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2022-03-31-accounts

COMPANY REGISTRATION NUMBER: 02578918 CHARITY REGISTRATION NUMBER: 1045841

Wales Council of the Blind Company Limited by Guarantee Unaudited Financial Statements

31 March 2022

Chartered accountants 1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

CARSTON

Wales Council of the Blind

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2022

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 14
Statement of financial activities (including income and
expenditure account) 15
Statement of financial position 16
Notes to the financial statements 18

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.

CHAIR'S REPORT

The pandemic continued to impact on the way in which third sector organisations provide support and services to people with sight loss. Most of our members did not return to face-to-face activities during the year and WCB continued to hold all our meetings on-line. In fact, our staff and volunteers continued to work from home except for producing mail-outs, in accordance with Covid restrictions.

This year brought a very different challenge to WCB as Covid funding streams were no longer available to us.

Over the past two years, we have met with Welsh Government to explore funding streams aligned to our core function. In this regard, we were delighted to receive news that WCB had been awarded an indicative grant for 2022-23 and the following two years 2023-24 and 2024-25 of up to £105,000 per annum. This provides WCB with a stable financial platform in which to plan for the next three years.

This year's work was centered on three areas: information services, network support, and service improvement. Some key areas of work include:

Page 2

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

The trustees are grateful to staff and volunteers for continuing to adapt to the situation and maintaining a service throughout this difficult time. Each of them continued to provide core services to our activities, including helping local societies to support their members through Zoom and telephone meetings. Owen Williams, our director, had been on long-term sick leave following a retinal detachment in June. This had an impact on delivery of some workstreams and I would like to particularly thank Richard and Rebecca for all their hard work during this time. Owen returned full-time in December.

I would also like to thank my fellow trustees for their work and support during this time.

Janice Powers Chairperson

Page 3

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

Reference and administrative details

Registered charity name Wales Council of the Blind Charity registration number 1045841 Company registration number 2578918 Principal office and registered Hastings House office Fitzalan Place Unit 3.1 Cardiff CF24 0BL The trustees Mr Peter Curtis Mr Brian Mawby Mrs Miriam Wright Ms J Powers Ms J Thomas Mr B J Hobart Ms C Draper (Retried 28 February 2022) Dr R Stiff Company secretary Owen J Williams Independent examiner Farzana Ahmed FCCA 1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

Page 4

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Wales Council of the Blind's charitable objects are "to promote the welfare of blind and partially sighted persons, and the prevention of blindness".

Wales Council of the Blind (WCB) is the independent umbrella agency for vision impairment in Wales representing blind and partially sighted people and the clubs and societies who support them. Our independence enables us to act as an impartial observer, advocate, intermediary and evaluator for this complex, diverse group of organisations and services. In carrying out our charitable objectives, services to people with sight loss are improved.

We gather the opinions and views of people with sight loss through groups and consultation. We put their voice at the centre of what we do, reporting on their views to the people who are responsible for the services that help them. We also act as an agency to direct people to these services, giving them impartial advice and choice.

The trustees confirm that they complied with the duty in Section 4 of the Charities Act 2006 to have due regard for the Charity Commission's guidance on public benefit.

Our work over the last year has focussed on three strategic priorities:

WCB upholds the following principles throughout our work:

Page 5

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

ACHIEVEMENTS AND PERFORMANCE

1) Information Services

WCB provides information services to our members, professionals, and people with sight loss. In addition to informal support via telephone and email, WCB provides the following information services.

Website www.wcb-ccd.org.uk.

This is the focal point of our information provision and hosts, or provides access to, the following media:

Sylw : a weekly bulletin distributed via email and on the website. It is also produced in alternative formats monthly and distributed by post. Sylw continues to be extremely well received and its content is distributed further afield by other partners. Our e- bulletin has a readership of over 4,000 recipients whilst the monthly edition was delivered to 577 individuals with sight loss who would not have access via the web or email.

' I enjoy reading the Sylw newsletter - I find it really informative and useful. '

Sylw (e-bulletin) is made available through twitter, facebook, instagram and the RNIB Connect Cymru facebook group.

WCB also produces Roundup : a quarterly magazine that provides a space for a fuller exploration of themes from the perspective of sight loss. Sent via email, post and available online. We sent out 3 editions last year: ‘Conversations that Matter’ focused on the impact of the pandemic; ‘Jobense and Sight Village edition’ looked at employment and the range of access technologies available; our final edition was a ‘Focus on Glaucoma’ .

Each edition of Roundup was circulated quarterly via email, social media, large print and audio to over 4,680.

Perspectif : a database of services and other resources has been overhauled this year. Discussions have taken place with Low Vision Service Wales (LVSW) to develop functionality for accredited low vision optometrists. This project shall form part of our 2022-23 workplan. It has been approved by WECS Joint Committee. We also held conversations with the School of Optometry’s proposed NOUSE project and we are awaiting decisions on their funding.

Page 6

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

RESET : this project, Lottery-funded until April 2021, had the sole purpose of informing service users of changes to retail, education, social care/health, employment and transport under Covid-19 restrictions. WCB continued this into the 2021/22 year to help people - who have limited access to online information – manage the changes arising from the lifting of restrictions. We continued to use the Wales Vision Forum to identify themes to explore, with 4 editions issued, as well as updates online and via Sylw. Now that subtle changes in regulations are the main issue we required a quicker vehicle of communication than the planned bulletins could deliver, so the RESET publications are abandoned in favour of updates channeled through the website, social media and monthly Sylw bulletins.

Social Media : we continue to use our Facebook, Instagram and Twitter accounts to promote the work of the sector. WCB has 1,886 twitter followers, 243 on instagram and 325 Facebook followers.

Accessible media.

WCB produces its materials, and that of member organisations, in accessible formats - notably large print and audio CDs. We produced newsletters for Visual Impairment Merthyr; Radnorshire Association for the Blind; Visual Impairment Breconshire; Ceredigion Association for the Blind; and the Macular Society (Cymru) – commenced January 2022.

2) Network Support

Wales Council of the Blind has a responsibility to bring the sector together through various forums. Many of these are managed by WCB.

Wales Vision Forum

WCB continued to and provide secretariat for the Wales Vision Forum. The purpose of the Forum is for national, local and specialist organisations representing people with sight loss to come together to share, discuss and outline work programmes and priorities to enhance joint working and reduce duplication to maximise our collective reach and impact.

The Forum is a platform for sharing information, sharing good practice and expertise, consulting and identifying opportunities to support service and campaign planning.

The group focussed on the work of relevant work-streams. Task and finish groups will be established for specific areas of work. A proposed group is Eye Care Collaboration Groups / Optometry reform.

Page 7

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

WCB was responsible for establishing weekly emergency meetings during the Covid pandemic, leading to an information resource to ensure that Welsh Government messages go out in an accessible form to people with sight loss. This then became a fortnightly meeting, alternating between broad themes and the work of the Eye Care Collaboration Groups (ECGs). This is now a monthly meeting.

The Rehabilitation Task and Finish Group continues to meet and contributed feedback on the rehabilitation report: addressing a workforce crisis in Wales. We will now focus on the apprenticeship scheme in Wales and have been asked by Welsh Government to prepare a Needs Analysis in this regard.

Visionary

Visionary is the UK umbrella organisation for local societies serving people with sight loss. WCB is the representative for Wales on Visionary’s Members’ Consultative Group (MCG). This is an opportunity to extend the reach of the voice of local societies into the UK agenda.

The Member’s Consultative Group (MCG) met, initially, on a monthly basis then reduced to quarterly. WCB convenes a Wales division group to feed to and from the MCG meetings. Additionally, there are MCG meetings that include the National partners (such as Thomas Pocklington Trust, RNIB, Macular Society, Blind Veterans, Retina UK and Guide Dogs)

Owen Williams, WCB’s CEO, continues as Chair of Visionary.

WCB Membership

To support our members during the pandemic, WCB did not collect membership during this year.

In addition to ordinary membership support our Engagement Officer sits on a number of local societies and provides a combination of secretarial support, newsletters, accessible media, and governance.

WCB has provided access to our telephone conference facility to Pembrokeshire Blind Society, Radnorshire Association for the Blind and Visual Impairment Merthyr to enable their board meetings and social groups to continue. We will also work with Carmarthenshire Area Blind Society to offer an alternative website.

We have produced and shared sample Covid-19 risk assessment forms with BridgeVis which has given them the assurance to safely reopen their face-to-face

Page 8

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

monthly coffee mornings. We also continued to provide governance support and advice to local societies and had recently shared a sample constitution with BridgeVis to adapt and adopt. In addition, WCB exhibited at the Sight Village event in Cardiff, the first to be held in Wales, where we promoted the work of the local societies to over 300 visitors.

Our Engagement Officer supported Visual Impairment Breconshire and Ceredigion Association for the Blind by producing their quarterly newsletters as mentioned above.

Our Engagement Officer has attended 4 executive meetings of the Ceredigion Association for the Blind and 1 executive meeting of Radnorshire Association for the Blind.

WCB also gave advice to Sight Life regarding their options for the future of the organisation following the ending of the relationship with RNIB.

Radnorshire Association were considering folding and leaving their funds to WCB. Instead we offered to act as a Treasurer so they voted to continue as before. Since this time they have found a treasurer locally.

Regional Forums. These are where individuals with sight loss are able to share their views and, to some extent, direct WCB’s agenda. Under the current Covid restrictions, these have met with some success via telephone. Given the geographical spread of the regions, WCB may continue to convene these meetings via telephone or as virtual meetings. We have valued the input of these groups into our organisational responses to consultations. They have been instrumental in influencing change. As an independent organisation we provide a crucial platform through which people are able to express themselves freely.

We used representatives of our regional forums to create and comment upon a PREMs framework for Low Vision Service Wales. The PREMs was piloted with patients in the Hywel Dda area from November onwards and will be rolled out across Wales next year. This group met 3 times.

Look. We worked with LOOK, a charity for children with sight loss. They shall be using our office in 2022 and shall be supporting us to build content for this newsletter.

Page 9

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

Networks. Wales Council of the Blind ensures that the voice of people with sight loss in Wales is represented in various networks. We sit on a number of networks including:

Other support

We have written letters of support to help member organisations obtain funding.

3) Service Improvement

Wales-based Rehabilitation Degree

Rehabilitation Work [Visual Impairment] – FdSc (Foundation Degree) is only currently available in Birmingham. Given the changes in delivery of university courses due to Coronavirus measures, there is a strong case for strengthening the prevalence of trained rehabilitation officers in Wales through distance learning combined with placements in Welsh Local Authorities. WCB, WVF and WROF will continue to work together to explore a module-based approach to be delivered in Wales.

A report was sent to Welsh Government highlighting the options for the course and the possibility of this being part of the apprenticeship scheme. We met with Welsh Government and they requested we produce a training needs analysis. This work will be undertaken in 2022. This is a positive step to having a Wales-based rehabilitation degree.

Page 10

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

Wales Rehabilitation Officers Forum (WROF)

WCB continues to fund 30 ROVIs to receive Continued Professional Development training through membership of the Rehabilitation Workers Professional Network (30 hours per person, per year). Ideas for training were listed within the Rehabilitation report. This has largely been delivered online through RWPN website.

Hidden Carers research

This work is based on our concern that there are large numbers of people actively caring informally for people with sight loss and that they are unaware of any support structures available to them. We hope this research would provide evidence for the need to offer support to a specific group of informal carers. This research has been delayed due to COVID as many participants were unwilling to engage. However, key documents have been drafted by the researcher in preparation and ethical approval has been applied for. The research will be completed during 2022/23.

Referral Pathways

We will work with WVF, LVSW and the Welsh Government Communications Group to increase and improve referrals between health, social care, and the third sector.

An edition of RESET, giving a list of resources and Welsh Government guidance was sent to Sali Davis of Optometry Wales for distribution through her network and the sensory loss Communications Group.

An initial meeting had taken place with LVSW to explore the potential for an enhancement of their optometry-based referral pathway. This will develop links to rehab and the third sector. This will entail the production of information packs for optometrists from the perspective database. The LVSW signposting project has been agreed and will commence in 2022-23.

FINANCIAL REVIEW

With the ending of the financial year, the board of trustees report a year-end financial position of a deficit of £22,284 compared to a surplus of £32,769 in 2021. Welsh Government funding has continued through the year.

WCB reserves policy is fully met and we have sufficient funds to plan for the future.

Unrestricted reserves at year-end were £263,061 (2021: £285,345) with free reserves of £27,551 (2021: £57,329).

Page 11

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

Investment Policy

Under articles of association the charity has the power to make any investment which the trustees see fit. The present policy is to keep an amount that represents short term operating requirements in liquid deposits (bank deposit accounts) and place the balance in the hands of a professional investment broker, to invest in wide range of fixed interest and equity funds. During the period 2015/16 the charity invested £200,000 with Quilter Cheviot as part of a Discretionary Managed Portfolio at a lower to medium tolerance of risk. WCB's investment objective is to grow the capital of the portfolio, as well as generating some degree of income. At the year-end WCB's managed portfolio was valued at £235,330. This was a net gain of £7,122 on the previous year. This will continue to be invested.

Reserves Policy

The Trustees have considered carefully the purpose of any reserves Wales Council of the Blind has or might have in the future. The stated aim of the reserves policy is to allow for unforeseeable events. This could be anything from replacing essential office equipment, to the sudden loss of funding. The amount should be sufficient to pay for staff redundancies and outstanding liabilities.

Reserves should be maintained at a level of 6 months operating costs of the core organisation. In addition, we may need to recognise any longer-term grant / project commitments and to settle the finances accordingly. Reserves should exclude funding that has been restricted for other specified use.

Reserves should be invested in a safe, low risk environment that maintains the capital invested and where possible provides a level of return on those funds.

The policy is reviewed annually by Trustees, or more frequently as necessary.

PLANS FOR FUTURE PERIODS

WCB has been awarded an indicative grant for 2022-23 and the following two years 2023-24 and 2024-25 of up to £105,000 per annum. We will also discuss restarting the Thomas Pocklington Trust project now that covid restrictions have ended.

WCB is a partner in a Wales-wide project bid led by the Royal Society for Blind Children. The project will provide specialist personal development support that focuses on establishing social connections, empowering families and young people to take control of their lives, link into their communities and equipping local providers with the knowledge, confidence and skills to include children and young people with

Page 12

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

sight loss in their existing provision. If successful, WCB will receive £7,000 over the next two-years to promote the project and house an officer.

WCB will explore funding to ensure that all aspects of our work can continue indefinitely.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The organisation is a charitable company limited by guarantee and as such is governed by a Memorandum and Articles of Association. The company was incorporated on 31 January 1991 under the Companies Act 1985 and registered as a charity on 18 April 1995.

Recruitment and Appointment of the Management Committee

The directors of the company also serve as trustees of the charity and under the company's Articles are known as members of the Management Committee. Trustees are appointed annually at the Annual General Meeting. Casual vacancies are filled by the Management Committee and ratified at the next Annual General Meeting.

Each member of the Management Committee has agreed to guarantee the company's debts for the amount of £1 each.

All new Trustees are given induction training via the issuing of our organisational policy and procedures book and WCB offers to arrange for Trustees to have the opportunity to attend Trustee training provided by Wales Council for Voluntary Action (WCVA) should they wish. Trustees are able to contact the Council's secretary if they wish to have specific advice or guidance on any policies or procedures. WCB provides Trustees with indemnity insurance to the value of £500,000.

The staff and volunteers

Owen Williams is the Director at Wales Council of the Blind. He provides senior management to WCB and helps plan and deliver strategic direction to the sector.

Richard Bowers is our Communications Officer and he manages WCB's communications and has developed and updates 'Perspectif, our online information portal.

Our Engagement Officer, Rebecca Phillips, facilitates and organises the Regional Steering Groups, as well as enables the voice of people with sight loss to be heard.

Page 13

Wales Council of the Blind

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2022

WCB has a dedicated team of volunteers who we would like to thank, providing invaluable support to the organisation around information gathering, keeping our database up-to-date and updating our Twitter feed, collating the material for Roundup, providing help with fundraising, answering the telephone and providing advice. Thank you, Ann, Dewi, Alan and Valmai for your continued support. We would also like to thank Bethan Smale our bookkeeper for all of her hard work

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 15[th] December 2022. and signed on behalf of the board of trustees by:

Trustee

Name: Brian Mawby

Page 14

Wales Council of the Blind

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Wales Council of the Blind

Year ended 31 March 2022

I report to the trustees on my examination of the financial statements of Wales Council of the Blind ('the charity') for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Farzana Ahmed ACCA Independent Examiner 1[st] Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

Dated: 16 December 2022

Page 15

Wales Council of the Blind

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2022

2022 2021
Unrestricte Restricted Total
d funds funds funds Total funds
Note
£		 £ £ £
Income and endowments
Donations and legacies 5
10,641		 105,000 115,641 156,553
Investment income 6
4,425		 – 4,425 4,254
---------------------------------- --------------------------------------- --------------------------------------- ---------------------------------------
Total income 15,066 105,000 120,066 160,807
================================== ======================================= ======================================= =======================================
Expenditure
Expenditure on raising funds:
Costs of other trading
activities 7
1,428		 – 1,428 1,007
Investment management
costs 8
3,993		 – 3,993 3,719
Expenditure on charitable 9,1
activities 0
39,051		 105,000 144,051 145,399
---------------------------------- --------------------------------------- --------------------------------------- ---------------------------------------
Total expenditure 44,472 105,000 149,472 150,125
================================== ======================================= ======================================= =======================================
Net gains on investments 12
7,122		 – 7,122 22,087
---------------------------------- --------------------------------------- --------------------------------------- ---------------------------------------
Net (expenditure)/income and net
movement in funds (22,284)
–		 (22,284)
32,769
================================== ======================================= ======================================= =======================================
Reconciliation of funds
Total funds brought forward 285,345 – 285,345 252,576
--------------------------------------- --------------------------------------- --------------------------------------- ---------------------------------------
Total funds carried forward 263,061 – 263,061 285,345
======================================= ======================================= ======================================= =======================================

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 18 to 29 form part of these financial statements.

Page 16

Wales Council of the Blind

Company Limited by Guarantee

Statement of Financial Position

31 March 2022

2022 2021
Note £ £ £ £
Fixed assets
Tangible fixed assets 18 180 240
Investments 19 235,330 227,776
--------------------------------------- ---------------------------------------
235,510 228,016
Current assets
Debtors 20 4,433 29,690
Cash at bank and in hand 29,160 54,514
---------------------------------- ----------------------------------
33,593 84,204
Creditors: amounts falling
due within one year 21 6,042 26,875
---------------------------------- ----------------------------------
Net current assets 27,551 57,329
--------------------------------------- ---------------------------------------
Total assets less current liabilities 263,061 285,345
--------------------------------------- ---------------------------------------
Net assets 263,061 285,345
======================================= =======================================
Funds of the charity
Unrestricted funds 263,061 285,345
--------------------------------------- ---------------------------------------
Total charity funds 23 263,061 285,345
======================================= =======================================

For the year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The statement of financial position continues on the following page.

The notes on pages 18 to 29 form part of these financial statements.

Page 17

Wales Council of the Blind

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of trustees and authorised for issue on 15[th] December 2022, and are signed on behalf of the board by:

………………………………………Signed

Trustee: Janice Powers

……………………………………… Signed

Trustee: Brian Mawby

Company registration number: 02578918

The notes on pages 18 to 29 form part of these financial statements.

Page 18

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England & Wales and a registered charity in England and Wales. The address of the registered office is Hastings House, Fitzalan Place, Unit 3.1, Cardiff, CF24 0BL.

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 Companies Act 2006.

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

After making reasonable enquiries and having considered the impact of the COVID-19 pandemic and other factors on the financial performance of the charity and its current performance, the Trustee's believe that the charity will be able to continue to fulfil its charitable purpose, will be able to meet its liabilities as they fall due, and will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis in in in preparing the financial statements

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.

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Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Designated funds are unrestricted funds earmarked by the trustees for specific purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

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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Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

3. Accounting policies (continued)

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:

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

All fixed assets are initially recorded at cost. Fixed assets are not capitalised where the cost is below £100.

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:

Office equipment - 25% reducing balance

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

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Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

3. Accounting policies (continued)

Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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 or preference 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.

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.

4. Limited by guarantee

Each member of the Board of Trustees has undertaken to guarantee the Council's debts to the sum of £1 each.

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Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

5. Donations and legacies

Total
Unrestricte Restricted Funds
d Funds Funds 2022
£ £ £
Donations
Donations and bequests 4,315 – 4,315
Fundraising – – –
Grants
Welsh Government – 105,000 105,000
Local Authority grants 1,437 – 1,437
Wales Council for Voluntary Action 700 – 700
National Lottery Community Fund – – –
Other donations and legacies
Other income 4,189 – 4,189
---------------------------------- --------------------------------------- ---------------------------------------
10,641 105,000 115,641
================================== ======================================= =======================================
Total
Unrestricte Restricted Funds
d Funds Funds 2021
£ £ £
Donations
Donations and bequests 3,500 – 3,500
Fundraising 4,507 – 4,507
Grants
Welsh Government 30,000 – 30,000
Local Authority grants 3,018 – 3,018
Wales Council for Voluntary Action 56,250 – 56,250
National Lottery Community Fund 49,750 – 49,750
Other donations and legacies
Other income 9,528 – 9,528
--------------------------------------- ----------------- ---------------------------------------
156,553 – 156,553
======================================= ================= =======================================

Page 23

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

6. Investment income

6. Investment income
Total Total
Unrestricte Funds
Unrestricte		 Funds
d Funds
2022
d Funds		 2021
£ £ £ £
Income from listed investments 4,425
4,425
4,254		 4,254
============================ ============================ ============================ ============================
7. Costs of other trading activities
Total Total
Unrestricte Funds
Unrestricte		 Funds
d Funds
2022
d Funds		 2021
£ £ £ £
Fundraising costs 1,428
1,428
1,007		 1,007
============================ ============================ ============================ ============================
8. Investment management costs
Total Total
Unrestricte Funds
Unrestricte		 Funds
d Funds
2022
d Funds		 2021
£ £ £ £
Portfolio management 3,993
3,993
3,719		 3,719
============================ ============================ ============================ ============================
9. Expenditure on charitable activities by fund type
Total
Unrestricte Restricted Funds
d Funds
Funds		 2022
£ £ £
Promoting Welfare 19,812
105,000		 124,813
Support costs 19,239
–		 19,238
---------------------------------- --------------------------------------- ---------------------------------------
39,051
105,000		 144,051
================================== ======================================= =======================================
Total
Unrestricte Restricted Funds
d Funds
Funds		 2021
£ £ £
Promoting Welfare 123,194
3,100		 126,294
Support costs 19,105
–		 19,105
--------------------------------------- ---------------------------- ---------------------------------------
142,299
3,100		 145,399
======================================= ============================ =======================================

Page 24

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

10. Expenditure on charitable activities by activity type

Activities Total
undertaken Support funds Total fund
directly costs 2022 2021
£ £ £ £
Promoting Welfare 124,813 16,067 140,880 142,049
Governance costs – 3,171 3,171 3,350
--------------------------------------- ---------------------------------- --------------------------------------- ---------------------------------------
124,813 19,238 144,051 145,399
======================================= ================================== ======================================= =======================================

11. Analysis of support costs

Analysis of
support
costs
activity 1 Total 2022 Total 2021
£ £ £
Staff costs 12,816
12,816		 12,430
General office 3,251
3,251		 3,325
Governance costs 3,171
3,171		 3,350
---------------------------------- ---------------------------------- ----------------------------------
19,238
19,238		 19,105
================================== ================================== ==================================
Net gains on investments
Total Total
Unrestricte Funds
Unrestricte		 Funds
d Funds
2022
d Funds		 2021
£ £ £ £
Gains/(losses) on listed
investments 7,122
7,122
22,087		 22,087
============================ ============================ ================================== ==================================
Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 60 80
================= =================

12. Net gains on investments

13. Net (expenditure)/income

Page 25

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

14. Independent examination fees

Independent examination fees
2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,640 2,520
============================ ============================

15. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

as follows:
2022 2021
£ £
Wages and salaries 103,912 99,608
Social security costs 6,679 6,109
Employer contributions to pension plans 3,190 3,103
--------------------------------------- ---------------------------------------
113,781 108,820
======================================= =======================================
The average head count of employees during the year was 3 The average head count of employees during the year was 3 (2021: 3). The
average number of full-time equivalent employees during the year is
analysed as follows: 2022 2021
No. No.
Project staff 3 3
================= =================

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £39,812 (2021:£38,547).

16. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

All trustees are entitled to claim reimbursement of the cost of attending meetings, no trustees were reimbursed during the year (2021: £nil) for travelling costs to attend meetings.

Page 26

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

17. Transfers between funds

No transfers between general funds and designated funds took place during the year.

18. Tangible fixed assets

Tangible fixed assets
Equipment Total
£ £
Cost
At 1 April 2021 and 31 March 2022 24,289 24,289
================================== ==================================
Depreciation
At 1 April 2021 24,049 24,049
Charge for the year 60 60
---------------------------------- ----------------------------------
At 31 March 2022 24,109 24,109
================================== ==================================
Carrying amount
At 31 March 2022 180 180
================================== ==================================
At 31 March 2021 240 240
================================== ==================================
Investments
Cash or
cash Listed
equivalent investment
s s Total
£ £ £
Cost or valuation
At 1 April 2021 9,740 218,036 227,776
Additions 42,065 40,535 82,600
Disposals (44,528)
(36,285)		 (80,813)
Fair value movements – 5,767 5,767
---------------------------------- --------------------------------------- ---------------------------------------
At 31 March 2022 7,277 228,053 235,330
================================== ======================================= =======================================
Impairment
At 1 April 2021 and 31 March 2022 –
=======================================
Carrying amount
At 31 March 2022 7,277 228,053 235,330
================================== ======================================= =======================================
At 31 March 2021 9,740 218,036 227,776
================================== ======================================= =======================================

19. Investments

All investments shown above are held at valuation.

Page 27

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

19. Investments (continued)

Listed investments

The aggregate market value of listed investments is £228,053 (2021: £218,036) and the stock exchange value is £228,053 (2021: £218,036).

Financial assets held at fair value

Investments are stated at fair value at the balance sheet date, listed investments are stated at the stock exchange values at the year end. Other investments are valued based on investment performance.

The historical cost of investments at the year end date is £215,588 (2021 : £206,783).

20. Debtors

Debtors
2022 2021
£ £
Trade debtors 1,574 11,593
Prepayments and accrued income 2,859 17,977
Other debtors – 120
---------------------------- ----------------------------------
4,433 29,690
============================ ==================================

21. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors – 78
Accruals and deferred income 2,640 5,459
Social security and other taxes 3,402 2,588
Other creditors – 18,750
---------------------------- ----------------------------------
6,042 26,875
============================ ==================================

22. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,190 (2021: £3,103).

Page 28

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

23. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At
1 April 202 Expenditur Gains and
31 March
1 Income e losses
2022
£ £ £ £ £
General funds 272,845 15,066 (44,472) 7,122
250,561
Designated Fund 12,500 - - -
12,500
======================================= ================================== ================================== ============================ =======================================
285,345 15,066 (44,472) 7,122 263,061
======================================= = ====================================== = ====================================== ============================== = ======================================
At At
1 April 202 Expenditur Gains and
31 March 2
0 Income e losses
021
£ £ £ £ £
General funds 236,976 160,807 (147,025) 22,087
272,845
Designated Fund 12,500 – – –
12,500
--------------------------------------- --------------------------------------- --------------------------------------- ---------------------------------- ---------------------------------------
249,476 160,807 (147,025) 22,087
285,345
======================================= ======================================= ======================================= ================================== =======================================
Restricted funds
At At
1 April 202 Expenditur Gains and
31 March
1 Income e losses
2022
£ £ £ £ £
Welsh Government – 105,000 (105,000) –
–
================= ======================================= ======================================= ================= =================
At At
1 April 202 Expenditur Gains and
31 March 2
0 Income e losses
021
£ £ £ £ £
Pontypridd Talking
Newspaper 3,100 – (3,100) –
–
============================ ================= ============================ ================= =================

Restricted funds

The Welsh Government grant was received in respect of funding for delivery information services, network support and service improvement for the sight loss sector in Wales.

Page 29

Wales Council of the Blind

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2022

24. Analysis of net assets between funds

Analysis of net assets between funds
Total
Unrestricte Funds
d Funds 2022
£ £
Tangible fixed assets 180 180
Investments 235,330 235,330
Current assets 33,593 33,593
Creditors less than 1 year (6,042) (6,042)
--------------------------------------- ---------------------------------------
Net assets 263,061 263,061
======================================= =======================================
Total
Unrestricte Funds
d Funds 2021
£ £
Tangible fixed assets 240 240
Investments 227,776 227,776
Current assets 84,204 84,204
Creditors less than 1 year (26,875) (26,875)
--------------------------------------- ---------------------------------------
Net assets 285,345 285,345
======================================= =======================================

25. Related parties

The charity was under the control of the trustees throughout the current and previous year.

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.