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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 06511954 (England and Wales) REGISTERED CHARITY NUMBER: 1123220

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

WARWICKSHIRE ASSOCIATION FOR THE BLIND

WARWICKSHIRE ASSOCIATION FOR THE BLIND

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022

Page
Reference and Administrative Details 1 - 2
Report of the Trustees 3 - 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 - 25
Detailed Statement of Financial Activities 26 - 27

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2022

TRUSTEES Susan Mary Ayres (appointed 29.7.2021)
Adola Kamal Dairo (appointed 29.7.2021)
Michael Keith Eales
Hassan Ejaz (appointed 29.7.2021)
Heather May Fairbairn
Stacey Louise Fennell
Amer Herian
Janet Elaine Hurrell
Richard Charles Orme
Martyn Parker
Melanie Pritchard
Rosemary Robinson (appointed 27.7.2021)
Elizabeth Ann Thiebe (Chair)
David Adams
COMPANY SECRETARY Heather May Fairbairn
REGISTERED OFFICE 14 Market Place
Warwick
United
Kingdom
Warwickshire
CV34 4SL
REGISTERED COMPANY 06511954 (England and Wales)
NUMBER
REGISTERED CHARITY 1123220
NUMBER
INDEPENDENT EXAMINER Harrison Beale & Owen Limited
Chartered Accountants
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire CV31 1XT
BANKERS Lloyds Bank
12 Swan Street
Warwick
Warwickshire CV34
4BJ
INVESTMENT MANAGERS Barclays Wealth & Investment Management
One Snow Hill
Snow Hill
Queensway
Birmingham
B4 6GN
Quilter Cheviot Investment Management
Two Snow Hill
Snow Hill
Queensway
Birmingham
B4 6GA

Page 2

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REPORT OF THE TRUSTEES for the year ended 31 March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).

Warwickshire Vision Support

Warwickshire Vision Support is the trading name of Warwickshire Association for the Blind, a registered charity incorporated in England and Wales as a company limited by guarantee and governed by its Memorandum and Articles of Association.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Warwickshire Vision Support was established in 1911 with a mission to give people experiencing and living with sight loss, the best possible care and support. We do this by:

This is achieved from the following key activities:

Our Values and Guiding Principles

One Team : we recognise that we are at our best when we share and agree on common objectives, aspirations and values.

Person Centred : we place the interests of our beneficiaries at the heart of everything we do, developing our systems and processes based on meeting the needs of the individual.

Outcome Focussed : we adapt and personalise our rehabilitation and other services to achieve the outcomes our beneficiaries identify as most important for themselves.

Caring and Respectful : we care about people and focus on the person and not the impairment, whilst recognising that it is diversity and difference in ourselves that make us stronger. We design our services with the people we serve.

Reflective, Learning and Accountable : we adapt and innovate quickly to ensure we learn from experience and respond effectively to meet the expectations of our beneficiaries and other stakeholders.

Page 3

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

STRATEGIC REPORT

Achievement and performance

The strategy work from 2020 ( Warwickshire Vision Support Strategy Refresh – download from our website at https://warwickshire.vision ) provided the agenda for a year that was beset by different challenges:

Despite these challenges, we were able to:

Eye Clinic Services

We were able to resume and increase our presence in eye clinics as restrictions from Covid were lifted and some normality returned. By the end of the year, we had a full-time presence shared between Stratford and Warwick Hospital with an increased presence in Nuneaton (Camp Hill). We will continue to build on this presence in the north of the county in 2022.

Rehabilitation Service

The Rehabilitation Team received 816 referrals including 258 people newly registered as sight impaired (partially sighted) or severely sight impaired (blind). This was 144 more referrals than the previous year.

Consolidating ECLO and Rehabilitation services into one team offers our service beneficiaries seamless support between eye clinics across the county and specialist rehabilitation support. This has been possible by supporting Warwickshire Vision staff to train as ECLO and Rehabilitation officers and we will continue to invest in our people to provide a talent pool for this critical area.

Vision Support Centres

Vision Support Centres reopened in July 2021 with Covid-safe guidance limiting attendees to 6 people per session. This was increased to 10 people per session from August before reopening fully at the end of September 2021.

In total, we delivered 198 sessions across 4 x weekly and 7 x brand new monthly support centres between the reopening in July 2021 and March 2022. We had 1,965 attendances with an average of 10 people per session. In January 2022 we started to rebuild our weekly support centre programmes, inviting speakers, alongside social sessions, activities and equipment demonstrations. Our centres will continue to balance an informative environment with both peer, volunteer and staff support.

Clubs

A total of 7 social clubs reopened during October and November 2021. This engaged 55 volunteers and 2 staff members during an average month from reopening until March 2022. There was an average of 12 club sessions each month, averaging 108 people attending each month.

Telephone Befriending Service

The telephone befriending service was launched during the pandemic, but demand was such that it remained as a regular service. Demand started to reduce once people were able to return to support centres and social clubs and the Home Visiting Service was slowly and cautiously revisited. By the end of the year, 44 volunteers were delivering the service to 75 service beneficiaries with an average of 215 calls per month, each call lasting an average of 25 minutes.

Telephone befriending has enabled us to reach our more isolated service beneficiaries without it being necessary for volunteers to be geographically close to the people they support. A total of 139 safeguarding and welfare issues have been managed during this timeframe.

Page 4

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

Home Visiting Service

The Home Visiting service was severely impacted by the Covid restrictions and the risk of the transmission of the virus into the homes of service beneficiaries. The service had barely resumed by March 2022, with only 12 visits made to 9 service users by 7 volunteers in the year.

IT Training

Face to face IT support was provided to 96 individuals at the Vision Support centres by both IT staff and IT volunteers. This included working with mobiles, tablets, and laptops to change accessibility settings, upgrade operating systems and install apps. Access to RNIB and Warwickshire library services were configured, and general advice and guidance given. The demonstration equipment was also shown to many service users giving them access to some equipment designed for people with a visual impairment that is not available on the high street.

The Magazine

The Warwickshire Vision Magazine circulation increased during the year to more than 3,000 people per edition with 3 editions each year. This includes large print, audio and digital (word or pdf versions). We have worked hard to ensure the magazine reflects the readership with many more people-centred articles making the magazine more receptive to reader demand and hopefully more engaging and interactive.

Financial performance

The charity generated a surplus of £486,426 from a total income of £963,842. The surplus was attributable to a final disbursement from a generous legacy gift, an important source of funding but one we cannot build our financial plans on.

Investment policy and objectives

The Board of Trustees takes the responsibility of managing charity funds very seriously. In order to protect the value of reserves against cost-of-living increases, the Board invests its funds to obtain capital growth and a dividend income.

Reserves

Our mission, to provide the best possible care and support for blind and partially sighted people in Warwickshire, is at the heart of everything we do. The trustees set reserves policies so that we can finance our planned activities and withstand any unforeseen downturn in our fundraising or other income.

In accordance with Charity Commission guidance, the trustees each year consider the level of free reserves to meet our strategic plan, objectives and aspirations and provide cover for unforeseen risks. The trustees have adopted the following reserves policy:

  1. Long-term reserves (8-10 years) -- £1,400,000. This provides investment income which supplements our revenue from Warwickshire County Council and fundraising.

  2. Short to medium-term reserves (3-8 years) -- £795,000. These funds will be needed for implementing our recently agreed strategy to improve our engagement from the 3,000 people we now support to the 20,000 blind and visually impaired people currently living in Warwickshire, and the RNIB forecast of 27,000 people by 2030. This is committed as follows:

  3. a. An innovation fund of £400,00 for new projects. This will provide match funding to larger strategic grants from trust, foundations, local authorities, lottery funders and corporate.

  4. b. A building renovation fund of £295,000 to develop our new premises in the centre of Warwick to install specialist rehabilitation training facilities, a resource centre, advice and support facilities and a community and local charity hub.

  5. c. A property fund of £100,000 to partition, separate services and redecorate spare space in the new building to generate rental income.

  6. Cash designated to Clubs -- £55,266. This is mainly money donated by members and restricted for activities of the blind clubs across the county.

Page 5

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REPORT OF THE TRUSTEES for the year ended 31 March 2022

Free reserves are unrestricted reserves less fixed assets and designated reserves.

31 March 2022 31 March 2021
Unrestricted Reserves £3,050,266 £2,518,285
Fixed Assets £410,477
Designated Reserves £2,250,266
Free Reserves £389,523

Our free reserves are therefore in our target range for 2022.

Restricted reserves are those surplus funds carried forward from income received with a restricted purpose after deducting expenditure in the delivery of activities in line with the donor's specifications. At 31 March 2022 total restricted reserves were £47,864 (2021: £93,419).

Other financial obligations, in the event of a forced closure of the charity, would be met by liquidating investments and fixed assets.

STRATEGIC REPORT

Future plans

Our strategy outputs from 2020 will continue to provide the guiding reference as we transition and future proof our services to meet the demands from increasing numbers of Warwickshire people experiencing and living with sight loss. Specifically, service planning will target how the charity will prepare itself to meet increasing levels of demand, with the RNIB projecting the number of people in this region experiencing sight loss rising by more than 30% over the next 6-7 years.

An important component of the strategy was the relocation of our head office into a prominent and accessible location in Warwick, somewhere close to transport links and with better connections to local communities. This was completed in 2021. Our plans for the next year include a major renovation project at our head office, to develop the ground floor space into a resource centre with a teaching kitchen that will be used for rehabilitation training. Our development plans are based on creating a flexible and welcoming environment that will meet a wide range of beneficiary and other stakeholder needs.

The relocation of the head office into a prominent position in Warwick, is one strand of a workstream to raise the profile of the charity, increasing awareness of what services are available for people experiencing sight loss, and the impact this has for others, who might be willing to offer support either in volunteering or raising funds.

A new Chief Executive to be appointed in April 2022, will find raising the profile of the charity and searching out new sources of funding at the top of their in-tray when they take up the position. These and renewed collaboration and networking efforts are likely to be critically important priorities in what will be challenging times as the country recovers from the economic effects of the pandemic.

Also high on the ‘things to do list’ will be the bid to secure a new contract for the provision of Rehabilitation Services on behalf of Warwickshire County Council, after our existing contract ends in December 2022. We are incredibly proud of our Rehabilitation Service offer and how this seamlessly integrates with our ECLO service, for early intervention support and guidance, and our range of community-based services which provide for ongoing care and support.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are required to have a professional or commercial background with a knowledge of business management, and one or more specialities such as legal, HR, financial, publicity, fundraising and administration. We also seek people who have experience of living with sight loss or are professionals in eye care.

Applicants are invited to an interview with a Selection Committee, as defined in the Articles of Association.

Page 6

WARWICKSHIRE ASSOCIATION FOR THE BLIND

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

After interview, the Selection Committee report to the Board, which may invite the Applicant to attend Board meetings (and other activities eg. Support Centres, Clubs) to gain a better understanding of the charity. After attending a minimum of two meetings, the Board may co-opt the Applicant as a Trustee. All Trustees are required to attend seminars and training to ensure that they are aware of changes in legislation and each year, one third of the Trustees have to retire by rotation and seek re-election (for a maximum of two re-elections).

The Trustees meet at least quarterly to receive and consider management accounts. Additional meetings are scheduled throughout the year to address specific issues and training. The work of the Trustees is organised into four sub-committees which are responsible for producing reports and recommendations to the Board.

Under the Articles of Association, the Trustees are permitted to appoint a Chief Executive Officer (CEO) who has day-to-day responsibility for the management of staff and the running of the charity.

Key management remuneration

The salary of the CEO is determined by the Chair of the Board of Trustees in consultation with the Human Resources Committee following an annual performance appraisal and an assessment of appropriate market rates for the position.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk Management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The main risks being monitored by trustees:

Risk 1 : Income from trusts and grants is insufficient to meet charity growth ambitions and costs associated with charitable service delivery. The level of risk increased in 2021/22 with higher levels of reserve, limiting access to traditional sources of income.

Risk Response : Identify new areas of potential funding and lessen the reliance on traditional areas of income generation.

Risk 2 : The contract to provide Rehabilitation Services is lost to another provider when retendered by the county council later in 2022, requiring a significant change to the charity business model and undermining the objectives of the charity.

Risk Response : Monitor performance indicators for the rehabilitation team to highlight areas of potential improvement that could be included in proposals; engage additional and professional support in the preparation of the bid. Maintain positive relationships with County Council Commissioners.

Risk 3 : The charity fails to meet its regulatory or quality obligations in respect of services provided as part of the service level agreement with the local county council, or other charitable services, and suffers reputational and potentially long-term damage.

Risk Response : The Board of Trustees review performance updates provided by the CEO to ensure the team remain sufficiently skilled and qualified, with systems and processes reviewed regularly to ensure delivery of services meet expectations.

Risk 4 : An incident destroys or seriously damages the office and meeting space in Warwick, at potentially significant cost and disruption on day-to-day service delivery.

Risk Response : Establish a disaster recovery plan that provides for a quick recovery from loss, whilst all facility maintenance works are maintained, and insurances are appropriate and up to date.

Report of the trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company directors, on 17 November 2022 and signed on the board's behalf by:

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

Elizabeth Ann Thiebe – Trustee and Chair

Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

Independent examiner's report to the trustees of Warwickshire Association for The Blind ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACA which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Gregg Olner ACA Harrison Beale & Owen Limited Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT

Date: 23.11.2022

Page 8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Statutory and rehabilitation services
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Statutory and rehabilitation services
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
545,051
187,169
10,200
63,814
2,497
808,731
46,507
335,936
-
382,443
105,692
531,980
2,518,285
3,050,265		 Restricted
funds
£
2
155,109
-
-
-
155,111
-
200,665
-
200,665
-
(45,554)
93,419
47,865		 2022
Total
funds
£
545,053
342,278
10,200
63,814
2,497
963,842
46,507
536,601
-
583,108
105,692
486,426
2,611,704
3,098,130		 2021
Total
funds
£
962,404
402,525
163
35,422
10,188
1,410,702
19,563
436,824
1,265
457,652
246,561
1,199,611
1,412,093
2,611,704

Page 9

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

BALANCE SHEET 31 March 2022

Notes
FIXED ASSETS
Tangible assets
13
Investments
Investments
14
Investment property
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
410,477
1,998,106
125,000
2,533,583
2,320
24,691
529,476
556,487
(39,804)
516,683
3,050,266
3,050,266		 Restricted
funds
£
-
-
-
-
-
-
54,711
54,711
(6,847)
47,864
47,864
**47,864 **		 2022
Total
funds
£
410,477
1,998,106
125,000
2,533,583
2,320
24,691
584,187
611,198
(46,651)
564,547
3,098,130
3,098,130
3,050,266
47,864
3,098,130		 2021
Total
funds
£
17,965
1,895,114
-
1,913,079
2,347
28,429
733,829
764,605
(65,980)
698,625
2,611,704
2,611,704
2,518,285
93,419
2,611,704

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on 17 November 2022 and were signed on its behalf by:

Elizabeth Ann Thiebe - Trustee and Chair

The notes form part of these financial statements

Page 10

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

CASH FLOW STATEMENT for the year ended 31 March 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Purchase of investment property
Sale of fixed asset investments
Interest received
Dividends received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
316,661
316,661
(397,440)
-
(125,000)
2,362
1,335
52,440
(466,303)
(149,642)
733,829
**584,187 **		 2021
£
966,081
966,081
(16,170)
(498,820)
-
701
-
35,422
(478,867)
487,214
246,615
733,829

The notes form part of these financial statements

Page 11

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2022

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022
£
Net income for the reporting period (as per the Statement of Financial
Activities)
486,426
Adjustments for:
Depreciation charges
4,928
Gain on investments
(105,354)
Interest received
(1,335)
Dividends received
(52,440)
Decrease in stocks
27
Decrease in debtors
3,738
(Decrease)/increase in creditors
(19,329)
Net cash provided by operations
316,661
2.
ANALYSIS OF CHANGES IN NET FUNDS		 2021
£
1,199,611
756
(246,561)
-
(35,422)
16
3,396
44,285
966,081
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 733,829 (149,642) **584,187 **
733,829 (149,642) **584,187 **
Total 733,829 (149,642) **584,187 **

The notes form part of these financial statements

Page 12

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Preparation of consolidated financial statements

The financial statements contain information about Warwickshire Association For The Blind as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income, including donations and legacies, are recognised where there is entitlement, probable receipt and the amount can be measured with sufficient reliability.

Investment income is recognised on a receivable basis.

Income from charitable activities includes grant funding subject to specific performance conditions. Grant income included in this category provides funding to support charitable activities and is recognised where there is entitlement, probable receipt and the amount can be measured with sufficient reliability.

Grant income received from the UK’s Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs of generating funds are those costs incurred in attracting voluntary income.

Governance costs include those incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements.

Overhead costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - Straight line over 4 years Fixtures and fittings - Straight line over 4 years Computer equipment - Straight line over 4 years

No depreciation is provided on the freehold property as the value included within these financial statements is considered to be consistent with the residual value of the asset concerned.

Fixed assets with an individual cost of over £1,000 are capitalised.

Page 13

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable

Irrecoverable VAT is included in the expense heading to which the invoice relates.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds 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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Legacies		 2022
£
12,128
2,319
530,606
545,053		 2021
£
11,225
-
951,179
962,404

Page 14

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

3.
OTHER TRADING ACTIVITIES
Fundraising events
4.
INVESTMENT INCOME
Rents received
Investment portfolio income
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Statutory and rehabilitation services
Grants received, included in the above, are as follows:
W.C.C.
Big Lottery
Big Lottery (Economic & Social Empowerment)
Heart of England (Doing Things Differently)
The Rank Foundation
Other grants below £10,000
6.
RAISING FUNDS
Raising donations and legacies
Staff costs
Postage and stationery
Sundries
Travel
Affiliation fees		 2022
£
10,200
2022
£
10,039
52,440
1,335
63,814
2022
£
342,278
2022
£
196,164
37,509
34,111
-
-
74,494
342,278
2022
£
44,065
1,363
828
251
-
**46,507 **

Page 15

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

7. CHARITABLE ACTIVITIES COSTS

Statutory and rehabilitation services
8.
SUPPORT COSTS
Management
£
Statutory and rehabilitation
services
103,196		 Finance
£
**604 **		 Support
Direct
costs (see
Costs
note 8)
£
£
411,870
124,731
Governance
Other
costs
£
£
2,701
18,230		 Totals
£
**536,601 **
Totals
£
**124,731 **

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Other operating leases		 2022
£
-
4,928
11,795		 2021
£
6,266
756
26,221

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable and administrative staff		 2022
£
402,352
30,814
11,472
444,638
2022
21		 2021
£
277,112
20,025
9,926
307,063
2021
16

No employees received emoluments in excess of £60,000.

Page 16

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
962,404
Charitable activities
Statutory and rehabilitation services
222,732
Other trading activities
163
Investment income
35,422
Other income
10,188
Total
1,230,909
EXPENDITURE ON
Raising funds
19,563
Charitable activities
Statutory and rehabilitation services
298,357
Other
1,265
Total
319,185
Net gains on investments
246,561
NET INCOME
1,158,285
RECONCILIATION OF FUNDS
Total funds brought forward
1,360,000
TOTAL FUNDS CARRIED FORWARD
2,518,285
13.
TANGIBLE FIXED ASSETS
Improvements
Fixtures
Freehold
to
and
property
property
fittings
£
£
£
COST
At 1 April 2021
-
19,398
58,677
Additions
396,192
-
-
Disposals
-
-
(14,662)
At 31 March 2022
396,192
19,398
44,015
DEPRECIATION
At 1 April 2021
-
19,398
40,712
Charge for year
-
-
4,616
Eliminated on disposal
-
-
(14,662)
At 31 March 2022
-
19,398
30,666
NET BOOK VALUE
At 31 March 2022
396,192
-
13,349
At 31 March 2021
-
-
17,965		 Restricted
funds
£
-
179,793
-
-
-
179,793
-
138,467
-
138,467
-
41,326
52,093
93,419
Computer
equipment
£
-
1,248
-
1,248
-
312
-
312
936
-		 Total
funds
£
962,404
402,525
163
35,422
10,188
1,410,702
19,563
436,824
1,265
457,652
246,561
1,199,611
1,412,093
2,611,704
Totals
£
78,075
397,440
(14,662)
460,853
60,110
4,928
(14,662)
50,376
410,477
17,965

Page 17

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

14. FIXED ASSET INVESTMENTS

14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2021
Disposals
Revaluations
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
There were no investment assets outside the UK.
Cost or valuation at 31 March 2022 is represented by:
Valuation in 2022
Cost
15.
INVESTMENT PROPERTY
FAIR VALUE
Additions
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income		 2022
£
2,320
2022
£
471
24,220
**24,691 **		 Listed
investments
£
1,895,114
(2,362)
105,354
1,998,106
1,998,106
1,895,114
Listed
investments
£
201,371
1,796,735
1,998,106
£
125,000
125,000
125,000
-
2021
£
2,347
2021
£
15,537
12,892
28,429

Page 18

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income		 2022
£
15,273
7,581
859
4,451
18,487
**46,651 **		 2021
£
18,845
6,941
-
-
40,194
65,980

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Clubs and branches and other financial
obligations
Operations contingency fund
Innovation fund
Rehabilitation reserve
Combined Premises reserve
Pension reserve
Long term investment
Restricted funds
Home visitor service general
Advice desks
Economic/social empowerment
Vision support centres
Clubs
Telephone Befriending
Home visitor (Stratford) only
Equipment
Clubs (Stratford only)
Pop-ups
Equipment for service user 1
Equipment for service user 2
TOTAL FUNDS		 At 1.4.21
£
1,793,527
53,197
271,561
250,000
100,000
45,000
5,000
-
2,518,285
-
-
31,687
38,029
-
6,740
1,319
2,929
208
11,792
633
82
93,419
**2,611,704 **		 Net
movement
in funds
£
501,919
62
-
-
-
30,000
-
-
531,981
3,793
2,932
(19,186)
(17,229)
6,527
(6,740)
(1,319)
(1,826)
-
(11,792)
(633)
(82)
(45,555)
486,426		 2022
£
-
Transfers
between
funds
£
(2,295,446)
2,007
128,439
150,000
(100,000)
320,000
(5,000)
1,800,000
-
-
-
-
-
208
-
-
-
(208)
-
-
-
-
-		 2021
£
7,539
At
31.3.22
£
-
55,266
400,000
400,000
-
395,000
-
1,800,000
3,050,266
3,793
2,932
12,501
20,800
6,735
-
-
1,103
-
-
-
-
47,864
3,098,130		 2021
£
7,539

20. MOVEMENT IN FUNDS

Page 19

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Clubs and branches and other financial
obligations
Premises reserve
Restricted funds
Home visitor service general
Advice desks
Economic/social empowerment
Vision support centres
Clubs
Telephone Befriending
Magazine
Access to work
Home visitor (Stratford) only
Equipment
Pop-ups
Equipment for service user 1
Equipment for service user 2
TOTAL FUNDS		 Incoming
resources
£
808,669
62
-
808,731
24,801
19,795
46,612
43,078
11,208
3,900
230
2,987
2,500
-
-
-
-
155,111
963,842		 Resources
expended
£
(412,442)
-
30,000
(382,442)
(21,008)
(16,863)
(65,798)
(60,307)
(4,681)
(10,640)
(230)
(2,987)
(3,819)
(1,826)
(11,792)
(633)
(82)
(200,666)
**(583,108) **		 Gains and
Movement
losses
in funds
£
£
105,692
501,919
-
62
-
30,000
105,692
531,981
-
3,793
-
2,932
-
(19,186)
-
(17,229)
-
6,527
-
(6,740)
-
-
-
-
-
(1,319)
-
(1,826)
-
(11,792)
-
(633)
-
(82)
-
(45,555)
105,692
486,426

Page 20

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Clubs and branches and other financial
obligations
Operations contingency fund
Innovation fund
Rehabilitation reserve
Premises reserve
Pension reserve
Restricted funds
Economic/social empowerment
Vision support centres
Telephone Befriending
Home visitor (S Warwickshire) only
Home visitor (Stratford) only
Advice desks (R & S only)
IT4U (staff costs only)
Equipment
Clubs (Stratford only)
Pop-ups
Equipment for service user 1
Equipment for service user 2
TOTAL FUNDS		 At 1.4.20
£
852,282
52,718
25,000
250,000
100,000
75,000
5,000
1,360,000
17,470
-
-
802
2,177
12,469
6,441
-
-
12,019
633
82
52,093
1,412,093		 Net
movement
in funds
£
941,245
479
246,561
-
-
(30,000)
-
1,158,285
14,217
38,029
6,740
(802)
(858)
(12,469)
(6,441)
2,929
208
(227)
-
-
41,326
1,199,611		 At
31.3.21
£
1,793,527
53,197
271,561
250,000
100,000
45,000
5,000
2,518,285
31,687
38,029
6,740
-
1,319
-
-
2,929
208
11,792
633
82
93,419
2,611,704

Page 21

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Clubs and branches and other financial
obligations
Operations contingency fund
Premises reserve
Restricted funds
Economic/social empowerment
Vision support centres
Telephone Befriending
Home visitor (S Warwickshire) only
Home visitor (Stratford) only
Advice desks (R & S only)
Advice desks (Stratford) only
IT4U (staff costs only)
Equipment
Clubs (Stratford only)
Pop-ups
Home Visitor (N Warwickshire)
Advice Desks (all)
Advice Desks (Warwick only)
Nuneaton & Bedworth only
Remote IT4U
Virtual VSC
TOTAL FUNDS		 Incoming
resources
£
1,229,165
1,744
-
-
1,230,909
60,495
47,392
28,641
300
3,194
-
2,000
-
5,048
1,000
-
991
1,000
3,154
5,000
12,000
9,578
179,793
1,410,702		 Resources
expended
£
(287,920)
(1,265)
-
(30,000)
(319,185)
(46,278)
(9,363)
(21,901)
(1,102)
(4,052)
(12,469)
(2,000)
(6,441)
(2,119)
(792)
(227)
(991)
(1,000)
(3,154)
(5,000)
(12,000)
(9,578)
(138,467)
(457,652)		 Gains and
losses
£
-
-
246,561
-
246,561
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
246,561		 Movement
in funds
£
941,245
479
246,561
(30,000)
1,158,285
14,217
38,029
6,740
(802)
(858)
(12,469)
-
(6,441)
2,929
208
(227)
-
-
-
-
-
-
41,326
1,199,611

Page 22

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Clubs and branches and other financial
obligations
Operations contingency fund
Innovation fund
Rehabilitation reserve
Premises renovation reserve
Pension reserve
Long term investment
Restricted funds
Home visitor service general
Advice desks
Economic/social empowerment
Vision support centres
Clubs
Home visitor (S Warwickshire) only
Home visitor (Stratford) only
Advice desks (R & S only)
IT4U (staff costs only)
Equipment
Clubs (Stratford only)
Pop-ups
Equipment for service user 1
Equipment for service user 2
TOTAL FUNDS		 At 1.4.20
£
852,282
52,718
25,000
250,000
100,000
75,000
5,000
-
1,360,000
-
-
17,470
-
-
802
2,177
12,469
6,441
-
-
12,019
633
82
52,093
1,412,093		 Net
movement
in funds
£
1,443,164
541
246,561
-
-
-
-
-
1,690,266
3,793
2,932
(4,969)
20,800
6,527
(802)
(2,177)
(12,469)
(6,441)
1,103
208
(12,019)
(633)
(82)
(4,229)
1,686,037		 Transfers
between
funds
£
(2,295,446)
2,007
128,439
150,000
(100,000)
320,000
(5,000)
1,800,000
-
-
-
-
-
208
-
-
-
-
-
(208)
-
-
-
-
-		 At
31.3.22
£
-
55,266
400,000
400,000
-
395,000
-
1,800,000
3,050,266
3,793
2,932
12,501
20,800
6,735
-
-
-
-
1,103
-
-
-
-
47,864
3,098,130

Page 23

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
2,037,834
Clubs and branches and other financial
obligations
1,806
Operations contingency fund
-
2,039,640
Restricted funds
Home visitor service general
24,801
Advice desks
19,795
Economic/social empowerment
107,107
Vision support centres
90,470
Clubs
11,208
Telephone Befriending
32,541
Magazine
230
Access to work
2,987
Home visitor (S Warwickshire) only
300
Home visitor (Stratford) only
5,694
Advice desks (R & S only)
-
Advice desks (Stratford) only
2,000
IT4U (staff costs only)
-
Equipment
5,048
Clubs (Stratford only)
1,000
Pop-ups
-
Equipment for service user 1
-
Equipment for service user 2
-
Home Visitor (N Warwickshire)
991
Advice Desks (all)
1,000
Advice Desks (Warwick only)
3,154
Nuneaton & Bedworth only
5,000
Remote IT4U
12,000
Virtual VSC
9,578
334,904
TOTAL FUNDS
2,374,544
(		 Resources
expended
£
(700,362)
(1,265)
-
(701,627)
(21,008)
(16,863)
(112,076)
(69,670)
(4,681)
(32,541)
(230)
(2,987)
(1,102)
(7,871)
(12,469)
(2,000)
(6,441)
(3,945)
(792)
(12,019)
(633)
(82)
(991)
(1,000)
(3,154)
(5,000)
(12,000)
(9,578)
(339,133)
1,040,760)		 Gains and
Movement
losses
in funds
£
£
105,692
1,443,164
-
541
246,561
246,561
352,253
1,690,266
-
3,793
-
2,932
-
(4,969)
-
20,800
-
6,527
-
-
-
-
-
-
-
(802)
-
(2,177)
-
(12,469)
-
-
-
(6,441)
-
1,103
-
208
-
(12,019)
-
(633)
-
(82)
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,229)
352,253
1,686,037

General funds are available for use at the directors/trustees’ discretion in furtherance of the objectives of the charity.

Designated funds are amounts set aside out of general funds for use on specific projects.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

Page 24

continued...

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

21. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounted to £9,213 (2021 - £8,209). Outstanding contributions to the fund at the year end totalled £3,783 (2021 - (1,415).

Defined benefit plans

The charity participates in the Warwickshire County Council Pension Fund, a multi-employer defined benefit final salary scheme where the share of the assets and liabilities applicable to each employer is not identifiable. As such the scheme is accounted for as if it was a defined contribution scheme. The amount recognised as an expense in the period was £1,790 (2021 - £1,717) and there was a defined benefit contribution liability of £189 (2021 - £231) at the year end.

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

23. CONTROLLING INTERESTS

The director/trustees are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the charity.

Page 25

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Legacies
Other trading activities
Fundraising events
Investment income
Rents received
Investment portfolio income
Deposit account interest
Charitable activities
Grants
Other income
Contributions from clubs
Sundry income
Income from clubs and branches
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Postage and stationery
Sundries
Travel
Affiliation fees
Charitable activities
Wages
Social security
Pensions
Postage and stationery
Travel
Support costs
Management
Rent and service charges
Carried forward		 2022
£
12,128
2,319
530,606
545,053
10,200
10,039
52,440
1,335
63,814
342,278
-
2,435
62
2,497
963,842
39,837
3,081
1,147
1,363
828
251
-
46,507
362,515
27,733
10,325
241
11,056
411,870
11,795
11,795		 2021
£
11,225
-
951,179
962,404
163
-
35,422
-
35,422
402,525
94
8,350
1,744
10,188
1,410,702
17,082
1,234
611
132
371
110
23
19,563
260,030
18,791
9,315
-
3,936
292,072
26,221
26,221

This page does not form part of the statutory financial statements

Page 26

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WARWICKSHIRE ASSOCIATION FOR THE BLIND

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2022

Management
Brought forward
Business rates
Insurance
Light, heat & water
Telephone
Postage
Photocopying and printing
Stationery
Recruitment
Travel
Training
Equipment supplied
Computer system
Affiliation fees
DBS disclosures
Transport for home visitors
Warwickshire Vision magazine
Repairs and maintenance
Office equipment maintenance
Sundry
Resources expended by clubs
Depreciation of tangible and heritage assets
Finance
Bank charges
Other
Investment manager fees
Governance costs
Auditors' remuneration
Legal & professional fees
Accountancy fees
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income		 2022
£
11,795
3,688
9,351
3,208
7,121
659
12,407
1,278
2,944
790
4,309
8,736
12,344
-
1,920
-
-
(13,549)
7,897
23,370
-
4,928
103,196
604
2,701
-
11,736
6,494
18,230
583,108
380,734
105,692
486,426		 2021
£
26,221
2,355
8,012
1,348
6,711
1,539
1,389
1,081
4,872
21
7,876
4,197
6,774
75
1,011
467
4,699
36,016
2,520
6,243
1,265
756
125,448
-
1,880
6,266
12,423
-
18,689
457,652
953,050
246,561
1,199,611

This page does not form part of the statutory financial statements

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