SISG_ENTERPRISES_LTD - Accounts

The trustees present their report and financial statements for the year ended 31 December 2019.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The main objectives of S.I.S.G. Enterprises Limited Charity is to provide the following FREE services:-

1. To provide free practical and social help service for older people with hearing and sight loss

2. To provide support for hearing aid users and those with sight loss and their families/carers

3. To provide ongoing advice and signposting service

4. To provide rehabilitation through skills training

5. To provide education through sensory awareness training

6. To recruit and train volunteers to assist within the local community - community help hubs, individuals in their own homes, sheltered housing, day care centres, hospitals and care homes.

7. To bring older people with hearing/sight loss out of isolation and increase their confidence and ability to communicate.

8. To provide support groups / activity groups for those with sensory loss

The charity has set out a base of activities effective Feb 2019 – Feb 2020 (funded partly by The Lottery Fund) in order to achieve its objectives as follows, this project will run for 3 years:-

“Reducing Loneliness and Developing Management of Stress for Older People with Sensory Loss”

• (Hearing Loss) “Managing Your Hearing Loss” – 4 group sessions providing vital tools, information and advice on how to best manage stress/anxiety associated with older people losing their hearing. Additional benefits include improving memory to help prevent onset of dementia, peer support, learning coping strategies, regaining confidence, learning to be assertive, learning about equipment etc

Locations – Troon (new), Galston (new), Largs, Ayr – held fortnightly.

• “Connection Café’s” – 2 groups (South and North) providing the opportunity for older people to connect with others in their own community to help reduce loneliness and make new friendships & connections. Locations – Prestwick (new) + Irvine held monthly.

• “Hearing Loss Follow Up Workshop” (support 2 hr workshop training sessions) working in partnership with Audiology providing newly diagnosed older people with hearing loss support to manage this loss and prevent undue stress associated with managing their new digital hearing aids. Providing practical help / guidance / promoting self management / advice / information / signposting / onward referral. Held in Education Suites in Ayr and Crosshouse Hospitals bi monthly

• “Sudden Hearing Loss Early Intervention” – Providing one to one advice & mentoring service for those who overnight or suddenly have lost their hearing and/or sight loss and are struggling to cope with this loss and stress associated with the sudden onset of this condition.

• “Sensory Stations” – New Rural & Central Service to reduce isolation/loneliness – establishing 2 new “Sensory Stations” in rural locations (Maybole & Coylton) to help clients tackle the loss of their hearing/sight and re-launching 12 existing help centres operated by volunteers to help support older people in their local communities to come to terms with their sensory loss. Encouraging clients to regain their confidence, enabling them to manage their loss better, providing them with the guidance and information to help them in the short term and the long term.

• “Sensory Loss Working Group” or “Activate” Group.

Client led group – clients and volunteers to come together bi-monthly to discuss practical and social areas which could reduce stress for those struggling with the loss of their hearing/sight out in their communities. Empowering and equipping these individuals to have the confidence to have their say and make a positive impact on their local communities.

In addition SISG operate free “Community Hearing Aid Services” (which is self funded) throughout Ayrshire

1. Ayr, Crosshouse, Cumnock, Biggart Hospitals

2. Care Homes/Sheltered Housing

3. Home Visits

During 2019 the charity helped a total of 1,895 older people with hearing/sight loss through the above mentioned projects, a total of 5,103 visits.

The board of directors has reviewed the reserves of the charity. This review concluded that to allow the charity to be managed efficiently and to provide a buffer for uninterrupted services, a reserve is required to cover the timing of contributors' grants.

The charity is committed to building up their reserves to safeguard the activities of the charity. At the year end, the charity had £74,396 (2018 - £62,636) in unrestricted reserves and £10,072 (2018 - £31,292) in restricted reserves. The trustees are satisfied that the level of reserves held are sufficient to meet the financial demands foreseen and also to settle any financial liabilities arising should the charity cease to operate.

The results for the year and financial position are shown in the annexed financial statements.

In the opinion of the trustees, the state of the charity's affairs at the balance sheet date was satisfactory with sufficient reserves on hand to meet anticipated expenditures in the current year to 31st December 2019.

S.I.S.G Enterprises Ltd charity have now commenced the first year of their three year project which was funded partly by The Lottery Fund and other funders - “Reducing Loneliness and Developing Management of Stress for Older People with Sensory Loss”.

S.I.S.G. Enterprises Limited is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

At each Annual General Meeting, the members may elect any member, providing they are willing, to be a Trustee. Also, at any time, the other Trustees may appoint any member wishing to be a Trustee.

At each Annual General Meeting all of the Trustees shall retire from office but shall then be eligible for re-election.

The maximum number of Trustees is eight with three constituting a quorum. At this years Annual General Meeting all the Trustees stood down, as required by the constitution, and offered themselves for re-election.

The day-to-day management of the charity is delegated by the Trustees to the Chair and the Project Manager and the team of paid employees.

The trustees have a duty to identify and review the risk to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The external risk of the charity relates largely to the continued support of the local authorities and other contributors. Internal risks are minimised by the implementation of procedures for authorisation of transactions and by the provision of a consistent quality of delivery for all operational aspects of the charitable company.

The trustees' report was approved by the Board of Trustees.

The trustees, who are also the directors of SISG Enterprises Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

I report on the financial statements of the charity for the year ended 31 December 2019, which are set out on pages 7 to 19.

The charity’s trustees, who are also the directors of SISG Enterprises Ltd for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

In connection with my examination, no matter has come to my attention:

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2019.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

SISG Enterprises Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is .

The financial statements have been prepared in accordance with the charity's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

In common with most businesses the company is facing potential  issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as possible.

The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Trustees' expenses

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity 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.

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.

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.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the charity’s 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.

Charitable Expenditure

Charitable Expenditure

Sundries

Telephone

Postage, stationery & adv

Rent & rates

Heat & light

Insurance

Travelling expenses

Subscriptions

Repairs & renewals

Computer expenses

Support costs

Skills for learning

Property expenses

Legal fees

Bank charges

Accountancy

There were no Trustees' remuneration or other benefits for the year ended 31 December 2019 nor for the year ended 31 December 2018.

Trustee's expenses

In the prior year, former trustees A May and M B Wood were reimbursed travel expenses of £285 and £285 respectively.

During the year, trustees T P Swinney and A D Barnaby were reimbursed travel expenses of £156 (2018: £nil) and £75 (2018: £nil) respectively.

The average monthly number of employees during the year was:

These are unrestricted funds which are material to the charity's activities made up as follows:

Incoming resources

Resources expended

Transfers

Unrestricted funds

Restricted funds

Unrestricted funds

Restricted funds

There were no disclosable related party transactions during the year (2018 - none).