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 Elami￿er,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 cO￿panIC$ Act 2006, present their report with
th¢ financial statemenis of ihe charity for the yvdr ¢Y￿ed 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 inforn￿l10n 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 obJ￿tIve 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 gr8￿1t0￿slY 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 p￿pIe of all ages
workirLg together to promot¢ ind¢pend¢nc¢, cholce and confidence whilst also providing th¢ ¢SS¢Dtial servi￿5 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 ryu1pll￿t 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￿ Comp￿h¢n￿1v¢ assusm¢nt and provide services such as mobility, daily
living skills.
Gwrat￿o- Re￿rdin
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 sp￿la]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 i￿lUding 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 T￿OurCeS 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 Gw￿e￿Id 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¢¢$.
Specifically th¢ purpose of its reSe￿¢S is to..
-Enable th¢ Trustees to manage the f￿ancIal risks involved iti providing th¢ agreed services a￿d activxiies.
-Enable the Tn￿t¢¢$ 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 expe1￿ltUre.
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 $upportiv¢ services for people with sight loss.
Objective 6.. Ensure timely, effective and b¢st quality R¢habilitation scrvices in collaborhtion and in partnership with
local autboritie5.
Objective 7.. Invest in our staff and volunteus to provide and maintain a range of supportive services.
Objective 8.. Work in partnership with other statutory, charitable and voluntary bodies to promote the Asso¢iation's
objectives to provide a wide range of supportiv¢ services for people with sight loss.
During 202412025 the Soci¢ty will-
- Recruit a new Communications and Futtdraising offlcer
- Increase the scope of our adv¢rtising and promotion to demonstrate the value and leach of ow work
- Embed a systcm of qualiry outcome meAsllrement into all of our serVi￿S
Conlinu¢ to provide ncw and innovative services to supp)rt children and their familics
- Develop a new thndraising Strategy
- Aim to rwruit n¢w Directors to the board of Tn]stees
Welcome a An¢$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)r￿tors 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 tn￿teeS 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 fa￿llIanSa1IQll.
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
lThdepende￿t 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 Re￿llre¢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
T￿tal
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 c￿tr¢
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 Tn￿le£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 fU￿ne1￿1 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 Jon￿ary 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 conSti￿leS 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¢ In￿rne ￿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 a￿all￿t 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 t￿ted 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￿$81& tlJrou8hout the year.
S14)¢ks
Stocks are valucd at thc lower of Cost and net realisable value, after making du¢ allowance for obsolete and slow
moving irems.
Tax4tion
The charity is exempt from Corporation lax lis charitablc a¢tivitiu.
Fund #¢¢ountlng
Unr¢strict¢d funds can be used in accordance wi(h the charitable objectives at the discretion of the trust￿5.
R¢strict¢d funds only be used for particular restricred purposes within the obj¢cts of the clwity.
Restriclions arise when sp¢cifi¢d by th¢ donor or when funds are raised for particular restricted PUTPOS¢S.
Further explaDatioD of the nattw¢ and pu￿15¢ of each ￿nd is included in the notes to the fmancial st8temtnt&
PensSon colts and otb¢r p•st-retir¢ment benefits
The ehaTity operdtes a funded defined b¢n¢fits p¢Thsion scheme based on fmal remunerntion. The assets of the
scheme are held separately from those of thE charity in an ind¢p¢nd¢nt]y administered fund. The siaff are
members of the Gwynedd Council Pension Fund. ContTibution$ 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 al￿￿811Y ¢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
To￿5
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 t￿St¢￿' ¢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 Off￿eT. Total
emolUmc￿ts, 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 EI￿OwmE￿Ts 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
R￿alUationS
2.147.274
438.207
(577,651)
109,542
At 31 Mxreh 2024
2 117372
NET BOOK VALUE
At 31 Ma￿h 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 F￿d
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
u￿reStriCted funds
G¢n¢ral fund
Prop¢ty Revalualion Reserve
Recording SMdio
R¢hab Training Fu￿d
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
A￿ti￿h 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 f￿n¢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 COMM￿lty demonstration days and D)illi op¢n day5 in aod around Abergele
The Pow¢ll Famil
Grant rxeived for thc pu￿ha% 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. ¢onti￿lled
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 r￿QgniSed 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
in￿m¢}
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•/•
lo￿10
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 increa￿8
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¢ ¢x￿Ctancl¢$ 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 ¢I￿t 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