**Charity registration number 1121949** 

**Company registration number 06309405 (England and Wales)** 

**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Trustees**|Mr R Turnbull||
|---|---|---|
||Mr S Wherry||
||Mrs C Wilmshurst - Chair||
||Mr R Gilmore||
||Mrs M Da Silva Skinner||
||Ms C Shevlin||
||Mrs P Gunn||
||Mr G Lewis - Honorary Treasurer||
||Mr B Green||
||Ms B Halliday||
||Mr D Liversidge||
||Mr S Plowman||
||Mr A Scarrott|(Appointed 19 December 2023)|
|**Secretary and Chief Executive**|Ms C Burgess||
|**Charity number**|1121949||
|**Company number**|06309405||
|**Principal address**|Rentwood||
||School Lane||
||Fetcham||
||Leatherhead||
||Surrey||
||KT22 9JX||
|**Registered office**|Rentwood||
||School Lane||
||Fetcham||
||Leatherhead||
||Surrey||
||KT22 9JX||
|**Auditor**|Warner Wilde Limited||
||4 Marigold Drive||
||Bisley||
||Surrey||
||United Kingdom||
||GU24 9SF||





## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees report|1 - 11|
|Statement of trustees responsibilities|12|
|Independent auditor's report|13 - 16|
|Statement of financial activities|17|
|Balance sheet|18 - 19|
|Statement of cash flows|20|
|Notes to the financial statements|21 - 40|





## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The trustees present their annual 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 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)" (effective 1 January 2019). 

## **Legal and Administrative Status** 

The Surrey Voluntary Association for the Blind was founded on 24[th] February 1922. 

The Association was formally registered as a charity in 1961: number 200068. The Association’s trustees had the legal status of an unincorporated association of persons and the governing instruments under which it operated comprised a constitution, which was adopted on 16 October 1974 and amended in October 1998. At an Extraordinary General Meeting following consultation with staff, volunteers and members, the Association voted to change its name to the Surrey Association for Vision Impairment (SAVI). The change of name was approved and registered by the Charity Commission (Ref: OC-G270573-CD (Ldn) dated 13 March 2002). 

Incorporation on 11[th] July 2007 led to a change of charity number to 1121949 and the addition of a company registration 06309405. The charity’s focus remained on vision impaired adults and children, and those with a combined sight and hearing loss, in the administrative county of Surrey. The charity’s governing instruments are now encapsulated in Articles of Association. 

Trustees approved a resolution to adopt the trading name of Sight for Surrey on 8th January 2014, which was registered by the Charity Commission (Ref:LC/1121949/FC) dated 31st January 2014).  The organisation became pan-sensory, to support people who are Deaf, hard of hearing, blind, partially sighted, and deafblind, and uses the name Sensory Services by Sight for Surrey to reflect this. This pan-sensory focus followed the Local Authority awarding the Combined Sensory Contract to the charity in 2016. 

## **Connected Charities and Companies** 

There are no connected Charities or Companies. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Objectives and activities** 

Trustees reviewed and refreshed the Centenary Strategy, and in doing so, set the strategic direction for the charity through until 2027. People who we support, volunteers, and our staff, were involved in writing the refreshed strategy. 

The new strategy sets out our intentions to continue to build on our work as a pan-sensory charity, to enable and empower more people, and to lay solid foundations for the future by developing the infrastructure of the charity and our ways of working. 

## **Sensory Services by Sight for Surrey Strategy 2023 – 2027** 

## **Our Vision** 

**Our vision** is an inclusive Surrey, where people who are Deaf, hard of hearing, blind, partially sighted, and deafblind, can live life with freedom, choice, and respect. 

## **Our Mission** 

**Our mission** is to empower and enable people to achieve their goals, overcome barriers and obstacles, and have the skills and confidence to navigate life. We offer expert support, services, and advice across Surrey delivering our work in homes, communities, and from our main office hub. 

At the heart of our mission lies a deep commitment to equality. We advocate for accessibility and inclusion, to ensure that people who are Deaf, hard of hearing, blind, partially sighted, and deafblind can lead full and independent lives. We work in partnership with the people we support, and collaborate with families, professionals, and community partners. 

## **Our Values** 

- **We Innovate** : Constantly striving for creative solutions to make a greater impact. 

- **We Empower** : Building independence and confidence in those we serve. 

- **We Respect** : Treating every individual with dignity. 

- **We Include** : Building a diverse and inclusive community where everyone belongs. 

- **We are Accountable** : we ensure that every decision made is with consideration to all those we are accountable to – including the communities we serve, our funders, commissioners, donors, and the Charity Commission. 

- **We Champion Accessibility** : Leading the charge to make Surrey more accessible for all. 

## **Our Strategic Objectives** 

1. Remove barriers to enable every Deaf, hard of hearing, blind, partially sighted, and deafblind person in Surrey to overcome challenges to live full and independent lives. 

2. Enable more people, faster, to achieve their aspirations and goals. 

3. Ensure people with sensory impairment and the Deaf community have the support they need to use technology and artificial intelligence (AI) 

4. Set our charity up for the future by building capacity, capability, efficiency, and resilience. 

10 Strategic Goals sit below these over-arching objectives, and these are phased for delivery through to 2027. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Performance monitoring** 

Performance against the strategy and contracts is monitored by the Senior Management Team and reported to the Services Committee, the Board, and our Local Authority and NHS Commissioners. 

Operational service delivery is grouped into three departments covering Adult Services, Children and Young People’s Services, and Charity Services. 

The Adult Services Department delivers the comprehensive Surrey County Council multi-sensory contract and the intent of our strategy. It oversees our specialist work, encompassing services and support for people who are Deaf, hard of hearing, vision impaired, and deafblind. We maintain a lead position in terms of our professional standing in Surrey and beyond through workshops, events, and representation on national bodies. We have sustained this position in the face of increasing financial pressure on local authorities by finding ways to work differently and adapting, modernising, and changing working practices. 

Monitoring quality assurance and service provision against contracts is achieved by quarterly reporting of statistics and outcomes to Surrey County Council Commissioning and Procurement, and by reporting to the County Council service user reference groups, Surrey Vision Action Group (SVAG) and the Hard of Hearing Forum, both facilitated by the Surrey Coalition of Disabled People. 

## **Public Benefit** 

Sight and/or hearing impairment can occur to anyone, at any time in their lives. Sensory Services by Sight for Surrey is proud to have delivered services to the community of Surrey for more than a century. It has changed from a philanthropic blind society to one that combines professional service delivery to people with all sensory impairments, and the Deaf community, with an ethos of voluntary service. We remain committed to public service of the highest order. 

We refer to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future work. 

## **Achievements and performance** 

Having previously been awarded the Queen’s Award for Voluntary Service, we were delighted to enjoy a visit from Her Royal Highness, The Duchess of Edinburgh, in April 2023. The charity was also able to nominate two volunteers to represent the charity at a Garden Party at Buckingham Palace in May 2023 to mark our achievement. The Garden Party was attended by Chair of Trustees Christine Wilmshurst, and Peter Rose, a Volunteer Driver. 

We are delighted that Dame Judi Dench has kindly agreed to continue as our patron, following her coming on board during our Centenary Year. 

The following summary outlines the level of services delivered and should be read in conjunction with our 2023 – 2024 Impact Report for further performance information and key achievements. 

## **Service Delivery** 

## **Adult Services** 

Bev Bishop, Head of Adult Services, retired in May 2023. During the course of Bev’s working life, she has had a tremendous impact on the lives of people with sensory impairment, and with and for the Deaf community and we extend our sincere thanks to her. Diane Smith MBE joined the charity as Head of Adult Services in October 2023. 

The Adult Services Department has worked hard over the last year to address the impact of the Covid-19 pandemic on our waiting lists for services and begun work to improve the customer journey into and through our services and support. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

Adult Services have experienced an increase in demand over the last year, when comparing year on year figures against 2022-2023.  Some of the high level demand increases are summarised below: 

- Certificate of Vision Impairment (CVI) registrations increased by 17%. 

- 960 people were supported with sight loss in comparison to 820 the previous year – a 17% increase. 

- 653 people were supported with dual sensory loss in comparison to 538 the previous year – a 21% increase. 

- 242 people were supported for hearing loss in comparison to 164 in the previous year – a 48% increase. 

- 1884 people in Surrey had direct specialist support in comparison to 1574 in the previous year – a 19% increase. 

- There was a 32% increase of those supported over the age of 75 years old (1022 compared to 774) 

- 40% increase of those applying for Attendance Allowance compared to the previous year. 

- 27% increase of those applying for Personal Independence Payment (PIP) compared to the previous year. 

- 9 out of the 11 local boroughs in Surrey experienced an increase of demand, which closely aligns with the age profiles of those boroughs. 

It is a testament to the hard work of our teams that, despite this increased demand, the department has been able to reduce waits for some key services by making changes to the ways we work and identifying efficiencies. 

Adult Services worked with other departments to refresh and relaunch the workshop day previously known as our Professional Seminar, and now known as the Breaking Down Barriers workshop. These workshops have been popular with people working in different organisations across the county, in all sectors, which has contributed towards the strategic objective to break down barriers to inclusion and access for people who are Deaf, hard of hearing, vision impaired, and those who are deafblind. 

The Deaf Cafes have continued to grow in popularity, thanks to the hard work of the Deaf Services team, with Deaf people travelling from far and wide to come along, both to access support, support each other, and to have the opportunity to engage with a range of people invited in to provide presentations. 

Adult Services, supported by a Better Care Fund (BCF) grant from Surrey Heartlands, have continued to deliver activities for the deafblind Friendship Group throughout the year, with activities on offer to suit all interests and needs with an average attendance of 35 participants per month. 

## **Children and Young People's Services** 

The Children and Young People’s Service have continued to deliver the Habilitation Contract, working closely with our colleagues at Surrey County Council to ensure Children and Young people with a vision impairment, and those with multi-sensory impairment, are able to develop the skills they need to thrive, and to develop a conceptual understanding of the world around them. 

The department have continued to deliver the Surrey County Council Short Breaks Contract, and a full programme of activities and groups for Children and Young People. 

The Counselling Service for Children and Young People has had a busy year, not least due in part to the impact of the Covid-19 pandemic on the mental health and wellbeing of young people. The service allows us to support the needs of the whole family, including any sighted siblings, and parents, depending on who needs support. 

Our Family Support Service has developed to enable opportunities for families to offer peer-support to each other, as well as to be supported by our Family Support Worker with a range of barriers and challenges. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Charity Services** 

The Charity Services Department includes our Eye Clinic Liaison Officer (ECLO) team, our Resource Centre team, and our Access Technology team. 

The Resource Centre continues to be as busy as ever, with over 350 people being seen in the centre this year, alongside the outreach activity the Resource Centre Manager undertakes. 

The ECLO team, who work out of hospitals across Surrey, have helped over 1,000 people this year, at a time in their lives when they needed support the most. During this year, Justine Jasper, Head of Charity Services, was also involved in a national project, to work on the Eye Care Support Pathway with a small group of other Visionary members. This was an important opportunity to share the experiences of the pathway for people in Surrey on a national stage to influence change. 

We continue to deliver the Low Vision Service at East Surrey Hospital (Surrey and Sussex NHS Trust). 

We applied for the Thomas Pocklington Trust (TPT) and RNIB Internship grant programme, and consequently secured part funding towards an Artificial Intelligence (AI) Trailblazer internship. Our AI Trailblazer joined the charity in February 2023 and is already having a big impact in helping us to expand our technology training service for the people we support to make better use of AI to overcome accessibility barriers. 

## **Community Engagement & Outreach** 

Our Community Engagement team launched a series of new Community Hubs across the county this year. Starting at the main office base in Fetcham, we then launched others in Oxted and New Haw. More locations will open throughout 2024. These events will give the people we support an opportunity to meet other local people, an opportunity to establish new friendships, and to reduce feelings of loneliness and social isolation. 

The Community Engagement and Outreach team continue to visit all the community centres, community groups, care homes and health professionals and to continue to signpost people to our services and grow our supporter base. 

## **Fundraising** 

The fundraising team had a successful year continuing to grow our Trusts and Grant income and building relationships with local organisations including The Guildford Lions, St John’s School in Leatherhead, Bookham Food Festival, Shere Hill Climb, Chobham Golf Club and many WI, Rotary and other community groups. 

We are very grateful for all the donations and grants we received this year including restricted donations from: 

- Surrey Heartlands Workforce Alliance Innovation Fund 

- Smart Energy GB In Communities Fund 

- Walton Charity 

- Community Foundation for Surrey - Woking Council Community Fund 23-24 

- South Western Railway Customer and Community Fund 23-24 

- The National Lottery Community Fund - RC London and South East Region 

We were also the beneficiary of a large legacy for which we are very grateful. This legacy will enable key elements of our revised strategy to be delivered over the next three years. 

Sensory Services by Sight for Surrey raised the following amounts through the fundraising programme this year: 

Donation income: £267,073 Restricted grant income: £133,802 Legacy income: £273,800 Total £674,675 of which £228,800 was moved to reserves. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Volunteering** 

As of March 2024, we had 137 active volunteers regularly giving their time to allow us to empower and enable the people we support. We continue to grow our volunteers, aiming to increase the number of roles each volunteer covers within the organisation where possible. 

Volunteers help the people we support through a variety of roles – our home visitors and telephone befrienders help combat social isolation, whilst the driver roles allow people to access the Resource Centre, our Access Technology Trainer, AI Trailblazer or take people to our new Meet Up Catch Ups. Our Technology Volunteers support individuals within the home to set up new laptops, Alexa devices or help install new software. All our roles help the people we support feel less isolated and through feedback they give, we see a massive impact our volunteers make to support the work we do. 

One of our Young Ambassadors received a Coronation Champions Award and attended the Coronation Concert at Windsor Castle. Two of our volunteers attended a garden party at Buckingham Palace. 

## **Communications and Public Relations** 

Our Communications Officers continue to develop our media and engagement strategy to raise the profile of Sensory Services by Sight for Surrey. The Royal Visit attracted widespread media coverage in the national and regional press. National media highlights includes Hello Magazine, The Daily Mail, www.royal.uk (official website of the Royal family) and The Times. 

Our Digital Storytelling Officer has made a huge impact on our social media work and has increased followers across our channels by 15%. 

We have appeared on BBC Radio Surrey and Surrey Hills Radio, as well as been in many local publications including the Surrey Mirror, Oxted Local and Vantage Magazines. 

Our Signpost magazine is sent to over 6,000 people including our volunteers, supporters, and community organisations twice a year in a variety of formats including Braille, British Sign Language, large print, audio, and email. Signpost is also accessible via Amazon Alexa for people who prefer to get the news in audio format via their home smart speaker. 

An e-news communication is sent to over 2,000 people every month. 

## **Financial Review** 

It is confirmed that the company’s assets are available and adequate to fulfil the obligations of the charity within its general funds and within each of its designated and restricted funds. Attached are the audited financial statements including detailed explanatory notes. 

Sight for Surrey’s annual operational result was an audited surplus of £141,709 (2023: £101,914). Our investments returned a surplus/(loss) of £70,544 (2023: £(60,901)), giving a net movement in funds of plus £204,597 (2023: £41,013). 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Sight for Surrey Reserves** 

At the close of the financial year 2023/24, our reserves were £1,848,743 (2023: £1,644,146). 

We maintain reserves adequate to: 

a. Meet the obligations required by funders and donors through restricted funding 

b. Underpin existing projects within business plan which are only partially funded or unfunded in the medium term c. Cover the cost of a possible property purchase and relocation costs d. Meet statutory and operational requirements in the event of the closure or downsizing of the charity 

e. Guard against unforeseen financial pressures 

The following definitions apply to Sight for Surrey’s Reserve Statement: 

Restricted Funding - This funding comprises legacy or other funding given to Sight for Surrey and dedicated to a specific purpose, and may not be used otherwise. 

Designated Funds - This funding underpins existing projects in the medium term until full sustainable funding can be achieved or the project ends.  Provision is also made under designated funds to ring fence funding for major, usually capital projects. 

Free and Available Reserve - There is the option for trustees to establish additional reserves to ensure that the charity is adequately staffed and able to expand into areas of need. Maintain free and available reserves to cover unforeseen contingencies. 

## **Reserves Overview** 

|**Reserves Overview**||
|---|---|
|Restricted funds:|**£68,477**|
|Designated funds:||
|Investment reserve|£100,000|
|Operational reserve|£750,000|
|Capital Expenditure reserve|£40,000|
|Property reserve|£500,000|
|Professional training reserve|£98,800|
|Recruitment reserve|£31,800|
|Isolation in older people reserve|£30,000|
|Legacy projects reserve|£100,000|
|Legacy income protection reserve|£100,000|
||**£1,750,600**|
|Free reserves:|**£29,666**|



Total Reserves (Restricted, Designated, and Free Reserves) £1,848,743 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Investment Policy** 

The Trustees follow a diversified investment approach to ensure that the charity is not over exposed to the risks associated with individual asset classes or fund managers. The Finance Committee is mandated to proactively monitor the portfolio within the investment policy guidelines with a view to achieving stable growth over the long term. Formal quarterly review meetings and monitoring are in place where allocation levels between cash and equity investments, both new and existing, are discussed and changes actioned. At least annually, the investments portfolio and performance is reviewed with fund managers. 

## **Ethical Investment** 

Sight for Surrey seeks to follow the guidance on ethical investment provided by the Charity Commission in the Basic Principles of Detailed Guidance for the investment of charitable funds. Accordingly, the Trustee Board agreed and implemented investment principles in order to achieve, via its providers, maximum return from a set of investments which have been selected prudently. Our ethical investment policy is intended to be entirely consistent with the duty to secure maximum returns from the investment of charitable funds. However, in accordance with Charity Commission guidelines it is possible to avoid investments in particular businesses which result in conflict with Sight for Surrey’s charitable aims and we will therefore not invest in any company whose major business activity or focus is tobacco products. 

At the Balance Sheet date, 31st March 2024 the investments held by Sight for Surrey were: 

|Fund Manager:|Market Value (£):||
|---|---|---|
||Current year:<br>|Previous year:|
|Charity Aid Foundation Deposit Fund|375,800|320,000|
|Rathbones Investment Managers|1,060,570|997,683|
|Total investments|<br>1,436,370<br>|1,317,683|



## **Grants Policy** 

From time to time Sight for Surrey makes a small grant to a club and other social outlets for the people we support. 

## **Risk Management** 

Trustees are satisfied that there are procedures in place to identify major risks. The charity is aware of the provisions of the Charities SORP (FRS 102) (2019). Major risks to which the charity is exposed, as identified by the Trustees, are regularly reviewed and systems have been established to mitigate those risks. 

Trustees review and evaluate the Risk Register covering all ‘risks’ to which the charity could be exposed and receive a brief from the Chief Executive on the appropriate grading and action taken to manage them. The Full Risk Register is updated and reviewed quarterly by the Finance and Investment Committee. The top 5 risks are identified and presented quarterly to all Trustees at the Board Meeting, and the full Risk Register is shared with all Trustees annually. 

- 8 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **The full list of key potential risks as assessed in March 2024 was:** 

- Contractual – risk of the loss of a significant contract 

- Strategic – risk of a lack of direction or forward planning 

- People – risk of not retaining staff and being unable to recruit staff 

- People – risk of not having enough management capacity 

- Governance – risk of not being able to recruit Trustees, and/or not having the right mix of skills 

- Financial – risk of the loss of major funding sources 

- Financial – risk of financial insolvency 

- Financial – risk of fraud 

- Operational – risk of longer waiting times for the people we serve 

- Operational – risk of major disasters 

- Premises – risk of the premises becoming unusable 

- Technology – risk of cybersecurity attacks 

- Compliance – risk of HR regulatory breaches 

- Reputational – risk of damage to the reputation of the charity 

## **Structure, governance and management** 

The Trustees are responsible for keeping adequate accounting records sufficient to show and explain the charity’s transactions and 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. 

## In so far as the Trustees are aware: 

- There is no relevant audit information of which the charitable company’s auditor is unaware; and, 

- The Trustees have taken all steps to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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

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 the financial statements were: 

Mr R Turnbull Mr S Wherry Mrs C Wilmshurst - Chair Mr R Gilmore Mrs M Da Silva Skinner Ms C Shevlin Mrs P Gunn Mr G Lewis - Honorary Treasurer Mr B Green Ms B Halliday Mr D Liversidge Mr S Plowman Mr A Scarrott (Appointed 19 December 2023) 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Election and Appointment of Trustees** 

Trustees are recruited by an open recruitment process, with vacancies advertised by local Volunteer Bureaus, on national recruitment websites, and to the people who use our services and support. Trustee Appointments Panels are established as needed for trustee recruitment and interview. Trustees are appointed for periods of four years and retire by rotation in accordance with the terms of the articles of association. At each annual general meeting, one quarter of the Board retires from office and are eligible for re-election. The Chair is elected for a two year term. 

The people we support and the County Council service user reference groups, Surrey Vision Action Group (SVAG), Surrey Deaf Community and the Hard of Hearing Forum, all facilitated by the Surrey Coalition of Disabled People, provide valuable feedback to Trustees about the impact of our services. 

## **Governance** 

Sight for Surrey is overseen by no more than 15 Trustees who form the Trustee Board. They meet quarterly. As of 31[st] March 2024, there were 13 trustees, 8 of whom have lived experience of sensory impairment, Deafness, or as a carer, which represents over 60% of the Trustee Board. Two trustees are vision impaired; one has a child with vision impairment, one is a profoundly Deaf British Sign Language (BSL) user, one is Hard of Hearing, and three have combined sight and hearing loss and are deafblind. 

## _Organisational structure_ 

Trustees undergo induction and training and are given opportunities to acquaint themselves with the work of the charity. Trustees are encouraged to take an interest in a particular aspect of the work of the organisation and are expected to join one or more of the Committees. 

## **Board Committees** 

The Finance and Investment Committee meets quarterly to deal with all financial, investment, and risk aspects of the charity’s operations and makes recommendations to the Trustee Board. 

The Services Committee monitors service delivery, and analyses and reviews operational work, along with emerging needs from the people we support, with senior managers. 

The Fundraising Committee oversees our fundraising plans, activities, and performance. 

In accordance with the Articles of Association, each Committee meets on a quarterly basis. 

## **Senior Management Team** 

Senior managers work with the Chief Executive in a Senior Management Team, and this is extended to work with other managers as appropriate. 

Full staff meetings are held in-person twice per year, with staff meeting in teams and departments throughout the year, often utilising video conferencing to do so. 

The charity has no legal relationship with any other related charity in the pursuance of its mission but has a guiding principle of working in partnership with all organisations that can help deliver the strategic objectives. 

## **Auditor** 

In accordance with the company's articles, a resolution proposing that Warner Wilde Limited be reappointed as auditor of the company will be put at a General Meeting. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **Acknowledgements** 

Finally, the Trustees again offer their thanks and appreciation to Sight for Surrey staff and volunteers for their continued loyalty, hard work and support. In addition, a sincere thank you to all those who provide the charity with funds, through donations, grants or sponsorship and gifts in kind which enables us to fulfil our mission to enable and empower people with sensory impairment, and the Deaf community, in Surrey. 

In approving the Trustees’ Report, the Trustees are also approving the Directors’ Report in their capacity as company directors. 

The trustees report was approved by the Board of Trustees and is signed for and on behalf of the Trustees of Sight for Surrey. 

.............................. Mrs C Wilmshurst - Chair Mrs C Wilmshurst - Chair 

Date: ............................................. Date: 230— (\eevelee. Ac ees 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **STATEMENT OF TRUSTEES RESPONSIBILITIES** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

The Trustees (who are also directors of Sight for Surrey for the purposes of company law) are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires trustees to prepare financial statements for each financial year. Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the result of the charity for that period. The Board of Trustees are responsible for ensuring that the Charity: 

- a. Select suitable accounting policies and then apply them consistently. 

- b. Observe the methods and principles in the Charities Statement of Recommended Practice. 

- c. Make judgements and estimates that are reasonable and prudent. 

- d. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. 

- e. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records sufficient to show and explain the charity’s transactions and 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. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE TRUSTEES OF SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **Opinion** 

We have audited the financial statements of Surrey Association for Visual Impairment (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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 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. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

- 13 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)** 

## **TO THE TRUSTEES OF SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **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. 

- 14 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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. 

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: 

•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

•we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector; 

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, the Charities Act 2011, taxation legislation, data protection, employment, environmental and health and safety legislation; 

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and 

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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; 

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

•testing controls with walk through procedures and substantive transaction testing; 

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 any accounting estimates were indicative of potential bias; 

•investigated the rationale behind significant or unusual transactions; and 

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; 

- •enquiring of management as to actual and potential litigation and claims; 

- •reviewing correspondence with HMRC and relevant regulators such as the Charity Commission. 

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

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. 

- 15 - 



SURREY ASSOCIATION FOR VISUAL IMPAIRMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF SURREY ASSOCIATION FOR VISUAL IMPAIRMENT
Use of our report
This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies
Act 2014. Our audit work has been undertaken so that we might state to Ihe company's members those matters we
are réquired to state to them in an auditor's report and for no other purpose. To the fullest èxt8nt permitted by law,
we do not accept or assume responsibility io anyone other than the company and the company's members as a
body, for our audit work, for this report, or for the opinions we have formed.
F J Wilde FCCA DChA
(Senior Statutory Audltorl
Warner Wilde Limited
20 L¥-
Chartered Certified Accountants
statutory Auditor
4 Marigold Drive
Bisley
Surrey
United Kingdom
GU24 9SF
Warner Wilde Limited is eligible for appointment as auditor of tha charity by virtue of its eligibility for appoinlment as
auditor of a company under section 1212 of the Companies Act 2006.
16-

## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**Income and endowments from:**<br>Donations and legacies<br>**3**<br>540,873<br>133,802<br>Charitable activities<br>**4**<br>2,495,663<br>-<br>Other trading activities<br>**5**<br>18,061<br>-<br>Investments<br>**6**<br>48,962<br>-<br>Other income<br>**7**<br>81,971<br>-<br>**Total income**<br>3,185,530<br>133,802<br>**Expenditure on:**<br>Raising funds<br>**8**<br>42,659<br>-<br>Charitable activities<br>**9**<br>2,988,268<br>154,352<br>Other expenditure<br>**14**<br>-<br>-<br>**Total expenditure**<br>3,030,927<br>154,352<br>Net gains/(losses) on<br>investments<br>**15**<br>70,544<br>-<br>**Net income and movement in**<br>**funds**<br>**225,147**<br>**(20,550)**<br>**Reconciliation of funds:**<br>Fund balances at 1 April 2023<br>1,555,119<br>89,027<br>**Fund balances at 31 March**<br>**2024**<br>1,780,266<br>68,477|**Total**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>674,675<br>256,018<br>157,911<br>2,495,663<br>2,392,053<br>-<br>18,061<br>15,400<br>-<br>48,962<br>23,839<br>-<br>81,971<br>51,389<br>-<br>3,319,332<br>2,738,699<br>157,911<br>42,659<br>24,993<br>-<br>3,142,620<br>2,614,465<br>147,117<br>-<br>8,121<br>-<br>3,185,279<br>2,647,579<br>147,117<br>70,544<br>(60,901)<br>-<br>**204,597**<br>**30,219**<br>**10,794**<br>1,644,146<br>1,524,900<br>78,233<br>1,848,743<br>1,555,119<br>89,027|**Total**<br>**2023**<br>**£**<br>413,929<br>2,392,053<br>15,400<br>23,839<br>51,389<br>2,896,610<br>24,993<br>2,761,582<br>8,121<br>2,794,696<br>(60,901)<br>**41,013**<br>1,603,133<br>1,644,146|
|---|---|---|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

- 17 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2024**_ 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**17**<br>Investments<br>**18**<br>**Current assets**<br>Stocks<br>**19**<br>Debtors<br>**20**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**21**<br>Net current assets<br>**Total assets less current liabilities**<br>**Provisions for liabilities**<br>**21**<br>**Net assets**<br>**Income funds**<br>Restricted funds<br>**25**<br>Unrestricted funds<br>**26**<br>Designated funds<br>General unrestricted funds|**2024**<br>**£**<br>**£**<br>54,455<br>1,436,370<br>1,490,825<br>56,100<br>79,964<br>498,116<br>634,180<br>(256,962)<br>377,218<br>1,868,043<br>(19,300)<br>1,848,743<br>68,477<br>1,750,600<br>29,666<br>1,780,266<br>1,848,743|**2023**<br>**£**<br>**£**<br>38,497<br>1,317,683<br>1,356,180<br>56,791<br>87,087<br>423,402<br>567,280<br>(258,846)<br>308,434<br>1,664,614<br>(20,468)<br>1,644,146<br>89,027<br>1,541,800<br>13,319<br>1,555,119<br>1,644,146|
|---|---|---|



- 18 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **BALANCE SHEET (CONTINUED)** 

## _**AS AT 31 MARCH 2024**_ 

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011. 

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 under the requirements of the Companies Act 2006, 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 ......................... Pett [\necdne. RoBY 

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

> Mrs C Wilmshurst Mrs C Wilmshurst **Trustee** Trustee 

## **Company registration number 06309405** 

- 19 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**2024**<br>**Notes**<br>**£**<br>**Cash flows from operating activities**<br>Cash generated from/(absorbed by)<br>operations<br>**31**<br>**Investing activities**<br>Purchase of tangible fixed assets<br>(34,515)<br>Purchase of investments<br>(361,334)<br>Proceeds from disposal of  investments<br>313,191<br>Investment income received<br>48,962<br>**Net cash used in investing activities**<br>**Net cash used in financing activities**<br>**Net increase/(decrease) in cash and cash**<br>**equivalents**<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2023**<br>**£**<br>**£**<br>**£**<br>108,407<br>(85,034)<br>(25,141)<br>(441,113)<br>134,970<br>23,839<br>(33,696)<br>(307,445)<br>-<br>-<br>74,711<br>(392,479)<br>423,402<br>815,881<br>498,116<br>423,402|
|---|---|



- 20 - 



**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

## **Charity information** 

Surrey Association for Visual Impairment is a private company limited by guarantee incorporated in England and Wales. The registered office is Rentwood, School Lane, Fetcham, Leatherhead, Surrey, KT22 9JX. 

## **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** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 

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

## **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. 

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. 

- 21 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

**(Continued)** 

## **1.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. 

## **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: 

Plant and equipment 10% straight line Fixtures and fittings 10% straight line Office and computer equipment 25% straight line 

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. 

- 22 - 



**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **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 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. 

## **1.12 Provisions** 

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises. 

## **1.13 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. 

- 23 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.14 Retirement benefits** 

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

## **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. 

## **3 Income from donations and legacies** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>Donations and gifts<br>145,531<br>-<br>Legacies<br>273,800<br>-<br>Grants<br>121,542<br>133,802<br>540,873<br>133,802|**Total**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>145,531<br>86,554<br>-<br>273,800<br>15,500<br>-<br>255,344<br>153,964<br>157,911<br>674,675<br>256,018<br>157,911|**Total**<br>**2023**<br>**£**<br>86,554<br>15,500<br>311,875|
|---|---|---|
|||413,929|



## **4 Income from charitable activities** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Charitable activities**|||
|Sales within charitable activities|97,934|111,708|
|Services provided under contract|2,056,361|1,952,675|
|Sales of services by beneficiaries|341,368|327,670|
||2,495,663|2,392,053|



- 24 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **5 Income from other trading activities** 

|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Fundraising events|18,061|15,400|
|**6**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Other income|27,657|22,079|
||Interest receivable|21,305|1,760|
|||48,962|23,839|
|**7**|**Other income**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Other income|871|1,512|
||Access to Work|81,100|49,877|
|||81,971|51,389|



- 25 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **8 Expenditure on raising funds** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Staging fundraising events|20,318|17,763|
|Publicity Costs|14,379|6,316|
|Other fundraising costs|306|500|
||35,003|24,579|
|**Trading costs**|||
|Other trading activities|-|414|
|Investment management|7,656|-|
|Total costs|42,659|24,993|



In addition to the fundraising costs in this note, £78,105 salary costs and £11,697 other costs are fundraising costs which are part of the ‘fundraising and engagement’ charitable activity in note 9. Total fundraising costs are therefore £124,805. Engagement activity in Note 9 includes Outreach Support, Community Engagement, Volunteering, and Communications. 

- 26 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **9 Expenditure on charitable activities** 

|**Adult**<br>**Combined**<br>**Sensory**<br>**Communicat**<br>**or Guides**<br>**Interpreting Fundraising**<br>**&**<br>**Engagement**<br>**2024**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**Direct costs**<br>Staff costs<br>738,425<br>224,769<br>39,768<br>301,982<br>Depreciation and impairment<br>2,244<br>-<br>-<br>-<br>Charitable expenditure<br>453,962<br>40,013<br>70,027<br>68,453<br>1,194,631<br>264,782<br>109,795<br>370,435<br>**Share of support and governance costs (see note 10)**<br>Support<br>299,007<br>23,489<br>23,489<br>82,211<br>Governance<br>3,627<br>797<br>797<br>2,790<br>1,497,265<br>289,068<br>134,081<br>455,436<br>**Analysis by fund**<br>Unrestricted funds<br>1,342,913<br>289,068<br>134,081<br>455,436<br>Restricted funds<br>154,352<br>-<br>-<br>-<br>1,497,265<br>289,068<br>134,081<br>455,436|**Welfare**<br>**Benefits**<br>**2024**<br>**£**<br>85,807<br>-<br>3,516<br>89,323<br>29,361<br>996<br>119,680<br>119,680<br>-<br>119,680|**Charity**<br>**Services**<br>**Children &**<br>**Young**<br>**People**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>160,902<br>236,991<br>-<br>-<br>56,297<br>53,256<br>217,199<br>290,247<br>76,338<br>58,722<br>2,591<br>1,993<br>296,128<br>350,962<br>296,128<br>350,962<br>-<br>-<br>296,128<br>350,962|**Total**<br>**2024**<br>**£**<br>1,788,644<br>2,244<br>745,524|
|---|---|---|---|
||||2,536,412<br>592,617<br>13,591|
||||3,142,620|
||||2,988,268<br>154,352|
||||3,142,620|



- 27 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **9 Expenditure on charitable activities** 

## **(Continued)** 

|**Previous year:**<br>**Adult**<br>**Combined**<br>**Sensory**<br>**Communicat**<br>**or Guides**<br>**Interpreting Fundraising**<br>**&**<br>**Engagement**<br>**2023**<br>**2023**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**Direct costs**<br>Staff costs<br>1,020,727<br>201,300<br>14,152<br>217,041<br>Charitable expenditure<br>196,804<br>33,235<br>51,807<br>39,439<br>1,217,531<br>234,535<br>65,959<br>256,480<br>**Share of support and governance costs (see note 10)**<br>Support<br>254,130<br>20,330<br>20,330<br>71,156<br>Governance<br>9,787<br>783<br>783<br>2,740<br>1,481,448<br>255,648<br>87,072<br>330,376<br>**Analysis by fund**<br>Unrestricted funds<br>1,334,331<br>255,648<br>87,072<br>330,376<br>Restricted funds<br>147,117<br>-<br>-<br>-<br>1,481,448<br>255,648<br>87,072<br>330,376|**Welfare**<br>**Benefits**<br>**2023**<br>**£**<br>45,397<br>4,206<br>49,603<br>25,413<br>979<br>75,995<br>75,995<br>-<br>75,995|**Charity**<br>**Services**<br>**Children &**<br>**Young**<br>**People**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>92,161<br>220,975<br>42,385<br>54,121<br>134,546<br>275,096<br>66,074<br>50,826<br>2,544<br>1,957<br>203,164<br>327,879<br>203,164<br>327,879<br>-<br>-<br>203,164<br>327,879|**Total**<br>**2023**<br>**£**<br>1,811,753<br>421,997|
|---|---|---|---|
||||2,233,750<br>508,259<br>19,573|
||||2,761,582|
||||2,614,465<br>147,117|
||||2,761,582|



- 28 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **10 Support costs allocated to activities** 

|Staff costs<br>Depreciation<br>Other staff costs<br>Repairs and maintenance<br>Travelling and subsistence<br>Office costs<br>Marketing costs<br>Rent and utilities<br>Computer costs<br>Bank charges<br>Insurance<br>Governance costs<br>**Analysed between:**<br>Adult Combined Sensory<br>Communicator Guides<br>Interpreting<br>Fundraising & Engagement<br>Welfare Benefits<br>Charity Services<br>Children & Young People<br>**Governance costs comprise:**<br>Audit fees<br>Legal and professional<br>Under accrual of audit fees 2022<br>Events - other costs<br>**11**<br>**Net movement in funds**<br>The net movement in funds is stated after charging/(crediting):<br>Fees payable for the audit of the charity's financial statements<br>Depreciation of owned tangible fixed assets|**2024**<br>**£**<br>312,107<br>16,310<br>36,392<br>1,889<br>4,475<br>84,051<br>6,971<br>62,714<br>58,409<br>2,139<br>7,160<br>13,591<br>606,208<br>302,634<br>24,286<br>24,286<br>85,001<br>30,357<br>78,929<br>60,715<br>606,208<br>**2024**<br>**£**<br>8,000<br>2,434<br>-<br>3,157<br>13,591<br>**2024**<br>**£**<br>8,000<br>18,554|**2023**<br>**£**<br>256,270<br>14,733<br>30,963<br>13,159<br>5,481<br>59,598<br>9,020<br>58,001<br>44,939<br>1,412<br>14,683<br>19,573|
|---|---|---|
|||527,832|
|||263,917<br>21,113<br>21,113<br>73,896<br>26,392<br>68,618<br>52,783|
|||527,832|
|||**2023**<br>**£**<br>7,620<br>4,155<br>7,798<br>-|
|||19,573|
|||**2023**<br>**£**<br>7,620<br>16,539|



- 29 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **12 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 

## **13 Employees** 

The average monthly number of employees during the year was: 

||The average monthly number of employees during the year was:|||
|---|---|---|---|
|||**2024**|**2023**|
|||**Number**|**Number**|
|||110|119|
||**Employment costs**|**2024**|**2023**|
|||**£**|**£**|
||Wages and salaries|1,847,003|1,800,392|
||Social security costs|127,571|144,955|
||Other pension costs|126,177|122,676|
|||2,100,751|2,068,023|
||The number of employees whose annual remuneration was more than £60,000|||
||is as follows:|||
|||**2024**|**2023**|
|||**Number**|**Number**|
||£60,001 - £70,000|1|-|
||**Remuneration of key management personnel**|||
||The remuneration of key management personnel was as follows:|||
|||**2024**|**2023**|
|||**£**|**£**|
||Aggregate compensation|350,244|324,653|
|**14**|**Other expenditure**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Other expenditure|-|8,121|



- 30 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **15 Gains and losses on investments** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|70,544|(60,901)|



## **16 Taxation** 

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 

## **17 Tangible fixed assets** 

|**Plant and**<br>**equipment**<br>**Fixtures and**<br>**fittings**<br>**Office and**<br>**computer**<br>**equipment**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>At 1 April 2023<br>13,439<br>375<br>142,242<br>Additions<br>12,478<br>863<br>21,174<br>Disposals<br>-<br>-<br>(33,174)<br>At 31 March 2024<br>25,917<br>1,238<br>130,242<br>**Depreciation and impairment**<br>At 1 April 2023<br>7,311<br>375<br>109,876<br>Depreciation charged in the year<br>2,581<br>86<br>15,887<br>Eliminated in respect of disposals<br>-<br>-<br>(33,174)<br>At 31 March 2024<br>9,892<br>461<br>92,589<br>**Carrying amount**<br>At 31 March 2024<br>16,025<br>777<br>37,653<br>At 31 March 2023<br>6,128<br>-<br>32,369|**Total**<br>**£**<br>156,056<br>34,515<br>(33,174)<br>157,397<br>117,562<br>18,554<br>(33,174)<br>102,942<br>54,455<br>38,497|
|---|---|



- 31 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **18 Fixed asset investments** 

|**Listed**<br>**investments**<br>**Unlisted**<br>**investments**<br>**£**<br>**£**<br>**Cost or valuation**<br>At 1 April 2023<br>961,162<br>320,000<br>Additions<br>105,534<br>255,800<br>Valuation changes<br>70,544<br>-<br>Cash movement<br>-<br>-<br>Disposals<br>(83,167)<br>(200,000)<br>At 31 March 2024<br>1,054,073<br>375,800<br>**Carrying amount**<br>At 31 March 2024<br>1,054,073<br>375,800<br>At 31 March 2023<br>961,162<br>320,000<br>**19**<br>**Stocks**<br>Finished goods and goods for resale<br>**20**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**21**<br>**Creditors: amounts falling due within one year**<br>**Notes**<br>Other taxation and social security<br>Deferred income<br>**23**<br>Trade creditors<br>Other creditors<br>Accruals|**Cash in**<br>**portfolio**<br>**£**<br>36,521<br>-<br>-<br>(30,024)<br>-<br>6,497<br>6,497<br>36,521<br>**2024**<br>**£**<br>56,100<br>**2024**<br>**£**<br>27,473<br>19,517<br>32,974<br>79,964<br>**2024**<br>**£**<br>38,011<br>13,909<br>30,212<br>19,958<br>154,872<br>256,962|**Total**<br>**£**<br>1,317,683<br>361,334<br>70,544<br>(30,024)<br>(283,167)<br>1,436,370<br>1,436,370<br>1,317,683<br>**2023**<br>**£**<br>56,791<br>**2023**<br>**£**<br>54,596<br>2,337<br>30,154<br>87,087<br>**2023**<br>**£**<br>33,686<br>17,958<br>21,822<br>15,955<br>169,425<br>258,846|
|---|---|---|



- 32 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**22**<br>**Provisions for liabilities**<br>Retirement Benefit Obligations<br>**Movements on provisions:**<br>At 1 April 2023<br>Reversal of provision<br>At 31 March 2024<br>**23**<br>**Deferred income**<br>Other deferred income<br>Deferred income is included in the financial statements as follows:<br>Deferred income is included within:<br>Current liabilities<br>Movements in the year:<br>Deferred income at 1 April 2023<br>Released from previous periods<br>Resources deferred in the year<br>Deferred income at 31 March 2024<br>**24**<br>**Retirement benefit schemes**<br>**Defined contribution schemes**<br>Charge to profit or loss in respect of defined contribution schemes|**2024**<br>**2023**<br>**£**<br>**£**<br>19,300<br>20,468<br>**Retirement**<br>**Benefit**<br>**Obligations**<br>**£**<br>20,468<br>(1,168)<br>19,300<br>**2024**<br>**2023**<br>**£**<br>**£**<br>13,909<br>17,958<br>**2024**<br>**2023**<br>**£**<br>**£**<br>13,909<br>17,958<br>17,958<br>128,705<br>(17,958)<br>(128,705)<br>13,909<br>17,958<br>13,909<br>17,958<br>**2024**<br>**2023**<br>**£**<br>**£**<br>126,177<br>122,676|
|---|---|



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. 

- 33 - 



**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **25 Restricted funds** 

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. 

||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|Children's Project - BBC Children in Need|6,215|-|(6,215)|-|
|Surrey Downs Better Care Fund|31,950|-|(31,950)|-|
|The National Lottery Community Fund -|||||
|RC London and South East Region|50,862|63,977|(49,362)|65,477|
|Walton Charity|-|3,000|-|3,000|
|Community Foundation - Woking Council|||||
|Community Fund 23-24|-|1,500|(1,500)|-|
|Surrey Heartlands Workforce Alliance|||||
|Innovation Fund|-|17,400|(17,400)|-|
|Smart Energy GB in Communities Fund|-|14,985|(14,985)|-|
|South Western Railway Customer and|||||
|Community Fund|-|32,940|(32,940)|-|
||89,027|133,802|(154,352)|68,477|
||89,027|133,802|154,352|68,477|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|Children's Project - BBC Children in Need|8,221|22,536|(24,542)|6,215|
|Surrey Downs Better Care Fund|34,500|-|(2,550)|31,950|
|The National Lottery Community Fund -|||||
|RC London and South East Region|-|101,725|(50,863)|50,862|
|Walton Charity|-|3,000|(3,000)|-|
|The National Lottery Community Fund|18,095|-|(18,095)|-|
|Community Foundation, NHS Charities|||||
|Together|8,717|24,650|(33,367)|-|
|Community Foundation for Surrey - The|||||
|Peter Harrison Fund|3,000|-|(3,000)|-|
|The Sobell Foundation|4,200|-|(4,200)|-|
|The John Coates Charitable Trust|1,500|-|(1,500)|-|
|London Borough of Hounslow Thriving|||||
|Communities Fund|-|5,000|(5,000)|-|
|Community Foundation for Surrey -|||||
|Carrington family Trust Fund|-|1,000|(1,000)|-|
||78,233|157,911|147,117|89,027|
||78,233|157,911|147,117|89,027|



- 34 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **25 Restricted funds** 

## **(Continued)** 

**Children’s Project  - BBC Children in Need** – To provide support for children who are blind, vision impaired or have combined sight and hearing loss. 

**Surrey Downs Better Care Fund** – To increase social and recreation programmes to reduce isolation for people in Surrey with a sensory impairment or from the Deaf Community. 

**The National Lottery Community Fund - RC London and South East Region** – To support additional services for ECLO, Access Technology, Admin & Data Support, and Children's Family Support. 

**Walton Charity** - To support our ECLO and Hearing Loss Advisor services. 

**Community Foundation - Woking Council Community Fund 23-24 -** To support our Benefit Service 

**Surrey Heartlands Workforce Alliance Innovation Fund (Received 19/04/2023) -** To fund the Digital Storytelling Officer post. 

**Smart Energy GB In Communities Fund -** To fund Communication and Smart Meter Project. 

**South Western Railway Customer and Community Fund 23-24 -** To support our Sensory Inclusion Project lead. 

**The National Lottery Community Fund** – To support our additional services for ECLO, Access Technology, Admin & Data Support, and Children’s Family Support. 

**Community Foundation, NHS Charities Together** – To support our ECLO and hard of hearing services. 

**Community Foundation for Surrey - The Peter Harrison Fund** – To provide counselling for blind, vision impaired and children with dual sensory loss and their families. 

**The Sobell Foundation** – To support the ECLO service. 

**The John Coates Charitable Trust** – To support the ECLO service. 

**London Borough of Hounslow Thriving Communities Fund** – To support various additional services such as ECLO, Let's Talk Tech, coffee and cake events. 

**Community Foundation for Surrey, Carrington Family Trust Fund** – To support the ECLO service. 

- 35 - 



**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **26 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

|Investment<br>Reserve<br>Operational<br>Reserve<br>Property<br>Reserve<br>Professional<br>Training<br>Reserve<br>Legacy Income<br>Protection<br>Reserve<br>Recruitment<br>Reserve<br>Isolation in<br>Older People<br>Reserve<br>Capital<br>Expenditure<br>Reserve<br>Legacy Projects<br>Reserve<br>General funds|**At 1 April**<br>**2023**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**£**<br>**£**<br>**£**<br>100,000<br>-<br>-<br>750,000<br>-<br>-<br>500,000<br>-<br>-<br>90,000<br>-<br>-<br>-<br>-<br>-<br>31,800<br>-<br>-<br>30,000<br>-<br>-<br>40,000<br>-<br>-<br>-<br>-<br>-<br>13,319<br>3,185,530<br>(3,030,927)<br>1,555,119<br>3,185,530<br>(3,030,927)|**Transfers**<br>**Gains and**<br>**losses**<br>**At 31 March**<br>**2024**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>100,000<br>-<br>-<br>750,000<br>-<br>-<br>500,000<br>8,800<br>-<br>98,800<br>100,000<br>-<br>100,000<br>-<br>-<br>31,800<br>-<br>-<br>30,000<br>-<br>-<br>40,000<br>100,000<br>-<br>100,000<br>(208,800)<br>70,544<br>29,666<br>-<br>70,544<br>1,780,266|
|---|---|---|



- 36 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**26**<br>**Unrestricted funds**<br>**Previous year:**<br>Investment<br>Reserve<br>Operational<br>Reserve<br>Property<br>Reserve<br>Professional<br>Training<br>Reserve<br>COVID<br>Resilience<br>Reserve<br>Recruitment<br>Reserve<br>Children's<br>Services<br>Reserve<br>Isolation in<br>Older People<br>Reserve<br>Capital<br>Expenditure<br>Reserve<br>General funds|**At 1 April**<br>**2022**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**£**<br>**£**<br>**£**<br>100,000<br>-<br>-<br>650,000<br>-<br>-<br>500,000<br>-<br>-<br>90,000<br>-<br>-<br>50,000<br>-<br>-<br>45,000<br>-<br>-<br>50,000<br>-<br>-<br>30,000<br>-<br>-<br>-<br>-<br>-<br>9,900<br>2,738,699<br>(2,647,579)<br>1,524,900<br>2,738,699<br>2,647,579|**(Continued)**<br>**Transfers**<br>**Gains and**<br>**losses**<br>**At 31 March**<br>**2023**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>100,000<br>100,000<br>-<br>750,000<br>-<br>-<br>500,000<br>-<br>-<br>90,000<br>(50,000)<br>-<br>-<br>(13,200)<br>-<br>31,800<br>(50,000)<br>-<br>-<br>-<br>-<br>30,000<br>40,000<br>-<br>40,000<br>(26,800)<br>(60,901)<br>13,319<br>-<br>(60,901)<br>1,555,119|
|---|---|---|



- 37 - 



**SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **26 Unrestricted funds** 

## **(Continued)** 

**Investment Reserve** - This reserve represents 10% of the value of investments to allow adequate consideration for future possible fluctuations in the markets. 

**Operational Reserve** - The operational reserves is to cover contingencies such as loss of major contract, closure or downsizing costs. 

**Property Reserve** - To address the current and future expected repairs/development needs of the charity's premises. 

**Professional Training Reserve** - A reserve to address the growing shortage of qualified professionals by supporting members of staff to achieve professional and other qualifications. 

**COVID Resilience Reserve** - To fund the need to invest in additional IT hardware, servers, IT security and other software to facilitate remote and home working. 

**Recruitment Reserve** - To enable the charity to fill vacancies by advertising and headhunting more widely in a tight labour market. 

**Children's Service Reserve** - To ensure continuity in funding our children's activities in a period of uncertainty. 

**Isolation in Older People Reserve** - To tackle the isolation suffered by people with sensory impairments which has been brought into sharp focus by the pandemic. 

**Capital Expenditure Reserve** - To fund the replacement of computers and laptops coming to the end of their useful life. 

**Legacy Income Protection Reserve** – A reserve to enable the Charity to plan the use of legacy income, whilst this income stream is in development and less predictable. 

**Legacy Strategic Projects Reserve** - To fund key strategic projects. 

## **27 Analysis of net assets between funds** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**At 31 March 2024:**<br>Tangible assets<br>54,455<br>-<br>Investments<br>1,436,370<br>-<br>Current assets/(liabilities)<br>308,741<br>68,477<br>Provisions<br>(19,300)<br>-<br>1,780,266<br>68,477|**Total**<br>**2024**<br>**£**<br>54,455<br>1,436,370<br>377,218<br>(19,300)<br>1,848,743|
|---|---|



- 38 - 



## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

## **27 Analysis of net assets between funds** 

|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**||
||**2023**|**2023**|**2023**|
||**£**|**£**|**£**|
|**At 31 March 2023:**||||
|Tangible assets|38,497|-|38,497|
|Investments|1,317,683|-|1,317,683|
|Current assets/(liabilities)|219,407|89,027|308,434|
|Provisions|(20,468)|-|(20,468)|
||1,555,119|89,027|1,644,146|



## **28 Financial commitments, guarantees and contingent liabilities** 

As a result of the award of the Children's Services Contract (1st April 2022) and the Adult's Service Contract (Updated February 2021), four employees are members of the Surrey Pension Fund (part of LGPS). Surrey County Council has accepted responsibility for all liabilities prior to 1st February 2016, and a fixed employer's contribution rate of 22% applies for the duration of the contracts. The charity has not accepted any risk arising from actuarial valuations made before, during or after the contract term. This issue was formally agreed with Surrey County Council in 2019 and an Admission Agreement signed. 

A separate provision of £19,300 has been made in the financial year (2023: £20,468) for potential strain events which may arise. 

## **29 Related party transactions** 

There were no disclosable related party transactions during the year (2023 - none). 

## **30 Analysis of changes in net funds** 

The charity had no material debt during the year. 

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## **SURREY ASSOCIATION FOR VISUAL IMPAIRMENT** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2024**_ 

|**31**<br>**Cash generated from operations**<br>Surplus for the year<br>Adjustments for:<br>Investment income recognised in statement of financial activities<br>Fair value gains and losses on investments<br>Depreciation and impairment of tangible fixed assets<br>Movements in working capital:<br>Decrease/(increase) in stocks<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>Increase in provisions<br>(Decrease) in deferred income<br>**Cash generated from/(absorbed by) operations**|**2024**<br>**2023**<br>**£**<br>**£**<br>204,597<br>41,013<br>(48,962)<br>(23,839)<br>(70,544)<br>55,264<br>18,554<br>14,733<br>691<br>(663)<br>7,123<br>(15,309)<br>2,165<br>(31,158)<br>(1,168)<br>(14,328)<br>(4,049)<br>(110,747)<br>108,407<br>(85,034)|
|---|---|



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