**Vision North Somerset (A Charitable Incorporated Organisation)** ## **Annual Report and Financial Statements** **For the Year ended 31 March 2021** **Charity Registered in England and Wales Number: 1165364** **Vision North Somerset** Contents For the Year ended 31 March 2021 ||Page| |---|---| |Contents|1| |Reference and Administrative Details|2| |Trustees’ Report|3 - 11| |Independent Examiner’s Report|12| |Statement of Financial Activities|13| |Balance Sheet|14| |Notes to the Financial Statements|15 - 29| Prepared By Albert Goodman LLP 1 **Vision North Somerset** Reference and Administrative Details For the Year ended 31 March 2021 **Trustees** J Brice R Burrows (Treasurer and Chair) J Campbell K Govind M Mackle H Morgan S Pinnock (Vice Chair) J Pride **Chief Executive** N Farr (until 13 July 2021) **Interim Chief Executive** J Stafford (from 2 August 2021) **Principal Office and Registered Office** 3 Neva Road Weston Super Mare Somerset BS23 1YD **Bankers** Unity Trust Bank 9 Brindley Place 4 Oozells Square Birmingham B1 2HB **Independent Examiner** Christopher Walford ACA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Prepared By Albert Goodman LLP 2 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 The Trustees present their report with the financial statements of the charity For the Year ended 31 March 2021. The provisions of the Statement of Recommend Practice “Accounting and Reporting by Charities” (SORP FRS 102 – implemented 1 January 2019) have been adopted in preparing the annual report and financial statements of the charity. ## **Structure, Governance and Management** Vision North Somerset is a Charitable Incorporated Organisation registered with the Charity Commission in February 2016. The charity was set up to replace Woodspring Association for Blind People, an unincorporated charity registration number 270331. This report covers the period from 1 April 2020 to 31 March 2021. Vision North Somerset is governed by a Constitution, which allows for between 8 and 12 Trustees. Decisions are made by a majority vote of Trustees present at committee meetings. Trustees are elected at the AGM by members present. Nominations are sought prior to the meeting from sighted and visually impaired members. Service Users with sensory loss are encouraged to serve as Trustees and make an important contribution to our board; at present we have one Trustee who is sight impaired. Officers of the Committee are elected from amongst themselves at the first meeting following the AGM. The Committee has the power to appoint to fill occasional vacancies and anyone so appointed would have full voting rights and hold office until the next AGM, where they are eligible for election. All Trustees are volunteers and as such benefit from the support of the Vision North Somerset Volunteer Policy, including induction and visual impairment awareness training. In addition, Trustees receive training in relation to the operational activities of the organisation. External training opportunities are accessed where appropriate. The Trustees who served during the period and since the period end are: J Brice R Burrows J Campbell D Godly (resigned 27 May 2020) K Govind M Mackle H Morgan (appointed 27 January 2021) I Parker (resigned 7 July 2021) J Pride (appointed 27 January 2021) S Pinnock T Rolph (resigned 2 September 2021) As at the year end, the charity had 10 trustees, which meets the constitution requirements. Prepared By Albert Goodman LLP 3 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 An Audit Sub Committee is responsible for ensuring that all Trustees are aware of their responsibilities in relation to compliance and policy making. Policies, risk management and compliance are regularly reviewed by the Audit Sub Committee, with recommendations being made to the Executive Committee to inform its decision making. Day to day management of the organisation is the responsibility of the Chief Executive. Regular reports are made to the Trustees to ensure they are up to date with operational activities. Trustees are responsible for the overall management of the Charity. Where needed, Sub Committees are set up to explore specific issues in depth, reporting to the Executive Committee to facilitate informed decision making. In July, 2021 our Chief Executive, Nina Farr, died suddenly. Nina had been an employee of VNS for more than two decades and she is much missed. We are deeply grateful for the outstanding contribution she made both before and after her promotion to CEO. We have appointed Julia Stafford as Interim Chief Executive. Julia is very experienced and has stabilised the situation while we look for a permanent replacement. The trustees and staff have been very supportive. ## **Risk Management** Vision North Somerset will ensure that the major risks to which the charity is exposed are reviewed and that systems are established to mitigate those risks. A risk register is maintained and reviewed annually. The Executive Committee considers that a major risk is one which, if it materialised, would have a significant impact on the Charity’s ability to function and achieve its objectives, namely the provision of services and support for visually impaired people. The Executive Committee recognises that risks can arise not only from the Charity’s activities, but also from failure to act or exploit opportunities. The Trustees do not consider that all risks should be avoided: they are not averse to taking reasonable risks as part of the strategy to achieve the Charity’s objects. However, they require to be made aware of the major risks the Charity faces so that they can plan how to manage those risks and mitigate their possible effects. ## **The implications of COVID-19** The impact of the COVID-19 pandemic started to become apparent in the UK during February and March 2020. During this time there was a growing uncertainty and concern amongst many, especially as it became commonly understood older people and those with underlying health conditions were most at risk and on 23rd March 2020 the government announced a nationwide lockdown. VNS Trustees and staff reacted quickly, stopping face to face support from 16th March, setting up remote working for staff and volunteers. The impact of the pandemic on VNS 2020/21 work had an inevitable impact on methods of work but, wherever possible support for service users was maintained. Social clubs and related activities were severely limited. Some areas of income generation e.g. pink elephant collecting tins, room hire and low vision service have decreased over the past 12 months but this has been mitigated by emerging COVID-19 grant making opportunities and development in digital fundraising. Statutory funding from North Somerset Council continues and the Lottery, reaching communities fund runs until the end of March 2022. Prepared By Albert Goodman LLP 4 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 ## **Procedures and Policies** Vision North Somerset has procedures and policies in place to assist with the mitigation of risk; these include Health and Safety, Equality and Diversity, Volunteer Policy, Discipline, Grievance and Safeguarding Children and Adult. ## **The objects of the Charity are:** The prevention and alleviation of the effects of blindness and impaired vision and hearing loss. ## **Public benefit statement** The Trustees are aware of their duty to have regard for the Charity Commission guidance on Public Benefit in the exercise of their powers and duties and they take this into account in their decision making. The purpose of the Charity is the prevention and alleviation of the effects of blindness and impaired vision and hearing loss and this annual report describes activities undertaken this year to meet the purpose. An Audit Sub Committee advises the Trustees on managing risk to ensure the public are protected. The Trustees are clear about who can benefit from the purpose and give proper consideration to a full range of activities to fulfil the purpose. The only restriction placed on the services provided is that the persons benefiting are blind or partially sighted, or are deaf or hard of hearing. ## **Activities** Vision North Somerset provides a wide range of services for people with sensory loss living in North Somerset. In addition to its own voluntary funded activities the organisation works with other agencies, both statutory and voluntary, to meet its objectives. Our ongoing 3 year (started April 2019) Lottery funded “in sight, in touch” project its four strands: - Outreach service - Digital inclusion service - Connect ME - Buddy volunteering service Our existing voluntary sector activities: - Benefit Advice to help reduce poverty for individuals - Information Support Service at our local hospital - Befrienders to reduce social isolation - Social and Activity Clubs to provide peer support - Home visitors to help with correspondence and provide companionship - One to one learning support for information and assistive technology - These activities are managed by a part time Voluntary Services Co-ordinator responsible for recruiting, training and supporting 80 volunteers. Prepared By Albert Goodman LLP 5 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 Vision North Somerset is commissioned by North Somerset Council to provide statutory services including: - Registration for Blind and Partially Sighted People - Rehabilitation for Blind and Partially Sighted People - Demonstration facility for aids and equipment - Environmental Equipment Service for Deaf and Hard of Hearing People ## **Volunteers and Social Value** More than ever before our Charity needs to understand and promote the importance of social value and the impact it has not only for service users, but also for the local economy and community. Volunteers are crucial in helping to achieve our aims relating to Social Value. Reducing poverty by assisting with benefit applications, improving health via our swimming club, providing peer support, companionship and community interaction to lift depression and improve well-being all play a part in improving the quality of life for our members. Our organisation maintained its outcome monitoring and evaluation system measuring the following social value outcomes from people receiving VNS services, the four key outcome indicators are: - Quality of life - Health and Wellbeing - Independence - Inclusion The quantitative and qualitative data gathered will provide evidence of social value and help to formulate and develop new projects and services for our beneficiaries. ## **Achievements** Vision North Somerset employs 7.19 FTE staff and has a register of 1,480 visually impaired service users. Staff provide a service either at our Resource and Information Centre or via home visits. Home visits are particularly important to our service user group, many of whom are elderly and have other health issues as well as sensory loss. This service has been restricted during the pandemic. Transport is often a problem for people living in rural areas of North Somerset. ## **Achievements against set objectives - Strategic Plan** ## **1. To continue to provide existing services** Vision North Somerset continues to provide the voluntary sector services outlined in our Strategic Plan, together with the statutory services that we provide via our contract with the local authority. This means that people with sensory loss can access a wide range of services from one source. Prepared By Albert Goodman LLP 6 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 During its second year the Lottery initiative "In sight, In touch" was professionally reviewed and was found to have excelled against it objectives except where the Covid pandemic restrictions made it impossible. This review will be repeated to evaluate the outcomes of the total project. Evidence produced is key to applying to the Lottery for continuation. Our outcomes were achieved via: - An outreach service – visiting people at home, providing information about sight loss and the range of services to support people. The project links in with our existing services, aimed at reducing social isolation via social opportunities and home visitors, maximising income via support with benefit applications. - Digital inclusion service – offering learning opportunities for people who want to know how to use smartphones, tablets and assistive technology. People who are not able to get to our centre in Weston receive free one to one tuition at home. - Buddy volunteering – enabling people who lack confidence or face obstacles to volunteering to take those first steps towards volunteering. Buddy volunteers have helped people to settle in, build confidence and enjoy the benefits of volunteering for VNS and other organisations. - Connect Me - a user led opportunity for blind and partially sighted people to get together and connect, bringing them together to provide peer support, reduce isolation be part of the wider community, explore education and employment opportunities. ## **2. Influence services by representing people with sensory loss and making their needs known to service providers** We are actively involved with local health and social care providers and vigorously promote the needs of people with sensory loss. VNS’s participation across health and social care forums ensure we are a critical friend for people with sensory loss, enabling facilitation of engagement between service users and the health and social care commissioners. Our Chief Executive is a member of: - The Voluntary Sector Leaders Group - Chairs the North Somerset Disability Access Group - The steering group of the North Somerset Health and wellbeing Collective - The Visionary SWAN (South West Area Network) - The Bristol, North Somerset and South Glos Clinical Commissioning Group (BNSSG) Patient and Public Participation Forum - North Somerset Council, Equalities implementation Forum. Prepared By Albert Goodman LLP 7 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 ## **3. Work with volunteers to increase social value** We are very aware that funders, particularly statutory organisations, expect us to be able to demonstrate social value. The outcome monitoring system mentioned above enables us to be confident that we can measure just how valuable our volunteer activities are. Not only do they help economically by giving their time for free, but the social value impact on the lives of the individuals they help is proven to improve quality of life, reduce isolation, increase independence and improve health and well-being - which all provide great benefit to our service users and can significantly reduce the demand for health and social care support as people become less dependent on public services. ## **4. Improve and Develop Services with commissioners and other funders:** Vision North Somerset continues a close relationship with North Somerset Council and we have direct links into allied health and social care departments to ensure a high quality service for people with sensory loss. Our place on the earlier mentioned forums enables us to influence strategic developments in areas of joint working and procurement with both the local authority, BNSSG and other funders. Over the three years our “In sight, In touch” project Connect Me strand is also enabling us to develop partnership working with the RNIB (Royal National Institute for the Blind) tailoring the offer of South West Connect to meet the needs of people living in North Somerset. ## **5. Provision of training in Visual Impairment Awareness** Free training for community groups and other organisations written into the “In sight, In touch” project has enabled us to raise the awareness of the needs of visually impaired people and placing visually impaired volunteers. This work will continue as part of the new strategic plan. ## **6. Income Generation** Our varied and diverse funding strategy ensures that we continue to explore local and national funding sources of earned income from beneficiary donations, legacies, VNS venue hire, applications to local and national Trust funds, Town and Parish Councils and our commissioned services. There has been a sharp decline in income from our “pink elephant” collecting tins. As a way to offset and improve individual donations VNS will be developing its digital fundraising strategy via its website and social media during 2021-2022. In addition to the Lottery we have been successful with several bids and the accounts demonstrate that we have no immediate fears of insolvency Prepared By Albert Goodman LLP 8 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 ## **Financial Review** The year end funds of the charity had decreased by £14,636 to £189,529, of which £580,580 (2020 - £555,690) were unrestricted, £18,949 (2020 - £27,475) were restricted and negative reserves £410,000 (2020 - £379,000) related to the charity’s pension reserve. The charity’s free reserves at the year end have increased by £26,789 to £173,683. Free reserves are calculated as net current assets held within unrestricted funds, therefore excluding the pension reserve and fixed assets (see note 13). To ensure the ongoing success and viability of the Charity the trustees have reconsidered the strengths and skills of its key employees and have aimed to ensure these are focused and utilised appropriately. In addition the trustees have also increased their focus on the Charity’s cost base and cash requirements, monitoring them both at a trustees level at least monthly. The benefit of these changes were seen in 2018/19 and have continued thereafter. ## **Reserves Policy Statement** The Vision North Somerset (VNS) Executive Committee has carefully considered its obligations to employees, suppliers, HMRC and others in the event that the organisation needs to close or reorganise its activities. VNS will hold funds in reserve to meet this eventuality; these funds will be held in a low risk investment product. ## **Actions to deliver the policy** A total reserve of £35,000 will be held. It is intended that this will provide £30,000 to cover periods of notice for employees, together with a £5,000 contingency fund. Any redundancy costs and the demands of creditors will be met from the sale of the assets of the organisation, including its premises. ## **Plans for future periods** Our Strategic Plan for 2020-2022 has been refreshed and its strategic aims are: 1. To provide a holistic service for people with sight loss with statutory and voluntary services available from one source. 2. To ensure the voice of people with sensory loss is heard. 3. Implement and learn from our lottery funded activities 4. Increase take up of the community based low vision service. 5. Provision of External Training to community groups and health and social care professionals to raise awareness of the needs of people with sight loss and of the services provided by VNS. 6. Implement a diverse income strategy. “In sight, In touch”, our Lottery funded project implementation and evaluation, continues for the next year. The external evaluation, user led involvement and outcome monitoring will enable VNS to plan an exit strategy and sustainability beyond the proposed 3 year end date of 2022. However a sustained effort will be made to obtain continuation funding. Prepared By Albert Goodman LLP 9 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 ## **Principal Funding Sources** North Somerset Council is our major funder and its contract fully supports the activities carried out under the Sensory Loss Contract but does not in any way contribute to the charitable activities of the organisation. The Lottery has been our principal source of funds for our non-statutory work. ## **The Charity is also grateful for financial support from the following:** - Backwell Parish Council - Banwell Parish Council - Nailsea Town Council - Waitrose Community Fund - Charities Trust - Movement For Good - Haley Security - B. Green deceased - Thomas Pocklington Trust - Screwfix Foundation - Miss K.B. Sleigh Charitable Trust - NSC Infection Control Fund Prepared By Albert Goodman LLP 10 **Vision North Somerset** Trustees’ Report For the Year ended 31 March 2021 ## **Statement of Trustees responsibilities** The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with 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). The law applicable to charities in England & Wales 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 charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the board on 16[th] September 2021 and signed on their behalf by: R Burrows Trustee Prepared By Albert Goodman LLP 11 **Vision North Somerset** Independent Examiners’ Report to the Trustees For the Year ended 31 March 2021 ## **Independent examiner’s report to the Trustees of Vision North Somerset** I report to the trustees on my examination of the accounts for Vision North Somerset (“the charity”) for the year ended 31 March 2021. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not comply with these records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher Walford ACA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Dated: 21[st] September 2021 Prepared By Albert Goodman LLP 12 ## **Vision North Somerset** Statement of Financial Activities For the Year ended 31 March 2021 **----- Start of picture text -----**
Unre- Re- Unre- Re-
stricted stricted Total stricted stricted Total
Notes Funds Funds 2021 Funds Funds 2020
Income from:
Donations (including grants) 2 20,353 300,437 320,790 26,429 290,265 316,694
Other trading activities 3 10,922 - 10,922 30,259 - 30,259
Income from investments 4 725 - 725 1,116 - 1,116
Total 32,000 300,437 332,437 57,804 290,265 348,069
Expenditure on:
Charitable activities 5 15,110 308,963 324,073 53,438 283,181 336,619
Total 15,110 308,963 324,073 53,438 283,181 336,619
Net income / (expenditure)
for the year before transfers 16,890 (8,526) 8,364 4,366 7,084 11,450
Transfers between funds - - - 700 (700) -
Other recognised losses:
Actuarial losses on defined benefit
pension schemes 15 (23,000) - (23,000) (15,000) - (15,000)
Net movements in funds (6,110) (8,526) (14,636) (9,934) 6,384 (3,550)
Reconciliation of funds:
Fund balances at 1 April 176,690 27,475 204,165 186,624 21,091 207,715
Fund balances at 31 March 170,580 18,949 189,529 176,690 27,475 204,165
**----- End of picture text -----**
The results for the year derive from continuing activities and there are no gains or losses other than those shown above. Prepared By Albert Goodman LLP 13 **Vision North Somerset** Balance sheet As at 31 March 2021 **----- Start of picture text -----**
Notes 2021 2020
£ £
Fixed assets
Tangible fixed assets 8 409,716 419,857
Current assets
Stock 4,721 4,828
Debtors 9 - -
Cash at bank and in hand 125,628 98,164
Investments 9 66,000 66,000
196,349 168,992
Creditors
Amounts falling due within one year 10 (6,536) (5,684)
Net current sssets 189,813 163,308
Net assets excluding pension liabilities 599,529 583,165
Defined benefit pension scheme liabilities (410,000) (379,000)
Total net assets including pension liabilities 189,529 204,165
Unrestricted funds
Unrestricted funds excluding pension
reserve 11 580,580 555,690
Pension reserve (410,000) (379,000)
Total unrestricted funds 170,580 176,690
Restricted funds 11 18,949 27,475
Total funds 189,529 204,165
**----- End of picture text -----**
The financial statements were approved by the Trustees on 16[th] September 2021 and signed on their behalf by: R Burrows S Pinnock Trustee Trustee Prepared By Albert Goodman LLP 14 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **1 Accounting policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows. ## 1.1 **Basis of preparation** The financial statements have been prepared under the historic cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 1.2 ## **Income** Income from grants and donations is recognised in the year in which they are receivable when there is evidence of entitlement, receipt is probable and the amount can be reliably measured. Income from government grants and local authorities is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Where no conditions are attached to the grant income they are recognised within donations and legacies and where conditions relating to performance of services are attached, grant income is recognised in income from charitable activities within the Statement of Financial Activities. Income from other trading activities is included in the period in which the charity is entitled to receipt, it is probable that economic benefits will flow to the entity and the amount can be reliably measured. ## 1.3 **Expenditure** Resources expended are recognised on the accruals basis to match the period in which the expenditure was incurred. Charitable expenditure comprises costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and costs of an indirect nature necessary to support them. ## 1.4 **Tangible fixed assets** Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate: |Freehold property|– 1% straight line| |---|---| |Fixtures and fittings|– 25% straight line| Fixed assets are capitalised where the expenditure incurred is in excess of £500 and the asset purchased is considered to have a long term benefit to the organisation. Prepared By Albert Goodman LLP 15 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## 1.5 **Debtors** Trade debtors are amounts due from customers for services performed in the ordinary activities of the charity. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due to according to the original terms of the receivables. Other debtors comprise amounts due from prepayments. Amounts due from prepayments arise from the payments for services prior to benefit from those services. ## 1.6 **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## 1.7 **Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. ## 1.8 **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis. ## 1.9 **Taxation** Vision North Somerset is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied to charitable purposes. ## 1.10 **Investments** Investments are held at fair value determined by the amounts held in National Savings and Investments bonds. ## 1.11 **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Prepared By Albert Goodman LLP 16 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## 1.12 **Local Government Pension Scheme** Retirement benefits to employees of Vision North Somerset are provided by the Avon Pension Fund Local Government Pension Scheme (‘LGPS’). This is a multi-employer defined benefit scheme, that is contracted out of State Earnings-Related Pension Scheme (‘SERPS’), and the assets are held separately from those at Vision North Somerset. The LGPS is a funded scheme and the assets are held separately from those of Vision North Somerset in separate trustee administered funds. Pension Scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance date. The amounts charged to operating surplus are the current the current service cost and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credit adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses. ## 1.13 **Defined contribution pension scheme** In addition to the LGPS, the charity also operates a defined contribution pension scheme (NEST) for those not entitled to join the LGPS. A defined contribution plan is a pension plan under which fixed contributions (7.5% employer contribution) are paid into a pension fund and the charity has no legal or contrastive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as staff pension expenses through the SOFA when they are due. ## 1.14 **Going concern** The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to the events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of the period of at least one year from the date of authorisation for issue of the financial statements. Some areas of income generation e.g. pink elephant collecting tins, room hire and low vision service have decreased over the past 12 months but this has been mitigated by emerging COVID19 grant making opportunities and development in digital fundraising. Statutory funding from North Somerset Council continues and the Lottery, reaching communities fund runs until the end of March 2022. The trustees have concluded that, although the current economic climate is not favourable for charitable purposes, past experience suggests that funding will be available to support the objectives, the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Prepared By Albert Goodman LLP 17 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **1.15 Financial instruments** The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost and details in note 15. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost and detailed in note 15. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Prepared By Albert Goodman LLP 18 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 |**2**
**Donations and legacies**|**Unre-**
**stricted**
**Funds**
**£**|**Re-**
**stricted**
**Funds**
**£**|**Total**
**2021**
**£**
111,844
165,146
5,000
9,957
4,490
2,000
2,000
-
-
-
-
-
-
300,437
20,353
320,790|**Unre-**
**stricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26,429

26,429
**Unre-**
**stricted**
**Funds**
**£**
1,075|**Re-**
**stricted**
**Funds**
**£**
110,400
165,146
-
-
-
-
-
125
1,128
700
2,500
650
9,616
290,265
-
290,265
**Re-**
**stricted**
**Funds**
**£**
-|**Total**
**2020**
**£**
110,400
165,146
-

-

-

-
-

125

1,128
700

2,500

650
9,616| |---|---|---|---|---|---|---| |**Grant income**||||||| |The Big Lottery
The Will Charitable Trust
Thomas Pocklington Trust
Screwfix Foundation
Miss K B Sleigh Charitable Trust
NSC - Infection Control Fund
Training Project
Quartet Community Foundation
Low Vision Assessments
Somerset Community Foundation
Rank Foundation
National Lottery Awards
Donations
North Somerset Council Social
Services|-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,353
20,353|111,844
165,146
5,000
9,957
4,490
2,000
2,000
-
-
-
-
-
-
300,437
-
300,437||||| |||||||290,265
26,429| |||||||316,694| |||||||**Total**
**2020**
**£**
1,075
23,054
6,130| |**3**
**Other trading activities**|**Unre-**
**stricted**
**Funds**
**£**|**Re-**
**stricted**
**Funds**
**£**|**Total**
**2021**
**£**|||| |Other|1,037|-|1,037
8,560
1,325
10,922|||| |Re-sale equipment|8,560|-||23,054|-|| |Room hire|1,325
10,922|-
-||6,130
30,259|-
-|| |||||||30,259| Prepared By Albert Goodman LLP 19 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 |**4**
**Investment Income**
Bank interest receivable|**Unre-**
**stricted**
**Funds**
**£**
725|**Re-**
**stricted**
**Funds**
**£**
-|**Total**
**2021**
**£**
725|**Unre-**
**stricted**
**Funds**
**£**
1,116
**Unre-**
**stricted**
**Funds**
**£**
18,459
5,339
1,088
18,974
9,578
53,438|**Unre-**
**stricted**
**Funds**
**£**
1,116
**Unre-**
**stricted**
**Funds**
**£**
18,459
5,339
1,088
18,974
9,578
53,438|**Unre-**
**stricted**
**Funds**
**£**
1,116
**Unre-**
**stricted**
**Funds**
**£**
18,459
5,339
1,088
18,974
9,578
53,438| |---|---|---|---|---|---|---| |**5**
**Direct charitable expenditure**
Wages and salaries
Core and operating
costs
Legal and professional
Re-sale equipment purchased
Project costs
Contribution to core costs
**6**
**Employees**|**Unre-**
**stricted**
**Funds**
**£**
12,957
3,793
-
8,051
575
(10,266)
15,110|**Re-**
**stricted**
**Funds**
**£**
226,899
52,815
6,561
-
12,422
10,266
308,963|**Total**
**2021**
**£**
239,856
56,608
6,561
8,051
12,997
-
324,073|||| |||||||**2021**
**£**| |Wages and salaries
Social security costs
Pension costs (note 14)|||||182,629
8,911
48,316|| |No individual was paid over £60,000 (2020: none).
The average number of employees for the year was as follows:|||||239,856
**2021**|| |Number of staff|||||10|| |||||||| Prepared By Albert Goodman LLP 20 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 One person is considered key management personnel of the charity, being the Chief Executive Officer. Total employee benefits of the key management personnel of the Charity were £47,620 (2020: £46,051), including employers national insurance and employers pension contributions. The charity operates both defined benefit and defined contribution pension schemes. The charge in the Statement of Financial Activities for the year is shown above. Contributions totalling £nil (2020: £nil) were payable to the schemes at the year end and are included in creditors. Further details of the defined benefit scheme are given in note 14. **----- Start of picture text -----**
7 Net incoming resources before transfers 2021 2020
£ £
This is stated after charging:
Depreciation 14,346 13,299
Accountants remuneration - independent examination 1,470 1,470
- other 930 930
**----- End of picture text -----**
## **8 Tangible assets** |**8**
**Tangible assets**|||| |---|---|---|---| |**Cost**|**Freehold**
**property**|**Fixtures &**
**Fittings**
**£**|**Total**
**£**| |As at 01.04.2020
Additions
As at 31.03.2021
**Depreciation**
As at 01.04.2020
Charge for period|425,000
-
425,000
17,006
4,252
21,258
403,742
407,994|103,455
4,205
107,660
91,592
10,094|528,455
4,205| ||||532,660| ||||108,598| ||||14,346| |As at 31.03.2021
**Net book value**
As at 31.03.2021
As at 31.03.2020||101,686
5,974
11,863|122,944| ||||409,716| ||||419,857| ||||| The pension deficit (to a maximum of £200,000) is secured against the property. Prepared By Albert Goodman LLP 21 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 **----- Start of picture text -----**
9 Investments 2021 2020
£ £
National Savings Bond investments 66,000 66,000
66,000 66,000
**----- End of picture text -----**
## **10 Creditors: amounts falling due within one year** ||**2021**
**£**
887
2,985
2,664
6,536|**2020**
**£**
1,702
2,340
3,698| |---|---|---| |Trade creditors
Accruals
Other creditors||| |||7,740| |||| Prepared By Albert Goodman LLP 22 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 **----- Start of picture text -----**
11 Statement of Funds Balance Transfers/ Balance
01.04.20 Income Expenditure (losses) 31.03.21
£ £ £ £ £
Restricted funds
Ian Karten Centre 9,006 - (6,187) - 2,819
North Somerset Council
- - -
Social Services 165,146 (165,146)
Quartet Community
Foundation (Reboot) 2,055 - (2,055) - -
Quartet Community
Foundation (Digital profile) 1,128 - (255) - 873
-
The Big Lottery 6,911 111,844 (106,619) 12,136
National Lottery Awards 8,375 - (5,833) - 2,542
The Will Charitable Trust - 5,000 (5,000) - -
Thomas Pocklington Trust - 9,957 (9,378) - 579
Screwfix Foundation - 4,490 (4,490) - -
Miss K B Sleigh Charitable
- - -
Trust 2,000 (2,000)
NSC Infection Control Fund - 2,000 (2,000) - -
Total restricted funds 27,475 300,437 (308,963) - 18,949
Unrestricted funds
Unrestricted funds excluding
-
pension reserve 555,690 32,000 (7,110) 580,580
Pension reserve (379,000) - (8,000) (23,000) (410,000)
Total unrestricted funds 176,690 32,000 (15,110) (23,000) 170,580
Total Funds 204,165 332,437 (324,073) (23,000) 189,529
**----- End of picture text -----**
Prepared By Albert Goodman LLP 23 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **Statement of Funds- Prior year** |**Restricted funds**
Ian Karten Centre
North Somerset Council
Social Services
Quartet Community
Foundation (Reboot)
Quartet Community
Foundation (Digital profile)
The Big Lottery
National Lottery Awards
Somerset Community
Foundation
Rank Foundation
Low Visions Assessments
Training Project
Lloyds Bank Foundation
**Total restricted funds**
**Unrestricted funds**
Unrestricted funds excluding
pension reserve|**Balance**
**01.04.19**
**£**
15,193
-
5,232
-
-
-
-
-
-
-
666
21,091
532,624
(346,000)
186,624
207,715|**Income**
**£**
-
165,146
1,128
110,400
9,616
2,500
650
700
125
-
290,265
57,804
-
57,804
348,069|**Expenditure**
**£**
(6,187)
(165,146)
(3,177)
-
(103,489)
(1,241)
(2,500)
(650)
-
(125)
(666)
(283,181)
(35,438)
(18,000)
(53,438)
(336,619)|**Transfers/**
**(losses)**
**£**
-
-
-
-
-
-
-
-
(700)
-
-
(700)
700
(15,000)
(14,300)
(15,000)|**Balance**
**31.03.20**
**£**
9,006
-
2,055
1,128
6,911
8,375
-
-
-
-
-| |---|---|---|---|---|---| ||||||27,475| ||||||| ||||||555,690| |Pension reserve
**Total unrestricted funds**
**Total Funds**|||||(379,000)| ||||||176,690| ||||||| ||||||204,165| ||||||| Prepared By Albert Goodman LLP 24 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 The purposes for material funds are as follows: - Ian Karten Centre fund are amounts received for the purchase of information technology assets that will aid the training of the visually impaired. Fund is reduced by the purchase and depreciation of assets. - The Social Services fund is the North Somerset District Council grant for the sensory impairment service offered by Vision North Somerset commissioned by the Local Authority. - Quartet Community Foundation (Reboot) grant was given specifically for the development of the Rendevous café project that aimed to increase meetings for VNS service users. Fund is reduced by the purchase and depreciation of assets. - The Big Lottery is to fund the ‘in sight, in touch’ project as mentioned in detail in the Trustees Report. - National Lottery Awards is for staff & volunteer training costs to be able to better support service users. - Thomas Pocklington Trust – in order to deliver a Telephone Counselling and Emotional Support Programme through the Covid-19 crisis. ## **12 Related party transactions** No remuneration has been paid to Trustees during the year (2020: none). No trustees were reimbursed travelling expenses during the year (2020: none). ## **13 Analysis of net assets between funds** |Tangible assets
Pension reserve
Net current assets excluding
pension reserve|**Unre-**
**stricted**
**Funds**
**£**
406,897
173,683
(410,000)
170,580|**Re-**
**stricted**
**Funds**
**£**
2,819
16,130
-
18,949|**Total**
**2021**
**£**
409,716
189,813
(410,000)
189,529|**Unre-**
**stricted**
**Funds**
**£**
408,796
146,894
(379,000)
176,690|**Re-**
**stricted**
**Total**
**Funds**
**2020**
**£**
**£**
11,061
419,857
16,414
163,308
-
(379,000)
27,475
204,165| |---|---|---|---|---|---| Prepared By Albert Goodman LLP 25 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **14 Pension commitments** The majority of the Charity’s employees belong to the Local Government Pension Schemes (LGPS) managed by the Avon Pension Fund (“APF”). The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation for the LGPS was 31 March 2020. The scheme is a funded defined benefit pension scheme, with assets held in a separate Trusteeadministrated fund. The total contributions made for the year ended 31 March 2021 were £40,000 of which employer’s contributions totalled £34,000 and employees’ contributions totalled £6,000. The current employer contribution rate for future years is 23.7% of members payroll from 1 April 2020. In addition to the employer contribution, the charity makes additional monthly payments of £950 (£983.33 from 1 April 2021) towards the LGPS pension scheme, in order to repay the pension deficit over 12 years. ## **Summary of net pension liability as at 31 March 2021** |**Summary of net pension liability as at 31 March 2021**||| |---|---|---| ||**Total**
**2021**
**£'000**|**Total**
**2020**
**£'000**| |Present value of defined benefit obligations
Fair value of share of scheme assets
Deficit in the scheme|(1,221)
811
(410)|(1,064)
685| |||(379)| |||| ## **Principal Actuarial Assumptions** |**Principal Actuarial Assumptions**||| |---|---|---| ||**At 31 March At**|**31 March**| ||**2021**|**2020**| |Salary increases|4.20%|3.60%| |Pension increases|2.80%|2.20%| |Discount rate|2.10%|2.40%| |CPI increases|2.70%|2.10%| Prepared By Albert Goodman LLP 26 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **14 Pension commitments (cont.)** The current mortality assumptions include sufficient allowance for the future improvements in mortality rates. The assumed life expectations on retirement age 65 are: **----- Start of picture text -----**
At 31 March At 31 March
2021 2020
Retiring today
Males 23.3 23.2
Females 25.4 25.3
Retiring in 20 years
Males 24.8 24.7
Females 27.4 27.3
**----- End of picture text -----**
The Trust’s share of the assets and liabilities in the Avon Pension Fund are as follows: ||Fair
% of total
value
scheme
£'000
assets
304
38%
114
14%
69
9%
58
7%
24
3%
242
30%
**As at 31 March 2021**|Fair
% of total
value
scheme
£'000
assets
304
38%
114
14%
69
9%
58
7%
24
3%
242
30%
**As at 31 March 2021**|Fair
% of total
value
scheme
£'000
assets
299
44%
38
6%
62
9%
68
10%
15
2%
203
30%
**As at 31 March 2020**| |---|---|---|---| |Equities
Gilts
Other bonds
Property
Cash
Other|||| |Total market value of assets
Present value of scheme
Liabilities - funded
Deficit in the scheme|811
(1,221)
(410)|100%|685
100%
(1,064)
(379)| The actual return on scheme assets was £119,000 (2020: £46,000). Prepared By Albert Goodman LLP 27 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **14 Pension commitments (cont.)** ## **Amounts recognised in the statement of financial activities are as follows:** **----- Start of picture text -----**
At 31 March At 31 March
2021 2020
£'000 £'000
Current service cost (net of employee contributions) (33) (44)
Past service cost - (4)
Net interest cost (8) (8)
Admin expenses (1) (1)
Total (42) (57)
**----- End of picture text -----**
## **Movements in the present value of defined benefit obligations were as follows:** |**At 1 April 2020**
Current service cost
Interest cost
Estimated benefits paid
Employee contributions
Past service cost
Actuarial gains/(losses)
**At 31 March 2021**|**At 31 March At 31 March**
**2021**
**2020**
**£'000**
**£'000**
(1,064)
(1,056)
(33)
(44)
(25)
(25)
31
22
(6)
(7)
-
(4)
(124)
50
(1,221)
(1,064)|**At 31 March At 31 March**
**2021**
**2020**
**£'000**
**£'000**
(1,064)
(1,056)
(33)
(44)
(25)
(25)
31
22
(6)
(7)
-
(4)
(124)
50
(1,221)
(1,064)| |---|---|---| |||(1,064)| Prepared By Albert Goodman LLP 28 **Vision North Somerset** Notes to the Financial Statements For the Year ended 31 March 2021 ## **14 Pension commitments (cont.)** **Movements in the fair value of the charity’s share of scheme assets were as follows:** **----- Start of picture text -----**
At 31 March At 31 March
2021 2020
£'000 £'000
At 1 April 2020 685 710
Interest income 17 17
Expected return on fund assets 101 (65)
Employer contributions 34 39
Employee contributions 6 7
Estimated benefits paid (31) (22)
Administrative expenses (1) (1)
At 31 March 2021
811 685
**----- End of picture text -----**
## **15 Financial instruments** **----- Start of picture text -----**
2021 2020
£ £
Financial assets that are debt instruments measured at
191,628 164,164
amortised cost
191,628 164,164
Financial liabilities measured at amortised cost 4,052 3,343
4,052 3,343
**----- End of picture text -----**
There were no items of income, expense, gains or losses to report. Prepared By Albert Goodman LLP 29