2020-12-31-accounts - British Wireless For The Blind Fund

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			Pages
Trustees' annual report (incorporating the director's report)			Ito 9
Independent	auditor's report to the members		10to 14
Consolidated	statement offinancial activities (including	income and expenditure
account)			15
Consolidated	statement offinancial position		16ta 17
Company statement offinancial position			18
Consolidated	statement ofcash flows		19
Notes to the	annual report and financial statements		20-36

Reference	and administrative	and administrative
Registered	charity name		British Wireless ForThe Blind Fund Limited
Charity registration		number	1078287
Company	registration	number	3870182
Principal	offlce and registered		10Albion Place
office			Maidstone
			Kent
			ME14 5DZ
The trustees
			Mr DKSmith
			Mr PA Easton
			MrJCD Mowe
			Mr M ANoble
			Mr MJWood
			Mrs MRGrainger
			Mr G Thorn
			Mrs LMack
			Mr MBrace
			Mr Q Howard
Auditor			Opass Billings Wilson dc Honey LLP
			Chartered Certified Accountants &statutory	auditor
			Numeric House
			98 Station Road
			Sidcup
			Kent
			DA15 7BY
Bankers			HSBCBank Pic
			196Oxford St
			London
			W1D 1NT
Solicitors			Michelmores
			Woodwater House
			Pynes Hill
			Exeter
			EX25WR

events as deemed appropriate in order that	we maximise the signposting	for our services.	for our services.	for our services.
Tomaintain a volunteer led Sonata service	help desk to add stations to beneficiary's			playlists, update		and
research new content.
To adopt database cleansing techniques	which will improve operating	efficiencies in managing				our
beneficiaries, donors and customers.
To research and approach new Trusts and	Foundations in a search for additional		regional funding.
To improve the financial management of	our operations to ensure that	we have		sufficient income		and
reserves to support our objectives and future plans.
To increase the number ofagents providing	our service throughout the country.
To analyse set issue and distribution across the UK and compare against		national		statistics	and trends in
order to ensure maximuin coverage ofour	services.

control it has created Designated Reserv	es for a number ofkey projects.
Building maintenance		100,000
Legacy income provision		100,000
Reserve for the purchase ofaminimum	order quantity ofnew sets	665,000
Research tk Development		250,000
Redundancy Costs		105,000
Working Capital Digital set replacement		181,503 ~50
Total Designated Funds as per accounts		4,151,503
Designated Funds required		4,927,600
Over/(Under)		(776,097)

			Year	to31Dec 2020	to31Dec 2020	2019
						(restated)
			Unrestricted	Restricted
			funds	funds	Total funds	Total funds
		Note			f	5
Income and endowments
Donations aud legacies		6	739,330	166,124	905&454	943,264
Other trading activities		7	143,562		143&562	140,347
Investment income		8	80,227		80,227	96,750
Other
Total income			963,119	166,124	1,129,243	1,180,361
Expenditure
Expenditure on raising funds:
Costs ofraising donations snd legacies Costs ofother trading activities Investment management costs		9 10	197,391 141,254 16,341		197391 141,254 16441	273,864 156,124 3L579
Expenditure on charitable	activities	11,12	944,149	199,216	1,143865	1,450,920
Total expenditure			1,299,135	199,216	1,498,351	1,912,487
Net gains/losses on investments		14	(79,826)	833	(78,993)	293,424
Net expenditure and net movement		in funds	(415,842)	(32,259)	(448,101)	(438,702)
Transfer between funds
			(415,842)	(32,259)	(448,101)	(438,702)
ReconciTiation offunds
Total funds brought forward			4,537,481	212,718	4,750,199	4,920,251
Prior year adjustment						268,630
			4,537,481	212,718	4,750,199	5,188,901
Total funds carried forward			4,121,639	180,459	4,302,098	4,750,199

						2020		2019
								Orrrared)
					Note
FIXEDASSETS
Intangible assets					20		150,039	204,897
Tangible fixed assets					21		990,507	1,010,600
Investments					22		3,036,330	3,117,527
							4,176,876	4,333,024
CURRENT ASSETS
Stocks					24	92,162		109,054
Debtors					25	390&231		794,349
Investments					26	30,171		51,676
Cash at bank and in		hand				593,098		501,845
						1,105,662		1,456,924
CREDITORS: amounts			falling due within	one year	28	980,440		1,039,749
NET CURRENT	ASSETS						125,222	417,175
TOTAL ASSETSLESSCURRENT LIABILITIES							4802,098	4,750,199
NETASSETS							4802,098	4,750,199
FUNDS OF THE	CHARITY
Restricted funds							180,459	212,718
Unrestricted funds:
Revaluation	reserve					(251873)		(25L373)
Other unrestricted			income funds			4373,012		4,788,854
Total unrestricted		funds				4)121,639		4,537,481
Total charity funds					30		4402,098	4,750,199

YEARENDED 31DECEMBER	2020
			2020	2019
		Note		) f
CASH FLOWS FROM OPERATING ACTIVITIES
Net expenditure			(448,101)	(438,702)
ddj usonenis for:
Depreciation oftangible fixed assets			26,424	25,957
Amortisation ofintangible assets			54,858	53,199
Net gains/losses on investments			78,993	(293,424)
Dividends, interest and rents &om	investments		(80,224)	(96,267)
Other interest receivable			(3)	(483)
Interest payable			41,030	42,146
Loss on disposal oftangible fixed	assets
Accrued Expenses			(1,111)	14,434
Changesin:
Stocks			16,892	(14,221)
Trade and other debtors			404,118	(133,076)
Trade and other creditors			(58)19$)	44,092
Cash generated &om operations			34,678	(796,345)
Interest paid			(41,030)	(42,146)
Interest received			3	483
			(6,349)	(838,008)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents &om	investments		80,224	96,267
Purchase oftangible assets			(6331)	(55,219)
Proceeds &om sale oftangible assets
Purchase ofintangible assets				(12,437)
Purchases ofother investments			(1,$94,527)	(1,109,851)
Proceeds &om sale ofother investments			1,896,731	1,142,464
Net cash (used in)/fiom investing	activities		76,097	61,224
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings				850,000
Net cash &om financing activities				850,000
NET (DECREASE)/INCREASE	IN CASH AND CASH EQUIVALENTS		69,748	73,216
CASH AND CASH EQUIVALENTS AT BEGINNINC OFYEAR			553,521	480,305
CASH AND CASH EQUIVALENTS AT END OF YEAR		27	623,269	553,521

Summary financial perfarmance ofthe charity	Summary financial perfarmance ofthe charity
The summary financial performance ofthe Charity alone is:
		2020	2019
Income		999,050	/, 044,095
Gift aid tiom subsidiary company
		999,050	1,044,095
Expenditure	on charitable activities	1,140,065	1,447,665
Expenditure	on raising funds	215,431	311,354
Net gains/(losses) on investments		(78,993)	293,424
Net Income/(Expenditure)		(435,439)	(42/,500)
Total funds	brought forward	4,767,401	5,188,901
Total funds	carried forward	4,331,962	4,7I$7,401
Represented	by:
Unrestricted	income funds	4,152,336	4,554,683
Restricted funds		179,626	212,718
		4331962	4 767401

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
DONATIONS
Other public donations	81,531	22,815	104846
LEGACIES
Legacies	635,980		635,980
GRANTS
Grants from trusts and foundations	21,819	143,309	165,128
	739,330	166,124	905,454

6.	Donations and legacies (continued)
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2019
	DONATIONS Other public donations		58,009	22,768	80,777
	LEGACIES Legacies		697,551		697,551
	GRANTS Grants trom trusts and foundations		14,805	150,131	164936
			770,365	172,899	943,264
7.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
	Sales ofequipment and services Fundraising events Sale ofChristmas cards Sale ofdonated goods	130,193 13,369	130,193 13,369	136,266 523 3,458 100	136,266 523 3,458 100
		143,562	143,562	140,347	140,347
8.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
	Income from listed investments Interest on cash deposits	80,224 3	80,224 3	96,267 483	96,267 483
		80,227	80&227	96,750	96,750

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2020	2019
Donations and grants
Wages and salaries Employers national insurance Pension costs Private healtbcare insurance Travel and subsistence Legal, professional and consultancy IT and communications Printing, postage and stationery Bank charges Publicity and events	fees	74,126 57,608 22,865 3,207 33 351 803 1,018		74,126 57,608 22,$65 3,207 33 351 803 1,018	62,017 61,270 42,898 2,625 7 34,560 14,260 6,522 738 10,794
		160,011		160,011	235,691
Legacies
Wages and salaries Employers national insurance Travel and subsistence Legal, professional and consultancy ITand communications	fees	33,888 3,492		33,88$ 3,492	33,888 3,492 190 473 130
		37,380		37@80	38,173
		197,391		197,391	273,864
Costs ofother trading activities
		Unrestricted	Total Funds	Unrestricted	Total Fuads
		Funds	2020	Funds	2019
			8	6
Human resources Publicity &events Printing, postage and stationery IT and conununications Bank charges Legal, professional and consultancy Travel and subsistence General expenses Goods for resale Insurance BadDebts	fees	30,948 307 3,947 1,497 3,047 388 13 100,744 106 257	30,948 307 3,947 1,497 3,047 388 13 100,744 106 257	30,948 630 9,076 1,500 1,624 14 3,481 1,013 107,733 105	30,948 630 9,076 1,500 1,624 14 3,481 1,013 107,733 105
		141,254	141,254	156,124	156,124

Expenditure	on charitable	activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
Expenditure	ofraising funds on other activities
Expenditure	on charitable	activities	487,446	199,216	686,662
Support costs			456,703		456,703
			944,149	199,216	1,143,365
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2019
Expenditure	ofraising funds on other activities		726,745	190,926	917,671
Expenditure	on charitable	activities	528,294	4,955	533,249
Supportcosts
			1,255,039	195,881	1,450,920

			Activities
			undertaken		Total funds	Total fund
			directly	Support costs	2020	2019
Expenditure	ofraising funds on donadons,
grants and	legacies			144,217	144,217	188,759
Expenditure	ofraising funds on other
activities
Expenditure	on charitable	activities	686,662	289,278	975,940	1,228,443
Governance	costs			23,208	23,208	33,718
			686,662	456,703	1,143365	1,450,920

13	. Analysis ofsu	pport	costs
				Raising funds
				on	donations,	Expenditure
					grants and	on	charitable	Governance
					legacies		activities	costs	Total 2020	Total 2019
							f,		8	f,
	Staffcosts				45,942		97,441	6,487	149,870	123,947
	Premises				16,269		34,571		50,840	52,000
	Communications	and	IT		19,536		41,943		61,479	68,080
	General office				10,964		5,036		16,000	13,319
	Finance costs				335		712		1,047	870
	Insurance				2,172		4,614	1,008	7,794	7,920
	Travel and subsistence				3,418		8,045	79	11,542	15,366
	Legal and professional		fees		12,266		27,355	2,834	42,455	96,390
	Depreciation				26,010		55,272		81,282	79,156
	Publicity and events				4,489		9,539		14,028	47,039
	General expenses				2,816		4,750		7,566	14,564
	Audit fees							12,800	12,800	12,735
	Interest on bank loans									1,863
					144,217		289,278	23,208	456,703	533,249
14.	Net gains/losses	on	investments
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2020
										8
	Gains/(losses)	on listed investments						(79,826)	833	(78,993)
								Unrestricted	Restricted	Total Funds
								Funds	Funds	2019
									6
	Gains/(losses)	on listed investments						293,424		293,424
15.	Net expenditure
	Net expenditure	is stated aAer charging/(crediting):
									2020	2019
									g
	Amortisation ofintangible			assets					54,858	53,199
	Depreciation oftangible fixed assets								26,424	25,957

Auditors remuneration
			Year to	Year to
			31Dec 20	31Dec 19
Fees payable for the audit ofthe annual report and financial		statements	11,849	1L738
Fees payable to the charity's Other non-audit services	auditor and its associates for other services:		951	997
Staff costs and emoluments

The total staff costs an	d	em	p	loyee ben	efits for	the reporting period are ana	lysed as	follows:
								Year to	Year to
							31Dec 20		31Dec 19
									I
Wages and salaries Social security costs Employer contributions Other employee benefits		to	pension plans				462,646 203,666 76,216 9,489		438,436 215,916 93,256 6,908
							752,017		754,516
The average head count		ofemployees			during	the year was 18 (2018:18).The average number offull-time
equivalent employees	during			the year	is analysed as follows:			2020	2019
								No.	No.
Fundraising and publicity Field								2 4	3 4
Management and administration Support								8 2	9 2
								16	18
The number ofemployees			whose remuneration			for the year fell within the	following	bands, were: 2020 2019
								No.	Ko.
f70,000toI79,999								1	1
Trustee remuneration		and		expenses

Intangible assets
Group and charity			Development
			costs
Cost
At 1January 2020 and 31December 2020			274,288
Amortisation
At 1 January 2020			69@91
Charge for the year			54,858
At31December 2020			124,249
Carrying amount
At 31December 2020			150,039
At 31December 2019			204,897
Tangible fixed assets
Group aad charity	Land and
	buildings	Equipment	Total
Cost
At 1 January 2020	1,015,336	201,287	1,216,006
Additions		6,331	6&331
Disposals
At31December 2020	1,015,336	207,618	1,222,954
Depreciation
At 1 January 2020	33,729	172,294	206,023
Charge for the year	11,533	14,891	26,424
Disposals
	45,262	187,185	232,447
Carrying amount
At31December 2020	970,074	20,433	990,507
At 31December 2019	981,607	28,993	1,010,600

Investments
Group	Listed	Other
	investments	investments	Total
Cost or valuation
At 1 January 2020	3,045,293	72,234	3,117,527
Additions	1,894,527		1,894,527
Dispo sale	(1,896,731)		(1,896,731)
Fair value movements	(79,826)	833	(78,993)
At 31December 2020	2,963,263	73,067	3,036,330
Carrying amount At 31December 2020	2,963,263	73,067	3,036,330
At 31December 2019	3,045,293	72,234	3,117,527
Charity		Shares in
	Listed	group	Other
	investments	undertakings	investments	Total
Cost or valuation
At 1 January 2020	3,045,293		72,234	3,117,528
Additions	1,894,527			1,894,527
Disposals	(1,896,731)			(1,896,731)
Fair value movements	(79,826)		833	(78,993)
At31December 2020	2,963,263		73,067	3,036431
Carrying amount At31December 2020	2,963,263	I	73,067	3,036,331
At 31December 2019	3,045,293	1	72,234	3,117,528

Listed investments	Listed investments
The figures above include the following		investments	which	are more than 5% of the total	value ofthe
portfolio:-
HSBC GIF Global Em Mkts Local				f243,364.60	8.21%
HSBCUS Multi-Factor Eq Instl Inc HSBC American Index Institutional	Inc			f156,866.94 f279,647.27	5.29% 9.44%
HSBCFTSEAB Share Index Inst Inc				5517,100.66	17.45%
Charities Property Inc				1,149,662.12	5.05%

				2020	2019
	Turnover ofwhich ZO (2019 - Cost ofsales and administration	8358)was to the Charity costs		130,193 142,855	136,266 153,468
	Net Profit			(12,662)	(17,202)
	Amount Gift Aided to the Charity
	Retained in the Subsidiary			(12,662)	(17,202)
	The summary assets sad liabilities	ofthe subsidiary	were:
				2020	2019
	Gnrent Assets Gnrent Liabilities ofwhich f86,377(2019-8135,159)is due to the Charity			106,114 135,977	142,392 159,593
	Total Net Assets			(29,863)	(17,201)
	Aggregate Share Capital and Reserves			(29,863)	(17,201)
24.	Stocks
	Group			2020	2019
				g
	Goods for resale			92&162	&&09,054
	Charity			2020	2019
	Goods for resale

Debtors
			Group		Parent	Charity
			2020	2019	2020	2019
			K		8
Amounts	owed by gmup undertakings				86,377	135,159
Commercial		trade debtors	$06	11,992
Prepayinents		and accrued income	350,665	782,357	350,665	782,357
Other debtors			38,760		38,045
			390,231	794,349	475,087	917,516
Investment	s
			Group		Parent Charity
			2020	2019	2020	2019
Short-term		deposits	30,171	51,lf76	30,171	51,676

Cash and c	ash equivalents comprise the	following:
		Group
		2020	2019
Cash at bank and in hand		593,098	501,845
Short-term	deposits	30,171	51,676
		623,269	553,521

Creditors: amounts falhng due within on	e year
	Group		Parent Charity
	2020	2019	2020	2019
Bank loans and overdrafts	850,000	850,000	850,000	850,000
Trade creditors	70,943	96,006	33931$	84,728
Accruals and deferred income	32,401	33,512	32,401	33,512
Social security and other taxes	14,500	35,084	14,500	34,683
Other creditors	12,596	25,147	621	12,952
	980,440	1,039,749	930,840	1,015,875

		At				Gains		At
Group		I January				and	Prior year 31December
		2020	Income	Expenditure	Transfers	losses	adjustments	2020
General funds		(17,202)	963,119	(1,299,135)	403,180	(79,826)		(29,864)
Revaluation	reserve	(251,373)						(251873)
Digital set
replacement		2,750,000						2,750,000
Designated	fund	2.056,056			(403,180)			1,652,876
		4,537,481	963,119	(1,299,135)		(79,826)		4,121,639
		At				Gains		At
Group		I January				and	Pnor year 31December
		2019	Income	Expenditure	Transfers	losses	adjustments	2019
General funds			1,007,462	(1,716,606)	129,86'8	293,424	268,650	(17,202)
Revaluation	reserve	(251,373)						(251,373)
Digital set
replacement		2,750,000						2,750,000
Designated	fund	2,206,698			(150,642)			2.056,056
		4,705325	1,007462	(1,716606)	(20,774)	293,424	268,650	4537481
		At				Gains		At
Parent charity		1 January				and	Prior year 31December
		2020	Income	Expenditure	Transfers	losses	adjustments	2020
							g
General funds			832,926	(1,156,280)	403,480	(79,826)
Revaluation	reserve	(251,373)						(251/73)
Digital set
replacement		2,750,000						2,750)000
Designated	fund	2,056,056			(403,180)			1,652i876
		4,554,683	832,926	(1,156,280)		(79,826)		4,151,503
		At				Gains		At
Parent charity		I January				and	Prior year 31December
		2019	Income	Expenditure	Transfers	losses	adjustments	2019
General funds			871,196	(1,563,138)	129,868	293,424	268,650
Revaluation	reserve	(251,373)						(251,373)
Digital set
replacement		2,750,000						2,750,000
Designated	fund	2,206,698			(150,642)			2,056056
		4,705,325	871,196	(1,563,138)	(20,774)	293,424	268,650	4,554,683

							At
			At			Gains and 31December
		I	January 2020	Income	Expenditure	losses	2020
					8		8
Restricted	fund		212,718	166,124	(199,216)	833	180,459
							At
			At			Gains and 31December
		1	January 2019	Income	Expenditure	losses	2019
					5
Restricted	fund		214,926	172,899	(195,881)		212,718

Analysis ofnet assets between f	unds
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
		f
Tangible fixed assets	4,103,809	73,067	4,176,876
Current Assets	17,830	107,392	125,222
Net assets	4,121,639	180,459	4802,098
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2019
	5
Tangible fixed assets Dnrent Assets	4,260,790 276,691	72,234 140,484	4,333,024 417,175
Net assets	4,537,481	212,718	4,750,199

32.	Financial instruments	Financial instruments
	The carrying amount for each		category offinancial	instrument		is as	follows:
						Group			Parent	Charity
					2020			2019	2020	2019
									f.
	Financial assets measured	at fair value through		income and expenditure
	Financial assets measured	at fair value thmugh
	income and expenditure					806	11,992		$6,377 135,159
	Financial liabilities measured		atfair value through		income	and	expenditure
	Financial liabilities measured		at fair value through
	income snd expenditure				70,943		96,006		33/18	84,728
	Financial liabilities measured		at amortised cost
	Financial liabilifles measured		at amortised cost		850,000		850,000		$50,000	850,000
33.	Analysis ofchanges in net	debt
										At
					At 1 Jan 2020			Cash	flows	31Dec 2020
										8
	Cash at bank and in hand					501,845			91,253	593,098
	Debt due within one year					(850,000)				(850,000)
	Current asset investments						51,676		(21,505)	30,171
						(296,479)			69,748	(226,731)

The total future	The total future	minimum	lease payments	non-cancellable operating	leases are as follows:	leases are as follows:
				Group		Parent Charity
				2020	2019	2020	2019
Not later	than	1year		16,734	18,216	16,734	18,216
Later than	1 year aud not		later than 5 years	3,446	19,782	3,446	19,782
				20)180	37,998	20,180	37,998