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2021-09-30-accounts

Charity registration number 1095904

Company registration number 04616526 (England and Wales)

THE TORCH TRUST FOR THE BLIND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE TORCH TRUST FOR THE BLIND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees/Directors

Trustees/Directors M Baker M Townsend A Brown J Chapman J Dormandy I Akintunde (Appointed 1 November 2021) Secretary M Heaney Charity number 1095904 Company number 04616526 Principal address Torch House Torch Way, Northampton Rd Market Harborough Leics LE16 9HL Registered office Torch House Torch Way, Northampton Rd Market Harborough Leics LE16 9HL Independent examiner Philip John Dymond FCCA Cheyettes Ltd 167 London Road Leicester LE2 1EG LeadershipTeam Chief Executive T Jeffery Head of Central Services M Heaney Head of Services A Blow Head of Technical Services P Wood

THE TORCH TRUST FOR THE BLIND

CONTENTS

Page
Chairman's statement 1
Trustees' report 2 - 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12 - 13
Statement of cash flows 14
Notes to the financial statements 15 - 28

MESSAGE FROM THE CHAIR AND CEO FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE TORCH TRUST FOR THE BLIND

Because of the Lord’s great love we are not consumed, for his compassions never fail. They are new every morning; great is your faithfulness. Lamentations 3:22,23

As the famous hymn goes: “Great is your faithfulness, O God my Father”. Thinking back over the 2020/21 year, we can certainly testify to how true those words have been in the life of Torch. Despite all the changes, uncertainties and disruptions, there is so much to be thankful for and to celebrate. There is no doubt that at the end of the year, Torch was in better health and better heart than at the start .

Some painful changes in staffing to reduce costs, streamline activities and refocus roles and responsibilities have all had a positive effect both financially and operationally. There has been a new air of positivity and willingness to embrace some new things and move forward. Following some years of significant deficits, we came close to a break even position and for the first time in Torch’s history have reserves which are able to produce an income to help support the work. We are so grateful for the wonderful support that the Lord has raised up for Torch during the year in finances, in prayer and in practical support. Ultimately what keeps us going and makes it all worthwhile are the testimonies of those blind and partially sighted folk who have been so blessed by Torch’s ministry. Here is one example amongst so many:

“Over the past 3 years I went through difficult days, but clinging to Jesus was my primary remedy to survive.... And I thank Torch for all the excellent books that I have been able to enjoy. Many times it was these inspirational stories that aided me in my recovery and kept me from despair ."

One of the things that we are particularly thankful for is the opportunity to engage more as a Torch community across the UK. The online Lent course was really well attended and led on to a weekly Torch Community Prayer time. More Fellowship Groups met online and by phone. Some have started meeting again in person. In the autumn we began monthly coffee mornings at Torch House welcoming in old friends and new to fellowship and worship together. These things have helped to reinvigorate a sense of belonging. We hope they will be just the first fruits of what’s to come in 2022 .

We are delighted that plans for the first four Torch Together holidays are well advanced and that bookings are coming in. We are so looking forward to what we pray will be wonderful times of fun, fellowship and learning and hope and pray that this will be the first step into a whole new era of holidays and retreats that over time will have a similar amazing impact for many people as those at HRC .

Digital has been another strong theme. Material has been produced to help blind and partially sighted people use digital tools including smart speakers, mobiles, Zoom conferencing, and digital distribution of books.

The sight loss friendly church initiative has gained many sign ups, and the virtually delivered training programme is successful .

A key part of Torch’s DNA right from its earliest days has been the desire to reach out with the life-transforming love of Jesus to those living with sight loss. In 2021, we began to look for new ways to do this. The Lord led us to the new Megavoice Pathway. This small, simple to use, audio Bible is an ideal way for those losing their sight to hear the Word of God. We look forward in great anticipation to 2022 and all that we hope the Lord will accomplish through this initiative and through the ongoing work of Torch Trust.

We would like to thank all our supporters, staff, volunteers and trustees, for being a strong and harmonious team who "look to Jesus the pioneer and perfecter of our faith" (Hebrews 12:2) and worked together so well during this year .

Mike Townsend Chair of Torch Trust

Tim Jeffery CEO

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The trustees present their annual report and financial statements for the year ended 30 September 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006 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)” (published in October 2019) .

Objectives and activities

Object and Ethos

The objects of Torch Trust are the relief and support of blind and partially sighted people in accordance with the Christian Basis of Faith contained in the charity's governing document. In 2020 Torch Trustees reaffirmed some core principles that should guide the work of the charity:

Torch is boldly Christian and our particular calling is to stimulate and nurture blind and partially sighted people’s Christian faith journey. This means we have a focus on both sensitive evangelism to those who do not yet identify as Christian and supporting the discipleship journey of those who do.

This combination of factors has some practical implications for the scope of work that we do:

  1. We will work directly with blind and partially sighted people, dealing with them as unique individuals

  2. Given Torch’s size and resources we recognise the need to leverage our impact by working with and through others, supporting churches for example to include blind and partially sighted people in their community life.

The Trustees approved a new statement of the charity’s purpose:

Torch Trust exists to enable blind and partially sighted people to encounter Jesus, grow in their

Christian faith and thrive in Christian community.

At the same time, Trustees reaffirmed our four Core Values of being Christ-centred, People-focussed, Open and Creative. However, the Board and leadership team together worked on developing a new articulation of what each of these values means for Torch in this current season.

Our programmes are delivered primarily in the UK although we reach many other countries with our accessible literature, and have a particular overseas emphasis in Malawi. Here Torch Trust founded, supports and funds an autonomous non-governmental organisation called Torch Trust for the Blind International (Malawi) which has its own board of trustees.

The origins of the Torch Trust of today go back to 1959 when the Trust and its eponymous magazine The Torch were taken on by Ron and Stella Heath. It now operates from Torch House, the headquarters and production building in Leicestershire and up until 31 December 2019 at the Torch Holiday & Retreat Centre in West Sussex. Torch employs around 1 8 staff and benefits from the skills of many committed volunteers. It has an annual budget of around £ 65 0,000 and reaches over 10,000 people with sight loss .

Public Benefit

The trustees of the charity have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The objects of Torch Trust are the relief and support of blind and partially sighted people in accordance with the Christian Basis of Faith contained within the charity's governing document.

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

The activities, programmes and services provided in furtherance of these objects have been described in this report. They are available to people of all faiths or none who wish to avail themselves of what Torch has to offer.

The Charity is also keen to ensure that cost is not a barrier to participation. Many of its services are free. Publications are provided at no more than a print-equivalent price. Torch also assists Clients whose financial situation prevents them from participating and, where appropriate, will discount the cost.

Achievements and performance in the year

The Covid-19 pandemic presented particular challenges to blind and partially sighted people. Issues such as increased difficulty in getting shopping, concerns about social distancing, access to healthcare and access to information have contributed to a sense for many of a loss of independence, greater isolation and a reduced sense of wellbeing. As the UK comes out from under the restrictions imposed as a result of the virus, many older and more vulnerable people are understandably cautious about re-engaging in activities which bring them into contact with other people.

One silver lining of Covid is that it appears to have driven a very real growth in the use of digital technologies both in the general population and within Torch’s beneficiary group. Many people have learnt new skills and taken the leap into the digital world which has opened up new resources for them. But there are also many others who haven't felt able to join in and are left more isolated and feeling more left out. The isolation and lack of emotional and spiritual support which many people with visual impairment face, is likely to have become both more severe and more widespread.

The impact of the pandemic on the charity sector has been severe. Many charities have reported an increased demand for their services but at the same time are experiencing significant reductions in their income. Turmoil within society caused by the restrictions of the pandemic response, other global factors and big changes like Brexit, scarcity of some key commodities and rising prices, have all led to an increasingly volatile and uncertain operating environment for charities like Torch. The ability to be agile and adapt rapidly to the changing needs of our clients and the business and economic environment in which we operate, therefore becomes increasingly key to survival.

At times like this, it seems that organisations which hunker down waiting for the storm to pass fare worse in the long term. Those that are able to adapt, embracing new opportunities and taking risks, tend to be the ones who are strengthened and even thrive through such uncertain times. As a Christian organisation, Torch has its hope in a much more solid foundation than the realities of our circumstances and our own ability to respond. We believe in a God who calls us forward, to be bold and courageous as well as being good stewards of all the gifts and resources he has given us. We have faith in a God who will supply what we need for the work he has called us to and who at times will allow hardship to challenge and shape us.

Following a somewhat tumultuous and unsettled year in 2019/20 in the life of Torch, 2020/21 was characterised by a renewed sense of purpose and clarity helped by the appointment of a new CEO. Significant deficits in 2018/19 and 2019/20 brought into sharp focus the reality of reducing income streams and the need to reduce expenditure to bring it into line with income.

Lessons learnt through the pandemic helped to highlight where changes could be made and informed a change process towards the end of 2020 which resulted in several unavoidable redundancies and streamlined Torch’s operations. The change process also saw the creation of a new Leadership Team including the appointment of a Head of Services to help coordinate and increase interconnectedness between our different client-facing activities.

With the change process behind us, new leadership in place and greater clarity of direction, Torch felt regenerated as we entered into 2021. There was a new sense of optimism and energy and the fostering of a deliberate culture of openness and empowerment. Rather than closing down again with the lockdown in early 2021, Torch decided to keep everyone working and make the most of the new sense of energy and purpose .

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Like many charities, Torch has had a challenging time with income generation in recent years. A pattern of slow decline in donations that has been evident over many years, continued through 2019/20 and into the early part of 2020/21. Many of Torch’s long term committed supporters seemed to have become concerned over Torch’s direction, having a negative impact on their willingness to donate to the ministry. Torch has been very dependent on legacies for many years but the pandemic had created something of a blockage in the releasing of such gifts. However, as 2021 progressed, and a new sense of optimism and positivity filtered into the wider Torch community, donations began to pick up. Legacies also began to come through and contributed to a more positive financial picture in the latter part of the year.

Through the year, planned work on developing new income generating activities progressed. This work was particularly focused on developing our capability to apply for grant funding and the development of a regular giving product as part of a plan to establish clearer donor engagement. A plan also began to take shape as a compelling way of reaching new supporters. None of these had an impact on the financial outcome of 2020/21 but it is hoped that their effect will begin to be felt in 2021/22.

Another key development in 2021/22 has been the creation of a new website. Not only will the look and feel of the new site be much more contemporary but it will allow far more interaction with clients and supporters. The site will provide us with a much better digital platform to engage with key audiences and open up new opportunities to improve the convenience and accessibility for staff, clients and supporters.

Torch enters 2021/22 therefore, with a new sense of God’s calling and blessing and a greater sense of hope and confidence for the way ahead

Overarching Strategy for 2021/22

Torch’s formal strategy developed in 2018/19 and 2019/20 has three areas of activity:

As we did in 2020/21 we will continue to operate under this broad framework in 2021/22, focusing particularly on Priorities 1 and 2 and beginning to develop some new work in Priority 3 .

Plans for 2021/22

To guide the work of Torch in 2021/22, the Board and Leadership Team have agreed to the following outline of key developments to Torch’s services in 2021/22:

Torch Together

With the closure of the Torch’s Holiday and Retreat Centre in 2019 and the pandemic through 2020 and 2021, Torch has not been able to offer holidays for some time. In 2022 we are planning to run four holidays in different locations around the UK. Providing sufficient support to ensure our guests are safe and well cared for will entail considerable input from staff and volunteers and will add to Torch’s overall cost base for the year. However, we see this as a core element of Torch’s provision for our beneficiaries and are keen to pilot this new way of providing holidays.

Digital Future

In 2020/21 we invested some additional resources to accelerate the process of exploring new technologies that we might use to serve our beneficiaries. Recognizing the importance of continuing this work, in 2021/22 this resource has been mainstreamed into the budget. We will particularly explore adapting resources for delivery through smart speakers and the use of e-braille .

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Sight Loss Friendly Church

The development emphasis here will be twofold. Firstly, we will seek to capture much of our training and other material in formats that can be available to access online at any time rather than only through specific live events. This will hopefully significantly increase access to key learning and enable us to explore a more international ministry for SLFC. Secondly, having piloted Sight Loss Sunday in 2021, we will put much greater emphasis in publicity on this for 2022, aiming to significantly increase participation. We see this as a key avenue to contribute to Priority 3 of our strategy.

Torch Malawi

Our relationship with Torch Malawi has taken something of a back seat in recent years and resulted in a decline in activity and impact for the blind and partially sighted people of Malawi. In 2022, we will visit Malawi to update ourselves on the situation and discuss with the local Board and leadership, options for the future of the work and our involvement in and support of it. This will result in clarity for a new strategy for Torch’s international involvement.

Outreach and Client Acquisition

A key element of Torch’s work over the years has been outreach to blind and partially sighted people, helping them to encounter the love of God. Over recent years, Torch has focused more on resourcing Christians than reaching out to not-yet-Christians. Overall, Torch has seen a slow reduction in the number of blind and partially sighted people who are using our services. In 2021/22 we plan to launch a new scheme ‘Operation Pathway’ to give a free audio Bible player to anyone losing their sight. Our hope is that this will have an impact in many people’s lives and encourage them to contact Torch to access other services. It will also raise our profile with local sight loss agencies, hopefully increasing referrals.

Accessible Christian Resources

We currently have no explicit strategy in choosing resources to make available nor a structured framework to recommend resources to clients. In 2021/22 we will develop and implement a variety of resource pathways aimed at people at different stages of their Christian journey. These will help us to more intentionally recommend possible new titles to clients to best suit their needs .

KPIs

In order to keep track of the progress and impact of our work, at a governance level we will be monitoring and reporting monthly on the following Key Performance Indicators:

  1. Total number of registered clients

  2. Number of new clients registered during the month

  3. Total number of churches signed up to SLFC

  4. Number of churches actively engaging in any of our training or events during the month 5. Number of registered Torch Fellowship Groups

  5. Number of new resources transcribed and available during the month

  6. Total number of registered library users

  7. Number of resources borrowed from the library during the month

  8. Number of free and paid for resources dispatched during the month

  9. Number of Pathway Bible players sent out during the month

  10. Number of Pathway players sponsored during the month

  11. Total number of bookings for all upcoming face-to-face Torch Together holidays

  12. Total number of people signed up as Partners

  13. Total number of people signed up as Torch Bearers

  14. Donation income received during the month

  15. Number of people making a donation during the month

  16. 5 -

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Financial review

Total income of £644,346 was only slightly down on the prior year which was cause for encouragement given the wider climate Torch operates within, reliant almost entirely upon donation income. Legacies improved somewhat upon the previous year to just over £180,000 although the longer trend remains challenging. Grant monies successfully received in the year were up to £20,000 from the previous year of £15,000. More encouragingly was the active cycle of grant submissions now taking place and offering signs of yielding support.

Income was also supplemented by the rental of unoccupied space in Torch’s property at Torch House.

The expenditure was significantly reduced to £67 1 , 156 from the previous year of £895,413. This was due to stringent budgeting planning and monitoring at all levels, and the creation through consultation of a smaller focussed staff team for the current ministry.

The Statement of Financial Activities shows a total of £1 3 , 592 deficit on the year which represents a stabilisation on previous years losses and a trajectory toward balanced budgeting and sustainability going forward.

The Holiday & Retreat Centre HRC sale in September 2020 provided funds for investment purposes, and a return towards helping Torch to be sustainable over the coming years. Torch invested just over a million pounds in CCLA Charitable Ethical Fund, from which it receives quarterly interest and for the year reported unrealised capital growth.

The Trust continues to have a strong balance sheet with the funds at year end of £2,32 3 , 691 (2020: £2,337,283).

The Trustees acknowledge with gratitude all grants received during the year. The Trustees also wish to express their appreciation to the many who support the work of Torch Trust by making donations, large and small, and honour those who have supported Torch by leaving a legacy gift.

The financial administration of the Trust is overseen by the Head of Central Services, Michael Heaney, who reports regularly to the Board on the financial performance of the Trust via a duly constituted Finance Committee .

Reserves Policy

T he Board has a minimum cash reserves policy of the greater of t hree months average expenditure. For the year under review that amounted to three months average expenditure of £ 167 , 789 .

Restricted Funds

The net Restricted Funds balances of £ 1,425 are detailed in note 22 to the Accounts.

All of the funds are likely to be spent during the course of the next financial year.

Designated Funds

Torch set aside a sum of £400,000 in the year as a Development Fund to fund additional, out of budget projects aimed at developing the ministry and its sustainability. At the end of the year this fund had a balance of £391,900 .

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Budget

A budget has been agreed with the Trustee Board for the 20 21 / 22 financial year which supports the programme of work to both continue Torch Trust's activities and services and to meet the objectives set out herein.

How Torch raises its funds

We recognise the financial and prayerful support of our many friends, clients, supporters and volunteers. We also appreciate the generous donations from trusts. During the year we employed a " Supporter Development Coordinator " who oversees this aspect of our work.

Risk review

The trustees recognise their responsibility to identify the major risks to which the Trust is exposed, to review these risks and establish systems to mitigate them. Accordingly, the Trustees have instituted a formal review of risks and controls. These are reviewed on an ongoing basis by the Leadership Team and at least annually by the Board.

The Trustees continue to use Peninsular as HR and health and safety advisors. In addition to providing regular advice they conduct an annual inspection at the premises. The advisors have expressed themselves satisfied with our attention to health and safety and monitor matters requiring our attention to ensure they are dealt with promptly. The trustees receive regular health and safety reports and risk review as necessary.

During the year policies are reviewed and agreed annually at the AGM ; these include policies for Safeguarding, Conflicts of Interest and Accepting or Rejecting Donations. As a Christian organisation, the Torch Trust seeks and expects to maintain consistently high standards of conduct in all aspects of its operation.

Structure, governance and management

Constitution

The Torch Trust for the Blind was incorporated on 13th December 2002 as a company limited by guarantee to carry on the activities of the unincorporated charity of the same name (registered charity no. 208678). The company was registered as a charity with aims equivalent to those of the unincorporated trust and was constituted under a trust deed dated 17th January 1952.

The Torch Trust for the Blind is commonly identified as the Torch Trust and frequently referred to as Torch.

A review and updating of the Memorandum & Articles of Association took place in August 2021 with minor changes approved and lodged to enable meetings to take place other than in person; updated quorum; and removal of age limitation to serving on the board; and limited terms of service.

Board

At the year end the Board of trustees comprised five members, t wo of whom are blind and one partially sighted.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of approval of this Report were:

M Baker

M Townsend

A Brown P Simkiss (Resigned 15 April 2021) J Chapman J Dormandy I Akintunde (Appointed 1 November 2021)

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

There is a recognition of a need to continue to increase the range of skills on the Board and candidates are actively considered and approached as appropriate. New trustees, who also become directors, are appointed by the board after interviewing by trustees and members of the Executive team and after the taking up of references.

In taking up their responsibilities the new trustees are required to attend an induction day during which they are advised of their responsibilities under charity law and the Torch Trust's governing documents and introduced to the work and leadership of the Trust. Ongoing training is also provided.

This process enabled Ife Akintunde to be appointed as trustee from 1 st November 2021 .

Leadership

The supervision of the Trust's operations and activities has been delegated by the Board to the Chief Executive who, in consultation with the Leadership Team makes day to day decisions to ensure the Trust runs in a manner consistent with its charitable purpose, its aims, values and strategic objectives and with the strategies and policies agreed by the Board .

The Chief Executive, Head of Central Services/Company Secretary, Head of Services, and Head of Technical Services (the full Leadership Team) attend most Board Meetings and from time to time other leaders also attend Board meetings as appropriate to agenda topics .

Staff

Torch's diverse programme of activities and services depends on the expertise and commitment of a loyal team of staff. Torch Trust seeks always to apply the Christian attitudes and values that underpin its work to the employment and management of staff.

Volunteers

In making a difference to the lives of blind and partially sighted people, Torch relies on a large number of willing volunteers to support the delivery of its services.

In the context of local Torch Fellowship Groups around the UK, usually meeting monthly, an estimated 1,000 volunteers are involved. Work at the Torch headquarters, Torch events and those working from home involves up to 80 people. Volunteers are engaged in the reading and editing of audio books and are also essential to many of Torch’s newer activities, in particular the implementation of the Sight Loss Friendly Church campaign. Through this campaign Torch seeks to grow the number of volunteers involved with Torch.

The Trustees are grateful for the diligence and enthusiasm of the large number of people, both staff and volunteers, working to deliver Torch's vision for people with sight loss.

Council of Reference

The Council of Reference comprises well-known and respected Christian leaders who not only lend credibility to the Trust through the inclusion of their names on Torch's literature and website, but provide the trustees and leadership with expert advice and counsel. They have no decision-making remit.

The Council currently comprises Revd Dr Steve Brady, former Principal of Moorlands College, Revd Dr David Coffey OBE, former President of the World Baptist Alliance, Revd Malcolm Duncan, Senior Pastor at Dundonald Elim Church, Jonathan Lamb, Minister-at-Large for Keswick Ministries, Revd Roy Searle, Leader of the Northumbria Community, Dr Elaine Storkey, former President of TEARfund and Revd Dr Derek Tidball, author, former Principal, London School of Theology.

THE TORCH TRUST FOR THE BLIND

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021

Affiliations

Torch is part of a wider Christian disability network called Churches for All. This helps to ensure that Torch is consistent in its approach to Clients who may also have other disabilities, as well as sight loss.

Torch is also a member of a wide range of:

This Report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

The trustees' r eport was approved by the Board of Trustees.

M Heaney Company Secretary Dated: 12 May 2022

M Townsend Trustee director Dated:12 May 2022

THE TORCH TRUST FOR THE BLIND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE TORCH TRUST FOR THE BLIND

I report on the accounts of the charity for the year ended 30 September 2021, which are set out on pages 11 to 28.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of The Torch Trust for the Blind for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of Association of Chartered Certified Accountants.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

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

Philip John Dymond FCCA Independent Examiner Cheyettes Ltd Chartered Certified Accountants 167 London Road Leicester LE2 1EG

Dated: 16 May 2022

THE TORCH TRUST FOR THE BLIND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
2
544,553
29,285
Charitable activities
3
14,049
-
Investments
4
34,036
-
Other income
5
22,423
-
Total income
615,061
29,285
Expenditure on:
Raising funds
6
21,097
-
Charitable activities
7
615,715
29,370
Residential letting costs10
-
-
Other
11
4,974
-
Total expenditure
641,786
29,370
Net gains/(losses) on
investments
12
13,218
-
Net outgoing resources
before transfers
(13,507)
(85)
Gross transfers
between funds
2,176
(2,176)
Net movement in funds
(11,331)
(2,261)
Fund balances at 1 October
2020
2,333,597
3,686
Fund balances at 30
September 2021
2,322,266
1,425		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
573,838
504,690
13,772
14,049
52,967
-
34,036
25,428
-
22,423
70,377
-
644,346
653,462
13,772
21,097
15,055
-
645,085
847,316
28,218
-
90
-
4,974
4,734
-
671,156
867,195
28,218
13,218
(92,077)
-
(13,592)
(305,810)
(14,446)
-
(6,695)
6,695
(13,592)
(312,505)
(7,751)
2,337,283
2,646,102
11,437
2,323,691
2,333,597
3,686		 Total
2020
£
518,462
52,967
25,428
70,377
667,234
15,055
875,534
90
4,734
895,413
(92,077)
(320,256)
-
(320,256)
2,657,539
2,337,283
Donations and legacies
2
Charitable activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Residential letting costs10
Other
11
Total expenditure
Net gains/(losses) on
investments
12
Net outgoing resources
before transfers
Gross transfers
between funds
Net movement in funds
Fund balances at 1 October
2020
Fund balances at 30
September 2021

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE TORCH TRUST FOR THE BLIND

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Income funds
Restricted funds
22
Unrestricted funds
Designated funds
General unrestricted funds		 2021
£
£
1,127,494
1,053,218
2,180,712
3,008
40,869
128,534
172,411
(29,432)
142,979
2,323,691
-
2,323,691
1,425
391,900
1,930,366
2,322,266
2,323,691		 2020
£
£
1,141,239
-
1,141,239
6,002
24,475
1,556,067
1,586,544
(40,500)
1,546,044
2,687,283
(350,000)
2,337,283
3,686
-
2,333,597
2,333,597
2,337,283

THE TORCH TRUST FOR THE BLIND

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2021

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the Trustees on 12 May 2022

M Townsend

Trustee

Company registration number 04616526

THE TORCH TRUST FOR THE BLIND

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2021
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(77,208)
Investing activities
Purchase of tangible fixed assets
(5,862)
Proceeds on disposal of tangible fixed
assets
11,500
Purchase of investments
(1,040,000)
Investment income
34,037
Net cash (used in)/generated from
investing activities
(1,000,325)
Financing activities
Repayment of borrowings
(300,000)
Proceeds of new bank loans
-
Repayment of bank loans
(50,000)
Net cash (used in)/generated from
financing activities
(350,000)
Net (decrease)/increase in cash and cash
equivalents
(1,427,533)
Cash and cash equivalents at beginning of year
1,556,067
Cash and cash equivalents at end of year
128,534		 2020
£
£
(247,956)
(2,976)
1,275,322
-
25,430
1,297,776
(2,500)
50,000
-
47,500
1,097,320
458,747
1,556,067

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

Charity information

The Torch Trust for the Blind is a private company limited by guarantee incorporated in England and Wales. The registered office is Torch House, Torch Way, Northampton Rd, Market Harborough, Leics, LE16 9HL.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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)” (published October 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds comprise the accumulated surplus of deficit on the Statement of Financial Activities. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity unless the funds have been designated for other purposes.

Designated funds are those sums set aside by the trustees for specific purposes.

Restricted funds are subject to specific restricted conditions imposed by donors. The areas of use of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income received in respect of holidays and retreats to be fulfilled in a future accounting period is deferred.

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is included on an accruals basis.

Costs are classified under the charity's functional categories of expenditure and type of expense in order to provide more useful information.

The functional costs comprise direct costs attributable to the activity, including irrecoverable VAT. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with budgeted use of resources.

1.6 Tangible fixed assets

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

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

Freehold land and buildings Straight line over one hundred years Plant and equipment 25% per annum on a straight line basis Fixtures and fittings 25% per annum on a straight line basis Motor vehicles 25% per annum on a straight line basis

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

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

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

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

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

1.11 Financial instruments

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

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.12 Employee benefits

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

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

1.13 Retirement benefits

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

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£
Donations and gifts
354,462
16,377
Legacies receivable
167,391
12,908
Grants
22,700
-
544,553
29,285
Charitable activities
Sales of Braille, giant print and audio
Holidays and retreats
Other income
Investments
Rental income
Income from listed investments
Interest receivable		 TotalUnrestricted
Restricted
Total
funds
funds
2021
2020
2020
2020
£
£
£
£
370,839
315,396
13,772
329,168
180,299
174,294
-
174,294
22,700
15,000
-
15,000
573,838
504,690
13,772
518,462
2021
2020
£
£
14,003
13,236
-
31,137
46
8,594
14,049
52,967
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
23,300
24,195
7,482
-
3,254
1,233
34,036
25,428

3 Charitable activities

4 Investments

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

5 Other income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Net gain on disposal of tangible fixed assets 11,500 -
JRS grants received 10,923 70,377
22,423 70,377
Raising funds
2021 2020
£ £
Fundraising and publicity
Literature 1,242 1,170
Advertising and promotions 19,650 13,444
Other supporter activity and donations 205 441
Fundraising and publicity 21,097 15,055
21,097 15,055
For the year ended 30 September 2020
Fundraising and publicity 15,055

6 Raising funds

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

7 Charitable activities

UK Production Production Overseas Holidays Staff Establishment Support Total Total
outreach and outreach and retreats remuneration
costs		 costs 2021 2020
distribution and costs
£ costs
£		 £
£
£
£		 £ £ £
Staff costs - - -
-
483,915
-		 - 483,915 630,590
Depreciation and impairment - - -
-
-
19,606		 - 19,606 18,140
Overseas outreach - - 26,355
-
-
-		 - 26,355 26,600
Radio - - -
-
-
-		 - - 2,957
Literature 949 - -
-
-
-		 - 949 596
Exhibitions and events 49 - -
-
-
-		 - 49 540
Advertising and promotions 6,693 - -
-
-
-		 - 6,693 10,178
Braille - 3,724 -
-
-
-		 - 3,724 4,137
Giant print -
11,214		 -
-
-
-		 - 11,214 11,103
Audio - 7,483 -
-
-
-		 - 7,483 5,590
Holidays and retreats - - -
-
-
-		 - - 13,091
Rates and insurance - - -
-
-
14,646		 - 14,646 30,606
Power and water - - -
-
-
11,029		 - 11,029 23,152
Internet and website - - -
-
-
7,013		 - 7,013 2,327
Health and safety and security - - -
-
-
5,926		 - 5,926 8,797
Equipment maintenance - - -
-
-
483		 - 483 1,980
Premises and grounds maintenance - - -
-
-
10,452		 - 10,452 18,373
Hospitality and sundry - - -
-
-
1,748		 - 1,748 3,484
Miscellaneous purchase HRC - - -
-
-
-		 - - 42
Travel and motor expenses - - -
-
-
-		 316 316 8,563
Professional and consultancy fees - - -
-
-
-		 1,656 1,656 6,826
Postage and stationery - - -
-
-
-		 11,168 11,168 14,060
Telephone - - -
-
-
-		 5,923 5,923 5,848
Bank charges and interest - - -
-
-
-		 3,949 3,949 14,209
Subscriptions - - -
-
-
-		 1,527 1,527 1,866

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

7 Charitable activities

Charitable activities
Software and sundry expenses
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 30 September 2020
Unrestricted funds
Restricted funds		 -
7,691
7,691
7,691
-
7,691
14,271
-
14,271		 -
22,421
22,421
22,421
-
22,421
20,830
-
20,830		 -
26,355
26,355
-
26,355
26,355
-
26,600
26,600		 -
-
-
-
-
-
13,091
-
13,091		 -
483,915
483,915
483,915
-
483,915
630,590
-
630,590		 -
70,903
70,903
70,814
89
70,903
106,859
-
106,859		 9,261
33,800
33,800
30,874
2,926
33,800
61,675
1,618
63,293		 (Continued)
9,261
11,879
645,085 875,534
645,085 875,534
615,715
29,370
645,085
847,316
28,218
875,534

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to the trustees during the year (2020 - three trustees reimbursed £ 531 ).

9 Employees

Number of employees

The average monthly number of employees during the year was:

Management and operational
Employment costs
Wages and salaries
Social security costs
Other pension costs
Staff training
Other staff costs		 2021
Number
19
2021
£
396,048
26,577
18,456
2,793
40,041
483,915		 2020
Number
27
2020
£
530,468
35,726
13,205
2,431
48,760
630,590

No employee received emoluments amounting to more than £60,000 in the year.

Included in wages and salaries costs are total redundancy payments of £ 1 4, 033 (2020 - £24,945) .

10 Residential letting costs

Residential letting costs primarily comprise agents fees and repairs.

11 Other

Trustees meeting expenses
Trustees indemnity insurance
Independent Examiner's fees		 2021
£
960
600
3,414
4,974		 2020
£
824
580
3,330
4,734

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

12 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investment properties
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 October 2020
1,343,477
Additions
-
Disposals
-
At 30 September 2021
1,343,477
Depreciation and impairment
At 1 October 2020
210,410
Depreciation charged in the year
12,357
Eliminated in respect of disposals
-
At 30 September 2021
222,767
Carrying amount
At 30 September 2021
1,120,710
At 30 September 2020
1,133,067		 UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
13,218
-
-
(92,077)
13,218
(92,077)
Plant and
equipment
Fixtures and
fittings
Motor vehicles
Total
£
£
£
£
289,252
80,391
41,000
1,754,120
5,862
-
-
5,862
-
-
(41,000)
(41,000)
295,114
80,391
-
1,718,982
287,453
74,019
41,000
612,882
2,365
4,884
-
19,606
-
-
(41,000)
(41,000)
289,818
78,903
-
591,488
5,296
1,488
-
1,127,494
1,800
6,372
-
1,141,239

13 Tangible fixed assets

Freehold land and buildings includes non-depreciable land in the sum of £107,799.

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 October 2020 -
Additions 1,040,000
Valuation changes 13,218
At 30 September 2021 1,053,218
Carrying amount
At 30 September 2021 1,053,218
At 30 September 2020 -
15 Financial instruments 2021 2020
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,053,218 -

Listed fixed asset investments are held at their fair value, being the quoted market price at the balance sheet date. Dividends of £7,482 were received during the year and the fair value increased by £13,218.

16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
3,008
2021
£
36,035
1,359
3,475
40,869		 2020
£
6,002
2020
£
19,932
1,952
2,591
24,475

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

18 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Bank loans
Other borrowings		 2021
£
4,077
16,032
9,323
29,432
2021
£
-
-
-		 2020
£
25,695
4,953
9,852
40,500
2020
£
50,000
300,000
350,000

19 Creditors: amounts falling due after more than one year

20 Deferred income

Deferred income relates to rents received relating to the following accounting period.

Balance at start of year
Amounts released to incoming resources
Amounts deferred in year		 2021
£
5,825
(5,825)
5,825
5,825		 2020
£
25,591
(25,591)
5,825
5,825

21 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £18,456 (2020 - £13,205).

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

22 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 October 2019
£
Africa - general
8,240
Eastern Europe
347
Other UK restricted
2,850
Torch HRC
-
11,437		 Movement in funds
Income
Expenditure
Transfers
Balance at
1 October 2020
£
£
£
£
11,610
(28,218)
8,368
-
472
-
7
826
1,450
-
(1,440)
2,860
240
-
(240)
-
13,772
(28,218)
6,695
3,686		 Movement in funds
Income
Expenditure
Transfers
Balance at
30 September
2021
£
£
£
£
27,318
(26,444)
(874)
-
472
-
8
1,306
1,495
(2,926)
(1,310)
119
-
-
-
-
29,285
(29,370)
(2,176)
1,425

The areas of operation in respect of these funds are as set out in the Trustees' Report.

The transfers represent charges payable towards the administration of gifts together with any capital costs incurred by restricted projects.

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

23
Analysis of net assets between funds
Unrestricted
Restricted
2021
2021
£
£
Fund balances at 30
September 2021 are
represented by:
Tangible assets
1,127,494
-
Investments
1,053,218
-
Current assets/
(liabilities)
141,554
1,425
Long term liabilities
-
-
2,322,266
1,425		 TotalUnrestricted
2021
2020
£
£
1,127,494
1,141,239
1,053,218
-
142,979
1,542,358
-
(350,000)
2,323,691
2,333,597		 Restricted
2020
£
-
-
3,686
-
3,686		 Total
2020
£
1,141,239
-
1,546,044
(350,000)
2,337,283

24 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
4,500
-
4,500		 2020
£
9,000
4,500
13,500

25 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Marilyn Baker, a trustee of The Torch Trust for the Blind, is an employee of the charity MBM. The Torch Trust for the Blind has a contract in place with MBM for the provision of speakers, music and programme for retreats and away days, speakers and music for Torch events, advice in connection with and presenter of the Torch Reflections Radio programme and other specific duties appropriate to the work of MBM on request. Expenditure amounted to £ Nil in the year (20 20 - £ 323 ). At 30th September 2021 the amount owed to MBM by The Torch Trust for the Blind was £ Nil (20 20 - £323 ).

THE TORCH TRUST FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

26
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
(Gain)/loss on disposal of investment property
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase)/decrease in debtors
(Decrease) in creditors
Cash absorbed by operations
27
Analysis of changes in net funds
At 1 October
2020
£
Cash at bank and in hand
1,556,067
Loans falling due after more than one year
(350,000)
1,206,067		 2021
2020
£
£
(13,592)
(320,256)
(34,036)
(25,428)
(11,500)
-
-
92,077
(13,218)
-
19,606
18,140
2,994
(2,305)
(16,394)
5,077
(11,068)
(15,261)
(77,208)
(247,956)
Cash flows At 30 September
2021
£
£
(1,427,533)
128,534
350,000
-
(1,077,533)
128,534