CHARITY REGISTRATION NUMBER: 1185333
VISION25
Unaudited Financial Statements
31 May 2023
S J ACCOUNTING SERVICES (NE) LTD
VISION25
Financial Statements
Year ended 31 May 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 60 |
| Statement of financial activities | 61 |
| Statement of financial position | 62 |
| Notes to the financial statements | 63 |
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Name VISION25 Charity Registration Number 1185333 Principal Office 144 High Street Stockton on Tees TS18 1LX 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.
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Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
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Friendships
Enjoying my community
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Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Achievements & Performance
What a wonderful 12 months it has been. We spent quite a while getting 144 ready to move in and started visiting over the summer of 2022 to ensure the young people got used to coming to a new building. They were able to witness the changes to the interior as the months went by and loved visiting to see these changes. Some of our young adults struggle with change so it was good for them to accept the changes as and when they happened.
OUR GORGEOUS PARENTS AND SOME WONDERFUL VOLUNTEERS HAVE BEEN WORKING WITH US FOR MONTHS TO PREPARE FOR OUR BIG MOVE. WHAT A FABULOUS TEAM!! Parents painting team starting painting 144 on 18[th] June.
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) BEFORE
VISION25
Trustees' Annual Report (continued)
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OUR YOUNG PEOPLE ENJOYING THE LOVELY SPACE
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Trustees' Annual Report (continued)
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WE’VE BEEN VISITING FOR MONTHS NOW AND SEEING THE CHANGES
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Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
DECORATING RICHARD HOUSE READY TO SAY GOODBYE FOREVER 28[th] December 2022
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Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
WE’RE MOVING IN
Over the winter we started staying a little longer rather than just dropping in which helped. Finally, on January the 9th we officially left Richard House and moved in. Before we could leave Richard House, we needed to paint all walls which our parents, volunteers and staff helped with.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
- Covid 19 Updates
We seem to still be seeing cases of Covid-19 but thankfully everyone is now vaccinated so serious illness has been avoided. We are hoping for another vaccination booster in the Autumn of 2023.
– 144 High Street Refurbishments
There has been a lot of refitting being done at the new property. As discussed last year, we have had a new toilet block with a changing bay with hoist and changing bed, a single disabled toilet and male and female toilets. We have a new kitchen where life skills cooking takes place every day. An upcycle room, a textiles room, a sensory room and a multi-use classroom. Each room has new furniture which has been a slow process subject to funding coming in.
Our New Upcycle Workshop
Our upcycle room is a wonderful space where our young people can use a variety of tools. They absolutely love putting on their overalls, gloves, goggles and visors where needed (PPE) They have taken PC’s apart for repair, made bird boxes and bug hotels and upcycled a variety of furniture which has been donated by our families. In the future they will be making new products from wood and also upcycling old furniture which has been donated to us to then sell on.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Our new kitchen area
We have a very large kitchen where daily meals are cooked for lunch and cookery sessions take place as part of our life skills programme. They not only cook but they shop make a list of ingredients, shop for what’s on the menu, pay at the till, bring it back, cook and then wash and dry the pots.
Our new textiles
room.
Our new textiles room is a place where lots of creativity goes on. The young people make products once they’ve researched and found ways to make what they want. They then set about making it and then pricing it up ready for sale in our shop.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Our New sensory room
Our new sensory room was just another room with no life until the wonderful people at the Teesside Charity came for a visit and injected some much-needed funding into it. Rob our deputy manager got to work to make it an absolutely magical space.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
WORK IS STILL CONTINUING IN OUR GIFT & COFFEE SHOP
The front of house is going to be a gift & coffee shop and after securing some funding from the landfill trust, work started in January. New counters were installed, a kitchen area and a fully accessible toilet/changing room for the public to use, with a ceiling hoist was installed. Although this space is still ongoing, we are hopeful that one day it will open to the public and out young adults will gain wonderful work experience working in there. In the meantime, we will put tables and chairs in position and continue with the role play they need to prepare them for this role.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Employability & Young Adults on Work Placement
Due to the pandemic our employability programme had to stop and due to the vulnerability of our young adults, picking it back up was not an easy option. We extended some funding through the National Lottery so that we could practice employability inside our premises and not put our young adults in harms way. We bought some role play items, a till etc. The young people had to research a new product, then find out how to create it, then make it and pretend to sell it in a real-life shop environment. This has helped them a great deal to prepare for when we have our own shop at the front of our new premises.
Handbags
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:
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Researching the product:
Here we are (Aaron and Sarah) investigating the prices of handbags on the internet to give us an idea of how much we could sell the handbags for. I am writing down the prices of handbags while Aaron searches the internet.
In this image we are (Cerys, Laura and Lydia) researching different materials needed to add accessories onto our bags.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) Making a new product:
I am (Sarah) is currently sewing together pockets that will be placed onto the front of some handbags.
Here I am working with Lynn ironing some material in preparation of sewing it together.
Myself (Lydia) and Lynn are sewing together the bag to make it complete and ready
Pricing a product:
Here is a group discussion where we were comparing prices on how much we would sell our products for.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Here we are finalising prices and making a definite price list.
Serving a customer:
Here we are learning how to serve customers and how to speak to them.
Selling my product:
Here I am (Tom) using the till acting as shop assistant and Laura acting as a customer in my shop.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Here we are selling our products on a stall in Stockton town centre. Myself (Joel), Hal, Jake, Connor and Alex worked really hard.
In this image I am (Aaron) taking money from a customer who had bought a macrame handbag.
Fundraising & Generous Donations
We now have a QR code to donate and text2donate.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
The group raised money doing walks throughout the summer.
– DPD fundraising campaign 2022
DPD decided to choose us as their charity of the year due to one of our young adults having an aunt down south who had a very close friend who was manager of transport who had mentioned to her on a walk that he needed to choose a charity. She explained that Laura, her niece came to Vision25 in Stockton-on-Tees. That was it – we were chosen. The transport team carried out many events at their end.
Here is an extract from their newsletter.
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) A THANK YOU FROM THE DPD GROUP tr¢w k v•T¥ V•T¥ h4ppy ITT¢UP of y•un{ •ll UY• hav• tu BUPFQTI DPD tb•lt trtyn1ttWly 1kn25. J &iiiih DAF IL •t °-J>&4,r .rl KQ V4SpO+i¥f -% .•J 22
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) li 23
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) *BAR 24
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) FLeet team raises over£40,000 forcharity This year the Fleet team wanted to go the extra milo •nd r•i$e mon•y for Vision25. an independent training and Social care provld•rfor young people Ilving wlth dlsabititles In Stockton-on-Tees. Having fullyembraced DL)D'S Inspire pro9ramme, the toèmwanted to supwta iotslcharfty thatcould provide care foryourt9 adult5Wlth d15abilities. Atthe end of the bikeiKle, thetearn's rid£r5 followed tradition bydipping th@ir bikÉS into the sea before fin15hing the final few mile5 aTKI meeting alltheyoung adult5, staff, familyand friend5 atV15ion25. V45k¥n25'5 buildittyg require5 hugE refufb15hrTTrentto wneetthe needs of the di5abledyovng people In It5 c3re, and this moneyw190 a Longwayto improving its facitsties. In tot•l. th• FL••t tethm h¥ r•i¥•d on Incredib 41.la4 lor th• charlty* •nd DPD h•• •gr••d to m•tth •rythIng r•lMd S t•r4. whlch m•4ns VIAlon25 wlll recélve Aftervisitin9 the Chariiyan¢J seeifi9 what ImgJct the rnoneywiii have, the Fleec t¢om hbve oecided to conrirtue supportin9 Visksn25 next year. Stsstaytuned for mttre am42WIg fun¢Jraisin9èlforts from th¢t¢8. * wh•pplng £82.Jl8. 25
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) On the 9[th of] October, the lovely Tracy Lamming ran the Great North run to raise money for us! We appreciated her wonderful effort.
On October 23[rd] the Teesside Family Fund donated a whopping £10,000 to enable us to have ceiling track hoists in our sensory room and changing bathroom.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
On August 6[th] , our wonderful friends Sean & Tracy from the Sun Inn had a brilliant music festival in their pub with lots of banks who played throughout the day and raised a huge amount of money for us.
Sunfest August 6[th ] Thank you to our lovely friends Tracy & Sean from The Sun Inn, Stockton-onTees. for continuing to raise money for us, you never cease to amaze us with your passion to help our young adults! We love you both to bits!
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
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Financial review (continued)
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11[th] September 2023 Liv and Dominic ran the great north run for us.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
20[th] Feb Billingham golf club coffee morning
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) iii 30
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
BLACKWELLS BUTCHERS CHOSE US AS CHARITY OF
THE YEAR
2[nd] December Blackwells choir raising money for us
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
15[th] December 2023 Blackwells cheque
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Blackwells also allowed us to hold tombolas on Saturdays once a month which our parents did for us.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Osbournes Christmas fund raiser sing along choir and singing 12[th] December fundraising at Osbournes Yarm
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Sad news. Family kindly donated money from service to us
Collaborations
Creative Village CIC
Over the past 12 months we have enjoyed having Creative Village in for their brilliant art workshops. We have covered a variety of topics which we have loved.
Vision25
18 December 2022 ·
Special thanks to the Holgate family, and mum Marie for choosing our charity for all donations collected from the funeral of your loved one. Sending you all our love at this difficult time.
Fred, we didn’t get to meet you, but we know your wonderful daughter and her gorgeous family, especially your granddaughter Rachel who is a beautiful young lady inside and out. She is the happiest young lady we know and brings light to even the darkest day. She is a pleasure to be around, maybe she gets that from you.
Thank you to everyone who donated money to our charity, your kindness will go a long way.
To the Holgate’s & lovely Marie, we all love you to bits.
Jen & everyone at Vision25 x
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) at5E You••qll proud 36
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) 11 37
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Ivy and her Strictly Chair Dancing We have been working with Ivy 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.
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) Stockton Library group sessions 39
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) The Globe Singing Workshops 40
VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) LOrkac1r• &V4 Cird S¥¥.401 41
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
We also were lucky enough to get tickets to see Diversity in June 2022! The show was incredible, and our young people were thrilled!
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) Stockton 6[th] Form College 16[th] March Sixth Form College
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) Performing Arts
Joanna is our performing arts lady who does various exciting sessions with us which includes singing, dancing and performing, plus special chats about our feelings.
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) Vision25 Events Halloween Party 01642 55310: Iv 45
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
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!!
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
In December we had several 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
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) Stockton market stall - 26[th] April on Stockton Market
– Awards party July 22[nd]
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) 49
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Our Coronation Party for our new King – Charles III
We held our very own coronation party with special decorations, scones, cakes and special sandwiches. We learnt many things about our new king and had a good laugh trying to remember them. We even sent a postcard to our king; we hope he replies. It was a very special day for everyone.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
On the actual day of the coronation – our local council held a huge party on our own high street which we loved attending.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Special Visitors
In March 2023, we loved it when the North Yorkshire Air Ambulance came to visit us. One of our young adults Matthew emailed them to invite them over as he is very interested in what they do. We saw a film and they brought their huge bear mascot which we all loved – he was very tall and enjoyed a good cuddle.
Great north air ambulance 28[th] March 2023
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) 53
Trustees' Annual Report (continued)
VISION25
Year ended 31 May 2023
Financial review (continued) Staff & parents’ special workshop to say thank you for everything they do for us.
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VISION25 Trustees. Annual Report (continued) Year ended 31 May 2023 Financial review (coiilinued) 55
VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued) We have a new charity shop in Fountain shopping Mall.
Events we experienced in our community
Our young adults looking after our high street by litter picking on a regular basis. Its lovely when the public thanks the, for their efforts.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
23[rd ] March adult carers workshops with SBC in Wellington Square Thank you to
Stockton Parent Carer Forum for inviting us to your ‘Preparing for Adulthood’ event today, we enjoyed it!
Stockton sparkles stall 1[st] December 2022
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
Our parents support each other either at cake and company or at our official parent’s support group meetings.
- Latest updates in 144 High Street The Year Ahead
In the coming year our priority is to get the front of house finished. The gift & coffee shop need new tables and chairs and all equipment installing to ensure we can offer a first-rate service to our customers. Our young people will have been practicing in there over the coming months ready for real customers.
The gift shop will sell merchandise bought from wholesalers plus some of the products will be items made by hand by our young adults. They will have a full section in the gift shop with their products. We also intend to rent a space in the shop window as a pop-up shop for local sellers which will generate an income towards the paying of staff to support our young people in their retail roles. house.
Our charity is growing at a speedy rate and our waiting list continues to grow. Our staff team is also growing to meet the needs of our new service users.
Our charity shop which is a small space within a larger shop will hopefully continue to thrive so we can gain a shop on the high street so that customers can see us as they pass rather than come looking for us.
We are hoping to set up a bedsit inside the premises so that the young people can learn crucial life skills in their ‘preparing for adulthood’ sessions.
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VISION25
Trustees' Annual Report (continued)
Year ended 31 May 2023
Financial review (continued)
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 deficit of £25,912.
The reserves stand at £72,418, £69,418 being unrestricted funds with free reserves of £59,825.
Reserves Policy
The trustee’s 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 July 3[rd] , 2023, and signed on behalf of the board of trustees by:
T. L Dooley J Langford G.Williams
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VISION25
Independent Examiner's Report to the Trustees of VISION25
Year ended 31 May 2023
I report on the financial statements for the year ended 31 May 2023, 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:
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examine the accounts under section 145 of the 2011 Act.
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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
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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:
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to keep accounting records in accordance with section 130 of the 2011 Act, and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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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
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VISION25
Statement of Financial Activities
Year ended 31 May 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 120,088 | 29,025 | 149,113 | 114,029 |
| Charitable activities | 5 | 428,350 | – | 428,350 | 344,968 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 548,438 | 29,025 | 577,463 | 458,997 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 542,400 | 60,975 | 603,375 | 442,381 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 542,400 | 60,975 | 603,375 | 442,381 | |
| ================================ | ============================ | ================================ | ================================ | ||
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | 6,038 | (31,950) | (25,912) | 16,616 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 63,380 | 34,950 | 98,330 | 81,714 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 69,418 | 3,000 | 72,418 | 98,330 | |
| ================================ | ============================ | ================================ | ================================ |
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 63 to 72 form part of these financial statements.
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Statement of Financial Position
31 May 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 12 | 1,825 | 2,869 |
| Current assets | |||
| Cash at bank and in hand | 72,317 | 96,923 | |
| Creditors: amounts falling due within one year | 13 | 1,724 | 1,462 |
| ---------------------------- | ---------------------------- | ||
| Net current assets | 70,593 | 95,461 | |
| ---------------------------- | ---------------------------- | ||
| Total assets less current liabilities | 72,418 | 98,330 | |
| ---------------------------- | ---------------------------- | ||
| Net assets | 72,418 | 98,330 | |
| ============================ | ============================ | ||
| Funds of the charity | |||
| Restricted funds | 3,000 | 34,950 | |
| Unrestricted funds | 69,418 | 63,380 | |
| ---------------------------- | ---------------------------- | ||
| Total charity funds | 15 | 72,418 | 98,330 |
| ============================ | ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 3[rd] July 2023 and are signed on behalf of the board by:
T. L Dooley J Langford G.Williams
The notes on pages 63 to 72 form part of these financial statements.
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VISION25
Notes to the Financial Statements
Year ended 31 May 2023
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 144 High Street, Stockton on Tees, TS18 1LX.
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.
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
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:
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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.
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legacy income is recognised when receipt is probable, and entitlement is established.
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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.
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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:
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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.
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
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.
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VISION25
Notes to the Financial Statements (continued)
Year ended 31 May 2023
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 | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 120,088 | – | 120,088 |
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Grants | |||||
| Tees Valley Community Foundation | – | – | – | ||
| Jack Brunton Charitable Trust | – | – | – | ||
| National Lottery | – | 12,500 | 12,500 | ||
| Groundworks | – | – | – | ||
| County Durham Foundation | – | – | – | ||
| SBC Covid Recovery | – | – | – | ||
| Teesside Charity Upcycle Furniture | – | – | – | ||
| Awards For All | – | – | – | ||
| Bruce Wake | – | 3,000 | 3,000 | ||
| Community Foundation | – | 3,000 | 3,000 | ||
| The Teesside Charity | – | 10,525 | 10,525 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 120,088 | 29,025 | 149,113 | |||
| ================================ | ============================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 22,527 | – | 22,527 | ||
| Grants | |||||
| Tees Valley Community Foundation | – | 8,750 | 8,750 | ||
| Jack Brunton Charitable Trust | – | 5,000 | 5,000 | ||
| National Lottery | – | 25,000 | 25,000 | ||
| 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 | ||
| Bruce Wake | – | – | – | ||
| Community Foundation | – | – | – | ||
| The Teesside Charity | – | – | – | ||
| ---------------------------- | ---------------------------- | -------------------------------- | |||
| 22,527 | 91,502 | 114,029 | |||
| ============================ | ============================ | ================================ | |||
| 5. | Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Sale of goods/services as part of | |||||
| direct charitable activities | 428,350 | 428,350 | 344,968 | 344,968 | |
| ================================ | ================================ | ================================ | ================================ |
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Activity type 1 | 533,327 | 60,975 | 594,302 | ||
| Support costs | 9,073 | – | 9,073 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 542,400 | 60,975 | 603,375 | |||
| ================================ | ============================ | ================================ | |||
| 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 | |||
| ================================ | ============================ | ================================ | |||
| Expenditure on charitable activities by activity type | |||||
| Activities | |||||
| undertaken | Grant funding |
Support | Total funds | Total fund | |
| directly | of activities |
costs | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Activity type 1 | 371,640 | 222,662 |
– | 594,302 | 439,715 |
| Governance costs | – | – |
9,073 | 9,073 | 2,666 |
| -------------------------------- | -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 371,640 | 222,662 |
9,073 | 603,375 | 442,381 | |
| ================================ | ================================ | ======================= | ================================ | ================================ |
7. Expenditure on charitable activities by activity type
8. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
| Net (expenditure)/income is stated after charging/(crediting): | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 1,044 | 1,044 |
| ======================= | ======================= | |
| Independent examination fees | ||
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 700 | 700 |
| ============== | ============== |
9. Independent examination fees
10. Staff costs
The average head count of employees during the year was 31 (2022: 16).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
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VISION25
Notes to the Financial Statements (continued)
Year ended 31 May 2023
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 2022 and 31 May 2023 | 1,354 | 3,864 | 5,218 |
| ======================= | ======================= | ======================= | |
| Depreciation | |||
| At 1 June 2022 | 610 | 1,739 | 2,349 |
| Charge for the year | 271 | 773 | 1,044 |
| ----------------------- | ----------------------- | ----------------------- | |
| At 31 May 2023 | 881 | 2,512 | 3,393 |
| ======================= | ======================= | ======================= | |
| Carrying amount | |||
| At 31 May 2023 | 473 | 1,352 | 1,825 |
| ======================= | ======================= | ======================= | |
| At 31 May 2022 | 744 | 2,125 | 2,869 |
| ======================= | ======================= | ======================= | |
| Creditors: amounts falling due within one year | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Trade creditors | – | 50 | |
| Accruals and deferred income | 700 | 700 | |
| Other creditors - desc in a/cs | 1,024 | – | |
| Other creditors 2 - desc in a/cs | – | 712 | |
| ----------------------- | ----------------------- | ||
| 1,724 | 1,462 | ||
| ======================= | ======================= |
13. Creditors: amounts falling due within one year
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 £4,465 (2022: £3,545).
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 June 2022 | Income | Expenditure | Transfers | 31 May 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 56,547 | 548,438 | (542,400) | (2,760) | 59,825 |
| Redundancy Reserve | 6,833 | – | – | 2,760 | 9,593 |
| ---------------------------- | -------------------------------- | -------------------------------- | ----------------------- | ---------------------------- | |
| 63,380 | 548,438 | (542,400) | – | 69,418 | |
| ============================ | ================================ | ================================ | ======================= | ============================ | |
| 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 | |
| ============================ | ================================ | ================================ | ======================= | ============================ |
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
15. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 June 2022 | Income | Expenditure | Transfers | 31 May 2023 | |
| £ | £ | £ | £ | £ | |
| Tees Valley Community | |||||
| Foundation | 5,000 | – | (5,000) | – | – |
| Jack Brunton Charitable | |||||
| Trust | – | – | – | – | – |
| SBC Covid Recovery | – | – | – | – | – |
| National Lottery | 15,000 | 12,500 | (27,500) | – | – |
| Groundworks | – | – | – | – | – |
| County Durham | |||||
| Foundation | – | – | – | – | – |
| Teesside Charity | |||||
| Upcycle Furniture | 5,000 | – | (5,000) | – | – |
| Awards for All | 9,950 | – | (9,950) | – | – |
| Bruce Wake | – | 3,000 | (3,000) | – | – |
| Community Foundation | – | 3,000 | – | – | 3,000 |
| The Teesside Charity | – | 10,525 | (10,525) | – | – |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------- | ----------------------- | |
| 34,950 | 29,025 | (60,975) | – | 3,000 | |
| ============================ | ============================ | ============================ | ============== | ======================= | |
| At | At | ||||
| 1 June 2021 | Income | Expenditure | Transfers | 31 May 2022 | |
| £ | £ | £ | £ | £ | |
| 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 |
| Bruce Wake | – | – | – | – | – |
| Community Foundation | – | – | – | – | – |
| The Teesside Charity | – | – | – | – | – |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------- | ---------------------------- | |
| 22,450 | 91,502 | (79,002) | – | 34,950 | |
| ============================ | ============================ | ============================ | ============== | ============================ |
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Notes to the Financial Statements (continued)
Year ended 31 May 2023
16. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,825 | – | 1,825 |
| Current assets | 67,593 | 3,000 | 70,593 |
| ---------------------------- | ----------------------- | ---------------------------- | |
| Net assets | 69,418 | 3,000 | 72,418 |
| ============================ | ======================= | ============================ | |
| 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 |
| ============================ | ============================ | ============================ |
72