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2021-06-30-accounts

The Sheffield Royal Society for the Blind Financial statements For the year ended 30 June 2021

Company no. 03053277 Charity no. 1047257

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Company information

LEGAL AND ADMINISTRATIVE DETAILS

Constitutional status: Company limited by guarantee
Company registration number: 03053277
Charity registration number: 1047257
Registered office: 5 Mappin Street
SHEFFIELD
S1 4DT
Patron: The Earl of Scarbrough DL
Trustees: Mr R A Frost (Chairman)
Mr S G Blacksell
Mr B S Campbell
Mr A P Cooper (Retired 4thFebruary 2021)
Mr E Hill
Ms K M Hulse
Mr P W Lee CBE (Deceased 29thOctober 2021)
Mr R Nolan (appointed 5thNovember 2020)
Mrs C J Pattison
Mr D W Shepherd
Mr N Wragg OBE
Ambassadors: Mr A P Cooper
Mr J Campbell
Dr S Dunkley (Until 23rdNovember 2021)
Mrs A Murphy
Mr S Wheatcroft
Secretary and general manager: Mr S J Hambleton
Bankers: Virgin Money
Fargate
SHEFFIELD
S1 1LL
Auditor: Grant Thornton UK LLP
Statutory Auditor
Chartered Accountants
1 Holly Street
SHEFFIELD
S1 2GT

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Company information

LEGAL AND ADMINISTRATIVE DETAILS (CONTINUED)

Solicitors:

DLA Piper UK LLP 1 St Paul's Place SHEFFIELD S1 2JX

Investment advisers:

Wrigleys Solicitors LLP Derwent House 150 Arundel Gate SHEFFIELD S1 2FN Investec Wealth & Investment Limited Beech House 61 Napier Street SHEFFIELD S11 8HA

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Index to the financial statements

Report of the trustees (incorporating the Strategic report) 1 – 7
Independent auditor's report 8 – 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 – 24

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

The trustees (who are directors of the charitable company for the purpose of the Companies Act) present their report together with the financial statements for the year ended 30 June 2021.

Objectives and policies

The charitable company is established to support people who are blind or who have a substantial visual impairment. SRSB provides opportunity, support, friendship and services to blind and partially sighted people across the Sheffield City Region, helping them to achieve whatever they wish to do and whatever they aspire to be.

Whilst we are an independent charity we also work closely with government departments, local authorities, national charities, local charities and support groups to enable blind and partially sighted people across Sheffield City Region to receive the most suitable support in an efficient manner.

The objects of the charity are set out in the governing document of the charitable company, its Articles of Association which were reviewed and updated in 2017, being adopted by Special Resolution at an Extraordinary General Meeting of the company on 27 April 2017.

Organisation

The charitable company is controlled by the Board of Trustees and is divided into three sectors of operation, namely:

▪ Headquarters based at 5 Mappin Street, Sheffield providing social and activities centre, equipment centre, community advice service, and administration.

▪ Cairn Home, being a residential care home at 58 Selborne Road, Crosspool, Sheffield, providing accommodation for elderly visually impaired people.

Trustees' induction and training

Existing trustees select members of the board taking due account of the need to maintain a wide and relevant skills base on the board. Recruitment has traditionally been by word of mouth but alternative methods of recruitment may be considered in the future.

Existing trustees are already familiar with the work that the charity undertakes but a number of these trustees have also undertaken the general induction training and visual impairment awareness training sessions which are regularly held for all new staff and volunteers. Feedback from trustees on the value of these training sessions has been very positive. All new trustees will undertake this training in addition to being briefed by the Chairman and General Manager on the obligations of trustees, the charitable company's governing document being its Memorandum and Articles of Association, the operational and organisational structure, the current financial position, future plans and any other relevant matters of significance such as current major projects.

Review of the year

Throughout the year under review the charity has continued to operate from its Mappin Street Centre and Cairn Home as well as providing services in Rotherham under contract with Rotherham MBC. The COVID-19 pandemic has had a continued impact on the charity.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

COVID-19 – The On-going Impact

In August 2020, with the realisation that things wouldn’t be returning to “normal” anytime soon and with services still severely curtailed we had to make the difficult decision to make several roles redundant. We commenced redundancy consultations with 22 staff across both the Rotherham and Sheffield sites, excluding Cairn Home and by October the process was concluded with 17 staff sadly leaving us but the remainder taking up other roles within the charity.

We continued to support clients, mainly over the phone or by appointment in our centres. Initially many staff remained on furlough however throughout July, August and September 2020 staff gradually started to return back to work, in some cases part time. They developed a hybrid way of working, limiting staff numbers in both centres. This enabled us to maintain a COVID safe environment for staff and clients visiting the centres.

Cairn Home continued to remain COVID free. In line with Government guidelines visitors were not permitted. Staff did a fantastic job keeping residents’ spirits up, utilising technology and enabling them to maintain contact with family and friends which was vital for their mental wellbeing. Once garden visits were allowed a summerhouse was erected and adapted to make it COVID safe and visitors returned.

Fundraising was limited to a handful of small online events, our 160th Anniversary Dinner had to be postponed and planning for any future events became almost impossible with no end in sight to the rising cases.

By the end of 2020, COVID cases were increasing rapidly, the newly introduced tier system meant that both Sheffield and Rotherham faced many restrictions which continued to impact on service delivery. This was followed in the new year with the third lockdown, all staff moved to working from home and the Sheffield and Rotherham centres had to close their doors once again. Staff and volunteers continued to support clients over the phone or virtually.

By March 2021 restrictions were easing and with all front facing staff having been vaccinated and with the introduction of weekly COVID testing staff were able to return back to the office, over the following months face to face appointments resumed and we tentatively began to plan for the future.

Rotherham

During the year under review the charity continued to operate a centre based at 8 Ship Hill, Rotherham supporting people in the RMBC area. Unfortunately, all of the face to face social and leisure activities were curtailed due to COVID, but staff continued to support clients virtually or over the phone. Weekly online activities helped with the social isolation many of our clients were feeling due to lockdown restrictions. Clients were still supported with benefit claims, emotional support and with advice around specialist equipment. Our driver delivered many hundreds of vital pieces of equipment throughout the year.

The service was originally funded by Rotherham Council under a two-year contract in 2017, this was extended for a further two years with an option for the council to renew for a third year which they did. In November 2021 we were successful in our grant application securing funding from RMBC for a further 2 years up to 31st March 2024. We are very pleased with how the relationship has developed with RMBC and they have been very supportive throughout the last year.

The last year has highlighted the importance of partnership working and we have made some excellent connections in the Rotherham area. Client referrals continue to rise and we now have over 1830 service users on our database. We are currently planning a refurbishment of our Ship Hill centre, including the installation of a lift, which will make it more accessible for our clients, enabling us to develop services even further.

Mappin Street Centre

Since March 2020 our services have been heavily curtailed but staff and volunteers have continued to support clients in a variety of ways. They have done a fantastic job working creatively, utilising technology and being adaptable with the ever-changing situation.

Volunteer roles were unfortunately reduced as many of our services were suspended, however throughout the year our team of telephone volunteers have worked tirelessly and the support they have offered to our clients has been invaluable.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

We have continued to provide Visual Impairment Awareness Training remotely to staff and volunteers, as well as external organisations, including both Sheffield and Hallam Universities.

Our Looking Ahead Course for people who are newly diagnosed or for people who have had a deterioration in their vision was also delivered remotely. This has proved very successful with a number of courses running throughout the year.

Client numbers continue to rise and in Sheffield we are now supporting over 3,800 service users.

Cairn Home

Throughout the pandemic Cairn Home has continued to deliver the highest level of care to its residents. In January 2021 we employed a new Home Manager but sadly this didn’t work out. In March we gave Amanda Dennett, the Deputy Manager at the time, the opportunity to step up to the role and thankfully she rose to the challenge. We are pleased to say this is now a permanent appointment.

With residents and staff fully vaccinated and a good testing regime in place, the home came through the year under review with no COVID related deaths.

The physical environment within the home has continued to be maintained to a high standard and wherever possible improvements have been made, including a complete refurbishment of the lift and the installation of a stairlift as backup for when the main lift is out of action.

Future strategy

The Service Development Committee, under the Chairmanship of Catherine Pattison, continues to oversee service development. Throughout the year under review, this was mainly looking at ways we could continue to support clients during the restrictions in a COVID safe way. As we move out of this period we are looking at redeveloping some of our pre COVID services including our Activity Centre, moving towards a range of smaller, more targeted groups.

As previously mentioned we are planning a refurbishment project for our Ship Hill Centre in Rotherham. This will enable us to enhance and develop the services we offer there.

We continue to develop our new database, however, due to the pandemic this has not progressed as quickly as we would have liked. Things are now back on track and hopefully the new system will be implemented in early 2022.

The main challenge for the Society throughout the year in question has been the potential loss of income. Steve Loane, our Fundraising Manager, who joined us in December 2020 has done an excellent job with many successful grant and trust applications. Legacies continue to provide valuable income and we have still managed to offer our free will service during the year.

Steve Hambleton, our General Manager confirmed he will be retiring at the end of 2021. The Board agreed that Joanne Ardern, currently Deputy General Manager, would take over the role. To assist with the process a Transition Committee was set up holding regular meetings throughout the year.

Going Concern

The last 18 months have meant that the charity has had to be flexible, work creatively and adapt to change at a rapid pace. The IT infrastructure enabled staff to work remotely enabling the Society to give vital, ongoing support to our service users throughout the pandemic.

Despite some fluctuation, the income from investments has recovered almost to pre COVID levels.

The Trustees do not believe that there are any material uncertainties which cast significant doubt on the ability of the charity to continue as a going concern.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

Financial review

The funds of the charitable company have been applied throughout the year as follows:

  1. The operations of the Sheffield centre to provide ongoing support for people with a visual impairment, online social activities, telephone groups and information and delivery of specialist equipment.

  2. The operations of the Rotherham centre to provide ongoing support for people with a sensory impairment, online social activities, telephone groups and information and delivery of specialist equipment.

  3. Direct grants for welfare purposes.

  4. Providing continuous support and advice services to visually impaired people in Sheffield and people with a sensory impairment in Rotherham.

  5. The operation of the Residential Care Home for elderly visually impaired people.

  6. Meeting the additional costs related to the safety requirements of the pandemic.

The charitable company's assets are held for the sole purpose of carrying out the objectives and policies of the charitable company.

The freehold property at Cairn Home is shown in the balance sheet at historical cost. It is the opinion of the trustees, without professional valuation, that the market value of this property would be higher than shown in the financial statements. However, as there is no plan to market the property in the foreseeable future, there is no perceived benefit from incurring the cost of a professional valuation.

All investments held by the charitable company have been acquired in accordance with the powers of the trustees.

Risk assessment

A formal risk management strategy is implemented by the trustees and a full review of all the risks, both financial and other operating risks, is ongoing. The risks are reviewed on a regular basis and appropriate systems are in place to mitigate the effect of any significant risks. The trustees consider that this strategy, combined with maintaining reserves at the levels detailed in the reserves policy, will provide sufficient resources to maintain services during adverse operational conditions, an example of which is the current financial and economic climate created by COVID-19, which, as previously referred to in this report, causes some uncertainty over the income levels of the society in the short to medium term.

Investment powers

In accordance with its Memorandum and Articles of Association, the charitable company has the power to invest the funds of the charitable company in or on such investments, securities or properties as may be thought fit by the Board of Trustees subject to any conditions and consents as may for the time being be imposed or required by law.

Should the charitable company take or hold any property subject to the jurisdiction of the Charity Commissioners for England and Wales, the charity shall not sell, mortgage, charge or lease the same without such authority, approval or consent as may be required by law.

The charitable company is empowered to borrow or raise money for the furtherment of its objectives on such terms as may be thought fit.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

Reserves policy

The charitable company is committed to providing long term sustainable services and is heavily reliant upon its investment income to enable it to deliver these services. The trustees therefore consider it necessary to continue to hold a high level of reserves to maintain the current level of investment income. This decision is made in a climate of continued volatility in the investment markets with the resultant uncertainty about future returns. The reserves are intended to ensure continuity of operation, essential for an operational charitable company providing valuable services to the community and will of course be reviewed regularly. With the continued volatility in the financial markets, especially as a result of COVID-19, this policy is currently enabling the charity to maintain its current, albeit reduced, level of services.

Public benefit

Severe impairment to sight can occur at any time and SRSB is rightly proud of its services to the community for the last 160+ years. It has changed from a philanthropic organisation to one that combines professional service delivery with the ethos of voluntary service. Its charitable and professional services are open to everyone regardless of age or ethnicity and the Society remains committed to public service of the highest order. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future work.

Fundraising

The charity’s approach to fundraising is to develop long term relationships with individuals, corporate supporters and grant making trusts.

The charity is registered with the Fundraising Regulator as a “Smaller Fundraising Charity”. We comply with all of the rules and best practice guidance of the regulator and have received no complaints regarding our fundraising.

We do not undertake any form of “cold call” fundraising with the general public either by telephone or in person. All of our fundraising activities are as a result of previous contact with the individual or through general advertising and promotion of fundraising events.

Thanks

The year under review has seen the Society rise to the challenge of the COVID pandemic, we have continued to look at ways to improve our service delivery in these difficult times.

The trustees are grateful for the ongoing support from the charity's Patron, The Earl of Scarbrough DL, who continues to show an active interest in the work of the Society.

The trustees are also grateful to the charity's Ambassadors, Mr John Campbell, and Mrs Ann Murphy (both of whom are past Lord Mayors of Sheffield), together with Mr Simon Wheatcroft who promote the work of the charity through their public and professional engagements. We would also like to thank Dr Sylvia Dunkley for her support as an Ambassador over the last 9 years.

Anthony Cooper, stepped down from the board and his position as Chairman in February 2021 due to him moving out of the area. The Board would like to thank Tony for his support and dedication over the last 15 years. Tony continues to support the charity as an Ambassador and remains a member of the charitable company.

Peter Lee, our longest standing trustee and former Chairman sadly passed away on 29[th] October 2021. Peter first became involved with SRSB in 1974 and became Chairman in 1998 before standing down in 2015, although he still remained an active member of the board as a Trustee. Peter was very supportive of the staff, clients and volunteers at SRSB and was regularly involved at our events. The board express their condolences to Peter’s family and their thanks to Peter for his dedication and commitment to the charity.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

The trustees are grateful to all staff and volunteers for the dedication and commitment to the Society in managing all these matters and in particular to the General Manager, Steve Hambleton, who retires in December. We thank him for 21 years of continued dedication and commitment to the Society. Steve has always shown great leadership and a genuine passion to provide the very best services for our clients.

In addition, sincere thanks and appreciation are expressed to all those who provide the charity with funds, through donations, grants or sponsorship which enable it to fulfil its mission in support of blind and partially sighted people in Sheffield.

Trustees

All trustees served throughout the year, except where noted.

Mr R A Frost (Chairman) Mr P W Lee CBE (Deceased 29th October 2021) Mr A P Cooper (Retired 4th February, 2021) Mr R J Nolan (appointed 5th November, 2020) Mr S G Blacksell Mrs C J Pattison Mr B S Campbell Mr D W Shepherd Mr E Hill Mr N Wragg OBE Ms K M Hulse

For the purposes of charities legislation all trustees are also directors of the charitable company.

In accordance with the Articles of Association Mr B S Campbell, Mr D W Shepherd and Mr S G Blacksell retire by rotation at the next Annual General Meeting. Messrs Shepherd and Blacksell, being eligible, offer themselves for re-election. Mr B S Campbell is not standing for re-election and the board wish to record their thanks to Brian for his service as a trustee over the last 28 years.

None of the directors had a material interest in any contract which was significant to the charitable company's business.

Trustee Indemnity Insurance is provided by the charity.

Statement of trustees' responsibilities

The trustees (who are also directors of Sheffield Royal Society for the Blind for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of the resources, including income and expenditure, for the charitable company for that period. In preparing these financial statements, the trustees are required to:

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Report of the trustees (incorporating the Strategic report)

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the trustees are aware:

▪ there is no relevant audit information of which the charitable company's auditors are unaware; and ▪ the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Auditors

The company’s articles require annual appointment of the auditors. In order to comply with good governance procedures, following the conclusion of the current year audit the Trustees will carry out a retender exercise.

ON BEHALF OF THE TRUSTEES

R A Frost Chairman Date:

8

Independent auditor's report to the members of The Sheffield Royal Society for the Blind

Opinion

We have audited the financial statements of The Sheffield Royal Society for the Blind (the ‘charitable company’) for the year ended 30 June 2021, which comprise the statement of financial activities (incorporating the income and expenditure account), the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements section’ of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees for the financial statements’ section of this report.

9

Independent auditor's report to the members of The Sheffield Royal Society for the Blind

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the trustees (incorporating the Strategic report), other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the trustees (incorporating the Strategic report) included in the Trustees' Annual Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

10

Independent auditor's report to the members of The Sheffield Royal Society for the Blind

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees' Responsibilities Statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ▪ The charity is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; Charities SORP (FRS 102), FRS 102, Charities Act 2011, Data Protection Act 2018 and the Charity Code of Governance. ▪ We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. ▪ We understood how the charity is complying with those legal and regulatory frameworks by making enquiries of management. We corroborated our enquiries through our review of board minutes and legal expenses.

▪ We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by discussions with management to understand where management considered there is a susceptibility to fraud.

11

Independent auditor's report to the members of The Sheffield Royal Society for the Blind

Audit procedures performed by the engagement team included:

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Edwards Senior Statutory Auditor For and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants SHEFFIELD Date:

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

12

Statement of financial activities (incorporating the income and expenditure account)

Unrestricted
funds
2021
Note
£
Income
Incoming resources
Incoming resource from generated funds
Voluntary income
Donations and gifts
122,927
Legacies
143,397
Charitable activities
Contract and grant income
231,479
Residential home fees
1,004,799
Catering receipts
-
Government grants for COVID
138,041
Investment income
4
252,189
Release of deferred income from disposal of
Mappin Street leasehold interest
5,000
Total income
1,897,832
Expenditure
Resources expended
Raising funds
5
70,941
Charitable activities
5
1,880,005
Total expenditure
1,950,946
Net gains/(losses) on investments
8
588,956
Profit on disposal of asset
2,000
Net income/(expenditure)
537,842
Transfers between funds
12
-
Net movement in funds
537,842
Total funds brought forward at 1 July 2020
7,044,169
Total funds carried forward at 30 June 2021
12/137,582,011		 Unrestricted
funds
2021
Note
£
Income
Incoming resources
Incoming resource from generated funds
Voluntary income
Donations and gifts
122,927
Legacies
143,397
Charitable activities
Contract and grant income
231,479
Residential home fees
1,004,799
Catering receipts
-
Government grants for COVID
138,041
Investment income
4
252,189
Release of deferred income from disposal of
Mappin Street leasehold interest
5,000
Total income
1,897,832
Expenditure
Resources expended
Raising funds
5
70,941
Charitable activities
5
1,880,005
Total expenditure
1,950,946
Net gains/(losses) on investments
8
588,956
Profit on disposal of asset
2,000
Net income/(expenditure)
537,842
Transfers between funds
12
-
Net movement in funds
537,842
Total funds brought forward at 1 July 2020
7,044,169
Total funds carried forward at 30 June 2021
12/137,582,011		 Restricted
funds
2021
£
500
-
-
-
-
-
-
-
500
-
15,298
15,298
-
-		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-		 Total
funds
2021
£
123,427
143,397
231,479
1,004,799
-
138,041
252,189
5,000		 Total
funds
2020
£
145,405
375,970
208,693
1,010,055
27,526
148,260
269,272
5,000
1,897,832 - 1,898,332 2,190,181
70,941
1,880,005		 -
-		 70,941
1,895,303		 90,824
2,024,673
1,950,946 - 1,966,244 2,115,497
588,956
2,000		 -
-		 588,956
2,000		 (439,931)
908
537,842
-		 (14,798)
-
(14,798)
42,597
27,799		 -
-		 523,044
-		 (364,339)
-
537,842
7,044,169		 -
26,774		 523,044
7,113,540		 (364,339)
7,477,879
7,582,011 26,774 7,636,584 7,113,540

All activities are classed as continuing.

The accompanying accounting policies and notes form an integral part of these financial statements.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

13

Balance sheet

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Stocks
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one year
10
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
11
Unrestricted funds
Revaluation fund
12
General funds
12
Total unrestricted funds
Restricted funds
12/13
Endowment funds
14		 2021
£
1,211,100
6,928,104		 2020
£
1,246,355
6,181,825
8,139,204 7,428,180
19,577
182,239
151,472		 21,551
230,805
318,053
353,288
(165,908)		 570,409
(190,049)
187,380 380,360
8,326,584
(690,000)		 7,808,540
(695,000)
7,636,584 7,113,540
2,081,907
5,500,104		 1,486,304
5,557,865
7,582,011
27,799
26,774		 7,044,169
42,597
26,774
7,636,584 7,113,540

The financial statements were approved and authorised for issue by the Board of Trustees on

R A Frost Chairman

Company number: 03053277

The accompanying accounting policies and notes form an integral part of these financial statements.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

14

Statement of cash flows

Note
Cash flows from operating activities
Net cash (used by)/provided operating activities
16
Cash flows from investing activities
Dividends and interest received
Purchases of tangible fixed assets
Proceeds from sale of tangible assets
Proceeds from sale of investments
Purchase of investments
Net cash from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at end of year		 2021
£
(158,486)		 2020
£
(17,340)
236,738
(89,508)
2,000
67,464
(224,789)		 258,453
(214,974)
14,365
775,018
(757,772)
(8,095) 75,090
(166,581)
318,053		 57,750
260,303
151,472 318,053

The accompanying accounting policies and notes form an integral part of these financial statements.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Notes to the financial statements

1 Charitable company information

The Sheffield Royal Society for the Blind is a company limited by guarantee (company number 03053277). The registered office is 5 Mappin Street, Sheffield, S1 4DT.

2 Basis of preparation

The financial statements have been prepared in accordance with the Companies Act 2006, applicable accounting standards 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), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Sheffield Royal Society for the Blind meets the definition of a Public Benefit Entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going concern

The trustees have prepared these financial statements on a going concern basis. The trustees have reviewed forecasts to June 2023 and believe the charitable company will be able to meet its liabilities as they fall due, as a result, the trustees do not believe that there are any material uncertainties that exist in relation to going concern.

Incoming resources

Donations, gifts and legacies

All monetary donations and gifts are included in full in the statement of financial activities when receivable, provided there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Legacies are included when the charity is advised by the personal representative of an estate that payment will be made. They are included in the statement of financial activities.

Nominal rental income - Mappin Street

Nominal rental income relating to the Mappin Street site has been partially received and has been credited to deferred income. The total income receivable will be released to the statement of financial activities on a straight line basis over the life of the lease.

Investment income

Investment income, including associated income tax recoveries, is recognised when received.

Resources expended

Expenditure, which is charged on an accruals basis, is allocated between:

▪ expenditure incurred directly to the fulfilment of the charitable company's objectives (direct charitable);

▪ expenditure incurred in the governance of the charitable company.

Financial risk

The charitable company uses financial instruments comprising cash, debtors and creditors. The main purpose of these financial instruments is to finance the working capital cycle of the charitable company and finance longer term capital needs. The policies for managing the risks which may affect the charitable company remain unchanged from the previous year.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

16

Notes to the financial statements

Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charitable company.

Restricted funds are maintained separately from unrestricted funds. The charity has not received restricted funds from any source during the year.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is calculated to write down the cost of tangible fixed assets other than land by equal annual instalments over their estimated useful economic lives, charging a full year in the year of purchase and none in the year of disposal. The rates generally applicable are:

Freehold and leasehold buildings 2% - 5% Motor vehicles 15% - 25% Fixtures and fittings 10% - 20%

Investments

Assets held for investment purposes are valued at market value at the balance sheet date. Net gains and losses arising on revaluations and disposals during the year are included in the statement of financial activities.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Retirement benefits

Defined Contribution Pension Scheme

The pension costs charged in the statement of financial activities represent the amount of the contributions payable to the scheme in respect of the accounting period.

Operating leases

Rentals under operating leases are charged to expenditure on a straight line basis over the lease term.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, representing amortised cost, as follows:

Financial instrument - Measurement on initial recognition
Cash - Cash held
Debtors - Settlement amount after any trade discounts
Creditors - Settlement amount after any trade discounts (assuming normal credit terms apply)

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

17

Notes to the financial statements

3 Significant judgements and estimates

The charity has made judgements and estimates in respect of legacy income. The basis of this is that legacies are recognised when they are notified to us, that we have sufficient information to determine the amount or make a reasonable estimate of the amount and it is probable that it will be received. The estimate of legacy income included within debtors at the year end is £78,620 of which £500 was received as at the point of the Audit Committee meeting, on 1[st] December 2021.

4 Investment income

Investment income comprises income from:
Rental income
Listed investments
Bank deposits		 2021
£
15,451
236,708
30		 2020
£
10,819
258,142
311
252,189 269,272

5 Analysis of total expenditure

Unrestricted Funds

Fundraising
costs
£
Direct costs
Staff costs
61,524
Depreciation
-
Catering costs
-
Client transport costs
-
Residential fees subsidy
-
Holidays and outings
-
Other direct welfare costs
-
Staff travel costs
1,116
Property and equipment
maintenance costs
-
Heating and Lighting
-
Other establishment costs
-
Audit fee
-
Legal and professional
-
62,640
Allocated costs
Basis of
allocation
General office, finance and
management staff
Time
8,301
70,941
Restricted Funds
Staff costs
-
Depreciation
-
Other direct welfare costs
-
Other establishment costs
-
-
Total Funds
70,941		 Fundraising
costs
£
Direct costs
Staff costs
61,524
Depreciation
-
Catering costs
-
Client transport costs
-
Residential fees subsidy
-
Holidays and outings
-
Other direct welfare costs
-
Staff travel costs
1,116
Property and equipment
maintenance costs
-
Heating and Lighting
-
Other establishment costs
-
Audit fee
-
Legal and professional
-
62,640
Allocated costs
Basis of
allocation
General office, finance and
management staff
Time
8,301
70,941
Restricted Funds
Staff costs
-
Depreciation
-
Other direct welfare costs
-
Other establishment costs
-
-
Total Funds
70,941		 Cairn
Home
£
852,283
62,531
60,637
6,188
12,756
-
1,930
655
75,168
23,917
24,954
-
3,620		 Mappin
Street
£
305,757
43,540
822
8,825
-
3,141
14,150
6,933
26,626
13,035
27,133
-
14,812		 Rotherham
£
90,403
3,582
111
2,237
-
-
338
120
5,852
3,067
12,824
-
486		 Gover-
nance
£
-
-
-
-
-
-
-
-
-
-
-
13,853
-		 Total
2021
£
1,309,967
109,653
61,570
17,250
12,756
3,141
16,418
8,824
107,646
40,019
64,911
13,853
18,918		 Total
2020
£
1,364,674
113,376
86,195
33,169
15,382
3,121
20,068
22,277
103,738
43,729
91,758
10,447
21,882
62,640 1,124,639 464,774 119,020 13,853 1,784,926 1,929,816
33,204 83,010 41,505 - 166,020 160,951
70,941 1,157,843 547,784 160,525 13,853 1,950,946 2,090,767
-
-
-
-		 -
-
-
-		 -
7,674
186
-		 -
7,438
-
-		 -
-
-
-
-
13,853		 -
15,112
186
-		 7,788
16,516
427
-
- - 7,860 7,438 15,298 24,731
70,941 1,157,843 555,644 167,963 1,966,244 2,115,498

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

18

Notes to the financial statements

6 Employees

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Pension costs
Other costs		 2021
£
1,327,595
88,835
48,513
11,044		 2020
£
1,394,426
85,993
42,907
10,086
1,533,412
1,475,987

The average number of employees during the year was as follows:

Mappin Street Centre
Cairn Home Residential Home
Rotherham Sight & Sound		 2021
Full time
15
30
1		 2021
Part time
8
19
2		 2020
Full time
18
26
1
45		 2020
Part time
18
20
4
46 29 42

No employee earned £60,000 per annum or more in the current or preceding period.

No payments were made during the period to trustees.

During the year £30,790 of redundancy payments were made.

Senior management remuneration

The key management personnel of the charitable company comprise:

General Manager/Company Secretary Manager, Cairn Home Deputy General Manager Finance Manager Fundraising Manager Marketing Manager

The total employee benefits of the key management personnel of the charitable company were £235,447 (2020: £204,338).

The Sheffield Royal Society for the Blind

Financial statements for the year ended 30 June 2021

Notes to the financial statements

7 Tangible fixed assets

Cost
At 1 July 2020
Additions
Disposals
At 30 June 2021
Depreciation
At 1 July 2020
Provided in the year
Disposals
At 30 June 2021
Net book amount at 30 June 2021
Net book amount at 30 June 2020		 Long
leasehold
buildings
£*
757,682
-
-		 Freehold
Land and
buildings
£
1,029,672
43,356
-		 Motor
vehicles
£
276,624
-
(6,495)		 Fixtures
and
Fittings
£
483,982
46,152
-		 Total
£
2,547,960
89,508
(6,495)
757,682 1,073,028 270,129 530,134 2,630,973
166,444
15,160
-		 506,040
53,693
-		 228,692
19,214
(6,495)		 400,427
36,698
-		 1,301,603
124,765
(6,495)
181,604 559,733 241,411 437,125 1,419,873
576,078 513,295 28,718 93,009 1,211,100
591,238 523,632 47,932 83,555 1,246,357

All tangible fixed assets were used for charitable purposes.

*As a result of the redevelopment of the Mappin Street site, the building was valued in 2009 by surveyors. They estimated that the value of the part of building to be occupied and used by Sheffield Royal Society for the Blind to be £750,000. The valuation was carried out by Lambert Smith Hampton for the purpose of the valuation of the lease and underlease and was completed on 30 June 2009. The Society has acquired this asset by entering into a lease agreement allowing the developer to use the freehold land for 150 years. The rent for this land is deemed to be received in advance and is shown as deferred income.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Notes to the financial statements

8 Fixed asset investments

Valuation
At 1 July 2020
Additions
Gain on revaluation
Disposals
At 30 June 2021
Historical cost at 30 June 2021		 Listed
investments
£
6,181,825
224,789
595,603
(74,113)
6,928,104
4,846,198

Listed investments are stated at their mid market value as at the balance sheet date.

If listed investments had not been re-valued, they would have been included on the historical cost basis at £4,846,198 (2020: £4,695,522). The difference between historical cost and market value is included in unrestricted funds.

The following investments represent more than 5% of the investment portfolio: JP Morgan Am UK Ltd US Equity Income 6.38%

Gains on investments in the year of £588,956 (2020: Losses of £439,931) include realised gains (losses) of (£6,647) (2020: £121,480) and unrealised gains of £595,603 (2020 losses of £561,411).

9 Debtors

Other debtors
Prepayments
Accrued income		 2021
£
47,282
23,449
111,508		 2020
£
26,902
27,889
176,014
182,239 230,805

10

Creditors: amounts falling due within one year

Social security and other taxes
Other creditors
Accruals		 2021
£
17,737
59,074
89,097		 2020
£
18,519
65,940
105,590
165,908 190,049

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Notes to the financial statements

11 Creditors: amounts falling due after more than one year

2021 2020
£ £
Deferred income 690,000 695,000

The deferred income represents the value of a lease over freehold land at Mappin Street which has been received in the form of the leasehold property shown within fixed assets (the lease is for 150 years and the deferred income will be released over this period).

12 Funds

At 1 July 2020
Incoming resources
Expenditure
Losses on investments
Gains on investments unrealised
Gains on disposal of assets
At 30 June 2021		 General
funds
£
5,557,865
1,897,832
(1,950,946)
(6,647)
-
2,000
5,500,104		 Revaluation
fund
£
1,486,304
-
-
-
595,603
-		 Restricted
funds
£
42,597
500
(15,298)
-
-
-		 Endowment
funds
£
26,774
-
-
-
-
-
26,774		 Total
£
7,113,540
1,898,332
(1,966,244)
(6,647)
595,603
2,000
2,081,907 27,799 7,636,584

13 Restricted Funds

Department of transport grant - Minibus
Norman Bradbury Award
Primary Club
SDAD
Sheffield YP Life Skills Trust 1
Sheffield YP Life Skills Trust 2
Rotherham Minibus Appeal
Total		 At 30 June
2020
£
7,154
1,516
2,000
264
1,110
801
29,752
42,597		 Incoming
resources
£
-
500
-
-
-
-
-		 Expenditure
£
(7,154)
(186)
-
(264)
(68)
(188)
(7,438)		 At 30 June
2021
£

-

1,830
2,000

-

1,042

613
22,314
27,799
500 (15,298)

Department of Transport Grant - Minibus This was a grant that SRSB received from DoT during 2015/16 to replace an old minibus. When the vehicle was purchased it was capitalised as an addition to tangible fixed assets and the depreciation charged against the asset each year is then allocated against the grant received.

Norman Bradbury Award This is a donation made to the SRSB by Sheffield Talking News from which grants are made to visually impaired people in Sheffield who are in dire straits.

Primary Club This is a donation made to SRSB to fund the purchase of equipment for a Tandem Cycling Group. A suitable trailer has not yet been identified but will be purchased as soon as one is found.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

Notes to the financial statements

SDAD Sheffield and District Association for the Disabled made a grant of £1,318 for the purchase of iPads. When the iPads were purchased they were capitalised as an addition to tangible fixed assets and the depreciation charged against the asset each year is then allocated against the grant received.

Sheffield YP Life Skills Trust 1 This is a grant made to SRSB originally for the provision of supporting children with a visual impairment to attend residential activity courses operated by RNIB. However the courses were subsequently cancelled by RNIB and the donor agreed that we could utilise the funds to provide activity toys for children with a visual impairment. Two awards were made during 2019-20 for the purchase of two specialist armchairs for children with complex needs. The purchases were capitalised and the depreciation charged against the assets each year will then be allocated against the grants received.

Sheffield YP Life Skills Trust 2 This is a grant made to purchase iPads for the use of children and young people with a visual impairment. When the iPads are purchased they will be capitalised as an addition to tangible fixed assets and the depreciation charged against the asset each year will then allocated against the grant received.

Rotherham Minibus Appeal Rotherham Sight & Sound launched an appeal to fund the purchase of a minibus. When the appeal reached the target of £50,000 a minibus was purchased. When the vehicle was purchased it was capitalised as an addition to tangible fixed assets and the depreciation charged against the asset each year is then allocated against the donations received.

14 Endowment Funds

Earnshaw Trust
Henrietta Kitchin Will Trust		 At 30 June
2020
£
11,851
14,923
26,774		 Income
£
473
595
1,068		 Expenditure
£
(473)
(595)		 At 30 June
2021
£
11,851
14,923
(1,068) 26,774

15 Analysis of fund balances by net assets

Tangible assets
Investments
Net current assets
Deferred income		 Restricted
funds
£
23,970
-
3,829
-		 Unrestricted
funds
£
1,187,130
6,901,330
181,557
(690,000)		 Endowment
funds
£
-
26,774
-
-
26,774		 Total
£
1,211,100
6,928,104
187,380
(690,000)
27,799 7,582,011 7,636,584

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

23

Notes to the financial statements

16 Reconciliation of changes in resources to net outflow from operating activities

Net movement in funds
Dividends and interest received
Depreciation
Gains on investments
Profit on disposal of fixed assets
Decrease/(increase) in stock
Increase in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities		 2021
£
523,044
(236,738)
124,765
(588,956)
(2,000)
1,974
48,566
(29,141)		 2020
£
197,072
(258,453)
130,179
(121,480)
(908)
3,705
36,597
(4,052)
(158,486) (17,340)

17 Liability of members

Under Clause 6 of the Memorandum of Association all members undertake to contribute to the assets of the charitable company such an amount as may be required, not exceeding £1, in the event of it being wound up during the period of membership and within one year afterwards.

18 Contingent liabilities

The charitable company had no contingent liabilities at 30 June 2021 or 30 June 2020.

19 Leasing commitments

The charitable company had no leases at 30 June 2021 or 30 June 2020.

20 Derivatives

The charitable company had no financial derivatives during the year.

21 Retirement benefits

Defined Contribution Pension Scheme

The charitable company operates defined contribution pension schemes for the benefit of the employees. The assets are administered by trustees in funds independent from the funds of the charitable company.

The Sheffield Royal Society for the Blind Financial statements for the year ended 30 June 2021

24

Notes to the financial statements

22 Financial assets and liabilities

Financial assets at fair value through the SOFA:
Investments
Financial assets measured at amortised cost:
Other debtors
Financial liabilities measured at amortised cost:
Trade creditors
Other creditors
Accruals
Other assets and liabilities:
Tangible assets
Stocks
Cash at bank
Prepayments
Accrued income
Other taxation and social security
Deferred income		 2021
£
6,928,104
47,282
(43,680)
(15,394)
(89,097)		 2020
£
6,181,825
26,902
(42,839)
(23,101)
(105,590)
(148,171) (171,530)
1,211,100
19,577
151,472
23,449
111,508
(17,737)
(690,000)		 1,246,355
21,551
318,053
27,889
176,014
(18,519)
(695,000)
809,369 1,076,343
7,636,584 7,113,540