THE GEORGE WWALSH SEEING EYE DOG FOUNDATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Compkny Registration No. 11194783 IEngland and Walès? Charity Reglstyalion No. 1181580 THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S M Butler Mr D O'Hearne Mr A Winlersgill Mr J G Brown Mrs P M O'Hearne Charity number 118158 Company number f1194783 Principal address 46 Kings Road LS29 9AT Registered officè Cadton House GrammaT School Slreel Bradford BD14NS Independent Examiner Alison Whalley FCA Azels Audit Semces Ltd Carlton House Grammar School Street Bradford BD1 4NS Bankers Svenska Handelsbanken AB 9th Floor, ljvest On8 114 Wellinglon Street Leeds LS1 18A THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED CONTENTS Pagé T*uslees' report IndependÈnl èxamine*s report Statement of finanaal activities Balan￿ sheel Note5 to the finanual statèments 6-13 THE GEORGE WWALSH SEEING EYE DOG FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT> FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees present their report and fjnancial stat6menls for the year ended 31 March 2025. The financial slalemenls have been prepared in a¢¢ordance with the accounting policiés set out in note 1 to the finanaal slalemenls and comply with the Gharily's Memorandum and Articles ol Association, th6 Companies Act 2￿8 and "Accounting gnd Rèport(ng by Charities.. Slalemenl of Recommended Pracllce 8ppli¢able lo charities preparing their accounts in accord3n¢e with the Financial Reporting Slandard applicable in the UK Republic of Ireland IFRS 1021 (effective 1 January 2J191 Obleetives and actlvltles The charity's objects are to promote health, equality and independence of blind, partially s(ghted and other people suffering from disabilitles and requiring assistance from Irained guide dogs by providing guide dogs for our dass of beneficiaries training and educating our olass of beneficiaries in the use of such guide dogs and providing such seNices facilities and activities lor the benefit of ou¥ el8ss of beneficiaries as the chairty shAII from time to time deem fil. The policies adopted in furthgrance of these objects 8rÉ listed in the notes to the account3. The trustees have paid due regard lo guidance issued by the Charily Commission in deciding what activities Ihe charity should undertake. Achlevements and perfomiancè We were disappointed lo learn that Ihe developrnenl of th6 Headingley sile by Guide Dogs had been ￿nCelled due to various planning Testiiclions with the sile. The charity has therefore not made any further donations during the year. We are currently considering furthèr support for the developments of Guide Dog Hubs, particularly the Atherlon location. Feasibility studies are currendy béing undertaken by Guide Dogs and the outcome5 should be available by Autumn 2025. Fundraising Se¢lion 162a of the Charities Act 2011 reqLsires charities to make 8 Statement regarding fundraislng activities. The legislation defines fundraisin9 as 'soliciling or otherwise procuring money or other property f(Y charitable purpose5'. Th8 chaiily does nol acliveSy raise funds from the public either directly or via use of an agent, accordingly no such amounts are presented in thè financial statements foi the year under review. The charity has received no complaints in relation to fund¥aising activity for the year undei revièw. Given the nature of the funding of the charity the Trustees considèr that il remains appropriate not to be voluntarily bound to bé regulated by the Fundraising Regulator. Finsnclal review The charity had inccwe of £44,345 {2024 - £31,112 1 with expenditure aMO￿nting to t33,717 with a grant commitment withdrawn of £S00.00012024- £28,904) and gains of £44,08412024- uains £167.8811 for the year. resulting in a net income of £554,712 at 31 March 2025,12024 - £170,089 income). It is the policy of thÈ Charity thal unrestricted funds which have not been dÈsignaled for a specific uso should be maintained at a levèl oquivalenl lo between three and month's expenditure. The Iruslees considèr th8t reserves al this level will ensu￿ that, in the event of a sSgnificant drop in funding, they will be able to continue the charity's current adivilie5 while consideralion is givèn to ways in which additional funds may be raised. This level of reserves has been maiTrtained thmuuhout the year. Funds al 31 March 2025 stood at £2,040,94312024- £1.486,2311. Thè trustees consideT this I￿￿¢ of feserves in line with their reservès policy. The trustees have assessed the major risks lo which Ihg charity is exposed, and a￿ satisfied that systems are in p1Ècè lo mibgate exposure lo the major risks. THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strueture, governance and managèment The charity is a company limited by guarantee incorporated on 6 February 2018. registration number 11194783 and registered as a Charity on 15 January 2019 in England and Wales, Tegislration number 1181580. The Iruslèès, who are also the directors for the purpose of company law, and who seNed during Ihe year and up lo the date of signature ot the Iinancial statements were.. MT S M Butler Mr D O'Hearne MrA Wintersgill MrJ G Brown Mrs P M O'Hea¥ne The charity may by ordinary resolution- appoint a porson who is willing lo act to be a director, and determine the rolalion in which any a(Sditional directors aTe to retire. No person other than a director retiring by rolalion may be appointéd a director at any general meeting unless.. he 01 she is recornwènded for re-election by the directors,, Of • not less than fourteen nor more than thirty-fivè clear days before the date of the mÈèting, the charity is given a notice that.. is signed by a rnernber entitled to vote al the meeting.. slates Ihts Tnemberfs intention to propose the appointment of a pèrson as a director; contains the details that, If thè person were lo be appointed, the ¢harily would have to filè at Compani95 House.. and is signed by the pèrson who is lo be proposed to show his or her willingness lo be appointed. Trustees are appointed for their exper16nce they can give to the charity and training is providèd Èf needed. None of the Irustees has any beneficial inter&st in th8 company, All of the trustees arè members of the company and guarante8 to conlribule £1 in the event c)f a witiding up. This report is prepared in accordance with the provisions applicable 1¢> companies entitled to ihe srnall companies exemption. Tho Iruslees. report Was approved by tho Board of TrusleÉs. Hearne MrAWlntè Trustee Dated.'8 Septernbor 2025 Trustee Dale21" {effeclive 1 January 2019). The charily is a Public Bènèfil Entity as defined by FRS 102. The fin8ncial statements are prepared in sterling, which is the functional currency of the charity. Monetary arnounls in these financAal slatem8nts are rounded to the nearest £. The financAal slalemenls have been prepared undèr the historical cost conve¥rtion. The princip818¢counling policies adopted aTe sel oul below. 1.2 Going conGem Al the time ol approving the financial stalemenls, the trustees have a ￿asONable expectation thal the ¢h8rily has 2dÈquate resources to continue in operational existence for the fo¥eseeable future. Thus the Iruslees continue lo adopt the going concern basis of aecounling in preparing IhE financial statements. 1.3 Charitsblè funds Unresliicled funds are avai12ble for use at the di8crelion of the trustees In fvrtherance of theiT tharilablè objoclives, 1.4 Income Income is recognised when the charily is legally enlilled lo il after any performancè eonditions have beon mel, the amounts can be measured r81i8bly, and it is probable that income will be received. Leg2cies are recognised on receipt c>r otherwise if the ¢harily has been notified of an impending disliibulion, the amount is known. and Teceipt IS 8xpected. If the arnounl is not known. thè legacy is treated as a conlingenl a5sel. 1.5 Expendilure Expenditure 18 recognised once there is a leg81 or constructive obligBtion to transfer e¢onomlc benefit lo a third party, il is probable that a transfer of e¢onoml¢ benefils will be rèquired in settleTMenl, and the amount of the obligation can be me8surÈd reliably. Expenditure is classified by acllvlly. The costs of each activity are made up of the total of dIr￿t costs and shared Costs, induding support costs involved in undertaking each aclivily. Diieol costs allributab1e lo a single activity arÉ allocated directly lo Ihol aCti￿tY. Shared costs which conlribule to morè than one aclivily and support costs which ale not altribulablè lo a single acb'vity are apportioned between those activities on a basis consislenl with th8 Use of resources. CÈntral staff costs are altoeated on the basis of Ilme spent, and depreeAation charge8 are allocated on the wrtion of the asset's use. Investment management fees are recognised when chargeable. Charitable and support cosls are indudéd when incurred, THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢GounUng policies (Continued) Granls payable ale recognised when a cDmittment has been agreed by Ihe Management Commllloe. 1.6 Fixed asset Investments Fixed asset investments a¥e initially weasured al transaolion price excluding Iransaction cosls, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditural for the year. Transaction costs are expensed as Incur￿d. 1.7 Cash and cash ￿￿1ValentS Cash and cash equivalents include ragh in hand. deposits held al call wilh banks, othèr short-term liquid investments with original maturities of Ih¥ee months or less, and bank ovérdrafts. Bank overdFafts are shown wllhin borrowings in ¢urrent liabilities. 1.8 Flnancial instruments The charity has elected to apply the provisions of Sectlon 11 '8asic Finanaal Instruments, and Section 12 'Other Flnancial Instrument8 Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised In th& ¢harity's balance sheèt when the charity becomgs parly lo the contractual provisions ol the instrument, Finanaal assets and liabllitles are offset, with the nèl amounts plesenled in the financial staternenls, wh6n thèrè is a legally ellforceablg ri9hl lo set off the recogllisèd 8Mounts and there 18 an Intention to settle on a fiel basis or to realise (he asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which incjude debtors and cash and bank balances. aTe inili8lly measured al transaction price including transaction costs and are subsequently c8rri&d at amortised cost using the effective inleresl method unless the arrangement eonstitules a fir)ancing transaction. where thÈ transaction is measured al the present value ol the future recèipts discounted al a Marktrl rate of interest. Financial assets dassified as receivable within one year ale not amortised. Basic financial liabllltles Basic financial liabilities, including credilors and bank loan5 arè initially recognised at transaction price unless the arrangemènl conslitules a financing Iransaclion, where the debt instrument is me3surÈd at the present value of the future payments discounted al a market rale of interest. FinAncial liabilities classifled as payable within one year are not amtsrtised. Debt instruments are subsequÈntly carried at amortised co81, using the effective interosl rale method. Trade credilots ar8 obligations lo pay lor goodg or services th81 have been acquired in the ordinary course ol operations from suppliers. Amounts payable are classified as cyrrenl liabilities if payment ig due within one year or less. 11 not, they are presented as non-current liabilities. Tiade creditors are reoognisÈd initially al trsnsaction price and subsequently measured al AmDrtised cost using the effective interest method. Dere¢ognition of financial liabilitles Financial liabililie5 are derooognised when the charity's contractual obligations expire or are diseharged or can¢ellad. THE GEORGE WWALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critleal accounting estlmates and judgements In the application of the charity's accounting poliaes, the Irusle8s are required lo make judgements, estimates and assumptions about the ¢arrying amount of assals and liabilities that are not readily apparent from other sources. The Èslimales and 8ssocialed assumptions 8re based on historical experience and other faelors that are considered to be relevant. Actual results may differ from these estimates. The estimates arid underlying assumptions are reviewed on an ongolng basis. Revisions lo accounlsng estimatès are recognised in the period in which the estimatè is revised where the revision affects only that period, or in the period of thè revision and future periods whére the revision 8ffects both cur￿n1 and future periods. Donatlons and legaclès Unrestricted funds Total 2025 2024 Legacies receNable 6,348 Investm&nts Unrestrlcted UnYèstYi¢ted funds funds 2025 2024 Income from lisled investments 37,997 31,112 Charitable #C￿vItieS 2025 2024 Grant funding ol actiwties Isoe note 71 1500,0001 Share of support co&t5 Isee note 91 Share of goverll8ne8 costs Isee note 91 3.766 1.796 209 1,831 1494,4381 2,04C> THE GEORGE WWALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ralsing funds Unrestricted Unrèstricted funds funds 2025 2024 Invest￿ent m3na9ement 28.155 26,864 28.155 26,864 THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable 202S 2024 Grants lo institutions.. The Guidè Dogs for the Blind Associatio {500.0001 Commitsnenl withdrawn in the year due to tho funded premises no longér béing built. Trustees None of the ITuslees lor any persons connected with them) received any remuneration or benefits from the charity during the current 01 provious yeai. Supportcosts Support Governance Costs costs 2025 Support Governance costs costs 2024 Sundry Legal and professional 506 3,260 506 3.260 209 209 Independent examinalEon eeb'ng cos15 1,620 176 1,620 176 1,530 301 1,530 301 3,766 1.796 5,562 209 1.831 2,040 Analysed beiween Charitable a¢livilias 3,766 1.798 5.562 209 1,831 2,040 Governance costs includes payments lo the accountants for Indepèndant Exarninali¢)n of £1,620 12024 £1,530). 10 Employeès There were no employees during the current or previous year. 11 Taxatlon The chartty Is exempt from lax on income 8nd gains falling within section 505 of the Taxes Act 1988 or section 2Jf2 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils ¢haii18bl$ objects. 10- THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Net galnslllossesl on investments Unrèstricted Unrestricted funds funds 2025 2024 R8valu*ion of invéstmènts 44,084 1e7,881 THE GEORGE W WALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Flxed asset inve5tmenls Listsd ÉnvèstfftÈnts Cost or valuatSon At 1 April 2024 Additions Valuation ehang6s Tiansfer lo cash accounl Disposals 1.932,994 145,014 44,084 {10,7281 1131,1221 At 31 March 2025 1.980,242 Carrylng amounl Al 31 March 2025 1,980,242 Al 31 Mareh 2024 1,932,994 14 DÈbtors 2025 2024 Amounts fallirtg duè withln one yèay.. Prepayments and accrued income 3,804 3.Q59 15 Creditors.. amounts falling du8 Within one year 2025 2024 Other creditors Accruals and de(erred incorne 500,000 1.678 5,131 5,131 501,678 12- THE GEORGE WWALSH SEEING EYE DOG FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Related party tran8actions Transactions with related parties Dur(ng the year the charity entered into the following transaelions with rèlated parties= Indapendènl Examination fees of £1,62012024 £1,530) were charged by Azels (Formeily Naylor Winlersgill Limiledl, of which MrAlan WThntersgill was a director until 30 April 2023, as well as a diieclor of The George W Walsh Seeing Eye Dog Foundation Limited. During the year £1,990 was paid lo Stephen Butler for legal services. Stephen Butler is a Trrustee ol Thé Georgè Wwalsh Seeing Eye Dog Foundation Limited {2024 £nill. 13-