**CHARITY REGISTRATION NUMBER: 1185333** ## **VISION25 Unaudited Financial Statements** ## **31 May 2022** **S J ACCOUNTING SERVICES (NE) LTD** ## **VISION25** ## **Financial Statements** ## **Year ended 31 May 2022** ||**Page**| |---|---| |Trustees' annual report|**1**| |Independent examiner's report to the trustees|**31**| |Statement of financial activities|**32**| |Statement of financial position|**33**| |Notes to the financial statements|**34**| ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2022. ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Registered Charity Name** VISION25 **Charity Registration Number** 1185333 **Principal Office** Ground Floor Richard House Sorbonne Close Teasdale Business Park Stockton on Tees TS17 6DA ## **The Trustees** G Williams T Dooley J Langford **Independent Examiner** SJ Accounting Service (NE) Ltd 3 Galava Walk Ingleby Barwick Stockton on Tees TS17 5JD ## **Structure, Governance and Management** Vision25 is a Charitable Incorporated Organisation (CIO), incorporated on 12th September 2019 and is governed by its constitution which was adapted on 16th September 2019. ## **Objectives And Activities** The object(s) of the CIO are To advance in life and help disabled young people living in the North East of England through: a) the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; b) providing support and activities which develop their skills, capacities, and capabilities to enable them to participate in society as mature and responsible individuals. **1** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **2** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Achievements & Performance** ## **- Covid 19 Updates** Over the past 12 months we have continued with the government’s guidelines on Covid-19. Our families started testing their son/daughter once the tests became available easily from chemists. The staff had a strict regime which was instructed by Public Health. As the country have been braced to ‘live with the virus’, we as a charity have been as careful as usual, due to our young adults having compromised immune systems. We are continuing with testing which is done by our families at home and the staff team were testing daily up until the April 1[st] changes. Even now, June 2022, we are still testing staff and young people, and all are isolating where a positive case is found. We are still following the 5 days isolation followed by 2 days negative on a lateral flow test. We are continuing with hand washing, using sanitiser and taking temperatures upon arrival as a precaution. This will continue for the foreseeable future. The numbers of cases have been steadily rising over the past few weeks. We are hoping the young vulnerable adults plus staff are offered the 4[th] vaccination in September. ## **– 144 High Street Refurbishments** As mentioned last year’s report, we took on a new lease for a building at 144 High St, Stockton-on-Tees. Our plans were finalised by Bernard Nixon, our architect. A larger copy is attached as appendix 1. **3** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** We have appointed Wells CRS contracting company to carry out phase one of the refit which will enable us to move into the property. At the cost of £127,000, we have included 4 classrooms to be built; upcycle workshop, Textiles workshop, Sensory room and ICT suite. Male and Female toilets, a disabled toilet and a changing room with ceiling hoist. A large kitchen and windows in the property where possible for ventilation and daylight. A large dividing wall to enable the day service to be away from the shop/café area which will become part of phase 2. Our lease took a long time to sort due to the descriptors the charity needed for this building to succeed for us. This included major changes to the internal layout, to be able to sub-let and the fact that it’s an Internal repairing and Insuring Lease (IRI). The lease is for 10 years. Work commenced second week in January 2022. As of the date of this report, the charity still has not moved into 144, due to the fire alarm system needing a full upgrade. Our landlord has brought in his own engineers to price this job and we are hoping it will be solved soon. We still do not have a definitive date to move in but are hopeful it will be in the next 6 weeks. ## **Parents and young people visited the property before the work started** **4** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **5** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** The latest developments will be shown at the end of this report **6** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Evac chair** We will have a strict fire plan to ensure the safety of our young people and staff in the event of a fire. Due to the evacuation being upstairs instead of down, we have had a visit from Ross www.evacchair.co.uk who has shown us the brilliant Evac chair which is motorised and goes upstairs with a passenger who is a wheelchair user. We gained a donation from our lovely friends at the Sun Inn Tracy & Sean, so we are going to use their donation to purchase this much needed chair. ## **Employability & Young Adults on Work Placement** Due to the pandemic and ongoing risks of Covid19, we were unable to continue with our employability scheme funded by the National Lottery. We approached the Lottery to ask if we could change to project to an employability workshop style of role play to enable our young adults practice working in a shop with role play and to carry out research online into possible new product they would make and sell in the shop. The new project has been very valuable to them. Here is an example of what the project has been like since the changes. **7** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **1.** Here is Aron and Sarah investigating the prices of handbags on the internet in order to give us an idea of how much we could sell the handbags for. Sarah is writing down the prices of handbags while Aaron searches the internet. **3.** Here is a group discussion where we were comparing prices on how much we would sell our products for. **2.** Lydia is sewing together the bag to make it complete and ready for selling. **8** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **5.** Here Aaron is taking money from a customer who had bought a macrame handbag. ## **Our New Upcycle Workshop** Our new building has housed our own upcycle workshop where our young adults will not only upcycle old furniture but make their own wooden items which will be sold when our new shop is **4.** Here is tom using the till acting as shop assistant and Laura acting as a customer in his shop. ready, or online. We have put various bids in for grants not only for furniture but for tools needed for this area. They will research wooden items to make and then set about making them, which they are extremely excited about. Here are some ideas of items we want to make which we will then sell in our shop or online. **9** **Trustees' Annual Report** _**(continued)**_ ## **VISION25** ## **Year ended 31 May 2022** ## **Fundraising & Generous Donations** **Paul our manager did a marathon** in September. Money raised paid for a special treat of bowling and pizza hut for all young adults. A few words from our brilliant and generous manager; “So, I decided to do a Ultra Marathon to help raise funds for Vision25. My Ultra Marathon started at 5am on Redcar Coast Road which covered 10 miles, I then headed over to Middlesbrough sports village for another 30 miles using there outside athletics track and ended at 6pm in Ingleby Barwick for my last 10 miles covering just over 50 miles using my day to day wheelchair to show people just what people can achieve even when living with a disability.” **10** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** Our lovely friends **Sean & Tracy at the Sun inn** are always finding ways to raise money for us. We were given a donation in July of £500 plus another in August, then a staggering £2000 in December. We don’t know what we would do without these 2 wonderful people who support us all year round. Our lovey friends **Lucy and Steph** did a raffle in June to raise money for us. They raised over a £1000 and gained all the wonderful prizes below from friends of theirs, which is incredible. **11** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **Paul and his lovely wife Jean** are always finding ways to support us. They arranged a race night in our local social club which raised over a £1000 in September. Thank you so much guys – you are another couple who spend your time looking after us, for which we are grateful. A local **Primary school in Yarm** (Yarm Preparatory School) raised funds for us in a variety of ways. They were brilliant and raised £516.36 for us. Thanks guys!! **12** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** A local pub in **Yarm - Osbournes** had a brilliant coffee morning in December which we all attended. Yarm school also had some carol singers there which was beautiful especially when our young people got up to sing and dance with them. It was a very heart-warming performance. **DPD** are sponsoring us for 12 months and have set a fundraising target of £20,000. As of May 31[st,] they have raised £5,378 so they’re well on track to achieve their goal. Thank DPD for everything you do for us! We appreciate you so much. Our recent cake bake at our Oldbury Canteen **13** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **At Billingham Golf Club** , the lady captain and the gentleman’s captain have decided that our charity will be their charity of the year. We welcomed them into the centre to meet the young people which they loved. They had a family day in June and have been taking part in lots of events during their golfing day. They also had a press release about their efforts in the local paper; **Blackwell’s Butchers in Norton** had a voting system on social media whereby the public could vote for a charity of their choice. Lots of people voted for us and we won! They will fundraise for us for 12 months doing many events including a cycle-a-thon and raffles. We held a grand launch which many people attended. We are looking forward to working with you all. **14** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **15** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Collaborations** Throughout the year we have enjoyed workshops with the brilliant **Creative Village.** Some of the topics have been bug hotels and plants pots, to name a few. They are going to be renting a new studio within our new premises to offer workshops to the public and other vulnerable people within our community. Good luck to you both! **16** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** We have been working with **Ivy and her Strictly Chair Dancing** for a long time. The group are thrilled when she comes, and they enjoy lots of varieties of dance including dance with ribbons and cheer leader pom-poms, which they love. ## **The Globe Singing Workshops** We have been lucky enough to start singing workshops at the Globe. This is a big important thing for our young adults as they see the Globe as a magnificent place which recently underwent a major refurbishment. Their parents will come and watch them perform after 6 weeks, then the next group will enjoy the opportunity. **17** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Stockton 6[th] Form College** We collaborated with a local college for 2 days. One of our dads is the inclusion officer for the college and beyond, and welcomed our group into their college to mix with their students. They did lots of activities together and even enjoyed lunch together. Some of their students have been to our centre for works experience for their level 3 Health and Social Care qualification. What a fantastic opportunity for them to spend the day with young people living with a disability so they can see first-hand how very capable our group are. Tristan even transported our young people over in their own minibus – what a guy!! **18** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Performing Arts** We enjoyed our performing arts session with our lovely **Joanna and performed the Wizard of Oz** in August just before Joanna left to have her baby. We will miss her like mad when she’s gone but she will return one day. We all wore a tie-dyed T-shirt, so we all looked the same and we loved the performance. In September our friendly **Police came to visit.** We love it when they come. We get to dress up in police clothes, sit in the police car and pretend to be real police for a few hours. They teach us many valuable lessons about stranger danger and staying safe. We hope they come back soon. **19** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **Tour of the Globe** – In October we were invited to view the inside of the newly refurbished Globe on Stockton High Street. It looked amazing inside and we loved being on the stage. They had some really impressive equipment for people with a disability. Our favourite piece was a platform for a wheelchair which then turned back into stairs, amazing really but we think it was expensive. We loved the experience and were able to access every single part of the theatre regardless of ability. **Sunderland Empire** were so kind to invite our young people to see Beauty and the Beast in February. All the parents helped transport them and they had the time of their lives. The show was incredible and a treat for all who attended. Thank you so much Sunderland Empire – You made our day! **20** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Vision25 Events** We now have our very own events team – Karen & Lynn. They have had a successful 12 months with events and money raising stalls for our young adults to work on and gain valuable work skills in selling. All this year’s events are listed below; ## _**Halloween Party**_ All the young people and their families attended our Halloween party on November 2[nd] . As you can see, we all dressed for the occasion and had an absolute ball. **21** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## _**Christmas Party**_ In December we enjoyed our Christmas party thanks to our lovey friends **Paul and Jean** who love looking after us with special events. WE ALL love you both to bits. Don’t we look amazing all dressed up!! **22** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** In December we had a number of stalls in the local park and on our local high street. Our events team worked hard and sold a lot of items to the public. The events were enjoyed by all. _**Ropner park stall**_ _**Stockton market stall**_ _**Castlegate stall**_ **23** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** In March some of our families put out an appeal to help the _**crisis in Ukraine**_ **.** They gathered all the items and sent them to a local collecting point where they were to be shipped over. I am so proud of our parents for their kindness. **24** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** In April we held our very first **Spring Party** , the first of four for this year. OH WHAT A NIGHT!!!! Loved every minute! Did you all enjoy yourselves? Special thanks to **Jean & Paul** for your kindness and generosity. We all love you to bits! When our family is altogether it makes my heart smile ## **Parents Evening Craft Club** Our parents are still enjoy getting together every Tuesday to craft and make wonderful items for us to sell and raise money for the charity. **25** ## **VISION25** **Trustees' Annual Report** _**(continued)**_ **Year ended 31 May 2022** ## **Latest updates in 144 High Street** **26** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **27** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **The Year Ahead** Our refit should be finished soon once the fire alarm system problem is solved, so we can move to our forever home. Phase one refit only included classrooms, toilets etc. The next phase is the development of the front of house – shop and Café where once complete, will be a fantastic opportunity for our young people to work and gain real life, hands on work experience in the hope that one day, a potential employer will employ them. We will continue with our quest to raise money for this and for further opportunities for the development on the upstairs of the building. We are also going to be researching the residential side of life for our young people to consult with the local authority housing and look at options for a supported living scheme that will be fit for purpose for people as vulnerable as our group. Our CEO has begun looking into it and has met with the local authority, plus a care provider and also visited a bungalow in Acklam which was a fabulous facility for its tenants. Some families are anxious about the long-term housing future of their sons/daughters and often ask ‘who will look after my child when I die’. It’s a sobering thought and one we as a charity intend to support and find the answers. **28** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** **29** ## **VISION25** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 May 2022** ## **Financial review** The results for the period are reflected in the Statement of Financial Activities in the accounts. The accounts for the year show a surplus of £16,616. The reserves stand at £98,330, £63,880 being unrestricted funds with free reserves of £56,547. ## **Reserves Policy** The trustees aim is to expend all funds on their charitable objects; however, they recognise the need to maintain a certain level of reserves as a cushion against possible future difficulties. Free reserves at the level of 6 months running costs would allow the charity to continue its operations while alternative funding sources were sought. The trustees' annual report was approved on 27[th] June 2022 and signed on behalf of the board of trustees by: TL Dooley J Langford G Williams Trustee Trustee Trustee **30** ## **VISION25** ## **Independent Examiner's Report to the Trustees of VISION25** ## **Year ended 31 May 2022** I report on the financial statements for the year ended 31 May 2022, which comprise the statement of financial activities, statement of financial position and the related notes. ## **Respective responsibilities of trustees and examiner** The trustees are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act, and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act - have not been met, or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. SJ Accounting Service (NE) Ltd Independent Examiner 3 Galava Walk Ingleby Barwick Stockton on Tees TS17 5JD **31** ## **VISION25** ## **Statement of Financial Position** ## **31 May 2022** ||||**2022**||2021| |---|---|---|---|---|---| |||Unrestricted|Restricted||| |||funds|funds|**Total funds**|Total funds| ||**Note**|**£**|**£**|**£**|£| |**Income and endowments**|||||| |Donations and legacies|**4**|22,527|91,502|114,029|47,792| |Charitable activities|**5**|344,968|–|344,968|251,443| |||--------------------------------|----------------------------|--------------------------------|--------------------------------| |**Total income**||367,495|91,502|458,997|299,235| |||================================|============================|================================|================================| |**Expenditure**|||||| |Expenditure on charitable activities|**6,7**|363,379|79,002|442,381|248,463| |||--------------------------------|----------------------------|--------------------------------|--------------------------------| |**Total expenditure**||363,379|79,002|442,381|248,463| |||================================|============================|================================|================================| |||--------------------------------|----------------------------|--------------------------------|--------------------------------| |**Net income and net movement in**|**funds**|4,116|12,500|16,616|50,772| |||================================|============================|================================|================================| |**Reconciliation of funds**|||||| |Total funds brought forward||59,264|22,450|81,714|30,942| |||--------------------------------|----------------------------|--------------------------------|--------------------------------| |**Total funds carried forward**||63,380|34,950|98,330|81,714| |||================================|============================|================================|================================| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 34 to 43 form part of these financial statements.** **32** ## **VISION25** ## **Statement of Financial Position** ## **31 May 2022** |||**2022**|2021| |---|---|---|---| ||**Note**|**£**|£| |**Fixed assets**|||| |Tangible fixed assets|**12**|2,869|3,913| |**Current assets**|||| |Cash at bank and in hand||96,923|96,870| |**Creditors: amounts falling due within one year**|**13**|1,462|19,069| |||----------------------------|----------------------------| |**Net current assets**||95,461|77,801| |||----------------------------|----------------------------| |**Total assets less current liabilities**||98,330|81,714| |||----------------------------|----------------------------| |**Net assets**||98,330|81,714| |||============================|============================| |**Funds of the charity**|||| |Restricted funds||34,950|22,450| |Unrestricted funds||63,380|59,264| |||----------------------------|----------------------------| |**Total charity funds**|**15**|98,330|81,714| |||============================|============================| These financial statements were approved by the board of trustees and authorised for issue on 27[th] June 2022, and are signed on behalf of the board by: T Dooley Trustee J Langford G Williams Trustee Trustee **The notes on pages 34 to 43 form part of these financial statements.** **33** ## **VISION25** ## **Notes to the Financial Statements** ## **Year ended 31 May 2022** ## **1. General information** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Ground Floor Richard House, Sorbonne Close, Teasdale Business Park, Stockton on Tees, TS17 6DA. ## **2. Statement of compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Going concern** There are no material uncertainties about the charity's ability to continue. ## **Disclosure exemptions** The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. **34** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **3. Accounting policies** _**(continued)**_ ## **Incoming resources** All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## **Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. ## **Tangible assets** Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. **35** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **3. Accounting policies** _**(continued)**_ ## **Tangible assets** _**(continued)**_ An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. ## **Depreciation** Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings - 20% straight line Equipment - 20% straight line ## **Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## **Financial instruments** A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. **36** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **3. Accounting policies** _**(continued)**_ ## **Financial instruments** _**(continued)**_ Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. ## **Defined contribution plans** Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. ## **4. Donations and legacies** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2022**| ||£|£|**£**| |**Donations**|||| |Donations|22,527|–|22,527| **37** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **4. Donations and legacies** _**(continued)**_ ||||Unrestricted|Restricted|**Total Funds**| |---|---|---|---|---|---| ||||Funds|Funds|**2022**| ||||£|£|**£**| ||**Grants**||||| ||JRS Grant||–|–|–| ||Tees Valley Community Foundation||–|8,750|8,750| ||Jack Brunton Charitable Trust||–|5,000|5,000| ||RSA Community Grant||–|–|–| ||National Lottery||–|25,000|25,000| ||British Land Covid Grant||–|–|–| ||Groundworks||–|1,000|1,000| ||County Durham Foundation||–|5,000|5,000| ||SBC Covid Recovery||–|31,802|31,802| ||Teesside Charity Upcycle Furniture||–|5,000|5,000| ||Awards For All||–|9,950|9,950| ||||----------------------------|----------------------------|--------------------------------| ||||22,527|91,502|114,029| ||||============================|============================|================================| ||||Unrestricted|Restricted|Total Funds| ||||Funds|Funds|2021| ||||£|£|£| ||**Donations**||||| ||Donations||17,470|–|17,470| ||**Grants**||||| ||JRS Grant||4,372|–|4,372| ||Tees Valley Community Foundation||–|500|500| ||Jack Brunton Charitable Trust||–|10,000|10,000| ||RSA Community Grant||–|2,000|2,000| ||National Lottery||–|12,450|12,450| ||British Land Covid Grant||–|1,000|1,000| ||Groundworks||–|–|–| ||County Durham Foundation||–|–|–| ||SBC Covid Recovery||–|–|–| ||Teesside Charity Upcycle Furniture||–|–|–| ||Awards For All||–|–|–| ||||----------------------------|----------------------------|----------------------------| ||||21,842|25,950|47,792| ||||============================|============================|============================| |**5.**|**Charitable activities**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||Sale of goods/services as part of||||| ||direct charitable activities|344,968|344,968|251,443|251,443| |||================================|================================|================================|================================| **38** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **6. Expenditure on charitable activities by fund type** ||||Unrestricted|Restricted|**Total Funds**| |---|---|---|---|---|---| ||||Funds|Funds|**2022**| ||||£|£|**£**| ||Activity type 1||360,713|79,002|439,715| ||Support costs||2,666|–|2,666| ||||--------------------------------|----------------------------|--------------------------------| ||||363,379|79,002|442,381| ||||================================|============================|================================| ||||Unrestricted|Restricted|Total Funds| ||||Funds|Funds|2021| ||||£|£|£| ||Activity type 1||223,955|12,166|236,121| ||Support costs||12,342|–|12,342| ||||--------------------------------|----------------------------|--------------------------------| ||||236,297|12,166|248,463| ||||================================|============================|================================| |**7.**|**Expenditure on charitable activities by activity type**||||| |||Activities|||| |||undertaken|Support|**Total funds**|Total fund| |||directly|costs|**2022**|2021| |||£|£|**£**|£| ||Activity type 1|439,715|–|439,715|236,121| ||Governance costs|–|2,666|2,666|12,342| |||--------------------------------|-----------------------|--------------------------------|--------------------------------| |||439,715|2,666|442,381|248,463| |||================================|=======================|================================|================================| |**8.**|**Net income**||||| ||Net income is stated after charging/(crediting):||||| |||||**2022**|2021| |||||**£**|£| ||Depreciation of tangible fixed assets|||1,044|1,044| |||||=======================|=======================| |**9.**|**Independent examination fees**||||| |||||**2022**|2021| |||||**£**|£| ||Fees payable to the independent examiner for:||||| ||Independent examination of the financial statements|||700|700| |||||==============|==============| **39** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **10. Staff costs** |The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:| |---|---|---| ||**2022**|2021| ||**£**|£| |Wages and salaries|232,579|193,440| |Social security costs|10,619|7,628| |Employer contributions to pension plans|3,545|3,040| ||--------------------------------|--------------------------------| ||246,743|204,108| ||================================|================================| The average head count of employees during the year was 16 (2021: 16). No employee received employee benefits of more than £60,000 during the year (2021: Nil). ## **11. Trustee remuneration and expenses** - no remuneration or other benefits from employment with the charity or a related entity were received by the trustees; or ## **12. Tangible fixed assets** ||Fixtures and||| |---|---|---|---| ||fittings|Equipment|**Total**| ||£|£|**£**| |**Cost**|||| |**At 1 June 2021 and 31 May 2022**|1,354|3,864|5,218| ||=======================|=======================|=======================| |**Depreciation**|||| |At 1 June 2021|339|966|1,305| |Charge for the year|271|773|1,044| ||-----------------------|-----------------------|-----------------------| |**At 31 May 2022**|610|1,739|2,349| ||=======================|=======================|=======================| |**Carrying amount**|||| |**At 31 May 2022**|744|2,125|2,869| ||=======================|=======================|=======================| |At 31 May 2021|1,015|2,898|3,913| ||=======================|=======================|=======================| |**Creditors:** **amounts falling due within one year**|||| |||**2022**|2021| |||**£**|£| |Trade creditors||50|50| |Accruals and deferred income||700|700| |Social security and other taxes||–|1,902| |Other creditors - desc in a/cs||–|15,780| |Other creditors 2 - desc in a/cs||712|637| |||-----------------------|----------------------------| |||1,462|19,069| |||=======================|============================| ## **13. Creditors: amounts falling due within one year** **40** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **14. Pensions and other post-retirement benefits** ## **Defined contribution plans** The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,545 (2021: £3,040). ## **15. Analysis of charitable funds** ## **Unrestricted funds** |**Unrestricted funds**|||||| |---|---|---|---|---|---| ||At||||**At**| ||1 June 2021|Income|Expenditure|Transfers|**31 May 2022**| ||£|£|£|£|£| |General funds|59,264|367,495|(363,379)|(6,833)|
56,547| |Redundancy Reserve|–|–|–|6,833|6,833| ||----------------------------|--------------------------------|--------------------------------|-----------------------|----------------------------| ||59,264|367,495|(363,379)|–|63,380| ||============================|================================|================================|=======================|============================| ||At||||At| ||1 June 2020|Income|Expenditure|Transfers|31 May 2021| ||£|£|£|£|£| |General funds|22,276|273,285|(236,297)|–|59,264| |Redundancy Reserve|–|–|–|–|–| ||----------------------------|--------------------------------|--------------------------------|--------------|----------------------------| ||22,276|273,285|(236,297)|–|59,264| ||============================|================================|================================|==============|============================| **41** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **15. Analysis of charitable funds** _**(continued)**_ **Restricted funds** |**Restricted funds**|||||| |---|---|---|---|---|---| ||At||||**At**| ||1 June 2021|Income|Expenditure|Transfers|**31 May 2022**| ||£|£|£|£|£| |Catalyst Funding|–|–|–|–|–| |True Colours|–|–|–|–|–| |Woodward Trust|–|–|–|–|–| |Skipton Charitable|||||| |Foundation|–|–|–|–|–| |Tees Valley Community|||||| |Foundation|–|8,750|(3,750)|–|5,000| |Jack Brunton Charitable|||||| |Trust|10,000|5,000|(15,000)|–|–| |SBC Covid Recovery|–|31,802|(31,802)|–|–| |National Lottery|12,450|25,000|(22,450)|–|15,000| |Groundworks|–|1,000|(1,000)|–|–| |County Durham|||||| |Foundation|–|5,000|(5,000)|–|–| |Teesside Charity|||||| |Upcycle Furniture|–|5,000|–|–|5,000| |Awards for All|–|9,950|–|–|9,950| ||----------------------------|----------------------------|----------------------------|--------------|----------------------------| ||22,450|91,502|(79,002)|–|34,950| ||============================|============================|============================|==============|============================| ||At||||At| ||1 June 2020|Income|Expenditure|Transfers|31 May 2021| ||£|£|£|£|£| |Catalyst Funding|1,166|–|(1,166)|–|–| |True Colours|5,000|–|(5,000)|–|–| |Woodward Trust|1,000|–|(1,000)|–|–| |Skipton Charitable|||||| |Foundation|1,500|–|(1,500)|–|–| |Tees Valley Community|||||| |Foundation|–|500|(500)|–|–| |Jack Brunton Charitable|||||| |Trust|–|10,000|–|–|10,000| |SBC Covid Recovery|–|2,000|(2,000)|–|–| |National Lottery|–|12,450|–|–|12,450| |Groundworks|–|1,000|(1,000)|–|–| |County Durham|||||| |Foundation|–|–|–|–|–| |Teesside Charity|||||| |Upcycle Furniture|–|–|–|–|–| |Awards for All|–|–|–|–|–| ||-----------------------|----------------------------|----------------------------|--------------|----------------------------| ||8,666|25,950|(12,166)|–|22,450| ||=======================|============================|============================|==============|============================| **42** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** ## **16. Analysis of net assets between funds** ||Unrestricted|Restricted|**Total Funds**| |---|---|---|---| ||Funds|Funds|**2022**| ||£|£|**£**| |Tangible fixed assets|2,869|–|2,869| |Current assets|60,511|34,950|95,461| ||----------------------------|----------------------------|----------------------------| |**Net assets**|63,380|34,950|98,330| ||============================|============================|============================| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2021| ||£|£|£| |Tangible fixed assets|3,913|–|3,913| |Current assets|55,351|22,450|77,801| ||----------------------------|----------------------------|----------------------------| |**Net assets**|59,264|22,450|81,714| ||============================|============================|============================| **43** ## **VISION25** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 May 2022** APPENDIX 1 **44**