Charity registration number 1171471 SIGHT CYMRU ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
SIGHT CYMRU CONTENTS Pagè Chairman's slalemenl Trustees, report 2- 11 Slalemenl of trustees, responsibilities 12 Independent auditorfs report 13-15 Statement of financial activities 16 Balance sheet Slalemenl of cash flows Notes to the financial statements 19-34
SIGHT CYMRU CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 Chair's Introdtsction This report outlines some ol the incredible achievements of Sight Cymru for thè year ending fvlar¢h 2023. Eslahlishèd more than 150 years ago and became Charitable Incorporated Organisalion In 2017. We take Ihis opportunity lo provide our thanks to all those who havp made this year d success Including staff, volunteers, Iruslees, partners, funders. commissioners, supporters and most imporianlly our 58wice usèrs. The RNIB report stales there are over 110,000 people living Ivilh sight loss in Wales. The Certificate ol Vision ImpÉ3irmpnl ICVI I Is Jsed 10 record Pcltienls with Eight Impairment ISI) or as severely sight impaired ISSII., witli patient consent and siyritd b! a corisulldnl tjolillidlinoiuyisl. lh* CVI Is the form21 notification lo local éluthoiilies to asse55 the nep.ds. Welsh. Government reported just below 1,400 new regislered CVI Ir) 2012113 and this Increased steadily lo over 1.600 in 2019-20. Over 80D/y of people rÈglStered with sight loss are ovor 80 yoars of ag9. The Inorease in a9?In9 POPLJlation has ic Iso meant an Increase In sight loss population In Wales. Whilst the number ol people registered with sight impairment is Ljsed as a Tnarker lor sight impairfflenl population. these figures are not conclusive and do not provid6 the lull picture in terms of the nuniber ol people living with sight loss. With increasing nutnbers ol people with sight Ioss dntj ro)mplexity ul need in sigl)I loss populat10n, the need lor support and serrfices is groiving immensely. We would like to thank all tIDse who have dtsnated lime and funds lo enable LJS lo continue supportino well over 6,500 people with sight loss In Wales. Sight Cyinru has exlerided Ils work on pieven1in¥ avoidable sighl loss In vulnerable populatiofis and engaging schoDI pupils Ivilh eyecare and amongst commLJnilies al hioh risk such as minority ethnic Gomfflunities, as we know over 50 /0 of sighi loss Is preventable. iwe want to Iighlighl our Ihanks lor 11)e work ol our volunteers. the generosity of The National Lollery( and the 1CVA Resilience Fund lor their suppvil and Ihe many indiviauals and organisations who have workeos with us or donated funds so that ive can increase Olsr reach In engaging people with eye c3re to preveni sight loss Sight Cymru has over 6,500 service users and has taken over 12.000 actions to provide one-tg-one support for them this yeaf. Ive are a team 0122 staff and over 70 active volurileers who have supported the delivery ol this work during the year Sight Cyinru has raised ovcr £16.637 Ilirough lunaraising and donations and over £125,317 in grant income lo support Ihe work tsl the charily during the year to support Ihe rharitie5 cause. This year Sight Cymru opened its first Charity Shop on High Street in Blackwood in February 2023. The opening ol this rirsl charity shop was supported by Gwent High Sheriff and local Mayor along with 8 number ol organisalioris we work wilh includif)g RNIB. Oplometry Wales. Our iesourcE cenlre has re-localed lo High Street to Improve foollall and awareness. We are hoping to Increase our sources ol Income through the charity shop, which will enable us lo hosl a more flexible approach lo service delivery, lo acl as needed and when needed and in sustaining and extending our reach and al'iareness. This report highlights Sotne ol the irycreijible work the Llidr',ly has delivered over the year. 11 demonslrales an oveDJiew of the various ser.iices providoo Including Ihose In eye clinies. iehabilil3lion service. community '.rainin9 and development. and advocacy ane wellbeing. The report presents ali OVEIe of the adminislralion details and struclure ol the organisalion Finaiicial information Is provided Including risk managetnenl. the reserve policy, funding sources and the 5nveslmenl policy. Finally, our view lor the future Is prÈsÈntÈd. Wè are proud ol the findings of this reports, and we are rightly proud of Ihe SLibstanlial work we do lo hplp people with sight10s8 in Wales. Rhoda Williams Chair of Trustees Bablin Molik Chief Executive Officer
SIGHT CYMRU TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial slalemen15 lor the year ended 31 March 2023. Thè financial statements have bpen prepared in accordance with the accounting policies sel out in note 1 to the financial slalemenls and cnmply with the tharily's governing document. the Cliarities Act 2011 and Accounling and Reporting by Charities. Slalement ol Recommended Prae.tice applirable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191 Objectives and activities Who we are, and what we did. in the year ended March 2023 Sight Cymru Is an independent organisalion ivilh Ils headquarters in Ponlypool, South Wales. We now also have a charity sl)op with a resource centre localed al 8lrickwood We work Iowrirds preveiiling avoidable sighi loss and helpiTrg people enjoy a good quality ol life despite losiiig their sight. OLiI charity objectives are lo. Support people In Vlales who have, or who are at risk ol, sight loss Collaborate 1th other orgariisalions vrfilh siini13r obioclives lo make the bpsl use of available resources. Prevent avoidable sight loss by iaising awarèness, olfeiing training and providing information to the public, lo carers and to professionals. Underlake research that prevents sight loss or enables people lo remain Independent alter losing their sight. iwe received 5-year funding for our Widoning Vision proiecl from Thc Ncqtion81 Lollery This project will mainly ork in building 8 sight 105s friendly and more Inclusive community along with prttvcnling sight ioss. It viill also work lo sustain our wellbeing services 2nd build our digital inclusion ollering through technology library and officer suppc>rt. The project steering group ctsn%i.%ls of peopl? with s'.ghl loss aiid those support Iliern Al Ihe beginning ol the projecl we recruited ai)d trained a nLJmber of VDILir)toTrrs lo support and deliver the IT3IF'.Ing Ttrio proieLI le3m has nobij deliverod a numbei ol sight luss awareno$8 ies%ioris to businessgs, publ,.c sety',or tsiganisalions aTrd charities We havLJ a150 dolivcred sèveral talks lo scliool%, 13lkir)g lo children 8boiil vJays they can laok artel IhL'ir eyes Public benelil Tli& IriJslees hak'e paid due ieaard lo uuidap.c.e I%SLieu b! Ilic, Chèiily Commi%%ioii 111 decidi.'io 'Nhal 3Ltivities the Lharily shtsLJld undErlake. Achievements and performance Sight Loss Friendly Abergavenny. Vve worked cl(J£?l¥i viilh Ahp.rgavpnny Tovdii Cnuiicil- 10 8Lipporl Ilieni Iii I,Ve IidVL dtrlib'v.rgd training to Vdrioiig orgar,lSdlions In Aberqavenny. InLludinfj Ihe Town uoiiooi! stall al Kinq Yenri/ CJrTli'rtrlieiisivp. Sc.liou,. ADQI gaviiniiy Librcirv. Tauriot InlorniéliL)11 office, Abeiqdvenn J, Round Tiible, B31 r('.IASJq n*. Abr4dVe17[1y Ld(Iies BiJ.4iriebS klssocia'.1011 and the Angel Hotel We launched tli& scheiyie In Aberydvenii v Tov.(n Iqall. wilh the laYOr as giiesl ol lionour Chérles Bonngl Syndrome ICBSI.. This is a condiliori which ledds to visual hdlluLinalions arid oLciJrs as 3 resLiIt 015is'hl loss. Most ol our training this year ivere delivered lace lo face but have held INVO sessioiis virlu311v. One of these sessioris w85 reo3rdiiig CBS. 48 peoplp rlllended thi.% w?binar and Il Kvas a qreal oppoiluriily ID raise (?wareness of the ifflpacl and effect ol CBS. Here are some quotes Irom soine ol the benGficiarie5 of the 1raininq we've delivereo 'Brillianl webinar, really inlormalive and Inleresling and really good lo gel different perspectives. 'The Webinar was well organised, with gieal guest speakers from dsfferenl backgrounds and experiences, which was brilliant and I learned 8 101.
SIGHT CYMRU TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 'The conlenl was perfectly put together from personal experiences. organisalions and recent research. It was a very Informative and eye opening training 'VVhal you've done Is given our team an awareness ol sight loss which we hadn't considered before., 'BRSLLIANT I!11!11111 Great information and speakers. We provide support for people who are blind or partially sighted. Each programme is delivered around an individual's needs and aspiration5 bul might typically include assistance lo continue working, orientation and navigation skills or using lechnology to mitigate the disability. We call this work 'Rehabililalion for the Vision Impaired, IROVII and we are the largest provider of the ROVI Service in Wales, over 4.000 onfrlo-one support sessions were undertaken by our ROVI team in 2022123. Comments from service users from various local aulhorilies.. Neath Port Talbot "After rehabilitation my mobility and Indepenclence has improved Audio books has helped me a lot with my mental wellbeing 'Mobility training has Increased My social activity as I can now gel out and about." Monmouth 'Everything Sight Cymru has done lor me has been superb" 'Issued with a cane which ha5 helped my confidence.. Vale 'IMproved communication and confidence. Improved soci81 Ille and relationships with others. "Confidence has improved in the community. Cardiff "Service was amazing and showed me so much. Much more confident novl, 'Use ol a magnifying glass has given me much mole confidence. l Gan boil water. Beller at using mobile phone with louder continuous ringing Lots ol other stuff that has helped with my mental and physical wellbeing. Torfaen "Very paliènl and helpfLJI" 'Much more confident in gelling out and about" 'My namè Is JM. and l am 29 years old. I have GDO (Global Development Delay) so my mum ha5 helped me to write this in my own words I was scared when I found OLJt I was losing my sight and that slowly il would gel worse and possibly go completely, as I had keratocconus How would I cope? I needed mum and dad so much already because I have GDD. Stress started building slraighl away but then they told me I could get some help Iiom the "vision people. and eventually I met Julie. IROVII she was going to help me learn Io LJ5e a canel
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Oh, my goodness that first session of cane training, I must have looked like I was going metal detecting the way I was swinging the cane from side lo side. That's when I started lo learn aboLJt personal space, very quickly. The words.head up and keep lo yourself'11 couldn't remember keep your cane lo yourself as I was sweeping my cane loo wide!) became a mantra, I have lo say that look ages and is still ongoing. Al first, I was so nervous, and my head hurt from eoncentrating and my hand and wrist hurt from holding the cane, I really thought I'd never be able lo cope with il all. Bul Julie was always positive and encouraging and Slowly I relaxed a little In each session and managed lo not look like I was just trying lo sweep the floor in front ol me or knocking skittles down. Even though did start lo get it, l still gol really frustrated but Julie would just reassure mè I was doing fine. The one thing I seriously struggled with was steps and stairs, OMG the stressl Each week I'd be up and down LIan1t Stations. sieps tninking to myself, come on for goodness's sake just get It rigttt. Finally, the day came when Julie said, well-done JW yOLJ've mastered sl&ps" I was so proud ol myself Il was such a feeling ol achievement, so much so I persuaded mum I deserved cakel Each new thing I mastered, us1ng a crossing. going into shops, ciowds, the stairs. all built my confidence All the things I thought I'd never be able lo do, well I'd done. it Was finally corning together I'd learnt about personal space, listening to my environment, also a lol about patience. Yes. it has taken me a while lo get there, partly due to my learning difficulties partly due to illness. Bul l AM getting there and so can youl The rehabililalion service is vital for someone to re-gain confidence and Independent living skills and does enable peoplè to continue their normal daily activities posl-sighl loss. Working In Eye Clinlcs Last year almost 1,500 one-to-one support actions were taken by our Eye Clinic Liaison Officers IECLOI tearn. with over 440 new service users recorded. Patients diagnosed with permanent sight loss, or those who are facing Inlra-vilreal injection5 were supported from eye clinics Into the Community services throLigh social carè and third sector services. Whilst it is. of course, brilliant that there are now trealments for some eye conditions that previously were a roule lo blindness. we recognise how difficult Ihose treatments may be for patients. Our ECLOS are there to support patients and help them cope ' When I first met CM she was living with severe anxiety and slipping into depression Along with this she was having a severe chronic Uveitis flare up affecting her vision immensely and also USIng her extra worry about ring lor her children. one of which has health conditions. GM was so affeded by hei anxiety that our initial communications Could only happen via writing, such as emails. I discussed our emotional support service with her extensively and she agreed to try the sVice Having this service has proved very successful for CM and enabled her lo more effectively deal with her emotional anxiety For Cm's consultanl appointments in the first instances, she benefitted from ECLO support. l also liaised closely with her consultant lo ensure sh& had all available information and any answers to any questions she had.
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Caerphilly Supporting People have also helped CM check her welfare rights and facililaled her in many financial aspects. CM has also benefitted from audio books which has helped her wellbeing by providing her activitiès to do during her chronic uveit15 flares She has also a¢¢essed Sight Cymru's Assistive Technology service lor IPad and audio book help via the ECLO serviTr. The ECLO last saw CM In a clinic visit recently. She is no longer having flares and her vision h8s vastly improved. CM was smiling, chatty and happy in dinic and il was so lovely to see. Vicky, ECLO Wellbelng Servlce The demand on the wellbeing service has continued lo grow this year. Over 1,262 people, including 277 new service users, accessed our wellbeing services In the last year from Blaenau Gwent, Caeiphilly, Card'ff, Newport. Ceredigion. Monmouthshire. Rhondda Cynon Taff, Nealh Port Talbol, Torfaen and the Vale Talking news. Our weekly talking news service Is subscribed lo by almost 100 people. They receive their Ioc81 news on a memory stick every week. Our volunteers do the news recordings ano we compile a11 recordiros on the memory Stick and send them to service users. Ring Around Service. This has primarily been a service we provided for people not very mobile and lonely. We saw an increasing need for this servi¢e and so we continue lo iecruil and train new volunteers to meet the increasing demand lor the service Clubs". Vve have sel up and supported a number of clubs across the South Wales region. based on geographical or hobbylinleresl. lo provide peer support We started a new club in Blackwood due lo demand. These club5 are supported by volunteers. Erllolional Support The emotional support officer provides telephone sUPPOrt for people who may be finding matte15 difficult and arè in need to speak to someone who can listen 8nd understand their thoughts and fears, someone who can support them through th& difficult phase. 'Mis C was releired lo me via a telephone ¢all lo Sight Cymru lo enquire about what help we could provide her. We explained our services and Mrs C decided to accept our Emotional Support service. Mrs C had been struggling with Intense Anxiety and Agoraphobia since suffering a Stroke earlier in the year. The Stroke has unfortunately left Mrs C with significant and continuing sight loss. A5 Mrs C has no support network. family and lives alone, I made a Rehabilitation referral through her County Borough first response team and updated them over the next few weeks about her declining vision and how this was affecting her day-lo-day living and her wellbeing. The first response team worked quickly to get a ROVI assigned lo Mrs C and this has helped her lo stay independent al home with continued emotional suppcrt Irorn Sight Cymru. I have been in CDnlact with Mrs C's ROVI and we have worked together to ensure she has the Correct support both practically and efflolionally. I have been in contact with Mrs C's GP practice and ensured she had a same day appoinlrnent wlh a GP when ghè was suffering particularly badly with her mental health. and 1 also researched some lo1 sight loss groups in hèr Borough to alleviate her feelings of Isolation and loneliness. I passed on the group co-ordinators number lo Mrs C 2nd she 15 now receiving great support and attending a group. Having had some lovely feedback from the co-ordinator regarding the emotional SUPPDrt that I have provided Mrs C over the past few months, and also some very positive feedback from Mrs C herself. l am confident that she is now being correctly supported and making new connections with others through gained confidence and resilience.
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Mrs C finds il diffpcull lo Ist others and can be reluclanl lo accept help and engage with seNices, by h&r own admission. aild l ensured tljal I worted t1essIY lo builLI a relalioiFship of Inisl and be soineon& Ihal she Go(Jld rely on for emotional support" Sarah, Emotional Support Officer Counselling.. We have bèèn able to continue with our counselling service this year for people who need therapeutic interventions to deal with their wellbeing challenges. Volunteering. Sight CymrLJ and our service benefit greatly Iiom our fabulous volunteers Volunteering ancl supporting people with sight loss also a¢ls as a level in boosting people's wellbeing and their confidence. We have over 70 active Volunteers supporting our wèllbeing services, administration Work. training and within our Charity shop. We offer a range of roles and multiple ways for volunteers lo get involved to suppc>rt thè organisalion meet ils aims It would not have been possible lo do this level of work without our volunteers. Advocacy We supported around 100 people in Caerphilly borough lo claim their entitlement lo welfare. Our support has enabled many lo access their full enlitlemenl and our support also inclLJded providing transcriptions, arranging tenancies, debt managément, and helping people lo Identify the right technology or equipment that helped them lead morè independent lives. .1 received a referral ltsr a Jiv. When I cairied out my assessment he advised me of his eye condition, which wa5 a haemorrhage behind the eye due lo Covid which had left him with sight loss He advised me he works in a SLJpermarkèl but since his sight loss he has cut his working week 10 3 days as he has 10 Stop diiving and now catches 2 buses lo work, which he Is finding a struggle along with his health. I refeirÉd hitn lo the ROVI team who came out and Issued him with a guide cane and showed him the salesl roule lo the bus slop I then referred him lo access Its work and also arranged with a local optician lor him to have a low vision assessmert where he was Issued with the magniliers. which has helped him in both work and al home Our next slep was lo help lacililale him going through the process of a PIP IPersonal Independence Paymenll claim", he was awarded enhanced PIP on both elements which enabled us to apply further for a blue badge and a coneession bus pass HÈ has now been awarded acces5 lo work which enables him to continue with his job and have a safe way of traveling through a taxi lo and from work. This has had a massive effect on JW wellbeing as he can rem21n as independent as he possibly can as well as remaining in employment and finanGially stable Supportirig People orricer Financial review Results The charity's net movement in funds for the year amounted lo a deficit of £11.35512022' £21.9051 Excluding the inveslment 11085esllgains the charity made a surplus of £2D,745 12022.. def5CIt of £20,407) consisting of an unrestricted surplus of £25,954 12022.. delicil 01 £8.9501 and a restricted d8ficil 01 £5,209 12022." deficit of £11.4571 Risk management Our risk register is reviewed at Trustèes Meeting al regular Intervals and is a living document that si15 with the executives ol the organisation Trustees are responsible for ensuring oversight and that appropriate conliols are in place to provide ieasonable assurance against fraud and error. Our ethical policy Is available on request In Welsh and English and sels out the ethos that underpins the work tsf the charity. Other policies that help guide our work are reviewed regularly and formally overseen by Trustees al their first meeling ol each financial year.
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2023 Reserves pollcy In an uncertain funding cycle. the charity prudently considers that the reserves should enable the organisalion lo trade for 9 months in the event that no further funding was available. This would enable the charity lo meet ils redundancy liabilily as well as any other financial commitments in the event th81 it were lo cease trading. Reserves held by Ihe charity include the leased property. Bradbury House. Vvhilsl the current nel txjok value is £422,645 this sum will depreciate over the term of the lease. A5 al 31 Maich 2023 the charity had lotsl reserves of £1,281,416 12022.. £1,292,771) con51s1ing of £859.431 12022". £865.5771 ol unreslricled and dèsignated funds and £421,98512022'. £427,194) of reslricled funds The free reserves of the charity lunreslricled funds less designated ILJndsl lolalle(S £852.49012022. £857,780), Whilst Sight Cymru does benefit from significant reserves, a part of the reserve Is planned lo bè utilised for fLJture projects to diversity Income Yor the charity. Funding sources A mixed portfolio of income streams provides the funding necessary lo help the Gharity operate. Sources include contracts. grants. lundiaising events. donations and earned Income. We have recently recruited a c(Foperale service manager to strengthen the organisations diversity and inclusion, communications and fundraising and research and innovation strands to diversify the charity's income and reach. Investment pollcy and obJectiv&s In a¢GordanGe with the ¢onslilulion, funds owned by the charity which are not required foi working tapital are held in inveslmèn15 that would not have a detrimental effect on sight. Typically, therefore, we do not hold investrnen15 in tobacco or alcohol wmpanies. Funds held Details of the charity's funds are shown in notes 20, 21 and 22 of the financial stalemenl5. Plans for the Future This year Sight Cymru has worked to stabilise current work and servicès, whilst implementing a new service evaluation system and opening the ¢harily shop lo diversify income The work within Sight Cymru has made the organisation much stronger for the future and we are ready lo work with some of the external sight bs organisalions lo see how we can jointly improve our offering for people with sight loss across Wales. There are a number of excitina new ventures we are hoping to explore In research and innovation In future and this will involve working In collaboration with academics, health and social care professionals and technology companies. We have hopes lo build our connections with research and technology lo Improve our role in future innovation and improvement in service for people with sight loss In Wales We are working lo obtain Ihe Investment in Vo1unleeiing Award. We value our volunteers greatly. they are a core part ol Sight Cymru We wanl to ensure we are doing all that can be donè to ensure our volunteers are looked after and our commitment lo volunteers are well received.
SIGHT CYMRU TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure, govemance and management Governance The charity Is governed by Ils conslitulion, adopted on 3rd February 2017 and available on request lo the registered office. Ils membership elect up lo 15 Iruslees, who normally hold office for a term of thee years, bul who may again sland for re-election for one further term The organisation recogn15es a need lor a diverse Board of Trusteèg and there Is a balance between those with direct experience ol sight loss and those with skills relevant lo the development of the Charity. Skills and expertise on the board include management, eye-care, health, education, law and governance. Skills- 8udils are undertaken, and where there are shortfalls in skills Ihose are advertised in order lo fill Ihose areas We welcome people who would like to become a trustee to visit and meet with staff. seNice users other trustee5. Mernbers ol the board of Trustees give their lime VDILJntarily and rècèivè no bènèfits from the tharily. Any expenses reclaimed from the charity are set out in nc>te 10 to the a¢Gounls. This year, due to Covid- 19, the AGM was held virtU211y. Rhoda Williams was eleeled as Chair and we hsd 3 new members ol the board In Jon Mudd, Matthew Thomas and Susan Hughes. Organisatlonal Structure Sight CymrLJ is a Charitable Incorporated Org8nisation. registered on 3rd February 2017. 11 was previously an unincorporated charity, 214215, known as Sight Support and has been in existence under different narnes since 1865. The charily retains the protected names Gwent Association for the Blind, Sight Support and Sight Support Cymiu The charity's Chief Executive is responsible for the day-lo-¢ay operation of the charity and manages the staff of the charity on behalf ol the trustees. Sight Cymru's staff and volLJnteers are its grealest asset and we aim lo support each employee and volLJnleer lo leach their potential This includes encouraging them to lake up training opportunities and we are pleased lo report that this year we have supported a member of staff to undertake rehabililalion training All staff have briefing sessions on a monthly basis and have seen training on unconscious bias, suicidal case delemiination and handling, cultural Competency. welfare rights for people with sight loss. stroke and sight loss, dementia awareness, stonewall talked about LGBTQ+ communities, VJelsh Water support for vulnerable people. safeguarding, CCAWS delivered training on stress management and relaxalion therapy and RNID deliver1 training on hard at hearing We believe Strongly in development, and we work closely with staff lo find the right training and development opportunities. This helps us remain an organisation that has the respect ol other much bigger orgarisations, but most importantly It helps us deliver amazing services to those that have redu¢ed sight in Wales
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 As al 31 sl March 2023 the staff working with the charity were as follows.. IT Admi rato Business Support Manager ECLO Servlee Manag• Wellbetng Service Manager ROVI Service Manager Assistrv¢ centre & TeclkTbDlogy tundraising offitey X2 oftieer officey Emotional ECLO Support officer5 otlic•T suPrtIng people otti¢eT x2 ROVI service x Cardiff Frr X Vale Frr Ix NPT Frr 1x TorFaen Frr 2X Monmouth IN CONCLUSION Sight Cymru Is a leading organisation supporting people with sight loss in Wales and will continue lo determine innovative ways lo develop. 11 Is lo the credit of our staff, volunteers, the increased use of technology and firm restraint on spending that the organisalion remains strong Sight Cymru will continue to look for new and innovative methS of providing services so that people with sight loss can regain independence. and we will maintain our efforts lo prevent avoidable sight Ios5. The Trustees are indebted lo the many supporters. volunteers and other stakeholders who have hélpèd with monèy, timè, énèrgy and idéas The charity is widely acknowledged as one that achieves far more than ils limited resources would indicate and without its dedicated volunteers, the charity could not help so many ppIe who have little 01 no sight. The trustees would also like lo thank the staff and the Chief Executive Officer who continuè to provide effective solutions to promote the organisation's work.
SIGHT CYMRU TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reference and admlnlstratlve details Charity name Sight Cymrkj Charlty number 1171471 Principal office Bradbury House Park Road Pontypool NP4 6JH Trustees R Williams (Chairl D Phillips (Vice Chairl P Davies S Porter J Bevan P Evans M Thomas J Mudd S Hughes Kèy management personnel Bablin Molik- GEO Lissa Gomèr- ELCO Service Manager Rebecca Harris - Wellbeing Service Manager Julie Thomas- ROVI Service Manager Rebecca Twaite- Business Support Manager Auditors Azets Audit Services Ty Derw Lime Tree Court Cardiff Gale Business Paik Cardiff CF23 8AB Bankers Santander Bootle Merseyside L20 3PQ Investment advisors Rowan Dartinglon Limited Temple Point Redcliffe Way Redcliffe Bristol BS1 6NL
SIGHT CYMRU TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Tne trustees, report was approved by the Board ol Truslees. R Williams Trustge
SIGHT CYMRU STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees are responsible for preparing the Trustees, Report and the lin3nLial statemenls in accoidance with applicable law and Uniled Kingdom Accounting Slanddrds Iuniled Kinqdom Generally Accepted Accounting Practice) The law applicable lo charities In England and Wales require% the Iruslees to prepare finanLial statements lor each financ1al year which give a true and fair view of the state of affairs ol the charity and ol the Incoming resources and appli¢alion of resoLJrces of the charity for that year. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles In Ihe Charities SORP., make judgements 2nd estimates that are reasonable and prudenl., slate whether applicable accounling Standards hsve been followed, subiccl to any material depaniires disc105ed and explained In the financial sl8lements', and prepare Ihe financial statements on the gopng concern basis ijnless It is nappropriale lo presumc that the charity will conlinue In opei3lion. The trustees are responsibl& for keeping suff icient accounting records that disclose with reasonablp accuf£Cy zl 8ny lime the fincincial position of the charity and enable them 10 ensure Ihal thc financial stalcmenls comply with the Charities Act 2011. the Charity (Accoijnls and Reports) Regulations 2008 ai)d Ihe piovisions of the trust decd. They ale also responsible lor safeguarding the assets ol the charity and thence lor taking reasonable slcps for the pievenlion and detection ol fraud and other irregularities. The trustees are responsible lor the maii)tenance rind integrity ol the charily and fin2ncial infnrmation included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination ol financial statements may diffpr from legislation In other iurisdiclions.
SIGHT CYMRU INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SIGHT CYMRU Opinlon We have audited the financial statements of Sight Cymru Ilhe '¢harily'l for Ihe year ended 31 March 2023 which comprise the 51atemenl of financial activities. the balance sheet, the statement ol cash flows and the notes to the financial slatemenls, including a summary DI 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 Slandard 102 The Financial Reporting Slandard applicable in the UK and Republic of Irelaniy Iuniled Kingdom Gener211y Accepted Accounting Praclicel. In our opinion, the financial slalements". give a true and fair view ol the slate of the charity's affairs as al 31 March 2023 and of its incoming resources and application of resources. for the year then ended". have been properly preparèd in accordance with United Kingdom Genèrally Accèpted Accounting Practi(É", and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We wnducled our audit in accordance with International Stand8ids on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audiloffs responsibilrties for the audit ol the financial stateménts section ol our rèport We arè indèpéndènt of thè charity in accordance with thè ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, in¢luding 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 lo provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial slalemenls. we have concluded that the Iruslees, use of the going concem basis ol accounting In the preparation of the financial sl8lemenls is appropriate. Based on the work we have performed. we have not Identified any material uncertainties relating lo events or conditions that, individually 01 collectively, may cast significant doubt on the charity's ability lo continue as a going concem for a period of al least twelve months from when the fin8nci81 slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Iru51ees with respect lo going concern are described in the relevant seclions of this report. Other Information The other information comprises the information inclLJded in the annual report other than the financial statemenls and our auditor's report thereon The truglees are respc>nsible lor the other Information contained within the annual report Our opinion on the financial statements does not cover the Dther information and we do not express any forrn of assurance conclusion Ihereon. Our responsibility is lo read the other information and, In doing so, cgnsider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course c>f the audit, or othe15e appears to be materially misstated. If we identify such material inconsistencies or apparent material missiatemenls. we are required to delermine whether this gives rise lo a malerial misslatemenl in the financial slalements themselves If, based on the work we have performed. we conclude that there is a material misstalement of this other information. we are required to report that fact. We have nothing lo report in this regard Matters on whlch we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charities IAccounls and Reports) Regulations 2008 require us lo report lo you if, in our opinion". the information given in the financial stalemenls is inconsislent in any material respect with the trustees. report.. or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records, or we have not received all the information and explanations we require for our audit.
SIGHT CYMRU INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF SIGHT CYMRU ResponsSbilities of Irusteès As explained more fully in the slalemenl of Iruslees, responsibilities, the Iru5tees are responsible for the preparation of the financial statemenls and for being satisfied that they give a tiue and fair view. and for such internal control as the trustee5 determine is necessary lo enable the preparation of financial statement5 that are free from material misstatement, whelher dLJe to IraLJd or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, ss applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either inlend lo cease cperations. or have no realistic alternative bul lo do $0 Auditorfs responsibilitiès for the audit of the linanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl. whether due lo Iiaud or error: and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit Conducted in accordance with ISAS IUKI will always dete¢t a material misslalémenl when It exists Misstatements can 311sè from fraud or error and are Considered material If, individually or In the aggregate, they could reasonably be expected lo Influen the economic decisions of users taken on the basis of these financial statements. A further description ol our responsibilities 15 available on the Financial Reporting Council's website al-. https-.11 w¢rfw.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report Extent to which the audlt was conSided capable of datèctSng Irrègularities, including fraud Irregularities. including Iiaud, are Instances of non-compliance with laws and iegulalions We design procedures in line with our responsibilities. outlined above and on the Financial Reporting Council's website. lo delect material misslalemenls in respect of irregularities, including fraud Vve obtain and update oui understanding of the enlily, its activities. ils control environrnenl, and likely future developments, Including in relation lo the legal and regulatory framework applicable and how the enlily Is complying with that framework Based on this understanding, we identify and assess the risks of material misslalemenl of the financial stalemenls. whether due lo fraud or error, design and perform aLJdit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis lor our opinion. This Includes consideration ol the risk of acts by thé entity that were contrary lo applicable laws and regulations, including fraud. In rasponsè lo the risk of irregularities and non-compliance with laws and regulations, including Iiaud. we designed procedures which Included.. EnqLJiry of management and those charged with govemance around actual and potential Iiligation and claims as well as actual, suspected and alleged fraLJd', Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered lo have a direct rnaterial èffèct on the financial slalements or the operations of the entity through enquiry and Inspection", Reviewing financial slalement disclosures and testing to supporting documeni8tion lo assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of Controls. Including testing ol journal entriès and other adiuslments for appropriateness. evaluating the bLJsiness rationale of significant transactions outside the normal course ol business and reviewing accounting eslimales lor indicators ol potential bias Because of the inherent limitations ol an audit, there is a risk thst wè will not delecl all iriegularilies, including those leading lo a material misstatement in the financial slaiemenls or non-compliance with regulation This risk increases the ore that compliance with a law or regLJlation Is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely to become aware of instances of norFcompliance. The risk ol not deleGting a material misstatement resulting from fraud Is higher than for one resulting from error. as fraud may involve Collusion, forgery, intentional omissions, misrepresenlalions, or the override of Internal control. 14
SIGHT CYMRU INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SIGHT CYMRU Other matters Your attention is drawn to the fact that the charity has prepared financial slalements In accordance with Accounting and Rèporting by Chaiilies". Slalement ol Re¢ommendÈd Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference lo the Accounting and Reporting by Charities. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has now been withdrawn. This has been done In order for the financial slatemÉnts to providè a trLJe and lair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to slate lo them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the Charity's trustees as a body. lor our audit work. for thi5 report, or for the opinions we have formed. Azets Audit Services 18 September 2023 Chartered Accountsnts Statutory Auditor Ty Dèrw, Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB A2els Audit Services Is eligible for appointment as auditor ol the chaiily by virtue of ils èligibility for appointment as auditor of a company under section 1212 of the Companiès Act 2006. 15-
SIGHT CYMRU STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total UnrestrScted Restrlctèd funds funds 2022 2022 Total 2023 2022 Notès Donations and legacies Charitable activities Other trading activities Investments 16.637 6,958 6.845 26 478 16,637 504,919 6,845 28,478 12.732 3.933 1.977 23.295 12,732 411,910 1,977 23,295 497,961 407.977 Total In¢ome 56,918 497.961 554,879 41,937 407,977 449,914 Raising funds 11,738 11,738 5.477 5,477 Charitable activities 19,226 503,170 522.396 45,410 419,434 464,844 Total expenditure 30.964 503,170 534.134 50.887 419,434 470.321 Nel gainslllossesl on investments 12 132,1001 132,1001 42,312 42.312 Net movement in funds 18.1461 15,2091 111.3551 33,362 111,4571 21,905 FLJnd balancès al 1 April 2022 865.577 427,194 1,292.771 832,215 438.651 1,270,866 Fund balances at 31 March 2023 859.431 421.985 1,281,416 865,577 427,194 1.292,771 The slalemenl of financial activities include5 all gains and losses recognised in the year. All income and expenditure clerive from ctsnlinuing activities 16
SIGHT CYMRU BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Fixed assèts Tangible a55ets Inve51Menls 428,926 670,12g 434.991 706.954 1.099,055 1.141.945 Current 3S5els Stocks Debtors Cash at bank and in hand 6.514 73 321 143,143 5.681 96.069 118.042 17 222,978 219,792 Croditor$.' amounts falling due within one year 18 140,6171 168,9661 Net CLirrent assets 182,361 150,826 Total assets less current liabilities 1,281.418 1.2g2.771 Income lunds Restricted lunds Unresiricied funds Designated funds Gener81 unreslricleoj funds 20 421,985 427.194 21 6,941 852.490 7,797 857.780 859,431 865,577 1,281,416 1,292,771 The financial slalenients were approved by the Trustees on I q-i-7)L£ R Williams Trustee 17-
SIGHT CYMRU STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by operatlDns 25 14,1901 132,9271 Investing activitiès Purchase of tangible fixed asset5 Purch3se of investments Proteeds on disposal ol Invcslmeiils Investmpnt incoine received 12501 1292,9371 297,017 23,295 1124,938l 129,663 Net cash generated from investing a¢tivilies 29.291 27.125 Net Gash used in finanGing activities N&t increasellde¢reasel in cash and cash equivalents 25,101 15.8021 Cash and cash equivalents al beginning ol year 118.042 123,844 Cash and cash equivalents at end of year 143.143 118,042 18
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity Informatlon Sight Cymru Is a charitable incorporated organisatiDn whose principal office is Bradbury House, Park Road, Ponlypool, NP4 6JH. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo ¢harilies preparing their a¢counls in accordance with the Financial Reporting Standard applicable In the UK and F£epublic ol Ireland IFRS 1021 leffeclive 1 January 20191" The charity IS 2 Public Benefit Enlily as defined by FRS 102. The financial statements have departed from the Char11ies (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and lair view. This departure has Involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since been withdrawn. The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalements are rounded lo the nearest £. The financial slalemenls have been prepared under the historical eosl convention. The princip81 accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial slalements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the Iruslee5 continue to adopt the going concem basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustee5 In furtherance of their charitable obieclives. Designated lun(Js comprise funds which have been set asi(Se at the discretion of the trustees for SFecific purposes The purposes and uses of the designated funds are sel out in the note5 to the financial slalemenls. Restricted funds are subject to specific conditions by donors as lo how they may be used The purwses and use5 of the reslricled funds are sel out in the notes lo the financial statements. 1.4 Income Income 15 recognised when the charity is legally entitled lo il after any performance nditionS have been met, the atnounls can be measured ieliably, and il is probable that income will be received. Cagh donations are recognised on receipt Other donations are recognised once the charity has been notified ol the donation, Ljnless performance conditions reqLJire deferral of the amount Income tax recoverable In relation to donations received under Gift Aid or deeds ol Covenant is recognised at the lime of the donation. Income from grants is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been met, it Is probable Ihal the Income will be received and the amount can be measured reliably and is not deferred Income from services is included in Ihe period to which the service is provided Income from the sale ol gDods is recognised when the sale takes place 19-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) Investmenl income Is Included when receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make 8 payment lo a third party. Il Is probable that settlement will be required and the amounl of the obligation can be measured reliably. Costs of oising funds comprise the costs In relation lo generating income such as fundraising activities. Expendiluie on charitable activities includes all costs relating to the furtherance of the chanlys objectives as slated in the Iruslees report and their asSOClated support costs. Irrecoverable VAT is charged as a cost against the activity lor which the èxpenditure was incurred. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public aGGounlabilily of the charity and ils compliance with regulation and good practi¢e. SLJPPOrt costs Include central functions and have been allocated to activity Cost categories on a tesis Consislenl with the use ol resources 1.6 Tangiblè fixèd assets Tangible fixe(l assets ale Initially measured al cost and subsequently measured at cost or valuation, nel ol depreciation and any impairment losses. Depreciation Is recognised so as lo write off the cost or valuation of assets less their residu21 values over their useful lives on the following bases. Leasehold land and buildings Fixtures and fittings Motor vehicles over the life of th& lèase199 yearsl 1 Q°/ 33 slraighl line 25°/o Straight line The gain or loss arising Dn the disposal of an asset Is determined as the differenTr between the sale proceeds and the carrying value ol the asset, and 15 recognised in the statement ol financial aclivilies. 1.7 Fixed asset investments Fixed asset Invèstments are Initially measured al transaction piice excluding transaction costs. and are subsequently rneasured al fair value at each reporting date Changes In fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end dale. thè charity reviews the carrying amtsunls of ils tangible assets to determine wh8th8r there is any indi¢alion that those assets have suffered an Impairment 1055 If any $u¢h IndKatitsn exisls, the recoverable amount ol the asset is estimated in order lo delerrnine the extent ol the impairment loss lil any). 1.9 stocks SloGks cowprise ol consumables purchased for iesale and are slated at the lower ol cost and nel iealisable value and are less any provisions lor slow moving stocks. Donated goods for sale in the charity shop are not valued 20-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.10 Cash and cash equlvalents Cash and cash equivalènts include cash in hand. deposits held al call with banks, othei short-terrn liquid inveslrreDls with Diiginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities 1.11 Financial instruments The charity has elected to apply the provisions of Seclion 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 ID all of its financial instrument5. Financial Instruments are iecognised in the charity's balance sheet when the charity become5 party lo the conlraclual provisions ol the inslrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial slalemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an inlenlion lo settle on a nel basis or lo iealise the asset and settle the liability simultsneously 8asi¢ financlal assets Basic financial assets, which include debtor5 and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction 15 measured al the present value ol the future reip1S discounted at a market rate ol interest. Financial assets classified as receivable within one year are not amortlsed. Derecognition of financial assets FinanGial assets are dere¢ognised only when the contractual rights lo the cash flows from the asset expire or ale settled. or when the charity transfers the f1nancial asset and sub51anlially all the risks and rewards ol ownership to another enlily, or if some significant risks and rewards of ownership are retained bLJt control ol the asset has transferred to another party that is able to sell the as5el In its entirely lo an unrelated third party Basic financial liabilities Basic financial liabilities, Including creditor5 8nd bank loans are Initially recognised al transaction price unless the arrangement conslitules a Iinancing Iransaclion. where the debt instrument is measured al the present value of the future payments discounted al a market rale ol interest. Financial liabilities classilied as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acqulred In the ordlnary course ol operations from suppliers. Amounts payable are classified as current liabilities if payment Is due within one year 01 less. If not. they are presented as non-current liabilities TradÉ creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effe¢live interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity s conlraclual obligations expire or are discharged or cancelled 1.12 Employee benefits The cosl5 01 short-leim employee benefits are recognised as a liability and an expense, Ljnlèss those costs are required to be récogniséd as part ol the cost ol stock or fixed assets. The cost of any unused holiday enlillemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonsliably committed to terminate the employment of an employee or lo provide termination benefits 21
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policie5 Icontlnuedl 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expensè as they fall due. 1.14 Leases Rentals payable under operating leases, are charged as an expense on a slraighl linè basis over the term of the relevant lease. Critical acGounting estlmates and judgements In the 8pplicalion ol the charity's accounting policies. the Iru5tees are required lo make judgements, eslimales and assumption5 about the carrying amount ol assets and liabilities that are not readily apparent trom other sources The estimates and associated assumptions are based on historical experience and other factors that ale considered lo be ielevanl. Actual results may differ from these estimates The eslimales and underlying assumptions are reviewed on an ongoing basis Revisions lo accounting eslimales are recogni5ed in the period in which the estimate is revised where the revision affe¢ts only that period. or in the peiiod ol the revi510n and future periods where the revision affects both CLJrrenl and lulur& periods. Donations and legaci&s Unrestricted Unrestrided funds fLJnds 2023 2022 Donations and gifts 16.637 12.732 -22-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable actlvities 2023 2022 Counter sale5 Sundries Services Grants 2,233 4,725 372,644 125,317 3.213 720 346,390 61,587 504,919 411.910 Analysis by fund Unre5tiicled funds Restricted funds 6,958 497,961 3.933 407.977 504,919 411.910 Services and grants: Aneurin Bevan University Health Board Caerphilly County 8oroLJgh Council Cardiff Council Monmouthshire County Council Neath Port Talbot County Council Torfaen County Borough CoLJncil Vale of Glamorgan Council The National Lottery Community Fund WCVA Cardiff University Groundwork UK GAVO Community Foundation Wales People's Postcode Lottery 60,247 48,373 82,267 61,126 46.593 53.047 59,385 34.848 50,000 1.000 1,075 60,475 38.172 41.881 58,494 45,888 56,969 55,500 24,750 4,350 2.000 19,500 497,961 407.977 23-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Other trading activities Unrestricted Unrestricted funds funds 2023 2022 Fundraising Shop income 3,367 3,478 1.977 Other trading activities 6,845 1,977 Investments Unrèstrictèd Unrèslii¢led funds funds 2023 2022 In¢ome from Iisled Investments Interest receivable 24,439 2,039 23,064 231 26,478 23,295 Ralslng funds Unrestricted Unrestricted funds funds 2023 2C122 Fundraisin Fundraising and blicit 507 2,049 Operating charity shops 7.867 3.364 3.428 11,738 5.477 24-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable actlvltles 2023 2022 Staff ¢osls Depreciation and impairment Services Contract costs 376,048 7,977 7,892 40,053 347.02 8,995 5.170 35,673 F li Insurance Light and heal Printing post and slalionery Sundry Repairs and maintenance Travelling and subsistence Other $18ff costs Equipment hire 3,318 5,707 7,701 4,186 3,942 14,996 1,249 998 2,811 3,122 6,080 4.398 7,380 864 1,205 474,067 433.842 Share ol support costs (see note 91 Sh3re ol governance costs (see note 91 43,579 4,750 26,112 4,890 522,396 464,844 Analysis by fund Unreslricled fLJnds Restricted funds 19,226 503, 170 45,410 419,434 522,396 464,844 -25-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance costs costs 2023 Support costs Governance sls 2022 Staff costs Repairs Insurance Light and heal Printing, postage and slalionery Sundries Travel cDsls Bank charges 32.863 985 829 1,427 32,863 985 829 1,427 16,599 1,845 703 781 16,599 1,845 703 781 1,925 1,296 3.749 505 1.925 1,296 3.749 505 1.520 1.401 2.780 483 1.520 1,401 2,780 483 Audit fees 4,750 4,750 4,890 4,890 43,579 4,750 48,329 26,112 4,890 31.002 Analysed between Charitable activities 43,579 4,750 48,329 26,112 4,890 31.002 Audit fees Includes paymen15 to the auditors of £750 for accountancy lees12022- £5001. 10 Trustees None ol the trLJStees loi any persons connected with them) received any remunération or benefits from the charity during the current or prior year. No trustees were reimbursed lor expenses during thé current or prior year. 11 Employees The average monthly numbei of employees during the year was.. 2023 Number 2022 Number 21 19 Employment costs 2023 2022 Vtsge5 and salaries Social security costs Other pension costs 375,878 23.681 9,352 336.922 19.147 7.556 408,911 363,625 -26-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 11 Employees (Continued No employees received emolLJmenls in ex$$ of £60,000 during the current or piior year. KÈY management pÈrsonnel The total emolumen15 and benefits received by the key management personnel during the year was £164,316 12022. £82,995). Pensions The company opeiales a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represen15 contributions payable by the company lo the fund. The total contributions paid by the charity during the year ltslalled £9,35212022'. £7.5561 £1.594 was outstanding at the year end12022. £nill. There were no employees whose annual remLJneration was more than £60,000 12 Net gainslllossesl on investments UnstrIcted Unrestricted funds funds 2023 2022 Revaluation of Investments Gainll105sI on sale ol Investments 122,2831 19,8171 2.358 39,954 132,1001 42,312 13 Tangible fixed assets LÈasÈhold Fixtures and land and fittings buildings Total Cost At 1 April 2022 Additions 457,243 18,897 1,912 476,140 1,912 Al 31 March 2023 457,243 20.809 478,052 Depreclation and impairment Al 1 April 2022 Depreciation charged In the year 29.212 5.386 11,937 2,591 41,149 7,977 Al 31 March 2023 34.598 14.528 49,126 Carrylng amount At 31 March 2023 422.645 6.281 428.926 At 31 March 2022 428,031 6.960 434.991 -27-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Fixed asset investments Listed investments Cash in portfollo Total Cost or valuation Al 1 April 2022 Additions Valuation changÉs Cash movement Disposals 687,517 124,938 132,1001 19.437 706.954 124,938 132,1001 18891 1128,7741 18891 1128,7741 At 31 March 2023 651.581 18,548 670,129 Carrying amount At 31 March 2023 651,581 18,548 670,129 Al 31 March 2022 687,517 19.437 706,954 Fixed asset investments revalued The book cost of the fixed a55el investments was £631.750 as at 31 March 202312022.. £646,452). 15 Financial Instruments 2023 2022 Carying amount of flnancial assets Instruments measured al fair value through profil or loss 651,581 687,517 16 Stocks 2023 2022 Finished goods and goods for ie5ale 6.514 5,681 17 Debtors 2023 2022 Amounts falling due wilhln one year: Trade debtors Other debtors 67,881 5,440 91,591 4,478 73,321 96,069 -28-
SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 18 Creditor5'. amounts falling due within ong year 2023 2022 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals and deferred income 18.367 17,877 39.000 4.491 19 490 1.594 20.166 7,598 40,617 68.966 19 Government grants Deleried income is included In the financ181 slalemenls as follows.. 2023 2022 Deferred Income is included within.. Current Iiabililies 39,000 Movements In the year.. Deleired income at 1 April 2022 Released from previous pèriods Resources deferred in the year 39.000 139.ODOI 39,000 Deferred income al 31 March 2023 39,000 29-
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SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 21 Designated funds The income lunols ol the charity include the following designated funds which have been set aside out of unrestricted funds by the trLJStees for specific purposès Balance at 1 April 2021 Resources expended Transfers Balan¢È Hl 1 April 2022 Resourc85 expended Transfer5 Balance at 31 March 2023 Fixed asset fund 11,333 13.7861 250 7.797 12,7681 1,912 6.941 11,333 13,7861 250 7,797 12.7681 1.912 6,941 Fixed asset fund This fund represents the net book value of the charity's unrestricted fixed assets. 32-
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SIGHT CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 23 Op6rating lease commltments Al the reporting end dale the charity had oulsl8nding comrnilments for future minitllum lease payments under noll-cancellable operating leases, which fall due as follows.. 2023 2022 Within one year Between two and five years In over five years 6.500 27,046 76 33,546 81 24 Related party Iransactlons Bablin Molik ICEOI is a150 a councillor of Cardiff Council. The charity received £82,267 12022.. £41.8811 in funding from Cardiff Council. The CEO was not part of any decision making process regarding the funding. Amounts outslanding al the year end totalled £nil12022 £37,000). There were no other related party transactions to note 2S Cash generated from operations 2023 2022 (Deficilllsuipus loi the year 111.3551 21,905 Adiuslmenls for.. Investment income recognised in slalemenl of financial activities Lossllgainl on disposal of investments Fair value gains and losses on investments Depreciation and Impairment ol tangible fixed assets 128.4781 9,817 22,283 7,977 123,2951 139.9541 12,3581 8,995 Movements In working c3pilal". Ilncre8selldecrease in stocks DeGreasellincreasel in debtors Increasellde¢reasel In creditors (Decreasellincrease in deferied Income 18331 22.748 10,851 139,0001 1,239 127.9671 110.4921 39.000 Cash absorbed by operations 14,1901 132,9271 26 Analysi5 of changes In net funds The charity had no debt during the year.