actiononhearingloss.org.uk
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Balance sheet
Fixed assets have increased from £9.5m as at March 2015 to £16.1m as at March 2016,
whilst current assets reduced from £17.5m to £9.6m in the year following the purchase,
in August 2015, of our new head-office building.
Current liabilities of £4.0m as at March 2016 are £0.7m higher than last year.
Events after the reporting period
After the balance sheet date, on 4 May 2016, the Charity completed the purchase and
transfer of some adult services in Kent. This ensured that 49 vulnerable adults were able
to remain in their homes, which had been threatened with closure. A mortgage of £3.2m,
payable over 25 years, was secured to purchase five properties.
On 23 June 2016, the United Kingdom voted to leave the European Union, resulting in
the resignation of the UK Prime Minister. A new Prime Minister was appointed on 13 July
2016. At the time of signing the Financial Statements, it is too early to determine with any
certainty what the EU referendum decision will mean for the Charity or our beneficiaries.
There will be, at least, a two-year window to exit the European Union. Risks and
opportunities arising from exiting the European Union are being proactively identified and
managed through the Audit Committee.
Going concern
The Trustees have reviewed the Charity’s financial position, taking account of the
satisfactory levels of reserves, amounts receivable, the annual plan and the five‑year
financial plan, and its systems of financial and risk management. As a result of its review,
the Trustees believe that the Charity is well placed to manage operational and financial risks
successfully.
Accordingly, the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existence for the foreseeable future. Thus the Trustees
continue to adopt the going concern basis of accounting in preparing the annual accounts.