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2023-03-31-accounts

BucksVision (Company Limited by Guarantee) Trustees’ Annual Report And Accounts

For the year ended 31 March 2023

Registered Company Number: 08016572 Registered Charity Number: 1147814 Registered Charitable Company Name: BucksVision

CONTENTS
Page
Report of the Trustees............................................................................................................3
Report of the Independent Auditors to the Trustees of BucksVision............................25
Statement of Financial Activities.........................................................................................28
Balance Sheet.......................................................................................................................29
Cashflow Statement..............................................................................................................31
Notes to the Financial Statements.....................................................................................32
Detailed Statement of Financial Activities.........................................................................43

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Report of the Trustees for the Year Ended 31 March 2023

Board of Trustees:

Chair: Robert Dean Vice Chair: Ian Laing Treasurer: John Crowther FCA DChA Trustees: Peter Robbins Jan Antosiewicz Ian Taylor (appointed 17 October 2022) Seema Flower (resigned 25 October 2022) Jeremy Browne* (died 26 October 2022) Jonathan Sidwell (appointed 19 June 2023)

Company Secretary: Steve Naylor (since 1 April 2022) Chief Executive: Steve Naylor

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INTRODUCTION

The Trustees, who are also the directors of the charity for the purposes of the Companies Act 2006, present their report together with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 effective 1 January 2015.

HISTORY

The charitable company was formed in 2012 to take over the operations of the unincorporated charity Buckinghamshire Association for the Blind.

From 1 July 2014, BucksVision became a member of the RNIB Group and RNIB was BucksVision’s sole corporate member until 2022.

From 1 April 2022, BucksVision became an independent charity, separating from RNIB Group, with RNIB thus ceasing to be Persons with Significant Control (PSC) from this date.

ASSESSMENT OF PUBLIC BENEFIT

The Trustees have complied with the duty, as set out in the Charities Act 2011, to have due regard to the public benefit guidance published by the Charity Commission. The Trustees have had regard for the guidelines when reviewing the charitable company’s aims and objectives and in planning for future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set and are of the opinion that the charity’s current activities are for the public benefit of people with sensory loss in Buckinghamshire and Milton Keynes.

AIMS AND OBJECTIVES

BucksVision is a charitable company whose objects are to promote the better education, training, employment and welfare of blind and partially sighted people and people with sensory disabilities other than visual impairment, and generally to protect the interests of such people and to enable their independence.

We aim to achieve this through the work of our staff and volunteers who provide social activities, training courses, equipment advice and information services. We also aim to secure sufficient funding to continue our work. The charity operates within the county of Buckinghamshire, which includes the local government boundaries of Buckinghamshire Council and Milton Keynes Council.

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CHAIR’S REPORT

2022/23 has been a year of significant and important change for BucksVision. Following 8 years as part of the RNIB Group, BucksVision became an independent charity on 1 April 2022. In addition, we commenced delivery of an initial 3-year contract from Buckinghamshire Council to deliver statutory services to people with sensory loss.

On leaving the RNIB Group, BucksVision received grants from them tapering their income over the first two years and funds to complete outstanding transition activities. We also received a further settlement from the legacy of the late Mr M.F. Tilley which has put us in a satisfactory financial position for our initial phase of independence.

The activities by our dedicated fundraising team have exceeded targets and this together with expenditure in line with budget has put us on a solid financial footing this year. Whilst this has generated favourable results for 2022/23, further development of the fundraising strategy is required to sustain income over forthcoming years.

As announced in the 2021/22 Annual Report, BucksVision commenced delivery of the Buckinghamshire Integrated Sensory Services (BISS) contract on behalf of Buckinghamshire Council. The transition of staff into BucksVision as part of this contract complements BucksVision’s traditional services and adds skills and experience to our workforce. The resourcing and management of this contract is ringfenced to ensure transparent deployment of Council funds. This service effectively doubles BucksVision’s staff resources and expenditure.

The costs of delivering our core services have remained in line with budget. Control of our own back-office functions (previously provided by the RNIB Group) has allowed us to tailor these services in line with our size and needs.

Sadly, Jeremy Browne, one of BucksVision’s trustees died in October 2022. Despite being severely sight impaired from early childhood, Jeremy pursued a successful career as a family law solicitor and actively supported other charities including an international aid charity. He was always positive, inspirational, and constructive, providing much appreciated support to the Board and the Chief Executive. He is greatly missed.

Our pursuit of new trustees has continued through the year, and this is beginning to show some success, albeit our goal of increasing the diversity of Board members continues to be challenging. We thank Seema Flower who has stood down, for her contribution and welcome Ian Taylor to the Board. My thanks go to all the Board members for their support over the past year.

In line with the forecast trend, the number of people needing support from charities like BucksVision is increasing with age related sensory impairments and increased isolation for older people. Equally, we are facing an aging volunteer force which is becoming more challenging to replace. During this year we have been able to maintain our reach to beneficiaries and our range of support. Our services have

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now returned fully to a face-to-face basis, and we feel participants benefit from this relationship. The Board would like to thank all existing volunteers for their continued support and to welcome those who have joined us this year.

Similarly, we would like to thank the staff for their ongoing support particularly now that we have returned to full time office working. We also welcome the BISS team who transitioned into BucksVision with the start of the contract, which for some is a welcome back.

In summary, this continues to be transformational time for BucksVision. We will focus on the successful delivery of the sensory services contract which will strengthen our skills base, broaden our service offering and provide added financial stability to the charity. Given our satisfactory reserves position, we now need to develop the income strategy to address the change in the funding climate to support a stable future. Thus, continuing to expand and enhance the services we offer our beneficiaries across Buckinghamshire and Milton Keynes.

Robert Dean Chair, BucksVision

TREASURER’S REPORT AND FINANCIAL REVIEW

As mentioned by the Chairman in his report, and as anticipated last year, 2022/23 has been a notably different financial year for BucksVision, above all because it has been the first year of the charity’s renewed independence, having separated from RNIB Group on 31 March 2022.

Additionally, BucksVision was awarded the Buckinghamshire Integrated Sensory Services contract with effect from June 2022. A similar contract was last held in 2012. The BISS contract is fully funded and is accounted for as a restricted fund. The receipt of this contract has virtually doubled the income and expenditure of the charity and requires strict accounting control over the transactions relating to the contract and those relating to BucksVision’s unrestricted activities.

These factors represent a great deal of change for the charity with very significant financial implications. For the last six years, RNIB have made available grants to enable us to deliver our services with a guaranteed break-even position, but now BucksVision is dependent on its own fundraising activities which is a substantial additional risk for us as well as an opportunity.

Fortunately, RNIB has made additional finance available to us to assist with the change - £60k to cover specific transition costs - of which £13k was unspent at 1 April 2022 and was absorbed in the following year - and £174k received on 1 April 2022 to support our service delivery in 2022/23 and 2023/24. £58k of this sum was allocated to 2023/24 but under accounting rules the whole amount has been included in this year’s income and the £58k has been recognised by a designated fund going forward. We are very grateful to RNIB for their financial assistance.

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Another designated fund represents an unexpected and exceptional legacy of £204,000 last year which provided a welcome financial fillip to our new fundraising operation and strengthens our balance sheet at the point of separation from RNIB.

In fact, a further £79k was received in the year under review as the final distribution from the same legacy.

In the event, due to the RNIB transitional funding and total legacy income of £123k including the £79k referred to above, BucksVision recorded a surplus of £155k for the year, compared to £301k in 2021/22 which in turn entirely consisted of legacies. As a result, total reserves have increased from £773k to £928k in 2023 which places us in a strong position to embark on our independent future.

A deficit budget had been set for the year, but the further exceptional legacy payment, the additional recognition of RNIB tapering funding, better than anticipated grant income and the allocation of some budgeted costs to the BISS contract resulted in the surplus referred to above.

Charitable expenditure amounted to £541k (2021/22: £354k) an increase which largely represents the acquisition of the BISS contract. These financial statements include the first nine months of the BISS contract which balanced income and expenditure at £227k.

A budget of £279k charitable expenditure excluding divisions and BISS has been agreed for 2023/24, resulting in a budgeted deficit of £59k which is sustainable in view of our strong reserves position. This expenditure is a modest increase on the 2022/23 budget and actual, reflecting rising prices.

It should also be noted that back-office costs are no longer provided without charge by RNIB. Accordingly, BucksVision’s back-office services have been re-provided independently from 1 April 2022. These services include Finance, IT, Premises support, Human Resources, Payroll and Pensions.

Fundraising is now a key activity for the charity. The amount raised in 2022/23 amounted to £222k (2021/22 £266k), excluding funds raised locally by divisions and activity clubs. Without the exceptional legacy referred to above, these figures would be £143k and £62k respectively indicating progress made by our fundraising team. Income from Grants in particular rose from £40k to £79k.

The divisional and club treasurers continue to do an outstanding job. I would like to repeat my annual thank you for all of their help, including compliance with external audit requirements. Their hard work and collaboration have helped greatly in the smooth running of our financial operations and I am extremely grateful to them, particularly as they are all volunteers, many of long standing.

Our divisions and activity clubs, which we account for as restricted funds, essentially maintained normal activities during the financial year. Overall, divisions and clubs recorded a net decrease of £25k (2022 net increase £90k due to local legacies) in their reserves which now total £332k.

A strong balance sheet provides an excellent starting point for the charity’s independent existence although reserves will be called upon in coming years as

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fundraising results are not guaranteed. In the meantime, reserves need to be invested profitably and prudently bearing in mind likely timescales, inflation and available interest rates for bank deposits which are now rising sharply. I am delighted to report that divisions with available reserves have joined with the central charity to invest in a charity fund which offers a competitive yield and the prospect of capital growth over the years. The balance invested at 31 March 2023 was £50k but now stands at £250k.

The financial position of BucksVision means that we have again needed to make no charge or request for contributions to the divisions and clubs and are still able to provide services to them from Meadowcroft without charge. The divisions and clubs themselves vary in terms of their financial position and activity levels but all are able to operate without central financial support.

In conclusion, we have a strong position in terms of reserves and working capital and on this basis we can look forward as an independent charity with a degree of confidence.

John Crowther, FCA DChA Treasurer, BucksVision

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STRUCTURE, GOVERNANCE AND MANAGEMENT

BucksVision is a charitable company limited by guarantee registered with the Charity Commission (Charity No. 1147814). It became part of the RNIB Group with effect from 1 July 2014. This provided several benefits to BucksVision, including financial support and back-office services, but due to diverging strategic priorities the charities mutually agreed to separate with effect from 1 April 2022. The revised Articles of Association and governing documents were filed with Companies House and the Charity Commission in early April 2022.

The organisation is governed by the Board of Trustees. The Chief Executive is responsible for the day-to-day operational activities under the supervision and guidance of the Board of Trustees.

The Board meet monthly or bi-monthly, depending on the needs of the charity, and are responsible for the appointment of the Chief Executive. They steer the strategic direction and policy of the charitable company and manage risks and opportunities. At present, the Board comprises seven Directors from a variety of professional backgrounds, three of whom are visually impaired. We are in the process of appointing several new Trustees who we are confident will bring fresh ideas and insights, which we welcome.

The Board has, unfortunately, struggled to recruit Trustees from more diverse backgrounds, an issue has that proven to be challenging to address, but which continues to be a priority for BucksVision. In addition, as a result of the award of the integrated sensory service contract in Buckinghamshire, the Board is seeking to recruit at least one Trustee with experience of hearing loss or multi-sensory impairment. Trustees are recruited by working with the local Voluntary Centre (Community Impact Bucks and Community Action MK), through events/ networking, and in recent years, via social media. Potential candidates are interviewed by the Chair, at least one other Trustee, and by the Chief Executive.

The Chief Executive is responsible for ensuring that the charitable company delivers the services specified and that objectives are met. The Chief Executive also has responsibility for day-to-day operational management of BucksVision property, recruitment and supervision of the staff team.

The Chief Executive was appointed as BucksVision’s Company Secretary in April 2022, further to BucksVision’s separation with RNIB. As Company Secretary, he is responsible for ensuring that BucksVision is effectively governed and complies with relevant charity and company law, including the filing of our annual accounts and important updates with the Charity Commission and Companies House as required.

Steve Naylor has served as Chief Executive since his appointment in May 2015.

The majority of our services are delivered by our dedicated team of volunteers, many of whom have served us faithfully for many years. In 2022/23 we had 251 active volunteers (2021/22: 274) supporting our work. We rely on our volunteers to help blind and partially sighted people across the county, particularly with running our club committees, managing social activities and helping our beneficiaries to access our various events and services.

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Following the revision of our Association Agreement in April 2022, the Board of Trustees of BucksVision comprise the organisation’s governing membership, replacing RNIB which had been the sole corporate member since July 2014. Due to the nature of the charitable company’s work, the members continue to seek to ensure that the charitable company is represented by a Board of Trustees that has lived experience of sensory loss. The Chair, Vice Chair and Treasurer are in turn selected by the Board of Trustees.

All of the Board, including the Chair, Vice Chair and Treasurer, are familiar with the practical work of BucksVision having attended an induction course and are encouraged to take an interest in the work of the charitable company. Additionally, the Chief Executive and the Board have attended training sessions and seminars to familiarise themselves with governance issues, charity law, funding opportunities and project analysis.

The legal relationship between BucksVision and its constituent divisions and activity clubs was put on a transparent and firm basis through the signature of handbooks in 2015.

RISK MANAGEMENT AND INTERNAL CONTROLS

The Board of Trustees has a duty to identify and review risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board has examined the major strategic, business and operational risks which the charitable company faces and confirm that systems have been reviewed regularly and established to mitigate those risks. BucksVision’s separation from RNIB presents a financial risk to the charity, as a significant source of core funding is no longer available. The receipt of a sizeable legacy in 2022 and the award of the Buckinghamshire Integrated Sensory Service (BISS) contract has improved the charity’s financial position, but the Board acknowledges the importance of developing additional funding streams through the work of the fundraising team and Chief Executive.

The Board of Trustees has elected, in the light of the organisation’s past dependence on RNIB for much of its income, to have a medium financial risk appetite and funds are either held on deposit or in investments that we believe will generate a better financial return (than in a bank account) over a number of years. Further to speaking with several investment firms, the Board chose to invest a significant sum of the charity’s reserves with M&G investments in their Multi Asset Fund. M&G have extensive experience of working with charities and have an excellent track record in generating good financial yields over time. The Board acknowledges that the value of its investments can decrease as well as increase over time but is confident that this will yield positive financial returns in the longer term.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects, implementing robust policies as a matter of standard. Procedures are in place to ensure compliance with health and

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safety of staff, volunteers, service users and visitors to the centres, and also to ensure compliance with safeguarding standards. In addition, internal controls ensure that the organisation complies with good “whistleblowing” practice and with the Bribery Act 2010. These procedures are periodically reviewed (typically annually or every two years) to ensure that they continue to meet the needs of the charitable company.

The Board of Trustees confirm that the accounts accompanying this report comply with the statutory requirements, the requirements of the charity’s constitution and the Statement of Recommended Practice on Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (effective 1 January 2015).

The Board regularly review risk and risk management and have identified the following as the principal risks to the fulfilment of the charity’s strategy together with their responsive position.

their responsive position.
Risk Factor Management
Poor income generation and
fundraising performance fails to
address shortfall in funding for
core services		 New Fundraising Team have been appointed
to build and develop our income streams and
diversify sources of funding including grants,
corporate giving and legacies (gifts in Wills).
Fundraising reports are produced as a
standing item for Board meetings so that
Trustees are aware of significant issues/
developments.
Delivering the BISS service is
new to BV; failure to meet KPIs
could lead to financial penalties
(and, ultimately, the contract
being cancelled in the worst case
scenario).		 The service is being led by the Chief
Executive, with close oversight and monitoring,
with quarterly reports on performance sent to
the service’s commissioner. The staff
delivering the service were TUPE transferred
and have integrated well into BV.
Insolvency / cashflow issues Ongoing monitoring and reporting (Xero) by
Management team and Board of Trustees
The receipt of several legacies in recent years
(> £300k) has ensured reserves are at high
enough levels to provide significant financial
contingency for the next two years.
Inability to replenish volunteer
workforce		 Regular communications and support to
volunteers is provided by two full-time
members of staff. Regular training and
advertising take place tominimise churnand

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Risk Factor Management
ensure that new volunteers are recruited in a
timely manner.
Safeguarding incidents, risk
increased with home visits and
services for children and young
people (BISS)		 Training programme in place for all staff and
volunteers including awareness raising and
close working with Buckinghamshire Council.
We have contracted an accredited third party
to deliver safeguarding training to all staff and
Trustees in Q3 2023.
Poor governance due to Board
makeup not reflecting its
beneficiaries/ wider community		 Continued efforts to recruit Trustees from more
diverse backgrounds, including those who
have experience of hearing loss or multi-
sensory impairment.

TRANSACTIONS WITH RELATED PARTIES

We are not aware of any transactions with Trustees, staff or their immediate families.

Prior to its separation from RNIB in April 2022, the charity was in receipt of a grant for general service provision from RNIB and received a final payment of £174k towards operating costs (2021/22: £174k) as an independent charity with a payment to cover the incurred transition costs of £60k. The RNIB grant has been recognised in full in this year’s accounts, although we have designated £58k of this in our reserves to contribute towards our funding in 2023/24.

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ACHIEVEMENTS AND PERFORMANCE

Two key events occurred this year:

These developments bring challenges and opportunities for BucksVision:

Overall, it felt this year that we were able to move towards being a stronger charity, working to our strengths and ensuring that our beneficiaries received the support that they needed.

ADVICE AND INFORMATION

A key aspect of our work is to offer advice and support to beneficiaries as well as informing them and stakeholders about the services of BucksVision and important developments within local and national organisations who support people with sensory loss.

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“Many thanks for not just the most helpful advice you gave me on the phone yesterday but also your follow up email which is very useful indeed. The information you gave me is excellent to have on hand for future instances where sight problems need attention and that's not unlikely.”

“Thank you for your email. It was really good to hear what's available. I will keep this in mind as I ponder my future. Thank you again, it was much appreciated.”

“It was a pleasure talking to you yesterday and great to have so much information in one go, too. Thank you for being so understanding; I really appreciated your patience and you have a great understanding of visual impairment.”

RESOURCE CENTRE AND PRACTICAL SUPPORT

We stock a wide range of aids, gadgets and devices that we are able to demonstrate to people with sensory loss, enabling them to “try before they buy”. Importantly, when people attend an appointment at our resource centre, we are able to ensure that they (and their carers/ families) are able to share their personal experiences and anxieties and receive holistic support.

“Sally and the resource team offered an extensive and professional experience of all BucksVision’s aids and information available for those with sight loss. Cannot recommend too highly - excellent, thank you”.

SOCIAL ACTIVITIES

Social and Activity Clubs

Our volunteer-led social clubs supported 278 beneficiaries during the year.

“It’s given me more confidence. The club is very well organised, long may it continue.”

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Experience Days

We were pleased to start running our experience days again, further to the disruption caused by the pandemic and staff changes the previous year.

“Being able to get out and do things with others, it was mentally uplifting, being able to chat with others, being around people I haven’t seen for ages. The social aspect was great.”

Home Support Services (Befriending, Reading and Shopping)

We were able to provide both face-to-face and telephone home support befriending services, delivered by our brilliant volunteers.

“We just go out and have a laugh and she is very very helpful, you couldn’t have found me a better person.”

"After losing my wife, I got into a complete muddle with my correspondence, having my befriender come in once a week to help with this has been a godsend, I don't know what I would do without them."

PRACTICAL COURSES

Living Well with Sight Loss

We work in partnership with RNIB to deliver courses that help people with sight loss retain their independence and engage with other local and national organisations.

“These courses are necessary as it is helpful to share information and learn from others, otherwise you become isolated.”

Technology Training

During the first half of the year we continued to deliver our virtual technology sessions which included a demonstration from technology company Taira Technology and a volunteer delivered session on accessible smart meter displays.

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At the start of 2023, BucksVision’s volunteer technology group coordinator in Milton Keynes worked with a staff member from RNIB to set up face-to-face support sessions. These started in February, running once a month, and provide support to people booking with their computers/ smartphones.

“I listened, with interest, to the talk. My thanks to everyone involved in organising the event.”

VOLUNTEERING

BucksVision relies on volunteers to deliver many of our services, particularly our social clubs and home services.

BUCKINGHAMSHIRE INTEGRATED SENSORY SERVICE (BISS)

BISS Introduction

BucksVision won the tender to deliver the BISS service on behalf of Buckinghamshire Council last year and has been delivering the service since 24 June 2022. The service provides support to people with sensory loss, including:

The service is an all-age service with no minimum or maximum age limit and is free for service users to access. The service has separate delivery elements for adults and children:

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As a result, the BISS service works closely with colleagues in the Council’s Education, Health and Social Care teams, and with other local organisations.

An independent review of the BISS service commissioned by Buckinghamshire Council found:

“The responses indicate that the provision of aids and appliances by BISS/ BucksVision was seen as very useful, access was easy, and there were few, if any delays in receiving the help needed.”

BISS Support

The BISS service provides a broad range of support to people with sensory loss to enable them to remain independent for as long as possible and to live safely in their own homes. People referred to the service are initially assessed by telephone to confirm the next steps. For most referrals, this will be a visit from one of our specialists to the person at home to discuss their sensory loss and what aids, adaptations and services might help that person.

The service is able to provide a wide range of equipment to people with sensory loss:

We provide mobility training for adults and children to ensure that they can walk safely to the shops, school and community settings, with cane technique (if appropriate) so that they understand how to use a cane properly. We also carry out risk assessments at schools to ensure that adaptations are made as required to ensure that children with sensory loss are able to navigate safely around the school building and grounds.

Habilitation training is provided to children to ensure that they can become as independent as possible, learning daily living skills such as preparing food and drinks, handling money, and washing clothes.

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A key aspect of our work is to ensure that children are supported during times of transition, such as changing school or going to college. We provide support prior to the change so that the child or young person is familiar with the route and layout of their new setting.

All clients receive a follow-up call at six weeks to ensure that they are well, that the equipment is making a difference and to check whether they have any further needs.

Referrals to the service come from a wide range of sources including self-referrals, hospital ophthalmology and audiology clinics, social care, occupational therapy and social prescribers.

Vision Impaired Adults

Hearing Impaired Adults

Dual Sensory Loss Impaired (Deafblind) Adults

Vision Impaired Children and Young People

Hearing Impaired Children and Young People

Multi-Sensory Impaired (MSI) Children and Young People

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PARTNERSHIP WORKING

The nature of our work means that we collaborate often with other sensory loss charities, each of whom have their own specialism, including:

Delivering the BISS services strengthens our approach to working in partnership, with the following key agencies actively engaged in service delivery:

BucksVision collaborates with and refers to several other organisations where sensory loss is a significant interest including:

BucksVision receives referrals from a number of agencies including

Buckinghamshire Council, ophthalmology and audiology services, GPs, opticians, occupational therapists, care homes and social prescribers.

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FINANCIAL DONORS AND SUPPORTERS

We are extremely grateful to the individuals, organisations and grant-giving bodies who financially supported our work this year. We are grateful to RNIB for their support in previous years year and for the final grant payment of £174k, enabling BucksVision to move forward as in independent charity on a good financial footing.

Garfield Weston Foundation £20,000
Milton Keynes Community Foundation £10,000
Richer Sounds Foundation £10,000
The Clothworkers Foundation £10,000
The Will Charitable Trust £10,000
The Childwick Trust £7,500
The Rectory Foundation £5,000
The Roger Jefcoate Trust £5,000
The Rothschild Foundation £5,000
L&Q Place Makers £5,000
The Percy Bilton Trust £4,183
Kensington Mortgage Company £3,800
Versus Arthritis £3,224
Aylesbury Town Council £3,000
The Anson Charitable Trust £3,000
The Dixie Rose Findlay Trust £3,000
The Mobbs Memorial Trust £2,500
The Payne-Gallway Charitable Trust £2,000
The Woodroffe Benton Foundation £1,500
The Dorothy Hay-Bolton Charitable Trust £1,500
The William Harding Trust £1,295
The Sylvia Waddilove Foundation £1,295
Arnold Clark Community Fund £1,000
Pharsalia Charitable Trust £1,000
The Roland Callingham Foundation £1,000

Please note that these are the largest grants and community donations that we received in 2022/23. It is not an exhaustive list of all donations, the sums of which are reflected in the accounts below.

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- RESERVES POLICY BUCKSVISION

Summary of policy adopted by the Board on 14 August 2023

This revised policy is based on two major changes in the circumstances of BucksVision which had just taken place at the time of the last review in 2022 and which have a material bearing on the charity’s activities, risks and reserve requirements:

Further context is provided by the tapering group support referred to above and an exceptional legacy received in 2022 totalling £283k. Consequently BucksVision is in a position where it has relatively high levels of reserves and liquidity but sharply enhanced risk factors surrounding its core and unrestricted funding. The risks relating to the BISS contract on the other hand relate primarily to service delivery and cost control.

General Reserves

The recent Investment Policy determined that BucksVision has a medium appetite for financial risk.

Accounts to 31 March 2023 show a high figure for free reserves of £596k mainly due to the RNIB transitional funding of £174k which has for accounting purposes been entirely recognized in 2022/23. This compares to budgeted central charitable expenditure of £279k for 2023/24 which excludes BISS.

Looking at risk to future income streams, BucksVision will be almost equally divided between unrestricted charitable expenditure, whose funding carries an increasingly high risk factor, and the BISS contract where little risk attaches to income, but costs need to be controlled and targets met.

BucksVision’s fundraising operation is still developing and is very far from supporting the current cost-base. Therefore, a high risk factor attaches to bringing in new income sources.

As a mitigating factor, BucksVision’s non-BISS operations are largely scalable and there are low fixed costs. However, reduction of service levels is obviously undesirable, and reserves can be used to smooth volatility in income levels.

Therefore, bearing in mind the different risks applicable to the charity’s two main areas of activity, it is proposed to recognize the high risk levels attaching to our

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proposed new income sources by having a full year’s unrestricted expenditure (that is, excluding expenditure under the BISS contract, which is funded) in free reserves. This would amount to approximately £280k and would sustain continuity of services in the next few years.

Due to the high levels of liquidity currently held, the charity would be fully compliant with this free reserves requirement, with an excess of approximately £316k, as at 31 March 2023.

Designated Reserves

The Trustees allocate available funds to designated reserves to cover identified plans or requirements, including support for the charity’s ability to continue operating for a particular period. These are internal designations and can be released back to general reserves if necessary.

It is recommended that Designated Reserves as at 31 March 2023 be established as follows:

Capital Development Reserve £22,000
Service Support Reserve £204,000
RNIB Final Grant Reserve £58,000
Rent Reserve (under proposed new lease) £7,500
Property Reserve (NBV of fixed assets) £6,334
TOTAL £297,834

The bulk of the exceptional legacy remains in a designated reserve which can be used to supplement fundraised income if necessary in future years.

Restricted Reserves

Restricted reserves in contrast arise from restrictions imposed by donors and funders. It is the charity’s policy to expend such funds in accordance with the donors’ restrictions in a reasonable period of time after receipt. There are currently two restricted funds held by the charity centrally, which relate to the BISS contract (currently Nil) and the Divisions and Activity clubs. Two other restricted funds were closed during 2022/23.

Restricted reserves held by the charity’s nine divisions and other activity clubs totalled £332k (2022: £357k).

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LEGAL AND ADMINISTRATIVE INFORMATION

The registered name of the charitable company is BucksVision and its registered company number in England and Wales is 08016572.

The governing document of the charitable company is its Articles of Association, which is approved by the Charity Commission. New Articles of Association came into effect 1 April 2022 to reflect the separation of BucksVision from its parent organisation, RNIB, and its operation going forward as an independent charity.

BucksVision is constituted as a charitable company limited by guarantee, registered as charity no 1147814. From 1 April 2022, the directors of the charity (the Board of Trustees) are its corporate members, replacing RNIB as its sole corporate member.

The principal and registered office of the charitable company is at:

143 Meadowcroft Aylesbury Buckinghamshire HP19 9HH

Auditors:

Bankers

Richardsons Chartered Accountants NatWest Bank plc 30 Upper High Street 22 Market Square Thame Aylesbury Oxfordshire Buckinghamshire OX9 3EZ HP20 1TR

Statement of Directors’ Responsibilities

Charity law requires the Directors (who are its Trustees) to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of its financial activities for the period. In preparing those financial statements the Directors are required to: select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the policies adopted are in accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities) issued by the Charity Commission for England and Wales and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charitable company will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at the time the financial position of the charitable company and enables them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of

Page 23 of 44

fraud or other irregularities. The Directors ensure that any financial information that is published on the organisation’s website is accurate and properly maintained.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (effective 1 January 2015).

So far as each Director is aware, there is no relevant audit information of which the auditors are unaware. Each director has taken all steps s/he ought to have taken as a Director in order to make himself/ herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Plans for Future Periods

We will continue to seek new income streams, new working partnerships and new opportunities to expand our services as our resources allow, to ensure our continued operation in the best interests of visually impaired people in Buckinghamshire and Milton Keynes.

The award of the Buckinghamshire Integrated Sensory Service (BISS) contract to BucksVision, from 24 June 2022 for three years, with the option for Buckinghamshire Council to extend this by another one or two years, presents a valuable opportunity for BucksVision to broaden its reach and offer increased support to people with sensory loss. These services include statutory rehabilitation and habilitation services, which are essential in ensuring that people with significant sensory loss receive the support that they require.

Approved by the Board of Trustees and signed on its behalf by the Chairman:

Robert Dean

Date: 27 October 2023

Page 24 of 44

Report of the Independent Auditors to the Trustees of BucksVision Opinion

We have audited the accounts of BucksVision (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other

Page 25 of 44

information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the trustees and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees' are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Page 26 of 44

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to financial reporting, FRS 102, the charities SORP and the Companies Act.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at:

http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Richardsons

Date: .[2] ..[7] .[t] .[h] ...[O] ..[c] ..[t] .[o] .[b] ..[e] ..[r] ..[2] ..[0] .[2] ..[3] ....................

Chartered Accountants Statutory Auditor 30 Upper High Street Thame Oxfordshire OX9 3EZ

Page 27 of 44

Statement of Financial Activities

for the Year Ended 31 March 2023

Income &
Endowments
from:
Voluntary
Income
2
Income from
Charitable
Activities
3
Investments
4
Total income
Expenditure
on:
Charitable
activities
5
Total
expenditure
Net
gains/(losses)
on investments
Net income/
(expenditure)
Transfers
between funds
18
Net income
after transfers
Other
recognised
gains/(losses)
Net
movement in
funds
Reconciliation
of funds:
Total funds
brought
forward
Total funds
carried
forward
Unrestricted
Funds
2023
£
409,182
-
713
409,895
246,393
246,393
6,058
169,560
20,357
189,917
-
189,917
£
406,456
596,373
Restricted
Funds
2023
£
53,735
227,172
1,213
282,120
294,884
294,884
(1,550)
(14,314)
(20,357)
(34,671)
-
(34,671)
£
366,306
331,635

Total
Funds
2023
£
462,917
227,172
1,926
692,015
541,277
541,277
4,508
155,246
-
155,246
-
155,246
£
772,762
928,008
Unrestricted
Funds
2022
£
515,945
-
736
516,681
296,467
296,467
562
220,776
-
220,776
-
220,776
£
185,680
406,456		 Restricted
Funds
2022
£
138,465
-
926
139,391
57,205
57,205
(2,120)
80,066
-
80,066
-
80,066
£
286,240
366,306		 Total
Funds
2022
£
654,410
-
1,662
656,072

353,672
353,672
(1,558)
300,842
-
300,842
-
300,842
£
471,920
772,762

Page 28 of 44

Balance Sheet

At 31 March 2023

FIXED
ASSETS
Tangible
Assets
12
Investments
13
CURRENT
ASSETS
Stocks
14
Debtors
15
Cash at
bank
CREDITORS
Amounts
falling due
within one
year
16
NET
CURRENT
ASSETS
TOTAL
ASSETS
LESS
CURRENT
LIABILITIES
FUNDS
18
General
Designated
20
Restricted
Total Funds
Unrestricted
Funds
2023
£
6,334
73,426
79,760
1,029
29,814
530,267
561,110
(44,296)
516,814
596,574
298,539
297,834
-
596,373
Restricted
Funds
2023
£
-
24,627
24,627
-
-
306,807
306,807
-
306,807
331,434
-
-
331,635
331,635
Total
Funds
2023
£
6,334
98,053
104,387
1,029
29,814
837,074
867,917
(44,296)
823,621
928,008
298,539
297,834
331,635
928,008
Unrestricted
Funds
2022
£
8,448
17,368
25,816
988
4,896
511,119
517,003
(45,019)
471,984
497,800
158,774
247,682
-
406,456
Restricted
Funds
2022
£
-
26,177
26,177
-
-
248,785
248,785
-
248,785
274,962
-
-
366,306
366,306		 Total
Funds
2022
£
8,448
43,545
51,993
988
4,896
759,904
765,788
(45,019)
720,769
772,762
158,774
247,682
366,306
772,762

The notes form part of these financial statements.

Page 29 of 44

Balance Sheet - continued

At 31 March 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for:

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 144 of the Charities Act 2011.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Trustees on 27 October 2023 and were signed on its behalf by:

Robert Dean Chairman

Company registration number: 08016572 Registered Charity Number: 1147814

Page 30 of 44

Cashflow Statement

For the year ended 31 March 2023

Cashflow Statement
For the year ended31 March 2023
Cash flows from operating activities
Net cash provided by operating activities as shown
below
A
Cash flows from investing activities
Interest received
Dividends received
Proceeds from sales of investments
Purchase of investments
Purchase of tangible fixed assets
Net cash (used by) provided by investing
activities
B
Cash flows from financing activities
Net cash provided by financing activities
C
Overall cash provided by all activities
A+B+C
Cash movements
Change in cash and cash equivalents from
activities in the year ended 31 March 2023
Cash and cash equivalents at 1 April 2022
Change in cash and cash equivalents due to
exchange rate movements
Cash at bank and in hand less overdrafts at 31
March
Reconciliation of net income to net cashflow
from operating activities
Net income as shown in the SOFA
Adjustments for :
Depreciation charges
Net unrealised losses on investment assets
Dividends, interest and rents from investments
Decrease in current asset investments
Increase in stocks
Increase in debtors
Decrease in creditors, excluding loans
Increase in provisions
Net cash provided by operating activities
A
Analysis of cash and cash equivalents
Cash in hand at for the year ended 31 March 2023
Notice deposits - (less than 3 months)
Overdrafts facility repayable on demand
Total cash and cash equivalents		 2023
£
125,244
821
1,105
-
(50,000)
-
(48,074)
-
77,170
77,170
759,904
-
837,074
155,246
2,114
(4,508)
(1,926)
-
(41)
(24,918)
(723)
-
125,244
£
837,074
-
-
837,074		 2022
£
414,014
426
1,236
3,885
-
-
5,547
-
419,561

419,561
340,343
-
759,904
300,842
2,029
1,558
(1,662)
-
(7)
105,948
5,306
-
414,014

£
759,904
-
-
759,904

Page 31 of 44

Notes to the Financial Statements

for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Statement of accounting policies

The principal accounting policies adopted, judgement and key sources of estimation uncertainty in the preparation of these financial statements are as set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)). They also conform to the requirements of the Charities Act 2011 and the Companies Act 2006.

Income

Incoming resources are recognised in the Statement of Financial Activities (SOFA) when the following conditions are met:

Where incoming resources have related expenditure both income and expenditure are shown gross in the SOFA.

Where income is received in advance of the activity to be performed then the income is deferred.

Grant, donations and legacies are only included in the SOFA when the charitable company has unconditional entitlement to the resources. Grants received in this year and the preceding year are measured on an accrual basis.

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Contractual income and performance related grants are only included in SOFA once the related goods or services have been delivered.

Gifts in kind are accounted for at a reasonable estimate of their value to the charitable company or the amount actually recognised.

Donated services and facilities are only included in incoming resources where the benefit to the charitable company is reasonably quantifiable, measurable and material.

Page 32 of 44

Volunteer help - the value of volunteer help is not included in the accounts but the role of volunteers is described in the trustees' annual report.

Investment income and subscriptions are included in the accounts when receivable.

Investment gains and losses include any gain or loss on the sale of any investment and any gain or loss resulting from revaluing investments at the end of the year.

Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable company to pay out resources.

Costs of charitable activities comprise all costs identified as wholly or mainly attributable to achieving the charitable objects of the charity, including staff costs and the costs of disseminating information in support of charitable activities.

Governance costs include costs of the preparation and examination of statutory accounts, the cost of Directors’ meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Where the charitable company gives a grant with conditions, these are only recognised when the specific conditions have been satisfied.

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

Resources expended are included in the SOFA on an accrual basis. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets and depreciation

Tangible assets are recorded at cost, including irrecoverable VAT, or where donated, open market valuation at the time of donation. The minimum threshold for capitalisation is £5,000.

Depreciation is provided on all fixed assets at rates calculated to write off the cost over the expected life of the asset as follows:

Fixed asset residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The effect of any change is recognised in the SOFA in the year in which it occurs. Fixed assets are also reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of financial activities.

Page 33 of 44

Stocks

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

Taxation

The charity is exempt from corporation tax on its charitable activities.

Funds structure

The charitable company's funds include funds held for the purpose of the divisions and clubs which are used to meet the general charitable objects of the charitable company in local areas for the carrying out of the specific tasks as part of those general charitable objects. These funds are regarded as restricted funds.

Designated funds are those which are set aside to meet an essential need or future purpose that the Directors identify as requiring a specific contingency or resource.

All other funds are held for the general purposes of the charitable company and are unrestricted.

Reserves

The charitable company's reserves are assessed on a monthly basis and subject to formal annual review by the Board of Trustees, to ensure sufficient funds are available to enable the charitable company to continue operating for a period of at least one year. Directors have designated a proportion of the charitable company's resources to meet this requirement and to establish a fund to cover contingencies that might affect the charitable company's ability to continue at any time during this period.

Hire purchase and leasing commitments

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

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investments are included at directors’ best estimate of market value.

Page 34 of 44

2. VOLUNTARY INCOME

Donations
Legacies
Grants
Receivable -
RNIB
Grants
Receivable -
Other
Government
Furlough
Scheme
Funding
Other Income		 Unrestricted
Funds
2023
£
21,156
122,287
174,000
78,868
-
12,871
409,182		 Restricted
Funds
2023
£
26,263
758
-
25,750
-
964
53,735		 Total
Funds
2023
£
47,419
123,045
174,000
104,618
-
13,835
462,917		 Unrestricted
Funds
2022
£
16,614
208,656
234,000
40,298
4,347
12,030
515,945		 Restricted
Funds
2022
£
13,170
97,775
-
27,000
-
520
138,465		 Total
Funds
2022
£
29,784
306,431
234,000
67,298
4,347
12,550
654,410

3. INCOME FROM CHARITABLE ACTIVITIES

Local
Authority
Contract
(BISS)		 Unrestricted
Funds
2023
£




-
-		 Restricted
Funds
2023
£
227,172
227,172		 Total
Funds
2023
£
227,172
227,172		 Unrestricted
Funds
2022
£
-
-		 Restricted
Funds
2022
£
-
-		 Total
Funds
2022
£
-
-

Page 35 of 44

4. INVESTMENT INCOME

Deposit
Account
Interest
Fixed Asset
Investment		 Unrestricted
Funds
2023
£
-
713
713		 Restricted
Funds
2023
£
821
392
1,213		 Total
Funds
2023
£
821
1,105
1,926		 Unrestricted
Funds
2022
£
-
736
736		 Restricted
Funds
2022
£
426
500
926		 Total
Funds
2022
£
426
1,236
1,662

5. RESOURCES EXPENDED – CHARITABLE ACTIVITIES

General Activities
Local Authority
Contract (BISS)		 Direct
Costs
2023
£
213,309
219,225
432,534		 Support
Costs
2023
£
100,796
7,947
108,743		 Totals
2023
£
314,105
227,172
541,277		 Direct
Costs
2022
£
277,411
-
277,411		 Support
Costs
2022
£
76,261
-
76,261		 Totals
2022
£
353,672
-
353,672

Support costs are detailed further in Note 7 .

6. GRANTS PAYABLE

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
General
Activities		 320 227 547 - 741 741

Page 36 of 44

7. SUPPORT COSTS

PORT COSTS
General Activities
Governance
LA Contract (BISS)		 Management
2023
£

86,314

14,482

7,947
108,743		 Management
2022
£
63,546
12,715
-
76,261

Governance costs are detailed further in Note 8 .

8. GOVERNANCE

Trustees’ expenses
Legal fees
Accountancy fees
Auditors' remuneration		 2023
£

-

4,380

3,313

6,789
14,482		 2022
£
5
6,972
-
5,738
12,715

Trustees' expenses are detailed further in Note 10 .

9. TOTAL MOVEMENT OF FUNDS IN THE YEAR IS STATED AFTER CHARGING

TOTAL MOVEMENT OF
CHARGING		 FUNDS IN THE YEAR IS S
2023 2022
£ £
Auditors' remuneration 6,789 5,738
Depreciation charge 2,114 2,029
Accelerated depreciation - -
Other operating leases 2,870 2,022

Page 37 of 44

10. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023.

Trustees’ expenses

2023 2022 £ £ - Trustees' expenses 5

Visually impaired directors receive services on the same basis and terms as those provided to all visually impaired members.

The amount of £0 (nil pounds) was paid for expenses incurred (2022- £5) in respect of travel and telephone costs.

11. STAFF COSTS

Wages and Salaries
Social Security costs
Pension costs
Redundancy costs
Recruitment costs		 2023
£

288,377

21,473

14,143

-

3,737
327,730		 2022
£
208,829
19,392
9,901
6,807
-
244,929

The average monthly number of employees during the year was as follows:

Service delivery
Management & Administration
Fundraising		 2023

6
4

2
12		 2022
4
3
2
9

BucksVision had 12 members of staff, 9.8 FTE. No employees received emoluments in excess of £60,000.

Page 38 of 44

12. TANGIBLE FIXED ASSETS

COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
Eliminated on disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Land and
buildings
£


30,200

-

-

30,200


21,752

2,114

-

23,866


6,334

8,448		 Plant and
machinery
£
5,876
-
-
5,876
5,876
-
-
5,876
0
0		 Totals
£
36,076
-
-
36,076
27,628
2,114
-
29,742
6,334
8,448

13. FIXED ASSET INVESTMENTS

Unquoted investments
Market value at 1 April 2022
Acquisitions at transfer value
Market value of investments sold
Unrealised gains/(losses)
Market value at 31 March 2023
Summary of realised and
unrealised gains and losses
Unrealised gains/(losses)
Realised gains/(losses)		 Unrestricted
Funds
£


17,368

50,000

-

6,058

73,426
Unrestricted
Funds
£

6,058

-
6,058		 Restricted
Funds
£
26,177
-
-
(1,550)
24,627
Restricted
Funds
£
(1,550)
-
(1,550)		 Total
Funds
£
43,545
50,000
-
4,508
98,053
Total 2023
Total
2022
£
£
4,508
(1,558)
-
4,508
(1,558)

Page 39 of 44

14. STOCKS

Stocks 2023
2022
£
£
1,029
988

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Intercompany debtors
Prepayments & accrued income
Other debtors		 2023
£

24,919

-

4,895

-
29,814		 2022
£
-
4,029
279
588
4,896

16. CREDITORS

16.
CREDITORS
Trade Creditors
Accruals
Taxation and Social Security
Other Creditors
Deferred Income		 2023
£
11,767
10,755
-
2,466
19,308
44,296		 2022
£
-
8,877
4,546
1,596
30,000
45,019

17. OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid:

Expiring within one year:
Between two and five years		 2023
£

2,113

6,000
8,113		 2022
£
3,073
150
3,223

Page 40 of 44

18. MOVEMENT IN FUNDS

Unrestricted funds
General funds
Designated funds
Restricted funds
Divisions and Clubs
Goalball
LA Contract (BISS)
Befriending
TOTAL FUNDS







At 1.4.22
£
158,774
247,682
406,456
357,016
9,290
-
-
366,306
772,762		 Net
movement
in funds
£
169,560
-
169,560
(14,314)
-
-
-
(14,314)
155,246		 Transfers
between
funds
£
(29,795)
50,152
20,357
(11,067)
(9,290)
-
-
(20,357)
-		 At 31.3.23
£
298,539
297,834

596,373
331,635
-
-
-
331,635
928,008

Designated funds are detailed in Note 20 .

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

Unrestricted funds
General fund
Restricted funds
Divisions and clubs
Goalball
LA Contract (BISS)
Befriending		 Incoming
resources
£
409,895
29,198
-
227,172
25,750
692,015		 Resources
expended
£
246,393
41,962
-
227,172
25,750
541,277		 Gains and
losses
£
6,058
(1,550)
-
-
-
4,508		 Movement
in funds
£
169,560
(14,314)
-
-
-
155,246

The Divisions and Clubs of BucksVision are managed by individual management committees and deliver social activities in defined geographical areas. These activities (and associated income and expenditure) are restricted to helping people in their local areas only.

BucksVision has stopped its Goalball activities due to a lack of interest and resource limitations.

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19. ULTIMATE PARENT COMPANY

BucksVision no longer has an ultimate parent company (BucksVision was part of RNIB Group until 31st March 2022, becoming an independent charity from 1st April 2022).

20. DESIGNATED FUNDS

SIGNATED FUNDS
Capital development reserve
Service support reserve
RNIB final grant reserve
Rent reserve (under proposed new lease)
Property reservice (NBV of fixed assets)		 £

22,000

204,000

58,000

7,500

6,334
297,834

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted
funds
Unrestricted
funds
Designated
funds
General
funds		 Tangible
fixed
assets
£
-
6,334
-
6,334		 Investments
£
24,627
-
73,426
98,053		 Net
current
assets
£
307,008
291,500
225,113
823,621		 Total
2023
£
331,635
297,834
298,539
928,008		 Tangible
fixed
assets
£
-
8,448
-
8,448		 Investments
£
26,177
-
17,368
43,545		 Net
current
assets
£
340,129
239,234
141,406
720,769		 Total
2022
£
366,306
247,682
158,774
772,762

22. RELATED PARTY TRANSACTIONS

RNIB made a grant of £174,000 to BucksVision to provide transitional support for its charitable activities during the first two years of BucksVision’s independent existence, effective from 1st April 2022. £58,000 of this sum has been allocated as a designated reserve for 2023/24.

Page 42 of 44

Detailed Statement of Financial Activities

for the Year Ended 31 March 2023

INCOMING RESOURCES
Voluntary income
Donations
Legacies
Other grants and fundraising
Investment income
Deposit account interest
Fixed asset investment
Income from Charitable Activities
Local Authority Contract
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Wages
Social security
Pensions
Redundancy costs
Recruitment costs
Subcontractors
Advertising
Entertainment
Volunteer expenses
Travel
Training
Aids & supplies
Room hire
Social activities
Subscriptions
Professional fees
Carried forward		 2023
£

47,419

123,045
292,453
462,917
821
1,105
1,926
227,172
692,015

288,377
21,473

14,143
-

3,737
26,160
2,086
23,238
6,757
13,298

3,202
16,336
6,963

-

592

5,625

431,987		 2022
£
29,784
306,431
318,195
654,410
426
1,236
1,662
-
656,072
208,829
19,392
9,901
6,807
-
-
1,505
11,472
2,808
2,152
612
8,614
2,967
-
766
845
276,670

This page does not form part of the statutory financial statements.

Page 43 of 44

Brought forward
Grants to individuals
Governance costs
Trustees' expenses
Legal fees
Accountancy fees
Auditors' remuneration
Support costs
Management
Other operating leases
Rates and water
Insurance
Light and heat
Printing, stationery & postage
Resource centre
Telephone & internet
Refurbishment costs
Admin costs
IT and Equipment costs
Bank charges
Depreciation: short leasehold
Sundry Expenses
Total Resources Expended
Net gains/(losses) on investments
Net income		 2023
£
431,987

547
432,534


-

4,380

3,313

6,789
14,482



2,870

260

3,176

10,032
13,162

2,182

7,324

19,941

8,397
18,758

1,263

2,114

4,782
94,261

541,277

4,508

155,246		 2022
£
276,670
741
277,411
5
6,972
-
5,738
12,715
2,022
(15)
-
1,972
11,293
1,396
-
5,674
7,139
30,958
1,078
2,029
-
63,546
353,672
(1,558)
300,842

End of document.

Page 44 of 44