REGISTERED COMPANY NUMBER: 07693820 (England and Walesl REGISTERED CHARITY NUMBER: 1143368 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR r40RTH WALES SOCIETY FOR THE BLIND LUON SOCIET fr williamsdenton Williams Denton Cyf Chart¢red Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor fjwynd LL57 4FE
NORTH WALES SOCIETY FOR THE BLIND CONTENTS OF THE FIIYANCIAL STATEMENTS FOR THE YEAR EF4DED 31 MARCH 2025 Page Report of th¢ Trnste¢s I to 6 Ind¢p¢nd¢nt Altr,3 Report St#tement of Financi Aetiviti¢S Ballnee Skeet 9 10 10 Cash Flow Statement Notes to th¢ Cash Fl•w Stat¢ment 12 Notes to the Finanelal Ststsments 13 to 27
tYOR TH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The tSte¢S who are also directOTS of the charity for the purposes of the Compani¢s Aet 2006, pr¢s¢ttt their r¢port with th¢ financial slatements of the charity for the year ended 31 Maich 2025. The Itle¢S hav¢ adopted th¢ provisions of Accounting and Reporting by Charities." Statement of RecoM¢nded Prd¢tice applicabl¢ to ¢hariii¢s preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Rwublic of tr¢land (FRS 102) (effCcti l January 2019). 0ECTIVEs AND ACTIVITIES Objeedves #ims The object of thc ¢haTity shall be to promote the welfare of people who have Sight loss residing in the County Authorities of Gwyn¢dd. Angl¢sey, Conwy, Dcnbigh, Flintshire, Wrexham and North Powys. To achi¢v¢ this the charity.. - provides it)forn)ation and adviee to people who have sight loss and to their families and carers,. - provides a range of w¢lfar¢ support and social activities. - helps people who hav¢ sight Ioss to livc independently., prorllotes awareness of Sight loss issues. In firtheran¢¢ of this objective bul not Otherwi the charity has the following powets: l) To act as att advisory and consultative body on all lltters affecting the welfare of the blind and partially sighi 2) To consider and rnak¢ recommendations for improving the totsl provisioJLS of senryc¢g io blind ond partially sighted persons. 3) To advi on wch services as may b¢ r¢qu¢$ted by the local authorities of the ar. 4) To encourage tb¢ provision of employment for th¢ blind and partially sigbted persons in the area. S) To provide a f(>rum for the cxchange of inforntion and expertist b¢tw¢¢n all oiganisations wotkiDg on b¢half of the blind and partially sishted in the ar¢a. 6) To &ssist any such Charitable body or bodies financially or otherwis¢. 7) To obtain, coll¢ct and receive monies and fid$ by way of colltiibution4 donations, aff110n f¢¢s, Sb8¢riptiOnS, legacies, gTADts and any other lawful method, and accept and rec¢iv¢ gifis of property of any d¢s¢ription (whether subject to any special trusts or not). 8) To pro¢ure and provide Infornti0n. 9) To procure io be written and prinl, publish. issue and circulat¢ gratuitously or otherwise any reports or perlodicals, books, pamphl¢ts. leaflets or other do¢uments. 10) To promote, encourage or undertake experimentsl work. I l) To do all such other law1 things as arc necessary for th¢ attatnmcnt of the objects. Page I
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Signific4nt Adlviti Thc North Wal¢s Swi¢ty for the Blind suptrt)rts sigbt impaired and severely sight impaired individuals of all ages. We work collaboratively to promot¢ ind¢p¢nd¢Thc¢, ¢hoic¢, and c(TrDfidence-while delivering the essential setvices o members tell us matter most. Amon85t its many SerViS the SLKiety provides- Resource alld Inforn)ation Centr¢ Located at 325 High Strc¢L B8ngoT, our Resou¢ Centr¢ is open Mondhy to Friday, IOam4pm. It s¢rve$ as thc heart of the Society4)ffering expert advice. practical d¢monstrations, and acces5 to a wid¢ rdngc of ¢quipm¢ni from magnifiers to rnobxle phones. knowledgeable stsff and volunteers are always on hand to assist. Rehabilitation Service Our Rehabilitation Officers provide tsilored support to belp individuals develop skills that eEthanee safety, independence, and ¢onfid¢n¢e. Servi¢¢s inelllde comprehensive assessments-either at horne or in th¢ R¢souree Centre-and trdintng in mobility and daily living skills. Gwrando Recordin Stt3dio Our in.hous¢ stydio prtKluccd 24 Dew unabridged talking books this year, now available in liknTi¢S a¢ross Wal¢8-bringing lit¢rature to life for those with sigbt loss. Communtt En ment We actively engag¢ with individuab and groups to ensure our seAvA¢es remain responsiv¢ a]Ml leVant. F¢back from members directly shap¢s our wiorities and delivery. InfoTll)atiou T¢thnolo We off¢T trait]ill8, assessments, and demonstralions of $p¢¢ialist softwate atsd assistive technologicmpoWerillg Tn¢mb¢rs to stay ¢onnected and independent. Grants S¢rYi¢¢ We coordinate gT4D¢ applic4tioDS b¢half of individuals with sight loss, hclping 8¢cure financial support foT essential items al 8erviceg. Mental Health Su We provide on¢-tO-on¢ counselling and emotional support, recognising thc importance of mental wellbeing alongside practical assi5tan¢e. Publie benefit Th¢ twst¢¢s have paid due regard to the Charity Commission's guid¢¢ on public benefit in deciding th¢ activities undvtaken by the North Wales Soeiety for the Blind during tho y¢ar. The trnstees are satisfied that the infoDnation provided in the report and accout]ts mcets the public benefit r¢porting r¢quirements. Page 2
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERbORMANCE Ch4rlt4ble a¢tivitles our aftivitii¥ dellver publk benellt Continuing Our MÉssion 2024 In 2024125. the charity remained steadfast in its comrniim¢nt to supporting blind and partially sighted people rosS North Wales. Our core s¢ryices included: l. Rehabilitation S¢tvica conmnissioned by Gwynedd attd Angles¢y local authoTiti¢s 2. Bangor Resourc¢ Qntre. offering inforniation, equiprnent, and support 3. Audio Book and Newspaper Service from our dedi¢a¢ed Bangor Sdi0 4. Community Services, illcludiDg social and activity groups 5. Technology Support, trainin& and advice for accessible digital inclusion in 2024. we= - Provided direct support to 1,800 individuals, including children and adults livin8 with sight loss - Supported 112 ¢bildren alld their families with tailored advicc and practical help - W¢lcom¢d hundreds of visitors to our Bangor Resource Centre - Ckrried out ovcr 500 home visits through out rehabilitation tcam - tkIivcr awareness training io mor¢ than 250 professionals and community mnnb¢rs - Offcrcd technology support to ov¢r 170 people. helping them stay wJJn¢ct¢d and independent - Produ¢¢d 24 new audio books, - Facilitsted a wide rangc of social groupB and community ¢venw helping reduce isolation and build confidence Stren8thcning Our VoiG - Updated all onlin¢ and social media advertising, enabling us to rtach more pcople fast¢r than ever before - Expanded th¢ s¢op¢ of our advertisillg al promotional work to better demothStrat¢ our reach and impact - EMbd¢d a syst¢m of quality ouicome tncasurement across all seryices - Began the PTocess of recrnitin8 n¢w Directors to strengthen our Bo8rd of Tjvstces Weleom¢d An¢st J¢ffery to the RehabiliÈati¢)n t¢gm folltswing her sueccssfi]I compl¢tiort of the rchabilitation sMdi course - Restructured and moden)ised the Ban8or li¢sour¢e Centre - Converted an existing outhuilding into a new m¢¢ting r. enbancing our fa¢iliti¢s for staff, volunteers. and service In 2024, we welcomed a Communications Officer to the team, dedicated to showcosing the charity's impact and amplifying the voices of thos¢ we support. We also r¢fr¢sh¢d our online presen and social media advertising, cnabling w to rCh more peopl¢-fast¢r and more effectiv¢ty than cver before. FINANCIAL REVIEW FlnanciAI position The aCcOts show a deficit after pension atharial gainsl(losses} of £5,086 (2024- £670.464}. Total rcsouwes exp¢nded increascd by £41,835 (9.1 /.) to £499,997 {2024- £458,162). The ¢harity operates a Defin¢d Benefits Pctjsion S¢h¢rn¢. Und¢r regulations introduced by the Financial Reporting StsndaTds (FRS 102) th¢ Society is rquired lo identify its asset or liability as calculated by th¢ A¢tuaries for the scbeme. The actuaries have identified a&8ds of £1,287,000 as at 31 March 2025 (2024 £857,000). Ill accordance with FRS 102 Section 28. the rccognition of a pension ass¢t IS Testricted to th¢ ¢xlent that an econoAni¢ benefii is availabl¢. As no such bencfii was available. the asset has be¢n r¢stricted to nil. PrlTh¢lp41 fundlng sour¢¢8 Core funding is providcd by the Islc of Angles¢y County Council and Gw¢dd Council. Pag¢ 3
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ETr4DED 31 MARCH 2025 FINANCIAL REVIEW Investment policy YlDd objectives In aOrdanCe wilh the charity's constitution, the Trusttts bave the power to invest in such stocks, shares and investments as they see fil. The TNstees have appointed Canaccord Genuity (previously Hargreave Hale) to manage the investments, amounting to £2.062,3818s at 31 Marcb 2025 (2024 - £2,117,372). Th¢ inv¢sttn¢nt appr(>a¢h. whilst low risk, is d¢S1¢d io 8¢hi¢ve a balance b¢nv¢¢n incom¢ and ¢apithl gromtth. Reserves polky The r¢s¢rv¢s are h¢ld to ¢nabl¢ the ¢hority to meet its charitable and legal obligations to its beneficiaries and employees. Sp¢CirallY th¢ purpos¢ of its re5¢rves is to: -Enabl¢ th¢ Trust¢¢$ to manag¢ the fatl21 risks involved in providing the agreed S1¢¢$ alld a¢tiYiti¢s. -Enable the Tru5tces to provide for the development of new services. -Enable the Tru5ttt5 to meet any shortfall between voluTJtary income and the cost of activities wholty, or partialty, dependent on volw)tary fijnds. The reserves policy seeks to balance spettding the maximum amount of income raised as sthin as possible after receipt with maitttaining the mtnimum level of resenpes to ensure uninterrupted operation atml provide time to adjust to a change in fitwicial circumstances. A prudent assessment of the financial impact of risk events on reserves is assessed as striking an appropriale balance between the need to spend income when it is received and maintaining operational integrity- This level of reserves is eollsis*nt with Cymdeithas Deillion Gogledd Cymtu's business model alld fllwici81 impact of key Tisks - Diieetors bave ideniified the need to maintain a level of free reserves equal to 20- 24 months of expenditure. - DIT10[8 identify the need to r¢du¢¢ th¢ ov¢rall l¢v¢l of r¢s¢rv¢s ov¢r tb¢ n¢xt fiv¢ y¢ars 2024-26 Busin¢ss plan WAII set out a number of new projecis to be thllded in part / or wholly through DesigDaknl reserve fullds. There ar¢ no substantial material projeets or capital spending plans that cannot be met from anticipated i1)m¢ or reserves in th¢ short- medium terni. All programme$ fided from unrestricted monies include the Clause'subject to fimdit) All expenditure levels can be materially adjusted within a 6-month period to fit revised funding leve]s if needed. At 31 MaTch 2025 th¢ charity had frK reserv¢s (g¢nernl thds exeluding designated fiJn&s) of £2,152,098 (2024 £2,148.321). This amounts to approximately 51 months of cxpcndibjre (2024 approximately 50 months expenditt¢). Page 4
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FtrruRE PLAP4S During 2025126 th¢ Charity plan5 to strengthen the bond between its m¢mb¢T$ and thc charity, to encourage the development of a more r¢$ili¢nt organisation better able to serve the needs of its beneficiari¢6 and whi¢h has a better UDd¢rstanding of what ]natters to its members. Underlying Priorities- STRATEGIC OBJEcfivES Objectiv¢ l.. To coDtIDiie to ensLwe the fijttlle fuwi¢ial r¢silieDce of the North Wales Society of the Blind. Objective 2.. Create a great¢r s¢ns¢ of ¢oll]munity by offering regular contact 3Dd consultatiorL. Objective 3.. Focus on d¢liv¢rin8 th¢ s¢rvi¢es that matter. Objective 4.. En$ur¢ tim¢ly infom]aÈion, advice and support for childr¢n, adults and families livtng with sight los$. Obj¢¢tiv¢ 5.. Ensuring the sustsinability of quality supportiv¢ scrvices foT peoplc with sight los$. Objective 6= EDsur¢ lim¢ly. effeclive and best quality Rebabilitation scryices in collaboration aThl in partn¢r5hip with local authoriti. Objective 7". Invest in our staff and volunteers to provide and maintain a range of supportive services. Objectiv¢ S-. Work in partnetsbip with oth¢r statutory. charitable and vtsluntary 170di¢s to promole the AsSl8tion'S objectives to provide a wide range of supportive servi¢es for p¢opl¢ wi¢h sight loss. During 202512026 tbe Society will- Develop a new busilless plaj) for 2026-2029 - Increase the scope of our advertising and prOotion to d¢moDstrate the value and tea¢h of our work - Evaluate the impact and reach of all tsf our servi¢¢5 - Continue to providc new and innovative 5ervi¢¢s to Support children and their families - Devclop a ncw fundraising strategy - Aim to recrjit ncw D1CtorS to thc iM)ard of Trusltts SIRUCTURE, GOVERNANCE AfqD MANAGEMENT Govertting document The charity is b company limited by guarantce and a registor¢d charity governed by its M¢morandum and Articles of Association. As at 31 March 2025 therc were 4 members. Th¢ liability of each member in th¢ ¢v¢n¢ of the company being wound up is restricted to £1. Recrnitment *nd &ppoin¢mellt of new trllstees The business of th¢ charity is managed by a Board of Trustccs. Directots responsibilities are defined ullder th¢ Director Reernitment Policy. Direciors may be nominated to the Board during by resolution upon succcssful completion of the director rruitment process. The number of trustees is d¢t¢rniined by the charity in Gcneral Mecting. but unless and until so fixed there is no aximum or minimum numb¢T. Membership of the Board of Trustees will, as acwrat¢ly as possible, teflect the bershiP and obje¢ts of thc charity as is ¢wrent at the time. OrgAni$ati&nal stTll¢ture Th¢ Board of Trnstees rnt8 as required, typieally on a monthly basis. The Brd can norninate sub-¢ommittees to Dsidcr issues arising. The stsffll andlor other su1mMIttee9 meet ort an ad-hoc basis when th¢ n¢¢d arises. Pag¢ 5
NORTH WALES SOCIETY FOR THE BLIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Ittduetion #nd tr#iniDg ofn¢w trustees Prospective nominees to the Board r¢1v¢ an indu¢tion which includes an outline of the charity's activities and objectives, togethtt with inforntIOn from th¢ ChaTity Commission website detailing the role and responstrjilities of Trustees. From tim¢ to time, members of the ¢harity provide tratning on various aspects of the work undertaken aDd poli¢i¢$ aThd procedures are reviewed by the Board of Tmstees as means of familiarisation. REFERENCE AND ADMINISTRATIVE DETAILS Registtred Company Dumber 07693820 (Ettgland and Wale5) Registered ChArity number 1143368 Regislered office 325 High Street Bangor Gsvynedd LL57 IYB Trustees A R Hitiehliff J Roberts M Roberts P J Evison (resigned 6.724) Edw8rds Independent Ex#mlN¢r Owain Ap Elfed FCCA Williams Denknn Cyf Chartered Certified Aecoulltallts Glaslyn Ffordd y Parc Parc Metvai Bangor edd LL57 4FE Kry M#tsxgetDent Per$41n¢1 Mr S Thoa5 IChi¢f Ex¢cutiv¢) Mr D Eckley (Senior Rehab Officer) Bankers HSBC BaDk PIC Approved by order of the board of tt¢¢5 on.... attd sigtxed on its behalf by: A R Hin¢hliff- Trustr¢ Pag¢ 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH WALES SOCIETY FOR THE BLIND Independent examiner's report ¢0 the tru5tee5 of f4orth Wales Society for the Blind ('the CompaDy') I r¢port to the charity Iste¢S on my examination of th¢ 2¢¢ounts of the Company for the year ended 31 Mar¢b 2025. Responsibilities and basis of report As the charity's trustees of the Company (al also its directOFS for the purp05¢5 of compally law} you are responsible for th¢ preparation of the accounts in accordance with tbe requirements of the Compatiies Act 2006 Obe 2006 A¢tJ. Having satisfied mysclf that th¢ accounts of the Company ar¢ not requir¢d to bc auditcd under Part 16 of the 2006 Aet and are eligiblc for independent examination, I r¢port in respect of my exomination of YOUT charity's accounts as carried out undcr Scction 145 of the Chariti¢S Act 2011 Cthe 2011 Ad.). In caTrying out my cxaminaiion I have followed the Directions given by th¢ Charity Commission under Sedion 145(5) (b) of the 2011 Act. IndependeDt examkner's st*tem¢nt Since your chariiy's gross in¢omc ¢xcEcd¢d £250,000 your examiner must be a member of a listed body. I can conf that I qualified to undcrtake the examination because J am a memb¢r of th¢ Association of Chartered Ccrtified Aceoutttants, wbich is onc of the listed bodies. l knv¢ compl¢icd my examination. I confjrm that no matt¢r8 have come to my attcntion in eonneetion with thc ¢xaminatioll giving me (ause to believe.. accouniing r¢¢ords w¢r¢ Dot k¢p¢ in r¢sp¢cl of tbe Company as requiY¢d by S¢¢tion 386 of thc 2006 Act. or th¢ aunts do noi accord wlth those cOrdS,. or tbc afjunts do not comply with the a¢¢ounting requirements of Section 396 of th¢ 21)06 A¢t othcT than any requirernt that the accounts give a tru¢ and foir view which is not a matter consid¢r¢d as part of an illd¢p¢nd¢Tht examination: or the ac¢ounts haye llot been pr¢par¢d in a¢wrdan¢e with the m¢thods and PTin¢iples of the Ststement of Recommended Practice for a¢countill8 and reporting by cbarities {applicable to Charities pr¢paring their accounts in ac¢ordan¢¢ with the Finats¢ial Reporting Standard appliGabl¢ in thc UK and R¢public of Ireland (FRS 102)). I have no concerns and h&ve come across no other matters ID CODncction with th¢ ¢xamination to which attention should b¢ drawn in this report in order to ¢nabl¢ a proper understaDdiDg of the aoUnts to b¢ reached. Owain Ap Elfed FCCA Williams Denton Cyf Chart¢rcd Certified Accountants Glaslyn Ffordd y P¢ PaTC M¢llai Bangor Gwynedd LL57 4FE Date=..... Page 7
NORTH WALES SOCIETY FOR THE BLIND STATEMENT OF FINAIYCJAL AcfIviTIES FOR THE YEAR ENDED 31 MARCH 21125 2025 Total funds 2024 Total Unrcstrict¢d funds Restricted r¢statcd Notes INCOME AND ENDOWMENTS FROM Donations and legaci 28&923 288,923 19,289 Cbrlthble aettvltlej Grants and Contrdcts Audio Serrice BangoT Resources Centre Rehabililalion Service 50 42297 15363 1,795 2J95 42297 15,263 132215 3,017 25,734 19.845 129.251 132,215 Other trading activities Investment income 9J49 61.793 9J49 11,801 65,949 To¢41 418,125 134OAO 552,135 274,886 EXPENDITURE ON Raising futtds S613 lJ46 6959 12.167 ChArltable ¢tlvhle8 Audio Service Bangor Resources Centre Rehabililation Service CoUnlI]ng 56,9115 268,875 6,000 50,905 271J36 164,897 55.596 233,525 155,388 2J61 158097 Total 337 162 OTr4 499 458 162 N¢t gainsl{logses) on investments 17 224) 17224 109,812 NET INCOMEI(EXPENDITURE) Tr8D$f¢rs b¢tw¢eD funds Other rwognlsed gaiDsIOo$$es) A¢ftwial gainsl(losses) on defined b¢nefil sehemes 63aO8 (28,490) (28,594) 24490 J4?14 {73,464) 20 40.000 40.IIIMI) {597,000) N¢t mov¢ment kn fund$ (4,982) (104) 15,080 1670,464) RECONCILIATION OF FUM)S Total fid$ brougbt fonvard 2293,693 22W8 2JIA541 2,987,005 TOTAL FUNDS CARRIED FORWARD 2J88,711 IIA55 2 316 541 The notes forni part of these financial ststements Page 8
NORTH WALKS SOCIETY FOR THE BLIND BAL4NCE SHEET 31 MARCH 2025 2025 Tot41 funds 2024 Totsl funds as restated Unrestsict¢d fimds Restri¢t¢d fuDds Notes FLXED ASSETS T#ngible assets Inv¢stm¢nts 15 16 119,875 2,1162,381 119875 2 O62J81 123,IIK) 2.117.372 2,182.256 2,182256 2240,472 CURRENT ASSETS Stocks Dcbtors Cash at bank and in band 17 18 38,285 2,429 811.641 38,285 2,429 109N6 36,824 2,232 56,512 29305 121,35S 29,21)5 150,5611 95,568 CREDITORS Amounts falling due within onc year 19 (14,900) (6.461) (21 J61) (19,499) NET CURRENT ASSETS 106 455 22,744 129,199 76.069 TOTAL ASSETS LESS CURRENT LIABILITIES 2,281711 22,744 2,311,455 2.316,541 NET ASSETS 2 316 541 FUNDS Uttrestrieted funds Rcstricted fvttds 20 2,28&711 22,744 2.293.693 22,848 TOTAL FUNDS 11,455 2,316,541 Th¢ charitabl¢ company is entitled to exemptiou from audit UDder Section 477 of the Companies Act 2006 for thc year cnd¢d 31 Marcb 2025. The m¢mb¢rs have not re¢wired the company to obtain an audit of its f]Thwial statements for the year ¢lld 31 March 2025 in accordance with Section 476 of the Cowi¢s Act 2006. Th¢ trnstses aeknowl¢dg¢ their tesponsibilities for (a) ensuring that the charitsblo company kecps aceounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fJnaThcial statem¢nts wthich give a true and fair view of th¢ stat¢ of affairs of thc charitable company as at the end of each financial ycar and of its surplus or d¢fi¢it for each financial year in accordan¢¢ with the requirements of Sections 394 and 395 and wbich otherwis¢ Comply with the requiremellts of th¢ Companies Act 2006 relating to financial Statements, so far as applieable to tho Charitable company. (b) The not¢$ fomi part of these fiwdncial stat¢ments Pag¢ 9 ontinucd...
NORTH WALKS SOCIETY FOR THE BLIND BALANCE SHEET- Tontinued 31 MARCH 2025 Th¢se fJnan¢ial statements have been prepared in accordanc¢ with th¢ provisions applicabl¢ to chari¢able companies subject to the small companies regime. The financial statements were approved by th¢ Board of Trust¢¢s and authori5ed for issue on 7p../. * l.1.......... were sign¢d on its bebalf by.. Hinchliff - Ttustec,, berts- Truste The notes forni part of these financial statements Pag¢ 10
NORTH WALES SOCIETY FOR THE BLIND CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 a5 r¢slat¢d Notes C4sh flows from opern¢itiE Ctivitles Cash generated from operatlODS Interest paid {26,827) 18.5991 (248,560) 17.887 Net cash used in operating activiti¢s 266.447) Cash flows from Investlng activitiei Purehase of tangible fixd ass¢ts Purchas¢ of fixcd assct invcstments Sale of fixed aet invcstments Interest received (799) (275246) 313,1112 (438.207) 577,921 Net cash pn)vided by iDV¢$tiDg activitics Change cash and equfvalellts In the reporting period C&sh and cash equivalents al tht beginning of tbe reportlng period 53J34 (60,784} 117,296 Csb and cash equivalents #t the end of tbe reporting perl•d The notes forni part of these fitjancial statem¢Dts Pagell
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECOIYCILIATION OF NET IT4COMEI(EXPEIYDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 21)25 2024 as restated IY¢t iDcomel(expeDditur¢) for the reporting periDd {*$ per the Statement of FIDanelal A¢tlvltles) Adjustments for: DepTeciation charges Losse51(gain) on investments Interest rec¢ived Interest paid Increase in stocks {Intreaseydecrease in debtors Increasel(deerease} in creditors Diffcr¢DC¢ b¢t¢n p¢nsitsn Charg¢ alld eash ¢ontributions 34,914 (73.464) 4,025 J7,224 (61,793) 18,599 (1,461) (197) 1,862 3,968 (109,812) (65,949} 17,887 {3.383) 2,436 (1243) 19.000) Net used in operations 248 560) ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 N¢t ¢%sh Cash at bank and in hand IIYJ,846 53 34 109 846 Total 56.512 53,334 The notes forni part of these financial statements Pag¢ 12
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 L¥IARCH 21125 ACCOUNTING POLICIES Basi5 Df preparing the fmaDf141 $tatemen¢s and assusment of golng concern The f]nancial statements of the ¢haritable Company, which is a public benefit entity under FRS 102. have been prepared accoIdance with tb¢ Chariti¢5 SORP IFRS 102) 'AoUnting and Reportlng by Charities.. Statemeni of Recommended Practice applicable to chariti¢s pr¢paring th¢ir accounts in accordance with the Financial R¢porting Statard applicable in the UK and Republi¢ of Ir¢land IFRS 102) (effective l January 2015),, Financial Reporting SLdard 102 'The Financial Reporttng Stsndard applicabl¢ in th¢ UK and Republi¢ of Ireland, and the Compathi¢s Aci 2006. The aceounts {financial stat¢m¢nts) have been prepared under the historical cost wnvention with the exceptio of imicstments which ar¢ includ¢d at marf(ei value, as modified by th¢ rwaluation of certain assets. The charity ¢onstitut¢s a public benefit entity as defined by FRS 102. The trustccs consid¢r that there aJe no Itrial uncertainties about the charity's ablliry to ¢ontinu¢ as a going conccrn. ID¢ome All incomc is reco8Dis¢d in th¢ Statement of Financial Activities On the ¢haiity has entitlement to th¢ fid$, it is probable tbai thc in¢ome will bc reeeived the amount can b¢ measured reliably. Legaey gifts are rQgniSed on a case by ease basis following the granting of probate wh¢n the adminÈstratorlexecutOT for ihe estate bas comrnunicated in writing l>oth the amount and settlement E4)¢Ddlture Liabilities are recognised a5 ¢xpenditurc as soon as there is a legal or conslructiye obligation ¢ommitting the harity to thAt eXpeditIe. it is probabl¢ that o transfer of tconomic b¢n¢fits will be required in s¢ttlwn¢nt and the amount of the obligation can be rncasured reliably. ExpeTbditurc is awollnt¢d for on An accruals basis and h&s been elassified w)dcr headings that aggregat¢ all cost rclatrd to th¢ cat¢gory. Whcre costs Canllot be directly attributed to partiwlar headings they have bcen allocat¢d to activitics on a basis cotssi$t¢nt with the use of 50UTC¢S. GraDts off¢red subject to condit10115 which have not been met ai th¢ year end date are not¢d as a commitment but ot accrued as expelldltt¢. Allocation and apportionment of ¢o$ts Certain exp¢nditure is directty atlributabl¢ to specific actimtics and has bcen imeludcd in thos¢ cost caiegories. Certain other costs, which are attributabl¢ lo more than one activity, ar¢ apportion a¢ros$ ¢ost categories on the basis of an Ntimate of the proportlon of time spent by sthff on those ¥tivities or e5tim&ted llsag¢. T*ngible fixed assets Tangible fjxed 2ss¢ts for us¢ by the c]wity are stsied at cost or iu ¢as¢s wbere fLxed assets havo been dojjatcd ai valuaiion at thc time of acqutsition, les5 depIeciation. The Cost of minor additions or those costing less than £500 arc not eapitsliscd. Dq)reetatioTh has been provided at the following rates in order to write down the cost (Trr valuation less estAn]at¢d residual value, of all tan&ble fixed assets by ¢qual arU&l Anstalrn¢nls over their ¢XP¢¢¢ed usefvl lives.. - Frechold Buildings- 20/• on eost FixthJr¢s and Fittings- 25 % on reducing balance Motor Vehicles- 25/0 on rcducing balance. Fized asset Invutments Illvestrn¢nt$ are a fonn of basic financial instrument and ar¢ initially re¢ogtilS ai their transaction Page 13 contilluL..
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FIP4AI¥CIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Tangibl¢ r]I *Jsets valu¢ and subs¢qu¢ntly rn¢&5ur¢d at th¢ir fair value as at the balance sheet date using the closing quoted market pnce. The statement of financial a¢tAvities includes the net gaitis and losses arisillg i)n revaluation and disposals throughout the yeaT. Sttst Strtks are valued ai the lower of eost and net realisable value, after making due allowance for obsolete and slow moving items. Taxatlo The charity is exempt from corporation tsx on its charitable activities. Fund #teountlng Unrestsicted ttds can be used in accordCe with the charitable ObjtiV at the discretion of th¢ In¢¢3. Restricted funds can only be used for particular restrided puTros¢s within the objects of the ¢harity. Restrictions arise when specified by the donor or when funds are raised for particular restrict pu)$¢5. Further explanation of the natyre and putpos¢ of ¢8¢h fund is in¢lud¢d in tb¢ notrs to tb¢ fJnan¢ial statements. Pension eosts and otber post-retlrement benefits The charity operaies a funded defined benefits pensxon s¢beme based on fuydl remuneration. The assets of the sch¢m¢ ar¢ h¢ld separat¢ly from thos¢ of the charity in an independently administcrcd fund. The staff are memb¢rs of th¢ Gwynedd Council Pet)sion Fund. Contributions are Chargcd io the SOFA so as to spread the cost of p¢nsions ov¢r th¢ employtts, working lives with the Bureau. Contributions are deternlined by a qualificd actuary on th¢ basis of valuations using the projected unit method. This sch¢m¢ is b¢ing a¢¢OUnt for under FRS 102, with the atthually calculated notiotjal surplus OT deficil on th¢ fvndiThg of th¢ scheme shosvtt in the accounts as a designated fund entitled "Pensions Reserve" which is deducted from unTestrict¢d funds in the balan¢¢ shed. Organlsation's status The organisarion is a company limit by guarant¢¢. In th¢ ¢v¢nt of th¢ so¢i¢ry b¢ing wound up, the liability in respect of the guaTante¢ is limited to £1 per member of the 50ciW. DOFIATIONS AND LEGACIES 2025 2024 as resta¢ed Dona¢ions L¢ga¢i¢s &923 17,389 288.923 Page 14 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- ¢ODtinued FOR THE YEAR ENDED 31 MARCH 2025 OTHER TIL4DING ACTIVITIES 2025 2024 as restated Salesthresoureey itKom¢ Sal¢s-volwit¢¢rs' shop 9,137 212 11,269 532 INVESTMENf INCOME 2025 2024 as Testated Inv¢slm¢nt income 65,949 INCOME FROM CHAIUTABLE ACTIVITIES Unrestri¢t¢d Restrletsd 31.3.25 31.3.24 Audio and Talking Book S1¢¢ Cyngor Gwynedd Coutt¢il Cyngor Sir Ytjys Mon Royal Society for Blind Children Th¢ Powell Family Cro¢sffordd I Cro&sra Par¢ Ccnedlaethol Eryri Access To Work 42397 42,2YI 85,608 46.607 25,734 82,644 46,607 2.517 2,795 85,608 4A607 1,795 1.795 so 500 500 17,050 15J63 15263 Totsl 58.1160 134.010 192.07 177,847 RAISIIYG FUNDS Otber tr4diDg activities 2025 2024 as restated Purchases Fundraising activities 3Jll 7,504 Pagc 15 etsDtinued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 CHAIUTABLE ACTIVITIES COSTS Grant funding of a¢tiviti¢s (see note Support costs {see note 9) DiTect Totsls Audio Service Bangor Resources Centre R¢habilitAtion S¢Ni¢¢ 56J74 204,493 531 66,233 56,905 271,236 164.897 510 425,764 510 66,764 493 038 GRANTS PAYABLE 2025 2024 as r¢statcd Bangor Resources Ccntrc 510 300 SUPPORT COSTS Governance costs Management OtheT TotAIs Audio S¢rviee Bangor R¢sourc¢s C¢ntr¢ 531 57,168 531 NET INCOMFJ(EXPENDITURE) N¢t sncomel(expeDditure) is stated after chargllW(crediting): 2O2S 2024 as reststed Independent examiation of the accounts Depreeiation- owi)ed asscts Independent examin¢rs' remuneralion foT other servi¢es 5.1140 4.024 2.103 5,040 3,968 Pag¢ 16 C4)ntimuc(L..
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCtAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REMUNERATION AND BENEFITS There w¢r¢ no trustees, remuncratiom or other benefits for the y¢ar ¢ndcd 31 March 2025 Dor for the yeaT ended 31 March 2024. Trystses. expenses Th¢re werc no knjsttts, expenses paid for the year ended 31 Mar¢h 2025 nor for the year ended 31 March 2024. A2. STAFF COSTS 2025 2024 as r¢stst¢d Wages and salaries Social secllrity costs Other p¢n5i¢)n costs 325,228 24,934 282,930 20,826 345 783 Th¢ average monthly Dumber of employees duTiDg the year was as follows: 2025 2024 as restated Mana8¢r Dir¢ct Charitsbl¢ Administration aud Support Devdopment Otyicer No employpKs received emoluJn¢nts in excess of £60,000. The charity considers its key management persotm¢l ¢ornprise of the Manager and Senior R¢hab Officer. Total ¢rnoluments. including employer pension conthTrJuiions, oftbe key managem¢nt persotmcl wer¢ £123,086 (2024 £119.611). The llumbcr of staff it) pension schem¢ during the year wa5 as follows.. 3110312025 31m312024 Defin¢d B¢n¢fil Scheme Page 17 cot)tinued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCEAL STATEMENTS- etsntilled FOR THE YEAR ENDED 31 MARCH 2025 13. COMPARATIVES FOR THE STATEMEP4T OF FINAJ¥CJAL AcfIviTIES Unr¢$tri¢trd fijnds R(TiCt¢d nds Totsl funds &$ r¢stat¢d II¥COME AND ENDOWMENTS FROM Donation$ atsd legaeies 19,289 19289 CharltAble Artlvltles Grants and Contracts Audio Setvice Bangor Resour¢es C¢ntr¢ R¢habilitation Servic¢ 3.017 25,734 17,050 3.017 25.734 19,845 129251 2.795 129,251 Other trading activities Investment income 11,soi 11,801 142,839 274 886 EXPENDITURE ON Raising funds 12.027 140 12,167 Charitsble etlvltles Audio Service Bangor R¢sourc¢s C¢ntre RehabililatioD Scrviee CouDsolling 55,596 224,929 12,000 55,596 233.525 155,388 8,596 143,388 Totsl 153610 458 162 Net gains on inveslments 109,812 109812 NET INCOMEI(EXPEl+lDITURE) TrAn$fers between funds O¢ber reeognlsed gains1(1055es) Actuarial gainslOos5es) oll defined benefit schem (51,901) (20282) (21.563} 20,282 (73,464) 597,000 Net movement In futhd¥ {669,183) (1,281) (670,464) RECONCILIATiof4 OF FUliDS Total fund8 brou8ht forward 2,962,876 24.129 2,987,005 TOTAL FUNDS CARIUED FORWARD 2 293 693 22.848 2316541 Page 18 continued..
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- ¢•ntinued FOR THE YEAR ENDED 31 MARCH 2025 14. PRIOR YEAR ADJUSTMENT In the prior years, the dcfined benefit pension scheme surplus was iecogniscd in full. ]n a¢cordaDc¢ with FRS 102 Sedion 28, the re¢ognition of a pension a&set ts restricted to th¢ extent thai an economic benefit is ivailable. As llo such benefit was available, the asset should have been restsicted to nil. Th¢ effect of this adjustment has been to reduce tbe llet assets and retaiD¢d earnings as 81 31 March 2024 by £857,000 {2023.. £578,000). The comparative figure5 have been restated accordingly. 15. TANGIBLE FIXED ASSETS Fixtures Freehold prop¢rty Motor vehicles fittings Totals COST At l April 2024 Additions 17(J,000 91,845 799 9924 271,769 799 At 31 March 2025 92,644 9.924 27 DEPRECL4TION At l April 2024 Charg¢ for y¢ar 48,600 3AO(I 90,704 485 9J05 139 148.669 At 31 March 2025 152 693 NET BOOK VALUE At 31 March 2025 li 421J 119 875 At 31 Mawh 2024 121,400 559 123.100 Freehold PToperty was revalued OTh 26 February 20I6 an independ¢nt v4luer by Mr Gareth D Thomag of Bob Parry (Survey & Valuatioll) Ltd on the basi5 of open market value. The hi$tori¢al cost of freehold propety illcluded abov¢ at a valuation of £170.IM)O was £32,043 (£16,013 at eost plus improvements to date). If the freehold property had not en included at valuation it would have been included under the historical cost cottvention as follows.. 21125 2024 Cost Arxumulated Depreciati¢)n 32,043 19,802) 32,043 {9,161) N¢1 Book Value 22.241 22,882 Page 19 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATETr(ENTS- ¢ontlnued FOR THE YEAR ENDED 31 K4RCH 2025 16. FIXED A&SET II¥VESTMEIYTS Listed iftvestments MARKET VALUE Ai l April 2024 Additions Disposals Revaluatiolls 2,117,372 275,246 (263378) 166959) At 31 MaTeh 2025 2,06U81 NET BOOK VALUE At 3 1 Mareh 2025 2.062 At 31 March 2024 2 l17372 There were no investment assets outside the UK. 17. STOCKS 2025 2024 as resthted StsTrcks 38,285 18. DEBTORS: AMOUP4TS FALLING DUE wrrHIN ONE YEAR 21125 2024 as restated Other debtors 2.232 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 as r¢#At¢d Social security and other tsxes Accnuls and deferred income 7,008 14.353 6,694 21 Pag¢ 20 ntinucd...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FIf4ANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCII 2025 20. MOVEMEF4T IN FUNDS Net movement in funds Transfas between funds At 31.3.25 At 1.4.24 Unrestrleted funds Gcncral fund Property Revaluation Reserve Recording Studio Rehab TTaining Fund 2,14&321 9&518 46.874 (2,759} (14.607) 6.0011 (43,097) 2,152,f198 95,759 1{6117 1293,693 23J08 {28,4911) 2,288,711 Restrleted Rebabilitstion Service Dr Rhydian James Grant Fund Antioch Club CoTnmunity Engagement The Powel Fatnily (26,682) 2A682 3258 19,OJ7 19,590 (553) (1,808) 449 1,8118 449 22.744 TOTAL FUNDS 2 316541 Net mov¢m¢nt in funds, included in th¢ above are as follows.. lll¢oTning resou¢3 Resour¢¢$ expended Gains and loss¢s Movement in fur Ure#tr1¢tcd funds General fund Prop¢rty Revaluation Res¢rv¢ Recording Sdi0 Rehab Trailling Fund 375,827 (271.729) {2,759) (56.905) (57J24) 46.874 (2.759) 114.60D 42,298 418,12S 1337,393) (57,224) Restrirt¢d funds Rehabilitation Setvice Aniioeh Club Community Engag¢m¢nl The Pow¢1 Family 132,215 (158.897) {5531 (1,808) lJ46 (26,682) {553> (1,808) 449 134 01 TOTAL FUNDS 552 135 499 57,224) Pag¢21 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- eoDtinued FOR THE YEAR ENDED 31 MARCH 21125 20. MOVEMENT IN FUNDS- ¢DMtinued Comp•ratlves for movement ID funds Net mov¢m¢nt in ndS TraDsf¢rs b¢tw¢¢n funds At 31.3.24 At 1.4.23 Unre5tri¢ted fuDdg General fund Property Revaluation Reserve Recording Studio Rehab Trdining Fw)d 2,786,983 101.277 (604,280) (2,759) (29.862) 12,000) {34,382) 2,148.321 98.518 29.862 115,762) 74,616 46,854 2,962,876 (648,901) (20.282) 2293.693 Restricted fundl Rehabililation Service Dr Rthydian James Grani Fund Antioch Club Community Engag¢m¢nt (15,762) 15,762 3,258 20,871 3,258 19,590 {1281) 4,520) 4,520 24,129 121.5631 20,282 22,848 TOTAL FUNDS 2.987.005 670,464) 2,316,541 CompArAtiv¢ n¢t movement in thnd4 included in the above are as follows: Incoming resources Resourceg expended Gains and losses Movement in funds Utyreitrlcted fund$ General fund Propety Revaluation Reserv¢ Recording Studio Rehab Training Fund 117.104 (234.196) {2,759) {55.5971 {487.188) {604.280) (2,759) (29.862) 25,735 142,839 (304.552) (487,188) (648,901) Restricted fund$ Rehabilitation Seryi Antioch Club Community Engagement The Powel Family 129252 1145,014) (1.281) (4,520) {l5,762) (1,281) (4,520) 153610 21.5631 TOTAL FUNDS 274 886 458.162 487.1881 670.464 se Df restri¢t¢d fund$ Rebabilitstion Service Working ulld¢r ¢ontrd¢t wRtb local authoTities to ¢Dable them to provide a rehabilitatiot) seryice for sight impair¢d and 8¢v¢r¢ly sight impair¢d indiv1thl$. Page 22 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- ¢otttinued FOR THE YEAR ENDED 31 MARCH 2025 20. MOVEMENT IN FUNDS- contiDued Dr Rh dian James Grant Fund Th¢ purpose of this fijnd is to provide equipmettt and training aTLd fu1CLaI assistanv to allow blind and p3rti8lly sightcd people fair and equal access to educatiott and training. Antioeh Club Foi th¢ b¢n¢fit of North Wales Society's Social Club in Colwyn Bay. Communii En a ¢ment The purposc of this fund is.. l. To cstablish and run sociavcommunity steering group5 in Abergele 2. To provide inforniation te¢hnolobry le5sonsldemonstrdtious in and around Abergele 3. To provid¢ Community demonstration days and rnini open days in and around Ab¢rgel¢ The Powell Famil Grant received foT thc puwhase of sp¢¢ialist equipmeDt. Pur se of dest n*ted funds Pro R¢valuation Resthve The PULpose of this fithd 1$ to r¢¢ord the revaluation of the fre¢hold propcrty and sub5¢qucnt depreciation of th¢ revAIu8tiolls. Recordin Studio Th¢ recording studio produc¢s, r¢cords and distnuteS accessible infomiatloD and books for pcople with sight loss. Each year the studio prod¢5 24 new audio books, r¢¢ords numerous Welsh language lo¢al n¢wspapers and produces aeces$ible recordings of commercial work. Thc primary objLxiive of the stt]dio i$ to ¢n6ur¢ the 8vailab]lity of Welsh language sudio books and newspapers for tb¢ bcnefit of people with sight 10&8 and people who ar¢ unable to read print in th¢ ordinary way. Rehab Trainin Fund The purpose of the fund is to train ttvo new Rehabilitation Officers by the ¢nd of 2025. 21. EMPLOVKE BENEFIT OBLIGATIONS Thc charity opcrates a funded d¢fin¢d benefits knerne providing benefits based on ftnal remuneration. The assets of th¢ schcmc are held 5cparately from those of the charity- TFAe staff are members of the Gwynedd Pension Fund. Contributi¢)ns arc charged tt> the SOFA with the intention of spreading the cosi of pensions over the remaining emploYc, working lives with tbe charity in accordance with the recommejthtions of the sth¢m¢ administrators. Pension expense lCUlationS and scheme valuations have been carried out (for the purpose of this report) by a qualified independent actuary As at 31 Mareh 2025. The report estimAt¢s that the employer ¢on1Tibutions for the year to 31 March 2025 will b¢ approxinhatety £44,000. Page 23 ¢ontinued...
NORTH WALES SOCIETY FOR THE BLIIYD NOTES TO THE FINAf4CIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2025 21. EMPLOYEE BENEFIT OBLIGATIONS- continued The Olt3 r¢¢ogDised in tb¢ Balan¢¢ ShKt ar¢ &s follows.. Defmfd beDefit pen510D pJ*n5 2025 2024 as resthted Present value of funded obligations Fair value of plan assets (2,128,1)011) (2,453,(K)o) 3 310.0 IJ87,OOD 857,IM)O Present value of llnfimdcd obligations Surplus Penliott asset ceiling Net asset 1,287,0 (lJ87,00(1) 857,000 (857.000) Th¢ 5Utplus h&s be¢n r¢stricted using asset ceiling calculations in aeeordanee with FRS 102. The amounts regnised in the Statement of Financial Activities are as follows: DefAned benefit pen$5on plans 2025 2024 as reststed Currettl serviee cosi N¢t interest from Det defined benefit &5setlliability Interest inrne on plan assets 46,0011 48,000 118,1>00 159 00 115,(KH) 5,1100 21,(K)O Actual Tetwn on plan a&sets Pag¢ 24 continued..
NORTH WALES SOCIETY FOR THE BLIIYD NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR Ef4DED 31 MARCH 2025 21. EMPLOYEE BEf4EFIT OBLIGATIONS- ¢ontinued Changes in the present valu¢ of the def]ned benefit obligation as follows.. Defined benefit pensi•n plaDS 21J25 2024 as restat¢d Opening defined benefit obligation Current service cost Contributions by scheme participants Interest cost B¢n¢fits paid R¢rneagurements'. Actuarial (gainsyloss¢s from changes in demographic assurnptions Actuarial (gains)Aoss¢s from changes in financial assumptions Obligation other remeasut¢m¢Dt 2,453.IJIM) 46.000 18,000 I l8,1100 (103.OOIJ) 2,427,OIM) 48.OIMI 16.000 115,IMM) (86,(X)O) {4,0110) (15,(M)O) (376,OlX)) (24,IKJO {137.0) 85,000 2,128,00 2,453,01)0 Chang¢s in the faiT Value of schern¢ a85ets are as follows.. Defkned benefit penslon pl*n$ 21125 2024 &$ r¢stat¢d Opening fair value of seh¢me ass¢ts Contributions by employer Contributions by scheme participants Assets interest incom¢ Benefits paid R¢m¢asurements: Return on plan assets {¢x¢luding interest income) 2,453,0(10 45,00(1 18,OIMI 159,000 (103,000) 3,005,0(M) 40,000 16,000 142,000 (86,000) {i{000) 193,000 3,41S 000 3,310,0 Page 25 continued...
NORTH WALFS SOCIETY FOR THE BLIND r40TES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 21. EMPLOYEE BENEFIT OBLIGATIONS- continued Th¢ amounts recogmised in other recognised gains and losses are as follows.. DefJn¢d benefit pen$itsn pltts 2025 2024 as rcstatcd Actuarial (gainsylosses from changes iti demographic #ssumptions Actuarial (gain5yloss¢s from ¢hJng¢B in fitwhcial assumpiions Obligaiion other remeasuremet]t Return on plan assets (excluding Interest illtomel 15,0 376.( 24,000 137,OlX) (85,000) (14,000) 193,0 390,1)00 260,000 Th¢ major cat¢gori¢s of s¢h¢m¢ asscts as a ¢¢nIag¢ of total sch¢ as5¢ts ar¢ as follows: Defined benefit pen$Son plAII$ 21125 2024 as r¢stat Equiti¢S Bonds Propety 7Y. 21•/• iooo/. 10(P/o PTiD¢ipal a¢tuarial 255umptions at th¢ Balance Shcet date (expressed as weighted averdges).. 2025 2024 as restst¢d Dis¢oullt rate Future salary increases Future pension increases 3.25•1• 2.75•/• Other ssumptfions used for the valuatlon were: Mortlity Life expectancy 15 based on ihe Fund's Vitacurves with improvemeDts in line with the CMI 2022 modeL with a 25Q/o w¢ighting of 2022 data, a 00/0 weightiThg of 2021 (and 2020) da stalldard smoothing {Sk7). initial adjustment of 0.25010 and a long term Tate of improyement of1.50/• p.a.for both males and f¢males. Bas thrJe assumptions, th¢ average future lrfe expectsllcies at age 65 are 5ummarised below.. Males Fem4les 20.9 years 23.0 years 21A years 25.4 ycar5 Current Pensioners Pensiotttrs Figures aUMe members ag 45 as At ihe last fornial valuation date. Page 26 continued...
NORTH WALES SOCIETY FOR THE BLIND NOTES TO THE FINANCIAL STATEMENTS- ¢tyntknued FOR THE YEAR ENDED 31 MARCH 2025 21. EMPLOYEE BENEFIT OBLIGATIONS- ¢ODtlnued Histori¢ Mortality Life expectan¢i¢s for the prior period eThJ ar¢ bas¢d on the Fund's Vitacurves. The allowall¢¢ for futl improvements shown b¢low. Current P¢nsioDers Futu P¢nsion¢rs CMI 2021 model Ivith a IO•/o CMI 2021 Jnodel, with a I10 weightlng of 2021 {and 2020) weighting of 2021 (d 2020) da data, Standard smootbing (Sk7), standatd slnoothing ISk7), initial Initial adjustment of 0.25•/• and * #djustm¢Dt of 025•/0 and a long long term rate ofimprovement of krm rate of improvement of 1.5 /0 J.S•/o P. Ctytnmutation An allow8nee is in¢lud¢d for retirement5 to ele¢t to take 650/0 of the maximum athjitional tax-frtt cash up to HMRC limits. 22. RELATED PARTY DISCLOSURES Tbere were no r¢la¢ed paty transactions for th¢ year ended 31 March 2025. TAXATJON As a charity, North Wales gociety for tb¢ Blilld. 15 exempt from t&x on income and gains to tbe extent that thes¢ ar¢ applied to its charitabl¢ obj'ects. No tax charges hav¢ arisen in the period. Pag¢ 27
Luilliamsdenton Accountants and Tax Advisors CyfriWr ac Ymgynghotwyr Treth Glaslyn, Ffordd Y Pa. Parc Menai Bangor, Gwynedd, LL57 4FE t.. 01248 670370 bango¥@williamsdenton.co.uk San Remo, 13 Trinity Squar&, Llandudno. Conwy, LL30 2RB 1.. 01492 877478 1landudno@williamsdenton.co.uk wwi.wlliamsdenton.co.uk