Somerset Sight Worklng wlth people who lack sight, not vislon SOMERSET SIGHT LIMITED (A company limited by guarantee) Unaudited Annual Report and Financial Statements for the year ended 31 st March 2024 Registered Charity Number 1154472 Registered Company Number 08432686 The Queen's Award for Voluntary Service
Somerset Sight Limited Northfield House 51 Staplegrove Road Taunton TAI IDG Telephone: 01823 333818 Website: www.somersetsight.org.uk Our mission statement 66Somerset Sight Limited supports visually impaired people in Somerset so that they may lead fuller and more independent lives. 99
Somerset Sight Limited (Registered company.. 08432686) Trustees, Annual Report for the Year Ended 31 March 2024 Legal and Administratlve Information The Trustees arc pleased to present their Annual Report together with the financial statements of the charitable company for the year ended 31 Mawh 2024. The financial statements comply with the Memorandum and Articles of Association, and Accounting and Reporting by Charities." Statement of Recomm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 - (Charities SORP FRS 102) the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. Charity Detalls Somerset Sight Limited is a company limited by guarantee (08432686) and a registered charity (1154472). The registered office and address of the charity is Northfield House, 51 Staplcgrove Roud, Taunton, Somerset TAI IDG. Th¢ Patrons of the charity, together with the trustees who served during the year and those who have been appointed since the balance sheet datc, were as follows: Patrons: Count Charles de Salis Lady Elizabeth Gass DCVO Mr Mohammed Saddiq, Lord Lieutenant of Somerset {appointed I l April 2024) Mrs Anne Maw. fornier Lord Lieutenant of Somerset Rt. Revd. Ruth Worsley, Bishop of Taunton Dlreetor$ and Trustees: Mrs Christob¢l (BL,Ila) Flood (Chairman) (retired l O August 2023) Mr Paul Fellingham {Chairn]an from l O August 2023) Rear Admiral Brian Pcrowne (Vice-chaiman) (retircd 8 June 2023) Mrs Christine Briggs (Vice-chairnian from l O August 2023) Mr Ian Pind¢r (Treasurer) (retired 31 May 2024) Mr Zdenek Gregor Mr Nicholas Ham Dr Sarah Chen Mr Jonathan (Johnnie) Halliday Ms Sarah I'ufton Ms Anna Blake Mr John Wright (appointed 14 June 2023) Mr Richard Barton (appoint¢d 19 October 2023) Chief Executive Officer Jackie Sopwith Independent Examiner of the Accounts: Michael Cook Bsc FCA, A C Mole LLP, Chartered Accountants, Stafford House, Blackbrook Park Avenue, Taunton, Somerset TAI 2PX Investment Managers and Stockbrokers: Rowan Dartington & Co Ltd, Aintree House, Blackbrook Park Avenu¢, Taunton TAI 2PX Principal Bankers: Lloyds Bank, Taunton
Structure, Goveruance and Management Since 1919 Somers¢t sIt Limited, and its predecessor organisation Somerset Association for the Blind, have been helping the visually impaired people of Somerset to live as independently as possible, The Objects of the Charitable Company Somerset Sight Limited exists to providc benefits for the visually impaired residents of Somerset. In accordanc¢ with our constitution we provide for their needs, promote and protect their health and promote their education and training. Our Mission Statement Can be seen on the inside cover of this report. Aims Somerset Sight Limited aims to meet the needs of the visually impaired in Somerset and their carers to the fullest extent possible within the constraints of the funding dnd resources available to us. The Trustees aim to manage the charity's resources responsibly and in such a way that the greatest value is provided to our beneficiaries. Membershlp Membership of the company is by application to the office and will involve a guarantee for a contribution of £1 O in the event of a shortfall in assets on winding up. Directors and Trustees The directors of the charitable company ("the charity") are its Trustees for the purpose of chftrity law and throughout this report are collectively referred to as the Trustees. The names of the Trustees who served throughout the year and the principal officers of the charitable company are shown on page l. The TNstees have a suitably wid¢ range of skills and experience which is reviewed periodically by internal audit. They are either elected at the Annual General Meeting or co-opted. Two Trustees have visual impairnients allowing them to provide particularly relevant experience to the Board, The Board of Trustees recognises that as the range of services provid¢d by Somerset Sight Ltd increases it will be neces8ary to recruit n¢w Trustees who have skills and experience not CuentlY repr¢s¢nt¢d, The Trustees acknowledge therefore that the work to identify new skllls and experience among potential new Trustees is now more important than ever. The Board of Trustees also recognises the need for all Trustees to b¢ properly trained and inducted. Visual Awareness Training and other levant courses are offered and induction programmes followed. The Trustees meet regularly and at l¢ast six times per year to agree strategy and to oversee the manag¢m¢nt of th¢ Charitable Company. The day to day running of th¢ charity is delegated to the Chief Executive Officer and the other officers of the charity who report regularly to the Trustees. Public Bellefit Our scrviccs are dir¢cted towards the blind and partially sighted people in Somerset. For the general benefit of the public, we aim to respond to thc ne¢ds of anyone with sight loss whether or not they are registered as blind or partially sighted. Our Resource Centre, which is central to the charity's work, is available to the general public whcther or not they are visually impaired. While we are a membership organisation it is not necessary to be a member to benefit from the Charity's support, The Trustees have paid due regard to the Charity Cornmission guidance on public benefit in deciding what activities the charity should undertake.
Aehlevements And Performance Som¢rs¢t Sight continues to provide a range of infomlation, integrated services and life-time support for those with visual impairn]ent. Services are all designed to encourage independence, reduce loneliness and isolation, promote a hcalthy and active life and to improve w¢ll-b¢ing. W¢ would like to thank all our staff and team of volunteers for their amazing support and dedication, without which we could only do a fraction of what is currently achieved. A welcome call for each new customer enables us to tease out the problems faced and put services into place without dclay. This enables anxiety, depression and loss of confidence, so often associated with sight loss, to be kept at bay. The NHS funded Low Vision service continues to be much in demand and clinics ar¢ held in Minehead, Bridgwater, Chard, Yeovil, Somerton, Frome, Buntham on Sea, Wells and Taunton. This gives choice and enables paticnts to visit a convenient clinic close to their home. Patients cnjoy a seamless journey to Somerset Sight which enables them to receive the wide range of support available locally and from Nationals at the earliest upportunity. We work closely with many professionals and agencies to ensure that our service users gain access to the wide range of support available. The Mobile Advisory Service is out every weekday, visiting local towns throughout Somerset and beyond. We have now clocked up more than l 00,000 miles. 1600 people visit each year for advice infonnation and support. Customers are delighted that we bring our services close to their home. They are amazed by the breadth and range of splalIst products available; these are also available in our Resource Centre at Northfield House, Taunton. Demand for technology support has risen significantly and we have been fortunate to recruit several excellent volunteers to assist our staff to incrcase capacity. We offer technology support on the Mobile Advisory Service, at socials and group events and also home visits. The width and brcadth of this service is essential and it's a win when customers are seen to share hints and tips along the way. Emotional support is much in demand. We are fortunate to be able to offer immediate support structured over a 6 - 8 week period, or a less forn]al approach, to cater for differing needs. Participants show a self- evaluated reduction in both depression and anxiety. Charles Bonnet support groups continue, the feedback showing that hallucinations become less frequent, vivid and alarniing. Our volunteer visiting service provides a regular, trained dedicated volunteer for amongst the most vulnerable people in our society. Th¢ volunt¢¢r and service us¢r build a strong rapport and feedback shows how powcrful the bond becomes. This service enables sight impaired people, often elderly with multiple needs, 40% of whom live alone, to remain independent in their own home, to get out and about meeting others and learning new things, and to enjoy a quality of life that they may not otherwise achieve. We continue to expand the service and are always looking to recruit new volunteers, Our library of talking books, run entirely by volunteers, is much used and enjoyed. Many people use B WFB (British Wireless for th¢ Blind) radios which Can be supplied free of charge. We have built 8 regular monthly social groups which are thriving hubs of energy. Each group meets monthly for a couple of hours and has its own dynamic. Many are led by volunteers with visual impaimient. This is a very power] model and groups frequently organise their own activities in addition to the monthly meet ups, which helps to rcduce loneliness and isolation and gives a s¢nse of purpos¢ and achievement. Our aim is to build additional socials as, when and where we can. Many participants would not enjoy a holiday at all if they did not join the Somerset Sight annual holiday. It is always an exciting few days wher¢ p¢opl¢ learn much about themselves and gain huge solace from sharing
tim¢ together and ¢xchanging hints and tips. New friendships and ambitions are fonned, which increases support networks, connections and sense of achievement. Dear all at Somerset Sight Thank youfor all you do to help us to try and live afylfilled life with the challenges of impaired sight - you are life saversl Thankyou alsofor the wonderfvl newsy update ofyour very comprehensive service, so appreciated. AP. Funding Support We would like to thank our many generous funders. Without the support of these organisations and all those pcoplc involved with them, we would not be able to do a fraction of what we do, In particular, we are very grateful to the Natioiial Lottery Fund Reaching Communities/Partnerships programme which awarded Somerset Sight a five y¢ar grant starting from 2022123, More information on this is given in the Financial Review section below, Grants have also been received from: Somcrsct County Council Hinkley Point C Community Fund The Masonic Charituble Foundation National Schizophrenia Fellowship The Leonard Laity Stoate Charity The Holbeche Corfield Charitable Settlement Home Instead Charities UK The Lalonde Trust Fromc Lions Club Sherbome Classic Cars G F Eyre Charitable Trust The Manny Cussins Foundation th The 29 May 1961 Charity In addition there are sevcral significant donors who wish to remain anonymous and we are equally ateful to them for their valuable contributions to our work. Northfield House Northfield Hous¢ is th¢ headquarters building for Somerset Sight. It has been adapted and decorated to facilitate those with sight impaimient. It not only houses our resource o¢ntrc, but it also provides meeting spaccs for training sessions, support groups and social activities. The garden is used for social events and contains a productive raised vegetable and flower area. sU]us offic¢ space and car parking spaces are let out to produce income for the Charity. Northficld House ties up a considerable amount of the charity's funds but the Trustees believe that ownership of th¢ building provides the charity with a first class resource and training centre at minimal cost. Outlook for the Future Somerset Sight will continue to work in partncrship with statutory and other bodies in order to provide the best possible range of support, with no waiting list, for those in our county with visual impairtncnt. It is WGII evidcnced that early interv¢ntion provides the best and most sustainable outcomes. Somerset Sight is detennined to maintain capacity in order to provide timely assistance to all those with visual impaimient who could ben¢fit from support.
Strategic Review Somerset Sight is working towards a sustainable funding model. We will continue to develop new cost- effective strands of fundraising on which to draw. We would like to thank everyone who has generously made donations and support¢d our various fundraising initiativcs. Th¢ Trustees hold an annual Away Day to r¢vi¢w and update strat¢gy. We consult with external experts as appropriate. Somerset Sight will continue to provide a range of services for all ages and add capacity where needed and as fLmding allows. Flnanclal Revlew The priority of Somerset Sight is to provide the highest quality assistance to people suffering from sight loss in Somerset. In the financial year 2022123 the Charity introduced two new services: Low Vision Assessments for the NHS and technology support and training, each of which have had a very positive impact on our work. However, in 2022123 we incurred a significant deficit due to a shortfall of income, particularly Icgacies. 2023124 has thcr¢for¢ been a year of consolidation and we are pleased to report a surplus for the year which goes some way towards covering th¢ previous year, s deficit and restores our reserves. We are increasingly reliant upon legacies to fund our work and we are extremely grateful to the many individuals who have so generously remembered us in their wills and enabled others to benefit from the work of Somerset Sight even after they have passed away. The legacies received in the year to 31 March 2024 amounted to £187,371. We are very fortunate to have been awarded a five-year grant from the National Lottery Fund - R¢aching CommunitieslPartnerships programme. 2023124 was the second year of the grant when wc received £70,000 for which we are immensely grateful. The grant tapers over the five-year period of the award but tt will enable the charity to transition to a more sustainable funding basis over that period. Once again, we have been fortunate to receive financial 8UPPOrt from a number of local charities and organisations, many of which arc listcd abovc. Without the support of these organisations, we would struggle to fund some of our services. The cost of living crisis and the gloomy economic outlook are impacting fundraisin8 for most UK charities and Somerset Sight is no exception. The outlook for the longer terni therefor¢ remains challenging but we are detern]ined to continue providing our existing services to the highest standard and to seize any future opportunity which could benefit our service users. The charity, s free unrestricted reserves as at 31 March 2024 amounted to £455,318. Excluding the LVA contract (which is fundcd by the NHS), cost of salcs, self-funding activitie.8 and depreciation, the total expenditure budgeted for 2024125 amounts to approximately £474,000. Free res¢rves th¢refor¢ repr¢s¢nt just over I I months of our budgeted annual expenditur¢ which is in accordance with our reserves policy (see below). The tNstees consider that we are currently in a good financial position to meet the expected future Challenges. Reserves Pollcy A charity's reserves fund the working Capital required to meet its liabilities as they fall due and to fund gaps between cash receipts and payments. In addition, reserves are held to cover periods of fluctuating income, to meet unforeseen costs and to finance new initiatives. Somerset Sight Ltd is fortunate to own the freehold of its headquarters building, Northfield House. Ownership of the property provides the charity with stability, rooms to display resources and space for our support work and for social events which are run for thc benefit of service users. However, the property ties up a large part of the charity's reserves which are not therefore available for other putyoses. Our policy is to hold free unrestricted reserves equivalent to a minimum of nine months revenue expenditure.
Investment Policy The Trustees adopt a medium risk investment policy, maximising income while maintaining the value of the investment portfolio for the longer tcrn]. This policy is revicwcd from time to time with the advice of our investment managers. Funds not required to cover immediatc cxpenditur¢ are invested in accordance with this policy under discretionary management arrangements. Rlsk Management The Trustees have examined the major business and operations risks faced by Somerset Sight Limited and confirm that these risks are regularly reviewed and action is taken where necessary. Grants Policy Somerset Sight Limited is willing to consider applications for grants to assist blind and partially sighted service users within th¢ county, cithcr individually or within a club, with the purchase of equipment and to assist with other essential expenses. Applications are made on behalf of service users by Social Workers and are considered by thc Trustees. Thanks Somerset Sight is fortunate to have many loyal, energeti¢ and experienced supporters and volunteers throughout the county, Whether they are sight impaired, carers, staff, volunteers, fundraisers, donors or professionals, they all contribute to the work of this local charity of which we are most proud. We continue to develop our services and the participation and dedication of our supportcrs and volunteers is so very much needed and appr¢ciat¢d. We would like to take this opportunity to offer our sincere thanks to all those who have been actively involved with us. We would also like to thank those who have contributed so generously to our marathon fundraising teams, led by Trustee Zdeiiek Gregor, and also to those who have raised money for us throu8h various other events. Statement of Trustees, Responsibilities The Trustees (who are also directors of Somerset Sight Limited for the pUoseS of company law) are responsible for preparing the Trustees, Annual Report, incoryorating thc Dircctors, Report, and the tinancial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair vi¢w of the state of affairs of the Charitable Company and of the income and expenditure of the Charitable Company for that period. In preparing those Financial Statements the Trustees are r¢quir¢d to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and accounting estimates that are reasonable and prudent. State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements. and Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charitabl¢ Company will continue in business, The Trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of th¢ Charitabl¢ Company, and ¢nabl¢ them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Trustees on l O October 2024 and signed on their bchalf by Paul Fellingham Chair Christine Briggs Trustee
Independent examiner's report to the trustees of Somerset Sight Limited (the Company) I r¢port to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responslbilltles and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the rquirnCnts of the Companies Act 2006 ('the 2006 Act,). Having satisfied mysclf that th¢ accounts of the Company are not required to be audit under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In Carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act, Independent examiner's statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I ¢onfim] that I am qualified to und¢rtak¢ the ¢xamination b¢cause l am a m¢mb¢r of the Institute of Chartcrcd Accountants in England and Walcs, which is onc of thc listcd bodics, I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply wlth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. or 4. th¢ accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached, Michael Cook Bsc FCA A C Mole LLP Chartered Accountants Stafford House Blackbrook Park Avenue Taunton TAI 2PX Date I*october 2024
SOMERSET SIGHT LIMITED (Registered company: 08432686) STATEMENT OF FINANCIAL ACTIVITIES FOR TIIE YEAR ENDED 31 MARCH 2024 (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) Total 2024 Total 2023 Notes Unrcstricted R¢stricted INCOME Donations and Legacies Other trading activities Income from investments InLome from charitable activities Other income 255,096 18,650 30,259 189,078 8,503 255,096 101,883 18,650 26,963 30,259 27,177 167,814 356,892 307,808 8,503 8,866 TOTAL INCOME 501586 167 814 669 400 472 697 EXPENDITURE Costs of raising funds Costs of gcncrating voluntary income Fund raising Costs; Cost of goods sold and other costs Investment management costs 13,722 13,722 10.308 22,375 1,704 22,375 1,704 14,860 1,950 Expenditure on Charitable Activities 347,294 180,427 527,721 550,666 TOTAL EXPENDITURE 385 095 180 427 565 522 577 784 (LOSSES) ON INVESTMENT ASSETS Realised Unrealised (523) (3,130) (523) (128) (3,130) (19,749) NET INCOMEI(EXPENDITURK) AND NET MOVEMENT OF FUNDS FOR THE YEAR i12,838 (12,613) 100,225 (l24,964) RECONCILIATION OF FUNDS Total funds brought fonvard 742,920 440,708 1,183,628 1,308,592 Total funds carried foriyard 855,758 428,095 1,283,853 1,183,628 The notes on pages 12 onwards forn] part of the financial statements. Accounting policies ar¢ s¢t out in note
SOMERSET SIGHT LIMITED (Registered company: 08432686) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS Tangible Assets Investments 10 755,119 204,705 762,691 210,099 CURRENT ASSETS Stocks Debtors Bank. including mon¢y held on deposit 12 13 24.737 27,072 306,128 15,319 67,050 149,242 357,937 231,611 CURREIYT LIABILITIES Creditors: Amounts falling duc within one yertgr 14 NET CURRENT ASSETS 324,029 210,838 NET ASSETS 1283 853 1 183 628 FUNDS Unrestrlcted funds Accumulated funds Designated funds 455,3 18 400,440 339,036 403,884 855,758 742,920 Restrlcted funds 428,095 440,708 TOTAL FUNDS 15 1283 853 1183 628 For the year ended 31 March 2024, the Company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies, The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with Section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with r¢sp¢ct to accounting records and the preparation of financial statements. These financial staternents have been prepared in accordance with the provisions of Part 15 of th¢ Companies Act 2006 relating to small companies. The notes on pages 12 to 25 forn] part of the financial statements. Approved by the Trustees on l O October 2024 and signed on their behalf by: Paul Fellingham Ch ir Cknistine Briggs Trustee /f41 10
SOMERSET SIGHT LIMITED (Registered company: 08432686) STATEMENT OF CASHFLOWS AS AT 31 MARCH 2024 2024 2023 et movement in funds for the reporting period (as per the stAtement of flnanclAI a¢tlvitie$) 100,225 (124,964) Investment income Depreciation charges (Increase)/Decrease in stocks Decrease in debtors Increase in creditors D¢creas¢ in markct value of investments (30,259) (27,177) 7,572 7,728 {9,4l8) 4,921 39,978 49,520 13,135 2,980 3,130 19,749 Net cash provided byl(used in) operatlng actlvltles 124,363 (67,243) Cash flows from Lnvestlng actlvltie$: Investment income Proceeds from sale of investments Purchase of investments 30,259 27,177 11,701 12,463 (15,969) (5,256) Net cash provlded by Investlng actlvities 25,991 34,384 Chonge in cash cash equlvalents In tbe reporting period 150 354 Cash and cash equlvalents at the beginning of the reporting perlod 159,329 192,188 Cash and cash equlvalents at the ¢lld of the reporting period 309 683 159 329 Analysis of cash and cash equlvalents Cash account held in Investments balance sheet amount 3,555 10,087 Bank, including money held on deposit per balance sheet 306 I28 149 242 309,683 l59,329
SOMERSET SIGHT LIMITED (Registered Company.. 08432686) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Policies The principal accounting policies adoptcd in the preparation of th¢ financial stat¢m¢nts are as follows: a) Basis of Preparation These Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing th¢ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019) - (Charities SORP (FRS 102)) the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under tlie historical cost convention with the exception of listed investments which are included at their market value. The charity constitutes a public benefit cntity as defined by FRS 102. b) Preparatlon of the Accounts on a Golng Concern basls The Trustees consider that th¢re are no material uncertainties about the Charity's ability to continue as a going concern. c) Income Reeognltlon Income is included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable aUrLY. Donations are recognised in the Statement of Financial Activities in the period in which they ar¢ received. Legacies are re¢ognised at the earlier of the date that: either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will b¢ made; or when a distribution is received from the estate. Income from grants, contracts and government grants is recognised when the Charity has entitlement to the fund.8, any perforniance conditions attached to the grants have been met, it is probable that the income will be received and the amount can b¢ m¢asured r¢liably and is not deferred. Investment income is recognised in the period in which it is receivable. Gains and losses on investm¢nts are recOlS¢d. as unrealiscd gains when revalued at each year end or as realis¢d gains if sold during the year. 12
SOMERSET SIGHT LIMITED NOI'ES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 i Aceountlng Polficles (contlnued) d) Expenditure Recognition Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registcred for VAT and irr¢cov¢rable VAT is charged as part of the expense to which it relates. Expenditure is included in the Statement of Financial Activities on an accruals basis. Costs attributable directly to a particular project ar¢ charged against the relevant fund, All costs not spifiCallY attributable to a particular project are charged on a percentage basis to the various activities of the charity. e) Flxed Assets - Tanglble A$set$ The freehold land and building are included at cost, together with the costs of purchase and of initial repairs, renovations and ongoing alterations. Ongoing repairs are not capitalised, Freehold land is not depreciated. The freehold building is depreciated at l % straight line per annum, being based upon an estimate of its expected useful life. The motor vehicle is depreciated at 250/0 per annum on a reducing balance basis. The cost of office equipment is not capitalised and is treated as an expense in the year of purchase. Flxed Assets - Investments Fixed Asset Investments are included in the Balance Sheet at market value, g) Stocks Purchased stocks are valued at the lower of cost or net realisable value after making due allowance for any obsolctc or slow-moving itcms. h) Cash at Bank and in Hand Bank balances include cash and short tern] deposits held in instant access bank accounts. A) Pension costs The charity makes contributions to defined contribution pension schemes on behalf of employees, which involves payment of contributions into employees, personal pension schemes. The assets of these schemes are held separately from the charity in independently administcrcd schemcs. The amount included in the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period. 13
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 J) Fund Accountlng Funds held by the Charity are: Unrestricted General Funds these are funds which can be us¢d in accordance with the charitable company's objects at the discretion of the Trustees. Designated Funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. Restrict¢d Funds - th¢s¢ are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. k) Flnanclal Instrument$ The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instrum¢nts ar¢ r¢co8nised at transaction price and subsequently measured at thetr settlement value with the exception of investments as noted above. l) Crltlcal Accounting Estimates and Judgements The preparation of the financial statements in confom]ity with FRS 102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and the amount8 recognised in the financial statements. The resulting accounting estimatcs will, by definition, seldom equal related actual results. The estimates, assumptions and management judgements that have a significant risk of causing a material adjustment to thc carying amount of assets and liabilities within the next financial year are outlined below. Estimate of legacy income A debtor of £0 (2023: £39,200) has been recognis¢d in r¢sp¢ct of legacies receivable by the charity. This reflects the trustees, best estimate of the amount receivable at the balance sheet date. The estates are still in the hands of the executors and thc final amounts to be paid to the charity are yet to be finalised, therefore the amounts ultimately received could vary from the amount recognised at the balance sheet date. l4
SOMERSET SIGHT LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2 Donations and L¢gaci¢s 2024 2023 Donations L¢gacies In memory donations Tax credits 56,092 54,533 187,371 39,701 6,007 1,983 5,626 5,666 255,096 101,883 All donations and legacies were unrestricted in both 2024 and 2023. Other Trading Activities 2024 2023 Fund raising events Room hire Product sales 8,204 20,731 9,289 4,001 1,157 2,231 18,650 26,963 All income from Other Trading Activities was unrestricted in both 2024 and 2023. Income from Investments 2024 2023 Dividends Interest received Rental income 10,021 9,638 3,608 1,187 16,630 16,352 30,259 27,177 All Income from Investments was unrestricted in both 2024 and 2023. 15
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 5 Income from charltable aetlvltles 2024 2023 Unrestricted Somerset County Council funding Grants from Charitable Trusts and Foundations NHS - Low Vision Assessments Volunteer visiting service Resource Room Sales 85,000 85,000 13,500 13,050 56,851 36,030 10,590 10,901 23,137 26,064 Total unrestrlcted Income from charltable activities Restricted The National Lottery Community Fund - Reaching CommunitieSartnerShipS Grants from Charitable Trusts and Foundations Tile Appeal Donation Contributions towards activities & services 189,078 171,045 70,000 90,000 80,750 33,579 4,415 12,649 13,184 Total restrlcted income from charltable activities 167,814 136,763 Total Income from charltable aetivities 356 892 307 808 6 Other income 2024 2023 Expenses contributed from volunteers 8,503 8,866 All Other Income was unrestricted in 2024 and 2023. 16
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 7 Kxpenditure Activities Undertaken Directly Support Costs Total 2024 Total 2023 Cost of raising funds Costs of generating voluntary income Fundraising costs Investm¢nt manag¢m¢nt Charitable activitics 4,128 12,781 1,704 447,606 9,594 9,594 13,722 10,308 22,375 14,860 1,704 1,950 527,721 550,666 80,115 466 219 565 522 577 784 Allocatlon of support eosts Costs of Generating Voluntary Charitable Income Fundraising Activities Total 2024 Total 2023 General office Travel Independent examination Sundry Premises Training 3,968 123 3,968 123 31,741 984 3,354 1,047 42,977 12 39,677 1,230 3,354 1,309 53,721 12 53,010 297 3,120 1,073 42,486 831 131 5,372 131 5,372 9,594 9,594 80,115 99,303 100,817 General office costs that are not directly attributable to a specific activity have been allocated on a percentage basis between charitable activities (80%), fundraising costs (IO%), and Cost of generating voluntary income ( l O % ). 17
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8 Net Incomel(Expendlture) 2024 2023 Net income/(expenditure) is stated after charging: Independent examiner's fee Depreciation - owned assets 3,354 3,120 9 Staff Costs 2024 2023 Gross salaries Employees national insurance Pension contributions 316,261 311,823 23,689 22,799 19,916 20,068 359 866 354 690 The average number of employees working for Somerset Sight Limited during the year was l2 (2023.13) which includes both full-time and part-time employees. No employee received remuneration of over £60,000. The number of employees whose emoluments fell within the following band was: 2024 2023 £60,000 - £70,000 The charity considers its key management personnel to be its Trustees. No trustee received remuneration from Somcrset Sight Limited during thc ycar. No trustee was reimbursed expenses during the year. 10 Fixed Assets Land and Buildings Motor Vehicles Total Cost As at l April 2023 and at 31 March 2024 812274 837 102 Depreciatlon At l April 2023 Charge for the year 51,323 7,140 23,088 432 74,411 7,572 At 31 March 2024 23,520 Net Book Value At 31 March 2024 753 811 1,308 755,119 At l April 2023 760,951 1,740 762,691 18
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Flxed Assets - Investments Value Mark¢t valu¢ at l April 2023 210,099 Purchases at cost Disposals at book value (Dccrcasc) in market value (Dccrcase) in cash held for investment 15,969 (11,701) (3,130) (6,532) Market value at 31 March 2024 Listed on Stock Exchange Cash held for reinvestment 201,150 3,555 204,705 12 Stocks 2024 2023 Resource room, MAS, and LVA Fundraising 24,637 100 15,219 100 13 Debtors 2024 2023 Trade debtors Other d¢btors Prepayments 19,681 2,860 4,530 17,661 43,458 5,931 14 Creditors: Amounts fAIILng due Ivithin one year 2024 2023 Trad¢ creditors Othcr Creditors Accruals 9,492 5,583 18,833 9,571 11,202 33,908 20,773 19
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Fund Accounts - 2024 Opening Balances Income Exp¢nditur¢ Investment Movement Closing Balances Unrestricted Funds General 339,036 501,586 (381,651) (3,653) 455,318 Desl Northfield House Improvemeni Reserve Property Maintenance R¢s¢rv¢ MAS vehicle - Capital Total deslgnated 334,144 (3,012) 331,132 68,000 68,000 432 (3,444) 403,884 400,440 TotAI unrestrlcted 742,920 501,586 {385,095) (3,653) 855,758 Rcstricted Northfield House R¢seftv¢ Bradbury Centenary Wing HPC Community Fund Service User equipment Technology training Emotional 8UPPOrt services National Lottery Community Fund Early Int¢rv¢ntion Volunteer visiting service Contributions to activities & services From¢ Social Group Children's Activities Magazine Tile Appeal 222,558 204,250 12,500 35,000 ,000 400 (2,016) (2,112) (47,5(X)) 220,542 202,138 1,000 (400) (10,000) 10,000 70,000 25,000 3,250 (70,000) {25,000) (3,250) 12,649 1,000 2,500 4,000 4,415 (12,649) (1,000) {2,500) {4,000) 4,415 Total restrlcted 440,708 167,814 (180,427) 428,095 Total Funds 1,183,628 669,400 (565,522 3,653) 1,283,853 20
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Fund Accounts - 2023 Opening Balances Income Expenditure Investment Movcrnent Closing Balances Unrestrlcted Funds General 424,020 335,934 (401,041) (19,877) 339,036 Desi Northfield House Improvement Reserve Property Maintenance Reserve MAS vehicle - Capital Total deslgnated 337,156 (3,012) 334,144 68,(X)O 68,000 588 (3,600) 407,484 403,884 Total unrestrlcted 831,504 335,934 (404,641) (19,877) 742,920 Restrlcted Northfield House Reserve Bradbury Centenary Wing HPC Community Fund Service User equipment Technology trainin8 Emotional support services National Lottery Community Fund Early intervention Access to work technology Contributions to activiti¢s & s¢rvic¢s Seeing Lif¢ Differently Courses Devon & Cornwall residents 224,574 206,362 12,500 30,000 1,000 (2,016) (2,112) (30,000) 222,558 204,250 12,500 1,000 400 1,000 (600) (3,537) 3,537 90,(X)O 500 2,079 (90,000) (500) (2,079) 13,184 (13,184) 4,115 (4,115) 25,(K)O (25,000) Total restricted 477,088 136,763 (173,143) 440,708 Total Funds 1308 592 472,697 577 784 19,877 1183 628 21
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Fund Accounts (contlnued) Restricted funds Somerset Sight Limited has the following restricted funds: The Northfield House reserve is money received and used for the purchase of Northfield House and subsequent improv¢mcnts to the building. Bradbury Centenary Wing - Funds were received to pay for the construction of a large multi-purpose function and activity room at Northfield House. The Hinklcy Point C Community Fund provid¢d funding for the provision of additional volunteer visiting services and mobile advisory services within the area of Somerset affected by the Hinkley Point C construction work, particularly postcodes TA5, 6 and 7. Service User Equipment- Funds have been provided to pay bursaries to purchase equipment for sight- impaired individuals. Technology Training - Funds were received to pay for technology training for sight impaired individuals. Emotional Support Services - Funding has b¢¢n received to assist with the cost of emotional support services. The National Lottery Community Fund - Reaching CommunitieslPartnerships programme are providing tapering funding to enabEe Somerset Sight to meet the increased demand for our services while we transition to a more sustainable funding model, Early Intervention- Grants have been received to fijnd early intervention work including the provision of gadgets and aids, the Seeing Life Differently courses and emotional support. Children's Activities - Funds have been received from grant making bodies and from Service Users to pay for holiday activity sessions for sight-impaired children and young people. An Access to Work grant pays for specialist equipment for a sight-impair¢d member of staff. Funds are received towards the cost of beneficiaries attending activities and services. Seeing Life Differently Courses - Funding was received from grants and service users to cover some of the costs of Seeing Life Differently courses. Devon & Cornwall - A grant has been received to extend the services of the Somerset Sight resourc¢ room and mobile advisory s¢rvic¢ to residents of Devon and Cornwall. From¢ Social Group- A donation was rcccived to support th¢ work of th¢ Som¢rs¢t Sight Social Group in Fmme. Magazine- A donation was received to defray the cost of producing the Somerset Insight magazine. Tile App¢al - An appeal has been launched to raise funds for the retbishMent and upgrading of the kitchen at Northfield House, particularly to improve facilities for the training of sight impaired people. 22
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Deslgnated funds Somerset Sight Limited has the following designated funds:. Northfield House Im rovement Reserve This Res¢rv¢ r¢pr¢s¢nts funds invested in improvements to the property at Northfield House for the b¢n¢fit of service users. ert Maintenance Reserve Funds have been set aside to pay for planned maintenance and improvements at Northfield House. Mobil¢ Adviso Service Vehicle Ca ital Fund A Mobile Advisory Service vehicle is used to reach servioe users throughout the County. The MAS capital fund represents the reserves alEocated to funding that unit. 16 Allalysis of Net Assets between Funds 2024 Total Unrestricted Designated Restricted Flxed Assets Tangible assets Investments Currcnt Asscts Stocks Debtors Bank Current Liabilities Creditors: Amounts due within one year 332,440 422,679 755, 119 204,705 204,705 24,737 27,072 232,712 24,737 27,072 5,416 306,128 68,000 (33,908) {33,908) Total 455,318 400,440 428,095 1,283,853 23
SOMERSET SIGHT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Analysls of Net Assets between Funds - Prior year 2023 Total Unrestrictcd DesIated Restricted Flxed Assets Tangible assets Investments Current Assets Stocks Debtors Bank Current LiRbllltles Crcditors: Amounts due within one year 335,884 426,808 762,692 210,099 210,099 15,319 67,050 67,341 15,319 67,050 149,241 68,000 13,900 (20,773) (20,773) Total 339,036 403,884 440,708 1,183,628 17 Contingent Asset - Comparatlve Figures As at 31 March 2023 the Trustees had received notification that Somerset Sight will be one of the residual beneficiaries under the tenns of the will of the late Margaret Elizabeth Ware who died on 26 September 2022. Probate was anted on 10 fiebruary 2023. At the balance sheet date administration of the estate was insufficiently advanc¢d to calculatc the amount due to Somerset Sight with any degree of accuracy. In October 2023 the Charity was notified that its share of the residual sum was likely to be in the rc¥ion of £75,000. 18 Capltal Commitments There were no capital commitments as at 31 March 2024 (2023: £Nil). 19 Related Party Transactions Durin8 the year there were no relat paty transactions (2023: None). 24
SOMERSET SIGHT LIED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20 Comparative figures for Statement of Flnanclal Actlvltles Total 2023 Notes Unrestricted Restricted INCOME Donations and Legacies Other trading activities Income from investments Income from charitable activities Other income 101,883 26,963 27,177 171,045 8,866 101,883 26,963 27,177 136,763 307,808 8,866 TOTAL INCOME 335 934 136 763 472 697 EXPENDITURE Costs of raising fLmds Costs of generating voluntary income Fund raising costs: Cost of goods sold and other costs Investment management costs 10,308 10,308 14,860 1,950 14,860 1,950 Expenditure on Charitable Activities 377,523 173,143 550,666 TOTAL EXPENDITURE 404 641 173 143 577 784 LOSSES ON INVESTMENT ASSETS Realised Unrealised (128) (19,749) (128) (19,749) NET EXPENDITURE AND NET MOVEMENT OF FUNDS FOR THE YEAR (88,584) (36,380) (124,964) RECONCILIATION OF FUNDS Total funds brought forward 831,504 477,088 1,308,592 Total funds carried forward 742,920 440,708 1,183,628 21 Share Capltal and Control Somerset Sight Limited is a company limited by guarantee and does not have a share capital. The liability of the guarantors, who are the members, is limited to £10 per guarantor. At 31 March 2024 the Charitable Company had l O I members (2023 - 10 I members). The company is registered in England and Wales. The company is not controlled by any one paty. 25