## **Viewpoint Trust** 

**Annual Report and Financial Statements for the year ended 31 March 2024** Charity Registration No: SC 010959 



## **Viewpoint Trust** 

## **Annual Report and Financial Statements for the year ended 31 March 2024** 

## **Contents Page** 

||Page|
|---|---|
|Reference and Administrative Details, Trustees and Advisors|2|
|Trustees' report|3-5|
|Independent Examiner's Report|6|
|Statement of financial activities|7|
|Balance sheet (Statement of Financial Position)|8|
|Statement of cash flows|9|
|Notes to the financial statements|10-17|



1 



## **Viewpoint Trust** 

## **Annual Report and Financial Statements for the year ended 31 March 2024** 

## **Reference and Administrative Details, Trustees and Advisors** 

## **Trustees** 

**==> picture [48 x 10] intentionally omitted <==**

**----- Start of picture text -----**<br>
(Chairman)<br>**----- End of picture text -----**<br>


**==> picture [68 x 69] intentionally omitted <==**

## **Registered office** 

**==> picture [93 x 35] intentionally omitted <==**

## **Independent Examiner** 

Alexander Sloan LLP Accountants and Business Advisers 1 Lochrin Square 92 - 98 Fountainbridge Edinburgh EH3 9QA 

## **Bankers** 

The Royal Bank of Scotland plc 206 Bruntsfield Place Edinburgh EH10 4DF 

## **Solicitors** 

Lindsays LLP 19a Canning Street Edinburgh EH3 8HE 

## **Investment Managers** 

RBC Brewin Dolphin 6th Floor Atria 1 144 Morrison Street Edinburgh EH3 8EX 

2 



## **Viewpoint Trust** 

## **Annual Report and Financial Statements for the year ended 31 March 2024** 

## **Report of the Trustees** 

The Trustees present their report and the financial statements for the year ended 31 March 2024. 

## Governing Document 

The Trust was established in terms of a Trust Deed dated 2 March 1987 and registered in the Books of Council and Session on 13 April 1987.  The Trust Deed was subsequently amended by a Deed of Alteration dated 29 October 1991 and registered in the Books of Council and Session on 7 November 1991. 

The Trustees who served during the year are as noted on page 2. 

## Recruitment and Appointment of Trustees 

Under the requirements of the Trust Deed, Trustees are appointed for a period of 3 years after which they retire and may offer themselves for re­election at the next Annual General Meeting. 

and 

are due to retire this year after their 3 year term of office and are seeking re­ 

## election. 

The Trustees have a wide range of business and professional skills and, although no formal assessment of skills is undertaken, prospective Trustees are interviewed to ensure that applicants have the range of skills and abilities suitable for undertaking the duties of a Trustee. 

The Register of Trustee Interests completed by the Trustees showed no conflicts of interest. 

## Trustee Induction and Training 

New Trustees are invited to a Trustee meeting prior to their appointment, having received copies of minutes of three previous meetings, a copy of the Trust Deed and a copy of the latest Financial Statements.  The duties and responsibilities of Trustees are explained, as also are the purposes and classes of beneficiaries of the Trust. 

## Trustee Indemnity Insurance 

The Trustees have taken out Trustee indemnity insurance. 

## Management of the Trust 

The Trust has no employees. The Trustees give their time freely and no Trustee remuneration was paid during the year. Given their involvement as described above, the Trustees consider themselves as the charity's key management personnel in charge of directing and controlling the charity and overseeing its daily activities. The Trustees ensure the day to day financial and investment transactions are recorded by Viewpoint Housing Association Limited and RBC Brewin Dolphin as appropriate. 

## Risk Management 

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate the Trust ís expos ure to those risks. 

3 



## **Viewpoint Trust** 

## **Annual Report and Financial Statements for the year ended 31 March 2024** 

## **Report of the Trustees (continued)** 

The Trust does not employ any staff. Day to day administration of the Trust ís affairs is managed on its behalf by Viewpoint Housing Association Limited under the responsibility of the Director of Finance and Business Support and their systems of internal financial control are subject to scrutiny by their internal auditors. 

## Principal objectives 

The purpose of Viewpoint Trust is to assist in the provision of housing and associated amenities for specific beneficiaries. These beneficiaries are the aged and the infirm, who in the Trustees' opinion require assistance and would benefit from it, and others in circumstances of necessity according to their means, to be referred to the Trustees by Viewpoint Housing Association Limited or any other Housing Association having a relationship with them. Assistance is given in the form of financial grants for specific projects to Viewpoint Housing Association Limited and its tenants and residents and to any Housing Associations which may be managed by Viewpoint. 

## Achievements and Performance 

During the year, the Trust paid over grants of £11,636 to Viewpoint Housing Association Limited from The Jean Lloyd Legacy. 

The grants paid during the year have benefitted the tenants of Viewpoint by facilitating the redesign project and contributing to Viewpoint's costs. Both the awards contribute towards the Trusts objectives. 

In summary the Trust's investment performance was as follows: 

|Past|year|+8.47%|
|---|---|---|
|Past|3 years|+20.73%|
|Past|5 years|+28.09%|



There has been a increase in value of the Trust's investments during the year. This in line with market conditions and the Trustees are kept informed of the investment outlook by their advisers and keep the position under review. The overall portfolio performance has outperformed the relevant benchmark. Our investment advisers favour companies that screen well on ESG metrics when making investment decisions and this bias counted against the relative performance of the investments over the year. 

## Financial Review 

The Trust is financially dependent on income received on investments, direct legacies and donations from public well wishers. 

In the year to 31 March 2024, income from donations amounted to £6,020 (2023: £6,020). Investment income amounted to £85,591 (2023: £83,002). Grants and donations made to Viewpoint Housing Association Limited and tenant associations amounted to £11,636 (2023: £30,812). Administration costs comprising investment managers' charges, governance and support costs were £23,997 (2023: £24,336). Net gain on investments of £218,931 has contributed to the fund value increased during the year. Total fund values at 31 March 2024 were £3,229,573 (2023: £2,954,663), of which £700,703 were restricted, (2023: £651,091). 

## Reserves and grant making policies 

The Trust has a prudent reserves policy intended to make grants from income, however, there is no restriction on using capital for appropriate grants. 

Total reserves at 31 March 2024 amounted to £3,229,573 (2023: £2,954,663) of which £700,703 were restricted (2023: £651,091). The Trustees are satisfied with the level of reserves which are adequate for the Trusts future plans. 

Events after the balance sheet date, see note 18. 

## Investment policy 

During the year the Trustees engaged RBC Brewin Dolphin as investment managers of the portfolio on a discretionary basis with parameters agreed in advance with the Trustees. 

4 



Viewpoint Trust
Annual Report and Financial Siatements for the year ended 31 March 2024
Report of the TTUStees Iconlinued)
Tha invèstm8nt objectivo is to maintain a diversffi*d p)rtfdio aimiry for a balar￿ bgts¥0on irhcoma arttj
capital growth within a mèdium risk profilè. Thère arè no spoufic Invests￿nI restrictions or limitations
applièd to thè portfolio. Tho porfom)ancè of thè is compared against thè WMA Privatè Investo
Balancè Index. Thè invastrixnt managar roFL)rts on a regular basis and the portfdio is monitored by all t
Trustaas at each maèting. The investr￿nt manaw attends th8 Trust80 moètwig annually to r•wt on th
lnvostsn￿t ￿rfOrmanC0 and anS￿r TrustO8S' qU8[b￿.
lans for FLrturè Pèrv)d
The Trust works dosely wth Viewint Hcusing A3soaation Limitsd in supwt of their activities their
business plans are helpful lo the Trustees in F4anning the expenditure of the Trust. The Trust keeps
$uffici¢nt ¢a5h r¢servoS to ¢ov•r at least bwdv• rr*nths 0￿rating expendiluro.
Al a tru5190 moeling on 7 August 2024, the trL￿te?5 consthred the futwg of Ihe t￿￿t. The tr￿t'S funds aro
principally availablo lo Vi•wp)int HcwsirvJ Asso¢iation lo ￿0￿d$ 9rant assistan¢• for proio¢ts for th¢ b•n•fft
of th¢ir l¢nants. In ro¢¢nl Y￿r$ th•r¢ hav• fow grant appli¢alions. Th¢r• ar¢ ongoing ¢vorh•ad ¢osts
in¢urr•d in m•nagirKJ tr* trust and th$ INsl¢ss bdi•vo thwo Could ￿ savings by translorrirKJ th• •ss•ls lo
tho As$txiati¢n and wind up th¢ trust L•gal advico has boon obt•in¢d al our fc*th¢oming m••ting on 2
¢Xobor wo intènd to fom)ally approvo th¢ dw*on to prc*Jress ) wind up arthj in$tru¢t our lawyors lo •dvi8o
OSCR ol our d•¢i$ion and pro¢wd wrth trbo nK¢s￿ry a¢tion$ will indLth prolo¢ting tho future of the
tru$f$ r¢$trict￿ fvnds.
Th8 Trust88s aro responsible for prep1￿ng the Tnmteos, Rapart and tho finan￿al stslenwnts in accordanco
with applicablo law and Unitod KirvJdom Accountiry Standan15 {Unil8d Kingth>m Gon8rally Acceptod
Accounting Practice).
Tho law applicabl• to ¢hariti08 in Scol1W￿ rnquiros th• TNsts•s to pr¢pare fmthncithl $tatwnonts for •ach
finan¢i•l year whi¢h gi￿ a true •nd fair view of tho state of affairs of th¢ ¢hartty and of tho irb¢om• and
expendiiuro of th• c￿nty for th•t period. In fvyyring finarKial statwrthts, ts Trusteos are rwired
to:
• s•l•ct Suitabl• Iceo￿ting Foliu•s and apF4y thgm eoN$t•ndy.
• obsorvo tho molhods and principlos in tho Chanlios StateThnt of R•coMM•nd￿ Practic•;
• makejudgoments and ostimatos that ar8 reasonablo and prudent..
• state whether applicable UK accountirrtj standard5 havo boon followed. su*"8ct to any dopartures
disclos￿ and explained in the financial ststom8nts,' and
' prepare the financial statements on the goirrfj concem basis unless it is inapwopriats to presumg that the
charity wll continuo in oporation.
The Trustees are respc￿51b1e for keepirvJ prcper accountirvJ record5 that disc105e with reasonable accurn¢y
al any lime the financial position of the chanty aTrJ enable them to ensure that the finanual statements,
comply wi(h the Chartties and Trustee Investrnent IScodarKII Act 2005 and the Charitses Accounts
(Sco￿4nd) Regulation$ 2006143 amended).
Th8 Trustees afo also responsible for safoguardirg th8 assets of tho Charity and hanco for taking
reasonabl8 stops for th8 prevents.on and dotoction of fraud and other irr8gularib"es.
After full consideration. the Trustees have ap￿inted￿. a5 independent exami￿ of the
Charity as the designated
Partner of Alexander Sloan, Accountant5 & Busine55 Advi5er5 re5porrsible for thi5 engagement. A resolution
to r￿apP￿int the irKlependent examiner to the Trust will be prcy95ed at the nexl annual general meeting.
By order of the Trustees
Chairman
2110r2024
-.2024

VIEWPONT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF VIEWPOINT TRUST
I repJrt on the final￿thI statemen15 01 the charlty fw the yw end¢d 31 March 2024. %thlth *e set OLrt cn pages 7 10
17
Respectlvo r05pon51bllltl95 of Tru5teo5 and ¢xamlner
Thè charty's Trust8•s ar& rasponslblè lor thè pr8parab"¢)n of Ihè Ilnar£lal statèmants In accordancè vAth th• tom￿ of
Ihè Charltlès and Trust8• Inv&sb￿nt IScotlaThJl Act 2[￿5 and th• Charfoès Accounts (Scolandl Règulatk)ns 2006
las arnendedl. Th¢ tharftys Tru5te95 WIs￿r that thg audll requlrement of R￿Ula￿on 10111 lal lo Icl of th9 2006
Accounts Regulallon5 does not apply. 11 Is my respyhslblltty to examlne the flr￿nd￿l 51alements as roqulred undgr
secllon 4411 Xcl ofth8 Ad and lo stale ￿tha1 parucular matters ha￿ coTh to my attenlon.
Ba•1$ of Ind•p•nd•nt •xamln•f• $tst•m•nt
examlnatlon Is carrl8d out in accordance th R8gulats"on 11 of lh& 2C¢)6 Accounts R•gulations. An •xamlnation
Includes a ra￿•W of tm accoUn￿ng r•cords k•pt by t￿ chanty a comparison of tM flnancial slat•mènts
pr•￿nt•d wfth thos• r•cords. It also I￿￿d•S cOn￿d&r￿.0n ol any unusu•l rtèm$ or dl$do$ur•s In tha ffinancl•l
8tat¥m¥nl8, and S￿$ ¢xVan•llon$ from th• Tru$t¢•g ¢or*¢omlNJ •ny su¢h matt•rs. Th& pro¢¢dur&s undertaken do
not provldo all th¢ •vldon¢o th•1 would t4 r¢4ulr¥d In an audrt •nd C￿9•￿0n￿ I do not •ypr•$$ an •udll oplnbon on
th• vl•w glv•n by ItrKt financlal $t•t•m•nts.
Ind•p•nd•nl •x•mln•ts $t•t•m•nt
In conmdlon ￿￿th my •YAmlnallon. no mattèr othèr Ihal matter d•scrfb•d bélow. has com8 to my att•nkn'.
(•} wNch glvès m• r•asonablè causè to b•ll•v• that In any material r•spect lh• r4ulr•m•nts.'
to ke8p accoun￿Trg rec￿￿$ In accordance th seclson 44111 lal of the 2005 Act and R•gulatlon 4 of
tM 20C6 Aec4xnts R8gulatbM'. aTr
to prepare financlal statoments ￿lch acc(xd vAth th& accounlng records rdKI ccffipty
R•gulalaon B of th• 2(*)6 Accounts R•guk•lfion$:
have not beon m&t or
Ibl to ¥%thth. In my Wn￿￿. atten1k￿ St￿￿Id t• In Ixd•r to a propor understandlng of t
financ1￿ stat•ments to be r•ach8d.
Thè matter Mthlch has come lo my attenttcfi 1$ that tho FIntrt￿l statfftnts aTe proparod on a non-golNJ ¢on¢om
ba51s. As deX￿bed In notes 1lbl and 18 tho Trustees have boon apprat51rvJ the optimal luiure dlrocJon of the Charfty
and havo rwontly concluded that an appropMat8 course of acik)n Is to progross a ￿nd up of tho Trust. Thor8 hav
bo8n no a(Jlustments mad8 to tho financlal statements as a resum of tho app16catbn of the non-golng concam basls of
accountlng.
other than the above. no mattof5 have beon Idonlllbgd to ￿lch attonllon shoLld b• drwn to r•ath of propor
understandlrg of the flnanclal statemonts.
Al8xand8r Sk>an LLP
Accountants and Business Athser5 180 St Vincent Street
Glasgow G2 5SG
211012024

## **Viewpoint Trust** 

## **Statement of Financial Activities for the year ended 31 March 2024** 

|**Note**<br>**Income from:**<br>Donations and gifts<br>2<br>Investments<br>3<br>**Total**<br>**Expenditure on:**<br>Raising Funds<br>4<br>Charitable activities<br>5<br>**Total**<br>**Net gains / (losses) on Investments**<br>**Net income / (expenditure) and**<br>**Net Movement in Funds**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**Total funds carried forward**<br>**Net income before investment gains**|**Funds**<br>**2024**<br>**£**<br>6,020<br>66,823<br>72,843<br>12,483<br>7,724<br>20,207<br>52,636<br>172,661<br>225,298<br>2,303,572<br>2,528,870<br>**Unrestricted**|**Funds**<br>**2024**<br>**£**<br>-<br>18,768<br>18,768<br>3,790<br>11,636<br>15,426<br>3,342<br>46,270<br>49,612<br>651,091<br>700,703<br>**Restricted**|**Total**<br>**Funds**<br>**2024**<br>**£**<br>6,020<br>85,591<br>91,611<br>16,273<br>19,360<br>35,633<br>55,978<br>218,931<br>274,910<br>2,954,663<br>3,229,573|**Total**<br>**Funds**<br>**2023**<br>**£**<br>6,020<br>83,002|
|---|---|---|---|---|
|||||89,022<br>16,163<br>38,985|
|||||55,148|
|||||33,874<br>(192,115)<br>(158,241)|
|||||3,112,904|
|||||2,954,663|



All the Trust ís activities are continuing. 

The n otes on pages 10 to 17 form part of these financial statements. 

7 



Viewpoint Trust
ststement of Financial Position (Balance Sheet) as at 31 March 2024
Unrestrlcted
Funds
2024
Restrlcted
Funds
2024
Total
Funds
2024
Totsl
Funds
2023
Note
Fixed Assets
Investsnents
2.328.￿0
692.793
3.021.693
2.747.874
Current Assets
Debtors
Cash at Bank
17.359
186,492
5.581
5.206
21,280
191,793
191,698
203,851
10.787
214,638
213,073
Llabllltles:
Creditors.. falling due
within ono yoar
Net Current Assets
3.882
2.876
6,758
6,284
199.970
7.911
207,880
208,789
Total Net Assets
2,528,870
7CQ.703
3,229,S73
2,954,663
The Funds of the Charlty
Unr¢$tri¢t¢d funds
R•$lrict•d ftmds
2,528,870
2,528,870
71yJ,703
2,303,572
651,091
10
700,703
Total Charlty Funds
2.528.870
7QJ.703
3.229.573
2.954.663
Th• financial stat•m•nts on pag•s 7 to 17 ww• approved by th• Tru$t••s on
and iv•r• sign•d on its behaff by=
211012024
Chaiiman
iU*iLe¥ -
Tho notos on pagos 10 to 17 fomi part of those fin￿181 slalom8nts.

## **Viewpoint Trust** 

## **Statement of Cash Flows for the year ended 31 March 2024** 

|**Note**<br>**Net cash provided by operating activities**<br>11<br>**Cash Flows from investing activities**<br>Proceeds from sale of investments<br>Purchases of investments<br>Movement in cash held as part of investment<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents brought forward<br>**Cash and cash equivalents carried forward**|**Total**<br>**Funds**<br>**2024**<br>**£**<br>54,793<br>997,263<br>(1,063,355)<br>11,206<br>(54,887)<br>(95)<br>191,793<br>191,698|**Total**<br>**Funds**<br>**2023**<br>**£**<br>25,822<br>444,857<br>(502,659)<br>11,158|
|---|---|---|
|||(46,645)<br>(20,822)<br>212,616|
|||191,793|



The notes on pages 10 to 17 form part of these financial statements. 

9 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## 1 - Summary of significant accounting policies 

Viewpoint Trust is a Scottish registered Charity. The principal address is as follows: 

**==> picture [93 x 35] intentionally omitted <==**

The charity meets the definition of a public benefit entity under FRS102. 

The principal accounting policies in the preparation of these financial statements are set out below. 

## (a) Basis of preparation 

The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant Notes to these financial statements. 

The financial statements have been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) as amended for accounting periods commencing 1 January 2019, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charity's transactions are denominated. 

The preparation of financial statements requires the use of critical accounting estates. It also requires Trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. 

## - (b) Non Going Concern 

As part of a strategic review, the Trustees have been appraising the options available to the charity. 

Although the Trust's reserves are plentiful and would allow continuation of the charity, at a Trustee meeting on 7 August 2024, the Trustees concluded that a preferrable course of action is to progress a wind up of the charity (Fuller details provided in note 18). The Trustees, with assistance from legal advisors, will seek consent from OSCR to pursue this course of action. 

As such, the financial statements are prepared on a 'non - going concern' basis. There have been no - adjustments to the financial statements as a result of the application of the non going concern basis of accounting as nothing has changed at this stage of the process. 

## (c) Income recognition 

Donations and bequests are recognised when the charity becomes entitled to the income, receipt is probable and the amount can be reliably measured. 

Investment income comprises interest from bank accounts and dividends and interest on listed investments. Income from listed investments is accrued at the balance sheet date where the investment is included in the balance sheet at an ex dividend valuation. Bank interest is accrued also at the balance sheet date. Credit is taken in the financial statements for income tax recoverable but not received. Income is allocated between restricted and unrestricted funds according to investments and deposits held. 

## (d) Funds 

Restricted funds are those which have been given to the charity for use in accordance with the wishes of donors, commonly for use in relation to a specific service. 

Unrestricted funds are available for use at the discretion of the Trustees. In order to ensure that funds are available for specific projects, certain funds are set aside and designated by the Trustees into separate funds. 

10 



**Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## (e) Investments 

Quoted Investments are stated at their fair value, the unrealised gain or loss is taken to reserves via the Statement of Financial Activities together with realised gains and losses. 

Unlisted investmens are stated at their fair value at the reporting date. The principal risk to the Trust is loss of capital due to market risk on the investment portfolio. This is mitigated by approprate systems and controls and the engagement of an experienced firm of investment advisors. The Trustees accept the reality that financial markets are such that capital values of investments will fluctuate during a long time - scale. 

## (f) Expenditure 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably. 

Liabi lities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.  The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date. 

All expenditure is accounted for on an accruals basis.  All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. 

## (g) Expenditure on Charitable Activities 

Expenditure on charitable activities includes all costs incurred by the 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. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable. 

## (h) Governance costs 

Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees. 

## (i) Cash and cash equivalents 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short­term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## (j) Financial Instruments 

The Trust has elected to apply the provisions of Section 11 ëBasic Financial Instrumentsí and Section 12 ëOther Financial Instruments Issues í of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the Trustís balance sheet when the Trust becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

11 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## _(k) Basic financial assets_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## _(l) Basic financial liabilities_ 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year - or less. If not, they are presented as non current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## _(m) Derecognition of financial liabilities_ 

Financial liabilities are derecognised when the Trust ís contractual obligations expire or are discharged or cance lled. 

## _(n) Critical accounting estimates and judgements_ 

In the application of the charityís accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

12 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## 2 - Donations and gifts 

Donations and gifts amount to £6,020 (2023: £6,020) were received during the year. Both years donations were unrestricted. 

## 3 - Investment Income 

|Dividends<br>Bank and building society interest<br>**2023**<br>Costs of generating investment income<br>**2023**<br>Grants:<br>Dividends from Jean Lloyd to VHA<br>Governance costs (note 6)<br>**2023**<br>5 -Expenditure on charitable activities<br>Viewpoint Housing Redesign Project<br>Support costs*<br>4 -Expenditure on raising funds|**Unrestricted**<br>**2024**<br>**£**<br>62,279<br>4,544<br>66,823<br>64,053<br>**Unrestricted**<br>**2024**<br>**£**<br>12,483<br>12,483<br>12,321<br>**Unrestricted**<br>**2024**<br>**£**<br>-<br>-<br>-<br>4,846<br>2,878<br>7,724<br>28,173|**Restricted**<br>**2024**<br>**£**<br>18,539<br>229<br>18,768<br>18,949<br>**Restricted**<br>**2024**<br>**£**<br>3,790<br>3,790<br>3,842<br>**Restricted**<br>**2024**<br>**£**<br>11,636<br>-<br>11,636<br>-<br>-<br>11,636<br>10,812|**Total**<br>**2024**<br>**£**<br>80,818<br>4,773<br>85,591<br>83,002<br>**Total**<br>**2024**<br>**£**<br>16,273<br>16,273<br>16,163<br>**Total**<br>**2024**<br>**£**<br>11,636<br>-<br>11,636<br>4,846<br>2,878<br>19,360<br>38,985|Total<br>2023<br>£<br>82,062<br>940|
|---|---|---|---|---|
|||||83,002|
|||||Total<br>2023<br>£<br>16,163|
|||||16,163|
|||||Total<br>2023<br>£<br>10,812<br>20,000|
|||||30,812<br>4,846<br>3,327|
|||||38,985|
||||||



*An administration fee of £4,846 (2023: £4,846) was paid to Viewpoint Housing Association Limited. 

The grants paid during the year were all made to Viewpoint Housing Association Limited to provide specific support to offset costs incurred by the Association under the terms of the Jean Lloyd bequest ( see note 10). 

13 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## 6 - Governance Costs 

The Trust has no employees and no Trustee received 

remuneration or reimbursement of expenses during the year. 

|Independent Examiner's fees<br>Trustee Indemnity Insurance<br>Reorganisations<br>Cash<br>Movement in unrealised gains<br>Additions during the year<br>**Value of investments at 31 March 2024**<br>**Market value of listed securities at 31 March 2024**<br>Historical book cost of investments (including cash)<br>Disposals during the year<br>Market value at 1 April 2023<br>7 -Investments|**Total**<br>**2024**<br>**£**<br>2,484<br>394<br>2,878<br>**Total**<br>**2024**<br>**£**<br>2,710,463<br>1,063,355<br>(1,011,570)<br>0<br>233,238<br>2,995,487<br>26,205<br>3,021,693<br>2,680,821|Total<br>2023<br>£<br>3,000<br>327|
|---|---|---|
|||3,327|
|||Total<br>2023<br>£<br>2,844,776<br>502,659<br>(427,754)<br>0<br>(209,217)|
|||2,710,463<br>37,411|
|||2,747,874|
|||2,553,149|



The proceeds of disposal amounted to £997,263 (2023: £444,857) producing a loss of £14,307 (2023: gain £17,102). 

All investments are held in either UK listed securities, cash or gilts. Market risk on the portfolio is managed by the engagement or a reputable firm of investment managers on a discretionary basis. Liquidity risk is managed by means of investment being made in market listed, readily liquidated assests. 

|8 -Debtors<br>Dividend & interest income receivable<br>9 -Creditors: amounts falling due within one year<br>Viewpoint Housing Association Limited:<br>Management Fee<br>Jean Lloyd Fund<br>Accruals|**Total**<br>**2024**<br>**£**<br>22,940<br>22,940<br>**2024**<br>**£**<br>1,212<br>2,876<br>2,670<br>6,758|Total<br>2023<br>£<br>21,280|
|---|---|---|
|||21,280|
|||2023<br>£<br>1,212<br>2,223<br>2,850|
|||6,284|



14 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

10 - Restricted Funds 

|Jean Lloyd Fund<br>Sorbie Legacy<br>Davidson Fund<br>Jean Lloyd Fund<br>Sorbie Legacy<br>Davidson Fund|**1 Apr 23**<br>**£**<br>422,949<br>5,184<br>222,958<br>651,091<br>**1 Apr 22**<br>464,122<br>5,171<br>237,027<br>706,320<br>**Balance at**|**£**<br>**£**<br>11,913<br>(14,122)<br>13<br>-<br>6,842<br>(1,304)<br>**Income**<br>**Expenditure**|**/(Losses)**<br>**£**<br>37,989<br>-<br>8,281<br>46,270<br>(38,670)<br>-<br>(20,854)<br>(59,524)<br>**Investment**<br>**Gains**|**£**<br>458,729<br>5,197<br>236,777<br>**Balance**<br>**31 Mar 24**|
|---|---|---|---|---|
|||18,768<br>(15,426)||700,703|
|||10,828<br>(13,331)<br>13<br>-<br>8,108<br>(1,323)||422,949<br>5,184<br>222,958<br>**31 Mar 23**|
|||18,949<br>(14,654)||651,091|



The Jean Lloyd Fund was established in 1996 to provide funding for tenants or residents of Viewpoint Housing Association Limited who are unable to afford the full cost of their accommodation. The legacy stipulates that the income from this fund be paid over to Viewpoint Housing Association Limited for the said purpose. The investment income for the year from this legacy was £11,636 (2023: £10,828). 

The Sorbie Legacy was bequeathed in 1997 to provide amenities for the residents of the Viewpoint Housing Association Limited scheme known as Croft an Righ. The legacy stipulates that this fund be paid over to Viewpoint Housing Association Limited for the said purpose. 

The Davidson Fund was established by the receipt of a bequest of £182,145 in 2008. This fund is restricted for the primary objective of purchasing furnishings and equipment for the residents of homes for the elderly operated by Viewpoint Housing Association Limited and the secondary objective of purchasing additional homes for the elderly. - Until suitable projects are identified, the net income in the year is re invested in the investment portfolio (see note 7). 

11 - Reconciliation of net movement in funds to net cashflow from operations 

|Net income for the year<br>(Gains) on investments<br>(Decrease) in Debtors<br>(Decrease) / Increase in Creditors<br>Net cash (used in) / provided by operations|**2024**<br>**£**<br>274,910<br>(218,931)<br>(1,660)<br>474<br>54,793|2023<br>£<br>(158,241)<br>192,115<br>(8,559)<br>507|
|---|---|---|
|||25,822|



15 



**Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

## 12 - Grant Commitment 

There are no grant commitments at 31 March 2024 (2023 £Nil). 

## 13 - Related Parties 

Viewpoint Housing Association Limited is a registered social landlord providing specialist housing, support and care homes services. Viewpoint Trust provides financial assistance to Viewpoint Housing Association Limited by way of grants. During the year Viewpoint Trust made grants to Viewpoint Housing Association Limited of £11,636 (2023: £30,812). 

During the year, Viewpoint Housing Association Limited provided management services to Viewpoint Trust and were paid £4,846 (2023: £4,846) for doing so. 

At the period end, Viewpoint Trust owed Viewpoint Housing Association Limited £4,087 (2023: £3,434). 

## 14 - Analysis of changes in net funds 

The Trust had no debt during the year 

## 15 - Analysis of net assets between funds 

Fund balances at 31 March 2024 as 

represented by: 

|**Unrestricted**<br>**£**<br>Investments<br>2,328,900<br>Current assests<br>199,970<br>2,528,870|**Unrestricted**<br>**£**<br>Investments<br>2,328,900<br>Current assests<br>199,970<br>2,528,870|**Restricted**<br>**£**<br>692,793<br>7,911<br>700,704|**£**<br>3,021,693<br>207,880<br>3,229,573<br>**2024**|£<br>2,104,547<br>199,025<br>Unrestricted|£<br>643,327<br>7,765<br>651,091<br>Restricted|£<br>2,747,874<br>206,790<br>2023|
|---|---|---|---|---|---|---|
||2,528,870|||2,303,572||2,954,663|



16 



## **Viewpoint Trust** 

## **Notes to the Financial Statements for the year ended 31 March 2024** 

## **Notes to the financial statements** 

16 - Comparative Statement of financial activities 

|**Unrestricted**<br>**Funds**<br>**2023**<br>**£**<br>**Income from:**<br>6,020<br>64,053<br>**Total**<br>70,073<br>12,321<br>28,173<br>**Total**<br>40,494<br>29,579<br>(132,591)<br>(103,012)<br>2,406,584<br>2,303,572<br>17 -<br>Financial Instruments<br>**Carrying amount of financial assets**<br>Financial assets measured at fair value through Statement of Financial<br>Activites<br>**Expenditure on:**<br>Investments<br>Donations and gifts<br>**Net gains / (losses) on Investments**<br>**Net income before Investment gains**<br>Charitable activities<br>Raising Funds<br>**Total funds carried forward**<br>**Total funds brought forward**<br>**Reconciliation of funds**<br>**Net Movement in Funds**<br>**Net income / (expenditure) and**|**Restricted**<br>**Funds**<br>**2023**<br>**£**<br>0<br>18,949<br>18,949<br>3,842<br>10,812<br>14,654<br>4,295<br>(59,524)<br>(55,229)<br>706,320<br>651,091<br>**2024**<br>**£**<br>3,021,693|**Total**<br>**Funds**<br>**2023**<br>**£**<br>6,020<br>83,002|
|---|---|---|
|||89,022<br>16,163<br>38,985|
|||55,148|
|||33,874<br>(192,115)<br>(158,241)|
|||3,112,904|
|||2,954,663|
|||2023<br>£<br>2,747,874|



Financial assets measured at fair value comprise listed investments. 

## 18 - Events after the reporting date. 

At a trustee meeting on 7 August 2024, the trustees considered the future of the trust. The trust ís funds are principally available to Viewpoint Housing Association to provide grant assistance for projects for the benefit of their tenants. In recent years there have been few grant applications. There are ongoing overhead costs incurred in managing the trust and the trustees believe there could be savings by transferring the assets to the Association and wind up the trust. Legal advice has been obtained and at our forthcoming meeting on 2 October we intend to formally approve the decision to progress a wind up and instruct our lawyers to advise OSCR of our decision and proceed with the necessary actions which will include protecting the future of the trust's restricted funds. 

17