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2022-03-31-accounts

Vision North Somerset (A Charitable Incorporated Organisation)

Annual Report and Financial Statements

For the Year ended 31 March 2022

Charity Registered in England and Wales Number: 1165364

Vision North Somerset Contents For the Year ended 31 March 2022

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Report 3 - 10
Independent Examiner’s Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 - 27

Prepared By Albert Goodman LLP

1

Vision North Somerset Reference and Administrative Details For the Year ended 31 March 2022

Trustees J Brice
K Govind
M Mackle (Chair)
H Morgan
Chief Executive N Farr (until 13 July 2021)
L Williams (from 17 January 2022)
Interim Chief Executive J Stafford (from 2 August 2021, until 16 January
2022)
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 Michelle Ferris BSc (Hons) FCA DChA
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 2022

The Trustees present their report with the financial statements of the Charity For the Year ended 31 March 2022. 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 2021 to 31 March 2022.

Vision North Somerset is governed by a constitution, which allows for between 4 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. People with sensory loss are encouraged to serve as Trustees and make an important contribution to our board; at present we have two Trustees who are 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. External training opportunities are accessed where appropriate.

The Trustees who served during the period and since the period end are:

J Brice R Burrows (resigned December 2021) J Campbell (resigned April 2022) K Govind M Mackle (Chair) H Morgan I Parker (resigned July 2021) J Pride (resigned November 2021) S Pinnock (resigned April 2022) T Rolph (resigned 2 September 2021)

As at the year end, the Charity had 6 Trustees, which meets the constitution requirements.

Prepared By Albert Goodman LLP

3

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

All Trustees are aware of their responsibilities in relation to compliance and policy making. Policies, risk management and compliance are regularly reviewed at Trustee meetings and between meetings via email as needed.

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 Trustee board to facilitate informed decision making.

In July 2021 Chief Executive Nina Farr, died suddenly. Julia Stafford was appointed as Interim Chief Executive from August to December 2021 to provide stability while a permanent CEO was recruited. Lauren Williams joined as Chief Executive in January 2022.

Risk Management

Vision North Somerset maintains and regularly reviews a risk register to support the management of significant risks. Mitigations to avoid risks or manage situations are recorded on the risk register.

The implications of COVID-19

The Covid-19 pandemic continued to affect the work of Vision North Somerset over the 2021-22 financial year with changing restrictions and government guidance. The Chief Executive and staff regularly reviewed the Covid-19 policy and communicated with service users and volunteers. Staff continued to support people with visual impairment and hearing impairment throughout the pandemic – either by telephone or online or in person - with risk mitigations when appropriate.

The pandemic meant that many service users were unable to access normal health care and social care, so they were grateful for continued support from Vision North Somerset.

Most community fundraising activities ceased during the pandemic, leading to reduced income from these sources.

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, Diversity and Inclusion, Volunteer Policy, Disciplinary, Grievance and Safeguarding Children and Safeguarding Vulnerable Adults. Policies are reviewed on a regular schedule.

The objects of the Charity are:

The prevention and alleviation of the effects of blindness and impaired vision and hearing loss.

Prepared By Albert Goodman LLP

4

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

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. This annual report describes activities undertaken this year to meet Vision North Somerset’s charitable purpose.

Trustees are clear about who can benefit from the Charity’s activities. People using Vision North Somerset’s services must have low vision or be blind or partially sighted or be deaf or hard of hearing. Vision North Somerset works with families, carers and health and social care professionals supporting people who fit into the categories above.

Activities

Vision North Somerset provides a wide range of services for people with sensory loss who live in North Somerset. The two complementary halves of the service offer are the services funded by the North Somerset Council grant and those funded by voluntary income.

Voluntary funded services:

Lottery funded ‘In Sight, In Touch’ project running from April 2019 to June 2022.

As well as the staff members funded by the National Lottery, voluntary services included an additional part-time Digital Service staff member and an additional part-time Peer Support Services Coordinator.

The Volunteer Coordinator also managed services below:

North Somerset Council grant funded services:

Prepared By Albert Goodman LLP

5

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

As part of the work funded by North Somerset Council, Vision North Somerset contributes to regular consultations, workshops and working groups bringing the voice of people with sight and hearing loss.

Outcomes for people with sensory loss

Vision North Somerset maintained its outcome monitoring and evaluation system measuring the following social value outcomes from people receiving Vision North Somerset services:

An external report on the ‘In Sight, In Touch’ Lottery funded project found that 69.9% of people agreed that their quality of life had improved ‘much’ or ‘very much’ since their support from Vision North Somerset. 65.9% agreed that their health and wellbeing had improved and 60.5% felt that their sense of independence had improved.

In terms of satisfaction with Vision North Somerset services, 96.2% scored 4 or 5 out of 5. Remembering that services were delivered against the backdrop of the Covid-19 pandemic, these are impressive outcomes for local people with visual impairment.

Achievements

At the end of the financial year, Vision North Somerset employed 7.8 FTE staff and had a database of 1477 visually impaired people and 703 hearing impaired people.

Staff provide services either at our Resource Centre in Weston-super-Mare or via home visits. Home visits are particularly important to our service user group, many of whom are elderly with other health issues and may have limited public transport available. This service has been restricted during the pandemic; however staff have continued to provide support by telephone, online or by visiting when allowed by national guidelines.

Achievements against set objectives - Strategic Plan 2020-2022

1. To continue to provide existing services

The year 2021 to 2022 was arguably one of the most difficult in the Charity’s history. It is to the credit of everybody in the organisation that all services continued to support local people throughout tragedy, disruption and change.

Prepared By Albert Goodman LLP

6

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

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.

As at the end of the financial year, the Chief Executive and staff were members of:

3. Work with volunteers to increase social value

4. Improve and Develop Services with commissioners and other funders:

5. Provision of training in Visual Impairment Awareness

Vision North Somerset had a very experienced VI awareness trainer who delivered regular training sessions to stakeholders such as North Somerset Library service and talks to community groups as the pandemic restrictions allowed.

6. Income Generation

Vision North Somerset was fortunate to benefit from National Lottery Funding during a period when community fundraising activities were severely affected by the pandemic. As the Lottery funding ends in June 2022, the Charity will need to increase and diversify other income streams such as trusts and grants, community fundraising, individual donors and gifts in wills.

Prepared By Albert Goodman LLP

7

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

Financial Review

The year end funds of the Charity had increased by £145,829 (including a pension adjustment of £68,000) to £335,358, of which £634,280 (2021 - £580,580) were unrestricted, £49,078 (2021 - £18,949) were restricted and negative reserves £348,000 (2021 - £410,000) related to the Charity’s pension reserve. The Charity’s free reserves at the year end have increased by £50,326 to £224,009. Free reserves are calculated as net current assets held within unrestricted funds, therefore excluding the pension reserve and fixed assets (see note 13).

Reserves Policy Statement

The Vision North Somerset Trustees considered 2021-22 obligations including those to trust and foundation funders, employees, suppliers, HMRC and pension providers in the event that the organisation needs to reorganise its activities or close. Vision North Somerset will hold funds in reserve to meet this eventuality; these funds are held in a low-risk investment product.

The Trustees have established a policy whereby free reserves held by the Charity should be maintained at a minimum of ‘three months’ running costs and staff salary costs.

Actions to deliver the policy

A reserve of £35,000 was held to cover notice periods with a further £66,000 held to fund the expected Local Government Pension Scheme deficit. Redundancy costs and the demands of creditors would be met from the sale of the assets of the organisation, including the premises at 3 Neva Road.

The reserves policy was updated in August 2022 (after the period to which this report relates) to respond to the changing economic climate, guidance from trust funders and The Charity Commission. Vision North Somerset now operates a two-tier reserves policy with Tier 1 supporting the Charity through periods of reduced income, and Tier 2 supporting staff salaries and redundancy costs if liquidation was required. Details will be updated for the next annual report and are available on request. The whole reserve now covers almost ‘six months’ of the Charity’s running costs.

The Trustees aim to secure financial support sufficient to ensure that the minimum reserves target continues to be met, and that funds are available to cover future capital expenditure or unexpected costs.

Prepared By Albert Goodman LLP

8

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

Plans for future periods

With a new CEO and a refreshed trustee board, Vision North Somerset is poised to create an exciting new strategic plan to support more local people, more effectively, working in partnership with local stakeholders.

The needs of local people with visual impairment and hearing loss are growing and becoming more complex as people live longer with disabilities and multiple medical conditions. The RNIB reliably estimates that there are around 8,920 people living with significant sight loss in North Somerset, with this figure due to rise by 29% by 2030, mainly due to an ageing population. Around 60% of people who experience strokes will also experience some form of visual impairment immediately after the stroke. Prevalence of sight loss is higher among people with dementia, especially those living in care homes. People with learning disabilities are 10 times more likely to experience sight loss than the general population. In North Somerset, it is estimated that 1,140 people with sight loss aged over 65 experience a fall per year. Of these falls, 540 are directly attributable to sight loss. People with visual impairment are much more likely to have poor mental health, being at least twice as likely to live with depression.

RNIB also estimates that 28,400 people in North Somerset have a moderate or severe hearing impairment, and 650 people have a profound hearing impairment.

Social care and health services are struggling with demand, the cost-of-living crisis is disproportionately affecting people with disabilities as households including disabled people are at least twice as likely to be struggling. People are regularly contacting Vision North Somerset for help with a wide range of issues, including services where there are gaps in local provision, such as benefit and individual grant application support and counselling. We have never been more needed.

Principal Funding Sources

North Somerset Council is a significant funder. Its grant fully supports the activities carried out under our agreement but does not in any way contribute to the charitable activities of the organisation.

The National Lottery has been a significant source of funds for our voluntary-funded services.

The Charity is also grateful for financial support from the following:

Prepared By Albert Goodman LLP

9

Vision North Somerset Trustees’ Report For the Year ended 31 March 2022

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:

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 4[th] November 2022 and signed on their behalf by:

M Mackle Trustee

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10

Vision North Somerset Independent Examiners’ Report to the Trustees For the Year ended 31 March 2022

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 2022.

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.

Michelle Ferris BSc (Hons) FCA DChA

Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Dated: 13[th] December 2022

Prepared By Albert Goodman LLP

11

Vision North Somerset Statement of Financial Activities For the Year ended 31 March 2022

Unre-
stricted
Notes
Funds		 Unre-
stricted
Notes
Funds		 Re-
stricted
Funds		 Total
2022		 Unre-
stricted
Funds		 Re-
stricted
Funds		 Total
2021
Income from:
Donations (including grants)
2
Other trading activities
3
Income from investments
4
Total
Expenditure on:
Charitable activities
5
Total
Net income / (expenditure)
for the year before transfers
Transfers between funds
Other recognised losses:
Actuarial gains on defined benefit		 36,246
24,435
181		 336,956
-
-		 373,202
24,435
181		 20,353
10,922
725		 300,437
-
-		 320,790
10,922
725
60,862
24,733		 336,956
295,256		 397,818
319,989		 32,000
15,110		 300,437
308,963		 332,437
324,073
24,733
36,129
11,571		 295,256
41,700
(11,571)		 319,989
77,829
-		 15,110
16,890
-
(23,000)		 308,963
(8,526)
-
-		 324,073
8,364
-
(23,000)
pension schemes
14		 68,000 - 68,000
Net movements in funds 115,700 30,129 145,829 (6,110) (8,526) (14,636)
Reconciliation of funds:
Fund balances at 1 April
Fund balances at 31 March		 170,580 18,949 189,529 176,690 27,475 204,165
286,280 49,078 335,358 170,580 18,949 189,529

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

12

Vision North Somerset Balance sheet As at 31 March 2022

Notes
Fixed assets
Tangible fixed assets
8
Current assets
Stock
Cash at bank and in hand
Investments
9
Creditors
Amounts falling due within one year
10
Net current assets
Net assets excluding pension liabilities
Defined benefit pension scheme liabilities
Total net assets including pension liabilities
Unrestricted funds
Unrestricted funds excluding pension
reserve
11
Pension reserve
Total unrestricted funds
Restricted funds
11
Total funds		 7,110
207,501
66,000
280,611
(7,524)		 £
410,271
4,721
125,628
66,000
196,349
(6,536)
273,087
683,358
(348,000)
335,358
634,280
(348,000)
286,280
49,078
335,358
2022		 £
409,716
189,813
2021
599,529
(410,000)
189,529
580,580
(410,000)
170,580
18,949
189,529

The financial statements were approved by the Trustees on 4[th] November 2022 and signed on their behalf by:

M Mackle Trustee

J Brice Trustee

Prepared By Albert Goodman LLP

13

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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

14

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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

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

15

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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.

The Trustees have concluded that the likelihood is that funding will be available to support the objectives of the Charity and that the Charity has adequate resources to continue in operational existence for the foreseeable future. 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

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Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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. 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. 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

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Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

----- Start of picture text -----
2 Donations and legacies Unre- Re- Unre- Re-
stricted stricted Total stricted stricted Total
Funds Funds 2022 Funds Funds 2021
£ £ £ £ £ £
Grant income
- -
The Big Lottery 114,084 114,084 111,844 111,844
North Somerset Council Social
Services - 165,600 165,600 - 165,146 165,146
The Will Charitable Trust - - - - 5,000 5,000
- - - -
Thomas Pocklington Trust 9,957 9,957
Screwfix Foundation - - - - 4,490 4,490
- - - -
Miss K B Sleigh Charitable Trust 2,000 2,000
NSC - Infection Control Fund - 3,000 3,000 - 2,000 2,000
- - - -
St Monica Peer Support 19,789 19,789
- - - -
Quartet - Talking for health 19,683 19,683
- - - -
Quartet Express 4,900 4,900
- - - -
Awards for All - Helping each other 9,900 9,900
- -
336,956 336,956 300,437 300,437
Donations 36,246 - 36,246 20,353 - 20,353
36,246 336,956 373,202 20,353 300,437 320,790
----- End of picture text -----

*denotes government funding

Prepared By Albert Goodman LLP

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Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

----- Start of picture text -----
3 Other trading activities Unre- Re- Unre- Re-
stricted stricted Total stricted stricted Total
Funds Funds 2022 Funds Funds 2021
£ £ £ £ £ £
Other 6,602 - 6,602 1,037 - 1,037
- -
Re-sale equipment 16,073 16,073 8,560 8,560
Room hire 1,760 - 1,760 1,325 - 1,325
- -
24,435 24,435 10,922 10,922
4 Investment Income Unre- Re- Unre- Re-
stricted stricted Total stricted stricted Total
Funds Funds 2022 Funds Funds 2021
£ £ £ £ £ £
Bank interest receivable 181 - 181 725 - 725
5 Direct charitable expenditure Unre- Re- Unre- Re-
stricted stricted Total stricted stricted Total
Funds Funds 2022 Funds Funds 2021
£ £ £ £ £ £
Wages and salaries 7,296 229,064 236,360 12,957 226,899 239,856
Core and operating
costs 10,782 36,174 46,956 3,793 52,815 56,608
- -
Legal and professional 6,343 6,343 6,561 6,561
- -
Re-sale equipment purchased 13,409 13,409 8,051 - 8,051
Project costs 6,766 10,155 16,921 575 12,422 12,997
Contribution to core costs (13,520) 13,520 - (10,266) 10,266
24,733 295,256 319,989 15,110 308,963 324,073
6 Employees 2022 2021
£ £
Wages and salaries 196,027 182,629
Social security costs 7,316 8,911
Pension costs (note 14) 33,017 48,316
236,360 239,856
----- End of picture text -----

Prepared By Albert Goodman LLP

19

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

No individual was paid over £60,000 (2021: none).

The average number of employees for the year was as follows:

The average number of employees for the year was as follows:
2022 2021
Number of staff 12 10

One person is considered key management personnel of the Charity, being the Chief Executive Officer & Interim Chief Executive Officer. Total employee benefits of the key management personnel of the Charity were £32,578 (2021: £47,620), 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 (2021: £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.

7
Net incoming resources before transfers
This is stated after charging:		 2022
£		 2021
£
Depreciation
Accountants remuneration
- independent examination
- other		 11,016
1,500
1,080		 14,346
1,470
930

Prepared By Albert Goodman LLP

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Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

8 Tangible assets

8
Tangible assets
Cost Freehold
property		 Fixtures &
Fittings
£		 Total
£
As at 01.04.2021
Additions
As at 31.03.2022
Depreciation
As at 01.04.2021
Charge for period		 425,000
-
425,000
21,258
4,252		 107,660
11,571
119,231
101,686
6,764		 532,660
11,571
544,231
122,944
11,016
As at 31.03.2022
Net book value
As at 31.03.2022
As at 31.03.2021		 25,510
399,490
403,742		 108,450
10,781
5,974		 133,960
410,271
409,716

The pension deficit (to a maximum of £200,000) is secured against the property.

9
Investments		 2022
£		 2021
£
National Savings Bond investments 66,000 66,000
66,000
66,000

10 Creditors: amounts falling due within one year

2022
£		 2021
£
Trade creditors
Accruals
Other creditors		 1,890
2,580
3,054		 887
2,985
2,664
7,524 6,536

Prepared By Albert Goodman LLP

21

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

11
Statement of Funds
Restricted funds
Ian Karten Centre
North Somerset Council
Social Services
Quartet Community
Foundation (Digital profile)
The Big Lottery
National Lottery Awards
Thomas Pocklington Trust
Quartet Express Grant
Awards for all
Quartet - Talking for health
St Monica Trust
NSC Infection Control Fund
Total restricted funds		 Balance
01.04.21
£
2,819
-
873
12,136
2,542
579
-
-
-
-
-
18,949		 Income
£
-
165,600
-
114,084
-
-
4,900
9,900
19,683
19,789
3,000
336,956		 Expenditure

£
(2,819)
(165,600)
(873)
(98,566)
(2,542)
(579)
-
(6,261)
(10,292)
(7,146)
(578)
(295,256)		 Transfers/
(losses)
£
-
-
-
(1,770)
-
-
(4,745)
-
(824)
(4,232)
-
(11,571)		 Balance
31.03.22
£
-
-
-
25,884
-
-
155
3,639
8,567
8,411
2,422
49,078
Unrestricted funds
Unrestricted funds excluding
pension reserve
Pension reserve
Total unrestricted funds
Total Funds
580,580
(410,000)
170,580
189,529		 60,862
-
60,862
397,818		 (18,733)
(6,000)
(24,733)
(319,989)		 11,571
68,000
79,571
68,000
634,280
(348,000)
286,280
335,358

Prepared By Albert Goodman LLP

22

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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
The Will Charitable Trust
Thomas Pocklington Trust
Screwfix Foundation
Miss K B Sleigh Charitable
Trust
NSC Infection Control Fund
Total restricted funds
Unrestricted funds
Unrestricted funds excluding
pension reserve
Pension reserve
Total unrestricted funds
Total Funds		 Balance
01.04.20
£
9,006
-
2,055
1,128
6,911
8,375
-
-
-
-
-
27,475

555,690
(379,000)
176,690
204,165		 Income
£
-
165,146
-
-
111,844
-
5,000
9,957
4,490
2,000
2,000
300,437
32,000
-
32,000
332,437		 Expenditure
£
(6,187)
(165,146)
(2,055)
(255)
(106,619)
(5,833)
(5,000)
(9,378)
(4,490)
(2,000)
(2,000)
(308,963)
(7,110)
(8,000)
(15,110)
(324,073)		 Transfers/
(losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
(23,000)
(23,000)
(23,000)		 Balance
31.03.21
£
2,819
-
-
873
12,136
2,542
-
579
-
-
-
18,949
580,580
(410,000)
170,580
189,529

Prepared By Albert Goodman LLP

23

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

The purposes for material funds are as follows:

When fixed assets have been purchased with restricted funds, upon purchase, a transfer has been made from restricted to unrestricted. During the year, this amounted to £11,571 of fixed assets being purchased using restricted funds (2021: £nil).

12 Related party transactions

No remuneration has been paid to Trustees during the year (2021: none). One trustee was reimbursed travelling expenses during the year totalling £7 (2021: none).

13 Analysis of net assets between funds

Tangible assets
Pension reserve
Net current assets excluding
pension reserve		 Unre-
stricted
Funds
£
410,271
224,009
(348,000)
286,280		 Re-
stricted
Funds
£
-
49,078
-
49,078		 Total
2022
£
410,271
273,087
(348,000)
335,358		 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

Prepared By Albert Goodman LLP

24

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

14 Pension commitments

Some 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 2022 were £30,000 of which employer’s contributions totalled £26,000 and employees’ contributions totalled £4,000. The current employer contribution rate for future years is 23.7% of members payroll from 1 April 2021. In addition to the employer contribution, the Charity makes additional monthly payments of £983 towards the LGPS pension scheme, in order to repay the pension deficit over 12 years.

Summary of net pension liability as at 31 March 2022

Summary of net pension liability as at 31 March 2022
Total
2022
£'000		 Total
2021
£'000
Present value of defined benefit obligations
Fair value of share of scheme assets
Deficit in the scheme		 (1,223)
875
(348)		 (1,221)
811
(410)

Principal Actuarial Assumptions

Principal Actuarial Assumptions
At 31 March At 31 March
2022 2021
Salary increases 4.90% 4.20%
Pension increases 3.50% 2.80%
Discount rate 2.80% 2.10%
CPI increases 3.40% 2.70%

Prepared By Albert Goodman LLP

25

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

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:

At 31 March At 31 March
2022 2021
Retiring today
Males 23.1 23.3
Females 25.3 25.4
Retiring in 20 years
Males 24.6 24.8
Females 27.3 27.4

The Trust’s share of the assets and liabilities in the Avon Pension Fund are as follows:

Fair
% of total
value
scheme
£'000
assets
As at 31 March 2022		 Fair
% of total
value
scheme
£'000
assets
As at 31 March 2022		 Fair
% of total
value
scheme
£'000
assets
As at 31 March 2021
Equities
Gilts
Other bonds
Property
Cash
Other		 353
109
66
59
14
274		 41%
12%
8%
7%
2%
31%		 304
38%
114
14%
69
9%
58
7%
24
3%
242
30%
Total market value of assets
Present value of scheme
Liabilities - funded
Deficit in the scheme		 875
(1,223)
(348)		 100% 811
100%
(1,221)
(410)

The actual return on scheme assets was £80,000 (2021: £119,000).

Prepared By Albert Goodman LLP

26

Vision North Somerset Notes to the Financial Statements For the Year ended 31 March 2022

14 Pension commitments (cont.)

Amounts recognised in the statement of financial activities are as follows:

At 31 March At 31 March 31 March At 31 March
2022 2021
£'000 £'000
Current service cost (net of employee contributions) (25) (33)
Net interest cost (7) (8)
Admin expenses - (1)
Total (32) (42)
Movements in the present value of defined benefit obligations were as follows:
At 31 March At 31 March
2022 2021
£'000 £'000
At 1 April 2021 (1,221) (1,064)
Current service cost (25) (33)
Interest cost (24) (25)
Estimated benefits paid 45 31
Employee contributions (4) (6)
Actuarial gains/(losses) 6 (124)
At 31 March 2022 (1,223) (1,221)

Movements in the fair value of the Charity’s share of scheme assets were as follows:

At 1 April 2021
Interest income
Expected return on fund assets
Employer contributions
Employee contributions
Estimated benefits paid
Administrative expenses
At 31 March 2022		 At 31 March At 31 March
2022
2021
£'000
£'000
811
685
17
17
62
101
26
34
4
6
(45)
(31)
-
(1)
875
811		 At 31 March At 31 March
2022
2021
£'000
£'000
811
685
17
17
62
101
26
34
4
6
(45)
(31)
-
(1)
875
811
811

Prepared By Albert Goodman LLP

27