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← Worcestershire Association For The Blind

2024-03-31-accounts

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the year ended

31st March 2024

Company registered number: 07258623

Charity registered number: 1136716

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

Contents

Reference and administrative details 1
Chair's Statement 2
Trustees' Report 3 to 8
Statement Trustees' Responsibilities 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Statement of Financial Position 12
Notes to the Financial Statements 13 to 18
Detailed Financial Statements 19 and 20

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

Reference and administrative details

Chairperson (resigned 31 Trustees C Wigley March 2024) Chairperson and Treasurer R Milford (from 31 March 2024) H Shaw Vice Chair E S Baio A W Hall J Hill J McBride S Sheridan P A Virdi-Smith Chief Executive Officer A Eyre Company registered number 07258623 Charity registered number 1136716 Registered Office The Bradbury Centre 2 Sansome Walk Worcestershire WR1 1LH Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Thursfields Solicitors 9-10 The Tything Worcester WR1 1HD Independent Examiner Forest Phoenix Accountancy Ltd Units 21-23 Foxes Bridge Road Forest Vale Industrial Estate Cinderford Gloucestershire . 4i GL14 2PQ

Page 1

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

CHAIR’S STATEMENT

for the year to: 31st March 2024

Introduction

Welcome to Sight Concern Worcestershire’s Annual Report for a year which saw us continue to change, develop and adapt. Following her appointment as Chief Executive Officer at the end of 2022, Anne Eyre has led the reshaping of our services and embedding of a new structure, work which will continue in the year 2024/2025.

The reshaping of our services was informed by a consultation exercise with our beneficiaries which was led by a visually impaired development consultant. This knowledge built on our previous Discovery project in giving us detailed information about the services which are most valued and needed by our beneficiaries.

Our organisational development was supported by our management team receiving bespoke training in Collaborative Business Management and Leadership, accredited by the Institute of Leadership. Our whole staff team also attended a team development day to embed our organisational values.

The Board continues to seek excellence in governance and agreed to review our governing document to ensure it reflects our current strategic intent. We are awaiting Charity Commission approval of the changes proposed. The Board also continued its review of policies and procedures, including an improved finance and risk management process. Our Chair of the last four years, Caroline Wigley, stepped down at our AGM in February 2024 and was replaced by our previous treasurer, Rob Milford, enabling a smooth transition.

We continue to receive a grant from Herefordshire and Worcestershire Integrated Commissioning Board to deliver vital low vision assessments. We have maintained our close working relationship with our colleagues at Worcestershire Acute Hospital Trust to provide a high quality, efficient and holistic low vision service. In October 2023, we were awarded a contract from Worcestershire County Council to provide our Sensory Matters information, advice and guidance service to vision and/or hearing-impaired people. We are delighted to be able to offer an integrated service through this funding.

Apart from these commissioned services, we are entirely reliant on charitable donations to provide our work. We are very grateful to the generous trusts and individual donors who support our work; without them we would not be able to provide the vital services to support the people with sensory impairment in Worcestershire. We were delighted to be awarded a three-year grant by the National Lottery Community Fund in August 2023 which will enable us to continue delivering our core services as we progress on our journey of becoming more sustainable.

We received sizeable grants from the Postcode Lottery, the Tandy Trust, and the National Lottery. We were grateful for the support of New Medica, Quality Solicitors Parkinson Wright, those who took part in the World Sight Day Quiz or supported us financially in any other way. We are particularly touched by legacies and in memorium collections. We are enormously grateful to all of our volunteers who donate their time, enthusiasm and skills; we could not do what we do without them.

The wider economic climate is, and will continue to be, challenging. As a result, finances are a key focus for us, in common with the whole charity sector. Although we have had to make some changes, we are proud that we have not had to reduce or cut any services. However, the Board does need to take time to consider our plans for updating the Bradbury Centre to ensure that whatever we do, it remains affordable.

Despite the challenges we face, we have entered a new financial year with cautious optimism, a strategic vision which supports our sustainability and a continued commitment to meeting the needs and improving the experiences of people with a sensory impairment.

Rob Milford Chairperson

Date: 10 July 2024

Page 2

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

Structure, governance and management

The charity is governed by our Articles of Association. The association was established by a charitable trust deed in 1930. The Trustees transferred all assets to the charitable company limited by guarantee which was incorporated on 19th May 2010.

The charity is governed by a Board of Trustees, who also act as directors, under its memorandum and articles. The trustees/directors have overall responsibility for ensuring that:

The Articles stipulate that we must have three directors/trustees and does not set a maximum number. During this financial year, we had 9 trustees;

C Wigley (Chair until March 2024)

R Milford (Treasurer, and Chair from March 2024)

H Shaw (Vice Chair)

E Baio

S Sheridan

J McBride

P Virdi-Smith J Hill A Hall

The Board recognises the vital contribution made by people with a sensory impairment and actively seeks to recruit sensory impaired trustees. At least four trustees serving on the Board in this financial year were sensory-impaired. Trustees are selected for the skills they can offer; a skills audit is used to identify the range of skills required and any gaps in their expertise.

The Board delegates day to day management, the development of strategy and overall leadership of the organisation to the Chief Executive Officer.

Policies and Procedures

We have policies and procedures in place to govern our activities; these include Health and Safety, Equality, Diversity and Inclusion, Volunteering, Disciplinary, Grievance, Capability, Safeguarding Children and Safeguarding Vulnerable Adults. Policies are reviewed by Trustees on a regular cycle.

Objectives and activities

Our stated objects within the Articles for which the charity is established are for the public benefit:

These objectives are monitored on a regular basis by the officers of the association and the Board.

Page 3

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

Public benefit statement

In setting objectives and planning for activities, the Board has given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance Public benefit: running a charity (PB2). There are approximately 24000 people living vision impairment in Worcestershire, 8570 of whom are registered blind or partially sighted.[[1]] An estimated 125000 people are living with hearing loss or Deafness.[[2]] As the only charity dedicated to supporting sensory impaired people in Worcestershire, we aim to reach as many of these people as we can, within our available resources, to support them to come to terms with their sensory impairment, develop new skills and ways of doing things, overcome barriers and feel empowered to make decisions about their lives.

The Board considers that Worcestershire Association for the Blind provides a public benefit by actively promoting, supporting and empowering people affected by vision impairment and other sensory impairment.

Achievements and performance

To achieve our objectives, we provide a range of services providing information, advice and guidance to sensory impaired people and their support networks.

This year, our services have included:

o Advice about aids, equipment and technology, including demonstrations, workshops and one-to-one support ;

o Befriending volunteers who can support people with the things they need to do, such as reading post, and the things they want to do, such as hobbies and socialising;

o Sight loss awareness advice and training to those who want to know how they can support vision impaired people.

o A weekly toddler group for families affected by vision impairment and activities in school holidays for older children;

o Employment workshops delivered in partnership with Unity and Worcester Community Trust. We appreciate how challenging it can be to travel across the county, so we deliver our services across the six districts of Worcestershire, in local community settings or in people's homes when necessary.

We are fortunate to benefit from the support of over 170 volunteers who support us across all areas of the charity including administration tasks in our offices, helping at Connections groups, befriending, reading and recording the talking news and more.

[1] RNIB Sight Loss Data Toolkit v5 [2] RNID Prevalence of Hearing Loss 2019

Page 4

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

Achievements and performance

Over the course of the year, we provided services to or were in touch with 2237 clients, over 900 of whom were new to

us.

“There’s certainly a lot for Sight Concern to celebrate. You really are all making a big difference to the lives of people living with sight loss. I am very new to sight loss... I noticed Sight Concern’s phone number at end of an ophthalmology letter after months of appointments. I sadly wasn’t sign posted to it by the hospital. I plucked up the courage to ring and I’m so glad I did. Every single member of staff or volunteer have been so wonderful helpful and reassuring. This means so much; thank you all”.

Service highlights

Information, advice and guidance ; in order to feel empowered to make decisions, people affected by sensory impairment need to have access to information and advice relating to their unique circumstances. Some people need more than basic information and advice or signposting. They may be newly diagnosed or just coming to terms with their vision impairment and beginning to accept support. In many cases, people are not aware of the support that is available to them including benefits, equipment, help with the emotional impact, to adapt and develop confidence. They also need to trust that the source of information is credible. Our Sensory Impairment Advisors work with sensory impaired people to identify their individual strengths, needs and challenges. We use a holistic assessment tool and work together to meet agreed objectives.

Information, advice and guidance was given to 917 people during the year, a 26% increase from last year.

“Sight Concern have been amazing, absolutely amazing”.

“Thank you very much for your help, you have been brilliant.”

“Amazing. I could talk to you all day. I have learnt so much from you today. I’ll be calling you again. Thank you for your help, you understand things”.

“Thank you for all your help, it has helped a lot. I am not so worried about the future now. Before, I thought this would be the end.”

“Thank you truly for the help and care you have given me. I did not think I could get this kind of support, and it has definitely made me happier”.

Low vision clinics ; a key part of our work is maximising people’s independence. Many people who are sight impaired or severely sight impaired have some residual vision. By using magnification aids, people may be able to continue completing daily activities, particularly those involving reading.

We have continued our partnership with our NHS colleagues to deliver all low vision assessments at the Bradbury Centre, pooling our resources to ensure a more person-centred and efficient service. Improved take-up of and attendance at appointments continues, meaning that more people are in receipt of vital equipment and our support at a critical time.

Page 5

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

In total, 496 people with a vision impairment were assessed in a low vision clinic this year, an increase of 22%.

Connections groups; the people we support have told us how much they value spending time with people who share similar challenges and experiences, particularly the opportunities for informal advice and peer support.

Our Connections groups enable and empower people to develop the knowledge, skills and confidence from peers who have similar experiences. This year has seen attendance at our groups increase. We expect to establish groups for people with hearing loss in the next year.

607 different people attended at least one of our groups or activities during the year.

"These events, in partnership with other charities, are incredible and something we are so grateful for. Such a wonderful charity, doing amazing things for families like ours."

“I feel very isolated at times and am so thankful for a group where I feel safe and can be myself.”

Access to technology; technology is a crucial ally for many of the people we support, playing a central role in developing independence and overcoming barriers. Progressively more common accessibility tools, such as voice command software, magnification and screen readers enable people to access digital content with minimum effort once they know how to. Technology is constantly evolving and creating further opportunities for a more accessible world. Our technology service offers support to any blind or partially sighted person who wants to learn more about how technology could be useful to them.

Following the departure of our technology advisor, we have remodelled the service and are working in close partnership with suppliers, the RNIB and other specialist partners to continue meeting the needs our beneficiaries. We are pleased to be able to deliver information and advice about technology to people with hearing loss as part of our expanded sensory impairment offer.

322 people were supported by this service during the year, 205 of whom had not received technology support from us before.

“This has been the most positive, uplifting and helpful conversation I have had since being diagnosed with my sight loss. Thank you so, so much”

Volunteering; volunteers are at the centre of our services. They enable us to support more people and provide more services. Volunteers are involved in every aspect of our charity, including befriending, administration, producing the Malvern Talking News, supporting our low vision service, running our art group and providing a warm welcome and a brew to people attending our groups. We were delighted to welcome volunteers to our annual thank you event.

“Thank you for the volunteer thank you event. The setting was lovely, the entertainment was brilliant! I couldn't fault it!”

“I can only reiterate how glad I am to have found such a lovely ‘family’ and some truly wonderful clients. I thoroughly enjoy walking through the door! (Some more windows would be nice!) I really value the fact that there is a mix of generations”.

“My volunteer is wonderful, I don't know how I'd manage without him.”

Page 6

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The Trustees have given careful consideration to the requirement to maintain an appropriate level of free reserves, being those unrestricted funds not invested in fixed assets or otherwise committed.

The Charity needs reserves to enable it to develop its long term aims as well as to ensure the continuation of its current activities. In order to meet their responsibilities and to ensure that the Charity continues to operate on a going concern basis, the Finance Committee has reviewed the requirements and risks faced by the charity in both the short and medium term.

Our reserves policy takes into consideration that, as we are a charity that relies heavily on fundraising, we are subject to the effects of short-term volatility in income. We therefore hold funds in reserve to ensure that we can continue to provide continuity in our core services in the face of fluctuations.

We hold reserves to meet the following purposes:

Inability to raise income: Inability to raise income has many root causes, including recession. The Trustees have set aside £65k (2023: £62k) to cover these contingencies.

The costs of closure of the Charity: Should the Charity need to wind up the staff team will need to be paid redundancy costs and we may need to pay professional fees to assist us to close down the Charity. The Trustees have set aside £44k (2023: £42k) to cover these possible events.

Costs of repairs to the building: The building that the Charity occupies is an old property and repairs can be costly. We have included a sum of £10k for unplanned essential repairs. Our flat roof is over 20 years old and may require replacement in the very near future, quotes have been obtained for this. The Trustees have set aside £94k (2023: £90k) in total, to cover these contingencies.

Staffing contingency costs: There are some key activities that must be carried out in order to fulfil contractual or legal requirements, there may be a requirement to employ temporary staff to cover long-term sickness absence or to fund agency recruitment costs for senior staff. The Trustees have set aside £34k (2023: £33K) to cover these contingencies.

The total value for all contingencies is £237k (2023: £227k).

Page 7

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ ANNUAL REPORT

(including Director's Report)

for the year to: 31st March 2024

Designated funds

We received an unusually high amount of legacy income in prior years and have continued to spend a significant amount of these funds on the cost of providing our ongoing activities until the end of the financial year. We have already made grant applications to cover costs for the following financial year (2024-25), so have not made any new designations from funds. There are unrestricted designated funds of £3k (2023:105K), (see the Funds note 12 of the accounts) that do not include the reserves required for our contingency funding which is included in our unrestricted general funds.

Based on the above assessment the Trustees estimate that the total level of free reserves required to mitigate against identifiable risks is approximately £240k (2023: £333k; 2022: £481k).

Inability to raise income
The costs of closure of the charity
Costs of repairs to the building
Staffing Contingency Costs
Designated Funds
Total		 2024
2023
£
£
64,812
62,319
44,193
42,493
93,808
90,200
34,320
33,000
2,851
104,815
239,984
332,827

The level of our reserves (see Note 12 "Unrestricted designated funds") held at the year-end, which excludes fixed assets in restricted funds and including payment of our creditors, is £330k (2023: £541k; 2022: £673k; 2021: £567k). This includes investment funds of £285k (2023: £371k; 2022: £386k; 2021: £355k) that are convertible at short notice if required, less current liabilities of £54k (2023: £30k; 2022: £49k; 2021: 232k), plus unrestricted current assets of £108k (2023: £193k; 2022: £336k; 2021: 244k).

Our reserves of £330k exceed the amount required to mitigate our risks of £240k. Therefore, we are able to draw down some of these savings to use for frontline services if necessary. Sight Concern intends to use grants awarded and other income generated to fund the forthcoming year. However if some expected applications do not come to fruition, or are delayed, the organisation will still be able to operate smoothly and meet its obligations.

Page 8

Worcestershire Association for the Blind

(a registered charity and private company limited by guarantee)

TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Worcestershire Association for the Blind for the purpose of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. 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 charitable company and of its incoming resources and application of resources, including its income and expenditure for that period.

In preparing these financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charitable company and signed on its behalf by:

R. Milford Chairperson

Date: 10 July 2024

Page 9

Worcestershire Association for the Blind

Independent Examiner’s Report

Independent examiner's report to the trustees on the accounts for the year ended 31st March 2023

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that neither an audit nor an independent examination is required for this year under section 144 of the Charities Act 2011 (“the Charities Act”). The charity’s gross income did not exceed £250,000, but the trustees have requested the independent examination to satisfy funding body requirements and I/we are qualified to undertake the examination by being qualified members of the Association of Chartered Certified Accountants (ACCA) and the Institute of Financial Accountants (IFA).

It is our responsibility to:

Basis of independent examiner’s statement

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

Independent examiner's statement

In connection with my examination, no material matters have come to my attention, which gives me cause to believe that in, any material respect:

I have come across no 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.

Signed: 30 June 2024

Jonathan Mills for and on behalf of Forest Phoenix Accountancy Ltd

Page 10

Worcestershire Association for the Blind

Statement of financial activities (SOFA) for the year ended 31st March 2024

(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income from:
Donations, legacies and grants
3
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
4
Charitable activities
4
Total expenditure
Net income/(expenditure) before
net gains on investments
Net (losses)/gains on investments
Net movement in funds before
other recognised gains
Other recognised gains:
Gains on revaluation of fixed assets
and investments
Net movement in funds
Reconciliation of funds
Total funds brought forward
19
Total Funds Carried Forward
19		 Unrestricted
funds
£
260,667
26,172
42,508
6,684
1,945
337,976
(3,425)
(570,140)
(573,565)
(235,589)
24,583
(211,006)
-
(211,006)
540,509
329,503		 Restricted
funds
£
11,725
-
-
-
-
11,725
-
(10,566)
(10,566)
1,159
-
1,159
-
1,159
1,101,622
1,102,781		 Total
31st March
2024
£
272,392
26,172
42,508
6,684
1,945
349,701
(3,425)
(580,706)
(584,131)
(234,430)
24,583
(209,847)
-
(209,847)
1,642,131
1,432,284		 Total
31st March
2023
£
131,703
12,325
43,265
11,111
1,536
199,940
(6,613)
(494,803)
(501,416)
(301,476)
(14,591)
(316,067)
-
(316,067)
1,958,198
1,642,131

The Statement of Financial Activities includes all gains and losses recognised in the year.

No amount is in the financial statements for volunteer time in line with the SORP (FRS102).

The notes on the following pages form part of these financial statements.

Page 11

Worcestershire Association for the Blind

Statement of Financial Position (SOFP) as at 31st March 2024

Note
Fixed Assets
Tangible Assets
6
Investment property
7
Current Assets
Debtors and prepayments
8
Investments
9
Cash at bank and in hand
10
Creditors:Amounts falling due within one year
11
Net Current Assets
Total Net Assets
Funds of the charity:
Restricted funds
12
Unrestricted designated funds
12
Unrestricted general funds
12
Total unrestricted funds
Total funds
13		 2024
£
647,586
446,103
1,093,689
10,051
285,220
97,622
392,893
(54,298)
338,595
1,432,284
1,102,781
2,851
326,652
329,503
1,432,284		 2023
£
661,549
446,103
1,107,652
21,307
370,992
172,090
564,389
(29,910)
534,479
1,642,131
1,101,622
104,815
435,694
540,509
1,642,131

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts 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, authorised for issue and signed on their behalf by:

R. Milford Chairperson

Date: 10 July 2024

Page 12

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is:

The Bradbury Centre 2 Sansome Walk Worcester Worcestershire WR1 1LH

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Worcestershire Association for the Blind meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

After making appropriate inquiries, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements further details regarding the adoption of the going concern basis can be found in the accounting policies.

Exemption from preparing a cash flow statement

The charity opted to not include a cash flow statement in these financial statements.

Income and endowments

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

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 13

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

2 Accounting policies (continued)

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life. For property that is 50 years or 2% straight line (SL), for fixtures and fittings is 10 years (10% SL), and 3 years for office equipment (33% SL).

Page 14

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

2 Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 15

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

2 Accounting policies (continued)

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Staff costs

osts
Wages and salaries
Social Security costs
Pensions Costs		 2024
£
295,580
20,381
8,528
324,489		 2023
£
290,654
22,109
8,361
321,124

4 Taxation

The charity is a registered charity and is therefore exempt from taxation.

5 Pension and other schemes

5 Pension and other schemes
Defined contribution pension scheme
6 Tangible fixed assets
Cost
Additions
Disposals
Total cost
at 31 March 2024
Depreciation
Depreciation on disposals
Charge for the year
Total depreciation
at 31 March 2024
Net book value
at 31 March 2024
Net book value
at 31 March 2023		 Long-term
leasehold
property
£
668,897
-
-
668,897
13,378
-
10,566
23,944
644,953
655,519		 2024
£
8,528
Fixtures and
fittings
£
250,884
-
-
250,884
244,854
-
3,397
248,251
2,633
6,030		 2023
£
8,361
Total
£
919,781
-
-
919,781
258,232
-
13,963
272,195
647,586
661,549

The valuation of the property held at the beginning of the reporting period was carried out by an independent valuer called Fisher German LLP, a member of the Royal Institute of Chartered Surveyors. The valuation was made on an open market, value-in-use basis by reference to market evidence of transaction prices for similar properties and the percentage growth rate of the property market over the year, having due regard to any impairment provision necessary.

The building situated at Sansome Walk, Worcester, was valued at £1,115,000 dated 17 December 2021. The charity occupies the ground floor that is 60% of the value (£669k) and is depreciated at 2% straight line and revalued at least every 5 years.

Page 16

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

7 Investment property
Valuation
at 1 April 2023
Revaluation
Valuation
at 31 March 2024		 2024
£
446,103
at 1 April 2022
-
446,103
at 31 March 2023		 2023
£
446,103
-
446,103

The building situated at Sansome Walk, Worcester, was valued at £1,115,000 dated 17 December 2021. The first floor that is 40% of the total value (£446k) and is rented out and is classed as an investment property.

8 Debtors
Trade debtors
Prepayments and accrued income
HMRC Employers Allowance unclaimed
9 Current asset investments
Charities unit trust equity fund
10 Analysis of cash at bank between funds
Cash at bank and in hand as at 31 March 2023
Net cash flow
Cash at bank and in hand as at 31 March 2024
11 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Pension control account
Other creditors
Accruals and deferred income		 Restricted funds
£
-
-
-

 2024
£
7,669
2,382
-
10,051
2024
£
285,220
Unrestricted
funds
£
172,090
(74,468)
97,622
2024
£
10,887

4,946
2,393
7,052

29,020
54,298		 2023
£
3,504
4,764
13,039
21,307
2023
£
370,992
Total
£
172,090
(74,468)
97,622
2023
£
6,582
4,191
2,054
7,052
10,031
29,910

Page 17

Worcestershire Association for the Blind

Notes to the financial statements for the year ended 31st March 2024

12 Funds
Restricted funds
Sansome Walk Property - ground floor
Sansome Walk Property - first floor
The National Lottery
Total restricted funds
Unrestricted designated funds
Malvern branch
Leasehold property improvements
Total unrestricted designated funds
Unrestricted general funds
Total unrestricted funds
Total funds
13 Analysis of net assets between funds
Tangible fixed assets
Investment property
Current assets
Current asset investments
Current liabilities
Total net assets
Tangible fixed assets
Investment property
Current assets
Current asset investments
Current liabilities
Total net assets		 Balance at
1 April 2023
£
655,519
446,103
-
1,101,622
4,815
100,000
104,815
435,694
540,509
1,642,131		 Incoming
resources
£
-
-
11,725
11,725
-
-
-
362,559
362,559
374,284
Restricted
funds
£
644,953
446,103
11,725
-
-
1,102,781
Restricted
funds
£
655,519
446,103
-
-
-
1,101,622		 Resources
expended
£
(10,566)
0
0
(10,566)
(1,964)
(100,000)
(101,964)
(471,601)
(573,565)
(584,131)
Unrestricted
funds
£
2,633
-
95,948
285,220
(54,298)
329,503
Unrestricted
funds
£
6,030
-
193,397
370,992
(29,910)
540,509		 Balance at
31 March 2024
£
644,953
446,103
11,725
1,102,781
2,851
-
2,851
326,652
329,503
1,432,284
Balance at
31 March 2024
£
647,586
446,103
107,673
285,220
(54,298)
1,432,284
Balance at
31 March 2023
£
661,549
446,103
193,397
370,992
(29,910)
1,642,131

Page 18

Worcestershire Association for the Blind

Detailed Profit & Loss for the year ended 31 March 2024

Income
Donations Received
Grants
Legacies
In Memorium
Payroll Giving
Regular Giving
Events - Corporate Sponsorship
Corporate giving
Unity Lottery
Community Fundraising
Static Boxes
Gift Aid
Raffles
Attendance fees/Contributions
Sale of Aids and Equipment - Non Vatable
Sale of Second Hand Aids and Equipment
Income from Suppliers
Income from Training
Rent/ Lease Income
Income From Room Hire
Other income incl. Access to Work
Investment Income
Bank Interest Received
Total income
Expenditure
Raising funds
Merchandise (Fundraising)
Fundraising Event Costs
PR (Literature & Brochures)
PR social media
Aids and Access to Work Equipment
Miscellaneous Purchases
Client Expenses
Charitable activities
Room Hire
Staff Travel
Volunteer Travel
Vehicle/Transport Hire
Speaker/Tutor/Entertainment Charges
Trip / Outing Costs
DBS Checks
Low Vision Assessment Fees
Low Vision Aids
Refreshments
Advertising of services
Materials		 Total
31 March
2024
£
12,222
229,082
26,549
1,343
675
2,521
5,354
1,908
749
2,103
14
1,240
0
126
13,208
294
897
279
39,654
163
2,691
6,684
1,945
349,701
0
(1,734)
(698)
(900)
(11,469)
0
(32)
(14,833)
(2,753)
(2,844)
(468)
(607)
(2,035)
(2,532)
(663)
(3,520)
(4,548)
(838)
(25)
(825)
(21,658)		 Total
31 March
2023
£
8,741
61,325
57,979
1,591
168
1,899
120
98
786
1,256
942
1,248
9
0
5,005
728
2,133
0
43,077
188
0
11,111
1,536
199,940
(476)
(342)
(236)
0
(5,481)
(16)
(11)
(6,613)
(2,194)
(3,336)
(442)
(76)
(319)
(721)
(568)
(5,580)
(7,343)
(961)
(960)
(959)
(23,459)		 Variance
£
3,481
167,757
(31,430)
(248)
507
622
5,234
1,810
(37)
847
(928)
(8)
(9)
126
8,203
(434)
(1,236)
279
(3,423)
(25)
2,691
(4,427)
409
149,761
476
(1,392)
(462)
(900)
(5,988)
16
(21)
(8,271)
(559)
492
(26)
(531)
(1,716)
(1,811)
(95)
2,060
2,795
123
935
134
1,801		 Variance
%
40%
274%
-54%
-
302%
33%
4362%
-
-
-
-99%
-1%
-
-
164%
-
-58%
-
-8%
-13%
-
-40%
27%
75%
-
-
196%
-
109%
-100%
-
125%
25%
-15%
6%
699%
538%
251%
17%
-37%
-38%
-13%
-97%
-14%
-8%

Page 19

Worcestershire Association for the Blind

Detailed Profit & Loss for the year ended 31 March 2024 (continued)

Expenditure (continued)
b/fwd
Equipment purchases for resale
Sub-contractors service delivery costs
Water Rates
Electricity
Gas
Printing
Postage and Carriage
Office Stationery
Office Equipment and Furniture
Telephone and Internet
Computer and Software
Mobile Phone Costs
Repairs and Renewals
Cleaning
Waste Collection
Premises Expenses
Maintenance Contracts
Health and Safety Costs
Insurance
Sundry Expenses
Bank Charges
Gross Wages
Employers NI
Employers Pensions
Recruitment Expenses
Agency/Freelance
Training
Legal Fees
Accountancy and Independent Examiners Fees
Other Professional Fees
SAGE Costs
Pension Costs
Membership Fees
Property Depreciation
Office Equipment Depreciation
Total expenditure
Other recognised gains/(losses)
Investment Gains/Losses
Total other recognised gains/(losses)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total Funds Carried Forward		 Total
31 March
2024
£
(21,658)
(13,198)
(10,615)
(1,636)
(18,728)
(2,691)
(3,104)
(1,018)
(1,601)
(8,059)
(3,273)
(7,149)
(1,309)
(5,350)
(6,610)
(799)
(21)
(756)
(3,646)
(4,920)
(888)
(127)
(295,580)
(20,381)
(8,528)
0
(30,019)
(5,393)
(2,344)
(4,320)
(67,622)
(3,066)
(518)
(408)
(10,566)
(3,397)
(569,298)
24,583
24,583
(209,847)
1,642,131
1,432,284		 Total
31 March
2023
£
(23,459)
(615)
(81)
(1,700)
(15,479)
(2,856)
(3,216)
(251)
(917)
(239)
(2,672)
(13,580)
(1,571)
(7,340)
(3,338)
(745)
(26)
(985)
(2,293)
(3,675)
(1,572)
(138)
(290,654)
(22,109)
(8,361)
(3,809)
(16,293)
(1,781)
(6,039)
(2,522)
(32,365)
(2,834)
(518)
(539)
(13,378)
(5,428)
(494,803)
(14,591)
(14,591)
(316,067)
1,958,198
1,642,131		 Variance
£
1,801
(12,583)
(10,534)
64
(3,249)
165
112
(767)
(684)
(7,820)
(601)
6,431
262
1,990
(3,272)
(54)
5
229
(1,353)
(1,245)
684
11
(4,926)
1,728
(167)
3,809
(13,726)
(3,612)
3,695
(1,798)
(35,257)
(232)
0
131
2,812
2,031
(103,978)
39,174
39,174
106,220
(316,067)
(209,847)		 Variance
%
-8%
2046%
13005%
-4%
21%
-6%
-3%
306%
75%
n/a
22%
-47%
-17%
-27%
98%
7%
n/a
-23%
59%
34%
-44%
-8%
2%
-8%
2%
-100%
84%
203%
-61%
71%
109%
8%
0%
-24%
-21%
-37%
27%
-
-
-
-16%
-13%

Page 20