REGISTERED COMPANY NUMBER,. 070938211 (Englathd artd Wales) REGISTERED CIL4RITY NUMBER: 1143308 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR NORTH WALES SOCIETY FOR THE BLIND SociÉY williomsdenton Williams D¢llton Cyf Chart¢r¢d Certified Accollntartls Gl&fjlyn Ffordd y Par¢ Parc Metsai 13anggr Gwyn¢dd LL57 4FE
NORTH WALES SOCIEfY FOR THE BLIND COLYTENTS OF THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2Q24 P*ge Report ofthe Trustees IDdependent Elamier,1 Report Statement of Fiianelal Activities B4lance Sheet 9 to 10 Notej ts the Financial Stattments 11 to 25
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRVSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of th¢ charity for th¢ purposes of ibc cOpanIC$ Act 2006, present their report with th¢ financial statemenis of ihe charity for the yvdr ¢Yed 31 March 2024. Thc ttU5tees have adopted the provisions of Accounting and Reporting by Charities.. Stat¢rn¢nt of Re¢omrn¢nded PrdCti¢e applicable to charities preparing their accouots in a¢cordance with the Financial Reporting Standard applicabl¢ in the UK and Republi¢ of Ireland IFRS 102) (eff¢¢tive l Jatsuary 20191. OBJECTIVES AND ACTIVITIES Objectlves and aims The obj¢et of the charity shall be to promote tbe welfare of people who havt Sight Iiis$ residing in th¢ County Authorities of GWYned Angles¢y. Cvnwy, DeDbigb. Flintshire, Wrexham and North Powys. To a¢hi¢v¢ this the chaiity". - provides infornl10n and advi¢¢ to pwple who have sight loss and to th¢ir famili¢s and carers., provides a range of welfar¢ suppori and social activities; helps people who hav¢ sigbt loss to live independently. promoies awareness of sight Ios5 issues. In furth¢rdnc¢ of this obJtIve bul not oihetwise the charity has th¢ Collowing powers.. l) To act as an advisory and consultative body on all rnatt¢rs affecting the welfare of the blind and partially sighted. 2) To ¢onsid¢r and Jnake recommendations for improving the total provisions of services io blind and partially sighted peTsons. 3) To advise on such services as mny be requested by th¢ lo¢al authorities of the area. 4) To eDCOUTage the provision of employm¢nt fow th¢ blind paTtially sighted persons in the arca. 5) To providr a forum for ihe ¢x¢hang¢ of inforniation and expertise between all organisations working ¢)n behalf of Ihe blind and parttally sighied in the ar¢a. 6} To assist any such charitsblc body or bodies fJn2neially or othetivise. 7) To obtain. collect and receive monie5 and funds by way of contributions. donations, affIli3tion fces, subscription5, legarie5. gtants and any oth¢r lawful method, alld accepl and receive gifts of prop¢rty of any description {whcthcr subject to any sp¢¢ial trusts or Thot). 8) To procur¢ and provide information. 9) To pro¢ur¢ to be written and print. publish. issue and CiTculate gr81t0slY or otherwise any reports or periodicals. books, pampM¢ts, l¢aflets or other documents. 10} To promote, encourdge tsr undertake experimental work. I l} To do all such other law] things as arc nccessary for lh¢ attainment of the objccts. Page I
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEKS FOR THE YEAR ENDED 31 MARCH 2014 OBJECTIVES AND ACTIVITIES SigDifi¢Hnt 4¢tivitie5 Th¢ North Wales Society for the Blind works with sight impaired and severely sight impair¢d ppIe of all ages workirLg together to promot¢ ind¢pend¢nc¢, cholce and confidence whilst also providing th¢ ¢SS¢Dtial servi5 our ¢JThb¢rs t¢ll us are important to them. Amongst its many s¢rvi¢es the Society provides- Resource and infornhation ¢¢ntr¢ Locatcd at 325 Hi81] Strcet in Bangor, th¢ R¢sour¢¢ C¢ntre is open from 10am lo 4pm Monday to Friday. The Centre is the hub of the Society and is aD invaluabl¢ souwe of advice, inforniation and practical demonstrations. The centrc has a wide range of ryu1pllt on display rangjng from magnifiets to mobile pbones. With knowledgeable staff aTbd voluntecrs on hand to d¢monstrat¢ and advis¢. RehabiliÉation service The Rchabilitslion OfficeTS work with pcoplc vtho have Bight loss to support, ¢rKourage and develop skills whi¢b enhance safcty. promote indepefidencc, confidcnce and choice. They offer a homc or Resource Centrc bas Comph¢n1v¢ assusm¢nt and provide services such as mobility, daily living skills. Gwrato- Rerdin studio Th¢ rec4)rding sthdio produced 24 new unabridged talking books which are awdilabl¢ in Itbrari¢s throughoui Wale5. mmuni en em¢nt Comn]unity ¢ngag¢m¢nt services continue to engage witb groups and illdtviduals to ensure that the servi¢¢s th¢ charity provides mpAt th¢ D¢¢ds of 4)ur m¢mb¢FS. Infornlatio TraininK assessm¢nt5 and d¢monstsalions of spla]ISt software and technology. Grattts setvice Co-ordinating an1 appeals on b¢half of pwpl¢ who hav¢ sigh¢ los Mental health su ort Provlding one to one counselling and SUPPOTL Publi¢ bentfjt Th¢ trust¢¢s have paid due regard to the Charity Commissions guidance on public ben¢fit ID (kciding the activities und¢rtak¢n by the North Wales Sociery for the Blind during the year. The trusttts aTe satisfi¢d that the inforniation providcd in the report and accounts meets rhe public benefit reportin8 requirelnents. Pag¢ 2
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitsble *etlvltle5 How our artivitles deliver public benefit Th¢ charity continued to provide servic¢s to the blitLd and partially-sightcd. Its main activiti¢$ consisted of.. - l) Rehabilitation Services for Gwynedd and Angl¢s¢y Authoriiies. 2) Bangor Resource Centre. 3) Audio Books and Newspapcr Servicc Lt th¢ BaDgor smdio. 4) Community Seryiees, social and activity groups, 5) Information technology, tr&inin& advice and support. Together and with your help during 2024 w¢.. Supported for over1.800 children and people living wlth sight loss Supported 106 children living with sight lo$$ and thelr (n11t¢S - Welcomed hundTeds of people at our r¢souree eentre in Bangor Our rehabilitation team visited oY¢r 470 p¢ople in their own homes H¢ld awareness (raining sessions for over 250 oPle - Provided tec])nology support for ov¢r 150 people - Reeorded 24 audio books ilUding the novel Capten by M¢ittir Pierce Jone$ - Supported a nurnbw of so¢ial and leisure clubs and held a numbu of events fjwrando ¢elebrat¢d its 60th Year, tts part of the celebrations we r¢-mstercd our recording of Cysgod y Cryman by Islwyn Ffowc Ellis , r¢ad by JO Robcrts, originally recorded in the 1963 this anniversary cdition has becn carefulty Ternastered and digitized, and is available in libraries throughout Wal¢s. FIIYANCIAL REVIEW Flnancial positio The accounls show a surplus afterpcnsion actuarial gains/llo$s¢s) of £186.536 (2023 - £515.453). Total TOurCeS expended decre&sed by £97,355 (17.5•/0) to £458,162 {2023 - £555,517). Th¢ ¢haTity operates a Defined Benefits Pension Scheme. Under regulatiot)s introduced by th¢ Financial Reporting Sthndards (FRS 1021 the Society is Tequir¢d to id¢ntify its asset or liability as cal¢ulated by ibe Acwaries for the schcmc. The h¢nwAes have ideniified 3SSets of £857,(1(Ml as at 31 Match 202412023 £578,000). PritLeipAI fundlng SOYT¢¢S Core fundAllg is provided by th¢ Isl¢ of Anglesey County Council and GweId Council. Investment policy aDd objectives In accordance with the ¢haTity'5 constitution, the Trustees have the power to invest in such stocks, shares and investments as they see fil. The Trnstets bave appointed Canac£ord Gcnuity (previously Hargreave Hale) to manag¢ the investm¢Dts, amounting to £2,117.372 as at 31 March 2023 (2023 - £2,147.274). The investrnent approach, whilst low risk, is designed tt> achieve a balance b¢tsvccn incomc and capiial growth. Page 3
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3] MARCH 2024 FII¥Af4ciAL REVIEW Re5trves poli¢y The re5ervcs are held to enable the cbarity to meei its charitabk and legal obligations to its beneficiaries and ¢p10Y¢¢$. Specifically th¢ purpose of its reSe¢S is to.. -Enable th¢ Trustees to manage the fancIal risks involved iti providing th¢ agreed services ad activxiies. -Enable the Tnt¢¢$ to provide for the development of n¢w servi¢e5. -Enable th¢ Trustc¢s to meet any shortfall btheen voluntsry income Ond the cost of activities wholly. OT partially. dependent on Yoluntary nds. The reserves policy seeks to balance spendit)g the maximum amount of in¢om¢ rai$¢d as 500n as possible after receipt witb maintaining tbe minimum l¢vel of reserves to ensure UDilItcrrupt operation and Provide time to adjust to a change in fuwicial circumstancw. A prudent asse&sment of the fJnaDcial irnpa¢t of risk events on rese[5 is assess as striking an appropriate bolanee bettveen the need to spend ineome when it is r¢¢¢ivd and maintait)ing operational illkgrity. This level of reseNes is consistent with Cymd¢ithas Dci]lio Gogledd CymTU'5 bu5ine5s rnod¢l and fmancial impact of kcy risks - Dircctors have identified the nttd to maintaith a level of fTC¢ reserves equal 20 - 24 rnouths of ¢xp¢ndltt¢. Directors idcntify the Meed to reduee the overall level of reserves ovcr th¢ next five years 2024-26 Busincss plan will set out a ttumber of new projects to b¢ fimdcd in part / or wholly through D¢5iWted rcs¢rv¢ fvnds. Ther¢ ar¢ no subslantial material projects or capital gpending plan5 that ¢atmot be met from anticipated inci)m¢ or rescTV¢S in the short- medium terni. All pmgramrnes fundcd from unrc5tsicted monies include the clallse'sllbject to rdIng, All expellditure levels can materially adjusted within a 6-month period to fit revised fillmling l¢vcl$ if needed. At 31 Mareh 2024 the charity had frec Teseryes (general funds excliiding desAgnAted fi2nds} of £3.005.321 {2023 £2,786,983). This amounts to appToximat¢ly 78 months of expendiknwe (2023 approximately 60 months expendithre). The free reseTves at 31 Marth 2024 include £857.IKK) Pension asset (2023 £578,IM)O)- If the Pension assct is excluded then the free resetves at 31 Mirch 2024 #r¢ £2,148,321. This amounts to approxitnately 56 months expe1ltUre. Page 4
NORTH WALES SOCIETY FOR THE BLIND RIPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS During 2024125 the Charity plans to srrengthen the bond b¢tW¢¢D Its members and the charily. tts encourage the development of a more resilient organisation better able to serve tbe n¢¢ds of its b¢neficiaties *]d which has a better understanding of what matters to its members. Underlying Prioriti¢s- STIiATEGIC OBJEcfivES Obj¢ctiv¢ l.. To continue to ensure the futhre fLnan¢ial r¢$i]i¢¢ of the North Wales Society of the Blind. Obj¢¢tiv¢ 2.. Create a greater sense of communtty by off¢ring regular CODtact and consultation. Obj¢ctiv¢ 3.. Focus OD drlivEtiug the services that matter. Obj¢¢tiv¢ 4.. Ensure tittlely infomiaiion, advice and support for childr¢D. adults and farnilies living with sight lo&8. Objectiv¢ S.. Ensuring th¢ 5U5tainability of quality $upportiv¢ services for people with sight loss. Objective 6.. Ensure timely, effective and b¢st quality R¢habilitation scrvices in collaborhtion and in partnership with local autboritie5. Objective 7.. Invest in our staff and volunteus to provide and maintain a range of supportive services. Objective 8.. Work in partnership with other statutory, charitable and voluntary bodies to promote the Asso¢iation's objectives to provide a wide range of supportiv¢ services for people with sight loss. During 202412025 the Soci¢ty will- - Recruit a new Communications and Futtdraising offlcer - Increase the scope of our adv¢rtising and promotion to demonstrate the value and leach of ow work - Embed a systcm of qualiry outcome meAsllrement into all of our serViS Conlinu¢ to provide ncw and innovative services to supp)rt children and their familics - Develop a new thndraising Strategy - Aim to rwruit n¢w Directors to the board of Tn]stees Welcome a An¢$t J¢ffery to ihe rehabiliiation team following suuessful completion of th¢ reh8bilitsiion studies course. - Restrncthre ond modcrnise the resourec ccntre - Cottvert ¢xisting outbuilding to create a new mccting riM)m STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Th¢ ¢harity is 8 company limited by guarantee and a registered chatity governed by its M¢rnorandum and Arti¢l¢$ of Association. As at 31 Mar¢h 2024 there were 4 members. The liability of each member in the ev¢nt of the cvmpany being wound up is restrict¢d io £1. Reerultment and Rppointmettt of neTrv trustees The busincss of the charity is m¥na8¢d by a Board of Trustees. D)rtors r¢sponsibiliti¢s are def]ned under the Director Recruitment Poli¢y. Dir¢¢tQTS nvdy be nominated to the Board during by resolution upon successful completion of the director recNitment pr¢$5. Th¢ nulnber of tnteeS is detennined by the charity in General Meeting, but unless and until $0 fJx¢d there is r) maximum or minimum Dumber. Membership of th¢ Board of Truste¢s will, as accurately as possibl¢, r¢flcct th¢ membership and objeets of the Charity as is current at th¢ tim¢. Organlsational $trneture The Board of Tn]5tee5 meets a$ required, typically on a monthly basis. The Board can nominate sulKommittces to consider issues arising. The staffing andlor Other sub-comrnittccs mcct on an id-hoc basis vthen the need arises. Page 5
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AIYD MANAGEMENT Indu¢tion trAinlng of new trustees Prospectiv¢ nominees to the Board receive an induction pa¢k wbi¢h iD¢lud¢s 4n outline of the charity's activities and objeetiv¢s, tog¢th¢r with inforn]ation from the Charity Con]missAon w¢bsit¢ detailing the role and responsibiliti¢s of Trustees. From time to tim¢, m¢mbers of the charity provide trainitig on variow osp¢cts of the work undertaken and policies and procedures are reviewed by tbc Iloard of Trustees as means of fallIanSa1IQll. REFERENCE AND ADMINISTIiATIVE DETAILS Reglstered Compatty ttutnber 07693820 (EDgittDd and Walcsl Registered ChArlty number 1143368 Registered office 325 High Street Bangor Gwyne(Id LL57 IYB Trn$te¢$ A R Hin¢hliff J Roberts M Roberts P J Evison (resigned 6.7.24) G Edwards Independent ExAmlntr Owain Ap Elfed FCCA Williarns Denton Cyf Chartered Certified Ac¢ovlltattts Glaslyn FfoTdd y Parc Par¢ Menai Bangor fjwyn¢dd LL57 4FE Key MaDagernent PersonDei Mr S Thomas (Chief Executiv¢) Mr D Eckley {Sellior Rehab Offic¢r) Bankers HSBC Bank PIC Atffjjroyed by order of the Ertiard of trnstees on... . and signed on its behalf by.. A R Hitichliff - rust Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH WALES SOCIETY FOR THE BLIND lThdependet exAmlDer's report to ¢h¢ tru5t¢es of Nortb Wales Soclety for the Bllnd {'the Compaoy.) l Tep(Trrt to th¢ ehariry ttustees on my examination of th¢ ac¢ounts of the Company for Ihe y¢ar end¢d 31 March 2024. Responsibllltles and b)7s15 of report As th¢ charity's ItU5tees of the Compony {and also its director5 for the puryx)ses of Company law) you are regp)nsibl¢ for th¢ preparation of th¢ accounts in a¢¢ordan¢¢ wilh the requirements of the Con)panies Aci 2(H)6 ('th¢ 2006 A¢tJ. Haviug tiSfi¢d myself that the accounts of th¢ Company are noi required tr) be audited under Part 16 of the 2006 Act and are ¢ligible for independenr examination, I r¢port in re5PCCt of my examination of your charitys accounts as carried out Under Section 145 of th¢ Ch8rities Act 2011 ('the 2011 Act,). In canying out my examination I hay¢ followed tt Directions given by the Charity Commission under Scetion 145(5) O)) of the 2011 Act. IDdepeDdent examiner's statement Since your charitys grou income exceed¢d £250,000 your ¢xarniner must bc a member of a listed body. I can confm that l am qualified to undertskc thc examination beeAuse l am a member of the Association of Chartered Certifled Accourttants, which is one of the listed bodi¢$. I hkve completed my examinalion. I confirni that no mltters have come to my attention in conn¢¢tion with the examination givilkg mc Cause to beli¢ve.' accoun(ing records were not kept in respeel of ihe Company as required by Section 386 of th¢ 2006 A¢l' or the accounrs do not accord with ih05¢ r¢wrds', or the accounts do not wmply with th¢ accounijng requirements of Section 396 of th¢ 2006 A¢t other than any r¢quirement that the ac¢ounts giv¢ a true and fair view which is not a matter consid¢d as part of independent examin8tion,' or the accounts have not b¢¢n pr¢paEed in aceordance witb ihe methods and principl¢s of th¢ Statem¢nt of Recommended Procti¢¢ for accounting and reporting by ¢harities (applicable io ¢han"ties preparing their accounts in accordance wilh the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102)) I have no concerns Jnd hav¢ com¢ across no other matters in connectiorl wilh the exarninatioTh to which attentii)n should be drawn in ihi$ report in order to enable a proper understatjding of th¢ accounts to be rcaehed. Owain Ap Elfed FCCA Williams Denton Cyf Charterd C¢rtified Aceountants Glaslyn Ffordd y Par¢ Parc Menai Bangor Gwynedd LL57 4FE Dale.. Page 7
NORTH WALES SOCIETY FOR THE BLIND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 MARCH 2024 21124 Total runds 2023 Total funds Unrestricted fvnds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations at)d l¢ga¢ies 19389 19,289 130.146 Charitable a¢tivi*le$ Grants and Contracts Audio Service Bangor Rellre¢S Centre RehabilitAtion Service 3,017 25,734 17,050 3,017 25,734 19045 129,251 2,517 20,023 15,178 120,328 2,795 129,251 Other trading )¢tivilies Investment in¢ome 11001 65.949 17,934 81,266 65949 Ttal 142 9 132 047 274 6 387,392 EXPENDITURE ON Raising funds 12,027 1411 J2,167 9,867 Charitable aftiviti Audio Serwice Bangor Resources ctr¢ Rehabxlitation Service Courtscllin8 55.596 224,929 12,OIMI 55,596 233,52S 155,388 60,953 323,970 157,839 2,888 8A96 143J88 Total 304 552 153 610 458,162 555.517 N¢t gainsl(Ioss¢5) on investments 109,812 109012 138.422) NET tNCOMEI(EXPENDlTURE) ($1,901) {211J82) (21,563) ZOJ82 173,464) (306.547) Trgnsfer5 bettveeD funds Other recogn15ed galnsJ{10s5es) Actuarial gains on defined benefil schemes 19 2611,1100 260,000 822,000 Net movement In funds 187117 (1,281) 18A530 515.453 RECONCILIATION OF FUNDS Total funds brought fonvard 2962,870 24,129 2,987.005 2,471.552 TOTAL FUNDS CARRIED FORWARD 3,150,693 22,848 3.173.541 2.987.005 Th¢ not¢5 forni part of these financial statements Page 8
NORTH WALES SOCIETY FOR THE BLJLYD BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestrickd fjjnds Restricted funds Notes FIXED ASSETS Tangible assets Investrnents 14 15 123,10 2,117,372 123,100 2.117.372 127,068 2,147,274 2,240,472 2,240.472 2,274.342 CURRENT ASSETS Stocks Debtors Cash ot bank and in hand 16 17 36,824 2.232 27 36.824 2232 56.512 33.441 4.668 117296 66J33 29.235 95,568 155,4105 CREDITORS ATnounis falling due within one year 18 {13,112) (6.387) (19,499) (20.742) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 2293,693 22048 1IS41 2,409,005 PENSIOIY ASSET 20 857.000 857,lJOO 578,000 NET ASSETS 3 150693 3 173 541 2 987 IM)5 FUNDS 19 Unre$trict¢d fundg Restricted funds 3,1511,693 22,848 2.962,876 24,129 TOTAL FUNDS 3 173 541 2 987.005 The charitable company is ¢ntitl¢d to ¢xemption from audit under Section 477 orth¢ Compani¢s Act 2006 lor th¢ year ended 31 March 2024. The m¢mb¢rs hav¢ not required the company to obtain aTh audit of its finanGial statements for the year ended 31 March 2024 in accordance with Section 476 of th¢ Cornpanies Act 2006. The trnstees acknowledge their responsibiliti¢s for (a) ensuring that the charitable Mpally kKp5 accounting records that ¢omply with Sections 386 and 387 of the Companies Act 21)06 and preparing fu)¢121 statements which give a trne and fair view of th¢ State of affair5 Qf the charitablc cornpany as at the end of each fjnancial year and of its surplus or defi¢ii for cach finaneial year in accordanee with the requir¢mcnts of Sections 394 and 395 and whicb otherwise comply with thc rcquircments of ihe Compallics Act 2006 relating to fillancial staiemettts, so far as applicabl¢ to th¢ ¢haritable company. (b) Th¢ DQt¢s fLKm part of these finan¢i41 statem¢nts Page 9 continued...
NORTH WALES SOCIETY FOR THE BL1Tr4D BALANCE SHEET- continued 31 MARCH 2024 These financial siatements have been prepared in accordanc¢ with th¢ PTovisions applicable to charitable companies subject to the smll compatties regime. The fllia cia statements were approved by th¢ Board of Tnle£S and authorised for issue o . and w¢re signed on its bthalf by.. A R HiM¢hlhff- Twsl¢¢ JRO crts-T Th¢ not¢$ forni part of Ih¢s¢ finan¢ial slalements Page 10
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMEF4TS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES BA31$ Of preparlng the financlal st*temeTr¢s 8Dd 8sse55m¢llt tsf ¥tsing conern The fUne11 statements of the Charitable ¢ompany, which is a public benefit entity under FRS 102, have bc¢n pr¢pared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Ch2ritics'. Statcm¢nt of R¢1n¢ndCd Practice appli¢able to charities preparing their accounts in accordance with the Financial R¢portin8 Stsndard applicable in the UK and R¢public of Ireland (FRS 102) {effective l Jonary 20151,, FinaDGial Reporting Standard 102 The Financial Reporting Standard appli¢abl¢ in th¢ UK and Republi¢ of Ir¢land' and the Companies Act 2006. The accounts (fllLan¢ial statements) hav¢ b¢en prepared under the historical cost convention with th¢ exception of investments which are included at mark¢t value, modified by the rcvaluation of ccrtain assets. The charity conStileS a public b¢D¢fit entity as defined by FRS 102. The trnstees consider that th¢re are no mateTiAI unc¢rtainiies about the charitys ability to continu¢ as a going oncern. IDcome All in¢om¢ is T¢¢ognised itt the Statement of Financial Activities onc¢ thc charity has entitlement to the funds, it is probable that th¢ Inrne 11 bc Teeeived and the amount can be measur¢d r¢liably. Legacy gifts aT¢ wobmiscd on & ehse by case basis following the grdnting of probat¢ when the administratorlex¢¢uioT fr¥r th¢ estht¢ has communicated in WTiting both the aallt and ttl¢ent date. Exptnditure Liabilitics are Teeognised as expendinwe as soon as th¢r¢ is a legal or constThciive objigation commiiting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and th¢ amount of the obligation can be measured r¢li&bly. Expendilure is accounied for on an accruals basis and has b¢¢n classified under hcadtngs that aggregAte all cost ielattd to the category. Where costs cannot be dir¢rtly attributed to partiwlaT headings th¢y hav¢ been alltKated to activiiies on a basis ¢onsist¢nt with th¢ us¢ of r¢sour¢es. Gratjts offered subject to wnditious which have noi been met at the year end date are tted as a commitsnent but not a¢¢ru¢d w ¢xp¢nditure. AlloeAllon And Apportlonment of costs Certain ¢xpenditure is directly attributable to sp¢cifi¢ a¢tiviti¢s and has b¢¢n included in those cost categorie$. Certain oth¢r ¢osis, which are attributable to mor¢ than one 2ctsvity, are apportioned across cost categories on tbe basis of an eslimak of the proponion of tim¢ sp¢nt by staff on those activities or esiimaied usage. Tanglble fixed •ssets Tangible fixed assers for use by th¢ ¢barity are stated at cost or in ¢a$cs where fixed asset5 have been donated at valuation at th¢ tim¢ of aquisition, less depreciation. The cost of minor additions or those cosiing less than £500 are not capitalis. DeprcciatlQD ha5 been provided gt the following rale5 in order to write down the cost or valuation Icss estimated r¢sidual value, of all tangible fixed ass¢ts by ¢qual annual in5t8lments over their expected useful lives.. - Freehold Buildings Fixturcs Ènd Fittings Motor Vehicl¢s 2Yo on cost 25 /0 on reducing balan(x 25 /0 oll reducing balance. Fixed 855¢¢ inv¢Jtments Inv¢stments are a form of b4si¢ fJnin¢i81 insttijment and are initially rc¢ognis¢d at th¢ir trAnsa¢tion Page 11 continued..
NORTH WALES SOCIETY FOR THE BIIND NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 21124 ACCOUNTING POLICIES • CODtiDued Tanglble fixed assets value and subscqucntly rnea5ured at their fair v81u¢ as at th¢ balan¢¢ sheet date using the closing qutsled market pricc. Thc 5tsten]ent of fillancffial activiti¢$ ill¢lude5 the net gains and losses arising o revaluation hnd dis$81& tlJrou8hout the year. S14)¢ks Stocks are valucd at thc lower of Cost and net realisable value, after making du¢ allowance for obsolete and slow moving irems. Tax4tion The charity is exempt from Corporation lax lis charitablc a¢tivitiu. Fund #¢¢ountlng Unr¢strict¢d funds can be used in accordance wi(h the charitable objectives at the discretion of the trust5. R¢strict¢d funds only be used for particular restricred purposes within the obj¢cts of the clwity. Restriclions arise when sp¢cifi¢d by th¢ donor or when funds are raised for particular restricted PUTPOS¢S. Further explaDatioD of the nattw¢ and pu15¢ of each nd is included in the notes to the fmancial st8temtnt& PensSon colts and otb¢r p•st-retir¢ment benefits The ehaTity operdtes a funded defined b¢n¢fits p¢Thsion scheme based on fmal remunerntion. The assets of the scheme are held separately from those of thE charity in an ind¢p¢nd¢nt]y administered fund. The siaff are members of the Gwynedd Council Pension Fund. ContTibution$ ar¢ Charged io the SOFA so as to spread the cost of pensions over the employees, workijjg lives with th¢ Bur¢au. Contributions are ddern)ined by a qualified actuary on the basis of valualions usinE tbe projected unit m¢thod. This scheme is being a¢¢ounied for under FRS 102, with the al811Y ¢alculat¢d notional surplus or deficit i)n th¢ funding of the scheme shown in the accounts as a designated fund entitlcd "Pensions R¢s¢rve" which is d¢ducted from unrestricted fimds in the balance sheet. OrganisatioD'i st•tus The orgaDisation is a ¢ompany limited by guarantee. In the event of the society ]lls wound up, th¢ liability respect of the guaTante¢ is limit¢d tt) £1 member of the society. DONA TJONS AND LEGACIES 2024 2023 Donations Legacies 17.389 28.212 101934 19 130,146 Page 12 continued...
NORTH WALES SOCIETY FOR THE BLILYD NOTES TO THE FINANCIAL STATEMENTS- contlllued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Sal¢s-r¢sources income S81¢s_volunl¢ets' shop 11,269 532 13,895 17,934 INVESTMENT INCOME 2024 2023 Investmcnt income 65949 INCOME FROM CHARITABLE ACTIVITIES Unres¢rl¢ted Restrieted 31.3.24 31.3.23 Audto and Talking Book S¢ryi Cyngor Gwynedd Coun¢il C)mgor Sir Ynys Mon Royal Soclety for Lllind Childr¢n The Powell Family Pai¢ Cetjedlaethol Ew Access To Work 25,734 25,734 82,644 46,607 2,517 2,795 51K 17,0511 20,023 76,770 43.558 2,517 82.645 46,607 2,517 2,795 17,050 Ttstal 132,047 RAISING FUNDS Other tradithg activities 21124 2023 Purchases Fundraising actsviti¢s 7.504 5.592 4,275 9.867 Page 13 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- eomtinlled FOR THE YEAR ENDED 31 MARCH 2024 CHAIUTABLE ACTIVITIES COSTS Grdnt funding or activities (see not¢ Support costs {stt not¢ 9) Direct Costs 8) Totsls Audio ScThicc Bangor Rcsources Centre RehabilitatioJ] Service Counselling 54,639 193,422 155,388 957 39,8113 55,596 233.525 155J88 31M) 4114 935 300 JIO 760 445 GRANTS PAYABLE 2024 2023 Bangor Resources Centre 300 200 SUPPORT COSTS Gov¢nwi¢¢ )sts Managcment To5 Audio Service Bangor Resources Centre 957 957 39 31.754 5.040 NET INCOMEI(EXPENDITURE) Nct incomel(expenditrJr¢} is st&t¢d after ¢hargittgl(¢r¢diting): 2024 2023 Independent examination of th¢ aocounts Depreciation- owned assets Independent examiners, remuneration for oth¢r s¢rvi¢¢$ S040 3,968 4.800 4.859 1.885 Page 14 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FIf4AF4CIAL STATEMMTS- ntInUed FOR THE YEAR Kf4DED 31 MARCH 2024 ii. TRUSTEESI REMUNERATION AND BENEFITS There were no trust¢¢s' r¢muneration or other benefits for the y¢aT cnd¢d 31 Mareh 2024 nor for the year ended 31 Mar¢h 2023. Trustees, expenses There were no tSt¢' ¢xp¢DKs paid for thc year ended 31 March2024 nor for th¢ y¢ar ¢nd¢d 31 March 2023. 12. STAFF COSTS 2024 2023 Wages and salaries Soeial security costs OtheT nSIon costs 282,930 20.826 42,027 266,340 18,900 54,858 345 783 340.1)98 Th¢ aY¢rJg¢ Jnonthly number of employees during the year was as follow5: 2024 2023 Manager Dircct Charitsble Administration 3nd Support Development OtTicer li No employees r¢c¢iv¢d ¢molurnents in ¢xces5 of £60,000. The charity considers its key man4g¢m¢nt pcryortnel eomprise of the Manager and Senior Rehab OffeT. Total emolUmcts, includit]g employer pension ¢ontributions, of the key management personnel were £119,611 (2023 £127,861). The tjumber of stsff in pension 5ch¢m¢ during the year wa5 a5 follows.. 31111312024 311113n023 Defined 14enefit Scheme Page 15 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FILYANCIAL STATEMENTS- continued FOR THE YEAR Ef4DED 31 MARCH 21124 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unr¢5trict¢d funds Restricted nds Totsl funds INCOME AND EIOwmETs FROM Donations and legacies 130.146 130,146 Cb4ritsble *rtivitle8 Grants and Contracts Audio Service Bangor Rc50urces C¢ntr¢ Rehabilitation Servic¢ 2.517 20,023 15.178 2,517 20,023 15,178 120,328 120,328 Other trading activities Investment income 17,934 17,934 267 064 120 328 387,392 EXPENDITVRE ON Raising funds 9,767 loo 9.867 Cb4ri¢able actlvltles Audio SeTYAce Bangor Resources Centre Rehabilitation Setvice Counselling 60.953 308,739 60,953 323,970 157,839 15231 IS7,839 Total 379 459 176 058 555 517 Net gain$l(lo$} on investments 138,422) 138,422) IYET INCOMEI(EXPENDITURE) Tr4nsfers betTrveen fuAd$ Other re¢ognised %ain$l(1osses) Actuarial gains on dcfined bettefit schemes (250,817) (40,200) (55.730) 40.200 (306.547) 822,000 822,000 Net movement In funds 530.983 (15330) 515,453 RECONCILIATION OF FUNDS Total funds brought fotward 2,431.893 39,659 2,471,552 TOTAL FUNDS CARRIED FORWARD 2,962,876 24.129 2.987 005 Page 16 ¢ofttinu..
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FII¥ANCIAL STATEMENTS- ntinUed FOR THE YEAR F.NDED 31 MARCH 21124 14. TANGIBLE FIXED ASSETS Fixtures Fr¢¢hold property Motor vehicles fittitigs Totals COST At l April 2023 and 31 March 2024 91,845 9,924 271,769 DEPRECIATIOIY At l April 202J Charge for year 45300 911J23 381 9,178 187 144,701 At 31 Mar¢h 2024 48,6110 148 669 NET BOOK VALUE At 31 March 2024 121400 559 123 IQO At 31 Marcb 2023 124,800 1,522 746 127,068 Freehold property was rcvalued on 26 Febru3ry 2016 all indepelldeni valuer by Mr Gareth D Thomas of Bob Parry Isutvey & Valuation) Ltd on thc basis of open market value. The historical cost of freehold property iD¢luded above at a valuation of £170,000 was £32,043 (£16,013 ai e4)si plus improvements to d8te). If thc freehold propety bad not been includ¢d at valuation IL would have been included under the hi51oric21 ¢05¢ nvention as follows: 2024 2023 Cost A¢cumulated DepreciatlOD 32,043 (9,1611 32,043 (8,520) Nct Book Valuc 22 82 23.523 15. FIXED A&SET INVESTMENTS List investincnts MARKET VALUE At l April 2023 Addstions Disposals RalUationS 2.147.274 438.207 (577,651) 109,542 At 31 Mxreh 2024 2 117372 NET BOOK VALUE At 31 Mah 2024 2,117,372 At 31 March 2023 2 147.274 There were no investment ttssets outside the UL Pag¢ 17 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- colltillued FOR THE YEAR ENDED 31 MARCH 2024 I& STOCILS 2024 2023 Stocks 36 17. DEBTORS: AMOUNTS FALLING DUE WITHtY ONE YEAR 2024 2023 Other debtors Prepaym¢nts 2,232 2.976 2.232 18. CREDITORS: AMOUIYTS FALLING DUE WITHIN OI¥E YEAR 2024 2023 Social security and oiher taxe5 Accruals and deferred incom¢ 6,694 5,751 20,742 19. OVEMENT IN FiIF4DS Net movement in fLmds Transfers bctwcen funds At 31.3.24 At 1.4.23 Ur•Testrlcted funds General fund Property Revaluation Reserv¢ Recording Studio R¢hab Training Fd 2,786,983 101.277 Z52,720 (2,759) (29,862) 12,000 (34J82) 3,1105,321 9&518 29.862 15.762 2,962,876 2(18,099 (211,282) 3,150,693 Restrlcted hnds R¢habilitation Setvice Dr Rhydian James Granr Fulld Antioch Club Community Engagement (15,762) 15,762 3,258 20,871 3358 19,59 {1,281) 4,52 21,5631 22 20,282 48 TOTAL FUNDS 186 536 3 173 541 P8ge 18 continued...
NORTH WAIES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STA TEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS- ¢ontinu¢d Net mov¢mellt in funds. included in the above are as follows: Incoming resour¢¢s R¢sout¢es expeud Gains alld lok%es Movement An funds Unresirkt¢d funds Generdl fund Prop¢ty RevaluatÉon Rtserve R¢cording Studio Rehab Training Fund 117,104 (234,196) (2,759) {55,597) 12 1100) 369,812 252,720 {2,759) {29.862) 25,735 142,839 (304,552) 369012 2118,099 R¢strict¢d fuJad$ Rehabilitation Service Antioch Club Community Engag¢m¢nl The Pow¢l Family 129.252 (145,014) (1,281> (4520> 2,795 (15,762) (1,281) (4,520) 153.610 I1,3) TOTAL FUNDS 458.162 J69.812 ComparAtivu for movement in f$ Nct movemenl in funds Transfers b¢tw¢¢n funds At 31.3.23 At 1.4.22 ureStriCted funds G¢n¢ral fund Prop¢ty Revalualion Reserve Recording SMdio R¢hab Training Fud 2.212,630 104,036 314 114 913 614.971 12,759) {41,029) (40,618) 2.786.983 101,277 40.715 40.297 2,431,893 571,183 (40,200) 2,962.876 Restricted fuDd$ R¢babilitation Service Dr Rhydian James Grant Fund Anlio¢h Club Cornrnunity Engagement {40,590) 402(YJ 3,258 22,374 3.258 20,871 {1,503) TOTAL FUNDS 2 471552 515 453 2 987 005 Page 19 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STA TEMENTS- eontitiued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IN FUNDS- ¢ontinued Comparats"ve net movement in funds, in¢lud¢d in the above are as follows.. In¢ominB rcsource5 Resources expended Gains and losses Movem¢nt in funds UDrestrleted fllnds General fujhj Properry Revaluation li¢¢ Recording Studio 247,041 (315,648) {2,759) 61,052 683.578 614,971 (2,759) 41,029) 267,064 (379,459) 683,578 571,183 Restri¢¢ed funds R¢babilitation Service Atih Club Community Engagement 120,328 (160.918) (1,503} 13 637) (40,590) (1,503} 13 637) 120,328 176058 55 730) TOTAL FUNDS 387.392 555.517} 683 578 515453 Pur ose of restrleted funds Rchabilitation SenTi¢¢ Working under Contract with loeal authoTitL¢$ to ¢nAble them to provide a rehabilitation scrvice for yight impaired and severely sight irnP&iTed individuals. Dr BJ) dian James Grant Fwid The purpose of this fund is to provide equipment al training and fn¢la1 assistallce io allow bliwi and partially sighted people fair and equal access to education and training. Antioch Club For tb¢ benefit of North Wales Society's S(*Aal Club in Colwyn Bay. Communi ¢m¢nt The purpose of this fund is.. l. To establish and run so¢iaVw]nmunity steeriThB groups in Abergele 2. To provide information technology l¢ssonsldemonstrations in and around Abergele 3. To provide COMMlty demonstration days and D)illi op¢n day5 in aod around Abergele The Pow¢ll Famil Grant rxeived for thc puha% of spe¢ialist equipTnellt. Pu ose of desi nated funds Pro Revaluation Reserve The purpose of this fund is ts re¢ord the r¢vaiuation of the frcchold prop¢ty and subsequent depreciatioth of the revaluatsoths. Page 20 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- etsrttinued FOR THE YEAR ENDED 31 MARCH 2024 19. MOVEMENT IY FUNDS- CODtiDued Recordin Studio The re¢L)rding Studio produces, records and distributes acc¢ssibl¢ infoTrnation and books for people with sight loss. Each year th¢ studio produce5 24 new audio books, r¢cords nllmerou5 w¢15b language local newspapers and produ¢¢s ac¢¢ssible recordings of cotnmercial woJ*. Thc primary obj¢¢tivc of the smdio is to ensure the availability of Welsh language audio books and newspapers for the benefit of p¢opl¢ with sight loss and people who 3r¢ unable to read print in the OTdinary way. Rehab Trainin Fund The purposc of the fund is to trÈin two new Rehabilitation Officcrs by th¢ ¢nd of 2025. 20. EMPLOYEE BENEFIT OBLIGATIONS The charity operat¢s a fvndd defined benefits scheme providing benefits based on fll]al remuneration. The assets of th¢ sch¢me are held separately from those of the chaTity. The staff are members of the Gwynedd Pension Fund. Contributions are eharged to the SOFA with th¢ int¢ntion of spreading th¢ cosi of pensions over the remaining ¢mploy¢¢s' working lives with the charity in a¢¢ordan¢e with the recommendations of the scheme admini5tr3tors. Pension ¢xp¢nse calcuiaiions and scheine valuations hav¢ en Carried out (for the purpose of this report) by qualified indep¢nd¢nt actuary as at 31 March 2024. The r¢port ¢5tirnates that the Cmployer contributions for th¢ year to 31 Mareh 2Q25 will be appwximatety £44,000. Th¢ atnount5 recognised in the Llalancc Sh¢¢t ar¢ as follows.. Defined benefit pension plan5 2024 2023 Present value of fund¢d obligations Fair volu¢ of plan assets {2,453,11011) (2,427.0(K)) 3 31DOOO 3 005.000 857,000 578,000 Present value of unfund¢d obligations Surplus Net asset 578.000 Page21 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINATr4CIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 MARCH 21124 20. EMPLOYEE BENEFIT OBLIGATIONS- (ontlnued The Amounts recogniscd in the Stat¢m¢nt of Finamcial Activities are as follows.. Defrned benefit peDsi•n plgn$ 2024 2023 Current service cost Net interest from net deflned benefit ass¢tQiabiliry Past service cost 4&000 108,(M)O 115,OIMI 89,0 163.0011 197.000 Actual return on plan assets ChJnEes in the PTesent value of the defJDed b¢n¢fit obligation AT¢ as follows.. Deflned beDellt penslon plans 2024 2023 Opening defjned benefit obligati(¥n Current service cost Contributions by scheme partieipants Int¢r¢st cost Ben¢fit5 paid Rem¢asur¢ments: A¢tUorial (gain5F105ses from Changes ill d¢mogr4phic 25SUlI]ptions A¢tuatial IgaillSy]05ses from ¢S in fuLancial assumptions Obligation of otb¢r r¢m¢asuT¢ment 2,427,1100 48,000 16,01)0 115,000 {86,000) 3,265.0(Kl 108,000 15,000 89.(1(K) 179,000) (15,IV)O} (22,000) {137,IKIO) (1271,000) 322,000 245301 2,427,01)0 Page 22 continued...
NORTH WALES SOCIETY FOR THE BLIIYD NOTES TO THE FINAf4CIAL STATEMENTS. ¢ontilled FOR THE YEAR ENDED 31 IVIARCH 2024 20. EMPLOYEE BENEFIT OBLIGATIONS- continued Change5 in the fair valu¢ of he[ne assets are as follows- Defirted btnefit peThiion plans 2024 2023 Opening fair v&lu¢ gf schcmc assets Contributions by employer Contributions by s¢h¢mc participalltg Asseis interest income Bencfiis paid Remeasur¢m¢nt$'. Return on plan 8ss¢ts {¢x¢luding interest income) Assets other r¢m¢a8ur¢m¢nt 3,INIS,IKII 411,000 16,IllJO 142,0011 (80,000) 3.083.000 52,000 15.01)0 83,000 (79.0(M)) 193,IKIO Illi.O(K)) 38.000) 3,005,000 The amowits rQgniSed in othv r¢eognised gaills 2nd losses are as follows.. Defined benefit pension plans 2024 2023 Acttwial Igaillsylosses from changes in demogrdphic as5umption5 Actuarial {gainsylo%ses from changes in financial assumptions Obligation (Trf oth¢r renieasurcmcllt R¢turn on plan assets {excluding interest inm¢} Assets oiher remeasiirement 15,000 22.0(Kl 137.IN) (8SOOO) 1,271,nOO I322,0) 193,1100 1111.000) (38,000) 822,000 The major categories of Sche¢ assets as a p¢rc¢ntag¢ of total s¢hem¢ assets are as follows: Defined benefAt penslon plans 2024 2023 67Vo Equities Bonds Property Cash 8Y• 7Y• 22•/• 150/0 IOO•/• lo10 Pag¢ 23 eontinued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FIP4ANCIAL STATEMENfs- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 20. EMPLOYEE BENEFIT OBLIGATIONS- tinued Prineip818CtuaTial assumptions at the Balance Sheet date (expressed zs w¢ightd av¢ra8es)'. 2024 4.85Q/• 3.25•/• 2.75•/• 2023 4.750/0 3.45/0 Discount rate FlltU salary inereases Future pension increa8 Otker assumptlons used for tbe valuatAoD were: Mortailty Life expectancy is based on the Futrj's Vitacutves with improvements in lin¢ with the CMI 2022 model, with a 250/0 weighting of 2022 dai& a OOA wei8hiillg of 2021 (alld 2020) dita. standard smoothing (Sk7), initial hdjustment of 0.25•/0 and a long terni rate of improvement of 1.5 /0 p.a.for both male$ and females. Based on these assumptions, the average fijtrjre life expectancies 21 age 65 ate su]Dmari5¢d b¢low= Males Females 211J years 23.0 years 21J years 25.4 years Current Pensioners Futur¢ P¢nsion¢rs FiguTCS assumc members aged 4S as at the last fomul Valuation date. Historic Mort41ity Lif¢ ¢xCtancl¢$ for the pnoT period end bascd on thc Fund's Vitscutves. The allowan¢¢ for fvmre improvcm¢nts Shown below. Current PeDSiiIDers Future Pensioners CMI 21121 model. wlth a IOO/• CMI 2021 model. with a IOQ/o weighting of 202J (And 211211) weighting of 2021 (and 2020) data, d¢4, stsnd*Td $m•otbiThg (Sk7). standard smooihing (Sk7). initial Ini¢l418dJustment of 0.250/• and a adjustment of 0.25 /• and a long long term rate ofimprovement of tern] rate of improvemenr of1.5Q 1.5•/• P.11. Commutatithi An allowance is included for fvture retirement5 to ¢It to tak¢ 65•/0 of th¢ maximum additional ¥.free cash up to HMRC limit& 21. RELATED PARTY DISCLOSURES There were Do relat¢d paty trawctions for th¢ yw ¢nd¢d 31 March 2024. Page 24 continued...
JYORTH WALES SOCIETY FOR THE BLIIYD NOTLS TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2024 22. TAXATION As a charity, North Wal¢s Sociery for ihe Blind. is exempt from tHx on in¢orn¢ and gaiDs to th¢ ¢xt¢nt tbat th¢5¢ are applied to its charitable objects. No tax charges have ariset) in the peri4)d. P4gc 25