REGISTRATION NO. 07759768 ststutory Report Accounts- Year Ended 31 Mar¢h 2021
VASD The Voluntary Assoclatlon tor Surrey Dlsabled Llmlled LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2021 BOARD OF TRUSTEES QUEEN ELIzABH's FOUNDATION FOR DISABLED PEOPLE made up of: MOIRA BOWE GORDON BOWSER ALICE COLLINS MICHAEL CONNAUGTON TIMOTHY JASON DAVIES JOHN DENNING PETER GORDON {signed 31 May 20211 ABIGAIL PRICE LYNN SCOTCHER (resigned 10 Dember 20201 ELIZABETH SHARP DIREcfoRS MOIRA BOWIE GORDON BOWSER (appointed 15 June 2021) TIMOTHY JASON DAVEES PETER GORDON Iresigned 31 May 2021) CHIEF EXECUTIVE KAREN DEACON COMPANY SECRFfARY PHILIP KIRK REGISTERED OFFICE LEATHERHEAD COURT WOODLANDS ROAD LEATHERHEAD SURREY KT22 OBN BANKERS NATIONAL WESTMINSTER BANK PLC WIMBLEDON BRANCH 16 WIMBLEDON HILL ROAD LONDON SW19 7ZD INDEPENDENT AUDITORS MOORE KINGSTON SMITH LLP DEVONSHIRE HOUSE 60 GOSWELL ROAD LONDON ECIM 7AD StabJtory Report and Accounts- year ended 31 March 20."EL
VASD The Volvnlary Assocl(rtion for Suffoy Dlsabled Llmlted CONTENTS Trustees Report page 4 Main Activities page 5 structure, Governance and Management page 5 Financial Review page 7 Statement of Trustees, Responsibilities page 8 Independent Auditors, Report to the Members of The Voluntary Association for Surrey Disabled Limited page 10 Balance Sheet page 16 Statement of Financial Activities page 17 Notes to the Financial Statements page 18 stsbJtory Report Jnd Accounts- ye¥r ended 31 MJrch 2021
VASD The Voluntary A$$oclalSon for Surrey Dl$abled Llmlled TRUSTEES REPORT The Trustees are pleased to present their Report and Financial Statements for the year ended 31st March 2021. The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in July 2014. The report and statements also comply with the Companies Act 2006. The Voluntary Association for Surrey Disabled (VASD) is a wholly owned subsidiary of Queen Elizabeth's Foundation for Disabled People (QEF). Objects of the Charity The object of the charity is to promote independence by providing high quality services to disabled people with low to moderate needs in Surrey. Vision and Strategic Direction VASD provides a friendly and informative service with advice on, along with the sale and hire, of a wide range of products for disabled people ranging from walking aids and wheelchairs to innovative tools to help with personal care and tasks around the home. VASD also lends equipment to people who have a temporary need. Impatted by theThe COVID- 19 Covid pandemic enforce necessitated the d closure of the site at Leatherhead Court, where VASD was located, and the operation of providing advice and products has beenwas relocated to the QEF Mobility Centre at Carshalton. Public Benefit We have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning our future attivities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. st?wthry ReportJnd Accounts- YeJr Ee1 31 MJrth 2021
VASD The Voluntary A$$ocl(thon for Surrey Dlsabled Umlled MAIN ACTIVITIES During the financial year, the services provided by The Voluntary Association for Surrey Disabled Limited (VASD) were severely impacted by the COVID pandemic, with the service being closed to all public facing actions from 23rd March 2020. VASD Ltd helped 10 people with the long-term hire of scooters throughout the year. Holiday Homes The holiday home at Elmer Sands was closed between March and July 2020 due to national restrictions imposed as a result of the pandemic. With the further ongoing uncertainty of local and national lockdowns during the year, the property was only occupied for 12 weeks throughout the year with a total of 28 people staying at the property. During the enforced lockdowns, VASD was able to receive payments from the available government grants. The canal boat (QEF Jubilee) was sold in May 2020 with no bookings taken prior to the sale. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure VASD is a company limited by guarantee and is governed by a Memorandum and Articles of Association. The charity is administered by the Trustees of QEF who delegate day-to-day management responsibilities to the Chief Executive and Senior Management Team of QEF and the Manager of VASD. QEF is a national charity supporting people with physical and learning disabilities or acquired brain injuries, to gain new skills and increase independence. QEF is the 'parent' charity, with VASD operating as a member of the QEF family of charities. Reference in this report to the 'Trustees' means the QEF Board of Trustees. Trustees Trustees are elected by Members of QEF or co-opted by the Trustees, based on how their skill set and experience can benefit QEF and further improve the knowledge of the Board. A formal recruitment Statutory Report aThJ Accwnts- year ended 31 March 2021
VASD The Voluntary Assoclotlon for Surrèy Dlsobled Llmtted and selection process is agreed by the Board in advance of all appointments and is in line with best practice guidance. As stated in the Memorandum and Articles of Association, one third (or the number nearest one third) of the Trustees must retire at each AGM, those longest in office retiring first and the choice between any equal service being made by drawing lots. A retiring Trustee who is eligible may be re-elected. If at the date of the AGM a Trustee has held office for nine consecutive years, since first election, they may not be re-eletted, except in exceptional circumstance of there being no other person eligible to be a Trustee and acceptable to the Members as such. Risk Management The Trustees have identified the risks faced by the charityi in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate its exposure to these risks. Key Risks include: Risk How this is being mitigated? COVID19 pandemic and resulting lockdowns will impact operations and income The trustees will continue to utilise all available government support including the Coronavirus Job Retention Scheme to protect income during the pandemic. The situation will be regularly reviewed and action taken to mitigate losses while ensuring safety of staff. The service has been relocated to the EF Mobilit Centre at Carshalton ststutory RepDrt and AcEounts- year ended 31 Mgrch 2021
VASD The Volunlury As$oclatlon for Surrey Dlsabled Llmlled FINANCIAL REVIEW Income and Expenditure VASD broke-even in the year ended 31 March 2021, compared with a £46k deficit as reported in 2020. Although the business was closed for large parts of the year, income was £55k, only £12k lower than the £67k achieved in 2020. Income in 2021 included government grants received totalling £32k. Due to the closures, costs were significantly lower at £55k, down £58k on the prior year. Balance Sheet Total accumulated funds increased from £912k in 2020 to £917k at the end of the financial year. Going Concern The directors consider that the Company is a going concern. The association with QEF provides access to increased managerial, financial and fundraising support which will improve operational effectiveness and increase donated income. Reserves Policy The Board of Trustees reviews the reserves policy of VASD on an annual basis. The reserves include unrestricted and restricted reserves. An analysis of the reserves is shown in note 7 of the financial statements. The reserves policy is determined after assessing the capital requirements, considering the nature and timing of income and expenditure streams and by reviewing the specific business risks identified through the risk management process. The Board of Trustees aims to maintain a level of unrestricted reserves not tied up in fixed assets, which it believes will be sufficient to ensure the operational efficiency of the charity. The Board of Trustees has concluded that given the current economic situation the level of free reserves at the year-end should be three months, worth of operating expenditure. Reserves for the charity are calculated using unrestricted net current assets. As per note 8, these are £609,235 (2020 - £608,132), divided by the average monthly operating expenditure of £4,606. At the end of the year free reserves were approximately 11 years. The parent company, QEF, calculates the resources required for the whole QEF Group, which includes its subsidiaries and specifically Statutory Keport and Accounts- year ended 31 Mar(h 2021
VASD The Voluntary Assoclatlon for Surrey Dlsabled Umlled VASD. QEF will ensure that VASD has adequate reserves at all times. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of QEF for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company. In preparing these financial statements, the trustees are required to: select suitable accounting policies and ,then apply them consistently. comply with applicable accounting standards, including FRS 102, subjett to any material departures disclosed and explained in the financial statements. state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accountlng records that are sufficient to show and explain the charitable company's transactions and 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and direction of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit information of which the charitable company's auditor is unaware. Statutory Report and ACCOunts- year ended 31 Mah 2021
VASD The Voluntary Associatlon for Surrey Dl$abled Llmtted The trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. AUDITORS The auditors, Moore Kingston Smith LLP, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the next Annual General Meeting. SMALL COMPANY RULES This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. BY ORDER OF THE BOARD T J Davies Director Registered Office: Leatherhead Court Woodlands Road Leatherhead Court Surrey KT22 OBN ststutory Report an¢ Accounts- veèr ended 31 March 2021
VASD The Voluntary AssoelaNon for SueY Dlsabled Llmlted INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VOLUNTARY ASSOCIATION FOR SURREY DISABLED LIMITED Opinion We have audited the financial statements of The Voluntary Association for Surrey Disabled Limited for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet 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 FRS 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 31st March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We condutted 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 settion of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 10 statutory RepDrt and Ac(ounts- year ed 31 March 2021
VASD The Volvntory As$o¢lallon lor Surrey Dlsabled Llmtted INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VOLUNTARY ASSOCIATION FOR SURREY DISABLED LIMITED (Cont'd) 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 twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 ffinancial 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements. and 11 Stètutory Report ènd Account5- ye?r ended 31 Mjrth 2021
VASD Th• Voluntory Assoclollon lor Suffèy Dlsabled Umlled INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VOLUNTARY ASSOCIATION FOR SURREY DISABLED LIMITED {Cont'd) the trustees, annual report has been prepared in accordance with applicable legal requirements. 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 trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneratlon specified by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees, Annual Report and from preparing a Strategic Report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 12 statutory Repoyt JThJ Attounts- yearended 31 March 2021
VASD The Volunlory Assoclatlon for Surrey Dlsobled Llmlted INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VOLUNTARY ASSOCIATION FOR SURREY DISABLED LIMITED (Cont'd) In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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, 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are" to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: 13 stètutory Repoit di d kttunts- ye Iren¢ed 31 larch 2021
VASD The Voluntary Assoclatlon lor Surrey Dl$abled Llmlted We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006 and the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 14 Ststvtory Report Ind Account5- veJr ended 31 March 2021
VASD The Volvnlory Assoclotlon for Surrey Dlsobled Llmllèd Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. J.A LLP 7 December 2021 [Date] Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London ECIM 7AD 15 StatOry Report Accounts- ¥eJr ended 31 March 2021
VASD The Volunlary Assoclallon lor Svrrey Dlsabled LlmHed BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Ftxed assets: Tangib assets Investments Total fLYed assets 334,907 4,281 339,188 336,631 3,650 340,281 Current a$$ets Stocks Debto Cash at bank and in hand Total cuent assets 2,431 584,611 32,000 619,042 2,382 609,048 9,846 621,276 Creditors Amounts falling due Whn one year 9,807 13,144 Net current as5etS 609 235 608,132 Amounts falling due after more than one year mu1 Employer penSn Scheme PmvisK) (31,032) (36,769) Net assets 917 391 911 644 Accumulated funds un5trted.. General Permanent Endowment Fund Total accumulated funds 587,391 330,000 917 391 581,644 330,000 911 644 Approved by the Tnjstees on 24 November 2021 and sfvJned on ts beha by: T J DaVS Director The annexed notes form part of these financlal statements Company Registration Number.. 07759768 16 StawtQry Report ar ACCOunts- year end2d 31 Marth 2021
VASD The Voluntary As50claNon for Surrey Dlsabled rned STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 2021 2021 Permanent Endowment Fund 2021 2020 Total Funds Total Funds Notès Unrestricted INCOME AND ENDOWMENT Donations and legacies Business Grants Charltable attivites Investment Income io io io io 5,856 32,084 16,714 631 5,856 32,084 16,714 631 7,850 58,718 128 Total op¢r•tlTr9 Income 55,285 55,285 66,696 EXPENDITURE Charitable actlvltles Loss on disposal of FA li li 55,275 55,275 104,365 8,697 Total operatlng expenditur¢ 55,275 55,275 113 063 Nèt operatlng Income / (expenditur¢) io io 146,367) Net galns/(losses} on investment assets Net Income l expènditure io io {46,367) ILossl/Eain on multi employer deflned benefit pension stheme 15 5,737 5,737 7,835 Net movement In funds 5,747 5,747 {38,532} Total funds brought forward 581,6M 330,000 911,644 950, 176 Total funds carrled forward 330 000 917 391 911 644 17 story Report Jn¢ Accounts- Veèr 31 Mèrch Z021
VASD Thè Volunlory Assoclallon for SueY Dlsabled Llmlted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 I ACCOUNTING POLICIES Company Status The company is limited by guarantee, has no share capital and the liability of each member is limited to a Sum of no more than £10 in the event of a winding up. Principle Accounting Policies The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102). The company is a public benefit entity for the purposes of FRS102 and therefore the Charity also prepares its financial statements in accordance with the Statement Of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Structure applicable in the UK and Republic of Ireland (The FRS102 Charities SORP) and The Companies Act 2006. summary of the more important accounting policies, which have been applied consistently are set out below. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Going Concern The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular the trustees have considered the charitable company's forecasts and projections and have taken account of pressures on donation income. The COVID-19 pandemic has resulted in additional measures requlred to ensure the future sustainability. The trustees will continue to utilise all available government support including the Coronavirus Job Retention Scheme to protect income during the pandemic. As VASD is based within a QEF owned building, there are minimal overhead costs during a lockdown. 18 StabJtory Keport and ACCOurts- year tnded 31 Ma 2021
VASD The Voluntary AssoclaKon for Surrey Dl$abled Umlted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) The situation will be regularly reviewed and action taken to mitigate losses while ensuring safety of staff. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. Incoming resources All income is recognised on an accruals basis with the exception of grants and donations which are included when receivable. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in Income when the performance conditions are met. Where a grant does not specify performance conditions, it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Fixed Assets and Depreciation Assets are purchased from donations and grants and are shown as direct charitable expenditure from the fund concerned. All fixed assets, with a value over £1,500 are capitalised at cost and depreciated to their estimated residual value over their estimated useful lives, as follows.. Freehold Buildings Leasehold property 2010 Straight line Straight line over 21 years At the end of each accounting period the residual values and useful lives of a55ets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 19 statutory Report and Acnts- year end*J 31 March 2021
VASD Thè Voluntary A350cl¢Jllon for Surrey Dlsabled Llmtted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) Stocks Stocks comprise items purchased for resale and are stated at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving stock. Resources Expended Direct charitable expenditure, provision of holidays, purchases of disability equipment, support costs, fundraising and publicity and the cost of governance of the charity have been allocated between these headings directly to the relevant expense for which the cost was incurred. Where costs cannot be specifically identified within one of the above categories an estimated allocation has been made. Expenditure is recognised on an accruals basis. Operating Leases Rentals payable under operating leases are charged on a straight-line basis over the term of the lease. Pensions Some staff participate in the Pension Trust scheme. This is a defined benefit scheme. Contributions are charged on an accrual basis. Taxation As the company is a registered charity, it is exempt from corporation tax on its charitable activities. Cash Flow The company is exempt from the requirement to prepare a cash flow statement as it is a wholly owned subsidiary of the Queen Elizabeth's Foundation for Disabled People and its cash flows are consolidated into the cash flow statement of that company. Unrestricted Funds These are donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds. Designated Funds Designated funds are unrestricted funds earmarked by the Trustees for a particular purpose. 20 ststutory Report Ind Accounts- vejrended 31 Mah 2021
VASD The Voluntary Assoclatlon for Surrey Dlsabled Llmlled NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) Permanent Endowment Fund The endowment fund represents the written down value of one bungalow which cannot be sold but is used as a holiday property for disabled people. Restricted Funds These are funds to be used for the specific purposes laid down by the donor. See note 7 for more details of restricted funds. Expenditure which meets these criteria is charged to the fund. other financial instruments Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. Debtors and creditors Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. Fixed Asset Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Critical Accounting Estimates and Areas of Judgement In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. 21 Stscvtory Rei Jrt ?nd Accc Jnts- yejr eThJed 31 MJrch 2021
VASD The Volvntary AssoclaHon lor seY Dlsabled Llmlted NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) TANGIBLE FIXED ASSETS Freehold property Equlpment Total Cost at 1.4.20 Additlons Dlsposals Cost at 31.3.21 330,000 16, 181 346,181 330 000 346 181 Depreclatlon at 1.4.20 Charge for year 0Ssposals Depreciation at 31.3.21 9,550 1,724 9,550 1,724 NEf BOOK VALUE at 31.3.21 330,000 4,907 334,907 NET BOOKVALUE at 1.4.20 330 000 336 631 The hSstorlcal cost of the Freehold property Is £458,45012020.. £458,450) FIXED ASSET INVESTMENTS 2021 Total 2020 Total Quoted Jnvestments Market value as at 1.4.20 Unrealised Ilossllgaln 3,650 631 3,650 Market value as at 31.3.21 STOCKS 2021 Total 2020 Total stock Value Stocks comprlse Items purchased for resale and are stated at the lower of cost or net reallsable value, after maklng due allowan for obsolete and slow moving Stock. DEBTORS 2021 Total 2020 Total Prepayments Amount due from parent organi5ation Amount due from QEF Tradlng Amount due from hollday booklngs other Debtors 981 572,491 1, 149 9,346 644 633 596,605 1, 149 LO,661 609 048 22 statOry RepDrt ènd A((uunts- yeèrended 31 Marth 2021
VASD The Voluntary As$ocl(rtlon for Surrey Dlsabled Llmlted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) CREDITORS & DEFERRED INCOME 2021 Total 2020 Total AccrLJals Deferred Income Sundry Creditors VAT 4,444 3,412 1,950 2,780 10,706 (3551 13 The deferred income is in respect of the income recelved for the provlslon of holldays post year end. STATEMENT OF FUNDS Bèlance at Balance at 31 March 2021 l Aprll 2020 Incomlng Resources Outgoing ResovKe$ Unrestrrcted Funds: General Fund Penslons (See note 1S} 544,875 61,023 49,538 556,359 581,644 61,023 55,275 587,391 Re$trl¢ted Funds: Equipment Fund Endowment Fund: Elmer Sands property 330 000 330 000 Total All Funds 911 644 917 391 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted General Fund Total 2021 2021 Endowment Fund Tangible fixed assets Investments Current assets Current liabilities Penslon Defiot 330,000 4,907 4,281 619,042 19,807) 334,907 4,281 619,042 {9,8071 330 000 587 391 917 391 Unrestricted General Fund 2020 Endowment Fund 2020 Tangible fixed a55ets Investments Current assets Current liabilities Pension Deficit 330,000 6,631 3,650 621,276 113,1441 336,631 3,650 621,276 113,1441 330 000 581 644 911 644 23 ststutory aeport and Ac¢Dunts- year ded 31 Mwrth 2021
VASD The Voluntary AssoclaHon for Surrey Dlsabled Llmlled NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) RECONCILIATIOf4 OF MOVEMENT IN FUNDS 2021 Total 2020 Totsl Openiw fvrs Net mtrvÈments of resourS in year Closing funds 911,644 950,176 917 391 io INCOME AND ENDOWMENT 2021 Total 2020 Total Donabon5 and le96cie5 Busine%$ Grants Charitable attivities Investment IrKome 5,8 32,084 16,714 631 7,850 58,718 128 l of the ujrrent and a)rnparative year incorne w65 unrestricted Income frorn &Jsiness Grants in 2021 comprises incorne recelved from government coronavlrus support initiatives.. £19k frorn the Retail, Hospitslity and Leisure fund and £13k from the Coronavirus Job Retention Scheme. li TOTAL RESOURCES EXPENDED 2021 2021 2021 2021 Strff Costs Depreclotton Other Costs Total Provision of holidays Provision of dis4bility equipment Support costs Fundraising and publicity Audit ar accountancy 10,999 10,999 290 41,706 24,991 1.724 14,991 2020 2020 2020 2020 Stsff Costs Depr¢¢i•tlort other Costs Total Provision of holidays Provision of disability equipment Support costs Fundraislng and publicity Audlt arK1 accountsncy 19.101 20,081 6,226 40,434 6,226 84,475 41,339 2,702 113 063 12 OPERATING INCOME 2021 Total 2020 Total Surplus/lDefidtl before Audknrs Remunerètion and Depretiation of Fixed 9.751 (32,5701 Thls Ss stated after charging.. Auditors Renumeratlon DepreciatSon of TaThJlNe Flxed SSets 2.280 2.28D 24 statOry RepDrt and Accounts- year ended 31 March 2021
VASD The Voluntary Assoclatlon for Surrey D15ubled UMed NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13 EMPLOYEES Full time 2021 FUTI tlme 2020 Part tlme 2021 Part tlme 2020 The average number of employees wa5.. 2021 2020 staff costs: Salaries So¢ial Security Costs Pension costs Health Scheme 23,455 500 864 171 30,984 1,430 1,413 iio Key rnanagement personnel are all employees based In the shop at head office. The total employee benefits of the Chèrity's key management personnel were £12,338 12020.. £33,937). No expenses were reimburyed to the Trustees and no remuneratyon was pald to the Trustee5 during the current or previous years. 14 VAWE ADDED TAX VASD, belng a reglstered charity. is unable to recover part of the VAT incurred on Its expendlture. Where applicable, expenditure ha5 been shtswn including any Irrecoverable VAT. All expenditure in the current and comparative year related to unrestricted funds. 15 PENSION COmMITMErS At the balance sheet date the was one employee who was an active member of the Pensions Trust Growth Plan 3. The plan is a multi-etnployer defined benefit nsIOn plan and the member of the schetne paid Contributions at a rate of 7Wo basic salary. Employer contributions were also 7% of salary. In the twelve rnonths to 31 March 2021 the employer made ¢0ntdbuOnS of £864.48 12020.. £994.71). There were nts Outstanding contributions at the end of the year. The company participates in the xheme, a multl-employer scheme which provides benefits to some 950 non-assoclated parCIpatIng ernployers. The scheme 15 a defined beneflt scheme in the UK. It is not possible for the company to obtain 5uffi¢ient informatlon to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the schetne as a defined Contributlon scheme. The scheme is subject to the funding leglslatlon outlined in the Pensions Act 2004 which ratne in to for on 30 December 2005. This. together with documents issued by the Pensions Regulator and Technical Actuarial Standard5 issued by the Financial Reportlng Council, set out in the framework for funding defined beneflt occupational pension schemes in the UK. The scheme is classified as a 'last-tnan stsnding arrangement,. Therefore the company is pjtentially liable for other parb¢iPating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scherne. Parti¢ipating employers ère legally required to meet their share of the Scheme deficit on an annulty purchase basis on withdrawal from the scheme. A full attaal Valuaon for the scheme was carried out at 30 September 2017. Thls valuatlon showed assets of £794.9m, liabilities of £926.4m and a deficlt of £131.5m. To eliminate this funding shortfall, the Trustee has asked the partlclpating employers to pay additional contributions to the scheme as follov4S.' Def5cSt contributiiins From l Aprll 2019 to 31 January 2025.. É11.243m per annum {payable monthly and increasing by 3% each on l April) Unless a concession has been agreed with the Trustee the term to 31 january 2025 applies. Note that the scheme's previous valuatlon was carried out with an effective date of 30 September 2014. This valuatlon showed assets of £793.4rn, liabilities of £969.9m and a deficit of £176.5m. To ellminate this funding shortfall. the Trustee has asked the participatlng employers to pay additional contributions to the scherne as follow5.. 25 statutory Report and AC¢tyJnts- year dtsJ 31 March 2021
VASD The Voluntary Assoclatlon for Surrey Dlsabled Llmtted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) PEIISI¢X4 COMMITMENTS (Cont'd) Defitit contributions From l April 2016 to 30 Sepmber 2025= E12,945,440 per annum (payable monthly aad increasng by 30k each on l Npril) E54.SEA) per annum (payable monthly ènd inueasng by 3% eath on l April) From l April 2016 to 30 Sepkmber 2028: The recovery an contributions are allocated to eath partsopaung employer in line with rheir esrimared are of the Series l and Series 2 scheme liabilites. Ithere the erne is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised Is the net present value of the deFiat reduction contributiNs payable under the agreemenr that relatss to rhe defiot. The present value Is cal1 ated usng the discount Tate detailed in these dIOsIres. The unwinding of rhe discounr rate is cogftised as a finantr cost. Present value of provisio 31 March 2021 31 March 2020 31 March 2019 Present value of provison Reconciliation fA opening and clos•ng prrwtsion5 3 1 March 2021 31 March 2020 Provision at srart ol period Lknwinding of the discount factor (interest expense) Defio r contribution paid Remeasjrements - impact ol any thanges in aswmptions Remea9Jrements - amendments to the ctsntributson sthedule Prowsion at end of period 36,769 826 (7,6241 1,061 17,402) {997) Income and expemdityre impact 3 1 March 2021 31 March 2020 Interest expense Remeagjremenrs - impact of any thanges in aSMp.0ns Remeasjrements - amendments to the contnbution sthedule Contribufions paid in respect of future servi Costs recognised in income and expenditure account 826 I,c61 {9)7) Assunwtions 31 March 2021 89 per annum 31 March 2020 Wo per annum 31 March 2019 per annum Rate of dixount 2.53 1.39 The discounr rates shown above are the equivalent gn4e discount ra*s whith, when used to discount the future recovery plan contri bulions due, would give the me reIt$ as using a full AA corporate bond yield ojrve to discount the same recovery plan contnbutions. 26 StJwtory Aeport and Accwnts- yeJr end•J 31 2021
VASD The Voluntary Assoclatlon for SuThey Dlsobled Llmlted NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Cont'd) PEf4SION COMMITMENTS (Cont'd) The following schedule detsils the defldt contrlbutyons agreed between the company and the scheme at each year end and period.. Defl¢lt contrlbutlons schedule Year ending 31 March 2021 31 Mar¢h 2020 31 March 2019 Year I Year2 Year3 Year4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 7.853 8.088 8,331 7,151 7,624 7,853 8,088 8,331 7,151 7,402 7,624 7,853 8.088 8,331 7,151 The company must re(x)gnise a liability measured at the present value of the contributons payable that arise from the deficit recovery agrtement anij the resulting expense in the income and expenditure account i.e. the unwinding of the dlscount rate as a finance cost in the period in which It arises. It 15 these contributions that have been used to derive the company's balance sheet liability- 16 RELATED PARTY TRANSAcfIoNS The Voluntary Association for Surrey Disabled Ltd is a LOO% owned subsidlary of Queen Elizabeth Foundation for Disabled People. Transartions with parent company are follows.. QEF managernent fee charged £13,77612020.' £28,715). Included within debtors at year end for VASD are the following balanS with the group of charities= 2021 2020 Queen Elizabeth's Foundation for Disabled People QEF Trading Ltd 572,491 596,605 573 639 597 754 17 ULTIMATE PARENT UNDERTAKING The company Is a wholly owned subsidiary of Queen Ellzabeth's Foundation for Disabled People, a company incorwrated in England and Wales (registered charlty number 2510511. The immediate and ultimate controlling party is Queen Elizabeth's Foundation for Disabled People. whith Is the parent undertaking of the smallest and 5argest group to consolidate these financial statements. These accounts can be obtained from The Company Secretary, Leatherhead Court, Woodlands Roa¢J, Leatherhead, Surrev Kr22 OBN. Queen Ellzabeth's Foundation for Disabled People IQEFI Ss a leading national charity with over 80 years, experience of developing innovative services whlch enable and sUprt people wlth dlsabi1Sties to Increase Independen and IPrOve tspportunitles for life. 27 stabrtory Report ènd ACCOUrts- year ended 31 Mgrch 2021