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← Catholic Blind Institute

2024-03-31-accounts

Charity registration number 1102657

Company registration number 5010874 (England and Wales)

CATHOLIC BLIND INSTITUTE

COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M G O'Rourke
Sr T Tighe
Mr S Winstanley
Mr A Nawaz
Ms B Buckle
Mr P J Halpin (Appointed 25 March 2024)
Secretary Mrs S Hayes (Resigned 20 December 2023)
Mr J Dawson (Appointed 20 December 2023)
Chief Executive Officer Mr J Dawson
Mr R Robinson (Resigned 30 June 2023)
Charity number 1102657
Company number 5010874
Registered office St Vincent's School
Yew Tree Lane
Liverpool
L12 9HN
Auditor Mitchell Charlesworth (Audit) Limited
Suite 5.1
Tempest
12 Tithebarn Street
Liverpool
L2 2DT
Bankers Lloyds Bank plc
Liverpool Law Courts
Merchants Court
2-12 Lord Street
Liverpool
L2 1TS
Investment advisors Rathbones
Port of Liverpool Building
Pier Head
Liverpool
L3 1BW

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 43

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of the company, present their report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)" (effective 1 January 2019).

Strategic report

This report describes our strategic direction, information on significant activities, and general information in relation to our operational priorities.

Objectives and activities

The year 2023/24 began with the sale of the Christopher Grange Care Home in May 2023. This re-structuring now places the Charity in a position of financial stability and the Trustees have turned the focus onto the future to further enhance service provision. The Board of Trustees continues to contain significant skills and experience which will enable us to focus on new opportunities and explore improvements in efficiency and effectiveness within a framework of financial stability.

CBI was founded in 1841 with the stated charitable objective to provide for the needs of local blind people of all ages in the Liverpool area, providing a place of education and living to children and a home and place of work for adults who were all seriously affected by visual impairment. Bradbury Fields, previously a separate charity merged with the CBI on 1st October 2021 and is now a division within CBI. Bradbury Fields, who also had a similar history to that of the CBI providing service to blind and partially sighted people now sits side by side with St Vincent’s School providing a wider range of services for all ages within a single charity structure.

Today, our Vision is "Fulfilment, security and dignity for all", and our mission is to be the lead deliverer of educational, rehabilitation, enrichment and enabling services in the UK, creating widely recognised centres of excellence, and providing class-leading services.

CBI place a strong emphasis on partnership working and we are proud to work with Blind Veterans UK, Liverpool Hope University, Sight Box Trust, Liverpool John Moores University, International Eye Foundation, Rotary, Lions Club International and others. Furthermore, operating within an increasingly difficult financial climate, we thank our funders and donors for their support.

Activities

We operate from two sites in Liverpool.

St. Vincent's is a specialist school for children with sensory impairment and other disabilities and provides these services to between 40 and 50 pupils but has capability to accommodate up to 60 with the existing staffing structure.

Bradbury Fields community services deliver rehabilitation services, information and advocacy, peer support groups, and ECLO services to support and enhance the health and well-being of up to 4,400 people. This number is the number of people registered with a visual impairment in Liverpool and Knowsley, the areas of Merseyside we predominantly serve. However, advice and signposting is available to all if we can help people who are visually impaired.

Service provision extends to those adults who develop visual impairment in later life so they can learn and implement new skills to assist them in managing their lives in their changed circumstances.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Strategic themes

Our Strategy remains to focus on delivering a positive impact and benefits for people accessing our services and the wider community we serve, and we continue to be guided by this.

Strategic themes identified were:

Outcome

The charity has experienced a significant turn round in financial performance, a result of:

The Charity now has the reserves to ensure a stable position and a pathway to delivering vital services over an extended period.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

Achievements and performance Operational activities, achievements and performance

St Vincent’s School

St. Vincent's School is a non-maintained school offering day, residential and extended day placements on a weekly basis to children aged 4 to 19 years. The School is recognised nationally as a specialist school for children with sensory impairment and other needs. It currently has 47 children on the roll, a growth of 40% compared to five years ago. The children have diverse backgrounds, religions and abilities and the school attracts pupils from across the UK. Pupils' education is financed by fees paid by their local authorities and the Education Funding Agency. They are supported by a dedicated team of teachers and care givers, and the School has achieved a number of "outstanding" and "good" OFSTED awards in recent years. The school is recognised at a local, regional, national and international level for its curriculum, enrichment programs, and the holistic pupil-centred approach to learning.

This approach has attracted significant public and professional recognition, with pupils and staff from the school appearing on regional and national TV and radio, celebrating the work that we do and the positive impact of that work. In recent years, the school has also been awarded a Silver medal in the Pearson's Awards (a national award recognising educational excellence) for "Impact Through Partnerships", and our Deputy Head, David Swanston, being recognised with a top 10 placing in the Global Teacher Award for Best Teacher. Both David, and Dr John Patterson, Principal have both been awarded individual Pearson’s Awards.

The school made an operational surplus of £369K in the year compared with a deficit of £69K in 2023 an improvement of £438K.

Pupil numbers continue to edge upwards and the Post 19 program will aid pupil retention beyond the 16-18 age group going forward.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Christopher Grange

Christopher Grange, which was part of the Charity up to the date of sale on 25th May 2023, showed a deficit of £654k for the year compared to a deficit of £1,574K for 2022/23. £288K of the deficit this year was the non-cash write off for the Fixed assets over and above the £1.094M cash received for the assets and business after legal and administration costs. Inter Company Balances of £78k were also written off with Bradbury Fields as we simplified accounting by ceasing an intercompany rent process.

In addition to the direct loss in the Care home there was a surplus of £92K (£149K in 2022/23) within the General CBI cost centre driven by legacies in the year of £177K.

Bradbury Fields

The Bradbury Fields vision is for a world in which those people living with sensory loss can flourish. Our mission is to enhance the quality of life and promote the health and wellbeing of people living with sensory loss. The specific activities to help deliver our vision and objectives are as follows:

The strategies employed to achieve the charity's objectives during the year were to:

  1. Secure long-term funding from local authorities/Health bodies

  2. Promote volunteering across the organization

  3. Promote legacies and trusts

  4. Maximise the income potential of the Bradbury Centre

The trustees have referred to the advice contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives, and when planning future activities. The trustees have considered the specific public benefit guidance relating to the advancement of health, and the relief of those in need by reason of disability.

During the reporting year we have continued to offer a first-class service to our many service users, albeit in the face of increasingly tight financial circumstances. We have done this through providing support at the point of diagnosis within our hospitals; through the Sessional Rehabilitation Support in teaching new skills and encouraging confidence building; through the delivery of Active Vision Social Clubs and providing both individual and group support through our Be Active service to break the sense of isolation and loneliness. Our emphasis always is around health and wellbeing support.

We would like to acknowledge and thank our supporters including The Steve Morgan Foundation, The National Lottery, West Derby Wastelands. Additionally, a collective thank you goes to all of our other funders who have helped us maintain Bradbury Fields through this challenging period your support is immense.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Key partners including Liverpool City Council and Knowsley Council have, through their commissioners been extremely supportive during the period, which has enabled us to continue to meet the requirements of our statutory contracts.

We would also like to thank the many community supporters, whose contributions are never taken for granted; they are so valuable to us.

Our activities are many, some of which are listed below together with Statistics covering the period 1 April 2023 to 31 March 2024:

ACTIVITY NUMBER
Adult Referrals 603
Children's Referrals 17
Adult Assessments 627
Children's assessments (Knowsley) 5
Adult rehabilitation sessions 1,890
Children's rehabilitation sessions (Knowsley) 31
Equipment issued 1,053
Benefits support (Liverpool): Number of people 33
Benefits total impact on annual income (Liverpool) £186,648
Number of people supported by ECLOs at St Pauls & 1,572
Aintree

Notes: Adult referrals = 138 Knowsley + 465 Liverpool Children’s referrals = 7 Knowsley + 10 Liverpool Adult assessments = 128 Knowsley + 499 Liverpool Adult rehabilitation sessions = 258 Knowsley + 1,632 Liverpool Adult equipment issued = 220 Knowsley + 833 Liverpool

Our visual awareness training remains a service that people find extremely useful, educational and fulfilling.

Due to the fabulous staff and volunteers, we have, and the board of Trustees would like to thank all those who work for us either as paid staff or volunteers. We want them to know how hugely valued they are by the Board of Trustees and, indeed, by our service users.

We strive for an ethos of continual improvement. We focus on learning from both positive and negative experiences alike. We are adjusting to a "post-Covid" world and the longstanding impact that Covid-19 has had and will continue to have on the lives of blind and partially sighted people. We aim to enhance our offer for:

Not only do we want to offer a sensory loss service that is sector-leading, we want our centre to be busy, vibrant and bustling with energy and we want to be engaging with service users within community settings too, working collaboratively with like-minded people and organisations. We are committed to working efficiently and ensuring best value at all times.

Local visually impaired people can rest assured that our priority is to do what we can to improve their lives.

In financial terms Bradbury Fields made an operational surplus of £53K compared to a deficit of £64K for 2022/23. In addition to this Bradbury also show a gain of £78k which contras the loss of the same amount in Christopher Grange relating to the accounting simplification

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The financial results for the year can be seen on pages 13 to 16.

Catholic Blind Institute is a charity whose aim is to provide the highest quality services possible whilst striving to reach more people where we know we can add value and improve lives. By providing those services in a financially sustainable way it is able to use any additional funding it can obtain to improve services beyond the minimum that government finance might provide in order to add to the general well-being of those it supports.

Careful and prudent management of the charity over many years has enabled us to establish a firm financial footing and minimise risk during recent difficult times.

The Charity owns the buildings from which its services are delivered. It is free of long-term debt. The Charity also has responsibility for a defined benefit pension scheme. Details of this can be found in the notes to the financial statements. During this reporting period the Charity returned £1m back to short term investments due to receiving the sale proceeds from Christopher Grange.

Our main source of income continues to be local government in the form of fees for visual rehabilitation and the education of our children and young people. Like many others, we must challenge the level of those fees and ensure they, at least, cover our operational costs. Low fees contributed to the unsustainability of Christopher Grange.

We face challenges in the provision of education to our children. Many schools providing special educational facilities have closed. The policy of 'inclusion', by which local authorities have attempted to provide for children with special needs within mainstream schools, has resulted in many specialist schools becoming non-viable due to falling pupil numbers.

The current number of pupils attending St. Vincent's is 47, an increase of 40% over the last five years. We also have enquiries on progress which will help maintain or improve this total. Budgetary constraints mean that it is a constant struggle to persuade local authorities that certain children receive a better chance in life through education at centers of excellence like St. Vincent's than they would in mainstream education, simply because appropriate resources can be concentrated in one place.

In view of the on-going pressures on statutory funders and the impact this could have on the charity, the trustees are considering how best to diversify their income streams and generate more independent income to offer a broader range of support. This year we are reporting a deficit at the operating level of £139,848, although the charity excluding Christopher Grange made a surplus of £531K.

As at 31 March 2024 the charity had reserves of £3,886,412 (2023: £4,034,260).

Included within these resources are £219,209 (2023: £176,879) of restricted funds and £2,034,828 (2023: £3,495,940) of designated funds, which total the tangible fixed assets of the charity.

Included in unrestricted funds are intangible assets totalling £5,150 (2023: £7,910), investments totalling £49,550 (2023: £48,745) and the defined benefit pension provision of £19,000 (2023: £27,000). These funds can only be realised upon sale of those assets.

The charity had free reserves of £1,558,675 (2023: £277,786) which includes current asset investments of £1m (2023: £nil).

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Reserves policy

The Charity's governing document explicitly gives the trustees an express legal power to hold income in reserve instead of spending it promptly. The Trustees continually review the Charity's requirements. Having considered the Charity's foreseeable liabilities, the trustees consider it appropriate to hold reserves equivalent to 6 months operating costs to safeguard the smooth operation of the charity, where possible.

The Sale proceeds received from the sale of Christopher Grange together with a developing list of Projects to rationalise and extract value from our remaining asset base, will support us in moving towards our reserve targets during 2024/25.

Investment policy

The investment policy statement of the charity was reviewed during the year. The objectives are:

  1. To achieve a balanced return from income and capital growth while accepting a moderate degree of risk.

  2. To maintain the real value of income in order to be even-handed between present and future beneficiaries

  3. To target income levels as relayed by Trustees

  4. To maintain the real value of capital in order to achieve 2 and to potentially facilitate periodic capital withdrawal to assist with the development of new and relevant charitable activities.

Risk Management

There are many areas of risk associated with the work of the charity. Respecting the human dignity of both those to whom we provide services, who are some of the most vulnerable in society, and those who are employed by the charity is one of our highest priorities. Trustees are aware of and follow the Charity Commission’s guidance on safeguarding vulnerable children and adults. The provision of the best services we can offer is another, whilst mindful of the need to keep costs reasonable. In all things we must find the right balance of risk and benefit. We must also guard against the risk of financial problems. The charity reviews all areas of risk on a regular basis, taking appropriate measures where possible to limit that risk. The pressures on statutory funding and the need to diversify the income base is a crucial consideration.

Our funding model is reliant on local governments in the form of fees for visual rehabilitation and the education of our pupils. Trustees are aware that reliance on statutory funding is a risk during the reorganisation of local authorities into super authorities and the changing patterns of funding due to reducing resources. We are constantly seeking alternative, innovative ways of funding our activities to minimise the reliance on local authority funding.

We continue to see partnerships as crucial to our success and we will continue to look for others who share our vision.

The charity's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Plans for future periods

Post-sale of the Christopher Grange Care Home, The Board of Trustees immediately reviewed the Charity’s 3 Year Financial Plan. This was immediately followed by a three month directional Strategic Plan which was reviewed by and authorised by The Board of Trustees in September 2023.

CBI will deliver high quality, sustainable services for people of all ages within our community. CBI will support the operational divisions in delivering enhanced services by raising our public profile and developing strategic networks and partnerships; proactively developing our board of trustees with on-going skills analysis; the development of an improved promotional resource including name and branding review and social media presence; and by exploring opportunities to develop our extensive site and maximise return on property assets.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The charity known as ‘Catholic Blind Institute and St. Vincent’s School for the Blind and Partially Sighted’ was constituted by Trust Deed in 1971. In 2004, the charity became a company limited by guarantee and known simply as Catholic Blind Institute. The company is regulated by a memorandum and articles of association and Company and Charity law in England.

Governance of the charity is the responsibility of the trustees of the charity, who are also the directors of the company. The director trustees are currently the only members of the charity and so entitled to vote at meetings of the trustees. The trustees meet four times a year plus an annual development day or as required and oversee the general working of the charity. When vacancies occur, the trustees assess the skills available on the Board, considering the changing external environment. The trustees are supported by sub-committees, including the Board of Governors of St. Vincent's School and The Bradbury Field Community Services Committee. All the director trustees are unpaid volunteers, apart from one Trustee who is currently providing professional services on a parttime basis as an emergency measure to provide cover for a key position whilst a full-time member of staff is recruited.

Day-to-day management of the charity is overseen by its Chief Executive Officer, supported by a small administration team and managers of the individual units, including the School's Principal. Quality of service is considered an essential element of the provision of services and the charity's reputation is largely built upon the dedication, commitment and expertise of those whom we employ and to whom the trustees express their deep gratitude. The charity's work is supported by professional fundraisers and by other expertise contracted from outside the charity as required.

Overall responsibility for the provision of services and appropriate use of the assets at its disposal lies with the Charity's trustees. The day-to-day management of the Charity is delegated to a manager of each of the two divisions together with the Chief Executive Officer.

Reference and administrative details

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 signature of the financial statements were:

Mr M G O'Rourke Sr T Tighe Mr S Winstanley Mrs G Bounds Mr E Murphy Mr R Phillips Mr W T M Roberts Mr M Scanlan Mr A Nawaz Ms B Buckle Ms A O'Brien Mr R Robinson Mr P J Halpin

(Resigned 1 October 2024) (Resigned 10 January 2024) (Resigned 1 October 2024) (Resigned 1 October 2024) (Resigned 28 January 2024)

(Appointed 25 September 2023 and resigned 1 October 2024) (Appointed 18 December 2023 and resigned 1 October 2024) (Appointed 25 March 2024)

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Envision Education and Enterprise Village C.I.C., a Community Interest Company (CIC), formed for the purpose of carrying on activities which benefit the community and in particular (without limitation) to undertake projects and activities that provide either direct enrichment to the education of young people and other beneficiaries of the Charity or undertakes complementary activities that are incidental to and/or are beneficial to the Charity in supporting the current and future beneficiaries of the Charity was essentially non operational during the year, although the plan going forward is to incorporate the Post 19 educational programme under this part of the charity.

The following were directors of the CIC during 2023/24:

Mr J Dawson Mr R Robinson (resigned 4 July 2024) Mr S Winstanley

At 31 March 2024, funds of the charity amounting to £100,000, of which £49,550 was drawn, had been committed to enable the CIC to begin operations. It is anticipated that the CIC will in due course be a net contributor to the financial operations of the charity; drawn funds have therefore been designated as an investment in associates under Fixed asset investments.

Auditor

In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

as The trustees' report, including the strategic report, was approved by the Board of Trustees. report, including the strategic report, was approved by the Board of Trustees. .............................. Mr M G O'Rourke Nir MG O'Rourke Trustee Trustee Date: ............................................. Date: ome liz (222

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Catholic Blind Institute for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATHOLIC BLIND INSTITUTE

Opinion

We have audited the financial statements of Catholic Blind Institute (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).

In our opinion, the financial statements:

Basis for opinion

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 charity 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

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.

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 charity’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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CATHOLIC BLIND INSTITUTE

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

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:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CATHOLIC BLIND INSTITUTE

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Louise Casey ACA (Senior Statutory Auditor)

for and on behalf of Mitchell Charlesworth (Audit) Limited

16 December 2024

.........................

Chartered Accountants Statutory Auditor

Suite 5.1 Tempest 12 Tithebarn Street Liverpool L2 2DT

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
233,854
37,245
Charitable activities
4
3,059,508
154,571
Other trading activities
5
306,546
-
Investments
6
12,942
-
Continuing operations
3,612,850
191,816
Discontinued operations - Christopher Grange
4 & 5
573,487
-
Total income
4,186,337
191,816
Expenditure on:
Raising funds
7
111,134
-
Charitable activities
8
3,067,922
111,937
Continuing operations
3,179,056
111,937
Discontinued operations - Christopher Grange
8 & 13
1,189,459
37,549
Total expenditure
4,368,515
149,486
Net gains/(losses) on investments
14
-
-
Net (expenditure)/income before transfers
Continuing operations
433,794
79,879
Discontinued operations - Christopher Grange
(615,972)
(37,549)
Net (expenditure)/income
(182,178)
42,330
Other recognised gains and losses
Actuarial loss on defined benefit pension
schemes
(8,000)
-
Net movement in funds
(190,178)
42,330
Fund balances at 1 April 2023
3,857,381
176,879
Fund balances at 31 March 2024
3,667,203
219,209		 Total
Total
as restated
2024
2023
£
£
271,099
77,439
3,214,079
2,758,599
306,546
271,599
12,942
18,190
3,804,666
3,125,827
573,487
2,590,034
4,378,153
5,715,861
111,134
76,487
3,179,859
3,307,156
3,290,993
3,383,643
1,227,008
4,164,112
4,518,001
7,547,755
-
(66,656)
513,673
(324,472)
(653,521)
(1,574,078)
(139,848)
(1,898,550)
(8,000)
(61,000)
(147,848)
(1,959,550)
4,034,260
5,993,810
3,886,412
4,034,260

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

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

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year

Unrestricted Restricted Total
funds funds as restated
2023 2023 2023
Notes £ £ £
Income from:
Donations and legacies 3 59,121 18,318 77,439
Charitable activities 4 2,628,732 129,867 2,758,599
Other trading activities 5 271,599 - 271,599
Investments 6 18,190 - 18,190
Continuing operations 2,977,642 148,185 3,125,827
Discontinued operations - Christopher Grange 4 & 5 2,582,746 7,288 2,590,034
Total income 5,560,388 155,473 5,715,861
Expenditure on:
Raising funds 7 76,487 - 76,487
Charitable activities 8 3,220,603 86,553 3,307,156
Continuing operations 3,297,090 86,553 3,383,643
Discontinued operations - Christopher Grange 8 & 13 4,128,273 35,839 4,164,112
Total expenditure 7,425,363 122,392 7,547,755
Net gains/(losses) on investments 14 (66,656) - (66,656)
Net (expenditure)/income before transfers
Continuing operations (386,104) 61,632 (324,472)
Discontinued operations - Christopher Grange (1,545,527) (43,127) (1,574,078)
Net (expenditure)/income before transfers (1,931,631) 33,081 (1,898,550)
Gross transfers between funds 11,475 (11,475) -
Net (expenditure)/income (1,920,156) 21,606 (1,898,550)
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes (61,000) - (61,000)
Net movement in funds (1,981,156) 21,606 (1,959,550)
Fund balances at 1 April 2022 5,838,537 155,273 5,993,810
Fund balances at 31 March 2023 3,857,381 176,879 4,034,260

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 15 5,150 7,910
Tangible assets 16 2,034,828 3,495,940
Investments 17 49,550 48,745
2,089,528 3,552,595
Current assets
Stocks 19 13,597 12,453
Debtors 20 263,300 337,373
Investments 21 1,000,000 -
Cash at bank and in hand 840,340 867,794
2,117,237 1,217,620
Creditors: amounts falling due within
one year 22 (339,353) (762,955)
Net current assets 1,777,884 454,665
Total assets less current liabilities 3,867,412 4,007,260
Net assets excluding pension surplus 3,867,412 4,007,260
Defined benefit pension surplus 25 19,000 27,000
Net assets 3,886,412 4,034,260
Income funds
Restricted funds 26 219,209 176,879
Unrestricted funds
Designated funds 27 2,034,828 3,496,340
General unrestricted funds 1,632,375 361,041
3,667,203 3,857,381
3,886,412 4,034,260

The financial statements were approved by the Trustees on .........................

.............................. Mr S Winstanley Mr S Winstanley — Trustee Trustee

Company registration number 5010874

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
33
(132,022)
Investing activities
Purchase of tangible fixed assets
(1,170)
Proceeds from disposal of tangible fixed
assets
1,093,601
Purchase of associate
(805)
Purchase of other investments
(1,000,000)
Proceeds from disposal of other investments
-
Investment income received
12,942
Net cash generated from investing
activities
104,568
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(27,454)
Cash and cash equivalents at beginning of year
867,794
Cash and cash equivalents at end of year
34
840,340		 2023
£
£
(1,263,713)
(8,401)
-
(358)
(22,951)
1,322,314
18,190
1,308,794
-
45,081
822,713
867,794

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Catholic Blind Institute is a private company limited by guarantee incorporated in England and Wales. The registered office is St Vincent's School, Yew Tree Lane, Liverpool, L12 9HN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). 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 amounts 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

Funds held by the charity are:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Designated funds - these are unrestricted funds set aside by the trustees for specific purposes or projects.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Capital grants receivable are treated as restricted incoming resources until they are expended. Thereafter they are treated as designated funds, provided the restriction has been discharged, and then released to general funds over the life of the related asset. Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

1.4 Income

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.

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

On occasions where the charity received assistance in the form of donated goods and services, and the benefit is quantifiable and material, an appropriate amount is included in income and an equivalent amount as expenditure under the relevant heading.

1.5 Expenditure

Expenditure is included in the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure, where directly attributable, is allocated to fundraising costs, direct charitable expenditure and governance costs.

Costs of generating funds include costs of investment management. These also include staff costs for fundraising employees and the operation of the charity's merchandise shop and bistro.

Direct charitable expenditure included all expenditure incurred in the provision of charitable services, together with support costs, in pursuance of the charity's objectives. Value added tax is not recoverable by the charity and is included in the relevant cost in the statement of financial activities.

Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds, service delivery and programme or project work.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website and database 20% per annum straight line

1.7 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.

All fixed assets costing more than £1,000 are capitalised at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold land and buildings 2% per annum straight line Leasehold land and buildings Over 100 years Leasehold improvements Over 20 years Fixtures, Fittings & Equipment 5% - 20% per annum straight line Computer equipment 25% - 33% per annum straight line Motor vehicles 20% - 25% per annum straight line

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Freehold and leasehold land is 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.

1.8 Fixed asset investments

Listed investments are stated at market value based on the closing middle price at the balance sheet date and the gain or loss taken to the statement of financial activities.

Realised gains and losses on investments are calculated as the difference between sales proceeds and the opening market value (purchase date if later).

Unrealised gains and losses are calculated as the difference between the market value at the year-end and opening market value (or purchase date if later).

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a long-term interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The associate value is stated at cost.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.11 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.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 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 payments 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.

1.13 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income and gains falling within these exemptions. Recovery is made of tax deducted from qualifying income and from receipts under Gift Aid.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

1.14 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.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.15 Retirement benefits

The school contributes to the Teachers' Superannuation Scheme at rates set by the scheme actuary and advised to the school by the Teachers' Pension Agency. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with FRS 102, therefore, the scheme is accounted for as defined contribution scheme.

The charity also operates a defined benefit scheme administered by Scottish Widows Fund and Life Assurance Society. The charity has provided for the liability in respect of this scheme as set out in note 25.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/ (expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.16 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There were considered to be no critical accounting estimates or judgements applied in the preparation of these financial statements.

Total as restated 2023 £ 85,669 - 300 85,969 77,439 8,530 85,969 300 300
Restricted funds 2023 £ 25,606 - - 25,606 18,318 7,288 25,606 - -
Unrestricted funds 2023 £ 60,063 - 300 60,363 59,121 1,242 60,363 300 300
Total 2024 £ 83,239 187,860 - 271,099 271,099 - 271,099 - -
Restricted funds 2024 £ 37,245 - - 37,245 37,245 - 37,245 - -
Unrestricted funds 2024 £ 45,994 187,860 - 233,854 233,854 - 233,854 - -
Donations and legacies Donations and gifts Legacies receivable Grants receivable Analysis by operation Continuing operations Discontinued operations Grants receivable for core activities Other
3
Total 2023 as restated £ 4,999,338 129,867 75,250 5,204,455 5,074,588 129,867 5,204,455 2,758,599 2,445,856 5,204,455
Bradbury Fields 2023 £ 614,247 129,867 75,250 819,364 689,497 129,867 819,364 819,364 - 819,364
St Vincent's School 2023 £ 1,939,235 - - 1,939,235 1,939,235 - 1,939,235 1,939,235 - 1,939,235
Christopher Grange 2023 £ 2,445,856 - - 2,445,856 2,445,856 - 2,445,856 - 2,445,856 2,445,856
Total 2024 £ 3,489,360 210,659 39,547 3,739,566 3,584,995 154,571 3,739,566 3,214,079 525,487 3,739,566
Bradbury Fields 2024 £ 673,142 160,571 39,547 873,260 718,689 154,571 873,260 873,260 - 873,260
St Vincent's School 2024 £ 2,290,731 50,088 - 2,340,819 2,340,819 - 2,340,819 2,340,819 - 2,340,819
Christopher Grange 2024 £ 525,487 - - 525,487 525,487 - 525,487 - 525,487 525,487
Charitable activities Services provided under contract Performance related grants Charitable rental income Analysis by fund Unrestricted funds Restricted funds Analysis by operation Continuing operations Discontinued operations
4

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
as restated
2024 2023
£ £
Trading activity income: other 354,546 407,247
Analysis by operation
Continuing operations 306,546 271,599
Discontinued operations 48,000 135,648
354,546 407,247
6 Investments
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Income from listed investments - 18,061
Interest receivable 12,942 129
12,942 18,190

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Staff costs 27,215 23,270
Trading costs
Operating charity shops 2,358 6,388
Adjustment for closing stock in the shop - (10,842)
Bistro costs 30,916 13,160
Bistro staff costs 50,645 40,331
Trading costs 83,919 49,037
Investment management - 4,180
111,134 76,487
Bradbury
Total		 Fields
2023		 2023 as restated £
£		 505,727
3,980,042		 28,784
109,858		 534,511
4,089,900		 479,346
3,227,102		 3,416
154,266		 1,017,273
7,471,268		 938,577
7,348,876		 78,696
122,392		 1,017,273
7,471,268		 1,017,273
3,307,156		 -
4,164,112		 1,017,273
7,471,268
St Vincent's School 2023 £ 1,432,173 51,399 1,483,572 806,311 - 2,289,883 2,282,026 7,857 2,289,883 2,289,883 - 2,289,883
Christopher Grange 2023 £ 2,042,142 29,675 2,071,817 1,941,445 150,850 4,164,112 4,128,273 35,839 4,164,112 - 4,164,112 4,164,112
Total 2024 £ 2,272,300 83,463 2,355,763 1,615,836 147,291 4,118,890 3,969,404 149,486 4,118,890 3,179,859 939,031 4,118,890
Bradbury Fields 2024 £ 443,961 29,068 473,029 423,723 9,989 906,741 799,156 107,585 906,741 906,741 - 906,741
St Vincent's School 2024 £ 1,484,559 51,042 1,535,601 737,517 - 2,273,118 2,268,766 4,352 2,273,118 2,273,118 - 2,273,118
Christopher Grange 2024 £ 343,780 3,353 347,133 454,596 137,302 939,031 901,482 37,549 939,031 - 939,031 939,031
Charitable activities Staff costs Depreciation and impairment Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds Analysis by operation Continuing operations Discontinued operation
8

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

9 Support costs

Staff costs
Support costs Grange
Support costs School
Support costs Bradbury
Fields
Office costs
Bradbury Fields Service
Charge
Audit fees
Accountancy
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
171,561
-
440,697
-
640,222
-
231,883
-
29,252
-
102,221
-
-
15,940
-
5,641
-
125,710
1,615,836
147,291
1,615,836
147,291		 2024
£
171,561
440,697
640,222
231,883
29,252
102,221
15,940
5,641
125,710
1,763,127
1,763,127		 Support
costs
Governance
costs
2023
as restated
£
£
£
410,514
-
410,514
1,792,304
-
1,792,304
657,168
-
657,168
254,448
-
254,448
21,814
-
21,814
90,854
-
90,854
-
15,180
15,180
-
12,340
12,340
-
126,746
126,746
3,227,102
154,266
3,381,368
3,227,102
154,266
3,381,368		 Support
costs
Governance
costs
2023
as restated
£
£
£
410,514
-
410,514
1,792,304
-
1,792,304
657,168
-
657,168
254,448
-
254,448
21,814
-
21,814
90,854
-
90,854
-
15,180
15,180
-
12,340
12,340
-
126,746
126,746
3,227,102
154,266
3,381,368
3,227,102
154,266
3,381,368
3,381,368
3,381,368

Support and governance costs are recharged in accordance with charitable activity and usage.

10 Auditor's remuneration

Fees payable to the charity's auditor and associates:
Audit of the charity's annual accounts
Non-audit services
All other non-audit services		 2024
£
15,940
6,838		 2023
£
15,180
12,350

11 Trustees

One of the trustees received remuneration for services rendered other than as a trustee totalling £1,800 during the year (2023: none). None of the trustees (or any persons connected with them) received any expenses during the year (2023: £nil).

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Employees

The average monthly number of employees during the year was:

Christopher Grange
St Vincent's School
Bradbury Fields
Administration
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
107
52
35
4
198
2024
£
2,160,892
177,104
183,725
2,521,721		 2023
Number
108
54
34
6
202
2023
£
3,958,419
294,557
201,181
4,454,157

Christopher Grange was sold on 24 May 2023 and all staff were TUPE'd to the new owners.

The average monthly employees for Christopher Grange is representative of the two months before sale, not the full year.

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,000 - £70,000 1 -
£80,000 - £90,000 - 1
£90,000 - £100,000 1 -

Contributions totalling £33,165 (2023: £19,960) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

13 Other

Unrestricted Total
funds
2024 2023
£ £
Net loss on disposal of tangible fixed assets - discontinued activity 287,977 -

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14
Net gains/(losses) on investments
Revaluation of investments
Gain/(loss) on sale of investments
15
Intangible fixed assets
Cost
At 1 April 2023 and 31 March 2024
Amortisation and impairment
At 1 April 2023
Amortisation charged for the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023		 Total Unrestricted
funds
2024
2023
£
£
-
(277,875)
-
211,219
-
(66,656)
Website and database
£
13,800
5,890
2,760
8,650
5,150
7,910
Computer
Motor vehicles
Total		 equipment £
£
£		 84,303
164,108
5,862,402		 1,170
-
1,170		 (36,627)
(32,445) (2,106,917)		 48,846
131,663
3,756,655		 73,242
160,033
2,366,462		 6,479
4,074
80,704		 (36,628)
(32,444)
(725,339)		 43,093
131,663
1,721,827		 5,753
-
2,034,828		 11,061
4,074
3,495,940
Fixtures, Fittings & Equipment £ 701,699 - (127,602) 574,097 670,626 8,804 (126,354) 553,076 21,021 31,073
Leasehold
Leasehold		 land and
improvements		 buildings £
£		 1,798,813
221,326		 -
-		 (938,338)
-		 860,475
221,326		 159,813
111,821		 8,756
10,948		 -
-		 168,569
122,769		 691,906
98,557		 1,639,000
109,506
Freehold land and buildings £ 2,892,153 - (971,905) 1,920,248 1,190,927 41,643 (529,913) 702,657 1,217,591 1,701,226
Tangible fixed assets Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023
16

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Tangible fixed assets (Continued)
The carrying value of land included in land and buildings comprises:
2024 2023
£ £
Long leasehold - 938,338

One of the leasehold properties is held on a long leasehold (999 years) on the proviso the charity uses the property for the training of visually impaired people in the use of guide dogs as an aid to mobility and all related rehabilitation services.

17 Fixed asset investments

Cost or valuation
At 1 April 2023
Cash movements
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Other investments comprise:
Notes
Investments in associates
32
18
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Equity instruments measured at cost less impairment
Instruments measured at fair value through profit or loss
Carrying amount of financial liabilities
Measured at amortised cost		 Other
investments
48,745
805
49,550
49,550
48,745
2024
2023
£
£
49,550
48,745
2024
2023
£
£
997,280
1,115,417
49,550
48,745
1,000,000
-
148,738
453,605		 Other
investments
48,745
805
49,550
49,550
48,745
2024
2023
£
£
49,550
48,745
2024
2023
£
£
997,280
1,115,417
49,550
48,745
1,000,000
-
148,738
453,605
49,550
49,550
48,745
2023
£
48,745
2023
£
1,115,417
48,745
-
453,605

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19
Stocks
Stock for Bistro, bar and shop
20
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
21
Current asset investments
Unlisted investments
22
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
23
Trade creditors
Other creditors
Accruals
23
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:		 2024
£
13,597
2024
£
145,712
11,228
106,360
263,300
2024
£
1,000,000
2024
£
39,190
112,385
61,306
39,040
87,432
339,353
2024
£
112,385		 2023
£
12,453
2023
£
243,839
3,784
89,750
337,373
2023
£
-
2023
£
81,046
190,626
192,676
37,678
260,929
762,955
2023
£
190,626

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Deferred income

Deferred income (Continued)
2024 2023
£ £
Deferred income is included within:
Current liabilities 112,385 190,626
Movements in the year:
Deferred income at 1 April 2023 190,626 -
Released from previous periods (190,626) -
Resources deferred in the year 112,385 190,626
Deferred income at 31 March 2024 112,385 190,626

24 Funds held on behalf of third parties

As at 31 March 2024 £35,031 (2023: £22,430) was held on behalf of the residents in separate bank accounts. This amount has been excluded from cash at bank and in hand and from trade creditors as it is not charity money.

There was also £16,284 (2023: £nil) held as a sinking fund on behalf of the tenants at the Bradbury Centre. This amount has been excluded from cash at bank and in hand and from creditors as it is not charity money.

25 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 school participates in a multi-employer pension scheme, The Government's Teachers Pension Defined Benefits Scheme, for its teaching staff. The pension liability is the responsibility of the Teacher's Pensions Scheme. As a result it is not possible to identify the assets and liabilities of the scheme which are attributable to the school.

The contributions for the year to 31 March 2024 are in tiers for teachers and this is between 7.4% and 11.7% (2023: 7.4% to 11.7%). For the employer the rate for the year is 23.68% (2023: 23.68%).

The school's contributions payable to the fund were £133,994 (2023: £124,702).

The employers’ pension contributions for the period in respect of the NEST auto enrolment scheme (a defined contribution scheme) amounted to £16,026 (2023: £34,823).

In addition the employer makes contributions to personal pension schemes on behalf of key management staff. The contributions for the year amounted to £22,914 (2023: £12,578).

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Retirement benefit schemes

(Continued)

Defined benefit schemes

The defined benefit pension arrangements are operated in the UK through CS Financial Solutions. Contributions payable for the year to the defined benefit scheme amounted to £9,822 (2023: £29,077). The assets of the scheme are held separately from those of the charity and are administered by Scottish Widows and Standard Life. The pension cost is determined on the advice of the independent qualified actuaries. The scheme is a UK-based defined benefit scheme, providing benefits at retirement and death-in-service.

The scheme is closed to new entrants and the age profile of active members will increase over time.

A triennial valuation was carried out on 31 December 2021 which revealed a surplus in the assets of the scheme of £265,000 when measured against the technical provisions and is based on a more prudent view of the future. An FRS102 valuation was completed dated 31 March 2024 by a qualified independent actuary Peter Cormack on behalf of XPS Pensions (RL) Limited, fellow of the Institute and Faculty of Actuaries, and is based on a ‘best estimate’ view of the future and has resulted in a surplus of £19,000, as detailed below, as a result. This surplus is included as a provision in the accounts.

The scheme is subject to risk in relation to changes in inflation and to changes in the value of the investments and the returns derived from such investments. An investment strategy is in place which has been developed by the pension trustees in order to manage investments and mitigate such risks.

Key assumptions
2024 2023
% %
Discount rate 4.9 4.9
Expected rate of salary increases 2.7 2.7
Price inflation volatility 1.5 1.5
Retail price inflation 3.2 3.3
Consumer price inflation 2.7 2.7

Mortality assumptions The assumed life expectations on retirement at age 65 are:

Mortality assumptions
The assumed life expectations on retirement at age 65 are:
2024
Years
Retiring today
- Males
21.1
- Females
22.3
Retiring in 20 years
- Males
22.4
- Females
23.8		 2023
Years
21.2
22.3
22.4
23.8

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Retirement benefit schemes (Continued) (Continued)
Amounts recognised in the profit and loss account:
2024 2023
£ £
Current service cost 6,000 13,000
Net interest on defined benefit liability/(asset) (70,000) (18,000)
Restriction on net interest income credited to the income statement 200,000 129,000
Total costs 136,000 124,000
Amounts taken to other comprehensive income:
2024 2023
£ £
Actual return on scheme assets 66,000 431,000
Less: calculated interest element 200,000 129,000
Return on scheme assets excluding interest income 266,000 560,000
Restriction on net interest income credited to the income statement (200,000) (129,000)
Actuarial changes related to obligations 87,000 (1,267,000)
Effects of changes in the amount of surplus that is not recoverable 1,130,000 1,401,000
Total costs 1,283,000 565,000
The amounts included in the balance sheet arising from the charity's
obligations in respect of defined benefit plans are as follows:
2024 2023
£ £
Present value of defined benefit obligations 2,790,000 2,735,000
Fair value of plan assets (3,939,000) (4,163,000)
Surplus in scheme (1,149,000) (1,428,000)
Restriction on scheme assets 1,130,000 1,401,000
Total asset recognised (19,000) (27,000)

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

25 Retirement benefit schemes (Continued) (Continued)
Movements in the present value of defined benefit obligations:
2024
£
Liabilities at 1 April 2023 2,735,000
Current service cost 6,000
Benefits paid (173,000)
Contributions from scheme members 5,000
Actuarial gains and losses 87,000
Interest cost 130,000
At 31 March 2024 2,790,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Movements in the fair value of plan assets: 2024
£
4,163,000
200,000
(266,000)
(173,000)
10,000
5,000
Fair value of assets at 1 April 2023
Interest income
Return on plan assets (excluding amounts included in net interest)
Benefits paid
Contributions by the employer
Contributions by scheme members
At 31 March 2024
3,939,000

The actual return on plan assets was £266,000 (2023 - £560,000).

The fair value of plan assets at the reporting period end was as follows:

Equity instruments
Corporate Bonds
Cash		 2024
£
2,717,910
1,063,530
157,560
3,939,000		 2023
£
2,622,690
1,290,530
249,780
4,163,000
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: Movement in funds
Movement in funds		 Balance at
Income
Expediture
Transfers
Balance at
Income
Expediture
Balance at		 1 April 2022
1 April 2023
31 March 2024		 £
£
£
£
£
£
£
£		 St Vincent's School - General fund
46,257
19,677
(7,857)
498
58,575
37,115
(4,352)
91,338		 Christopher Grange - General fund
80,418
5,929
(35,838)
(11,973)
38,536
130
(37,549)
1,117		 Lottery
-
64,554
(63,774)
-
780
91,893
(59,908)
32,765		 Salary for Sports Coordinator
-
13,000
(7,925)
23,000
28,075
13,000
(16,650)
24,425		 Be Active
1,020
-
(1,020)
-
-
-
-
-		 Sight loss services
-
-
-
-
-
5,678
-
5,678		 Training Kitchen
-
-
-
-
-
22,000
-
22,000		 Steve Morgan
-
1,000
(1,000)
-
-
-
-
-		 West Derby Wastelands
3,000
-
-
(3,000)
-
-
-
-		 E Gostling Trust
5,000
-
-
(5,000)
-
-
-
-		 Broome Family Trust
5,000
-
-
(5,000)
-
-
-
-		 Red Rose Trust
1,000
-
-
(1,000)
-
-
-
-		 Price Parry Trust
3,000
-
-
(3,000)
-
-
-
-		 Pilkington Trust
5,000
-
-
(5,000)
-
-
-
-		 Virginie Trust
1,000
-
-
(1,000)
-
-
-
-		 Will Charitable Trust
2,301
-
(2,301)
-
-
-
-
-		 Reaching Communities
2,277
-
(2,277)
-
-
-
-
-		 Outside lighting
-
2,500
-
-
2,500
-
(2,500)
-		 Neighbourly
-
400
(400)
-
-
-
-
-		 AVC Clubs
-
1,500
-
-
1,500
17,000
(10,500)
8,000		 CIKAssTech
-
46,913
-
-
46,913
5,000
(18,027)
33,886		 155,273
155,473
(122,392)
(11,475)
176,879
191,816
(149,486)
219,209
26
Restricted funds
(Continued)		 St Vincent's School - General Fund / Christopher Grange - General Fund: These funds are donations given specifically for the benefit of either St Vincent's School or Christopher Grange which are spent in accordance with the wishes of the These funds are donations given specifically for the benefit of either St Vincent's School or Christopher Grange which are spent in accordance with the wishes of the donor either for specific projects or the general benefit of the pupils or residents, as appropriate. Lottery Funding towards our Health & Wellbeing project incorporating volunteering opportunities and a range of activities as part of our ‘Be Active with Sight Loss’ offer. These activities range from social groups, peer support groups to braille and creative groups and sports and physical activities. Salary for Sports Coordinator The following funders provided a contribution towards the salary for the Sports & Physical Activities Co-Ordinator: West Derby Waste Lands E Gostling Trust E Gostling Trust Broome Family Trust Price Parry Trust Red Rose Trust Pilkington Trust Virginie Trust Sport England Proven Family Trust Eleanor Rathbone Medicash Some of these grants were shown separately in the prior year and so have been transferred into one fund in the current year. Some of these grants were shown separately in the prior year and so have been transferred into one fund in the current year. Be Active This grant was provided for the active vision clubs. This grant was provided for the active vision clubs. Sight loss services These funds for sight loss services have been ringfenced towards costs for a new accessible minibus. This new minibus will enable blind and partially sighted people to access sight loss learning activities, sports and wellbeing activities, and rehabilitation services at The Bradbury Centre, in the local community and beyond.
26
Restricted funds
(Continued)		 Training Kitchen This funding is for the refurbishment of a kitchen space within The Bradbury Centre to be fully accessible as a training kitchen for blind and partially sighted service users. This project also includes pop-up catering stations including accessible kitchen equipment for the provision of accessible cooking sessions both for individuals users. This project also includes pop-up catering stations including accessible kitchen equipment for the provision of accessible cooking sessions both for individuals and for small groups. This incorporates lived experience peer support in to the world of independent living and kitchen skills. The project will be delivered by both staff and volunteers. Steve Morgan Wage costs for AVC Coordinator. Will Charitable Trust Will Charitable Trust This grant was a contribution towards equipment. This grant was a contribution towards equipment. Reaching Communities This grant was a contribution towards salary costs. This grant was a contribution towards salary costs. Outside lighting Funds towards the improvement and modernisation of external lighting at The Bradbury Centre so as to ensure the environment is as safe as possible for those accessing our services. Neighbourly Funds for the improvement of the Bradbury Centre’s Sensory Garden through the provision of new flowers and plant life with a focus on stimulation of all senses. AVC Clubs Funds towards wage costs, volunteer expenses and associated costs for the running of our Active Vision Clubs. Our Active Vision Clubs offer transport and a range of activities in a safe and social environment for the most isolated of our visually impaired service users from right across Merseyside. CIKAssTech CIKAssTech stands for ‘Communication is Key – Assistive Technology’ and is a project to develop services focussing on the use of communication, assistive and smart technology to enhance the lives of blind and partially sighted people.
26

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

27 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2022
£
Fixed assets
3,596,418
3,596,418		 Movement in funds
Income
Expenditure
Balance at
1 April 2023
£
£
£
8,401
(108,479)
3,496,340
8,401
(108,479)
3,496,340		 Movement in funds
Income
Expenditure
31
£
£
1,170
(1,462,682)
1,170
(1,462,682)		 Balance at
March 2024
£
2,034,828
£
8,401
8,401
2,034,828

The trustees have designated the net book value of the charity's fixed assets as without these the charity would not be able to undertake its current activities therefore do not consider these free reserves of the charity.

Total 2023 £ 7,910 3,495,940 48,745 454,665 27,000 4,034,260
Restricted funds 2023 £ - - - 176,879 - 176,879
Designated funds 2023 £ - 3,495,940 - - - 3,495,940
Unrestricted funds 2023 £ 7,910 - 48,745 277,786 27,000 361,441
Total 2024 £ 5,150 2,034,828 49,550 1,777,884 19,000 3,886,412
Restricted funds 2024 £ - - - 219,209 - 219,209
Designated funds 2024 £ - 2,034,828 - - - 2,034,828
Unrestricted funds 2024 £ 5,150 - 49,550 1,558,675 19,000 1,632,375
Analysis of net assets between funds Fund balances at 31 March 2024 are represented by: Intangible fixed assets Tangible assets Investments Current assets/(liabilities) Provisions and pensions
28

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

29 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		 2024
£
6,130
10,391
16,521		 2023
£
843
-
843

Lessor

The operating leases represent leases to third parties. The leases are negotiated over terms of 1 to 15 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years		 2024
£
83,760
19,250
103,010		 2023
£
34,172
6,960
41,132

30 Events after the reporting date

Since the year end, the trustees made the difficult decision to separate CBI and Bradbury Fields back in to two separate charities as following the closure of Christopher Grange the charities no longer have as much synergy to be able to operate effectively together. The Bradbury Fields division was therefore demerged from the charity on 1 October 2024.

31 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024 2023
£ £
Aggregate compensation 288,161 339,713

Included in the key management remuneration are payments to the joint CEO's and the Finance Director who are all self-employed.

The Interim Finance Director, Mr S Winstanley, who is also a trustee, received £1,800 (2023: £nil) for his finance role in the year. At the year end, there was a balance of £nil owed to Mr S Winstanley.

CATHOLIC BLIND INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

32 Associates

These financial statements are separate charity financial statements for Catholic Blind Institute.

Details of the charity's associates at 31 March 2024 are as follows:

Name of undertaking
Registered		 Nature of business Class of % Held % Held
office shares held **Direct ** Indirect
Envision Education &
England &		 Support for St Vincent's SchoolCommunity
Enterprise Village C.I.C.
Wales		 Interest
Company 100.00 -
33 Cash generated from operations 2024 2023
£ £
Deficit for the year (139,848) (1,898,550)
Adjustments for:
Investment income recognised in statement of financial activities (12,942) (18,190)
Loss on disposal of tangible fixed assets 287,977 -
Gain on disposal of investments - (211,219)
Fair value gains and losses on investments - 277,875
Depreciation and impairment of tangible fixed assets 83,463 109,858
Movements in working capital:
(Increase) in stocks (1,144) (11,278)
Decrease in debtors 74,074 4,877
(Decrease)/increase in creditors (345,361) 292,288
(Decrease)/increase in deferred income (78,241) 190,626
Cash absorbed by operations (132,022) (1,263,713)
34 Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank and in hand 840,340 867,794
Total cash and cash equivalents 840,340 867,794